Write a program in C++ to test either the selection sort or insertion sort algorithm for array-based lists as given in the chapter.
Test the program with at least three (3) lists.
Supply the program source code and the test input and output.
List1: 14,11,78,59
List2: 15, 22, 4, 74
List3: 14,2,5,44
In: Computer Science
Required:
Complete the adjustment journal by indicating which account to debit and to credit.
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No |
Transaction |
Account Dr |
Account Cr |
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1. |
Portion of prepaid insurance which has now expired (been used up) |
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2. |
Revenue earned but not yet received or billed |
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3. |
Insurance expense which has not been used up (there is still future cover) |
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Portion of recognised revenue which is considered unearned |
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Expenses incurred but not yet paid |
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Revenue received in advance which is now earned |
Question 2 18 Marks
From the information given below prepare the income statement, statement of owner’s equity and balance sheet (classify balance sheet entries)
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CUD SERVICES Trial Balance as at 31 December 2019 |
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Account |
Debit $ |
Credit $ |
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Cash at bank Accounts receivable Office supplies Prepaid insurance Long-term bank loan Equipment Accumulated depreciation – equipment Accounts payable Capital Drawings Accounting services revenue Salaries expense Advertising expense Repairs expense Sundry expense Electricity expense Telephone expense Interest on bank loan expense |
6 200 20 000 7 260 1 725 82 800 27 000 43 250 2 250 1 260 7 520 3 405 2 620 1 350 |
35 000 14 600 15 000 ? 126 500
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$ |
$ |
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Income statement |
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Statement of owners’ equity |
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Balance sheet |
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Assets |
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Liabilities and Owner’s Equity |
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Question 3 10 Marks
Required:
Use the following information from the records of Preston Partners to prepare an income statement under the periodic inventory system for the year ended 30 June 2017.
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Purchases Inventory, 1 July 2016 Inventory, 30 June 2017 Selling and distribution expenses Sales Purchases returns and allowances Sales returns and allowances Administrative expenses Freight inwards Finance expenses |
186 600 13 860 12 920 45 420 268 860 4 420 6 220 16 460 3 180 2 020 |
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Income statement |
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In: Accounting
The following were selected from among the transactions completed by Babcock Company during November of the current year:
| Nov. | 3 | Purchased merchandise on account from Moonlight Co., list price $89,000, trade discount 30%, terms FOB destination, 2/10, n/30. |
| 4 | Sold merchandise for cash, $38,210. The cost of the merchandise sold was $20,810. | |
| 5 | Purchased merchandise on account from Papoose Creek Co., $51,550, terms FOB shipping point, 2/10, n/30, with prepaid freight of $730 added to the invoice. | |
| 6 | Returned $14,000 ($20,000 list price less trade discount of 30%) of merchandise purchased on November 3 from Moonlight Co. | |
| 8 | Sold merchandise on account to Quinn Co., $15,010 with terms n/15. The cost of the merchandise sold was $10,190. | |
| 13 | Paid Moonlight Co. on account for purchase of November 3, less return of November 6. | |
| 14 | Sold merchandise on VISA, $231,570. The cost of the merchandise sold was $142,060. | |
| 15 | Paid Papoose Creek Co. on account for purchase of November 5. | |
| 23 | Received cash on account from sale of November 8 to Quinn Co. | |
| 24 | Sold merchandise on account to Rabel Co., $54,800, terms 1/10, n/30. The cost of the merchandise sold was $33,850. | |
| 28 | Paid VISA service fee of $3,580. | |
| 30 | Paid Quinn Co. a cash refund of $6,420 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3,140. |
Required:
| Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles. |
Chart of Accounts
| CHART OF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Babcock Company | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Ledger | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Journal
Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles.
PAGE 10
JOURNAL
ACCOUNTING EQUATION
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In: Accounting
6.)
The following were selected from among the transactions completed by Babcock Company during November of the current year:
| Nov. | 3 | Purchased merchandise on account from Moonlight Co., list price $94,000, trade discount 25%, terms FOB destination, 2/10, n/30. |
| 4 | Sold merchandise for cash, $35,040. The cost of the merchandise sold was $20,610. | |
| 5 | Purchased merchandise on account from Papoose Creek Co., $50,800, terms FOB shipping point, 2/10, n/30, with prepaid freight of $850 added to the invoice. | |
| 6 | Returned $12,000 ($16,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co. | |
| 8 | Sold merchandise on account to Quinn Co., $14,030 with terms n/15. The cost of the merchandise sold was $9,130. | |
| 13 | Paid Moonlight Co. on account for purchase of November 3, less return of November 6. | |
| 14 | Sold merchandise on VISA, $243,720. The cost of the merchandise sold was $148,260. | |
| 15 | Paid Papoose Creek Co. on account for purchase of November 5. | |
| 23 | Received cash on account from sale of November 8 to Quinn Co. | |
| 24 | Sold merchandise on account to Rabel Co., $52,500, terms 1/10, n/30. The cost of the merchandise sold was $36,660. | |
| 28 | Paid VISA service fee of $3,750. | |
| 30 | Paid Quinn Co. a cash refund of $6,510 for returned merchandise from sale of November 8. The cost of the returned merchandise was $3,450. |
| CHART OF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Babcock Company | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Ledger | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles.
PAGE 10
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ACCOUNTING EQUATION
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In: Accounting
According to a report by the Commerce Department in the fall of 2004, 20% of U.S. households had some type of high-speed Internet connection. Let Nn denote the number of U.S. households with a high-speed Internet connection in n households. What is the probability that 20 of the first 200 households surveyed have high-speed Internet given that 5 of the first 75 households surveyed have it?
In: Statistics and Probability
1.Peterson LLC is an accounting firm that measures its output by the number of clients served. The firm has provided the following fixed and variable cost estimates that it uses for its budgets.
Variable
Fixed
Element
Element per
per
Month Client
Served
Revenue
$ 5,600
Employee salaries and
wages $ 47,800 $ 1,200
Travel expenses
$ 600
Other
expenses
$ 29,700
When the company prepared its planning (static) budget at the beginning of March, it assumed that 28 customers would have been served. However, 25 customers were actually served during March.
The activity variance for "Employee salaries & wages" for March would have been:
A.$1,800 U
B.$3,600 U
C.$1,800 F
D. $3,600 F
2. Netjets Charter owns one Gulfstream G450. It uses two measures of activity, flights and passengers, in the cost formulas for its budgets . The cost formula for the plane's operating costs is $79,180 per month, plus $5,298 per flight, plus $8 per passenger. The company expected its activity in February to be 92 flights and 304 passengers, but the actual activity was 95 flights and 307 passengers. The actual operating costs for the plane in February was $562,375.
For the February operating costs, the spending variance would be:
Group of answer choices
a.$6,653 F
b. $6,653 U
c. $22,571 U
d. $22,571 F
3.Flint, Inc.’s material handling costs and pounds of materials handled for January & February appear below:
Materials Handled
Handling Costs
What is the best estimate of materials handling costs for 75,000 pounds?
a.$150,000
b.$153,000
c.$157,500
d. $165,000
In: Accounting
Steve Russell started a snow removal and landscaping business he
called Total Care Services. Selected transactions for Total Care
Services are listed below.
| 1. | Steve transfers his used pickup truck valued at $3,560 into the business. | |
| 2. | Steve invested $3,150 cash in the business and opened a bank account in the name of Total Care Services. | |
| 3. | Purchased a used snow plow from a dealer for $1,520 paying half as a down payment and half on account. | |
| 4. | Plowed the parking lot of a local mall and billed the mall management company $805. | |
| 5. | Paid for fuel for the truck $150. | |
| 6. | Plowed three neighbors’ driveways and immediately got paid $20 each. | |
| 7. | Collected in full the invoice billed to the mall management company. | |
| 8. | Paid balance owing on the purchase of the snow plow. | |
| 9. | Purchased a new lawn mower for $780, paying 20% down payment in cash, the remainder is on account. | |
| 10. | Paid for business cell phone charges of $30. | |
| 11. | Purchased $390 of lawn maintenance supplies for cash. | |
| 12. | Billed customers $1,830 for lawn maintenance services completed. | |
| 13. | Paid balance owing on lawn mower. | |
| 14. | Collected $750 from customers for services previously billed. | |
| 15. | Steve withdraws $1,000 cash for personal use. | |
| 16. | Provides lawn maintenance services totaling $1,410 for several clients – one client whose bill is $135 pays cash, the remainder are on account. |
For each transaction indicate:
| (a) | The basic type of account debited and credited (asset, liability, owner’s equity) | |
| (b) | The specific account debited and credited (Cash, Rent Expense, Service Revenue, etc.) | |
| (c) | By how much each account is increased or decreased. |
In: Accounting
3,500 women between the ages 60 -74 years are in a town consisting of a population of 15,000 persons. 85 cases of cancer are in the town one year and 30 of these cases were women 60 -74 years old. What is the prevalence of cancer among women of this age group?
In: Statistics and Probability
New Stock Issue
Bynum and Crumpton Inc. (B&C), a small jewelry manufacturer,
has been successful and has enjoyed a positive growth trend. Now
B&C is planning to go public with an issue of common stock, and
it faces the problem of setting an appropriate price for the stock.
The company and its investment banks believe that the proper
procedure is to conduct a valuation and select several similar
firms with publicly traded common stock and to make relevant
comparisons.
Several jewelry manufacturers are reasonably similar to B&C
with respect to product mix, asset composition, and debt/equity
proportions. Of these companies, Abercrombe Jewelers and Gunter
Fashions are most similar. When analyzing the following data,
assume that the most recent year has been reasonably "normal" in
the sense that it was neither especially good nor especially bad in
terms of sales, earnings, and free cash flows. Abercrombe is listed
on the AMEX and Gunter on the NYSE, while B&C will be traded in
the Nasdaq market.
| Company data | Abercrombe | Gunter | B&C | ||
| Shares outstanding | 5 million | 11 million | 500,000 | ||
| Price per share | $38.00 | $50.00 | NA | ||
| Earnings per share | $2.20 | $3.13 | $2.60 | ||
| Free cash flow per share | $1.63 | $2.54 | $2.00 | ||
| Book value per share | $17.00 | $24.00 | $20.00 | ||
| Total assets | $120 million | $314 million | $12 million | ||
| Total debt | $35 million | $50 million | $2 million | ||
B&C is a closely held corporation with only 500,000 shares outstanding. Free cash flows have been low and in some years negative due to B&C's recent high sales growth rates, but as its expansion phase comes to an end B&C's free cash flows should increase. B&C anticipates the following free cash flows over the next 5 years:
| Year | 1 | 2 | 3 | 4 | 5 |
| FCF | 1,000,000 | 1,050,000 | 1,208,000 | 1,329,000 | 1,462,000 |
After Year 5, free cash flow growth will be stable at 7% per year.
Currently, B&C has no non-operating assets, and its WACC is
12%. Using the free cash flow valuation model, estimate B&C's
intrinsic value of equity and intrinsic per share price. Round your
answers for the value of equity to the nearest dollar and for the
value of equity per share to the nearest cent.
| Value of equity | $ |
| Per share value of equity | $ |
Calculate debt to total assets, P/E, market to book, P/FCF, and ROE for Abercrombe, Gunter, and B&C. For calculations that require a price for B&C, use the per share price you obtained with the corporate valuation model in part a. Round your answers to two decimal places. Round ROE to one decimal place.
| Abercrombe | Gunter | B&C | |||
| D/A | % | % | % | ||
| P/E | |||||
| Market/Book | |||||
| ROE | % | % | % | ||
| P/FCF | |||||
Using Abercrombe's and Gunter's P/E, Market/Book, and Price/FCF
ratios, calculate the range of prices for B&C's stock that
would be consistent with these ratios. For example, if you multiply
B&C's earnings per share by Abercrombe's P/E ratio you get a
price. What range of prices do you get? Round your answers to the
nearest cent.
The range of prices:
from $ to $
In: Finance
Problem 18-04
New Stock Issue
Bynum and Crumpton Inc. (B&C), a small jewelry manufacturer,
has been successful and has enjoyed a positive growth trend. Now
B&C is planning to go public with an issue of common stock, and
it faces the problem of setting an appropriate price for the stock.
The company and its investment banks believe that the proper
procedure is to conduct a valuation and select several similar
firms with publicly traded common stock and to make relevant
comparisons.
Several jewelry manufacturers are reasonably similar to B&C
with respect to product mix, asset composition, and debt/equity
proportions. Of these companies, Abercrombe Jewelers and Gunter
Fashions are most similar. When analyzing the following data,
assume that the most recent year has been reasonably "normal" in
the sense that it was neither especially good nor especially bad in
terms of sales, earnings, and free cash flows. Abercrombe is listed
on the AMEX and Gunter on the NYSE, while B&C will be traded in
the Nasdaq market.
| Company data | Abercrombe | Gunter | B&C | ||
| Shares outstanding | 6 million | 9 million | 500,000 | ||
| Price per share | $31.00 | $49.00 | NA | ||
| Earnings per share | $2.20 | $3.13 | $2.60 | ||
| Free cash flow per share | $1.63 | $2.54 | $2.00 | ||
| Book value per share | $14.00 | $22.00 | $19.00 | ||
| Total assets | $119 million | $248 million | $11.5 million | ||
| Total debt | $35 million | $50 million | $2 million | ||
| Year | 1 | 2 | 3 | 4 | 5 |
| FCF | 1,000,000 | 1,050,000 | 1,208,000 | 1,329,000 | 1,462,000 |
| Value of equity | $ |
| Per share value of equity | $ |
| Abercrombe | Gunter | B&C | |||
| D/A | % | % | % | ||
| P/E | |||||
| Market/Book | |||||
| ROE | % | % | % | ||
| P/FCF | |||||
In: Finance