1. On January 1, 2014, Fishbone Corporation sold equipment to Lost Company that cost $250,000 and that had accumulated depreciation of $100,000 on the date of sale. Fishbone received as consideration a $240,000 non-interest-bearing note due on December 31, 2016. The prevailing rate of interest for a note of this type on January 1, 2014, was 5%

A. Record the 1/1/14 transaction for fishbone corporation and all necessary entries from 2014-2016.

B. Record the 1/1/14 transaction for Lost Company and all necessary entries from 2014-2016.

Please do a step by step on how and why you got your answer, thank you!!!

Braxton Co. borrowed $65,000 from the bank on October 1, 2015. The note had an 4.5 percent annual rate of interest and matured on March 31, 2016. Interest and principal will be paid in cash on the maturity date.

Required:

A. What amount of cash did Braxton Co. pay for interest in 2015?

B. What amount of interest expense was reported on the 2015 income statement?

C. What is the total liabilities reported on the December 31, 2015, balance sheet? (Consider the note and the interest)

D. What is the total cash paid to the bank on March 31, 2016 for principal and interest?

E. What amount of interest expense will be reported on the 2016 income statement?

On January 2, 2016, Prebish corporation issued $1,500,000 of 10% bonds to yield 11% due December 31, 2025. Interest on the bonds is payable annually each December 31. The bonds are callable at 101 ( at 101% of face amount), and on January 2, 2019, Prebish called $1,000,000 face amount of the bonds and retired them

A. Determine the price of the Prebish bonds when issued on Janurary 2, 2016?

B. Prepare an amortization schedule for 2016-2020 for the bonds?

C. Ingoring income tax, compute the amount of loss, if any, to be recongized by Prebish as an result of retiring the $1,000,000 of bonds on Janurary 2, 2019, and prepare the journal entry to record the retirement?

Broussard Skateboard's sales are expected to increase by 20% from $7.6 million in 2016 to $9.12 million in 2017. Its assets totaled $5 million at the end of 2016. Broussard is already at full capacity, so its assets must grow at the same rate as projected sales. At the end of 2016, current liabilities were $1.4 million, consisting of $450,000 of accounts payable, $500,000 of notes payable, and $450,000 of accruals. The after-tax profit margin is forecasted to be 3%, and the forecasted payout ratio is 60%. Use the AFN equation to forecast Broussard's additional funds needed for the coming year. Round your answer to the nearest dollar. Do not round intermediate calculations.

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George Carpenter is the sole stockholder and operator of XYZ, Inc. a consulting firm. At the end of its accounting period, December 31, 2015, XYZ, Inc. has assets of $400,000 and liabilities of $145,000. Using the accounting equation and considering each case independently, determine the following amounts:

a) Stockholder’s equity on 12/31/2015.

b) The amount and direction (increase or decrease) change in stockholder’s equity if, during 2016, assets increased by $45,000 and liabilities decreased by $10,000.

c) Net income (or net loss) during 2016, assuming that as of December 31, 2016, assets were $410,000, liabilities were $147,000, capital stock of $3,000 was issued, and dividends of $8,000 were paid.

In 2014 a survey was conducted and found that 297 out of 1100 individuals had confidence in public schools. In 2016 another survey was conducted which led to the result that 322 out of 1150 individuals had confidence in public schools. Let  be the proportion of individuals in 2014 who had confidence in public schools and let  be the proportion of individuals in 2016 who had confidence in public schools.

1.Compute

2.Compute

3.Set up a hypothesis to test in order to decide if the proportion of individuals who have confidence in public schools increased from 2014 to 2016.

4.What is the value of the statistic? Give answer rounded to two decimal places.

The information presented here represents selected data from the December 31, 2016, balance sheets and income statements for the year then ended for three firms.

Required:

Calculate the missing amounts for each firm.

Heiden Company reported the following net income before taxes and depreciation for the years indicated.

2016: $80,000 2017: $100,000 2018: $75,000

The Company purchased assets costing $90,000 on January 1, 2016. The assets have a three-year useful life and no salvage value. For tax purposes the Company used an acceptable accelerated depreciation method that resulted in depreciation expense of $45,000; $30,000; and$15,000 for the three years respectively. For financial reporting purposes the straight-linemethodwas used. A 30% tax rate was in effect for the three years.

Instructions: Prepare the necessary calculations and make the end of year entries for the Heiden Company for the years 2016, 2017, 2018.

Broussard Skateboard's sales are expected to increase by 25% from $9.0 million in 2016 to $11.25 million in 2017. Its assets totaled $4 million at the end of 2016. Broussard is already at full capacity, so its assets must grow at the same rate as projected sales. At the end of 2016, current liabilities were $1.4 million, consisting of $450,000 of accounts payable, $500,000 of notes payable, and $450,000 of accruals. The after-tax profit margin is forecasted to be 7%, and the forecasted payout ratio is 65%. Use the AFN equation to forecast Broussard's additional funds needed for the coming year. Round your answer to the nearest dollar. Do not round intermediate calculations.