Questions
What are the WISC-V composite and scaled scores and how are they calculated?
What are the WISC-V composite and scaled scores and how are they calculated?
In: Psychology
The trial balance of Palicio Security Services Inc. as of January 1, 2016 had following normal balances:
The trial balance of Palicio Security Services Inc. as of January 1, 2016 had following normal balances:
The following transactions took place during 2016 for Palicio Security Service
1. Paid the salaries payable from 2015.
2. On March 1, 2016, Palicio established a $100 petty cash fund to handles expenditures.
3. Paid $4,800 on May 1, 2016, for one year's lease on the company van in advance.
4. Paid $7,200 on May 2, 2016 for one year's office rent in advance.
5. Purchased $400 of supplies on account.
6. Purchased 100 alarm systems for $28,000 cash during the year.
7. Sold 102 alarm systems for $57,120. All sales were on account. (Compute cost of goods sold using the FIFO cost flow method)
8. Paid $2,100 on accounts payable during the year.
9. Replenished the petty cash fund on August 1. At this time, the petty cash had only $7 of currency left. It contained the following receipts: office supply expense $23, cutting grass $55, and miscellaneous $14.
10. Billed $52,000 of monitoring services for the year.
11. Paid installers and other employees a total of $25,000 cash for salaries
12. Collected $89,300 of accounts receivable during the year.
13. Paid $3,600 of advertising expense during the year.
14. Paid $2,500 of utilities expense for the year.
15. Paid a dividend of $10,000 to the shareholders.
HINTS: First record the Journal entries for each transaction listed above and then record the transactions on the Trial Balance worksheet. ALSO, set up an Excel Spreadsheet like the Trial Balance sheet shown on next page and use to record adjusting entries.
INSTRUCTIONS:
A. Prepare and record the Adjusting Journal Entries
B. Complete the trial balance worksheet LISTED on the PRIOR page for the month ended December 31, 200x for Palicio Security Service Company based on the transactions RECORDED IN THE JOURNAL ENTRIES LISTED ABOVE:
C. Prepare the trial balance as at Dec 31, 2016 for Palicio Security Services
D. Prepare the income statement for Palicio Security Services as of Dec 31, 2016
E. Prepare statement of changes in equity for Palicio Security Services as of Dec 31, 2016
F. Prepare the balance sheet for Palicio Security Services Inc. as of Dec 31, 2016
In: Accounting
The following financial information is for Wildhorse Company. WILDHORSE COMPANY Balance Sheets December 31 Assets 2017...
The following financial information is for Wildhorse
Company.
|
WILDHORSE COMPANY |
||||
|---|---|---|---|---|
|
Assets |
2017 |
2016 |
||
|
Cash |
$ 70,000 |
$ 68,000 |
||
|
Debt investments (short-term) |
51,000 |
40,000 |
||
|
Accounts receivable |
109,000 |
91,000 |
||
|
Inventory |
231,000 |
167,000 |
||
|
Prepaid expenses |
27,000 |
26,000 |
||
|
Land |
134,000 |
134,000 |
||
|
Building and equipment (net) |
264,000 |
186,000 |
||
|
Total assets |
$ 886,000 |
$ 712,000 |
||
|
Liabilities and Stockholders’ Equity |
||||
|
Notes payable |
$ 171,000 |
$ 109,000 |
||
|
Accounts payable |
67,000 |
53,000 |
||
|
Accrued liabilities |
41,000 |
41,000 |
||
|
Bonds payable, due 2017 |
250,000 |
170,000 |
||
|
Common stock, $10 par |
206,000 |
206,000 |
||
|
Retained earnings |
151,000 |
133,000 |
||
|
Total liabilities and stockholders’ equity |
$ 886,000 |
$ 712,000 |
||
|
WILDHORSE COMPANY |
||||
|---|---|---|---|---|
|
2017 |
2016 |
|||
|
Sales revenue |
$ 899,000 |
$ 798,000 |
||
|
Cost of goods sold |
650,000 |
575,000 |
||
|
Gross profit |
249,000 |
223,000 |
||
|
Operating expenses |
192,000 |
168,000 |
||
|
Net income |
$ 57,000 |
$ 55,000 |
||
Additional information:
| 1. | Inventory at the beginning of 2016 was $ 117,000. | |
| 2. | Accounts receivable (net) at the beginning of 2016 were $ 90,000. | |
| 3. | Total assets at the beginning of 2016 were $ 634,000. | |
| 4. | No common stock transactions occurred during 2016 or 2017. | |
| 5. | All sales were on account. |
(a1)
Compute the liquidity and profitability ratios of Wildhorse Company
for 2016 and 2017. (Round all answers to 2 decimal
places, e.g. 1.83 or 1.83%. If % change is a decrease show the
numbers as negative, e.g. -1.83% or
(1.83%).)
|
2016 |
2017 |
% Change |
|||||||
|---|---|---|---|---|---|---|---|---|---|
|
LIQUIDITY |
|||||||||
|
Current ratio |
enter the current ratio |
:1 |
enter the current ratio |
:1 |
enter percentages |
% | |||
|
Accounts receivables turnover |
enter accounts receivables turnover in times |
times |
enter accounts receivables turnover in times |
times |
enter percentages |
% | |||
|
Inventory turnover |
enter inventory turnover in times |
times |
enter inventory turnover in times |
times |
enter percentages |
% | |||
|
2016 |
2017 |
% Change |
|||||||
|---|---|---|---|---|---|---|---|---|---|
|
PROFITABILITY |
|||||||||
|
Profit margin |
enter percentages |
% |
enter percentages |
% |
enter percentages |
% | |||
|
Asset turnover |
enter asset turnover in times |
times |
enter asset turnover in times |
times |
enter percentages |
% | |||
|
Return on assets |
enter percentages |
% |
enter percentages |
% |
enter percentages |
% | |||
|
Earnings per share |
$ enter a dollar amount |
$ enter a dollar amount |
enter percentages |
% | |||||
In: Accounting
industries' balance sheet at December 31, 2015, is presented below. INDUSTRIES Balance Sheet December 31, 2015...
industries' balance sheet at December 31, 2015, is presented
below.
| INDUSTRIES Balance Sheet December 31, 2015 |
||||
| Assets | ||||
| Current assets | ||||
| Cash | $7,400 | |||
| Accounts receivable | 82,000 | |||
| Finished goods inventory (1,500 units) | 29,500 | |||
| Total current assets | 118,900 | |||
| Equipment | $39,500 | |||
| Less: Accumulated depreciation | 10,000 | 29,500 | ||
| Total assets | $148,400 | |||
| Liabilities and Shareholders' Equity | ||||
| Liabilities | ||||
| Notes payable | $24,500 | |||
| Accounts payable | 44,500 | |||
| Total liabilities | 69,000 | |||
| Shareholders’ equity | ||||
| Common stock | $49,500 | |||
| Retained earnings | 29,900 | |||
| Total shareholders’ equity | 79,400 | |||
| Total liabilities and shareholders’ equity | $148,400 | |||
Budgeted data for the year 2016 include the following.
|
Q4 of 2016 |
Year 2016 Total | |||||
| Sales budget (8,000 units at $36) | $86,400 | $288,000 | ||||
| Direct materials used | 16,500 | 69,500 | ||||
| Direct labor | 12,000 | 55,500 | ||||
| Manufacturing overhead applied | 10,000 | 28,000 | ||||
| Selling and administrative expenses | 17,500 | 75,500 | ||||
To meet sales requirements and to have 2,000 units of finished
goods on hand at December 31, 2016, the production budget shows
8,500 required units of output. The total unit cost of production
is expected to be $18. Kurian Industries uses the first-in,
first-out (FIFO) inventory costing method. Selling and
administrative expenses include $4,000 for depreciation on
equipment. The company expects interest expense to be $3,000 for
the year and income taxes to be 20% of income before income
taxes.
All sales and purchases are on account. The company expects to
collect 60% of the quarterly sales in cash within the quarter and
the remainder in the following quarter. It pays direct materials
purchased from suppliers 50% in the quarter incurred and the
remainder in the following quarter. Purchases in the fourth quarter
were the same as the materials used. In 2016, the company expects
to purchase additional equipment costing $17,500. It expects to pay
$7,500 on notes payable plus all interest due and payable to
December 31 (included in interest expense $3,000, above). Accounts
payable at December 31, 2016, includes amounts due to suppliers
(see above) plus other accounts payable of $5,200. In 2016, the
company expects to declare and pay a $4,500 cash dividend. Unpaid
income taxes at December 31 will be $3,780. The company's cash
budget shows an expected cash balance of $45,970 at December 31,
2016.
Prepare a budgeted balance sheet at December 31, 2016.
In: Accounting
In 2015, the Keenan Company paid dividends totaling $2,340,000 on net income of $13.6 million. Note...
In 2015, the Keenan Company paid dividends totaling $2,340,000 on net income of $13.6 million. Note that 2015 was a normal year and that for the past 10 years, earnings have grown at a constant rate of 7%. However, in 2016, earnings are expected to jump to $20.4 million and the firm expects to have profitable investment opportunities of $10.2 million. It is predicted that Keenan will not be able to maintain the 2016 level of earnings growth because the high 2016 earnings level is attributable to an exceptionally profitable new product line introduced that year. After 2016, the company will return to its previous 7% growth rate. Keenan's target capital structure is 40% debt and 60% equity.
| Regular-dividend | $ |
| Extra dividend | $ |
- Calculate Keenan's total dividends for 2016 assuming that it
follows each of the following policies: (Write out your answers
completely. For example, 25 million should be entered as
25,000,000.)
- Its 2016 dividend payment is set to force dividends to grow at
the long-run growth rate in earnings. Round your answer to the
nearest cent.
$ - It continues the 2015 dividend payout ratio. Round your answer
to the nearest cent. Do not round intermediate calculations.
$ - It uses a pure residual dividend policy (40% of the $10.2
million investment is financed with debt and 60% with common
equity). Round your answer to the nearest cent.
$ - It employs a regular-dividend-plus-extras policy, with the regular dividend being based on the long-run growth rate and the extra dividend being set according to the residual dividend policy. Round your answer to the nearest cent.
- Its 2016 dividend payment is set to force dividends to grow at
the long-run growth rate in earnings. Round your answer to the
nearest cent.
- Which of the preceding policies would you recommend?
-Select-Policy 1Policy 2Policy 3Policy 4Item 6 - Assume that investors expect Keenan to pay total dividends of
$7,000,000 in 2016 and to have the dividend grow at 7% after 2016.
The stock's total market value is $200 million. What is the
company's cost of equity? Round your answer to two decimal
places.
% - What is Keenan's long-run average return on equity? [Hint: g =
Retention rate x ROE = (1.0 - Payout rate)(ROE).] Do not round
intermediate calculations. Round your answer to two decimal
places.
% - Does a 2016 dividend of $7,000,000 seem reasonable in view of
your answers to parts c and d? If not, should the dividend be
higher or lower?
-Select-YesNo, it should be lowerNo, it should be higher
In: Accounting
Exercise 13-11 Profitability analysis LO P3 Simon Company’s year-end balance sheets follow. At December 31 2017...
Exercise 13-11 Profitability analysis LO P3
Simon Company’s year-end balance sheets follow.
| At December 31 | 2017 | 2016 | 2015 | ||||||
| Assets | |||||||||
| Cash | $ | 31,000 | $ | 34,200 | $ | 37,500 | |||
| Accounts receivable, net | 89,100 | 62,700 | 51,600 | ||||||
| Merchandise inventory | 42,392 | 83,300 | 59,500 | ||||||
| Prepaid expenses | 11,004 | 9,960 | 4,192 | ||||||
| Plant assets, net |
411,504 |
274,840 | 217,208 | ||||||
| Total assets | $ | 585,000 | $ | 465,000 | $ | 370,000 | |||
| Liabilities and Equity | |||||||||
| Accounts payable | $ | 148,578 | $ | 76,227 | $ | 48,352 | |||
| Long-term notes payable secured by mortgages on plant assets |
108,880 | 105,880 | 83,405 | ||||||
| Common stock, $10 par value | 162,500 | 162,500 | 162,500 | ||||||
| Retained earnings | 165,042 | 120,393 | 75,743 | ||||||
| Total liabilities and equity | $ | 585,000 | $ | 465,000 | $ | 370,000 | |||
The company’s income statements for the years ended December 31,
2017 and 2016, follow.
| For Year Ended December 31 | 2017 | 2016 | ||||||||||
| Sales | $ | 760,500 | $ | 553,350 | ||||||||
| Cost of goods sold | $ | 463,905 | $ | 359,678 | ||||||||
| Other operating expenses | 235,755 | 139,998 | ||||||||||
| Interest expense | 12,929 | 12,727 | ||||||||||
| Income taxes | 9,887 | 8,300 | ||||||||||
| Total costs and expenses | 722,476 | 520,703 | ||||||||||
| Net income | $ | 38,024 | $ | 32,647 | ||||||||
| Earnings per share | $ | 2.34 | $ | 2.01 | ||||||||
Additional information about the company follows.
| Common stock market price, December 31, 2017 | $ | 33.00 |
| Common stock market price, December 31, 2016 | 31.00 | |
| Annual cash dividends per share in 2017 | 0.32 | |
| Annual cash dividends per share in 2016 | 0.16 | |
To help evaluate the company's profitability, compute the following
ratios for 2017 and 2016:
1. Return on common stockholders' equity.
2. Price-earnings ratio on December 31.
3. Dividend yield.
Compute the return on common stockholders' equity for each year.
Require 1
|
||||||||||||||||||||||||||||||||||||||||||||||
- Required 2
Compute the price-earnings ratio for each year. (Round your answers to 2 decimal places.)
|
|||||||||||||||||||||||||||||||
Require 3.
Compute the dividend yield for each year. (Round your answers to 2 decimal places.)
|
||||||||||||||||||||||||||||||||||||
In: Accounting
Robots, Inc. reported the following information regarding 2016-2017 inventory. Robots, Inc. 2017 2016 Current assets Cash...
Robots, Inc. reported the following information regarding 2016-2017 inventory.
|
Robots, Inc. |
||
|
2017 |
2016 |
|
|
Current assets |
||
|
Cash |
$ 153,010 |
$ 538,489 |
|
Accounts receivable, net of allowance for doubtful accounts of $46,000 in 2017 and $160,000 in 2016 |
1,627,980 |
2,596,291 |
|
Inventories (Note 2) |
1,340,494 |
1,734,873 |
|
Other current assets |
123,388 |
90,592 |
|
Assets of discontinued operations |
— |
32,815 |
|
Total current assets |
3,244,872 |
4,993,060 |
|
Notes to Consolidated Financial Statements |
||
|
Note 1 (in part): Nature of Business and Significant Accounting Policies Inventories—Inventories are stated at the lower-of-cost-or-market. Cost is determined by the last-in, first-out (LIFO) method. Note 2: Inventories |
||
|
Inventories consist of the following. |
||
|
2017 |
2016 |
|
|
Raw materials |
$1,264,646 |
$2,321,178 |
|
Work in process |
240,988 |
171,222 |
|
Finished goods and display units |
129,406 |
711,252 |
|
Total inventories |
1,635,040 |
3,203,652 |
|
Less: Amount classified as long-term |
294,546 |
1,468,779 |
|
Current portion |
$1,340,494 |
$1,734,873 |
|
Inventories are stated at the lower of cost determined by the LIFO method or market for Robots, Inc. If the FIFO method had been used for the entire consolidated group, inventories after an adjustment to the lower-of-cost-or-market would have been approximately $2,000,000 and $3,800,000 at October 31, 2017 and 2016, respectively. Inventory has been written down to estimated net realizable value, and results of operations for 2017, 2016, and 2015 include a corresponding charge of approximately $868,000, $960,000, and $273,000, respectively, which represents the excess of LIFO cost over market. Inventory of $294,546 and $1,468,779 at October 31, 2017 and 2016, respectively, shown on the balance sheet as a noncurrent asset represents that portion of the inventory that is not expected to be sold currently. Reduction in inventory quantities during the years ended October 31, 2017, 2016, and 2015 resulted in liquidation of LIFO inventory quantities carried at a lower cost prevailing in prior years as compared with the cost of fiscal 2014 purchases. The effect of these reductions was to decrease the net loss by approximately $24,000, $157,000, and $90,000 at October 31, 2017, 2016, and 2015, respectively. |
||
Instructions
(a)
Comment on why Robots, Inc., might disclose how its LIFO inventories would be valued under FIFO.
(b)
Why does the LIFO liquidation reduce operating costs?
(c)
Comment on whether Robots, Inc. would report more or less income if it had been on a FIFO basis for all its inventory.
In: Accounting
Magnum Construction Company, Inc. bought equipment for $2,250,000 on Jan. 1, 2014. The company considered various...
|
Magnum Construction Company, Inc. bought equipment for $2,250,000 on Jan. 1, 2014. |
||||||
|
The company considered various depreciation methods for financial reporting purposes |
||||||
|
(pro-rated by month). The company estimates the equipment will have a useful life of |
||||||
|
10-years with a residual value of $140,000. For tax purposes the asset falls into the |
||||||
|
seven-year category. |
||||||
|
Hours |
||||||
|
Estimated total hours of usage |
50,000 |
|||||
|
Actual usage |
2014 |
5,500 |
||||
|
2015 |
6,000 |
|||||
|
2016 |
4,500 |
|||||
|
Instructions |
||||||
|
Calculate the following: |
||||||
|
a |
Assuming the straight-line method is used: |
|||||
|
(1) The depreciation expense for the year ended Dec. 31, 2014 |
||||||
|
(2) The book value of the assets as of December 31, 2015 (2nd year) |
||||||
|
(3) The depreciation expense for the nine-month period ending Sept. 30, 2016 |
||||||
|
(4) The gain or loss if the asset is sold on Sept. 30, 2016 for --------> |
$1,700,000 |
|||||
|
b |
Assuming double declining balance is used: |
|||||
|
(1) The depreciation expense for the year ended Dec. 31, 2014 |
||||||
|
(2) The book value of the assets as of December 31, 2015 (2rd year) |
||||||
|
(3) The depreciation expense for the nine month period ending Sept. 30, 2016 |
||||||
|
(4) The gain or loss if the asset is sold on Sept. 30, 2016 for --------> |
$1,700,000 |
|||||
|
c |
Assuming sum of the years digits is used: |
|||||
|
(1) The depreciation expense for the year ended Dec. 31, 2014 |
||||||
|
(2) The book value of the assets as of December 31, 2015 (2rd year) |
||||||
|
(3) The depreciation expense for the nine month period ending Sept. 30, 2016 |
||||||
|
(4) The gain or loss if the asset is sold on Sept. 30, 2016 for --------> |
$1,700,000 |
|||||
|
d |
Assuming units of output is used: |
|||||
|
(1) The depreciation expense for the year ended Dec. 31, 2014 |
||||||
|
(2) The book value of the assets as of December 31, 2015 (2rd year) |
||||||
|
(3) The depreciation expense for the nine month period ending Sept. 30, 2016 |
||||||
|
(4) The gain or loss if the asset is sold on Sept. 30, 2016 for --------> |
$1,700,000 |
|||||
|
e |
The tax basis (undepreciated cost) the asset as of December 31, 2017 |
|||||
|
f |
The taxable gain or loss if the asset is sold on Dec. 31, 2017 for ----> |
$852,900 |
||||
|
MACRS tax depreciation rates |
||||||
|
Asset classification |
||||||
|
Year |
5-year |
7-year |
||||
|
1 |
20.00% |
14.29% |
||||
|
2 |
32.00% |
24.49% |
||||
|
3 |
19.20% |
17.49% |
||||
|
4 |
11.52% |
12.49% |
||||
|
5 |
11.52% |
8.93% |
||||
|
6 |
5.76% |
8.92% |
||||
|
7 |
8.93% |
|||||
|
8 |
4.46% |
|||||
In: Accounting
Tesla 2016 10-K Required: Answer the following questions based on your examination of the Tesla, Inc....
Tesla 2016 10-K
Required: Answer the following questions based on your examination of the Tesla, Inc. 2016 10-K Note that some questions pertain to fiscal year 2016 and others pertain to fiscal year 2015; please carefully read each question
( Tesla, Inc. 2016 10-K ) is available on the internet. Sorry that It cannot be uploaded because it is more than 100 pages.
The data required is linked to this address -> http://ir.tesla.com/secfiling.cfm?filingid=1564590-17-3118&cik=1318605
41. At December 31, 2016 was Tesla Inc. in compliance with all associated covenants related to the asset-based credit agreement?
a. Yes
b. No
42. What was the outstanding balance on the asset-based credit agreement as of December 31, 2016?
a. $135 million
b. $1.2 billion
c. $969 million
d. $0
43. What type of common stock does Tesla have?
a. Par value stock
b. No-Par stock
44. Does Tesla have treasury stock on the balance sheet?
a. Yes
b. No
45. How many shares of preferred stock has Tesla sold as of December 31, 2016?
a. 0
b. 100,000
c. 2,000,000
d. 161,561
46. Which statement best represents Tesla’s dividend policy for common stock?
a. Tesla rarely pay dividends
b. Tesla regularly pays dividends
c. Tesla has never paid dividends but plans to soon
d. Tesla has never paid dividends and doesn’t plan to
47. What was the average amount received per share of common stock during Tesla’s May 2016 public offering? Use the most precise information available.
a. $0.22
b. $215.00
c. $214.78
d. $238.22
48. How many shares were used to purchase SolarCity? Use the most precise information available.
a. 11,124,497
b. 2,145,977
c. 11,125
d. 0
49. What was Tesla’s weighted-average shares used to compute basic EPS for the year ended December 31, 2016?
a. 161,561
b. 128,202
c. 144,212
d. 144,212,000
50. Where does Tesla report its convertible debt?
a. On the balance sheet as debt
b. On the balance sheet as equity
c. On the balance sheet between debt and equity
d. Both A and C
In: Accounting
In 2015, the Keenan Company paid dividends totaling $2,740,000 on net income of $12 million. Note...
In 2015, the Keenan Company paid dividends totaling $2,740,000 on net income of $12 million. Note that 2015 was a normal year and that for the past 10 years, earnings have grown at a constant rate of 4%. However, in 2016, earnings are expected to jump to $19.2 million and the firm expects to have profitable investment opportunities of $9.6 million. It is predicted that Keenan will not be able to maintain the 2016 level of earnings growth because the high 2016 earnings level is attributable to an exceptionally profitable new product line introduced that year. After 2016, the company will return to its previous 4% growth rate. Keenan's target capital structure is 40% debt and 60% equity.
| Regular-dividend | $ |
| Extra dividend | $ |
- Calculate Keenan's total dividends for 2016 assuming that it
follows each of the following policies: (Write out your answers
completely. For example, 25 million should be entered as
25,000,000.)
- Its 2016 dividend payment is set to force dividends to grow at
the long-run growth rate in earnings. Round your answer to the
nearest cent.
$ - It continues the 2015 dividend payout ratio. Round your answer
to the nearest cent. Do not round intermediate calculations.
$ - It uses a pure residual dividend policy (40% of the $9.6
million investment is financed with debt and 60% with common
equity). Round your answer to the nearest cent.
$ - It employs a regular-dividend-plus-extras policy, with the regular dividend being based on the long-run growth rate and the extra dividend being set according to the residual dividend policy. Round your answer to the nearest cent.
- Its 2016 dividend payment is set to force dividends to grow at
the long-run growth rate in earnings. Round your answer to the
nearest cent.
- Which of the preceding policies would you recommend?
-Select-Policy 1Policy 2Policy 3Policy 4Item 6 - Assume that investors expect Keenan to pay total dividends of
$8,000,000 in 2016 and to have the dividend grow at 4% after 2016.
The stock's total market value is $210 million. What is the
company's cost of equity? Round your answer to two decimal
places.
% - What is Keenan's long-run average return on equity? [Hint: g =
Retention rate x ROE = (1.0 - Payout rate)(ROE).] Do not round
intermediate calculations. Round your answer to two decimal
places.
% - Does a 2016 dividend of $8,000,000 seem reasonable in view of
your answers to parts c and d? If not, should the dividend be
higher or lower?
Yes or No it should be lower or No, it should be higher
In: Finance