• Research the GDP of China and provide figures for the latest year on how much each sector of the GDP (C, I, G and X-M) has contributed to the economy.
• Which sector contributed the most to the GDP? Explain briefly why you think that sector was the highest contributor
• Create a pie chart to show the individual contributions of each sector.

The balance sheet for Garcon Inc. at the end of the current fiscal year indicated the following:

Income before income tax was $186,000, and income taxes were $27,800 for the current year. Cash dividends paid on common stock during the current year totaled $48,477. The common stock was selling for $22 per share at the end of the year.

Determine each of the following. Round answers to one decimal place, except for dollar amounts which should be rounded to the nearest whole cent. Use the rounded answers for subsequent requirements, if required.

The following information was taken from the financial statements of Tolbert Inc. for December 31 of the current fiscal year:

The net income was $848,000 and the declared dividends on the common stock were $67,500 for the current year. The market price of the common stock is $20.40 per share.

For the common stock, determine (a) the earnings per share, (b) the price-earnings ratio, (c) the dividends per share, and (d) the dividend yield. If required, round your answers to two decimal places.

The following information relates to the Ashanti Group of Companies for the year to 30 April 2020.

Additional Information:

Ashanti Ltd purchased 70% of the issued share capital of Bochem Ltd in 2000. At that time, the retained profits of Bochem amounted to $896,000.

Ashant Ltd purchased 60% of the issued share capital of Ceram Ltd in 2004. At that time, the retained profits of Ceram Ltd amounted to $320,000.

Sales from Ashanti to Bochem Ltd were $ 3 million during the post-acquisition period. Ashanti marks up all sales by 20%. At the reporting date this entire inventory remained in Bochem’s warehouse.

REQUIRED:

In so far as the information permits, prepare Fab Group of Companies’ Consolidated Income Statement for the year ended 30 April 2020 in accordance with IFRSs.   

A magazine collects data each year on the price of a hamburger in a certain fast food restaurant in various countries around the world. The price of this hamburger for a sample of restaurants in Europe in January resulted in the following hamburger prices (after conversion to U.S. dollars). 5.18 4.99 4.06 4.68 5.25 4.66 4.12 4.98 5.19 5.59 5.33 4.60 The mean price of this hamburger in the U.S. in January was $4.61. For purposes of this exercise, assume it is reasonable to regard the sample as representative of these European restaurants. Does the sample provide convincing evidence that the mean January price of this hamburger in Europe is greater than the reported U.S. price? Test the relevant hypotheses using α = 0.05. (Use a statistical computer package to calculate the P-value. Round your test statistic to two decimal places and your P-value to three decimal places.)

t =

P-value =

At the end of the current year, Accounts Receivable has a balance of $969,540 Allowance for Doubtful Accounts has a credit balance of $5,287 and sales for the year total $2,224,000. Bad debt expense is estimated at ½ of 1% of sales.

a. Determine the amount of the adjusting entry for bad debt expense.
$

b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.

c. Determine the net realizable value of accounts receivable.
$

Suppose a firm is expected to increase dividends by 10% in one year and by 15% in year two. After that, dividends will increase at a rate of 7% per year indefinitely. If the last dividend was $2 and the required return is 12%, what is the price of the stock?

Winston Company estimates that the factory overhead for the following year will be $831,000. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 27,700 hours. The total machine hours for the year were 55,000 hours. The actual factory overhead for the year was $1,673,000. Enter the amount as a positive number.

a. Determine the total factory overhead amount applied. Round to the nearest dollar.
$

b. Compute the over- or underapplied amount for the year.
$  

c.   Journalize the entry to transfer the over- or underapplied factory overhead to cost of goods sold. If an amount box does not require an entry, leave it blank.

The E.N.D. partnership has the following capital balances as of the end of the current year: Pineda $ 310,000 Adams 280,000 Fergie 270,000 Gomez 260,000 Total capital $ 1,120,000 Answer each of the following independent questions: Assume that the partners share profits and losses 3:3:2:2, respectively. Fergie retires and is paid $312,000 based on the terms of the original partnership agreement. If the goodwill method is used, what is the capital balance of the remaining three partners? Assume that the partners share profits and losses 4:3:2:1, respectively. Pineda retires and is paid $360,000 based on the terms of the original partnership agreement. If the bonus method is used, what is the capital balance of the remaining three partners? (Do not round your intermediate calculations. Round your final answers to the nearest dollar amounts.)

1.
At the beginning of the year, you had $65,000 in accounts receivable and an allowance for doubtful accounts of $6,000 (net realizable value $59,000). During the year you made sales of $600,000, of which 80% were on account, and $12,000 of the sales on account were returned. You collected $430,000 in cash from your customers during the year, wrote off $3,000 in uncollectable accounts, and recovered $1,000 from previous years’ write-offs.

What is your bad debt expense for the year, assuming that 7% of your year-end accounts receivable will not be collected?
a) $7,210
b) $16,000
c) $3,840
d) $3,000
e) $4,000

Klamaty, SA., is looking for feedback on performance. The company compares the budget for the year with the actual costs. Klamaty, SA., had the following budgeted data:

Unit sales for 2019 10,000

Unit production for 2019 10,000

Budgeted fixed overhead for 2019:

Supervision $18,000

Depreciation 20,000

Rent 10,000

Budgeted variable costs per unit:

Direct materials $18.00

Direct labour 25.00

Supplies 0.20

Indirect labour 1.00

Power 0.10

The following actually occurred:

Actual unit sales for 2019 11,000

Actual unit production for 2019 12,000

Actual fixed overhead for 2019:

Supervision $17,850

Depreciation 20,000

Rent 10,000

Actual variable costs for 2019:

Direct materials $214,000

Direct labour 320,000

Supplies 2,500

Indirect labour 10,000

Power 1,500

Required: a) Prepare a performance report for all costs showing static budget variances.

b) Prepare a performance report for all costs showing flexible budget variances

c) Evaluate the variances.