Presented here are summarized data from the balance sheets and income statements of Wiper, Inc.:

Required:

a. Calculate return on investment, based on net income and average total assets, for 2017 and 2016. (Do not round intermediate calculations. Round your answers to 1 decimal place.)

b. Calculate return on equity for 2017 and 2016. (Round your answers to 1 decimal place.)

c. Calculate working capital and the current ratio for each of the past three years. (Enter your answers in millions (i.e., 5,000,000 should be entered as 5). Round "Current ratio" to 1 decimal place.)

d. Calculate earnings per share for 2017 and 2016. (Round your answers to 2 decimal places.)

e. If Wiper's stock had a price/earnings ratio of 12 at the end of 2017, what was the market price of the stock? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

f. Calculate the cash dividend per share for 2017 and the dividend yield based on the market price calculated in part e. (Do not round intermediate calculations. Round your answers to 2 decimal places.)

g. Calculate the dividend payout ratio for 2017. (Do not round intermediate calculations.)

h. Assume that accounts receivable at December 31, 2017, totaled $329 million. Calculate the number of days' sales in receivables at that date. (Use 365 days a year. Do not round intermediate calculations.)

i. Calculate Wiper's debt ratio and debt/equity ratio at December 31, 2017 and 2016. (Round "Debt ratio" to 1 decimal place and "Debt/equity ratio" to the nearest whole percent.)

j. Calculate the times interest earned ratio for 2017 and 2016. (Round your answers to 1 decimal place.)

Required:

a. Calculate return on investment, based on net income and average total assets, for 2017 and 2016. (Do not round intermediate calculations. Round your answers to 1 decimal place.)

b. Calculate return on equity for 2017 and 2016. (Round your answers to 1 decimal place.)

c. Calculate working capital and the current ratio for each of the past three years. (Enter your answers in millions (i.e., 5,000,000 should be entered as 5). Round "Current ratio" to 1 decimal place.)

d. Calculate earnings per share for 2017 and 2016. (Round your answers to 2 decimal places.)

e. If Wiper's stock had a price/earnings ratio of 13 at the end of 2017, what was the market price of the stock? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

f. Calculate the cash dividend per share for 2017 and the dividend yield based on the market price calculated in part e. (Do not round intermediate calculations. Round your answers to 2 decimal places.)

g. Calculate the dividend payout ratio for 2017. (Do not round intermediate calculations.)

h. Assume that accounts receivable at December 31, 2017, totaled $312 million. Calculate the number of days' sales in receivables at that date. (Use 365 days a year. Do not round intermediate calculations.)

i. Calculate Wiper's debt ratio and debt/equity ratio at December 31, 2017 and 2016. (Round "Debt ratio" to 1 decimal place and "Debt/equity ratio" to the nearest whole percent.)

j. Calculate the times interest earned ratio for 2017 and 2016. (Round your answers to 1 decimal place.)

Only do Part 2 Please:

Part 2: Scheduling of Deferred Taxes

From the information below, prepare Excel schedules (similar the chapter notes) for 2015 and 2016 to calculate deferred income taxes. Remember, when preparing the 2015 schedule, you do not know about any changes that come about in 2016 (i.e., prepare the 2015 schedule with 2015 information only). Given the following information for Company Z for 2015 (in its first year of calculating deferred income taxes):

1)   Company Z has one depreciable asset purchased January 2, 2015. The cost of the asset was $50,000. For financial statement purposes, Company Z is depreciating this asset over 10 years with no salvage value. For tax purposes Company Z is using MACRS, and the asset qualifies as a 5 year asset. Company Z has scheduled out the annual depreciation difference as follows:

                                  Straight-line   MACRS

            Year                (for financial)   (for tax)                    Difference

            2015                   $5,000          $ 10,000                      (5,000)

            2016                     5,000             16,000                    (11,000)

            2017                     5,000               9,600                      (4,600)

            2018                     5,000               5,760                         (760)

            2019                     5,000              5,760                         (760)

            2020                     5,000               2,880                      2,120

            2021                     5,000                  -0-                       5,000

            2022                     5,000                  -0-                       5,000

            2023                     5,000                  -0-                       5,000

            2024                     5,000                  -0-                        5,000

2) The company recognized $18,000 for income from its equity method investment in 2015, but received only $12,000 in dividends from this investment (and recognized $12,000 in dividend income for tax purposes).

3)   During 2015, Company Z recorded $14,000 as unearned subscription revenue, and plans to deliver the subscriptions in 2016. The IRS rules require that this amount be recognized as revenue in 2015.

4) The company also recognized estimated warranty expense of $6,000 in 2015. The warranties are expected to be paid out in 2017.

5) Pretax financial income was $200,000 in 2015, and a tax rate of 30 percent was enacted for the current and future years.

For 2016 (suggestion: use the blank column to record 2015 information, to reconcile totals across each line):

1) Assume that the depreciable asset continues to be depreciated on the methods above.

2) During 2016, the equity investment earned $30,000 and paid dividends to Company Z totaling $18,000. (Use a separate line in the schedule to record this new deferral.)

3) During 2016, $8,000 of the subscriptions were delivered. The balance will be delivered in 2017.

4) During 2016, $2,000 of the warranties was paid out. The balance will be settled in 2017.

5) Pretax financial income was $250,000 in 2016, and a tax rate of 40 percent was enacted for current and future years.

1. In the UK sales of music CDs per year have declined from 60 million in 2013 to 48 million in 2016 and further to 32 million in 2018.

   1. (a) What was the average rate of change in CD sales from 2013 to 2016 and what was the average rate of change from 2016 to 2018.

   2. (b) Based on this data, is number of CDs sales decreasing linearly? Give a reason for your answer.

2. The cost of producing x solar panels is c(x) = 1000 + 500x − 20x2 (in dollars).

   1. (a) Using the definition of the derivative from lectures, compute the marginal cost when 10 solar panels have already been produced.

   2. (b) Compare this to the actual extra cost for producing an 11th solar panel.

   3. (c) Work out the equation for the tangent to the graph of c(x) at x = 10.

Williams-Santana, Inc., is a manufacturer of high-tech industrial parts that was started in 2004 by two talented engineers with little business training. In 2016, the company was acquired by one of its major customers. As part of an internal audit, the following facts were discovered. The audit occurred during 2016 before any adjusting entries or closing entries were prepared. The income tax rate is 40% for all years.

a. A five-year casualty insurance policy was purchased at the beginning of 2014 for $34,000. The full amount was debited to insurance expense at the time.

b. Effective January 1, 2016, the company changed the salvage value used in calculating depreciation for its office building. The building cost $592,000 on December 29, 2005, and has been depreciated on a straightline basis assuming a useful life of 40 years and a salvage value of $100,000. Declining real estate values in the area indicate that the salvage value will be no more than $25,000.

c. On December 31, 2015, merchandise inventory was overstated by $24,000 due to a mistake in the physical inventory count using the periodic inventory system.

d. The company changed inventory cost methods to FIFO from LIFO at the end of 2016 for both financial statement and income tax purposes. The change will cause a $950,000 increase in the beginning inventory at January 1, 2017

. e. At the end of 2015, the company failed to accrue $15,300 of sales commissions earned by employees during 2015. The expense was recorded when the commissions were paid in early 2016.

f. At the beginning of 2014, the company purchased a machine at a cost of $700,000. Its useful life was estimated to be ten years with no salvage value. The machine has been depreciated by the double-declining balance method. Its book value on December 31, 2015, was $448,000. On January 1, 2016, the company changed to the straight-line method.

g. Warranty expense is determined each year as 1% of sales. Actual payment experience of recent years indicates that 0.75% is a better indication of the actual cost. Management effects the change in 2016. Credit sales for 2016 are $3,800,000; in 2015 they were $3,500,000. Required: For each situation:

9-33 (Objective 9-6 ) Bohrer, CPA, is considering the following factors in assessing audit risk at the financial statement level in planning the audit of Waste Remediation Services (WRS), Inc.’s financial statements for the year ended December 31, 2016. WRS is a privately held company that contracts with municipal governments to close landfills. Audit risk at the financial statement level is influenced by the risk of material misstatements, which may be indicated by factors related to the entity, management, and the industry environment.

This was the first year WRS operated at a profit since 2011 because the municipalities received increased federal and state funding for environmental purposes.

WRS’s Board of Directors is controlled by Tucker, the majority shareholder, who also acts as the chief executive officer.

The internal auditor reports to the controller and the controller reports to Tucker.

The accounting department has experienced a high rate of turnover of key personnel.

WRS’s bank has a loan officer who meets regularly with WRS’s CEO and controller to monitor WRS’s financial performance.

WRS’s employees are paid bi-weekly.

Bohrer has audited WRS for five years.

During 2016, WRS changed its method of preparing its financial statements from the cash basis to generally accepted accounting principles.

During 2016, WRS sold one half of its controlling interest in Sanitation Equipment Leasing Co. (SEL). WRS retained a significant interest in SEL.

During 2016, litigation filed against WRS in 2003 alleging that WRS discharged pollutants into state waterways was dropped by the state. Loss contingency disclosures that WRS included in prior years’ financial statements are being removed for the 2016 financial statements.

During December 2016, WRS signed a contract to lease disposal equipment from an entity owned by Tucker’s parents. This related party transaction is not disclosed in WRS’s notes to its 2016 financial statements.

During December 2016, WRS increased its casualty insurance coverage on several pieces of sophisticated machinery from historical cost to replacement cost.

WRS recorded a substantial increase in revenue in the fourth quarter of 2016. Inquiries indicated that WRS initiated a new policy and guaranteed several municipalities that it would refund state and federal funding paid to WRS on behalf of the municipality if it failed a federal or state site inspection in 2017.

An initial public offering of WRS stock is planned in 2017.

Required

For each of the 14 factors listed above, indicate whether the item would likely increase audit risk, decrease audit risk, or have no effect on audit risk.^*

^*AICPA adapted. Copyright by American Institute of CPAs. All rights reserved. Used with permission.

Using the following table of ratios of Walmart, Amazon, and Target, discuss the variation in return to equity of the three firms. What is driving the variation (financial/operational) and relate you answer to the firms' business(es)?

The class Person, uploaded on Blackboard with Lab 5, only has methods to set and print the name of a person. Redefine the class Person to include the following operations: Set the last name only Set the first name only Set the middle name Check whether a given last name is the same as the last name of this person Check whether a give first name is the same as the first name of this person Check whether a given middle name is the same as the middle name of this person Add the method equals that returns true if two objects contain the same first and last names. Add the method makeCopy that copies the instance of variables of one Person object into another Person object. Add the method getCopy that creates and returns the address of the object, it is a copy of another Person Object. Write the definitions of the methods for the class Person to implement the operations. Write a program to test various operations of the class Person. Hint: You can use the class type Person inside your Person class definition.

public class Person
{
    private String firstName; //store the first name
    private String lastName;  //store the last name

        //Default constructor
        //Initialize firstName and lastName to an empty string.
        //Postcondition: firstName = ""; lastName = "";
    public Person()
    {
        firstName = "";
        lastName = "";

    }

        //Constructor with parameters
        //Set firstName and lastName according to the parameters.
        //Postcondition: firstName = first; lastName = last;
    public Person(String first, String last)
    {
        setName(first, last);
    }

        //Method to output the first name and last name
        //in the form firstName lastName.
    public String toString()
    {
        return (firstName + " " + lastName);
    }

        //Method to set firstName and lastName according to
        //the parameters.
        //Postcondition: firstName = first; lastName = last;
    public void setName(String first, String last)
    {
        firstName = first;
        lastName = last;
    }

        //Method to return firstName.
        //Postcondition: The value of firstName is returned.
    public String getFirstName()
    {
        return firstName;
    }

        //Method to return lastName.
        //Postcondition: The value of lastName is returned.
    public String getLastName()
    {
        return lastName;
    }
}

a) Write down the SQL Statement for the below Queries

b) Supply sample tale output

c) the database Used is the University Schema downloaded at lecture

1. Write a query to display the name for those Students who gets more Tot_Cred than the Student whose ID is 55739.

2. Write a query to display the name salary, department name, instructor id for those instructors who works in the same department as the instructor works whose id is 83821.

3. Write a query to display the name salary, department id for those instructor who earn such amount of salary which is the smallest salary of any of the departments

4. Write a query to display the instructor id, instructor name for all instructor who earn more than the average salary.

5. Write a query to display the department name, name for all instructor in the Comp. Comp. Sci.

6. Write a query to display all the information of the instructors whose salary is within the range 60000 and 90000

7. Write a query to display all the information of the instructor whose salary is within the range of smallest salary and 60000

8. Write a query to display all the information for those instructor whose id is any id who earn the second highest salary

9. Write a query to display the instructor number and name for all instructors who work in a department with any instructor whose name contains a T.

10. Write a query to display the instructor id, name, and salary for all instructor who earn more than the average salary and who work in a department with any employee with a i in their name

11. Display the instructor name, id, for all instructor whose department building is Taylor.

12. Write a query to display the instructor name and department for all instructors for any existence of those employees whose salary is more than 70000.

13. Write a query to display the department name and the total salary for those departments which contains at least one instructor