Assume XYZ uses a calendar year for financial reporting. The company is authorized to issue 32,500,000 shares of $1 par common stock. Listed below is a summary of XYZ’s common stock activities.
|
2,600,000 |
|
780,000 |
|
1,625,000 |
|
5,005,000 |
1-Number of common shares issued and outstanding at December 31, 2014
2-Shares issued as a result of a 30% stock dividend on Sept. 1, 2015
3-Shares issued for cash on June 30, 2016
Number of common shares issued and outstanding at December 31, 2016
4-A 2-for-1 stock split of XYZ’s common stock took place on Oct. 1, 2017
Instructions:
A)Compute the weighted average number of common shares to be used in computing earnings per common share for 2015 on the 2016 comparative income statement.
B) Compute the weighted average number of common shares to be used in computing earnings per common share for 2016 on the 2016 comparative income statement.
C) Compute the weighted average number of common shares to be used in computing earnings per common share for 2016 on the 2017 comparative income statement.
D)Compute the weighted average number of common shares to be used in computing earnings per common share for 2017 on the 2017 comparative income statement.
In: Accounting
Assume XYZ uses a calendar year for financial reporting. The company is authorized to issue 32,500,000 shares of $1 par common stock. Listed below is a summary of XYZ’s common stock activities.
|
2,600,000 |
|
780,000 |
|
1,625,000 |
|
5,005,000 |
1-Number of common shares issued and outstanding at December 31, 2014
2-Shares issued as a result of a 30% stock dividend on Sept. 1, 2015
3-Shares issued for cash on June 30, 2016
Number of common shares issued and outstanding at December 31, 2016
4-A 2-for-1 stock split of XYZ’s common stock took place on Oct. 1, 2017
Instructions:
A)Compute the weighted average number of common shares to be used in computing earnings per common share for 2015 on the 2016 comparative income statement.
B) Compute the weighted average number of common shares to be used in computing earnings per common share for 2016 on the 2016 comparative income statement.
Compute the weighted average number of common shares to be used in computing earnings per common share for 2016 on the 2017 comparative income statement.
Compute the weighted average number of common shares to be used in computing earnings per common share for 2017 on the 2017 comparative income statement.
In: Accounting
|
Assume Nortel Networks contracted to provide a customer with Internet infrastructure for $2,650,000. The project began in 2016 and was completed in 2017. Data relating to the contract are summarized below: |
| 2016 | 2017 | |||||
| Costs incurred during the year | $ | 352,000 | $ | 2,025,000 | ||
| Estimated costs to complete as of 12/31 | 1,408,000 | 0 | ||||
| Billings during the year | 470,000 | 1,750,000 | ||||
| Cash collections during the year | 276,000 | 1,815,000 | ||||
| Required: |
| 1. |
Compute the amount of revenue and gross profit or loss to be recognized in 2016 and 2017 assuming Nortel recognizes revenue over time according to percentage of completion. (Use percentages as calculated and rounded in the table below to arrive at your final answer. Losses and expenses should be indicated with a minus sign.) |
| 2. |
Compute the amount of revenue and gross profit or loss to be recognized in 2016 and 2017 assuming this project does not qualify for revenue recognition over time. |
| 3. |
Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2016 assuming Nortel recognizes revenue over time according to percentage of completion. |
| 4. |
Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2016 assuming this project does not qualify for revenue recognition over time. |
In: Accounting
Income Statement, Statement of Stockholders’ Equity, and Balance Sheet
Napolean Corporation started business on January 1, 2016. The following information was compiled by Napolean’s accountant on December 31, 2016:
| Sales Revenue | $12,000 | Equipment, net | $9,000 | |
| Expenses | 7,200 | Building, net | 24,000 | |
| Dividends | 1,800 | Accounts Payable | 2,400 | |
| Cash | 900 | Notes Payable | 19,800 | |
| Accounts Receivable | 1,500 | Common Stock | 12,000 | |
| Inventory | 1,800 | Retained Earnings | ? |
Required
You have been asked to assist the accountant for the Napolean Corporation in preparing year-end financial statements. Use the above information to prepare an income statement, statement of stockholders’ equity, and a balance sheet as of December 31, 2016.
| NAPOLEAN
CORPORATION Income Statement For Year Ended December 31, 2016 |
|
|---|---|
| Sales Revenue | $Answer |
| AnswerAccounts PayableAccounts ReceivableBuilding, netCashCommon StockDividendsEquipment, netExpensesInventoryNotes PayableRetained EarningsSales Revenue | Answer |
| Net income | $Answer |
| NAPOLEAN
CORPORATION Statement of Stockholders' Equity For Year Ended December 31, 2016 |
|||
|---|---|---|---|
| Common Stock |
Retained Earnings |
Total |
|
| Balance, January 1, 2016 | $Answer | $Answer | $Answer |
| Add: Net Income for 2016 | Answer | Answer | Answer |
| Add: Issuance of Common Stock | Answer | Answer | Answer |
| Less: Dividends paid (enter as a negative) |
Answer | Answer | Answer |
| Balance, December 31, 2016 | $Answer | $Answer | $Answer |
| NAPOLEAN
CORPORATION Balance Sheet December 31, 2016 |
||||
|---|---|---|---|---|
| ASSETS | ||||
| AnswerAccounts PayableAccounts ReceivableBuilding, netCashCommon StockDividendsEquipment, netExpensesInventoryNotes PayableRetained EarningsSales Revenue | $Answer | |||
| Accounts Receivable | Answer | |||
| AnswerAccounts PayableAccounts ReceivableBuilding, netCashCommon StockDividendsEquipment, netExpensesInventoryNotes PayableRetained EarningsSales Revenue | Answer | |||
| Building | Answer | |||
| Equipment | Answer | |||
| Total Assets | $Answer | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
| LIABILITIES | ||||
| Accounts Payable | $Answer | |||
| AnswerAccounts PayableAccounts ReceivableBuilding, netCashCommon StockDividendsEquipment, netExpensesInventoryNotes PayableRetained EarningsSales Revenue | Answer | |||
| Total Liabilities | Answer | |||
| STOCKHOLDERS' EQUITY | ||||
| AnswerAccounts PayableAccounts ReceivableBuilding, netCashCommon StockDividendsEquipment, netExpensesInventoryNotes PayableRetained EarningsSales Revenue | Answer | |||
| AnswerAccounts PayableAccounts ReceivableBuilding, netCashCommon StockDividendsEquipment, netExpensesInventoryNotes PayableRetained EarningsSales Revenue | Answer | |||
| Total Stockholders' Equity | Answer | |||
| Total Liabilities and Stockholders' Equity | $Answer | |||
In: Accounting
Compucat is a Canadian manufacturing company that produces
inexpensive personal and laptop computers. The company has been
generating progressively more of its sales from foreign markets.
During 2016, the company started purchasing most of its components
from a supplier in Germany.
To deal with the uncertainty associated with foreign exchange
fluctuations, all of Compucat's foreign currency denominated
receivables and payables are hedged with contracts with the
company's bank. Compucat's year-end is on December 31. The
following transactions took place in 2016:
On September 1, 2016, Compucat purchased components from its German
supplier for 100,000 Euros. On that date Compucat entered into a
forward contract for 100,000 Euros at the 60 day forward rate of 1
Euro = CDN$1.50. The forward contract was designated as a fair
value hedge of the amount payable to the German supplier. Compucat
settled with the bank and paid its supplier in full on December 1,
2016.
On December 1, 2016 Compucat also shipped a batch of laptop
computers to an American client for US$250,000. The invoice
required that Compucat receive its payment in full by January 31,
2017. On the date of the sale, the company entered into a forward
contract for US$250,000 at the two-month forward rate of US$1 =
CDN$1.25. This forward contract was designated to be a fair value
hedge of the amount due from the American customer.
The dates and exchange rates relevant to these transactions are
shown below:
|
Spot rate |
Forward rate |
|
|
September 1, 2016: |
1 Euro = CDN$1.4875 |
1 Euro = CDN$1.5000 |
|
December 1, 2016: |
1 Euro = CDN$1.4800 |
1 Euro = CDN$1.4800 |
|
US$1 = CDN$1.2600 |
US$1 = CDN$1.2500 |
|
|
December 31, 2016: |
US$1 = CDN$1.2700 |
US$1 = CDN$1.2600 |
|
January 31, 2017 |
US$1 = CDN $1.275 |
US$1 = CDN $1.275 |
1) Prepare the 2017 Journal Entries if the company invoked fair value hedge accounting
2) What would the balance in the asset and liability accounts as at December 31, 2016?
In: Accounting
Stockholders' Equity. (Note: an example for this problem will be worked in class on Monday, June 11. You might want to wait until Monday evening to try this problem.)
Given the following information for Company G at 1/1/16:
Retained earnings at 1/1/16 were $800,000.
Common stock at 1/1/16 was $ 300,000.
Additional Paid-in Capital at 1/1/16 was $900,000.
The description of the common stock at 1/1/16 was: $10 par value, 100,000 shares authorized, 30,000 shares issued and outstanding.
During 2016 (its second year), Company G had the following activity:
1. The income statement reflected net income of $200,000 for the year ended 12/31/16.
2. Cash dividends of $1 per share were declared and paid to the common shareholders in February of 2016.
3. On June 1, 2016, Company G declared a 100% stock dividend.
4. On July, 1, 2016, Company G distributed the 100% stock dividend.
5. On September 1 of 2016, Company G repurchased 2,000 shares of its own stock at $25 per share. Company G uses the cost method to account for treasury stock transactions.
6. On December 1 of 2016, Company G reissued 600 shares of the treasury stock at $22 per share.
A. On the answer sheet, prepare journal entries for Items 2 – 6 above.
B. On the answer sheet, complete the Statement of Stockholders’ Equity for Items 1 – 6 above.
C. On the answer sheet, complete the Stockholders' Equity section of the balance sheet at December 31, 2016, including the appropriate description for the common stock and treasury stock.
B. ( 2 points) Statement of Stockholders’ Equity APIC - TS
CS APIC-CS RE TS CS Dividend
Distributable
2016 Begin. ________ _______ _______ _______ ________
1. Net Inc. ________ _______ _______ _______ ________
2. Cash Div ________ _______ _______ _______ ________
3. Stock Div. ________ _______ _______ _______ ________
4. Stock Div. ________ _______ _______ _______ ________
5. TS ________ _______ _______ _______ ________
6. TS ________ _______ _______ _______ ________
2016 Ending ________ _______ _______ _______ ________
I just need the bolded question done.
In: Accounting
1. AFN equation
Broussard Skateboard's sales are expected to increase by 25% from $8.0 million in 2016 to $10.00 million in 2017. Its assets totaled $2 million at the end of 2016. Broussard is already at full capacity, so its assets must grow at the same rate as projected sales. At the end of 2016, current liabilities were $1.4 million, consisting of $450,000 of accounts payable, $500,000 of notes payable, and $450,000 of accruals. The after-tax profit margin is forecasted to be 4%, and the forecasted payout ratio is 70%. Use the AFN equation to forecast Broussard's additional funds needed for the coming year. Round your answer to the nearest dollar. Do not round intermediate calculations.
Answer:
2. AFN equation
Broussard Skateboard's sales are expected to increase by 20% from $8.6 million in 2016 to $10.32 million in 2017. Its assets totaled $6 million at the end of 2016. Broussard is already at full capacity, so its assets must grow at the same rate as projected sales. At the end of 2016, current liabilities were $1.4 million, consisting of $450,000 of accounts payable, $500,000 of notes payable, and $450,000 of accruals. The after-tax profit margin is forecasted to be 5%, and the forecasted payout ratio is 75%. What would be the additional funds needed? Do not round intermediate calculations. Round your answer to the nearest dollar.
Answer:
3. AFN Equation
Broussard Skateboard's sales are expected to increase by 20% from $8.8 million in 2016 to $10.56 million in 2017. Its assets totaled $4 million at the end of 2016. Broussard is already at full capacity, so its assets must grow at the same rate as projected sales. At the end of 2016, current liabilities were $1.4 million, consisting of $450,000 of accounts payable, $500,000 of notes payable, and $450,000 of accruals. The after-tax profit margin is forecasted to be 5%. Assume that the company pays no dividends. Under these assumptions, what would be the additional funds needed for the coming year? Do not round intermediate calculations. Round your answer to the nearest dollar.
Answer:
In: Finance
Write a JAVA program that prompts the user to enter a single name. Use a for loop to determine if the name entered by the user contains at least 1 uppercase and 3 lowercase letters. If the name meets this policy, output that the name has been accepted. Otherwise, output that the name is invalid.
In: Computer Science
The purpose of this lab is to become familiar with searching, inserting and deleting elements in a linked list.using java
public boolean contains(String name) // returns true if provided name exists in the list, otherwise returns false public void add(String name) // adds name to the list in its proper lexographical (alphabetical) ordering public void delete(String name) // removes name from list
In: Computer Science
In PowerShell ISE create a script.
Use the text file “its3410Users.txt” (found on Canvas) and import the users into your domain controller. The user file has a first name, last name, and department. Using this information, create users with the following specifications:
In: Computer Science