Questions
Comparative financial statements for The Cullumber Company Ltd. are shown below. THE CULLUMBER COMPANY LTD. Income...

Comparative financial statements for The Cullumber Company Ltd. are shown below.

THE CULLUMBER COMPANY LTD.
Income Statement
Year Ended December 31
2021 2020
Net sales $1,779,530 $1,819,610
Cost of goods sold 1,091,290 1,028,920
Gross profit 688,240 790,690
Operating expenses 521,960 422,530
Profit from operations 166,280 368,160
Interest expense 25,650 18,630
Profit before income tax 140,630 349,530
Income tax expense 42,189 104,859
Profit $98,441 $244,671

- / 1

View Policies

Current Attempt in Progress

Comparative financial statements for The Cullumber Company Ltd. are shown below.

THE CULLUMBER COMPANY LTD.
Income Statement
Year Ended December 31
2021 2020
Net sales $1,779,530 $1,819,610
Cost of goods sold 1,091,290 1,028,920
Gross profit 688,240 790,690
Operating expenses 521,960 422,530
Profit from operations 166,280 368,160
Interest expense 25,650 18,630
Profit before income tax 140,630 349,530
Income tax expense 42,189 104,859
Profit $98,441 $244,671
THE CULLUMBER COMPANY LTD.
Balance Sheet
December 31
Assets 2021 2020
Current assets
   Cash $112,631 $67,485
   Accounts receivable 102,723 112,506
   Inventory 141,460 123,690
     Total current assets 356,814 303,681
Property, plant, and equipment 451,990 530,838
   Total assets $808,804 $834,519
Liabilities and Shareholders’ Equity
Current liabilities
   Accounts payable $147,370 $127,596
   Income tax payable 43,310 37,860
   Current portion of mortgage payable 10,610 19,920
     Total current liabilities 201,290 185,376
Mortgage payable 95,460 193,100
   Total liabilities 296,750 378,476
Shareholders’ equity
   Common shares (50,190 issued in 2021; 54,330 in 2020) 150,570 162,990
   Retained earnings 361,484 293,053
     Total shareholders’ equity 512,054 456,043
Total liabilities and shareholders’ equity $808,804 $834,519


Additional information:

1. All sales were on account.
2. The allowance for doubtful accounts was $5,412 in 2021 and $5,087 in 2020.
3. On July 1, 2021, 4,140 shares were reacquired for $9 per share and cancelled.
4. In 2021, $5,170 of dividends were paid to the common shareholders.
5. Cash provided by operating activities was $332,125.
6. Cash used by investing activities was $153,228.

Calculate all possible liquidity, solvency, and profitability ratios for 2021. (Round answers for Collection period, Days sales in inventory, Operating cycle and Free cash flow to 0 decimal places, e.g. 125. Round answer for Earnings per share to 2 decimal places, e.g. 12.56. Round all other answers to 1 decimal place, e.g. 12.5 or 12.5%. )

In: Accounting

You have been made CEO of Ferrari, and your explicit objective is to grow the company...

You have been made CEO of Ferrari, and your explicit objective is to grow the company through diversification (i.e., exploiting new products and markets). What options are immediately available to you? What business-wide considerations will affect your ability to execute your strategy? recoommede word count is 300-400 words

In: Finance

1. The Eco-Marathon is an annual competition sponsored by Shell Oil, in which participants build special...

1. The Eco-Marathon is an annual competition sponsored by Shell Oil, in which participants build special vehicles to achieve the highest possible fuel efficiency. The Eco-Marathon is held around the world with events in the United Kingdom, Finland, France, Holland, Japan, and the United States.
A world record was set in the Eco-Marathon by a French team in 2003 called Microjoule with a performance of 10,705 miles per gallon. The Microjoule runs on ethanol. Write a MATLAB program to determine how far the Microjoule will travel in kilometers given a user-specified amount of ethanol, provided in units of grams. For your test case, you may assume that the user provides 100 grams of ethanol. The specific gravity of ethanol is 0.789.


In: Computer Science

Assume that Timberline Corporation has 2019 taxable income of $270,000 for purposes of computing the §179...

Assume that Timberline Corporation has 2019 taxable income of $270,000 for purposes of computing the §179 expense. It acquired the following assets in 2019: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.)

Purchase
Asset Date Basis
Furniture (7-year) December 1 $ 480,000
Computer equipment (5-year) February 28 120,000
Copier (5-year) July 15 60,000
Machinery (7-year) May 22 510,000
Total $ 1,170,000

Required:

  1. a-1. What is the maximum amount of §179 expense Timberline may deduct for 2019?

  2. a-2. What is Timberline’s §179 carryforward to 2020, if any?

In: Accounting

5. A machine was acquired on January 1, 2018, at a cost of $80,000. The machine...

5. A machine was acquired on January 1, 2018, at a cost of $80,000. The machine was originally estimated to have a residual value of $5,000 and an estimated life of 5 years. The machine is expected to produce a total of 100,000 components during its life, as follows: 15,000 in 2018, 20,000 in 2019, 20,000 in 2020, 30,000 in 2021, and 15,000 in 2022.

Instructions

(a)   Calculate the amount of depreciation to be charged each year, using each of the following methods :

       1.    Straight-line method

       2.    Units-of-production

       3.    Double diminishing-balance

(b)        Which method results in the highest depreciation expense during the first two years? Over all five years?

In: Accounting

A social science researcher collected data from a random sample of 400 students at a large...

  1. A social science researcher collected data from a random sample of 400 students at a large university and found that, on average, they belonged to 2.6 campus organizations. The standard deviation σ for the population is 1.8.

  1. Using these data, construct a 95% confidence interval for µ, the mean number of campus organizations belonged to by the population of students at this university.

  1. Write a sentence to interpret your confidence interval, making sure to provide all the important information.

In: Statistics and Probability

The mean GPA at a certain university is 2.80. The table contains GPAs for a random...

  1. The mean GPA at a certain university is 2.80. The table contains GPAs for a random sample of 16 business students from this university.

2.27

3.05

2.57

3.36

3.10

3.03

3.19

3.08

2.60

2.92

2.77

3.55

2.63

2.79

2.70

2.92

    1. What is the sample mean for this dataset?
    1. What is the sample standard deviation for this dataset?
    1. How many degrees of freedom are there?
    1. Perform a hypothesis test for this dataset. What is your conclusion?

In: Statistics and Probability

A social science researcher collected data from a random sample of 400 students at a large...

  1. A social science researcher collected data from a random sample of 400 students at a large university and found that, on average, they belonged to 2.6 campus organizations. The standard deviation σ for the population is 1.8.

  1. Using these data, construct a 95% confidence interval for µ, the mean number of campus organizations belonged to by the population of students at this university.

  1. Write a sentence to interpret your confidence interval, making sure to provide all the important information.

In: Statistics and Probability

java programing Q: Given the following class: public class Student { private String firstName; private String...

java programing

Q: Given the following class:

public class Student {

private String firstName;

private String lastName;

private int age;

private University university;

public Student(String firstName, String lastName, int age, University university) {

this.firstName = fisrtName;

this.lastName = lastName;

this.age = age;

this.university = university;

}

public String getFirstName(){

return firstName;

}

public String getLastName(){

return lastName;

}

public int getAge(){

return age;

}

public University getUniversity(){

return university;

}

public String toString() {

return "\nFirst name:" + firstName + "\nLast name:" + lastName + " \nAge:"+ age + "\nUniversity" + university;

}

}

a- Create the University class (data type). The class must include name, state, and the country as member variables; it must also include methods for returning and storing the name, state, and country.

b- Create client code to test the classes.

In: Computer Science

1. Computers R US took out a 9 month, 4.25, $17,000 note on August 1, 2019...

1. Computers R US took out a 9 month, 4.25, $17,000 note on August 1, 2019 with interest and principal to be paid on maturity. 2. On October 1, 2019, Computers R US rented some storage space at a rate of $450 per month. On that date, Computers R US recorded Rent Expense for six months rent paid in advance 3. Computers R US purchased $4,780 of office supplies during the year and the asset office supplies account was increased A count of the supplies on hand Dec 31, 2019, indicates a balance of $485. 4. $16,500 of store supplies were purchased during the year and were immediately expensed. A count of the store supplies on hand December 31, 2019, indicates a balance of $1.275. 5. On June 1, 2019 an 18-month insurance policy was purchased for $9,000. 6. On Dec 1, 2019, Computers R US collected $32,000 for consulting services to be performed from Dec. 1, 2019 to Feb. 28, 2020. The company credited the revenue account when paid. 7. On October 1, 2019, Computers R Us issued a 5-month note receivable to Morerams Inc. at an annual interest rate of 5%. Principle and interest will be paid at the end of the 5-months. The note was recorded in Notes Receivable and is the only note outstanding.

, A. Prepare a worksheet (Show formulas and use an "IF" statement)

B. Prepare the adjusting journal entries

C. Prepare a multiple step income statement

D. Prepare a statement of retained earnings

E. Prepare a balance sheet

F. Prepare the closing entries

Unadjusted Adjusted
Account Title Trial Balance Adjustments Trial Balance
DR CR DR CR DR CR
Cash          67,000                  -   
Accounts Receivable        530,000                  -   
Allowance for Doubtful Accounts            8,800
Interest Receivable                  -   
Merchandise Inventory        242,500                  -   
Prepaid Insurance            9,000                  -   
Prepaid Rent                  -   
Store Supplies                  -                     -   
Office Supplies            4,780                  -   
Note Receivable            2,500
Store Equipment        110,000                  -   
Accumulated Depreciation - Store Equipment                  -             36,000
Office Equipment          56,000                  -   
Accumulated Depreciation - Office Equipment                  -                     -   
Accounts Payable                  -             48,000
Salaries Payable                  -                     -   
Interest Payable                  -                     -   
Utilities Payable
Unearned Consulting Revenue                  -   
Unearned Rent Revenue          18,000
Note Payable                  -             17,000
Common Stock                  -           300,000
Retained Earnings                  -           263,450
Dividends          12,000                  -   
Sales Revenue                  -           970,000
Consulting Revenue                  -             32,000
Rent Revenue
Interest Revenue
Sales Returns and Allowances          15,800                  -   
Sales Discounts          11,000                  -   
Cost of Goods Sold        350,000                  -   
Sales Salaries Expense        170,000
Office Salaries Expense          80,000                  -   
Miscellaneous Administrative Expense            4,500                  -   
Miscellaneous Selling Expense            8,970                  -   
Depreciation Expense - Store Equipment                  -                     -   
Depreciation Expense - Office Equipment                  -                     -   
Store Supplies Expense          16,500                  -   
Office Supplies Expense                  -                     -   
Rent Expense            2,700                  -   
Insurance Expense                  -                     -   
Interest Expense                  -                     -   
Bad Debt Expense                  -                     -   
Utilities Expense-Store
Utilities Expense-Office
    1,693,250     1,693,250

In: Accounting