Molarity of standard NaOH solution: x/1 H 2/3 Unknown + 2/3 NaOH -> 2/3 H2O +Na 2/3 Acetate

Unknown Acid code and number of reactive hydrogens: H+3

10. Find the moles of base (NaOH) for each of your unknown acid titrations.

11. Find the balanced equation using the number of reactive hydrogens (call an acid with one reactive hydrogen HA, one with two reactive hydrogens H₂A, and so on).

12. Find the moles of unknown acid for each of your three unknown acid solutions.

13. Use the mass of unknown acid and the moles of unknown acid to find the formula mass of your unknown acid for each of your three unknown acid titrations.

Your client has started a photography business on Jan 1 of 2016 (sole proprietorship). She has never started a business before. The business had sales of $15,000 and incurred the following expenses in 2016. Explain to your client how these will be handled in 2016 and in 2017 and beyond.

Licenses   5,000

Advertising 2,000

Studio rent 3,500

Market studies 2,300

Studio equipment, cameras & lenses      $25,000

The parts of the comparative I/S of a firm for the years of 2016 and 2017 looks as follows:

2016 2017

Sales $100,000 $105,000

COGS $40,000 $52,500

SG&A $10,000 $21,000

and the B/S shows the Accounts Receivables balances for 2016 and 2017 as 10,000 and 15,000 respectively.

Based on the above information, forecast 2018 Accounts Receivables balance. Put the nearest dollar amount without comma or dollar sign

Red Design capitalized $240,000 of costs related to the company’s internal development of a patent on January 1, 2016. The costs were paid in cash. An amortization expense for the patent was reported for the 2016 fiscal year. Red Design estimated this expense at 15% of the original cost. How will these journal entries affect the 2016 financial statements? Show calculations for the monetary impact on net income, assets, liabilities, and shareholder’s equity.

Emmet Property Management entered into a 2-year contract on June 1, 2016, to build an apartment building. The contract starts on July 1, 2016. Under the terms of the contract, Emmet will be paid a fixed fee of $1,500,000 and will receive an additional 10% of the fixed fee provided that building is ready to occupy at the end of the two years. Emmet estimates a 60% chance it will meet the completion date. The total costs of the project are expected to be $1,200,000, and the costs to date (at the end of 2016) are $400,000.

1. Under Option A, Emmet uses the expected value approach to calculate variable consideration. What is the expected total transaction price for the full contract under Option A?
2. And how much revenue should Emmet recognize on this contract in 2016 under option A? (Assume the cost-to-cost method.)
3. Under Option B, Emmet uses the most-likely method to calculate the variable consideration. What is the expected total transaction price for the full contract under Option B?
4. And how much revenue should Emmet recognize on the contract in 2016 under Option B? (Assume the cost-to-cost method.)
5. So, which option (A or B) results in a higher amount of net income in 2016?

Income Statement and Supporting Schedules. The following financial information is for Caravelli Company. (Note that the most current financial information is presented in the first column.)

Of the total raw materials placed in production for the year, $36,000 was for indirect materials. The company had $3,795,000 in sales for the year ended December 31, 2016. The company also had the following costs for the year:

Required:

1. Prepare a schedule of raw materials placed in production for the year ended December 31, 2016.

2. Prepare a schedule of cost of goods manufactured for the year ended December 31, 2016.

3. Prepare a schedule of cost of goods sold for the year ended December 31, 2016.

4. Prepare an income statement for the year ended December 31, 2016.

5. Describe the three types of costs included in cost of goods sold on the income statement. (Dollar amounts are not necessary in your descriptions.)

Homestead Oil Corp. was incorporated on January 1, 2016, and issued the following stock for cash:

760,000 shares of no-par common stock were authorized; 160,000 shares were issued on January 1, 2016, at $18.00 per share.

270,000 shares of $110 par value, 9.00% cumulative, preferred stock were authorized, and 66,000 shares were issued on January 1, 2016, at $130 per share.

Net income for the years ended December 31, 2016 and 2017, was $1,290,000 and $2,610,000, respectively.

No dividends were declared or paid during 2016. However, on December 28, 2017, the board of directors of Homestead declared dividends of $1,840,000, payable on February 12, 2018, to holders of record as of January 19, 2018.

1. Use the horizontal model for the issuance of common stock and preferred stock on January 1, 2016. (Use amounts with + for increases and amounts with – for decreases.)

2. Use the horizontal model for the declaration of dividends on December 28, 2017. (Use amounts with + for increases and amounts with – for decreases.)

3. Use the horizontal model for the payment of dividends on February 12, 2018. (Use amounts with + for increases and amounts with – for decreases.)

Common and preferred stock-issuances and dividends

Permabilt Corp. Was incorporated on January 1, 2016, and issued the following stock for cash:

4,000,000 shares of no-par common stock were authorized; 1,750,000 shares were issued on January 1, 2016, at $45 per share.

1,800,000 shares of $100 par value, 7.5% cumulative, preferred stock were authorized, and 840,000 shares were issued on January 1, 2016, at $105 per share.

Net income for the years ended December 31, 2016, 2017,and 2018 was $38,000,000, $46,000,000, and $57,000,000, respectively.

No dividends were declared or paid during 2016 or 2017. However, on December 17, 2018, the board of directors of Permabilt Corp. declared dividends of $64,000,000, payable on February 9, 2019, to holders of record as of January 4, 2019.

Required:

a. Use the horizontal model (or write the entry) to show the effects of

1. The issuance of common stock and preferred stock on January 1, 2016.

2. The declaration of dividends on December 17, 2018.

3. The payment of dividends on February 9, 2019.

b. Of the total amount of dividends declared during 2018, how much will be received by preferred shareholders?

Assignment 3 – Spring 2020

Jennifer Corp's defined benefit pension plan had an amendment as of January 1, 2016, that retroactively included benefits of $1,500,000. The remaining service life of the employees impacted by this change is 10 years. Jennifer uses the straight-line method to amortize the prior service cost. As of January 1, 2016, Jennifer had the following information related to its pension plan, including adjustments for the plan amendment:

Accrued/prepaid pension cost (credit) $3,790,000

Projected benefit obligation 5,200,000

Accumulated other comprehensive income (debit) 1,500,000

Fair value of plan assets 1,410,000

Interest (discount) rate 10%

Expected rate of return on plan assets 12%

The actuary reported service cost of $600,000 in both 2016 and 2017. Annual payments to retirees totaled $90,000. The trustee the plan assets reported the actual rate of return to be 11% in 2016. Jennifer's annual year-end contribution to the plan is $$1,114,900.

Required:

1. Compute Jennifer's 2016 pension expense.

2. Prepare the journal entry to record the pension expense and pension contribution.

3. Compute the December 31, 2016 balance in Pension Benefit Obligation.

On December 31, 2015, Berclair Inc. had 600 million shares of common stock and 17 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1, 2016, Berclair purchased 120 million shares of its common stock as treasury stock. Berclair issued a 6% common stock dividend on July 1, 2016. four million treasury shares were sold on October 1. Net income for the year ended December 31, 2016, was $850 million.

Also outstanding at December 31 were incentive stock options granted to key executives on September 13, 2011. The options were exercisable as of September 13, 2015, for 72 million common shares at an exercise price of $60 per share. During 2016, the market price of the common shares averaged $90 per share.

The options were exercised on September 1, 2016.

Required:
Compute Berclair’s basic and diluted earnings per share for the year ended December 31, 2016. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)