Problem 17-06

Tamarisk Company has the following portfolio of investment securities at September 30, 2020, its most recent reporting date.

On October 10, 2020, the Horton shares were sold at a price of $54 per share. In addition, 3,040 shares of Patriot common stock were acquired at $56 per share on November 2, 2020. The December 31, 2020, fair values were Monty $114,890, Patriot $139,880, and Oakwood $186,000.

Prepare the journal entries to record the sale, purchase, and adjusting entries related to the equity securities in the last quarter of 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Imagine if you woke up tomorrow and all of your technological gadgetry was gone! What would it be like to live in a world with no TV, no smartphone, no iPod®, no microwave, not even a toaster? Well, perhaps someday you will get a chance to meet someone from just such a society as our world becomes increasingly smaller due to the processes of globalization. For now, though, your task is to explore and comment on the ways that levels of technology define the ways that people in different societies around the world still live today.

Answer this:

Technology and Society

Explain how different levels of technology have shaped the development of five types of human societies over time. Describe how people in each of those societies use available technology as part of their way of life. If you had a choice to be a member of any one of those societies, including our own, which would you choose, and why?

An evaluation was recently performed on brands and data were collected that classified each brand as being in the technology or financial institutions sector and also reported the brand value. The results in terms of value​ (in millions of​ dollars) are shown in the accompanying data table. Complete parts​ (a) through​ (c).

A) Assuming the population variances are​ equal, is there evidence that the mean brand value is different for the technology sector than for the financial institutions​ sector? (Use α=0.05​.) Determine the hypotheses. Let μ1 be the mean brand value for the technology sector and μ2 be the mean brand value for the financial institutions sector. Choose the correct answer below

-Find the test statistic

-Find the p-Value

b. Repeat​ (a), assuming that the population variances are not equal.

c. Compare the results of​ (a) and​ (b).

1. How will you react if you wake up this Sunday and find a large scale EMP has rendered all technologies unusable on the planet?

2. What technology have you used or depended on the most is gone, and what type of impact or ramification will the sudden change have on your life?

3. How will your life, your family and social networks change with a new world without any electronics technology, and in what way?

Briefly answer the 3 questions of this Scenario and submit your paper in no more than one page.

Another topic:

1. First example where Technology enables us to change our environments. Discuss how can this be a H2M relationship that is Symbiotic and cooperative.

2. Second example where Technology changes us and drive us to change ourselves and our behavior as humans. Discuss how can this be or become a Human to Machine (H2M) confrontation and a clash of human vs. machine

Bonzo’s Boards makes reasonably high-end skateboards which sell for $400 each.   The production process is fairly simple and involves assembling components purchased from various suppliers.  Since each skateboard only takes one hour to assemble, there is essentially no work-in-process inventory.  

Bonzo’s Boards has the capacity to make 2,000 skateboards per year.

Costs for the skateboard components are:

Each board should take one hour of direct labor to assemble.  Direct labor wages are $55 per hour.

Other manufacturing costs on a monthly basis are:

Inventory balances are as follows (Bonzo’s uses FIFO inventory cost flow assumption):

During 2020 (the entire year) Bonzo’s Boards expects to sell 500 skateboards.  

• What is the budgeted cost of Skateboards manufactured for 2020?

• What is the budgeted cost of Decks purchased for 2020?

• What is the budgeted cost of Hardware Packages purchased for 2020?

• What is budgeted dollar value of ending Finished Skateboard inventory?

• What is the budgeted dollar value of ending Deck inventory?

• What is the budgeted dollar value of ending Hardware Package inventory?

• How much income does Bonzo’s Boards expect to make if they sell 500 skateboards in 2020 and have budgeted Selling & Administrative expenses of $20,000 (assume no income taxes)?

Problem Facts Information related to the Sosa Company for the year 2020:

Common Stock- As of the end of 2020, Sosa had 240,000 shares of common stock outstanding. The shares are due to the following common stock transactions:

january 1, 2020 – 100,000 shares of common stock outstanding

April 1, 2020 – issued an additional 50,000 shares for cash

July 1, 2020 - issued a 2 for 1 stock split

September 1, 2020 – purchased 60,000 shares for treasury stock

Preferred Stock- As of the end of 2020, Sosa had 30,000 shares of 6%, $10 par value, cumulative, convertible preferred stock outstanding. The stock had been outstanding all year and the conversion ratio was each share of preferred stock is convertible into 3 shares of common stock.

Bonds Payable-As of the end of 2020, Sosa had $800,000, 7% bonds payable outstanding. The bonds had been outstanding for the entire year and each $1,000 bond was convertible into 10 shares of common stock.

Options-Sosa also had 10,000 common stock options outstanding all year. Each option allowed the holder to purchase 1 share of Sosa’s common stock for $45. During 2020, the average market price of Sosa’s common stock was $48 per share.

Additional Information Sosa’s 2020 net income was $580,000, and the company’s income tax rate was 34%.

REQUIRED

1. Compute the weighted average number of common shares Sosa will use to compute basic earnings per share.

2. Compute 2020 basic earnings per share

3. Identify which of the potentially dilutive securities (preferred stock, bonds, options) are dilutive (support must be shown to receive credit for this question)

4. Compute diluted earnings per share

please show work, thank you!!!

Problem Facts Information related to the Sosa Company for the year 2020:

Common Stock- As of the end of 2020, Sosa had 240,000 shares of common stock outstanding. The shares are due to the following common stock transactions:

january 1, 2020 – 100,000 shares of common stock outstanding

April 1, 2020 – issued an additional 50,000 shares for cash

July 1, 2020 - issued a 2 for 1 stock split

September 1, 2020 – purchased 60,000 shares for treasury stock

Preferred Stock- As of the end of 2020, Sosa had 30,000 shares of 6%, $10 par value, cumulative, convertible preferred stock outstanding. The stock had been outstanding all year and the conversion ratio was each share of preferred stock is convertible into 3 shares of common stock.

Bonds Payable-As of the end of 2020, Sosa had $800,000, 7% bonds payable outstanding. The bonds had been outstanding for the entire year and each $1,000 bond was convertible into 10 shares of common stock.

Options-Sosa also had 10,000 common stock options outstanding all year. Each option allowed the holder to purchase 1 share of Sosa’s common stock for $45. During 2020, the average market price of Sosa’s common stock was $48 per share.

Additional Information Sosa’s 2020 net income was $580,000, and the company’s income tax rate was 34%.

REQUIRED

1. Compute the weighted average number of common shares Sosa will use to compute basic earnings per share.

2. Compute 2020 basic earnings per share

3. Identify which of the potentially dilutive securities (preferred stock, bonds, options) are dilutive (support must be shown to receive credit for this question)

4. Compute diluted earnings per share

please show work, thank you!!!

Problem Facts Information related to the Sosa Company for the year 2020:

Common Stock- As of the end of 2020, Sosa had 240,000 shares of common stock outstanding. The shares are due to the following common stock transactions:

january 1, 2020 – 100,000 shares of common stock outstanding

April 1, 2020 – issued an additional 50,000 shares for cash

July 1, 2020 - issued a 2 for 1 stock split

September 1, 2020 – purchased 60,000 shares for treasury stock

Preferred Stock- As of the end of 2020, Sosa had 30,000 shares of 6%, $10 par value, cumulative, convertible preferred stock outstanding. The stock had been outstanding all year and the conversion ratio was each share of preferred stock is convertible into 3 shares of common stock.

Bonds Payable-As of the end of 2020, Sosa had $800,000, 7% bonds payable outstanding. The bonds had been outstanding for the entire year and each $1,000 bond was convertible into 10 shares of common stock.

Options-Sosa also had 10,000 common stock options outstanding all year. Each option allowed the holder to purchase 1 share of Sosa’s common stock for $45. During 2020, the average market price of Sosa’s common stock was $48 per share.

Additional Information Sosa’s 2020 net income was $580,000, and the company’s income tax rate was 34%.

REQUIRED

1. Compute the weighted average number of common shares Sosa will use to compute basic earnings per share.

2. Compute 2020 basic earnings per share

3. Identify which of the potentially dilutive securities (preferred stock, bonds, options) are dilutive (support must be shown to receive credit for this question)

4. Compute diluted earnings per share

please show work, thank you!!!

Problem Facts Information related to the Sosa Company for the year 2020:

Common Stock- As of the end of 2020, Sosa had 240,000 shares of common stock outstanding. The shares are due to the following common stock transactions:

january 1, 2020 – 100,000 shares of common stock outstanding

April 1, 2020 – issued an additional 50,000 shares for cash

July 1, 2020 - issued a 2 for 1 stock split

September 1, 2020 – purchased 60,000 shares for treasury stock

Preferred Stock- As of the end of 2020, Sosa had 30,000 shares of 6%, $10 par value, cumulative, convertible preferred stock outstanding. The stock had been outstanding all year and the conversion ratio was each share of preferred stock is convertible into 3 shares of common stock.

Bonds Payable-As of the end of 2020, Sosa had $800,000, 7% bonds payable outstanding. The bonds had been outstanding for the entire year and each $1,000 bond was convertible into 10 shares of common stock.

Options-Sosa also had 10,000 common stock options outstanding all year. Each option allowed the holder to purchase 1 share of Sosa’s common stock for $45. During 2020, the average market price of Sosa’s common stock was $48 per share.

Additional Information Sosa’s 2020 net income was $580,000, and the company’s income tax rate was 34%.

REQUIRED

1. Compute the weighted average number of common shares Sosa will use to compute basic earnings per share.

2. Compute 2020 basic earnings per share

3. Identify which of the potentially dilutive securities (preferred stock, bonds, options) are dilutive (support must be shown to receive credit for this question)

4. Compute diluted earnings per share

please show work, thank you!!!

Recording Common and Preferred Stock Transactions

Gilmore Company has 20,000 authorized shares of common stock, $2 par, and also 20,000 authorized shares of preferred stock, $10 par.

Required

Record journal entries for the following separate transactions. Analyze and record each transaction separately.

a. On January 1, 2020, Gilmore sold 720 shares of common stock and 360 shares of preferred stock for a lump sum of $22,140. The common stock had been selling during the current week at $25 per share, and the preferred at $12 per share. Round amounts to the nearest dollar.

b. On January 1, 2020, Gilmore issued 324 shares of preferred stock for used equipment. The equipment had been appraised at $4,320, and the book value recorded by the seller was $2,160. A reliable determinable fair value on the preferred stock has not been established.

c. Assume that the 36,000 shares of preferred stock are callable for $12 per share at the option of the issuer, Gilmore. After issuing 900 shares of callable preferred stock on January 1, 2020, for $12, Gilmore recalled 180 shares of preferred stock on June 30, 2020, for $12. Record the entries for Gilmore on January 1, 2020, and on June 30, 2020.

d. Assume that each of the 36,000 shares of preferred stock is convertible into 2 shares of common stock at the option of the stockholder. After issuing 900 shares of convertible preferred stock on January 1, 2020, for $12, 180 shares of preferred stock were converted into common stock on June 30, 2020. Record the entries for Gilmore on January 1, 2020, and on June 30, 2020, assuming that the fair value of the preferred stock was $16 per share on June 30, 2020.