In: Statistics and Probability
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Research has shown that there is a lack of health care systems in place for children and adolescents with mental health problems. Statistically, research also shows that of the 150 million children in the country, 25% have psychological issues for which they have sought primary health care (Tolan & Dodge, 2005). Although the number of children and youth with mental health problems is increasing gradually, there is still a lack of treatments and supports in the health care systems. For example, one of the many issues is the lack of consideration for the child’s and his or her family’s life. Often, that family has failed to follow up with the treatment since the intervention is interfering with the family’s work life. Another problem is the lack of communication between the physician and the family, such as advice about risk factors that may be related to mental health problems. The family often doesn’t know how to deal with their children’s mental health problems, which could lead to them not recognizing the issues. Without having much knowledge regarding the mental health problem, there could be a delay in taking their children to intervention (Tolan & Dodge, 2005).
Without the proper treatment and health care system in place, there will be a lack of understanding about ways that the community, family, school and other authority could help children or adolescents that are struggling with mental health issues. Children, especially adolescents, have faced discrimination because of their mental health problems such as depression and anxiety. Without knowledge of prevention or intervention strategies, those who are struggling with mental health might not know the way to seek help; the only person they can turn to is themselves. Feeling that they are alone in the battle with their mental health, children and adolescents might seek out the alternative way to end their problem; suicide. According to Kõlves and De Leo, in 2004 one of the leading causes of death among young females aged 15-19 years old was suicide, which was also the third most common cause of death among males in the same age group (2015). It is also well known that suicide attempts among adolescents are often closely linked to mental disorders (Groholt & Ekberg, 2009). With that being mentioned, it is imperative that children and adolescents get the treatment that they deserve regarding their mental health problems. It’s also crucial for physicians to educate the family of the children or adolescents to be aware of signs of a possible suicide attempt, as well as understand the different manifestations of mental health problems such as depression, anxiety, eating disorders, and others.
In: Psychology
Net Present Value MethodA series of equal net cash flows at fixed time intervals.—Annuity
Briggs Excavation Company is planning an investment of $611,700 for a bulldozer. The bulldozer is expected to operate for 2,000 hours per year for eight years. Customers will be charged $150 per hour for bulldozer work. The bulldozer operator costs $30 per hour in wages and benefits. The bulldozer is expected to require annual maintenance costing $20,000. The bulldozer uses fuel that is expected to cost $39 per hour of bulldozer operation.
| Present Value of an Annuity of $1 at Compound Interest | |||||
| Year | 6% | 10% | 12% | 15% | 20% |
| 1 | 0.943 | 0.909 | 0.893 | 0.870 | 0.833 |
| 2 | 1.833 | 1.736 | 1.690 | 1.626 | 1.528 |
| 3 | 2.673 | 2.487 | 2.402 | 2.283 | 2.106 |
| 4 | 3.465 | 3.170 | 3.037 | 2.855 | 2.589 |
| 5 | 4.212 | 3.791 | 3.605 | 3.353 | 2.991 |
| 6 | 4.917 | 4.355 | 4.111 | 3.785 | 3.326 |
| 7 | 5.582 | 4.868 | 4.564 | 4.160 | 3.605 |
| 8 | 6.210 | 5.335 | 4.968 | 4.487 | 3.837 |
| 9 | 6.802 | 5.759 | 5.328 | 4.772 | 4.031 |
| 10 | 7.360 | 6.145 | 5.650 | 5.019 | 4.192 |
a. Determine the equal annual net cash flows from operating the bulldozer. Use a minus sign to indicate cash outflows.
| Briggs Excavation Company | |||
| Equal Annual Net Cash Flows | |||
| Cash inflows: | |||
Hours of operation
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Revenue per hour
|
X $ | ||
Revenue per year
|
$ | ||
| Cash outflows: | |||
Hours of operation
|
|||
Fuel cost per hour
|
$ | ||
Labor cost per hour
|
|||
Total fuel and labor costs per hour
|
X $ | ||
Fuel and labor costs per year
|
|||
Maintenance costs per year
|
|||
Annual net cash flows
|
$ | ||
Feedback
b. Determine the net present value of the investment, assuming that the desired rate of return is 15%. Use the The sum of the present values of a series of equal “Net cash flows” to be received at fixed time intervals.present value of an annuity of $1 table above. Round to the nearest dollar. If required, use the minus sign to indicate a negative net present value.
| Present value of annual net cash flows | $ |
| Amount to be invested | $ |
| Net present value | $ |
c. Should Briggs Excavation invest in the
bulldozer, based on this analysis?
d. Determine the number of operating hours such
that the present value of cash flows equals the amount to be
invested. Round interim calculations and final answer to the
nearest whole number.
hours
Feedback
b. Multiply the annual net cash flow by the present value of an annuity factor and subtract the amount to be invested.
c. Which is more favorable?
d. Set up an equation to solve for hours.
Learning Objective 3.
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In: Finance
Exercise 6-21B Complete the accounting cycle using inventory transactions (LO6-2, 6-3, 6-5, 6-6, 6-7)
[The following information applies to the questions displayed below.]
On January 1, Year 1, the general ledger of a company includes the following account balances:
| Accounts | Debit | Credit | ||||
| Cash | $ | 22,500 | ||||
| Accounts Receivable | 38,000 | |||||
| Allowance for Uncollectible Accounts | $ | 3,700 | ||||
| Inventory | 33,000 | |||||
| Land | 66,100 | |||||
| Accounts Payable | 30,900 | |||||
| Notes Payable (8%, due in 3 years) | 33,000 | |||||
| Common Stock | 59,000 | |||||
| Retained Earnings | 33,000 | |||||
| Totals | $ | 159,600 | $ | 159,600 | ||
The $33,000 beginning balance of inventory consists of 330 units, each costing $100. During January Year 1, the company had the following inventory transactions:
| January | 3 | Purchase 1,200 units for $129,600 on account ($108 each). | ||
| January | 8 | Purchase 1,300 units for $146,900 on account ($113 each). | ||
| January | 12 | Purchase 1,400 units for $165,200 on account ($118 each). | ||
| January | 15 | Return 115 of the units purchased on January 12 because of defects. | ||
| January | 19 | Sell 4,000 units on account for $600,000. The cost of the units sold is determined using a FIFO perpetual inventory system. | ||
| January | 22 | Receive $577,000 from customers on accounts receivable. | ||
| January | 24 | Pay $407,000 to inventory suppliers on accounts payable. | ||
| January | 27 | Write off accounts receivable as uncollectible, $2,800. | ||
| January | 31 | Pay cash for salaries during January, $117,000. |
The following information is available on January 31, Year 1.
Exercise 6-21B Part 3
a. At the end of January, the company estimates
that the remaining units of inventory are expected to sell in
February for only $100 each.
b. At the end of January, $4,300 of accounts
receivable are past due, and the company estimates that 30% of
these accounts will not be collected. Of the remaining accounts
receivable, the company estimates that 5% will not be
collected.
c. Accrued interest expense on notes payable for
January. Interest is expected to be paid each December 31.
d. Accrued income taxes at the end of January are
$12,600.
3. Prepare an adjusted trial balance as of January 31, Year 1.
In: Accounting
Month of April
| Date | |
| April-01 | Acquired $55000 to establish the company, $33000 from an initial investment through the issue of common stock to themselves and $22000 from a bank loan by signing a note. The entire note is due in 5 years and has 7 per cent annual interest rate. Interest is payable in cash on March 31 of each year. |
| April-01 | Paid $4200 (represents 3 months) in advance rent for a one-year lease on kitchen space. |
| April-01 | Paid $35000 to purchase a refrigerator. The refrigerator is expected to have a useful life of 5 years and a salvage value of $5000 at the end of 5 years. |
| April-06 | Purchased supplies for $500 for cash. |
| April-09 | Received $700 cash as an advance payment from a client to be served in May. |
| April-10 | Recorded sale to customers. Cash receipts were $700 and invoices for sales on account were $1500. |
| April-15 | Paid $1460 cash for employee semi-monthly salaries. |
| April-16 | Collected $400 from accounts receivable. |
| April-23 | Received monthly utility bills amounting to $340. The bills are to be paid in May. |
| April-25 | Paid advertising expense for advertisements run during April, $260. |
| April-30 | Recorded services to customers . Cash receipts were $1300 and invoices for services on account were $1800. |
| April-30 | Paid $1460 cash for employer salaries |
Required:
1. Record the transaction for April in general journal.
2. Open general ledger accounts, using the T-accounts provided, and post the general journal entries to the ledger.
Month of May
| Date | |
| May-01 | Collected $1900cash from customer accounts receivable |
| May-02 | Purchased supplies on account that cost $360 |
| May-07 | Recorded services of catering to customers and cash receipts were $610 and invoices for services on account were $1800 |
| May-08 | The catering job was completed that was paid for in advance on April 9 |
| May-10 | Paid the utility company for the monthly utility bills that had been received in the previous month, $340 |
| May-15 | Paid $1800 cash for employee salaries |
| May-15 | Purchased a one-year insurance policy for $1200 on the refrigerator |
| May-16 | Paid $220 on the account payable that was established when supplies were purchased on May 2. |
| May-20 | Paid a $400cash dividend to the stockholders |
| May-27 |
Received monthly utility bills amounting to $360. The bills would be paid in the month of June |
| May-31 |
Recorded revenues to customers. Cash receipts were $900, and invoices for sales on account were $1400 |
| May-31 | Paid $1800 cash for employee salaries |
Required:
1. Record the transactions for May in general journal.
2. Post the transactions into T-accounts created for the month of April.
In: Accounting
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers. Also note that the company uses a clearing house to take care of all bank as well as non-bank credit cards used by its customers.
Record on page 10 of the journal
| Mar. | 2 | Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the goods sold was $13,300. |
| 3 | Sold merchandise for $11,350 plus 6% sales tax to retail cash customers. The cost of the goods sold was $7,000. | |
| 4 | Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, n/eom. The cost of the goods sold was $33,200. | |
| 5 | Sold merchandise for $30,000 plus 6% sales tax to retail customers who used MasterCard. The cost of the goods sold was $19,400. | |
| 12 | Received check for amount due from Equinox Co. for sale on March 2. | |
| 14 | Sold merchandise to customers who used American Express cards, $13,700. The cost of the goods sold was $8,350. | |
| 16 | Sold merchandise on account to Targhee Co., $27,500, terms FOB shipping point, 1/10, n/30. The cost of the goods sold was $16,000. | |
| 18 | Issued credit memo for $4,800 to Targhee Co. for merchandise returned from sale on March 16. The cost of the merchandise returned was $2,900. |
Record on page 11 of the journal
| Mar. | 19 | Sold merchandise on account to Vista Co., $8,250, terms FOB shipping point, 2/10, n/30. Added $75 to the invoice for prepaid freight. The cost of the goods sold was $5,000. |
| 26 | Received check for amount due from Targhee Co. for sale on March 16 less credit memo of March 18. | |
| 28 | Received check for amount due from Vista Co. for sale of March 19. | |
| 31 | Received check for amount due from Empire Co. for sale of March 4. | |
| 31 | Paid Fleetwood Delivery Service $5,600 for merchandise delivered during March to customers under shipping terms of FOB destination. | |
| Apr. | 3 | Paid City Bank $940 for service fees for handling MasterCard and American Express sales during March. |
| 15 | Paid $6,544 to state sales tax division for taxes owed on sales. |
Journalize the entries to record the transactions of Amsterdam Supply Co. Refer to the Chart of Accounts for exact wording of account titles.
CHART OF ACCOUNTS
Amsterdam Supply Co.General Ledger
| ASSETS | |
| 110 | Cash |
| 121 | Accounts Receivable-Empire Co. |
| 122 | Accounts Receivable-Equinox Co. |
| 123 | Accounts Receivable-Targhee Co. |
| 124 | Accounts Receivable-Vista Co. |
| 125 | Notes Receivable |
| 130 | Inventory |
| 131 | Estimated Returns Inventory |
| 140 | Office Supplies |
| 141 | Store Supplies |
| 142 | Prepaid Insurance |
| 180 | Land |
| 192 | Store Equipment |
| 193 | Accumulated Depreciation-Store Equipment |
| 194 | Office Equipment |
| 195 | Accumulated Depreciation-Office Equipment |
| LIABILITIES | |
| 210 | Accounts Payable |
| 216 | Salaries Payable |
| 218 | Sales Tax Payable |
| 219 | Customer Refunds Payable |
| 221 | Notes Payable |
| EQUITY | |
| 310 | Common Stock |
| 311 | Retained Earnings |
| 312 | Dividends |
| 313 | Income Summary |
| REVENUE | |
| 410 | Sales |
| 610 | Interest Revenue |
| EXPENSES | |
| 510 | Cost of Goods Sold |
| 521 | Delivery Expense |
| 522 | Advertising Expense |
| 524 | Depreciation Expense-Store Equipment |
| 525 | Depreciation Expense-Office Equipment |
| 526 | Salaries Expense |
| 531 | Rent Expense |
| 533 | Insurance Expense |
| 534 | Store Supplies Expense |
| 535 | Office Supplies Expense |
| 536 | Credit Card Expense |
| 539 | Miscellaneous Expense |
| 710 | Interest Expense |
In: Accounting
In: Accounting
| The following events occurred at Jack Company during its first year of business: | ||||||||||||||
| a. | To establish the company, the two owners contributed a total of $60,000 in exchange for common stock. | |||||||||||||
| b. | Grooming service revenue for the first year amounted to $175,000, of which $50,000 was on account. | |||||||||||||
| c. | Customers owe $15,000 at the end of the year from the services provided on account. | |||||||||||||
| d. | At the beginning of the year, a storage building was rented. The company was required to sign a three-year lease for $15,000 per year and make a $3,000 refundable security deposit. The first year’s lease payment and the security deposit were paid at the beginning of the year. | |||||||||||||
| e. | At the beginning of the year, the company purchased a patent at a cost of $120,000 for a revolutionary system to be used for dog grooming. The patent is expected to be useful for ten years. The company paid 20% down in cash and signed a four-year note at the bank for the remainder. | |||||||||||||
| f. | Operating expenses, including amortization of the patent and rent on the storage building noted in (d) and (e) above, totaled $90,000 for the first year. No expenses were accrued or unpaid at the end of the year. | |||||||||||||
| g. | The company declared and paid a $20,000 cash
dividend at the end of the first year.
|
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In: Accounting
Swathmore Clothing
Corporation grants its customers 30 days’ credit. The company uses
the allowance method for its uncollectible accounts receivable.
During the year, a monthly bad debt accrual is made by multiplying
3% times the amount of credit sales for the month. At the fiscal
year-end of December 31, an aging of accounts receivable schedule
is prepared and the allowance for uncollectible accounts is
adjusted accordingly.
At the end of 2017, accounts receivable were $590,000 and the
allowance account had a credit balance of $54,000. Accounts
receivable activity for 2018 was as follows:
| Beginning balance | $ | 590,000 | ||
| Credit sales | 2,700,000 | |||
| Collections | (2,563,000 | ) | ||
| Write-offs | (47,000 | ) | ||
| Ending balance | $ | 680,000 | ||
The company’s controller prepared the following aging summary of year-end accounts receivable:
| Summary | ||||
| Age Group | Amount | Percent Uncollectible | ||
| 0–60 days | $ | 410,000 | 5 | % |
| 61–90 days | 97,000 | 11 | ||
| 91–120 days | 57,000 | 27 | ||
| Over 120 days | 116,000 | 38 | ||
| Total | $ | 680,000 | ||
Required:
1. Prepare a summary journal entry to record the
monthly bad debt accrual and the write-offs during the year. (If no
entry is required for a transaction/event, select "No journal entry
required" in the first account field.) Record a summary entry to
record the monthly bad debt accrual.
2. Prepare the necessary year-end adjusting entry
for bad debt expense. Record the year-end adjusting entry for bad
debt expense.
3-a. What is total bad debt expense for 2018?
| Bad debt expense |
3-b. How would accounts receivable appear in the 2018 balance sheet?
| Balance Sheet (partial) | |
| Current assets: | |
| Accounts receivable (net) | |
In: Accounting
3. Analyze and Journalize the following entries; On June 1, 2012 Sam Near created a travel agency called Tours-For-Less. These activities occurred during the company’s first month:
|
June |
1 |
Near created the new company by investing $40,000 cash and computer equipment worth $60,000. |
|
2 |
The company rented furnished office space by paying $3,200 rent for the first month. |
|
|
3 |
The company purchased $2,400 of office supplies for cash. |
|
|
10 |
The company paid $7,200 for the premium on a one-year insurance policy. |
|
|
14 |
The owner’s assistant was paid $3,600 for two weeks’ salary. |
|
|
24 |
The company collected $13,600 of commissions from airlines on tickets obtained for customers. |
|
|
28 |
The assistant was paid another $3,600for two weeks’ salary. |
|
|
29 |
The company paid the month’s $3,500 phone bill. |
|
|
30 |
The company paid $700 cash to repair its computer. |
|
|
30 |
The owner withdrew $2,850 cash from the business. |
In: Accounting