The Murdock Corporation reported the following balance sheet data for 2018 and 2017:
  

Required:
Prepare a statement of cash flows for 2018 in good form using the indirect method for cash flows from operating activities. (Amounts to be deducted should be indicated with a minus sign.)
  

  
Additional information for 2018:

• (1.) Sold available-for-sale debt securities costing $78,000 for $84,200.
• (2.) Equipment costing $20,000 with a book value of $6,700 was sold for $8,550.
• (3.) Issued 6% bonds payable at face value, $217,000.
• (4.) Purchased new equipment for $162,000 cash.
• (5.) Paid cash dividends of $28,500.
• (6.) Net income was $67,000.

The Murdock Corporation reported the following balance sheet data for 2018 and 2017:

Additional information for 2018:
(1.) Sold available-for-sale debt securities costing $69,500 for $74,000.
(2.) Equipment costing $20,000 with a book value of $5,000 was sold for $6,000.
(3.) Issued 6% bonds payable at face value, $200,000.
(4.) Purchased new equipment for $145,000 cash.
(5.) Paid cash dividends of $20,000.
(6.) Net income was $50,000.

Required:

Prepare a statement of cash flows for 2018 in good form using the indirect method for cash flows from operating activities. Also, provide a cash flow worksheet to prove your answer.

1. The Hawkeye Limos reported the following information related to limousine rentals for 2017 and 2018:

1. Prepare the journal entries to record the following selected transactions from December 2018:
   1. Received an advance payment of $500 for a Valentine’s Day rental.
2. 2. Received $750 for a New Year’s Eve rental.
3. 3. Wrote off a $400 receivable from a Halloween rental.
4. Assuming all rentals are on credit, calculate the following:
   1. The accounts receivable turnover ratio for 2017. Accounts receivable totaled $14,000 at 12/31/16.
5. 2. Days credit sales outstanding at 12/31/17.
6. Hawkeye estimates collection rates on accounts receivable will be 100% for accounts not yet due, 98% for accounts between 1 and 30 days past due, 95% for accounts between 31 and 60 days past due, and 75% for accounts more than 60 days past due.
   1. Calculate the allowance for doubtful accounts at 12/31/18, and 2018 bad debt expense using the percentage of credit sales method. Assume all sales are credit sales.
7. 2. Calculate the allowance for doubtful accounts at 12/31/18, and 2018 bad debt expense using the aging of accounts receivable method.
8. 3. Which set of estimate is preferable? Explain why. Your answer should be specific to Hawkeye’s situation.
9. 4. Calculate cash collected from customers assuming Hawkeye uses the aging method to calculate bad debt expense.
10. 5. Show what would have been be reported under operating cash flows using the indirect method for 2018. Assume Hawkeye chose the percentage of sales method to estimate bad debts.

On March 15, 2018, the price of a T-bill maturing on Sep 15, 2018 is $97.28, the price of a T-bill with maturity on March 15, 2019 is $97.67, and the price of a semiannual coupon (coupon rate 3.75%) treasury note that will mature on Sep 15, 2019 is $99.97. What is the price of a stripe with maturity on Sep 15 of 2019?

The extracted financial information of Ilya Trading for 2019 and 2018 are presented below:

Required:

1. Compute the following ratios for both year 2019 and 2018.                    

1. Profit Margin
2. Return on Total Assets
3. Return on Equity
4. Current Ratio
5. Debt Ratio

2. Briefly compare and comment the performance of Ilya Trading based on the ratios computed for year 2019 and 2018 above.        

The Murdock Corporation reported the following balance sheet data for 2018 and 2017:
  

  
Additional information for 2018:

(1.) Sold available-for-sale debt securities costing $72,000 for $77,000.

(2.) Equipment costing $20,000 with a book value of $5,500 was sold for $6,750.

(3.) Issued 6% bonds payable at face value, $205,000.

(4.) Purchased new equipment for $150,000 cash.

(5.) Paid cash dividends of $22,500.

(6.) Net income was $55,000.

Required:
Prepare a statement of cash flows for 2018 in good form using the indirect method for cash flows from operating activities. (Amounts to be deducted should be indicated with a minus sign.)
  

Ian retired in June 2018 at the age of 69 (he turned 70 in August 2018). Ian’s retirement account was valued at $555,000 at the end of 2017 and $570,000 at the end of 2018. He has had all of his retirement accounts open for 15 years. What is Ian’s required minimum distribution for 2019 under each of the following alternative scenarios?

1. Ian's retirement account is a traditional 401(k) account.
2. Ian's retirement account is a Roth 401(k) account.
3. Ian's retirement account is a traditional IRA.
4. Ian's retirement account is a Roth IRA.

Accounting:

Celebrity Inc. has the following shares outstanding at December 31, 2019:

Common shares, $1,500,000 no par value, 10,000 shares issued and outstanding, unlimited number authorized.

Preferred shares, $200,000, $5.00, no par value, non voting shares, 2,000 shares issued and outstanding.

The preferred shares are noncumulative and non-participating.

   Dividends declared are $47,500.

What is the total preferred share dividends?

Celebrity Inc. has the following shares outstanding at December 31, 2019:

Common shares, $1,500,000 no par value, 10,000 shares issued and outstanding, unlimited number authorized.

Preferred shares, $200,000, $5.00, no par value, non voting shares, 2,000 shares issued and outstanding.

The preferred shares are noncumulative and non-participating.

Dividends declared are $47,500.

What is the total common share dividends?

Celebrity Inc. has the following shares outstanding at December 31, 2019:

Common shares, $1,500,000 no par value, 10,000 shares issued and outstanding, unlimited number authorized.

Preferred shares, $200,000, $5.00, no par value, non voting shares, 2,000 shares issued and outstanding.

The preferred shares are cumulative and non-participating.

   Dividends have not been declared for the past two years.

   Dividends declared are $30,000.

What is the total preferred share dividends?

Celebrity Inc. has the following shares outstanding at December 31, 2019:

Common shares, $1,500,000 no par value, 10,000 shares issued and outstanding, unlimited number authorized.

Preferred shares, $200,000, $5.00, no par value, non voting shares, 2,000 shares issued and outstanding.

The preferred shares are cumulative and non-participating.

   Dividends have not been declared for the past two years.

   Dividends declared are $30,000.

What is the total common share dividends?

We want to provide home-delivery service to our customers. Select one:

a. Business Requirement b. User/Stakeholder Requirement c. Functional Requirement d. Non-Functional Requirement

The system must use 128-bit encryption techniques to store data. Select one:

a. Business Requirement b. User/Stakeholder Requirement c. Functional Requirement d. Non-Functional Requirement

The Chief Financial Officer needs to know when overdue payments are reaching unsustainable levels.

a. Business Requirement b. User/Stakeholder Requirement c. Functional Requirement d. Non-Functional Requirement

The system needs to record the date and time when the order is paid-for. Select one:

a. Business Requirement b. User/Stakeholder Requirement c. Functional Requirement d. Non-Functional Requirement

We want to know when there is an increase in the number of customers coming from particular towns where we don’t have a physical shop in the town. Select one:

a. Business Requirement b. User/Stakeholder Requirement c. Functional Requirement d. Non-Functional Requirement

The Deliveries Supervisor will be able to see the number of orders that are waiting to be sent in a delivery truck, on their main screen at all times. Select one:

a. Business Requirement b. User/Stakeholder Requirement c. Functional Requirement d. Non-Functional Requirement

The on-screen font size and default font face should be adjustable to suit each user's personal preference. Select one:

a. Business Requirement b. User/Stakeholder Requirement c. Functional Requirement d. Non-Functional Requirement

When the 'pay now' button is clicked, the customer’s credit card must be charged the full amount. Select one:

a. Business Requirement b. User/Stakeholder Requirement c. Functional Requirement d. Non-Functional Requirement