Question 5
Monty Corp.’s balance sheet at December 31, 2016, is presented
below.
MONTY CORP.
Balance Sheet
December 31, 2016
Cash
$33,500
Accounts payable
$13,800
Inventory
30,050
Interest payable
2,425
Prepaid insurance
5,600
Bonds payable
48,500
Equipment
39,000
Common stock
25,400
Retained earnings
$18,025
$108,150 $108,150
During 2017, the following transactions occurred. Monty uses a
perpetual inventory system.
1. Monty paid $2,425 interest on the bonds on January 1,
2017.
2. Monty purchased $244,300 of inventory on account.
3. Monty sold for $486,000 cash inventory which cost $268,000.
Monty also collected $29,160 sales taxes.
4. Monty paid $238,000 on accounts payable.
5. Monty paid $2,425 interest on the bonds on July 1, 2017.
6. The prepaid insurance ($5,600) expired on July 31.
7. On August 1, Monty paid $10,080 for insurance coverage from
August 1, 2017, through July 31, 2018.
8. Monty paid $17,000 sales taxes to the state.
9. Paid other operating expenses, $88,000.
10. Redeemed the bonds on December 31, 2017, by paying $46,600 plus
$2,425 interest.
11. Issued $87,000 of 8% bonds on December 31, 2017, at 103. The
bonds pay interest every June 30 and December 31.
Adjustment data:
12. Recorded the insurance expired from item 7.
13. The equipment was acquired on December 31, 2016, and will be
depreciated on a straight-line basis over 5 years with a $2,800
salvage value.
14. The income tax rate is 30%. (Hint: Prepare the income statement
up to income before taxes and multiply by 30% to compute the
amount.)
Prepare an income statement for the year ending December 31,
2017.
MONTY CORP.
Income Statement
choose the accounting period
For the Year Ending December 31, 2017
For the Month Ending December 31, 2017
December 31, 2017
select a name for section one
Dividends
Gross Profit
Income From Operations
Income Before Income Taxes
Net Income / (Loss)
Net Sales
Operating Expenses
Other Revenues and Expenses
Retained Earnings, 1/1/17
Retained Earnings, 12/31/17
Sales Revenues
Total Operating Expenses
Total Revenues
$enter a dollar amount
enter an income statement item
enter a dollar amount
select a summarizing line for the first part
Dividends
Gross Profit
Income From Operations
Income Before Income Taxes
Net Income / (Loss)
Net Sales
Operating Expenses
Other Revenues and Expenses
Retained Earnings, 1/1/17
Retained Earnings, 12/31/17
Sales Revenues
Total Operating Expenses
Total Revenues
enter a total amount for the first part
select an opening name for section two
Dividends
Gross Profit
Income From Operations
Income Before Income Taxes
Net Income / (Loss)
Net Sales
Operating Expenses
Other Revenues and Expenses
Retained Earnings, 1/1/17
Retained Earnings, 12/31/17
Sales Revenues
Total Operating Expenses
Total Revenues
enter an income statement item
$enter a dollar amount
enter an income statement item
enter a dollar amount
enter an income statement item
enter a dollar amount
select a closing name for section two
Dividends
Gross Profit
Income From Operations
Income Before Income Taxes
Net Income / (Loss)
Net Sales
Operating Expenses
Other Revenues and Expenses
Retained Earnings, 1/1/17
Retained Earnings, 12/31/17
Sales Revenues
Total Operating Expenses
Total Revenues
enter a total amount for section two
select a summarizing line for the second part
Dividends
Gross Profit
Income From Operations
Income Before Income Taxes
Net Income / (Loss)
Net Sales
Operating Expenses
Other Revenues and Expenses
Retained Earnings, 1/1/17
Retained Earnings, 12/31/17
Sales Revenues
Total Operating Expenses
Total Revenues
enter a total amount for the second part
select an opening name for section three
Dividends
Gross Profit
Income From Operations
Income Before Income Taxes
Net Income / (Loss)
Net Sales
Operating Expenses
Other Revenues and Expenses
Retained Earnings, 1/1/17
Retained Earnings, 12/31/17
Sales Revenues
Total Operating Expenses
Total Revenues
enter an income statement item
enter a dollar amount
enter an income statement item
enter a dollar amount
select a summarizing line for the third part
Dividends
Gross Profit
Income From Operations
Income Before Income Taxes
Net Income / (Loss)
Net Sales
Operating Expenses
Other Revenues and Expenses
Retained Earnings, 1/1/17
Retained Earnings, 12/31/17
Sales Revenues
Total Operating Expenses
Total Revenues
enter a total amount for the third part
enter an income statement item
enter a dollar amount
select a closing name for this statement
Dividends
Gross Profit
Income From Operations
Income Before Income Taxes
Net Income / (Loss)
Net Sales
Operating Expenses
Other Revenues and Expenses
Retained Earnings, 1/1/17
Retained Earnings, 12/31/17
Sales Revenues
Total Operating Expenses
Total Revenues
$enter a total net income or loss amount
Prepare a retained earnings statement for the year ending
December 31, 2017.
MONTY CORP.
Retained Earnings Statement
choose the accounting period
December 31, 2017
For the Year Ending December 31, 2017
For the Month Ending December 31, 2017
select an opening name
Dividends
Expenses
Net Income / (Loss)
Retained Earnings, 1/1/17
Retained Earnings, 12/31/17
Revenues
Total Expenses
Total Revenues
$enter a dollar amount
select between addition and deduction
Add
Less
: select an item
Dividends
Expenses
Net Income / (Loss)
Retained Earnings, 1/1/17
Retained Earnings, 12/31/17
Revenues
Total Expenses
Total Revenues
enter a dollar amount
select a closing name
Dividends
Expenses
Net Income / (Loss)
Retained Earnings, 1/1/17
Retained Earnings, 12/31/17
Revenues
Total Expenses
Total Revenues
$enter a total amount
In: Accounting
In: Accounting
Practice object-oriented principles by making two Peanut Butter and Jelly Sandwiches. The program must create two sandwiches based on user input. The sandwich information for both must then print out their details and determine if the two sandwiches are equal.
Requirements:
Write a class called Bread with the following
o Calories: The number of calories per slice assumed to be between 50 and 250 inclusively.
Write a class called PeanutButter with the following
Write a class called Jelly with the following
Write a class called PBJSandwich with the following
Write a class called PBJFrontEnd with the following
Example Output:
-----------------------------------
Welcome to the PBJ Sandwich Maker!
-----------------------------------
-----Sandwich 1-----
Top Slice of Bread Information
Enter name of the bread
Wonder Bread
Enter the number of calories
80
Enter the type of bread. Must be "Honey Wheat", "White", "Whole Grain", or "Whole Wheat"
whole wheat
Peanut Butter Information
Enter name of the peanut butter
JIF
Enter the number of calories
190
Is it crunchy? Enter "true", or "false"
false
Jelly Information
Enter name of the jelly
Smuckers
Enter the number of calories
150
Enter the type of bread. Must be "Apple", "Blueberry", "Grape", "Strawberry", or "Tomato"
Apple
Bottom Slice of Bread Information
Enter name of the bread
Wonder Bread
Enter the number of calories
120
Enter the type of bread. Must be "Honey Wheat", "White", "Whole Grain", or "Whole Wheat"
honey Wheat
-----Sandwich 2-----
Top Slice of Bread Information
Enter name of the bread
Pepperidge Farm
Enter the number of calories
100
Enter the type of bread. Must be "Honey Wheat", "White", "Whole Grain", or "Whole Wheat"
Whole grain
Peanut Butter Information
Enter name of the peanut butter
Peter Pan
Enter the number of calories
180
Is it crunchy? Enter "true", or "false"
true
Jelly Information
Enter name of the jelly
Welch's
Enter the number of calories
150
Enter the type of bread. Must be "Apple", "Blueberry", "Grape", "Strawberry", or "Tomato"
Grape
Bottom Slice of Bread Information
Enter name of the bread
Lender's
Enter the number of calories
150
Enter the type of bread. Must be "Honey Wheat", "White", "Whole Grain", or "Whole Wheat"
Whole Wheat
-----Sandwich 1-----
PBJ Sandwich
Top Slice:
Bread
Name: Wonder Bread
Calories: 80
Type: whole wheat
Peanut Butter:
Peanut Butter
Name: JIF
Calories: 190
Is Crunchy: true
Jelly:
Jelly
Name: Smuckers
Calories: 100
Fruit Type: Apple
Bottom Slice:
Bread
Name: Wonder Bread
Calories: 120
Type: honey Wheat
-----Sandwich 2-----
PBJ Sandwich
Top Slice:
Bread
Name: Pepperidge Farm
Calories: 100
Type: Whole grain
Peanut Butter:
Peanut Butter
Name: Peter Pan
Calories: 180
Is Crunchy: true
Jelly:
Jelly
Name: Welch's
Calories: 100
Fruit Type: Grape
Bottom Slice:
Bread
Name: Lender's
Calories: 150
Type: Whole Wheat
Are they the same sandwich? false
Example Output 2:
-----------------------------------
Welcome to the PBJ Sandwich Maker!
-----------------------------------
-----Sandwich 1-----
Top Slice of Bread Information
Enter name of the bread
Wonder
Enter the number of calories
100
Enter the type of bread. Must be "Honey Wheat", "White", "Whole Grain", or "Whole Wheat"
White
Peanut Butter Information
Enter name of the peanut butter
JIF
Enter the number of calories
150
Is it crunchy? Enter "true", or "false"
false
Jelly Information
Enter name of the jelly
Welchs
Enter the number of calories
150
Enter the type of bread. Must be "Apple", "Blueberry", "Grape", "Strawberry", or "Tomato"
Grape
Bottom Slice of Bread Information
Enter name of the bread
Wonder
Enter the number of calories
100
Enter the type of bread. Must be "Honey Wheat", "White", "Whole Grain", or "Whole Wheat"
White
-----Sandwich 2-----
Top Slice of Bread Information
Enter name of the bread
Wonder
Enter the number of calories
100
Enter the type of bread. Must be "Honey Wheat", "White", "Whole Grain", or "Whole Wheat"
white
Peanut Butter Information
Enter name of the peanut butter
JIF
Enter the number of calories
150
Is it crunchy? Enter "true", or "false"
false
Jelly Information
Enter name of the jelly
Welchs
Enter the number of calories
150
Enter the type of bread. Must be "Apple", "Blueberry", "Grape", "Strawberry", or "Tomato"
grape
Bottom Slice of Bread Information
Enter name of the bread
wonder
Enter the number of calories
100
Enter the type of bread. Must be "Honey Wheat", "White", "Whole Grain", or "Whole Wheat"
white
-----Sandwich 1-----
PBJ Sandwich
Top Slice:
Bread
Name: Wonder
Calories: 100
Type: White
Peanut Butter:
Peanut Butter
Name: JIF
Calories: 150
Is Crunchy: true
Jelly:
Jelly
Name: Welchs
Calories: 100
Fruit Type: Grape
Bottom Slice:
Bread
Name: Wonder
Calories: 100
Type: White
-----Sandwich 2-----
PBJ Sandwich
Top Slice:
Bread
Name: Wonder
Calories: 100
Type: white
Peanut Butter:
Peanut Butter
Name: JIF
Calories: 150
Is Crunchy: true
Jelly:
Jelly
Name: Welchs
Calories: 100
Fruit Type: grape
Bottom Slice:
Bread
Name: wonder
Calories: 100
Type: white
Are they the same sandwich? true
In: Computer Science
In most supermarkets in the U.S., consumers are given the option of purchasing name brand products or store brand products. The name brand products are always priced higher than the store brand products, but in taste or quality tests, there is typically little to no difference between the two types. In fact, many store brand products are actually produced by name brand producers, but sold with the store’s label at a lower price.
a) Suppose the store brand and the name brand for a product, bread,
for example, are made by the same producer and are identical in
every way except for the label and price. The price of the store
brand is significantly less than the name brand. Why would any
consumer purchase the name brand?
b) What do you think has happened to the market shares of store brand products over the past 10 years? Why has this happened?
c) Consumer name brand products spend more than $20 billion/year on media advertising. Are these advertising expenditures wasteful from society’s perspective? Do consumers receive any benefits from this form of product differentiation?
In: Economics
Write a java program using the information given
Design a class named Pet, which should have the following fields (i.e. instance variables):
name - The name field holds the name of a pet (a String type)
type - The type field holds the type of animal that a pet is (a String type). Example values are
“Dog”, “Cat”, and “Bird”.
age - The age field holds the pet’s age (an int type)
Include accessor methods (i.e. get methods) and mutator methods (i.e. set methods) for all the fields.
Once you have designed the class, design a program that creates an object of the class and prompts the user to enter the name, type, and age of his or her pet. This data should be stored in the object. Use the object’s accessor methods to retrieve the pet’s name, type, and age and display this data on the screen.
Sample Output:
Enter the name of your pet: Jimmy
Enter the type of your pet: Dog
Enter the age of your pet: 5
Here is the information you provided:
Pet Name: Jimmy
Pet Type: Dog
Pet Age: 5
In: Computer Science
1. Problems and Applications Q1
A publisher faces the following demand schedule for the next novel from one of its popular authors:
|
Price |
Quantity Demanded |
|---|---|
|
(Dollars) |
(Copies) |
| 40 | 0 |
| 36 | 50,000 |
| 32 | 100,000 |
| 28 | 150,000 |
| 24 | 200,000 |
| 20 | 250,000 |
| 16 | 300,000 |
| 12 | 350,000 |
| 8 | 400,000 |
| 4 | 450,000 |
| 0 | 500,000 |
The author is paid $800,000 to write the novel, and the marginal cost of publishing the novel is a constant $4 per copy.
Complete the second, fourth, and fifth columns of the following table by computing total revenue, total cost, and profit at each quantity.
|
Quantity |
Total Revenue |
Marginal Revenue |
Total Cost |
Profit |
|---|---|---|---|---|
|
(Copies) |
(Dollars) |
(Dollars) |
(Dollars) |
(Dollars) |
| 0 | ||||
| 50,000 | ||||
| 100,000 | ||||
| 150,000 | ||||
| 200,000 | ||||
| 250,000 | ||||
| 300,000 | ||||
| 350,000 | ||||
| 400,000 | ||||
| 450,000 | ||||
| 500,000 | ||||
Which of the following quantity–price combinations would a profit-maximizing publisher choose? (Note: If the publisher is indifferent between more than one choice, select all of the indifferent combinations.) Check all that apply.
150,000 copies at a price of $28
200,000 copies at a price of $24
250,000 copies at a price of $20
300,000 copies at a price of $16
Complete the third column of the previous table by computing marginal revenue. (Hint: Recall that MR=ΔTRΔQMR=ΔTRΔQ.)
True or False: At each quantity, marginal revenue is less than the price.
True
False
Use the black points (plus symbol) to graph the marginal revenue from the 50,000th, 100,000th, 150,000th, 200,000th, 250,000th, and 300,000th copy of the novel. Remember to plot from left to right and to plot between integers. For example, if the marginal revenue of increasing production from 50,000 copies to 100,000 copies were 10, then you would plot a point at (75, 10). Next use the orange line (square symbol) to graph the marginal-cost curve faced by the publisher. Finally, use the blue points (circle symbol) to graph demand at the following quantities (in thousands): 0, 50, 100, 150, 200, 250, 300, 350, 400, 450, and 500.
Marginal RevenueMarginal CostDemandDeadweight Loss0501001502002503003504004505004036322824201612840-4PriceQuantity (Thousands of copies)200, 24Y-Intercept: 4Slope: 0
The marginal-revenue and marginal-cost curves intersect at a quantity of copies.
On the previous graph, use the black triangle (plus symbols) to shade the area representing deadweight loss.
If the author were paid $1 million instead of $800,000 to write the book, the publisher would the price it charges for a copy of the novel.
Suppose the publisher was not profit-maximizing but was concerned with maximizing economic efficiency, and the author of a novel was paid $800,000 to write the book.
In this case, the publisher would charge
for a copy of the novel and earn a profit of
. (Note: If the publisher experiences a loss, be sure to enter a negative number for profit.)
In: Economics
Compute Costco's financial leverage (FLEV), Spread, and noncontrolling interest (NCI) ratio for 2016; recall, NNE = NOPAT-Net income. Remember to use negative signs with answers, when appropriate.
| Costco Wholesale Corporation | |||
|---|---|---|---|
| Consolidated Statements of Earnings | |||
| For Fiscal Years Ended ($ millions) | August 28, 2016 | August 30, 2015 | August 31, 2014 |
| Revenue | |||
| Net Sales | $116,073 | $113,666 | $110,212 |
| Membership fees | 2,646 | 2,533 | 2,428 |
| Total revenue | 118,719 | 116,199 | 112,640 |
| Operating expenses | |||
| Merchandise costs | 102,901 | 101,065 | 98,458 |
| Selling, general and administrative | 12,068 | 11,445 | 10,899 |
| Preopening expenses | 78 | 65 | 63 |
| Operating Income | 3,672 | 3,624 | 3,220 |
| Other income (expense) | |||
| Interest expense | (133) | (124) | (113) |
| Interest income and other, net | 80 | 104 | 90 |
| Income before income taxes | 3,619 | 3,604 | 3,197 |
| Provision for income taxes | 1,243 | 1,195 | 1,109 |
| Net income including noncontrolling interests | 2,376 | 2,409 | 2,088 |
| Net income attributable to noncontrolling interests | (26) | (32) | (30) |
| Net income attributable to Costco | $2,350 | $2,377 | $2,058 |
| Costco Wholesale Corporation | |||
|---|---|---|---|
| Consolidated Balance Sheets | |||
| ($ millions, except par value and share data) | August 28, 2016 | August 30, 2015 | |
| Assets | |||
| Current assets | |||
| Cash and cash equivalents | $3,379 | $4,801 | |
| Short-term investments | 1,350 | 1,618 | |
| Receivables, net | 1,252 | 1,224 | |
| Merchandise inventories | 8,969 | 8,908 | |
| Deferred income taxes and other current assets | 268 | 228 | |
| Total current assets | 15,218 | 16,779 | |
| Property and equipment | |||
| Land | 5,395 | 4,961 | |
| Buildings and improvements | 13,994 | 12,618 | |
| Equipment and fixtures | 6,077 | 5,274 | |
| Construction in progress | 701 | 811 | |
| Gross property and equipment | 26,167 | 23,664 | |
| Less accumulated depreciation and amortization | (9,124) | (8,263) | |
| Net property and equipment | 17,043 | 15,401 | |
| Other assets | 902 | 837 | |
| Total assets | $33,163 | $33,017 | |
| Liabilities and equity | |||
| Current liabilities | |||
| Accounts payable | $7,612 | $9,011 | |
| Current portion long-term debt | $1,100 | $1,283 | |
| Accrued salaries and benefits | 2,629 | 2,468 | |
| Accrued member rewards | 869 | 813 | |
| Deferred membership fees | 1,362 | 1,269 | |
| Other current liabilities | 2,003 | 1,695 | |
| Total current liabilities | 15,575 | 16,539 | |
| Long-term debt, excluding current portion | 4,061 | 4,852 | |
| Other liabilities | 1,195 | 783 | |
| Total liabilities | 20,831 | 22,174 | |
| Equity | |||
| Preferred stock, $0.005 par value: | |||
| 100,000,000 shares authorized; no shares issued and outstanding | 0 | 0 | |
| Common stock, $0.005 par value: | |||
| 900,000,000 shares authorized; | |||
| 437,524,000 and 437,952,000 shares issued and outstanding | 2 | 2 | |
| Additional paid-in-capital | 5,490 | 5,218 | |
| Accumulated other comprehensive loss | (1,099) | (1,121) | |
| Retained earnings | 7,686 | 6,518 | |
| Total Costco stockholders’ equity | 12,079 | 10,617 | |
| Noncontrolling interests | 253 | 226 | |
| Total equity | 12,332 | 10,843 | |
| Total liabilities and equity | $33,163 | $33,017 | |
(a) Compute Costco's financial leverage (FLEV), Spread, and
noncontrolling interest (NCI) ratio for 2016; recall, NNE =
NOPAT-Net income.
Remember to use negative signs with answers, when
appropriate.
2016 NNO =$Answer
million
2015 NNO =$Answer
million
2016 NNE =$Answer
million
2016 NNEP =Answer
% Round NNEP to two decimal places.
2016 FLEV =
Answer
Round FLEV to four decimal places.
2016 Spread = Answer
% Round Spread to two decimal places.
2016 NCI ratio = Answer
Round NCI ratio to four decimal places.
(b) Assume that Costco's return on equity (ROE) for 2016 is 20.71%
and its return on net operating assets (RNOA) is 20.66%. Confirm
computations to yield the relation: ROE = [RNOA + (FLEV X Spread)]
X NCI ratio.
2016 ROE =Answer
% = [Answer
%+(Answer
X Answer
%)] X Answer
In: Accounting
Change in Accounting Method
Instructions
Delta Oil Company uses the successful-efforts method to account for oil exploration costs. Delta started business in 2014 and prepared the following income statements:
|
DELTA OIL COMPANY |
|
Income Statements |
|
For the Years Ended December 31, 2014 - 2015 |
|
1 |
2014 |
2015 |
|
|
2 |
Revenue |
$1,000,000.00 |
$3,000,000.00 |
|
3 |
Other expenses |
400,000.00 |
1,300,000.00 |
|
4 |
Exploration expenses |
120,000.00 |
238,000.00 |
|
5 |
Income before income taxes |
$480,000.00 |
$1,462,000.00 |
|
6 |
Income tax expense (30%) |
144,000.00 |
438,600.00 |
|
7 |
Net income |
$336,000.00 |
$1,023,400.00 |
|
8 |
Earnings per share |
$3.36 |
$10.23 |
The company chose to change to the full-cost method at the beginning of 2016. Under the full-cost method, Delta capitalizes all exploration costs of the Oil and Gas Properties asset account on its balance sheet. It determines the exploration and amortization expense amounts under the full-cost method to be as follows:
|
2014 |
2015 |
2016 |
|
| Exploration expense | $0 | $0 | $0 |
| Amortization expense | 8,000 | 18,200 | 42,000 |
In addition, Delta reported revenue of $9,000,000 and other expenses of $4,200,000 in 2016. With the 2016 financial statements, the company issues comparative statements for the previous 2 years.
Required:
| 1. | Prepare the journal entry to reflect the change. |
| 2. | Prepare the comparative income statements and the comparative statements of retained earnings for 2016, 2015, and 2014. Notes to the financial statements are not necessary. |
| 3. | Next Level Discuss the advantages and disadvantages of accounting for a change in this manner. |
Chart of Accounts
| CHART OF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Delta Oil Company | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Ledger | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount Descriptions
| Amount Descriptions | |
| Adjustment for the cumulative effect of accounting method change | |
| Balance at beginning of year, as previously reported | |
| Balance at beginning of year, as adjusted | |
| Balance at end of year | |
| Income before income taxes | |
| Net income | |
| Other expenses | |
| Revenue |
General Journal
Prepare the journal entry to reflect the change on January 1, 2016
PAGE 1
GENERAL JOURNAL
| DATE | ACCOUNT TITLE | POST. REF. | DEBIT | CREDIT | |
|---|---|---|---|---|---|
|
1 |
|||||
|
2 |
|||||
|
3 |
Income Statements
Prepare the comparative income statements for 2016, 2015, and 2014. Notes to the financial statements are not necessary. Additional Instructions
|
DELTA OIL COMPANY |
|
Comparative Income Statements |
|
For the Years Ended December 31, 2014 - 2016 |
|
1 |
2016 |
2015 As Adjusted |
2014 As Adjusted |
|
|
2 |
||||
|
3 |
||||
|
4 |
||||
|
5 |
||||
|
6 |
||||
|
7 |
||||
|
8 |
Earnings per share (100,000 shares) |
Retained Earnings
Prepare the comparative statements of retained earnings for 2016, 2015, and 2014. Notes to the financial statements are not necessary. Additional Instructions
|
DELTA OIL COMPANY |
|
Comparative Statements of Retained Earnings |
|
For the Years Ended December 31, 2014 - 2016 |
|
1 |
2016 |
2015 |
2014 |
|
|
2 |
||||
|
3 |
||||
|
4 |
||||
|
5 |
||||
|
6 |
Next Level
Discuss the advantages and disadvantages of accounting for a change in this manner.
Advantages and disadvantages of the retrospective adjustment method include:
| I. | A risk of loss of public confidence due to changing previously reported information |
| II. | Comparability |
| III. | Costs may outweigh benefits |
| IV. | Faithful representation of financial information |
In: Accounting
Required information
Problem 17-2A Ratios, common-size statements, and trend percents LO P1, P2, P3
[The following information applies to the questions
displayed below.]
Selected comparative financial statements of Korbin Company
follow:
| KORBIN COMPANY | |||||||||
| Comparative Income Statements | |||||||||
| For Years Ended December 31, 2017, 2016, and 2015 | |||||||||
| 2017 | 2016 | 2015 | |||||||
| Sales | $ | 449,371 | $ | 344,255 | $ | 238,900 | |||
| Cost of goods sold | 270,521 | 217,225 | 152,896 | ||||||
| Gross profit | 178,850 | 127,030 | 86,004 | ||||||
| Selling expenses | 63,811 | 47,507 | 31,535 | ||||||
| Administrative expenses | 40,443 | 30,294 | 19,829 | ||||||
| Total expenses | 104,254 | 77,801 | 51,364 | ||||||
| Income before taxes | 74,596 | 49,229 | 34,640 | ||||||
| Income taxes | 13,875 | 10,092 | 7,032 | ||||||
| Net income | $ | 60,721 | $ | 39,137 | $ | 27,608 | |||
| KORBIN COMPANY | |||||||||
| Comparative Balance Sheets | |||||||||
| December 31, 2017, 2016, and 2015 | |||||||||
| 2017 | 2016 | 2015 | |||||||
| Assets | |||||||||
| Current assets | $ | 45,817 | $ | 35,846 | $ | 47,918 | |||
| Long-term investments | 0 | 1,100 | 3,610 | ||||||
| Plant assets, net | 86,412 | 91,453 | 54,851 | ||||||
| Total assets | $ | 132,229 | $ | 128,399 | $ | 106,379 | |||
| Liabilities and Equity | |||||||||
| Current liabilities | $ | 19,305 | $ | 19,131 | $ | 18,616 | |||
| Common stock | 66,000 | 66,000 | 48,000 | ||||||
| Other paid-in capital | 8,250 | 8,250 | 5,333 | ||||||
| Retained earnings | 38,674 | 35,018 | 34,430 | ||||||
| Total liabilities and equity | $ | 132,229 | $ | 128,399 | $ | 106,379 | |||
Problem 17-2A Part 2
2. Complete the below table to calculate income
statement data in common-size percents. (Round your
percentage answers to 2 decimal places.)
Required information Problem 17-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 [The following information applies to the questions
displayed below.]
Problem 17-2A Part 3 3. Complete the below table to calculate the
balance sheet data in trend percents with 2015 as the base year.
(Round your percentage answers to 2 decimal
places.)
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In: Accounting
The three charges are at the three vertices of an equilateral triangle ?( all angles are 60degrees)
q 1 = + 10.0 µC
q 2 = - 5 .0 nC
q 3 = + 8 .0 nC
Equilateral side of the triangle = 0.05 m.
A. Draw forces acting on q 1 by q 2and q 3
B. find the components on X and Y axes .
C. Use Pythagorean theorem to find the resultant .
D. Use tangent to find the direction ( angle ) the resultant makes with horizontal.
q 3 q 1 q 2
2-A proton is released from rest between two conducting plates. The distance between the two plates is 6.0 cm how fast will the electron be moving reaches to the second plate. The potential difference between the two plates is 10 KV.
= 1.60 × 10-19C, m proton= 1.67 × 10-27kg)
Show formulas, substitution, and calculation with units.
-What are the currents in each resistor?
Voltage across the battery V = 12 volts
R1= 1?, R2= 2?, R3= 3?, R4= 4?, R5= 5?, R6= 6?,
4. In an RCseries circuit, V = 24.0 V, resistance R= 47 K?, and capacitance C= 2200 ?F.
Calculate the time constant.
Define time constant in a complete sentence.
C) How long does it take for the capacitor to reach to its 63% of its maximum charge?
d) How long does it take for the capacitor to reach to its 75% of it maximum charge?
e) How much charge can be stored in the capacitor after 50 seconds?
5. Find the electric potential of the following configuration at point P. The two short sides of the triangle are the same size = 23 cm.
Q1 = - 5600 nC
Q2 = - 2200 nC
Q1 Q2 p
F= K Q1Q2/ r2
E = K Q/ r2
V= K Q/ r
U or PE = Q V
KE = ½ m v2
R = R1+ R2+ ….
1/R = 1/R1+ 1/R2+….
FY F FX
FX= F Cos?
FY= F Sin?
F2= FX 2 + FY 2
Q = Qm ( 1/ e- t/ RC )
Q = C V
In: Physics