Shari Patel of the controller's office of Sheridan Corporation was given the assignment of determining the basic and diluted earnings per share values for the year ended December 31, 2020. Patel has gathered the following information.

1.The company is authorized to issue 8 million common shares. As at December 31, 2019, 2 million shares had been issued and were outstanding.2.The per share market prices of the common shares on selected dates were as follows:

Price per Share July 1,

2019 $18.00 Jan. 1,

2020 22.00 Apr. 1,

2020 24.00 July 1,

2020 13.00 Aug. 1,

2020 8.50 Nov. 1,

2020 8.00 Dec. 31,

2020 9.00

3.A total of 800,000 shares of an authorized 1.2 million convertible preferred shares had been issued on July 1, 2019. The shares were issued at $25, and have a cumulative dividend of $2 per share. The shares are convertible into common shares at the rate of one convertible preferred share for one common share. The rate of conversion is to be automatically adjusted for stock splits and stock dividends. Dividends are paid quarterly on September 30, December 31, March 31, and June 30.4.Sheridan Corporation is subject to a 30% income tax rate.5.The after-tax net income for the year ended December 31, 2020, was $11,600,000.

The following specific activities took place during 2020:

1.January 1: A 5% common stock dividend was issued. The dividend had been declared on December 1, 2019, to all shareholders of record on December 29, 2019.2.April 1: A total of 400,000 shares of the $2 convertible preferred shares were converted into common shares. The company issued new common shares and retired the preferred shares. This was the only conversion of the preferred shares during 2020.3.July 1: A 2-for-1 split of the common shares became effective on this date. The board of directors had authorized the split on June 1.4.August 1: A total of 600,000 common shares were issued to acquire a factory building.5.November 1: A total of 21,000 common shares were purchased on the open market at $8 per share and cancelled.6.Cash dividends to common shareholders were declared and paid as follows:

April 15:$0.30per shareOctober 15:$0.20per share

7. Cash dividends to preferred shareholders were declared and paid as scheduled.

Determine the number of shares to use in calculating basic earnings per share for the year ended December 31, 2020.

Number of shares

Enter your answer in accordance to the question statement

shares

Determine the number of shares to use in calculating diluted earnings per share for the year ended December 31, 2020.

Number of sharesEnter your answer in accordance to the question statement

shares

Calculate the adjusted net income amount to use as the numerator in the basic earnings per share calculation for the year ended December 31, 2020.

Adjusted net income$

Enter your answer in accordance to the question statement

1. Which of the following would cause the real exchange rate of the US dollar to depreciate? (explain the answer)
a, the U.S government budget deficit decreases
b. capital flight from foreign countries
c. the U.S. imposes import quotas
d. None of the above is correct.

2. Which of the following contains a list of things that increase when the budget deficit of the U.S decreases? (explain the answer)
a. U.S. supply of loanable funds, U.S. net capital outflow, U.S. domestic investment
b. U.S. supply of loanable funds, U.S. exports, the real exchange rate of the dollar
c. U.S interest rates, the real exchange rate of the dollar, U.S. domestic investment
d. the real exchange rate of the dollar, U.S. net capital outflow, U.S. net exports

​Statoil's Arbitrage. ​ Statoil, the national oil company of​ Norway, is a​ large, sophisticated, and active participant in both the currency and petrochemical markets. Although it is a Norwegian​ company, because it operates within the global oil​ market, it considers the U.S.​ dollar, rather than the Norwegian​ krone, as its functional currency. Ari Karlsen is a currency trader for​ Statoil, and has immediate use of either $3 million​ (or the Norwegian krone​ equivalent). He is faced with the following market rates and wonders whether he can make some arbitrage profits in the coming 90 days.

CIA profit potential is 0.291%, what is the CIA profit amount?

A U.S. company has a ¥750 million payable due in one year to a bank in Japan. The current spot rate S($/¥) = $0.0086/¥ and the one-year forward rate F360($/¥) = $0.0092/¥. The annual interest rate is 3 percent in Japan and 6 percent in the United States.

a. How to implement a hedge using a forward contract? Compute the guaranteed dollar payment in one year using the forward hedge.

b. How to implement a money market hedge? Compute the guaranteed dollar payment in one year using money market hedge.

c. If the U.S company decides to hedge using call option on yen, what would be the dollar payment in one year? Assume that the spot exchange rate S($/¥) = $0.0092/¥ in one year. Also suppose that a one-year call option on yen has an exercise price of $0.0086/¥ and a premium of $0.00012/¥.

All Fresh Seafood is a wholesale fish company based on the east coast of the U.S. Catalina Offshore Products is a wholesale fish company based on the west coast of the U.S. Table #9.2.5 contains prices from both companies for specific fish types ("Seafood online," 2013) ("Buy sushi grade," 2013). Do the data provide enough evidence to show that a west coast fish wholesaler is more expensive than an east coast wholesaler? Test at the 5% level.

Table #9.2.5: Wholesale Prices of Fish in Dollars

Silica has been a recognized hazard for many years, yet it took OSHA many years to update its standards. Why do you think it takes the Agency so long to change its regulations?

Do you think that OSHA has been effective in reducing injuries and illnesses through current standard setting process?

Should OSHA regulations be applied in operations across the world?

Should international workers that are employed by the same U.S. company or part of its supply chain, should they be afforded the same protections as those U.S. workers who are covered by the new silica standard?

What do you think? Should a company require all divisions regardless of location to comply with OSHA standards, like silica in construction? Should companies also require that their trading partners conform to OSHA standards?

Teal Mountain Industries has the following patents on its December 31, 2016, balance sheet.

Patent Item      Initial Cost      Date Acquired      Useful Life at Date Acquired

Patent A             $44,880               3/1/13                              17 years

Patent B             $17,400               7/1/14                              10 years

Patent C             $24,000               9/1/15                                4 years

The following events occurred during the year ended December 31, 2017.

1. Research and development costs of $250,000 were incurred during the year.

2. Patent D was purchased on July 1 for $46,284. This patent has a useful life of 91/2 years.

3. As a result of reduced demands for certain products protected by Patent B, a possible impairment of Patent B’s value may have occurred at December 31, 2017.The controller for Teal Mountain estimates the expected future cash flows from Patent B will be as follows.

Year                    Expected Future Cash Flows

2018                                      $1,900

2019                                      $1,900

2020                                      $1,900

The proper discount rate to be used for these flows is 8%. (Assume that the cash flows occur at the end of the year.)

Compute the total carrying amount of Teal Mountain’ patents on its December 31, 2016, balance sheet. (Round answer to 0 decimal places, e.g. 8,564.) Total carrying amount $ Compute the total carrying amount of Teal Mountain' patents on its December 31, 2017, balance sheet. (Round answer to 0 decimal places, e.g. 8,564.) Total carrying amount $

In 2018, Babcock Industries, a calendar year corporation, acquired a 10% interest in Caraway, Inc. for $65,000. Babcock appropriately used the fair value method to account for the investment.   At the beginning of 2021, Babcock acquired an additional 25% of the outstanding common stock of Caraway for $250,000. The following additional information is available at the date of purchase related to Caraway’s activity for the years 2018-2020:

Cumulative dividends paid by Caraway                                                          $150,000

Cumulative income reported by Caraway $400,000

Cumulative fair value adjustment in Babcock’s balance sheet

At 12/31/20 $ 35,000

Caraway’s balance sheet on the date of the additional purchase is as follows:

Accounts receivable         $100,000                                Mortgage payable                                $200,000

Inventories                             200,000

Building                                   400,000 Stockholders’ equity                          500,000

Total assets                             $700,000 Total liabilities and equity              $700,000

Babcock based its price for the additional 25% investment on the fact that Caraway has developed a patent that Babcock estimates is worth $300,000. The patent will expire in 10 years.

Subsequent to the investment, Caraway reports earnings of $200,000 and pays $90,000 in dividends. In addition, Babcock sells inventories to Caraway that cost $50,000 for a sales price of $80,000. At the end of 2021, 60% of the inventories are still held by Caraway.

Provide all journal entries needed to record each of the following:

-Babcock’s additional investment in Caraway at the beginning of 2021.

-Caraway reports total earnings of $200,000 for 2021

-Babcock adjusts Caraway’s earnings for amortization of the patent

-Babcock adjusts Caraway’s earnings for deferral of gross profit on the intercompany inventory sale

-Caraway pays total dividends of $90,000

                                                                                              Revenue from U.S. Business

                           Exchange Rate of A$                                 (in millions)

                                   A$ = $.48                                              $100

                                   A$ =      .50                                                105

                                   A$ =      .54                                                110

Premier’s sales revenues from Australia are expected to be A $600 million.

                    The forecasted Net Cash Flows for Premier Company are below.

                    The figures are in millions.

                                    A$ = $.48                   A$ = $.50                   A$ = $.54

Sales

      U.S.                                            $100                            $105                            $110       

      Australia A$600 =     288           A$600 =     300           A$600 =     324

      Total                                           $388                            $405                            $434

Cost of materials

      U.S.                                            $200                            $200                            $200

      Australia                  A$100 =         48           A$100 =         50           A$100 =         54

      Total                                           $248                            $250                            $254

Operating expenses

      U.S.: Fixed                                  $ 30                             $ 30                             $ 30

      U.S.: Variable (20%

          of total sales)                               78                                 81                                 87

      Total                                           $108                             $111                             $117

Interest expense

      U.S.                                            $ 20                             $ 20                             $ 20

      Australia                 A$0 =               0           A$0 =               0           A$0 =               0

      Total $ 20                             $ 20                             $ 20

Net Cash Flows                                 $ 12                             $ 24                             $ 43

1. Is the cash flow of Grand Tour Co. sensitive to movements in the exchange rate of the Australia dollar? Why?
2. Does Grand Tour Co. suffer from economic exposure, or translation exposure?
3. If Grand Tour Co. shifts some of its expenses from U.S. to Australia, will this reduce its exposure?

Explain at least three public health campaigns targeting access to healthcare for women and/or minorities. Describe at least two aspects of their advertising strategies that have addressed income and education.

Abortion has been the subject of numerous legislative activities in the United States. How have various legislations affected low-income and minority women?

Describe the legal battle over birth control devices in the United States. Include how access to healthcare has been affected by the legal decisions.

Describe the legal barriers to healthcare access for low-income immigrant minorities.

Review the articles, "Ethnic and gender disparities in needed adolescent mental health care", and "Overlooked and underserved: Improving the health of men of color". Explain what it means to be "overlooked" by the healthcare system.

Discuss at least two examples that illustrate why minorities are often overlooked in the healthcare system. Do you agree or disagree with these reasons, why or why not?

Despite the fact that school-based psychological counseling is available to all students, Thomas et al., report that ethnic disparities in mental healthcare access and utilization still persist. Explain why this disparity exists. What can be done to decrease mental health access and utilization barriers for low-income and minority students?

What strategies does former U.S. Surgeon General, David Satcher, M.D., discuss that will decrease the potential for minorities to be overlooked by the healthcare system?