Questions
Banko Inc. manufactures sporting goods. The following information applies to a machine purchased on January 1,...

Banko Inc. manufactures sporting goods. The following information applies to a machine purchased on January 1, 2016:

  

  Purchase price $ 82,500
  Delivery cost $ 3,000
  Installation charge $ 1,000
  Estimated life 5 years
  Estimated units 157,000
  Salvage estimate $ 8,000

  

During 2016, the machine produced 53,000 units and during 2017, it produced 55,000 units.

  

Required:
a.

Determine the amount of depreciation expense for 2016 and 2017 using straight-line method.

        

b.

Determine the amount of depreciation expense for 2016 and 2017 using double-declining-balance method.

         

c.

Determine the amount of depreciation expense for 2016 and 2017 using units of production method.

               

d.

Determine the amount of depreciation expense for 2016 and 2017 using MACRS, assuming that the machine is classified as seven-year property. (Round your answers to the nearest dollar amount.)

MACRS table:


Year 5-Year property,% 7-Year property,%
1 20.00 14.29
2 32.00 24.49
3 19.20 17.49
4 11.52 12.49
5 11.52 8.93
6 5.76 8.92
7 8.93
8 4.46

     

In: Accounting

The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2016, the...

The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2016, the end of the year, and its revenue and expenses for the year follow. During the year, Ian withdrew $37,000.

Accounts Amounts
At Jan. 1, 2016:
Ian Eisele, capital $645,000
At Dec. 31, 2016:
Accounts payable $73,000
Accounts receivable 277,000
Cash 191,500
Fees earned 918,700
Land 547,000
Miscellaneous expense 6,000
Rent expense 34,000
Supplies 6,000
Supplies expense 4,200
Utilities expense 29,000
Wages expense 505,000
Required:
1. Prepare an income statement for the year ended December 31, 2016.*
2. Prepare a statement of owner’s equity for the year ended December 31, 2016.*
3. Prepare a balance sheet as of December 31, 2016.*
4. What item appears on both the statement of owner’s equity and the balance sheet?
* Refer to the information given and the lists of Accounts, Labels, and Amount Descriptions provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred or there is a decrease in owner’s equity, enter that amount as a negative number using a minus sign.

In: Accounting

Banko Inc. manufactures sporting goods. The following information applies to a machine purchased on January 1,...

Banko Inc. manufactures sporting goods. The following information applies to a machine purchased on January 1, 2016

  Purchase price $ 67,000
  Delivery cost $ 6,000
  Installation charge $ 3,000
  Estimated life 5 years
  Estimated units 144,000
  Salvage estimate $ 4,000
During 2016, the machine produced 40,000 units and during 2017, it produced 42,000 units.

  

Required:
a.

Determine the amount of depreciation expense for 2016 and 2017 using straight-line method.

b.

Determine the amount of depreciation expense for 2016 and 2017 using double-declining-balance method.

c

Determine the amount of depreciation expense for 2016 and 2017 using units of production method.

d.

Determine the amount of depreciation expense for 2016 and 2017 using MACRS, assuming that the machine is classified as seven-year property. (Round your answers to the nearest dollar amount.)

MACRS table:


Year 5-Year property,% 7-Year property,%
1 20.00 14.29
2 32.00 24.49
3 19.20 17.49
4 11.52 12.49
5 11.52 8.93
6 5.76 8.92
7 8.93
8 4.46

     

In: Accounting

Case Development began operations in December 2016. When property is sold on an installment basis, Case...

Case Development began operations in December 2016. When property is sold on an installment basis, Case recognizes installment income for financial reporting purposes in the year of the sale. For tax purposes, installment income is reported by the installment method. 2016 installment income was $320,000 and will be collected over the next three years. Scheduled collections and enacted tax rates for 2017–2019 are as follows:

  

  2017 $ 60,000 20 %
  2018 190,000 30
  2019 70,000 30

  

     Pretax accounting income for 2016 was $426,000, which includes interest revenue of $16,000 from municipal bonds. The enacted tax rate for 2016 is 20%.

  

Required:
1.

Assuming no differences between accounting income and taxable income other than those described above, prepare the appropriate journal entry to record Case’s 2016 income taxes. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands.)

     

2.

What is Case’s 2016 net income? (Enter your answer in thousands.)

     

3.

How should the deferred tax amount be classified in a classified balance sheet? (Enter your answers in thousands.)

    

In: Accounting

On Dec 31, 2016, Riyadh Company had accounts: Credit sales                                 &nb

On Dec 31, 2016, Riyadh Company had accounts:

  1. Credit sales                                                                             $2,500,000
  2. Ending accounts receivable                                                         800,000
  3. Sales discousnts                                                                          120,000
  4. Sales returns and allowances                                                       280,000
  5. Beginning accounts receivable                                                   750,000
  6. Allowance for doubtful accounts (credit)                                     12,000            
  7. The aging schedule (aging method) for the company’s accounts receivable is shown in the following table:

# of Days Outstanding

Amounts

Estimated % Uncollectible

0-30

$     100,000

2%

31-60

300,000

4%

61-90

300,000

6%

Over 90

                    100,000

8%

Requirements:

  1. If the compnay’s use the percentage of net credit sales method (3%) to estimate its allowance for the doubtful accounts, answer the following two questions:
  • What is the balance of the allowance for doubtful accounts on Dec 31, 2016?
  • What is the bad debt expense that should be reported in the 2016 income statement?
  1. If the compnay’s use the percentage of the aging method of accounts receivable to estimate its alloance for the doubtful accounts, what is the required balance for the the doubtful accounts on Dec 31, 2016?
    • What is the balance of the allowance for doubtful accounts on Dec 31, 2016?
    • What is the bad debt expense that should be reported in the 2016 income statement?

In: Accounting

Write a bash script that will allow you to: Read in your Your name Course name...

Write a bash script that will allow you to:

  1. Read in your
    • Your name
    • Course name and
    • Instructor’s name
  2. Then prompt the user to enter two numbers and determine which number is greater.

Ex:

If 10 is entered for the first number and 3 for the second, you should output

Your name

Course name

Instructor’s name

10 is greater than 3.

If 33 is entered for the first number and 100 for the second, you shou output

Your name

Course name

Instructor’s name

100 is greater than 33.

please write in linux/ unix code

In: Computer Science

In 2010, the Institute of Medicine released a report entitled The Future of Nursing. In 2020,...

In 2010, the Institute of Medicine released a report entitled The Future of Nursing. In 2020, we are now at the 10th anniversary of its publication. Although you do not have the full report in front of you, the key areas addressed in the report are listed below. For each of the eight areas, give your opinion of whether or not the goal has been fully met, partially met, or not met. Then for goals #1, #2, #6, #7, and either #4 or #5, discuss how you in a role as a staff RN can contribute to the achievement of the goals or to the further advancement of the goal if you believe it has already been met.

Key Areas Addressed:

1. Remove scope-of-practice barriers

2. Expand opportunities for nurses to lead and diffuse collaborative improvement efforts.

3. Implement nurse residency programs.

4. Increase the proportion of nurses with a baccalaureate degree to 80% by 2020.

5. Double the number of nurses with a doctorate by 2020.

6. Ensure that nurses engage in lifelong learning.

7. Prepare and enable nurses to lead changes to advance health

8. Build an infrastructure for the collection and analysis of inter-professional healthcare workforce data.

All postings are to be in complete sentences. You may answer the met/not met with simple sentences - Goal #x is met. Goal #y is not met. as examples. When speaking to the five goals, you must address how you can assist the profession in meeting/improving each goal's response in a full paragraph with at least four sentences.

In: Nursing

Calculate the cell potential for a reaction in a electrolytic cell with the following half-reactions if:...

Calculate the cell potential for a reaction in a electrolytic cell with the following half-reactions if: [U 3+] = 0.10 M, [MnO4 - ] = 0.20M, [Mn2+], and [H+ ] = 0.20 M

U 3+ + 3e -> U o Ecell = - 1.642 V

MnO4 - + 8H+ + 5e- -> Mn2+ + 4H2O Ecell = +1.51 V

In: Chemistry

Problem for submission: For which positive integers k can a simple graph G = (V, E)...

Problem for submission: For which positive integers k can a simple graph G = (V, E) be constructed such that: G has k vertexes, that is, |V | = k, G is bipartite, and its complement G is bipartite? Prove your answer is correct

Please show and explain your full proof.

In: Advanced Math

Let X have a uniform distribution on the interval [A, B]. (a) Obtain an expression for...

Let X have a uniform distribution on the interval

[A, B].

(a)

Obtain an expression for the (100p)th percentile, x.

x =

(b)

Compute

E(X), V(X), and σX.

E(X)

=

V(X)

=

σX

=

(c)

For n, a positive integer, compute

E(Xn).

E(Xn)

=

In: Statistics and Probability