Kindly answer me for both parts correctly. DO NOT POST WRONG ANSWERS PLEASEEEEEEEEEEEEE
In recent years, Sheridan Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and various methods have been used. Information concerning the machines is summarized in the table below.
|
Machine |
Acquired |
Cost |
Salvage |
Useful Life |
Depreciation |
|||||
|---|---|---|---|---|---|---|---|---|---|---|
|
1 |
Jan. 1, 2015 | $133,000 | $45,000 | 8 | Straight-line | |||||
|
2 |
July 1, 2016 | 86,500 | 10,500 | 5 | Declining-balance | |||||
|
3 |
Nov. 1, 2016 | 68,200 | 8,200 | 6 | Units-of-activity |
For the declining-balance method, Sheridan Company uses the
double-declining rate. For the units-of-activity method, total
machine hours are expected to be 30,000. Actual hours of use in the
first 3 years were: 2016, 620; 2017, 5,300; and 2018, 6,900.
1. Compute the amount of accumulated depreciation on each machine at December 31, 2018.
|
MACHINE 1 |
MACHINE 2 |
MACHINE 3 |
||||
|---|---|---|---|---|---|---|
|
Accumulated Depreciation at December 31 |
2. If machine 2 was purchased on April 1 instead of July 1, what
would be the depreciation expense for this machine in 2016? In
2017?
|
2016 |
2017 |
|||
|---|---|---|---|---|
|
Depreciation Expense |
In: Accounting
The firm is generating its proforma balance sheet for 2016. For the year 2015, sales were $4 million. Sales are expected to be $5 million in 2016. The company expects its net profit margin for 2016 to equal 5%. In each of the past several years, the company has been paying $50,000 in dividends to its stockholders. The company wants to increase dividends to $80,000 in 2016. The 2015 balance sheet for the company is below. Assume that Cash, Accounts Receivable, Inventories, and Accounts Payable vary directly with sales. Net Fixed Assets must increase by $175,000 to support the sales expansion. Any additional financing that Pioneer will need for 2016 will come from new long-term debt, but the company has a covenant that states that their ratio of total debt to total assets may not exceed 45%. How much additional financing will the company need? Can they pay the increased dividend, increase their long-term debt, and still satisfy the covenant? Show numbers to support your answer.
2015 BALANCE SHEET
| CASH | 100,000 | ACCOUNTS PAYABLE | 600,00 |
| ACCOUNTS RECEIVABLE | 400,000 | NOTES PAYABLE | 400,00 |
| INVENTORIES | 1,200,000 | LONG TERM DEBT | 200,00 |
| NET FIXED ASSET | 500,000 | STOCKHOLDERS' EQUITY | 1,000,000 |
| TOTAL ASSET | 2,200,000 | TOTAL LIABILITIES & EQUITY | 2,200,000 |
In: Finance
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In: Statistics and Probability
Exercise 15-8 Capital lease; lessee; balance sheet and income statement effects [LO15-5] On June 30, 2016, Georgia-Atlantic, Inc., leased a warehouse facility from IC Leasing Corporation. The lease agreement calls for Georgia-Atlantic to make semiannual lease payments of $648,358 over a four-year lease term, payable each June 30 and December 31, with the first payment at June 30, 2016.Georgia-Atlantic’s incremental borrowing rate is 10%, the same rate IC used to calculate lease payment amounts. Depreciation is recorded on a straight-line basis at the end of each fiscal year. The fair value of the warehouse is $4.4. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Determine the present value of the lease payments at June 30, 2016 that Georgia-Atlantic used to record the leased asset and lease liability. 2. What pretax amounts related to the lease would Georgia-Atlantic report in its balance sheet at December 31, 2016? 3. What pretax amounts related to the lease would Georgia-Atlantic report in its income statement for the year ended December 31, 2016?
In: Accounting
Calculating FIFO Inventory Values
The Mann Corporation began operations in 2015. Information relating to the company’s purchases of inventory and sales of products for 2015 and 2016 is presented below.
| 2015 | ||||||
|---|---|---|---|---|---|---|
| January 1 | Purchase | 200 | units | @ | $10 | per unit |
| April 1 | Sold | 120 | units | @ | $25 | per unit |
| July 1 | Purchase | 100 | units | @ | $14 | per unit |
| September 1 | Sold | 130 | units | @ | $25 | per unit |
| 2016 | ||||||
|---|---|---|---|---|---|---|
| January 1 | Purchase | 100 | units | @ | $16 | per unit |
| April 1 | Sold | 80 | units | @ | $30 | per unit |
| July 1 | Purchase | 100 | units | @ | $18 | per unit |
| September 1 | Sold | 100 | units | @ | $35 | per unit |
Calculate the FIFO cost of goods sold and ending inventory for 2015 and 2016 assuming use of (a) the periodic method and (b) the perpetual method.
a. FIFO Periodic. Round to nearest whole number.
| 2015 | |
|---|---|
| Cost of goods sold | $Answer |
| Ending inventory | $Answer |
| 2016 | |
|---|---|
| Cost of goods sold | $Answer |
| Ending inventory | $Answer |
b. FIFO Perpetual. Round to nearest whole number.
| 2015 | |
|---|---|
| Cost of goods sold | $Answer |
| Ending inventory | $Answer |
| 2016 | |
|---|---|
| Cost of goods sold | $Answer |
| Ending inventory | $Answer |
In: Accounting
On October 29, 2016, Lobo Co. began operations by purchasing
razors for resale. Lobo uses the perpetual inventory method. The
razors have a 90-day warranty that requires the company to replace
any nonworking razor. When a razor is returned, the company
discards it and mails a new one from Merchandise Inventory to the
customer. The company's cost per new razor is $13 and its retail
selling price is $80 in both 2016 and 2017. The manufacturer has
advised the company to expect warranty costs to equal 6% of dollar
sales. The following transactions and events occurred.
2016
| Nov. | 11 | Sold 80 razors for $6,400 cash. | ||
| 30 | Recognized warranty expense related to November sales with an adjusting entry. | |||
| Dec. | 9 | Replaced 16 razors that were returned under the warranty. | ||
| 16 | Sold 240 razors for $19,200 cash. | |||
| 29 | Replaced 32 razors that were returned under the warranty. | |||
| 31 | Recognized warranty expense related to December sales with an adjusting entry. |
2017
| Jan. | 5 | Sold 160 razors for $12,800 cash. | ||
| 17 | Replaced 37 razors that were returned under the warranty. | |||
| 31 | Recognized warranty expense related to January sales with an adjusting entry. |
2. How much warranty expense is reported for
November 2016 and for December 2016?
In: Accounting
You have been asked to analyze the financial statements of the Dayton Corporation for the two years ending 2015 and 2016.
| Dayton Corporation | ||
| Financial Data | ||
| 2015 | 2016 | |
| Net Sales | $47,715 | $40,363 |
| Cost Sales | $27,842 | $21,485 |
| SG & A expenses | $8,090 | $7,708 |
| Depreciation expense | $628 | $555 |
| Interest expense | $754 | $792 |
| Tax expense | $3,120 | $3,002 |
| Cash & equivalents | $2,144 | $2,536 |
| Receivables | $5,215 | $5,017 |
| Inventory | $3,579 | $3,021 |
| Other current assets | $2,022 | $2,777 |
| Plant & equipment | $18,956 | $16,707 |
| Accumulated depreciation | $5,853 | $5,225 |
| Intangible assets | $7,746 | $7,374 |
| Other non current assets | $10,456 | $7,700 |
| Payables | $5,108 | $4,361 |
| Short term notes payable | $4,066 | $3,319 |
| Other current liabilities | $2,369 | $2,029 |
| Long term ebt | $4,798 | $3,600 |
| Other non current liabilities | $4,837 | $5,020 |
| Common stock | $6,776 | $6,745 |
| Retained earning | $16,050 | $14,832 |
| Common shares outstanding | $2,300 | $2,300 |
| Current markert price of stock | $45 | $45 |
Create the following in excel.
a. Create a comparative balance sheet for the years 2016 and 2015,
b. Create a comparative income statement for the years 2016 and 2015,
c. Create a spreadsheet to calculate the listed financial ratios for both 2016 and 2015,
In: Accounting
Long-Term Financing Needed At year-end 2016, Wallace Landscaping’s total assets were $1.6 million and its accounts payable were $375,000. Sales, which in 2016 were $2.7 million, are expected to increase by 20% in 2017. Total assets and accounts payable are proportional to sales, and that relationship will be maintained. Wallace typically uses no current liabilities other than accounts payable. Common stock amounted to $475,000 in 2016, and retained earnings were $260,000. Wallace has arranged to sell $155,000 of new common stock in 2017 to meet some of its financing needs. The remainder of its financing needs will be met by issuing new long-term debt at the end of 2017. (Because the debt is added at the end of the year, there will be no additional interest expense due to the new debt.) Its profit margin on sales is 3%, and 50% of earnings will be paid out as dividends.
What was Wallace's total long-term debt in 2016? Round your answer to the nearest dollar.
What were Wallace's total liabilities in 2016? Round your answer to the nearest dollar.
How much new long-term debt financing will be needed in 2017? (Hint: AFN - New stock = New long-term debt.) Round your answer to the nearest dollar.
In: Finance
Write a program that prompts the user to input their first name from the keyboard and stores them in the variable "firstName". It does the same for last name and stores it in the variable "lastName". It then uses strcat to merge the two names, separates them by a space and stores the full name into a string variable called "fullName". In the end, the program must print out the string stored within fullName. ANSWER IN C LANGUAGE !
You may use the following declarations for this problem:
char firstName [50];
char lastName [50];
char fullName [50];
You *must* use the function below to print out the full
name:
void printName(char fullName[])
Changing the function or its parameters is not permitted.
======================
Sample Output:
======================
Please enter your first name: John
Please enter your last name: Wick
Your full name is John Wick
In: Computer Science
|
Period Ending Date |
|
(B) Debit Interest Expense [7% x (A)] |
(C) Debit Notes Payable [(D) - (B)] |
(D) Credit Cash [computed] |
(E)
|
|||
| 2015 | $100,000 | $7,000 | $22,523 | $29,523 | $77,477 | |||
| 2016 | ||||||||
| 2017 | ||||||||
| 2018 | ||||||||
| $18,092 | $100,000 | $118,092 | ||||||
P2. On January 1, 2015 Tommy Inc. borrows $100,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $29,523 of accrued interest and principal on December 31 of each year for the next four years. The first payment is due Dec 31, 2015.
Part 1. Prepare the amortization table for this installment note using the template below. Note that I completed the first line for you and left the totals as check figures.
1. Amortization table for the loan
*Adjusted for rounding.
Part 2. Prepare the journal entries for Tommy, Inc to record the loan on January 1, 2015 and the four payments from Dec 31, 2015 through Dec 31, 2018.
Date Account Name Debit Credit
In: Accounting