Rose, Inc. uses the dollar-value LIFO retail inventory method. For years ending 2015-2019 they counted the following dollar amounts for inventory at retail prices
2015 $124,000
2016 $138,600
2017 $157,500
2018 $149,240
2019 $155,700
As far as prices are concerned, the following year end price indexes were estimated as:
2015 1.00
2016 1.04
2017 1.10 (10 percent higher prices than in 2015)
2018 1.13
2019 1.15
The cost to retail percentage for those items added in each year were as follows – this means the comparison of purchases for cost versus retail has already been done and does not need to be repeated.
2015 60%
2016 61%
2017 62%
2018 63%
2019 62%
Required: Give the amounts that should be listed on the year-end balance sheet for each of the following years:
1. 2015
2. 2016
3. 2017
4. 2018
5. 2019
In: Accounting
| Amazon Quarterly Revenue (Millions of US $) |
|
|---|---|
| 2020-03-31 | $75,452 |
| 2019-12-31 | $87,437 |
| 2019-09-30 | $69,981 |
| 2019-06-30 | $63,404 |
| 2019-03-31 | $59,700 |
| 2018-12-31 | $72,383 |
| 2018-09-30 | $56,576 |
| 2018-06-30 | $52,886 |
| 2018-03-31 | $51,042 |
| 2017-12-31 | $60,453 |
| 2017-09-30 | $43,744 |
| 2017-06-30 | $37,955 |
| 2017-03-31 | $35,714 |
| 2016-12-31 | $43,741 |
| 2016-09-30 | $32,714 |
| 2016-06-30 | $30,404 |
| 2016-03-31 | $29,128 |
| 2015-12-31 | $35,746 |
| 2015-09-30 | $25,358 |
| 2015-06-30 | $23,185 |
| 2015-03-31 | $22,717 |
Use actual sales (revenue) data from previous 4 years to estimate sales using the linear trend function. Please show work in excel!!
In: Finance
Suppose that the British economy produces two goods: laptops and books. The quantity produced and the prices of these items for 2015 and 2016 are shown in the table below:
| Year | Quantities produced | Price ($) |
| 2015 | Laptops = 60 Books = 1,000 |
Laptops = 200 Books = ? |
| 2016 | Laptops = 80 Books = ? |
Laptops = 90 Books = 12 |
Instructions:Round your answer to two decimal
places.
a. Let’s assume that the base year was 2015, so that real GDP in 2015 equals nominal GDP in 2015.
If the real GDP in Britain was $15,000 in 2015, the price of books was $3.00
.
Instructions:Round your answer to the nearest whole number.
b. Using your answer from part (a), if the growth rate in nominal GDP was 15 percent, books must have been produced in 2016.
Instructions:Round your answer to one decimal place.
c. Using your answers from parts (a) and (b), the growth rate in real GDP between 2015 and 2016 was
In: Economics
2016, ABC Company leased a copier from XYZ. The three-year lease agreement specifies annual payments of $50,000 beginning January 1, 2016, the inception of the lease, and at each January 1 thereafter through 2018. The useful life of the copier is estimated to be ten years. Before deciding to lease, ABC considered purchasing the copier for its cash price of $230,000. If funds were borrowed to buy the copier, the interest rate would have been 8%. ABC Company paid a commission of $4,000 to arrange this lease.
a) How would this lease be classified by the lessee? Be specific and provide supporting computations.
b) Prepare the journal entry to record the lease on January 1, 2016. Provide supporting computations.
c) Prepare the journal entry required on December 31, 2016. Provide supporting computations
d) Prepare the entries required in 2017 and 2018 related to this lease. Provide supporting computations
In: Accounting
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In: Accounting
| The Lemmon Company began selling cars on January 1, 2016. Lemon purchases cars for $10,000 and sell them | |||||||||
| for $14,000. Each car Lemon sells comes with a 3 year warranty. Lemon estimates it will cost $1000 per car for | |||||||||
| warranty repairs | |||||||||
| In 2016 Lemon sold 5000 cars and spent $230,000 on repairs | |||||||||
| In 2017 Lemon sold 7000 cars and spent $6,000,000 on repairs | |||||||||
| At the beginning of 2018, due to improvements in technology, Lemon estimates it will only cost $800 in repairs on each car sold | |||||||||
| In 2018 Lemon sold 8000 cars and spent $6,600,000 on repairs. | |||||||||
| REQUIRED: | A) MAKE ALL NECESSARY JOURNAL ENTRIES FOR LEMON IN 2016, 2017 AND 2018 CONNECTED WITH THEIR BUSINESS | ||||||||
| B) WHAT IS LEMON'S INCOME IN 2016 2017 AND 2018 (IGNORE TAXES AND ALL OTHER EXPENSES EXCEPT WARRANTY AND COGS) | |||||||||
| C) WHAT IS THE BALANCE IN LEMON'S WARRANTY LIABILITY ON DECEMBER 31, 2018? | |||||||||
In: Accounting
Bracy Company acquired a new piece of construction equipment on January 1, 2015, at a cost of $92,300. The equipment was expected to have a useful life of 7 years and a residual value of $16,000 and is being depreciated on a straight-line basis.
On January 1, 2016, the equipment was appraised and determine to have a fair value of $92,920, a salvage value of $16,000, and a remaining useful life of six years.
a. Determine the amount of depreciation expense that Bracy should recognize in determining net income in 2015, 2016, and 2017 and the amount at which equipment should be carried on December 31, 2015, 2016, and 2017 balance sheets using (1) U.S. GAAP and (2) IFRS. In measuring property, plant, and equipment subsequent to the acquisition, Bracy used the revaluation model in IAS16.
b. Determine the adjustments that Bracy would make in 2015, 2016, and 2017 to reconcile net income and stockholders' equity under U.S. GAAP to IFRS.
In: Accounting
Suppose that the British economy produces two goods: laptops and books. The quantity produced and the prices of these items for 2015 and 2016 are shown in the table below:
| Year | Quantities produced | Price ($) |
| 2015 | Laptops = 50 Books = 1,000 |
Laptops = 250 Books = ? |
| 2016 | Laptops = 90 Books = ? |
Laptops = 150 Books = 10 |
Instructions: Round your answer to two decimal
places.
a. Let’s assume that the base year was 2015, so that real GDP in 2015 equals nominal GDP in 2015.
If the real GDP in Britain was $20,000 in 2015, the price of books was
.
Instructions: Round your answer to the nearest whole number.
b. Using your answer from part (a), if the growth rate in nominal GDP was 10 percent, books must have been produced in 2016.
Instructions: Round your answer to one decimal place.
c. Using your answers from parts (a) and (b), the growth rate in real GDP between 2015 and 2016 was
In: Economics
AFN EQUATION
Carlsbad Corporation's sales are expected to increase from $5 million in 2016 to $6 million in 2017, or by 20%. Its assets totaled $5 million at the end of 2016. Carlsbad is at full capacity, so its assets must grow in proportion to projected sales. At the end of 2016, current liabilities are $1 million, consisting of $250,000 of accounts payable, $500,000 of notes payable, and $250,000 of accrued liabilities. Its profit margin is forecasted to be 3%, and the forecasted retention ratio is 40%. Use the AFN equation to forecast Carlsbad's additional funds needed for the coming year. Write out your answer completely. For example, 5 million should be entered as 5,000,000. Round your answer to the nearest cent.
$
Now assume the company's assets totaled $3 million at the end of
2016. Is the company's "capital intensity" the same or different
comparing to initial situation?
-Select-DifferentThe same
In: Finance
Use multiple regression with dummies, since the data is seasonal for the regression model.
| Year | Sales (Millions) | Trend |
| 2014 1 | 480.0 | 1 |
| 2014 Q2 | 864.0 | 2 |
| 2014 Q3 | 942.0 | 3 |
| 2014 Q4 | 1,100.0 | 4 |
| 2015 Q1 | 1,200.0 | 5 |
| 2015 Q2 | 1,900.0 | 6 |
| 2015 Q3 | 1,900.0 | 7 |
| 2015 Q4 | 1,300.0 | 8 |
| 2016 Q1 | 1,200.0 | 9 |
| 2016 Q2 | 1,500.0 | 10 |
| 2016 Q3 | 1,200.0 | 11 |
| 2016 Q4 | 500.0 | 12 |
| 2017 Q1 | 356.0 | 13 |
| 2017 Q2 | 1,300.0 | 14 |
| 2017 Q3 | 1,000.0 | 15 |
| 2017 Q4 | 425.0 | 16 |
| 2018 Q1 | 273.0 | 17 |
| 2018 Q2 | 769.0 | 18 |
| 2018 Q3 | 456.0 | 19 |
| 2018 Q4 | 387.0 | 20 |
| 2019 Q1 | 245.0 | 21 |
| 2019 Q2 | 882.0 | 22 |
| 2019 Q3 | 557.0 | 23 |
| 2019 Q4 | 551.0 | 24 |
In: Statistics and Probability