C4-2 From Recording Transactions (Including Adjusting Journal Entries) to Preparing Financial Statements and Closing Journal Entries (Chapters 2, 3, and 4) [LO 2-3, LO 3-3, LO 4-1, LO 4-2, LO 4-3, LO 4-4, LO 4-5, LO 4-6]
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[The following information applies to the questions displayed below.] |
| Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Inc.) on January 1, 2013. The annual reporting period ends December 31. The trial balance on January 1, 2015, follows (the amounts are rounded to thousands of dollars to simplify): |
| Account Titles | Debit | Credit | ||||
| Cash | $ | 2 | ||||
| Accounts Receivable | 6 | |||||
| Supplies | 13 | |||||
| Land | 0 | |||||
| Equipment | 51 | |||||
| Accumulated Depreciation | $ | 5 | ||||
| Software | 24 | |||||
| Accumulated Amortization | 4 | |||||
| Accounts Payable | 4 | |||||
| Notes Payable (short-term) | 0 | |||||
| Salaries and Wages Payable | 0 | |||||
| Interest Payable | 0 | |||||
| Income Tax Payable | 0 | |||||
| Common Stock | 74 | |||||
| Retained Earnings | 9 | |||||
| Service Revenue | 0 | |||||
| Salaries and Wages Expense | 0 | |||||
| Depreciation Expense | 0 | |||||
| Amortization Expense | 0 | |||||
| Income Tax Expense | 0 | |||||
| Interest Expense | 0 | |||||
| Supplies Expense | 0 | |||||
| Totals | $ | 96 | $ | 96 | ||
| Transactions during 2015 (summarized in thousands of dollars) follow: | |
| 1. | Borrowed $11 cash on a six-month note payable dated March 1, 2015. |
| 2. | Purchased land for future building site; paid cash, $8. |
| 3. | Earned revenues for 2015, $142, including $31 on credit and $111 collected in cash. |
| 4. | Issued additional shares of stock for $4. |
| 5. | Recognized salaries and wages expense for 2015, $76 paid in cash. |
| 6. | Collected accounts receivable, $15. |
| 7. | Purchased software, $11 cash. |
| 8. | Paid accounts payable, $12. |
| 9. | Purchased supplies on account for future use, $19. |
| 10. | Signed a $20 service contract to start February 1, 2016. |
| Data for adjusting journal entries: | |
| 11. | Unrecorded amortization for the year on software, $4. |
| 12. | Supplies counted on December 31, 2015, $12. |
| 13. | Depreciation for the year on the equipment, $5. |
| 14. | Accrued interest of $1 on notes payable. |
| 15. | Salaries and wages earned but not yet paid or recorded, $11. |
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16. |
Income tax for the year was $7. It will be paid in 2016. |
In: Accounting
On 15 September 2020 you plan to buy a 6% p.a. Treasury bond maturing on 15 September 2026.
a. How much would you pay to earn 7% p.a. on your transaction? Ignore taxation considerations.
b. How much would you pay to earn a net return of 7% p.a. on your transaction, allowing for tax on interest only of 30%? In this instance, assume tax on interest is paid immediately.
c. How much would you pay to earn a net return of 7% p.a. on your transaction, allowing for tax on interest and capital gains of 30%? In answering this question, you should assume that the tax on interest and capital gains is deferred by twelve months.
d. Allowing for tax on interest and capital gains of 30%, what would your net annual yield be if you paid $97.447 for the bond? Again, assume that the tax on interest and capital gains is deferred by twelve months.
Present your answers to the above questions in a spreadsheet, giving each solution on a separate sheet (labelled ‘Part a’, ‘Part b’, ‘Part c’ and ‘Part d’). Your spreadsheet should be clearly labelled and easy to understand. Make sure you identify what the “inputs” and “outputs” are. Note that all the interest rates given in this question are j2 rates.
In: Finance
2. Calculate the expected return, variance, and standard deviations of stock A, stock B, and obtain the expected return of an equally weighted portfolio of both (meaning 50% in A, and 50% in B). Please show all work and formulas used.
| Scenario | Probability | A | B |
| Boom | 1/3 | -4% | 9% |
| Normal | 1/3 | 8% | 4% |
| Recession | 1/3 | 20% | -4% |
In: Finance
A property owner decides to restore a property to satisfactory condition without changing the floor plan, form, or style of the structure. This is known as what?
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What term describes a tenant's transfer of a portion of his or her rights to another?
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In: Finance
A researcher is interested in determining whether there is a correlation between number of packs of cigarettes smoked per day and longevity (in years). n=10.
Longevity
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# packs of cigarettes smoked (X) |
(Y) |
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0 |
80 |
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0 |
70 |
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1 |
72 |
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1 |
70 |
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2 |
68 |
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2 |
65 |
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3 |
69 |
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3 |
60 |
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4 |
58 |
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4 |
55 |
In: Statistics and Probability
Assuming the population is normally distributed, construct a 95% confidence interval for the population mean, based on the following sample of size n = 7:
1 2 3 4 5 6 7
The mean is 4 and Standard Deviation 2.16
1. What is the lower boundary of the interval to two decimal places?
2. What is upper boundary of the interval to two decimal.
In: Math
CS 209 Data Structure
1. show how to apply a selection sort on
{45, 11, 50, 59, 60, 2, 4, 7, 10}.
2. show how to apply a Insertion sort on
{45, 11, 50, 59, 60, 2, 4, 7, 10}.
3. show how to apply a Bubble sort on
{45, 11, 50, 59, 60, 2, 4, 7, 10}.
4. show how to apply a Merge sort on
{45, 11, 50, 59, 60, 2, 4, 7, 10}.
5. show how to apply a Quick sort on
{45, 11, 50, 59, 60, 2, 4, 7, 10}.
implement Selection, Insertion, Bubble sort
implement MergeSort and QuickSortIn: Computer Science
Rosie Dry Cleaning was started on January 1, Year 1. It
experienced the following events during its first two years of
operation:
Events Affecting Year 1
Events Affecting Year 2
Required
a. Record the events for Year 1 and Year 2 in
T-accounts.
b. Determine the following amounts:
c. Repeat Requirements b for the Year 2
accounting period.
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Determine the following amounts: (Round your intermediate
calculations to nearest whole dollar.)
(1) Net income for Year 1.
(2) Net cash flow from operating activities for Year 1.
(3) Balance of accounts receivable at the end of Year 1.
(4) Net realizable value of accounts receivable at the end of Year
1.
Show less
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Repeat Requirements b for the Year 2 accounting period. (Round your intermediate calculations to nearest whole dollar.)
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In: Accounting
Consider Amy's preferences for chocolate and CD's. Using graph paper, plot Amy's "consumption bundles" as indicated in the following table. Plot quantity of chocolate on the vertical axis and quantity of CDs on the horizontal axis.
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Bundle |
Chocolate |
CDs |
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a |
9 |
0 |
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b |
7 |
2 |
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c |
6 |
2 |
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d |
5 |
3 |
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e |
4 |
4 |
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f |
4 |
3 |
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g |
3 |
4 |
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h |
2 |
6 |
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i |
0 |
6 |
Assume that Amy is indifferent between bundles c and i. She is also indifferent between bundles d, g, and h, but all three are preferred to c or i. Lastly, suppose that bundle e is Amy's favourite.
Part 1: Based on your graph and the data in the table above, how would Amy rank bundles e, f, and g (rank from highest preference to lowest preference)?
| e,g,f | ||
| g,f,e | ||
| f,e,g | ||
| e,f,g |
Assume Amy has a monthly allowance of 120 that she divides between purchases of chocolate and CDs. CDs cost 15 and chocolate costs 20. Using the table, compute the total expenditure for all the bundles. Answer the following:
Part 2: Given the budget constraint, how many of the bundles can Amy afford? (ie., answer 1 NOT one)
Part 3: Can Amy afford bundle a? (Answer 1 or 2: yes=1; no=2)
Part 4: Can Amy afford bundle d? (Answer 1 or 2: yes=1; no=2)
Part 5: Can Amy afford bundle g? (Answer 1 or 2: yes=1; no=2)
Part 6: Can Amy afford bundle i? (Answer 1 or 2: yes=1; no=2)
Calculate the intercepts for the budget line.
Part 7: What is the value of the intercept on the vertical axis (chocolate)?
Part 8: What is the value of the horizontal intercept (CDs)?
Part 9: What is the slope of the budget line? (do not include a "-" sign)
Part 10: Given Amy's budget constraint, which bundle would she choose if she were to maximize her utility?
| a | ||
| b | ||
| c | ||
| d | ||
| e | ||
| f | ||
| g | ||
| h | ||
| i |
In: Economics
There are two parts to this activity. Before you write a Java program for this activity, write the pseudocode for this program. Turn in the pseudo code and Java program.
Create a program that prompts the user for an integer number. The program returns the factorial of the number. 0! = 1
In your program, answer the following question: What kind of loop are you using for this example? Counter-controlled loop or sentinel controlled loop? Explain.
Sample Input Enter a number: 8 Sample Output 8! = 8 * 7 * 6 * 5 * 4 * 3 * 2 * 1 = 40320
Sample Input Enter a number: 3 Sample Output 3! = 3 * 2 * 1 = 6
Sample Input Enter a number: 10 Sample Output 10! = 10 * 9 * 8 * 7 * 6 * 5 * 4 * 3 * 2 * 1 = 3628800
Sample Input Enter a number: 0 Sample Output 0! = 1
Sample Input Enter a number: 5 Sample Output 5! = 5 * 4 * 3 * 2 * 1 = 120
In: Computer Science