Questions
Assume XYZ uses a calendar year for financial reporting. The company is authorized to issue 32,500,000...

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...

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...

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,...

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...

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...

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...

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...

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...

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...

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:

  • Username will be first name.last name
  • User Principal Name will be first name.last name@its3410.net
  • The department signifies the OU that the user will be placed into
    • If the department does not exist, create it
  • Fill in the first name, last name, and display name fields in the user record
  • Force the user to change the password on logon
  • Have the account enabled
  • Default password for all users will be “Ch@nge123Me!”

In: Computer Science