(Analyzing Profitability) In 2016, the Allen Corporation had sales of
$ 61$61
million, total assets of
$ 50$50
million, and total liabilities of
$ 20$20
million. The interest rate on the company's debt is
5.85.8
percent, and its tax rate is
3535
percent. The operating profit margin is
1212
percent.
a. Compute the firm's 2016 net operating income and net income.
b. Calculate the firm's operating return on assets and return on equity. (Hint: You can assume that interest must be paid on all of the firm's liabilities.)
a. Compute the firm's 2016 net operating income and net income.
The firm's 2016 net operating income is _ million. (Round to two decimal places.)
In: Finance
On January 1, 2016, Tiger Company purchased 6,720 shares of Eagle
Corporation’s common stock when Eagle had 22,400 shares
outstanding. On that date, the following information pertained to
Eagle:
Eagle Corporation
Balance Sheet
January 1, 2016
Depreciable Assets (remaining life, 8 years)
Book Value Fair Value
$600,000.00 $620,000.00
Other non-depreciable assets
290,000.00 300,000.00
Total
$890,000.00 $920,000.00
Liabilities
$300,000.00 $330,000.00
Shareholders’ equity
590,000.00
Total
$890,000.00
During 2016, Eagle earned net income of $120,000 and paid total dividends of $48,000.
Required:
Prepare the journal entries of Tiger related to its share of
Eagle’s net income and dividends in 2016.
In: Accounting
Problem 2
A random sample of 41 business days, from 2016 through 2017, of the closing price of Apple stock is conducted. The sample produces an average closing price of $116.16 with a standard deviation of $10.27.
In: Math
P8-9 Milford Company determined its ending inventory at cost and at lower of cost and net realizable value at December 31, 2015, 2016, and 2017, as follows:
Cost Lower of Cost and Net Realizable Value
Dec. 31, 2015 $60,000 $60,000
Dec. 31, 2016 79,000 74,500
Dec. 31, 2017 78,800 69,000
Instructions (a) Prepare the journal entries that are required at December 31, 2016 and 2017, assuming that a periodic inventory system and the direct method of adjusting to NRV are used. (b) Prepare the journal entries that are required at December 31, 2016 and 2017, assuming that a periodic inventory system is used, with inventory recorded at cost and reduced to NRV through the use of an allowance account.
In: Accounting
Wyhowski Inc. reported income from operations, before taxes, for 2015-2017 as follows:
| 2015 | $276,000 |
| 2016 | 316,000 |
| 2017 | 370,000 |
When calculating income, Wyhowski deducted depreciation on plant equipment. The equipment was purchased January 1, 2015, at a cost of $114,000. The equipment is expected to last three years and have a(n) $9,000 salvage value. Wyhowski uses straight-line depreciation for book purposes. For tax purposes, depreciation on the equipment is $66,000 in 2015, $26,000 in 2016, and $13,000 in 2017. Wyhowski's tax rate is 35%.
Required:
Enter all amounts as positive numbers.
1. How much did Wyhowski pay in income tax each year? If required, round all calculations to the nearest dollar.
| Year | Taxes Paid |
| 2015 | $ |
| 2016 | $ |
| 2017 | $ |
2. How much income tax expense did Wyhowski record each year?
| Year | Income Tax Expense |
| 2015 | $ |
| 2016 | $ |
| 2017 | $ |
3. What is the balance in the Deferred Income Tax account at the end of 2015, 2016, and 2017? If your answer is zero, enter "0". If required, round all calculations to the nearest dollar.
| Year | Balance | Debit or Credit |
| 2015 | $ | |
| 2016 | $ | |
| 2017 | $ |
In: Accounting
Sachs Brands' defined benefit pension plan specifies annual retirement benefits equal to: 1.3% × service years × final year's salary, payable at the end of each year. Angela Davenport was hired by Sachs at the beginning of 2002 and is expected to retire at the end of 2036 after 35 years' service. Her retirement is expected to span 18 years. Davenport's salary is $87,000 at the end of 2016 and the company's actuary projects her salary to be $265,000 at retirement. The actuary's discount rate is 9%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. What is the company's projected benefit obligation at the beginning of 2016 (after 14 years' service) with respect to Davenport? 2. Estimate by the projected benefits approach the portion of Davenport's annual retirement payments attributable to 2016 service. 3. What is the company's service cost for 2016 with respect to Davenport? 4. What is the company's interest cost for 2016 with respect to Davenport? 5. Combine your answers to requirements 1, 3, and 4 to determine the company's projected benefit obligation at the end of 2016 (after 15 years' service) with respect to Davenport.
In: Accounting
Referral Date: January 7, 2017 Security: Acme, Corp. (Ticker: ACME) Referral: On October 31, 2016, Acme, Corp (“Acme”) announced its earnings news for the quarter-ended September 30, 2016 (the “Announcement”). The news was announced before the markets opened. The closing price of Acme on the previous trading day, October 28, 2016, was $15.24 per share. The closing price of Acme on October 31, 2016, was $23.14 per share. Acme had announced on September 30, 2016 that it would disclose its earnings numbers by October 31, 2016. Acme is represented in corporate matters by the “Law Firm, LLP.” “The Accounting Firm, LLP,” audits and reviews Acme’s financial statements. “The Investment Bank Corp.” facilitates capital raises for Acme. FINRA reviewed trading in advance of the Announcement and discovered the following:
1. John Doe, age 47, bought 20,000 shares of Acme on October 20, 2016. Doe opened his brokerage account in 2010 at E*Trade Financial Corp. Based on FINRA’s review of the trading records, has bought or sold Acme stock ahead of each of the previous eight earnings announcements.
2. Jane Smith, age 25, bought 20,000 call options at a strike price of $17.00 per share. The exercise date of the call options is October 15, 2016. The call options expire on November 15, 2016. This means that Smith has the right to buy Acme stock at $17.00 per share (regardless of the actual stock price) between October 15 and November 15, 2016. Smith’s brokerage account is held at Scottrade, Inc. Based on a review of trading records, Smith had not previously purchased Acme’s stock. Questions:
1. What SEC statutory sections and rules might be impacted by this conduct?
2. What statutory sections might be subject to DOJ enforcement?
3. What documents, if any, would you request? a. Generate at least subpoenas for documents: i. To whom would you send each subpoena? ii. List the documents you want (and explain why). 4. What questions would you ask, and of whom? a. Generate at least two outlines containing questions for people from whom you want to gather information.
In: Accounting
10a. Alpha's net accounts receivable were $500,000 at December 31, 2015, and $600,000 at December 31, 2016. Net cash sales for 2016 were $250,000. The accounts receivable turnover for 2016 was 5.3. Use this information to determine the Fiscal Year 2016: (Round & enter your answers to one decimal place for non-dollar ratios and enter the value. For dollar ratio enter as whole dollars only.)
1. Total Net Sales
2. Total Net Credit Sales
10b. The following financial information is for Alpha Corporation are for the fiscal years ending 2017 & 2016 (all balances are normal):
|
Item/Account |
2017 |
2016 |
|
Cash |
$26,000 |
$16,000 |
|
Accounts Receivable |
40,000 |
50,000 |
|
Inventory |
30,000 |
22,000 |
|
Current Liabilities |
76,000 |
42,000 |
|
Net Sales (all credit) |
390,000 |
360,000 |
|
Cost of Goods Sold |
260,000 |
250,000 |
Use this information to determine for FY 2017: (Round & enter your answers to one decimal place and enter the value.)
1. the inventory turnover ratio: ________
2. number of days of inventory: ________
3. Gross Profit Margin:____________
10 c.
The following financial information is for Alpha Corporation are for the fiscal years ending 2017 & 2016 (all balances are normal):
|
Item/Account |
2017 |
2016 |
|
Cash |
$26,000 |
$16,000 |
|
Accounts Receivable |
30,000 |
50,000 |
|
Inventory |
30,000 |
22,000 |
|
Current Liabilities |
76,000 |
42,000 |
|
Net Sales (all credit) |
390,000 |
360,000 |
|
Cost of Goods Sold |
260,000 |
250,000 |
Use this information to determine the quick ratio for FY 2017: (Round & enter your answers to one decimal place and enter the value.)
10d.
The following financial information is for Alpha Corporation are for the fiscal years ending 2017 & 2016 (all balances are normal):
|
Item/Account |
2017 |
2016 |
|
Cash |
$26,000 |
$16,000 |
|
Accounts Receivable |
40,000 |
50,000 |
|
Inventory |
30,000 |
22,000 |
|
Current Liabilities |
76,000 |
42,000 |
|
Net Sales (all credit) |
390,000 |
360,000 |
|
Cost of Goods Sold |
260,000 |
250,000 |
Use this information to determine for FY 2017: (Round &
enter your answers to one decimal place for non-dollar ratios and
enter the value. For dollar ratio enter as whole dollars
only.)
1. the Current Ratio
2. Working Capital
In: Accounting
using C program
Assignment
Write a computer program that converts a time provided in hours, minutes, and seconds to seconds
Functional requirements
Nonfunctional requirements
Sample run
4 hours, 13 minutes and 20 seconds is equal to 15200 seconds. 8 hours, 0 minutes and 0 seconds is equal to 28800 seconds. 1 hours, 30 minutes and 0 seconds is equal to 5400 seconds.
Grading
This assignment will be graded according to the programming grading rubric.
Due date
The assignment is due by the 11:59pm on September 20, 2019.
Requested files
time_to_sec.c
/*
* time_to_sec.c
*
* Created on: Jul 20, 2016
* Author: leune
*/
// appropriate #include statements
/* Convert a time interval specified in hours, minutes and seconds to
* seconds.
* Parameters:
* hours, minutes, seconds: input time elements
* Preconditions:
* 0 <= minutes < 60
* 0 <= seconds < 60
* Return:
* number of seconds in the interval
*/
unsigned int time_to_sec(unsigned int hours, unsigned int minutes,
unsigned int seconds) {
// complete this
}
/* Print a formatted representation of the calculation
* Parameters:
* hours, minutes, seconds: input time elements
* Postcondition:
* Function will write the calculation to standard output.
*/
void format_seconds(unsigned int hours, unsigned int minutes,
unsigned int seconds) {
// complete this
}
int main(void) {
format_seconds(4, 13, 20);
format_seconds(8, 0, 0);
format_seconds(1, 30, 0);
}
In: Computer Science
using C program
Assignment
Write a computer program that converts a time provided in hours, minutes, and seconds to seconds
Functional requirements
Nonfunctional requirements
Sample run
4 hours, 13 minutes and 20 seconds is equal to 15200 seconds. 8 hours, 0 minutes and 0 seconds is equal to 28800 seconds. 1 hours, 30 minutes and 0 seconds is equal to 5400 seconds.
Grading
This assignment will be graded according to the programming grading rubric.
Due date
The assignment is due by the 11:59pm on September 20, 2019.
Requested files
time_to_sec.c
/*
* time_to_sec.c
*
* Created on: Jul 20, 2016
* Author: leune
*/
// appropriate #include statements
/* Convert a time interval specified in hours, minutes and seconds to
* seconds.
* Parameters:
* hours, minutes, seconds: input time elements
* Preconditions:
* 0 <= minutes < 60
* 0 <= seconds < 60
* Return:
* number of seconds in the interval
*/
unsigned int time_to_sec(unsigned int hours, unsigned int minutes,
unsigned int seconds) {
// complete this
}
/* Print a formatted representation of the calculation
* Parameters:
* hours, minutes, seconds: input time elements
* Postcondition:
* Function will write the calculation to standard output.
*/
void format_seconds(unsigned int hours, unsigned int minutes,
unsigned int seconds) {
// complete this
}
int main(void) {
format_seconds(4, 13, 20);
format_seconds(8, 0, 0);
format_seconds(1, 30, 0);
}
In: Computer Science