A property management company manages individual properties they will build to rent, and charges them a management fee as the percentages of the monthly rental amount. The properties cannot overlap each other, and each property must be within the limits of the management company’s plot. Write an application that lets the user create a management company and add the properties managed by the company to its list. Assume the maximum number of properties handled by the company is 5
Project Contents Provided:- https://openload.co/f/9kXYDsV3w6A/Assignment_%234.zip
Assignment Document:- https://openload.co/f/PojQcH-X7Zo/Asgnmt4-F2018.docx
In: Computer Science
A property management company manages individual properties they will build to rent, and charges them a management fee as the percentages of the monthly rental amount. The properties cannot overlap each other, and each property must be within the limits of the management company’s plot. Write an application that lets the user create a management company and add the properties managed by the company to its list. Assume the maximum number of properties handled by the company is 5
Concepts tested: • Aggregation • Passing object to method • Array Structure • Objects as elements of the Array • Processing array elements • Copy Constructor • Junit test
Classes:
The class Property will contain: 1. Instance variables for property name, city, rental amount, owner, and plot. Refer to JavaDoc for the data types of each instance variable. 2. toString method to represent a Property object. 3. Constructors (a copy constructor and parameterized constructor) and getter and setter methods. One parameterized constructor will have parameters for property name, city, rent amount, owner, x and y location of the upper left corner of the property’s plot, the plot’s width and its depth. A second constructor will only have parameters for name, city, rental amount, and owner, and will generate a default x, y, width, and depth.
The class Plot will contain: 1. Instance variables to represent the x and y coordinates of the upper left corner of the location, and depth and width to represent the vertical and horizontal extents of the plot. 2. A toString method to represent a Plot object 3. Constructors (a no-arg constructor, a copy constructor and a parameterized constructor) 4. A method named overlaps that takes a Plot instance and determines if it is overlapped by the current plot. 5. A method named encompasses that takes a Plot instance and determines if the current plot contains it. Note that the determination should be inclusive, in other words, if an edge lies on the edge of the current plot, this is acceptable. This class should not have any output functionality (e.g., no GUI-related or printing related functionality), but should take input, operate on the data structure, and return values or set variables that may be accessed with getters.
The class ManagementCompany will contain the following methods in addition to get and set methods: 1. Instance variables of name, tax Id, management fee, MAX_PROPERTY (a constant set to 5) and an array of size MAX_PROPERTY of Property objects. 2. Constructor managementCompany – pass in arguments for the name of the management company, tax Id and management Fee, along with the X, Y, width, and depth of the overall plot that will be subdivided into plots for each property. A ManagementCompany object will be created. 3. Constructor managementCompany – pass in arguments for the name of the management company, tax Id and management Fee to create a ManagementCompany object. A default plot will be created with programmer-determined values into which to subdivide the plots for each property. 4. Method addProperty (3 versions) – a. Pass in a parameter of type Property object. It will add the Property object to the properties array. b. Pass in four parameters of types: i. String propertyName, ii. String city, iii. double rent, and iv. String ownerName. c. Pass in eight parameters of types: i. String propertyName, ii. String city, iii. double rent, iv. String ownerName, v. int x, vi. int y, vii. int width, and viii. int depth. d. It returns -1 if the array is full, -2 if property is null, -3 if the plot is not contained by the MgmtCompany’s plot, -4 if the plot overlaps any other property, or the index in the array where the property was added successfully. 5. Method totalRent– Returns the total rent of the properties in the properties array. 6. Method maxPropertyRent-returns the String representation of the property within the properties array that has the highest fee amount. For simplicity assume that each "Property" object's fee amount is different. 7. Method maxPropertyIndex- returns the index of the property within the properties array that has the highest fee amount. This method will be private. 8. Method displayPropertyAtIndex– pass in the index of the Property object in the properties array and return the string representation of the property. This method will be private.
Driver class – (provided)
GUI Driver class – (provided)
JUnit Test (provided)
Write a Data Element Class named Property that has fields to hold the property name, the city where the property is located, the rent amount, the owner's name, and the Plot to be occupied by the property, along with getters and setters to access and set these fields. Write a parameterized constructor (i.e., takes values for the fields as parameters) and a copy constructor (takes a Property object as the parameter). Follow the Javadoc file provided.
Write a Data Element Class named Plot that has fields specifying the X and Y location of the upper left corner of each Plot and a depth and width of each Plot. Notice that the X,Y location is at the upper left, not as in normal Cartesian coordinates, due to the grid system adopted by computer monitors. A driver class is provided that creates rental properties to test the property manager. A Graphical User Interface is provided using JavaFX which duplicates this driver’s functionality. You are not required to read in any data, but the GUI will allow you to enter the property management company and each property by hand. A directory of images is provided. Be sure to place the “images” directory (provided) inside the “src” directory in Eclipse. Operation When driver-driven application starts, a driver class (provided) creates a management company, creates rental properties, adds them to the property manager, and prints information about the properties using the property manager’s methods. When the GUI-driven application starts (provided), a window is created as in the following screen shots which allows the user to enter applicable data and display the resulting property. The driver and the GUI will both use the same classes and methods for their operation. The JUnit test class also tests the same classes as the driver and the GUI.
Can someone please help me with the Plot class?
In: Computer Science
In: Statistics and Probability
8. You are the manager in charge of monitoring cash flow at a company that makes photography equipment. Traditional photography equipment comprises 80 percent of your revenues, which grow about 2 percent annually. You recently received a preliminary report that suggests consumers take three times more digital photographs than photos with traditional film, and that the cross-price elasticity of demand between digital and disposable cameras is -0.2. In 2009, your company earned about $400 million from sales of digital cameras and about $600 million from sales of disposable cameras.
Using the information above, if the own price elasticity of demand for disposable cameras is -2.5, how will a 1 percent decrease in the price of disposable cameras affect your overall revenues from both disposable and digital camera sales? In your answer compute:
a. The change in revenues in dollars from the resulting sale of
disposable cameras after the 1 percent decrease in
the price of disposable cameras.
b. The change in revenues in dollars from the resulting sale of
digital cameras after the 1 percent decrease in the
price of disposable cameras.
c. The total effect on sales for the company after the 1 percent
decrease in the price of disposable cameras.
In: Economics
Congratulations! You have been hired as a consultant to advise Saint Leo University Hospital leadership on the development of a Disaster Preparedness and Response Plan. Saint Leo University Hospital is currently under construction and will celebrate its grand opening twelve months from the beginning of this course. Among the many projects to be completed before the hospital welcomes its first patients is writing the Disaster Preparedness and Response Plan. For this consultancy, select one of the following public health emergencies as the basis for formulating insights and recommendations to Saint Leo University Hospital leadership for its new Disaster Preparedness and Response Plan. ? Option 1: HurricaneThe module-by-module instructions for the term project are as follows:
Step 6A: Write approximately 750 focused, clear, concise, convincing, well-structured, and individually-authored words explaining how application of concepts in the Module 6 textbook chapters (e.g., strategic management, interorganizational collaboration, organizational values/mission/vision) informs the development, adoption, and eventual execution of Saint Leo University Hospital’s Disaster Preparedness and Response Plan for the selected public health emergency hurricane Apply and cite at least three references (e.g., disaster plans, scholarly articles) above and beyond the textbook
In: Nursing
Congratulations! You have been hired as a consultant to advise Saint Leo University Hospital leadership on the development of a Disaster Preparedness and Response Plan. Saint Leo University Hospital is currently under construction and will celebrate its grand opening twelve months from the beginning of this course. Among the many projects to be completed before the hospital welcomes its first patients is writing the Disaster Preparedness and Response Plan. For this consultancy, select one of the following public health emergencies as the basis for formulating insights and recommendations to Saint Leo University Hospital leadership for its new Disaster Preparedness and Response Plan. ? Option 1: Hurricane The module-by-module instructions for the term project are as follows:
Step 8A: Write approximately 750 focused, clear, concise, convincing, well-structured, and individually-authored words explaining how application of concepts in the Module 8 textbook chapters (e.g., personal responsibility, health information privacy, ethics, international collaboration) informs the development, adoption, and eventual execution of Saint Leo University Hospital’s Disaster Preparedness and Response Plan for the selected public health emergency hurricane Apply and cite at least three references (e.g., disaster plans, scholarly articles) above and beyond the textbook.
In: Nursing
On December 1, Year 1, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by purchasing the assets and taking over the location of Rent-It, an equipment rental company that was going out of business. The newly formed company uses the following accounts.
| Cash | Capital Stock |
| Accounts Receivable | Retained Earnings |
| Prepaid Rent | Dividends |
| Unexpired Insurance | Income Summary |
| Office Supplies | Rental Fees Earned |
| Rental Equipment | Salaries Expense |
| Accumulated Depreciation: Rental Equipment | Maintenance Expense |
| Notes Payable | Utilities Expense |
| Accounts Payable | Rent Expense |
| Interest Payable | Office Supplies Expense |
| Salaries Payable | Depreciation Expense |
| Dividends Payable | Interest Expense |
| Unearned Rental Fees | Income Taxes Expense |
| Income Taxes Payable | |
The corporation performs adjusting entries monthly. Closing entries are performed annually on December 31. During December of its first year of operations, the corporation entered into the following transactions.
| Dec. | 1 | Issued to John and Patty Driver 24,000 shares of capital stock in exchange for a total of $240,000 cash. | |
| Dec. | 1 | Purchased for $268,800 all of the equipment formerly owned by Rent-It. Paid $140,000 cash and issued a 1-year note payable for $128,800. The note, plus all 12 months of accrued interest, are due November 30, Year 2. | |
| Dec. | 1 | Paid $11,400 to Shapiro Realty as three months’ advance rent on the rental yard and office formerly occupied by Rent-It. | |
| Dec. | 4 | Purchased office supplies on account from Modern Office Co., $1,700. Payment due in 30 days. (These supplies are expected to last for several months; debit the Office Supplies asset account.) | |
| Dec. | 8 | Received $8,700 cash as advance payment on equipment rental from McNamer Construction Company. (Credit Unearned Rental Fees.) | |
| Dec. | 12 | Paid salaries of $4,800 for the first two weeks in December. | |
| Dec. | 15 | Excluding the McNamer advance, equipment rental fees earned during the first 15 days of December amounted to $18,500, of which $12,200 was received in cash. | |
| Dec. | 17 | Purchased on account from Earth Movers, Inc., $700 in parts needed to perform basic maintenance on a rental tractor. Payment is due in 10 days. | |
| Dec. | 23 | Collected $2,800 of the accounts receivable recorded on December 15. | |
| Dec. | 26 | Rented a backhoe to Mission Landscaping at a price of $300 per day, to be paid when the backhoe is returned. Mission Landscaping expects to keep the backhoe for about two or three weeks. | |
| Dec. | 26 | Paid biweekly salaries, $4,800. | |
| Dec. | 27 | Paid the account payable to Earth Movers, Inc., $700. | |
| Dec. | 28 | Declared a dividend of 10 cents per share, payable on January 15, Year 2. | |
| Dec. | 29 | Susquehanna Equipment Rentals was named, along with Mission Landscaping and Collier Construction, as a co-defendant in a $23,000 lawsuit filed on behalf of Kevin Davenport. Mission Landscaping had left the rented backhoe in a fenced construction site owned by Collier Construction. After working hours on December 26, Davenport had climbed the fence to play on parked construction equipment. While playing on the backhoe, he fell and broke his arm. The extent of the company’s legal and financial responsibility for this accident, if any, cannot be determined at this time. (Note: This event does not require a journal entry at this time, but may require disclosure in notes accompanying the statements.) | |
| Dec. | 29 | Purchased a 12-month public liability insurance policy for $9,000. This policy protects the company against liability for injuries and property damage caused by its equipment. However, the policy goes into effect on January 1, Year 2, and affords no coverage for the injuries sustained by Kevin Davenport on December 26. | |
| Dec. | 31 | Received a bill from Universal Utilities for the month of December, $690. Payment is due in 30 days. | |
| Dec. | 31 | Equipment rental fees earned during the second half of December amounted to $20,700, of which $15,900 was received in cash. |
Data for Adjusting Entries in Year 1
The advance payment of rent on December 1 covered a period of three months.
The annual interest rate on the note payable to Rent-It is 6 percent.
The rental equipment is being depreciated by the straight-line method over a period of eight years. Any salvage value at the end of its useful life is expected to be negligible and immaterial.
Office supplies on hand at December 31 are estimated at $650.
During December, the company earned $4,200 of the rental fees paid in advance by McNamer Construction Company on December 8.
As of December 31, six days’ rent on the backhoe rented to Mission Landscaping on December 26 has been earned.
Salaries earned by employees since the last payroll date (December 26) amounted to $1,700 at month-end.
It is estimated that the company is subject to a combined federal and state income tax rate of 40 percent of income before income taxes (total revenue minus all expenses other than income taxes). These taxes will be payable in Year 2.
In: Accounting
On December 1, Year 1, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by purchasing the assets and taking over the location of Rent-It, an equipment rental company that was going out of business. The newly formed company uses the following accounts.
| Cash | Capital Stock |
| Accounts Receivable | Retained Earnings |
| Prepaid Rent | Dividends |
| Unexpired Insurance | Income Summary |
| Office Supplies | Rental Fees Earned |
| Rental Equipment | Salaries Expense |
| Accumulated Depreciation: Rental Equipment | Maintenance Expense |
| Notes Payable | Utilities Expense |
| Accounts Payable | Rent Expense |
| Interest Payable | Office Supplies Expense |
| Salaries Payable | Depreciation Expense |
| Dividends Payable | Interest Expense |
| Unearned Rental Fees | Income Taxes Expense |
| Income Taxes Payable | |
The corporation performs adjusting entries monthly. Closing entries are performed annually on December 31. During December, the corporation entered into the following transactions.
| Dec. | 1 | Issued to John and Patty Driver 26,000 shares of capital stock in exchange for a total of $260,000 cash. | |
| Dec. | 1 | Purchased for $268,800 all of the equipment formerly owned by Rent-It. Paid $137,000 cash and issued a 1-year note payable for $131,800. The note, plus all 12 months of accrued interest, are due November 30, Year 2. | |
| Dec. | 1 | Paid $9,900 to Shapiro Realty as three months’ advance rent on the rental yard and office formerly occupied by Rent-It. | |
| Dec. | 4 | Purchased office supplies on account from Modern Office Co., $1,000. Payment due in 30 days. (These supplies are expected to last for several months; debit the Office Supplies asset account.) | |
| Dec. | 8 | Received $8,700 cash as advance payment on equipment rental from McNamer Construction Company. (Credit Unearned Rental Fees.) | |
| Dec. | 12 | Paid salaries for the first two weeks in December, $4,900. | |
| Dec. | 15 | Excluding the McNamer advance, equipment rental fees earned during the first 15 days of December amounted to $18,600, of which $12,400 was received in cash. | |
| Dec. | 17 | Purchased on account from Earth Movers, Inc., $800 in parts needed to repair a rental tractor. (Debit an expense account.) Payment is due in 10 days. | |
| Dec. | 23 | Collected $2,100 of the accounts receivable recorded on December 15. | |
| Dec. | 26 | Rented a backhoe to Mission Landscaping at a price of $340 per day, to be paid when the backhoe is returned. Mission Landscaping expects to keep the backhoe for about two or three weeks. | |
| Dec. | 26 | Paid biweekly salaries, $4,900. | |
| Dec. | 27 | Paid the account payable to Earth Movers, Inc., $800. | |
| Dec. | 28 | Declared a dividend of 10 cents per share, payable on January 15, Year 2. | |
| Dec. | 29 | Susquehanna Equipment Rentals was named, along with Mission Landscaping and Collier Construction, as a co-defendant in a $24,000 lawsuit filed on behalf of Kevin Davenport. Mission Landscaping had left the rented backhoe in a fenced construction site owned by Collier Construction. After working hours on December 26, Davenport had climbed the fence to play on parked construction equipment. While playing on the backhoe, he fell and broke his arm. The extent of the company’s legal and financial responsibility for this accident, if any, cannot be determined at this time. (Note: This event does not require a journal entry at this time, but may require disclosure in notes accompanying the statements.) | |
| Dec. | 29 | Purchased a 12-month public liability insurance policy for $9,240. This policy protects the company against liability for injuries and property damage caused by its equipment. However, the policy goes into effect on January 1, Year 2, and affords no coverage for the injuries sustained by Kevin Davenport on December 26. | |
| Dec. | 31 | Received a bill from Universal Utilities for the month of December, $670. Payment is due in 30 days. | |
| Dec. | 31 | Equipment rental fees earned during the second half of December amounted to $20,400, of which $16,200 was received in cash. |
Data for Adjusting Entries
The advance payment of rent on December 1 covered a period of three months.
The annual interest rate on the note payable to Rent-It is 6 percent.
The rental equipment is being depreciated by the straight-line method over a period of eight years.
Office supplies on hand at December 31 are estimated at $650.
During December, the company earned $4,700 of the rental fees paid in advance by McNamer Construction Company on December 8.
As of December 31, six days’ rent on the backhoe rented to Mission Landscaping on December 26 has been earned.
Salaries earned by employees since the last payroll date (December 26) amounted to $1,300 at month-end.
It is estimated that the company is subject to a combined federal and state income tax rate of 30 percent of income before income taxes (total revenue minus all expenses other than income taxes). These taxes will be payable in Year 2.
Comprehensive Problem 1 Part 6
Prepare a balance sheet (in report form) as of December 31. (Amounts to be deducted should be indicated by a minus sign. Round your final answers to the nearest whole dollar.)
In: Accounting
On December 1, Year 1, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by purchasing the assets and taking over the location of Rent-It, an equipment rental company that was going out of business. The newly formed company uses the following accounts.
| Cash | Capital Stock |
| Accounts Receivable | Retained Earnings |
| Prepaid Rent | Dividends |
| Unexpired Insurance | Income Summary |
| Office Supplies | Rental Fees Earned |
| Rental Equipment | Salaries Expense |
| Accumulated Depreciation: Rental Equipment | Maintenance Expense |
| Notes Payable | Utilities Expense |
| Accounts Payable | Rent Expense |
| Interest Payable | Office Supplies Expense |
| Salaries Payable | Depreciation Expense |
| Dividends Payable | Interest Expense |
| Unearned Rental Fees | Income Taxes Expense |
| Income Taxes Payable | |
The corporation performs adjusting entries monthly. Closing entries are performed annually on December 31. During December, the corporation entered into the following transactions.
| Dec. | 1 | Issued to John and Patty Driver 26,000 shares of capital stock in exchange for a total of $260,000 cash. | |
| Dec. | 1 | Purchased for $268,800 all of the equipment formerly owned by Rent-It. Paid $137,000 cash and issued a 1-year note payable for $131,800. The note, plus all 12 months of accrued interest, are due November 30, Year 2. | |
| Dec. | 1 | Paid $9,900 to Shapiro Realty as three months’ advance rent on the rental yard and office formerly occupied by Rent-It. | |
| Dec. | 4 | Purchased office supplies on account from Modern Office Co., $1,000. Payment due in 30 days. (These supplies are expected to last for several months; debit the Office Supplies asset account.) | |
| Dec. | 8 | Received $8,700 cash as advance payment on equipment rental from McNamer Construction Company. (Credit Unearned Rental Fees.) | |
| Dec. | 12 | Paid salaries for the first two weeks in December, $4,900. | |
| Dec. | 15 | Excluding the McNamer advance, equipment rental fees earned during the first 15 days of December amounted to $18,600, of which $12,400 was received in cash. | |
| Dec. | 17 | Purchased on account from Earth Movers, Inc., $800 in parts needed to repair a rental tractor. (Debit an expense account.) Payment is due in 10 days. | |
| Dec. | 23 | Collected $2,100 of the accounts receivable recorded on December 15. | |
| Dec. | 26 | Rented a backhoe to Mission Landscaping at a price of $340 per day, to be paid when the backhoe is returned. Mission Landscaping expects to keep the backhoe for about two or three weeks. | |
| Dec. | 26 | Paid biweekly salaries, $4,900. | |
| Dec. | 27 | Paid the account payable to Earth Movers, Inc., $800. | |
| Dec. | 28 | Declared a dividend of 10 cents per share, payable on January 15, Year 2. | |
| Dec. | 29 | Susquehanna Equipment Rentals was named, along with Mission Landscaping and Collier Construction, as a co-defendant in a $24,000 lawsuit filed on behalf of Kevin Davenport. Mission Landscaping had left the rented backhoe in a fenced construction site owned by Collier Construction. After working hours on December 26, Davenport had climbed the fence to play on parked construction equipment. While playing on the backhoe, he fell and broke his arm. The extent of the company’s legal and financial responsibility for this accident, if any, cannot be determined at this time. (Note: This event does not require a journal entry at this time, but may require disclosure in notes accompanying the statements.) | |
| Dec. | 29 | Purchased a 12-month public liability insurance policy for $9,240. This policy protects the company against liability for injuries and property damage caused by its equipment. However, the policy goes into effect on January 1, Year 2, and affords no coverage for the injuries sustained by Kevin Davenport on December 26. | |
| Dec. | 31 | Received a bill from Universal Utilities for the month of December, $670. Payment is due in 30 days. | |
| Dec. | 31 | Equipment rental fees earned during the second half of December amounted to $20,400, of which $16,200 was received in cash. |
Data for Adjusting Entries
The advance payment of rent on December 1 covered a period of three months.
The annual interest rate on the note payable to Rent-It is 6 percent.
The rental equipment is being depreciated by the straight-line method over a period of eight years.
Office supplies on hand at December 31 are estimated at $650.
During December, the company earned $4,700 of the rental fees paid in advance by McNamer Construction Company on December 8.
As of December 31, six days’ rent on the backhoe rented to Mission Landscaping on December 26 has been earned.
Salaries earned by employees since the last payroll date (December 26) amounted to $1,300 at month-end.
It is estimated that the company is subject to a combined federal and state income tax rate of 30 percent of income before income taxes (total revenue minus all expenses other than income taxes). These taxes will be payable in Year 2.
Prepare an income statement for the year ended December 31. (Round your final answers to the nearest whole dollar.)
In: Accounting
On December 1, Year 1, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by purchasing the assets and taking over the location of Rent-It, an equipment rental company that was going out of business. The newly formed company uses the following accounts.
| Cash | Capital Stock |
| Accounts Receivable | Retained Earnings |
| Prepaid Rent | Dividends |
| Unexpired Insurance | Income Summary |
| Office Supplies | Rental Fees Earned |
| Rental Equipment | Salaries Expense |
| Accumulated Depreciation: Rental Equipment | Maintenance Expense |
| Notes Payable | Utilities Expense |
| Accounts Payable | Rent Expense |
| Interest Payable | Office Supplies Expense |
| Salaries Payable | Depreciation Expense |
| Dividends Payable | Interest Expense |
| Unearned Rental Fees | Income Taxes Expense |
| Income Taxes Payable | |
The corporation performs adjusting entries monthly. Closing entries are performed annually on December 31. During December, the corporation entered into the following transactions.
| Dec. | 1 | Issued to John and Patty Driver 23,000 shares of capital stock in exchange for a total of $230,000 cash. | |
| Dec. | 1 | Purchased for $211,200 all of the equipment formerly owned by Rent-It. Paid $135,000 cash and issued a 1-year note payable for $76,200. The note, plus all 12 months of accrued interest, are due November 30, Year 2. | |
| Dec. | 1 | Paid $9,600 to Shapiro Realty as three months’ advance rent on the rental yard and office formerly occupied by Rent-It. | |
| Dec. | 4 | Purchased office supplies on account from Modern Office Co., $1,700. Payment due in 30 days. (These supplies are expected to last for several months; debit the Office Supplies asset account.) | |
| Dec. | 8 | Received $8,700 cash as advance payment on equipment rental from McNamer Construction Company. (Credit Unearned Rental Fees.) | |
| Dec. | 12 | Paid salaries for the first two weeks in December, $4,300. | |
| Dec. | 15 | Excluding the McNamer advance, equipment rental fees earned during the first 15 days of December amounted to $18,900, of which $12,600 was received in cash. | |
| Dec. | 17 | Purchased on account from Earth Movers, Inc., $500 in parts needed to repair a rental tractor. (Debit an expense account.) Payment is due in 10 days. | |
| Dec. | 23 | Collected $2,300 of the accounts receivable recorded on December 15. | |
| Dec. | 26 | Rented a backhoe to Mission Landscaping at a price of $300 per day, to be paid when the backhoe is returned. Mission Landscaping expects to keep the backhoe for about two or three weeks. | |
| Dec. | 26 | Paid biweekly salaries, $4,300. | |
| Dec. | 27 | Paid the account payable to Earth Movers, Inc., $500. | |
| Dec. | 28 | Declared a dividend of 10 cents per share, payable on January 15, Year 2. | |
| Dec. | 29 | Susquehanna Equipment Rentals was named, along with Mission Landscaping and Collier Construction, as a co-defendant in a $24,000 lawsuit filed on behalf of Kevin Davenport. Mission Landscaping had left the rented backhoe in a fenced construction site owned by Collier Construction. After working hours on December 26, Davenport had climbed the fence to play on parked construction equipment. While playing on the backhoe, he fell and broke his arm. The extent of the company’s legal and financial responsibility for this accident, if any, cannot be determined at this time. (Note: This event does not require a journal entry at this time, but may require disclosure in notes accompanying the statements.) | |
| Dec. | 29 | Purchased a 12-month public liability insurance policy for $9,480. This policy protects the company against liability for injuries and property damage caused by its equipment. However, the policy goes into effect on January 1, Year 2, and affords no coverage for the injuries sustained by Kevin Davenport on December 26. | |
| Dec. | 31 | Received a bill from Universal Utilities for the month of December, $650. Payment is due in 30 days. | |
| Dec. | 31 | Equipment rental fees earned during the second half of December amounted to $20,400, of which $15,700 was received in cash. |
Data for Adjusting Entries
The advance payment of rent on December 1 covered a period of three months.
The annual interest rate on the note payable to Rent-It is 6 percent.
The rental equipment is being depreciated by the straight-line method over a period of eight years.
Office supplies on hand at December 31 are estimated at $640.
During December, the company earned $4,200 of the rental fees paid in advance by McNamer Construction Company on December 8.
As of December 31, six days’ rent on the backhoe rented to Mission Landscaping on December 26 has been earned.
Salaries earned by employees since the last payroll date (December 26) amounted to $1,200 at month-end.
It is estimated that the company is subject to a combined federal and state income tax rate of 40 percent of income before income taxes (total revenue minus all expenses other than income taxes). These taxes will be payable in Year 2.
Prepare a statement of retained earnings for the year ended December 31. (Round your final answers to the nearest whole dollar.)
In: Accounting