Questions
[The following information applies to the questions displayed below.] Ricky’s Piano Rebuilding Company has been operating...

[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...

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...

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...

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...

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...

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...

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...

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:

  1. We want to figure out how many rooms of each type to build based on maximizing revenue if we fill up the hotel. We expect to charge $190 for a suite that is non-smoking and $140 for a budget room that is non-smoking. Smoking room customers for both suites and budget rooms will have to pay an additional $20 per night.
  2. We can spend up to $7,500,000 on construction of our hotel. The cost to build a non-smoking budget room is $12,000. The cost to build a non-smoking suite is $15,000. It is $3,000 additional for a smoking room of either type for smoke detectors and sprinklers.
  3. We require that the number of budget rooms be at least 1.5 times the number of suites, but no more than 3 the number of suites.
  4. There needs to be at least 80 suites, but no more than 200.
  5. Industry trends recommend that smoking rooms should be less than 50% of the non-smoking room and in addition, we require our builder gives us at least 4 smoking rooms.

In: Operations Management

With double-digit annual percentage increases in the cost of health insurance, more and more workers are...

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,...

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