Additional Information

A $30,000 note payable is retired at its $30,000 carrying (book) value in exchange for cash.

The only changes affecting retained earnings are net income and cash dividends paid.

New equipment is acquired for $73,600 cash.

Received cash for the sale of equipment that had cost $64,600, yielding a $3,600 gain.

Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement.

All purchases and sales of inventory are on credit.

rev: 06_20_2017_QC_CS-91585, 12_05_2017_QC_CS-111198

Required:

(1) Prepare a statement of cash flows for the year ended June 30, 2017, using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)

Prepare statement of Cash flow direct method

Garlington Technologies Inc.'s 2016 financial statements are shown below:

Balance Sheet as of December 31, 2016

Income Statement for December 31, 2016

Suppose that in 2017 sales increase by 15% over 2016 sales and that 2017 dividends will increase to $192,000. Forecast the financial statements using the forecasted financial statement method. Assume the firm operated at full capacity in 2016. Use an interest rate of 13%, and assume that any new debt will be added at the end of the year (so forecast the interest expense based on the debt balance at the beginning of the year). Cash does not earn any interest income. Assume that the all new-debt will be in the form of a line of credit. Round your answers to the nearest dollar. Do not round intermediate calculations.

Garlington Technologies Inc.'s 2016 financial statements are shown below:

Balance Sheet as of December 31, 2016

Cash $ 180,000

Accounts payable $ 360,000

Receivables 360,000

Notes payable 156,000

Inventories 720,000

Line of credit 0

Total current assets $1,260,000

Accruals 180,000

Fixed assets 1,440,000

Total current liabilities $ 696,000

Common stock 1,800,000

Retained earnings 204,000

Total assets $2,700,000

Total liabilities and equity $2,700,000

Income Statement for December 31, 2016

Sales $3,600,000

Operating costs 3,279,720

EBIT $ 320,280

Interest 18,280

Pre-tax earnings $ 302,000

Taxes (40%) 120,800

Net income 181,200

Dividends $ 108,000

Suppose that in 2017 sales increase by 15% over 2016 sales and that 2017 dividends will increase to $198,000. Forecast the financial statements using the forecasted financial statement method. Assume the firm operated at full capacity in 2016. Use an interest rate of 8%, and assume that any new debt will be added at the end of the year (so forecast the interest expense based on the debt balance at the beginning of the year). Cash does not earn any interest income. Assume that the all new-debt will be in the form of a line of credit. Round your answers to the nearest dollar. Do not round intermediate calculations.

Garlington Technologies Inc. Pro Forma Income Statement December 31, 2017

Sales $

Operating costs $

EBIT $

Interest $

Pre-tax earnings $

Taxes (40%) $

Net income $

Dividends: $

Addition to RE: $

Garlington Technologies Inc. Pro Forma Balance Statement December 31, 2017

Cash $

Receivables $

Inventories $

Total current assets $

Fixed assets $

Total assets $

Accounts payable $

Notes payable $

Accruals $

Total current liabilities $

Common stock $

Retained earnings $

Total liabilities and equity $

Garlington Technologies Inc.'s 2016 financial statements are shown below:

Balance Sheet as of December 31, 2016

Income Statement for December 31, 2016

Suppose that in 2017 sales increase by 5% over 2016 sales and that 2017 dividends will increase to $170,000. Forecast the financial statements using the forecasted financial statement method. Assume the firm operated at full capacity in 2016. Use an interest rate of 13%, and assume that any new debt will be added at the end of the year (so forecast the interest expense based on the debt balance at the beginning of the year). Cash does not earn any interest income. Assume that the all new-debt will be in the form of a line of credit. Round your answers to the nearest dollar. Do not round intermediate calculations.

I need help to calculate--addition to RE on income statement.....i have calculated the rest of the numbers.

Write a Python program that performs the following list operations.

Part A

1. Define a list called numList with elements.

84, 94, 27, 74, 19, 90, 16, 21, 56, 50, 77, 59, 41, 63, 18, 26, 80, 74, 57, 30, 40, 93, 70, 28, 14, 11, 43,65, 91, 83, 22, 53, 74, 44, 73, 55, 47, 74, 81

2. Display the followings:
   • All the numbers in numList
   • The number of elements in numList
   • The smallest number in numList
   • The largest number in numList
   • The sum of all the numbers in numList
   • The number of times 74 appears in numList

Part B

1. Define an empty list called dogNames and display it.

2. Add the following names to dogNames and display all the names in the dogNames list.

Max, Lola, Buddy, Coco, Teddy

3. Display all the names in the dogNames list after each of the following updates.

   • Add the name ‘Benji’ at the end of the dogNames list.
   • Add the name ‘Chico’ at the beginning of the dogNames list (as the first element).
   • Add the name ‘Nala’ after the name ‘Coco’.
   • Add the name ‘Mimi’ before the name ‘Buddy’.

4. Define another list called catNames with elements and display all the names in catNames list.

Kitty, Simba, Shadow, Coco, Pepper, Tiger

5. Create a new list called petNames by joining the dogNames and catName list. Note that in petNames list, all the dog names come before the cat names. Display all the names in petNames list.

6. Display the followings using petNames list.

   • The total number of names in petNames.
   • The number of times the name ‘Coco’ appears in petNames.
   • The index of the pet name ‘Coco’ in petNames.
   • The first pet name that appears in chronological order based on Unicode. Hint:Use min function.
   • The last pet name that appears in chronological order based on Unicode. Hint: Use max function.

7. Delete the last name in petNames list and display both the deleted name and the updated petName list.

8. Delete the first name in petNames list and display both the deleted name and the updated petName list.

9. Delete the first occurrence of the pet name ‘Coco’ using the remove() method and the deleted name and the updated petName list.

10. In a comment, explain the reason to get None as the deleted name in your output for part 9.

Romeo Lindo, the management accountant at Woods Household Supplies, is in the process of planning the company’s cash needs for the last quarter of 2016. Extracts from the sales and purchases budgets are as follows:

Month 2016 Cash Sales Sales On Account Purchases On Account

August   $71,000   $520,000 $420,000

September $55,500 $640,000 $400,000

October $38,400 $760,000 $520,000

November $36,500 $680,000   $440,000

December $56,750   $850,000 $540,000

i) An analysis of the records shows that trade receivables (accounts receivable) are settled according to the following credit pattern, in accordance with the credit terms 4/30, n90: 50% in the month of sale 40% in the first month following the sale 10% in the second month following the sale

ii) Accounts payable are settled as follows, in accordance with the credit terms 5/30, n60: 75% in the month in which the inventory is purchased 25% in the following month

iii) In the month of November, an old motor vehicle, with net book value of $95,000, will be sold for cash to an employee at a gain of $45,000. The employee will be allowed to pay a deposit equal to 50% of the amount in November and the balance will be settled in two equal amounts in December 2016 & January 2017

instrument purchased by Woods Household Supplies with a face value of $500,000 will mature on October 20, 2016. In order to meet the financial obligations of the business, management has decided to liquidate the investment upon maturity.

On that date quarterly interest computed at a rate of 6% per annum is also expected to be collected. Discussion Question _Budgets Page 2

vi) The manager of Woods Household Supplies has negotiated with a tenant for rental of storage space to him beginning October 2016. The rental is $864,000 per annum. The first month’s rent along with one month’s safety deposit will be collected from the tenant on October 1. Thereafter, the monthly rental in expected to be received at the beginning of each month.

vii) Fixed operating expenses which accrue evenly throughout the year, are estimated to be $2,016,000 per annum, and are settled monthly. Monthly depreciation expenses of non-current assets of $56,000 are included in these costs.

viii) Other operating expenses are expected to be $168,000 per quarter and are settled monthly.

ix) Wages and salaries are expected to be $2,916,000 per annum and will be paid monthly.

x) At the recently concluded negotiations between management and the union representing the workers it was agreed that Woods Household Supplies should make retroactive payments in the amount of $1,140,000 to employees. The payment is being settled in four equal tranches. The third payment becomes due and payable in October of 2016.

xi) The cash balance on September 30, 2016 is expected to be an overdraft of $175,000. Required:

(a) Prepare a schedule of budgeted cash collections for sales on account for each of the months October to December 2016

(b) Prepare a schedule of expected cash disbursements for purchases on account for the quarter to December 31, 2016.

(c) Prepare a cash budget, with a total column, for the quarter ending December 31, 2016, showing the receipts & payments for each month.

Suppose in 2016 Paula's nominal income was $55,500 and in 2019 her nominal income was $61,000. Also suppose the consumer price index in 2016 was 103 and the consumer price index in 2019 was 126. The percentage change in Paula's real income was,

The predetermined overhead rate for manufacturing overhead for 2016 is $5.00 per direct labor hour. Employees are expected to earn $8.00 per hour and the company is planning on paying its employees $290,000 during the year. However, only 80% of the employees are classified as "direct labor." What was the estimated manufacturing overhead for 2016?