[The following information applies to the questions displayed below.] Ricky’s Piano Rebuilding Company has been operating for one year. On January 1, at the start of its second year, its income statement accounts had zero balances and its balance sheet account balances were as follows: Cash $ 7,850 Accounts Payable $ 10,300 Accounts Receivable 15,000 Deferred Revenue (deposits) 4,400 Supplies 2,100 Notes Payable (long-term) 41,500 Equipment 9,500 Common Stock 10,000 Land 8,400 Retained Earnings 5,050 Building 28,400 Following are the January transactions: Received a $690 deposit from a customer who wanted her piano rebuilt in February. Rented a part of the building to a bicycle repair shop; $350 rent received for January. Delivered five rebuilt pianos to customers who paid $15,050 in cash. Delivered two rebuilt pianos to customers for $7,700 charged on account. Received $6,350 from customers as payment on their accounts. Received an electric and gas utility bill for $765 for January services to be paid in February. Ordered $900 in supplies. Paid $2,450 on account in January. Paid $10,900 in wages to employees in January for work done this month. Received and paid cash for the supplies in (g). 5-a. Prepare an income statement for the month ended and at January 31. 5-b. Prepare a statement of retained earnings for the month ended and at January 31. 5-c. Prepare a classified balance sheet for the month ended and at January 31
In: Accounting
Palantir Corp. sells specialized equipment to the healthcare industry. Palantir pays its sales agents a salary plus a 5% commission on sales. Sales agents employed by the company sold 10 Osgilith MRI machines that were delivered and installed in January 2017. The MRI machine sells for $45,600 due at the end of 12 months. Alternatively, customers may elect to pay $40,000 at delivery and installation. All customers purchasing machines during January elected to pay at the end of the 12-month period.
Required:
| 1. | Determine the transaction price of the Osgilith MRI machines, and discuss how Palantir would account for the sales commission. |
| 2. | Discuss whether the delayed payment contract contains a significant financing component. |
| 3. | Prepare the journal entries for 2017 for the Osgilith MRI machines sold by Palantir to customers who elect the delayed payment option. |
| 4. | Prepare the 2017 journal entries that Palantir would make for the 10 Osgilith MRI machines that are sold if customers elect to pay at deliver |
**The answers posted by others for the General Ledger are not correct. Please post correct answer.
In: Accounting
Statistical Probability.
A recent study measures customer satisfaction calls and the number of profits a company made. In order to improve the numbers and satisfaction of customers, the leadership team assigns employees into two types of groups. The first group is video conference support (VCS) and the second group is telephone support (TS). All groups have same amount of calls they receive for support purposes.
Over time, leadership observes that 72% of all customers called into their VCS. Out of all of the VCS callers, 5% of them were unhappy.
Out of all of the TS customers, 2% were unhappy.
Use this data to compute the following questions and note the numerical data:
1. The probability that an order is from TS and a customer is unhappy with their order is____?
2. The probability that an order is from TS, given that the customer is unhappy with their order is ___?
3. The probability that an order is from VCS and a customer is HAPPY with their order is____?
4. If the leadership observes two independent service requests, the probability that both orders are from customers who are unhappy with their orders is _____?
Show your work for each question.
In: Statistics and Probability
1. PepsiCo, near the top of Table 2-5 in the chapter, is a
company that provides
comprehensive financial statements. Go to finance.yahoo.com. In the
box next to
“Get Quotes,” type in its ticker symbol PEP and click.
2. Scroll all the way down to “Financials” and click on “Income
Statement.” Compute
the annual percentage change between the three years for the
following: (INCOME STATEMENT IS BELOW FOR 3 YEARS IS BELOW)
a. Total revenue.(PLEASE SHOW ALL WORK AS TO HOW YOU ARRIVED AT THE
ANSWER)
b. Net income applicable to common shares.(PLEASE SHOW ALL WORK AS
TO HOW YOU ARRIVED AT THE ANSWER)
3. Now click on “Balance Sheet” and compute the annual percentage
change ( BALANCE SHEET FOR 3 YEARS IS BELOW)
between the three years for the following:
a. Total assets.(PLEASE SHOW ALL WORK AS TO HOW YOU ARRIVED AT THE
ANSWER)
b. Total liabilities.(PLEASE SHOW ALL WORK AS TO HOW YOU ARRIVED AT
THE ANSWER)
4. Write a one-paragraph summary of how the company is doing.
Income Statement
All numbers in thousands
| Revenue | 12/31/2016 | 12/26/2015 | 12/27/2014 |
| Total Revenue | 62,799,000 | 63,056,000 | 66,683,000 |
| Cost of Revenue | 28,209,000 | 28,731,000 | 31,238,000 |
| Gross Profit | 34,590,000 | 34,325,000 | 35,445,000 |
| Operating Expenses | |||
| Research Development | - | - | - |
| Selling General and Administrative | 24,735,000 | 24,538,000 | 25,772,000 |
| Non Recurring | - | 1,359,000 | 1,359,000 |
| Others | 70,000 | 75,000 | 92,000 |
| Total Operating Expenses | - | - | - |
| Operating Income or Loss | 9,785,000 | 8,353,000 | 9,581,000 |
| Income from Continuing Operations | |||
| Total Other Income/Expenses Net | 110,000 | 59,000 | 85,000 |
| Earnings Before Interest and Taxes | 9,895,000 | 8,412,000 | 9,666,000 |
| Interest Expense | 1,342,000 | 970,000 | 909,000 |
| Income Before Tax | 8,553,000 | 7,442,000 | 8,757,000 |
| Income Tax Expense | 2,174,000 | 1,941,000 | 2,199,000 |
| Minority Interest | 104,000 | 107,000 | 110,000 |
| Net Income From Continuing Ops | 6,329,000 | 5,452,000 | 6,513,000 |
| Non-recurring Events | |||
| Discontinued Operations | - | - | - |
| Extraordinary Items | - | - | - |
| Effect Of Accounting Changes | - | - | - |
| Other Items | - | - | - |
| Net Income | |||
| Net Income | 6,329,000 | 5,452,000 | 6,513,000 |
| Preferred Stock And Other Adjustments | - | - | - |
| Net Income Applicable To Common Shares | 6,329,000 | 5,452,000 | 6,513,000 |
Balance Sheet
All numbers in thousands
| Period Ending | 12/31/2016 | 12/26/2015 | 12/27/2014 |
| Current Assets | |||
| Cash And Cash Equivalents | 9,158,000 | 9,096,000 | 6,134,000 |
| Short Term Investments | 6,967,000 | 2,913,000 | 2,592,000 |
| Net Receivables | 6,694,000 | 6,437,000 | 6,651,000 |
| Inventory | 2,723,000 | 2,720,000 | 3,143,000 |
| Other Current Assets | 1,547,000 | 1,865,000 | 2,143,000 |
| Total Current Assets | 27,089,000 | 23,031,000 | 20,663,000 |
| Long Term Investments | 1,950,000 | 2,311,000 | 2,689,000 |
| Property Plant and Equipment | 16,591,000 | 16,317,000 | 17,244,000 |
| Goodwill | 14,430,000 | 14,177,000 | 14,965,000 |
| Intangible Assets | 13,433,000 | 13,081,000 | 14,088,000 |
| Accumulated Amortization | - | - | - |
| Other Assets | 636,000 | 750,000 | 860,000 |
| Deferred Long Term Asset Charges | - | - | - |
| Total Assets | 74,129,000 | 69,667,000 | 70,509,000 |
| Current Liabilities | |||
| Accounts Payable | 14,243,000 | 13,507,000 | 13,016,000 |
| Short/Current Long Term Debt | 6,892,000 | 4,071,000 | 5,076,000 |
| Other Current Liabilities | - | - | - |
| Total Current Liabilities | 21,135,000 | 17,578,000 | 18,092,000 |
| Long Term Debt | 30,053,000 | 29,213,000 | 23,821,000 |
| Other Liabilities | 6,669,000 | 5,887,000 | 5,744,000 |
| Deferred Long Term Liability Charges | 5,073,000 | 4,959,000 | 5,304,000 |
| Minority Interest | 104,000 | 107,000 | 110,000 |
| Negative Goodwill | - | - | - |
| Total Liabilities | 63,034,000 | 57,744,000 | 53,071,000 |
| Stockholders' Equity | |||
| Misc. Stocks Options Warrants | -151,000 | -145,000 | -140,000 |
| Redeemable Preferred Stock | - | - | - |
| Preferred Stock | - | - | - |
| Common Stock | 24,000 | 24,000 | 25,000 |
| Retained Earnings | 52,518,000 | 50,472,000 | 49,092,000 |
| Treasury Stock | -31,468,000 | -29,185,000 | -24,985,000 |
| Capital Surplus | 4,091,000 | 4,076,000 | 4,115,000 |
| Other Stockholder Equity | -13,919,000 | -13,319,000 | -10,669,000 |
| Total Stockholder Equity | 11,246,000 | 12,068,000 | 17,578,000 |
| Net Tangible Assets | -16,617,000 | -15,190,000 | -11,475,000 |
In: Economics
In Silberman, the author gives ideas for fun activities to engage your employees with - including things like mock games of Jeopardy! and Who Wants to Be a Millionaire? These activities could be as simple as a lecture and deck of note cards with questions or you (as the manager in charge of the training) could help hold your audience's attention with sets that mimic the television shows, music and even lighting design, as the budget allows. Many HR managers see this as a valid investment. In 2013, the IRS was widely criticized for similar training programming. What do you think? What is appropriate and what is inappropriate? Does it matter if you are a private company, publicly-held company, or public entity? Do government and public employees not need training? What are your thoughts on cost and effectiveness?
In: Operations Management
Common-Sized Income Statement
Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as follows. Tannenhill’s data are expressed in dollars. The electronics industry averages are expressed in percentages.
| Tannenhill Company |
Electronics Industry Average |
||||
| Sales | $2,240,000 | 100 | % | ||
| Cost of goods sold | 1,478,400 | 71 | |||
| Gross profit | $761,600 | 29 | % | ||
| Selling expenses | $448,000 | 16 | % | ||
| Administrative expenses | 179,200 | 7 | |||
| Total operating expenses | $627,200 | 23 | % | ||
| Operating income | $134,400 | 6 | % | ||
| Other revenue | 44,800 | 2 | |||
| $179,200 | 8 | % | |||
| Other expense | 22,400 | 1 | |||
| Income before income tax | $156,800 | 7 | % | ||
| Income tax expense | 67,200 | 4 | |||
| Net income | $89,600 | 3 | % | ||
a. Prepare a common-sized income statement comparing the results of operations for Tannenhill Company with the industry average. If required, round percentages to one decimal place. Enter all amounts as positive numbers.
| Tannenhill Company | |||
| Common-Sized Income Statement | |||
| For the Year Ended December 31 | |||
| Tannenhill Company Amount |
Tannenhill Company Percent |
Electronics Industry Average |
|
| Sales | $2,240,000 | % | 100.0% |
| Cost of goods sold | 1,478,400 | % | 71% |
| Gross profit | $761,600 | % | 29% |
| Selling expenses | $448,000 | % | 16% |
| Administrative expenses | 179,200 | % | 7% |
| Total operating expenses | $627,200 | % | 23% |
| Income from operations | $134,400 | % | 6% |
| Other revenue | 44,800 | % | 2% |
| $179,200 | % | 8% | |
| Other expense | 22,400 | % | 1% |
| Income before income tax | $156,800 | % | 7% |
| Income tax expense | 67,200 | % | 4% |
| Net income | $89,600 | % | 3% |
b. The company is managing the cost of manufacturing product than the industry, and has slightly selling and administrative expenses relative to the industry. The combined impact causes net income as a percent of sales to be than the industry average.
In: Accounting
Mike Greenberg opened Bridgeport Window Washing Inc. on July 1,
2022. During July, the following transactions were
completed.
| July 1 | Issued 12,300 shares of common stock for $12,300 cash. | ||
| 1 | Purchased used truck for $7,600, paying $2,000 cash and the balance on account. | ||
| 3 | Purchased cleaning supplies for $900 on account. | ||
| 5 | Paid $1,800 cash on a 1-year insurance policy effective July 1. | ||
| 12 | Billed customers $3,300 for cleaning services performed. | ||
| 18 | Paid $900 cash on amount owed on truck and $500 on amount owed on cleaning supplies. | ||
| 20 | Paid $2,200 cash for employee salaries. | ||
| 21 | Collected $1,500 cash from customers billed on July 12. | ||
| 25 | Billed customers $2,700 for cleaning services performed. | ||
| 31 | Paid $280 for maintenance of the truck during month. | ||
| 31 | Declared and paid $600 cash dividend. |
The chart of accounts for Bridgeport Window Washing contains the
following accounts: Cash, Accounts Receivable, Supplies, Prepaid
Insurance, Equipment, Accumulated Depreciation—Equipment, Accounts
Payable, Salaries and Wages Payable, Common Stock, Retained
Earnings, Dividends, Income Summary, Service Revenue, Maintenance
and Repairs Expense, Supplies Expense, Depreciation Expense,
Insurance Expense, and Salaries and Wages Expense.
Journalize the July Transactions
In: Accounting
Devos Inc. is building a hotel. It will have 4 kinds of rooms: suites where customers can smoke, suites that are non-smoking, budget rooms where the customers can smoke, and budget rooms that are non-smoking. When we build the hotel, we need to plan for how many rooms of each type we should have. The following are requirements for the hotel:
In: Operations Management
With double-digit annual percentage increases in the cost of
health insurance, more and more workers are likely to lack health
insurance coverage (USA Today, January 23, 2004). The
following sample data provide a comparison of workers with and
without health insurance coverage for small, medium, and large
companies. For the purposes of this study, small companies are
companies that have fewer than 100 employees. Medium companies have
100 to 999 employees, and large companies have 1000 or more
employees. Sample data are reported for 50 employees of small
companies, 75 employees of medium companies, and 100 employees of
large companies.
| Size of Company | Yes | No | Total | ||
| Small | 39 | 11 | 50 | ||
| Medium | 69 | 6 | 75 | ||
| Large | 90 | 10 | 100 |
1. Compute the X2 test statistic:
2. What is the P-Value? (Using a Chi-Square table)
3.What can we conclude?
4. The USA Today article indicated employees of small
companies are more likely to lack health insurance coverage.
Calculate the percentages of employees without health insurance
based on company size (to the nearest whole number).
| Small | % |
| Medium | % |
| Large | % |
5. Based on the Calculated percentages, what can we conclude?
In: Statistics and Probability
First read the following NYTimes article by Mr. Thomas Friedman (2005) titled "It's a Flat World, After All" https://www.nytimes.com/2005/04/03/magazine/its-a-flat-world-after-all.html
Finally, imagine that you are leading a course for employees to assist in your current/future company’s expansion into a new country. Use a clear example to develop an explanation of the term globalization as it applies to international business for your employees. You should use one paragraph to define the term globalization in your own words based on your understanding from the above article and video, followed by a second paragraph to describe your specific example.
In: Economics