1. On Feb 1 2019, ABC Co. traded in an old piece of equipment that originally cost $32,000 with a salvage value of $2000 and a useful life of 5 years for a new upgraded model that had a cash price of $40,000. The company uses straight-line depreciation and the original equipment was purchased on Feb 1, 2015. (10 points) A) Prepare the journal entry to record the exchange under the assumption that a $5,000 trade-in allowance was received and the balance was paid in cash.(B) Prepare the journal entry to record the exchange under the assumption that instead of a $5,000 trade-in allowance, a $12,500 trade-in allowance was received and the balance was paid in cash.

(A) General Journal Debit Credit

(B) General Journal  

WEEK 1: Discussion Prompt #1 - For all organizations, especially public-traded companies, one of the main goals of the organization is to maximize the value of the firm. For part one of this discussion, discuss if maximizing the value of the firm is an appropriate goal. For part two, consider an organization’s CSR program. Does maximizing the value of the firm come at the cost of the CSR program? When forming your thoughts for part two, consider Apple and Microsoft. Apple is a company that does not have a rigorous CSR program. Instead, they focus on maximizing the most profits possible. On the other hand, Microsoft and Bill Gates is one of the most “giving” companies in the business world today. Which scenario is better for society and the organization?

On August 15, 2017, Jarvis Company issued 50,000 options on the shares of RBC (Royal Bank Corporation). Each option gives the option holder the right to buy one share of RBC at $60 per share until March 16, 2018. Jarvis received $25,000 for issuing these options. At the company’s year-end of December 31, 2017, the options contracts traded on the Montreal Exchange at $.40 per contract. On March 16, 2018, RBC shares closed at $58 per share, none of the options were exercised, so the options had to be removed and any gain or loss earned thus far reported.

Required:

Record all journal entries related to these call options.

Explain a sound control over revenue recognition in the process of making credit sales for a manufacturing company.

• Trends in EP
• Question: How changes tie to changes in company revenue, costs, and competitive strategy?

You have “volunteered” as an unpaid intern to keep the books for my company that sells hotdogs at the beach. I established the business on September 1 and officially started selling hotdogs 3 days later.

Below are the transactions for September.

September 1                 The owner contributed $20,000 to the business to start the operations.

September 2                 Purchased a fully equipped hotdog cart for $15,000. Paid $5,000 upfront and put the remainder of the balance on account.

September 3                 Purchased hotdogs, sodas and consumable supplies for $500.

September 3                 Purchased 3 months of advertising services from the HB Times newspaper for $300.

September 4                 Sold $200 worth of hot dogs to customers for cash.

September 5                 Sold $300 worth of hot dogs to customers for cash.

September 6                 Sold $100 worth of hotdogs the HBPD on account.

September 8                 The HB surfing contest company asked me to supply hotdogs for their contests and paid $600 in advance for a total of 6 contests.

September 9                 Hired a person to help with the surf contest sales. Paid that person $100 for services performed.

September 10               Purchased hotdogs, sodas and consumable supplies for $500.

September 12               Sold $200 worth of hot dogs to customers for cash.

September 18               The city of HB requested that you provide $500 worth of food for an event they are holding at the pier this coming weekend. The job was completed. The city of HB paid $200 and you billed the difference.

September 25               HBPD paid the balance on account due from September 6.

September 26               Received propane (utility) bill, $100, which was put on account.

September 30               Took out a small business loan from the bank for $15,000 to expand the business. The bank approved the loan due one year from today.

September 30               The owner withdrew $200 in the form of dividends.

Adjustments

1. Expired advertising.
2. Provided hotdogs for 3 surfing contests
3. Depreciation of hotdog cart, $300.

Instructions

1. Journalize all September transactions in the general journal. You may skip journal entry descriptions.
2. Post every journal entry recorded in #1 above to the general ledger. The first transaction on September 1 has been journalized in the general journal and posted to the general ledger as an example.

(27) The logical outcome of portfolio investment theory is that the expected rate of return for a stock ( will / will not ) contain a persistent risk premium for company specific factors:

(a) it will, as investors must be compensated for bearing investment risk regardless of its source

(b) it will not, as equilibrium expected returns should reflect only non-diversifiable stock market risk

1. A company produces electric motors for use in home appliances. One of the company’s production managers is interested in examining the relationship between the dollars spent per month in inspecting finished motor products (X) and the number of motors produced during that month that were returned by dissatisfied customers (Y). He has collected the data in the file P11_32.xlsx to explore this relationship for the past 36 months.

a. Estimate a simple linear regression equation using the given data.

If required, round your answers to three decimal places. For subtractive or negative numbers use a minus sign even if there is a + sign before the blank. (Example: -300)

Q1: The predicted change in number of motors returned that is associated with an increase of $1,000 in inspection expenditures: (_____________)

Kassidy Alba started The Alba Consulting Group, a new business that began operations on May 1, 2014. The Alba Consulting Group completed the following transactions during the month of May: May 1 K. Alba invested $80,000 cash in the business 1 Rented a furnished office and paid $4,000 cash for four month’s rent 3 Purchased $1,890 of office equipment on credit 3 Paid $5,000 cash for the premium on a 10-month insurance policy 5 Paid $250 cash for this month’s cleaning services 7 Paid $425 cash for office supplies 8 Provided consulting services for a client and immediately collected $5,400 cash 10 Purchased a used Toyota Camry for business use – paid $8,000 cash -the expected life of the vehicle is 4 years, with $800 salvage value 12 Provided $2,500 of consulting services for a client on credit 15 Paid $750 cash for an assistant’s salary for the first half of this month 20 Received $2,000 cash, partial payment for the services provided on May 12 22 Provided $3,200 of consulting services on credit 25 Received $1,200 cash, partial payment for the services provided on May 22 26 Paid $1,000 cash, partial payment for the office equipment purchased on May 3 27 Purchased $80 of advertising for May in the Grandview Herald and paid cash 28 Paid $750 cash for an assistants salary for the second half of the month 28 Provided $3,500 of consulting services - collected $1,000 cash, the balance on credit 30 Paid $300 cash for this month’s telephone bill 30 Paid $280 cash for this month’s utilities 31 Alba withdrew $1,400 cash for personal use Chart of Accounts: Cash Accounts Payable* Office Supplies Expense Office Equipment K. Alba, Capital Cleaning Expense Vehicle – Toyota Camry K. Alba, Withdrawals Telephone Expense Accumulated Depreciation – Vehicle Consulting Services Revenue Utilities Expense Office Supplies Salaries Expense Advertising Expense Accounts Receivable* Depreciation Expense Income Summary Prepaid Insurance Insurance Expense Prepaid Rent Rent Expense *For this exercise, post all transactions from customers to the account receivable ledger account; post all transactions on credit to the accounts payable account. 1. Prepare journal entries for the above transactions for the month of May. 2. Open general ledger accounts for the above accounts. 3. Post the journal entries to the general ledger. 4. Prepare an unadjusted trial balance. 5. Do adjusting entries (rent, depreciation, insurance and office supplies) for the month of May. During the month of May, the business used $125 in Office Supplies 6. Prepare an adjusted trial balance. 7. Prepare an Income Statement, Statement of Owner’s Equity, and Balance Sheet for the Month of May. 8. Do closing entries (revenue, expense to income summary, income summary and withdrawals to owner’s equity). 9. Prepare a post-closing trial balance. Check Figures: Ending Cash Balance $67,365 Unadjusted Trial Balance $95,490 Adjusted Trial Balance $95,640 Net Income $10,415 Posting Closing Trial Balance $90,055 I just need help with Questions 5 - 8 please.

The frequency distribution below shows the monthly expenditure on gasoline for a sample of 14 individuals.

#1a). Compute the coefficient of variation.

#1b) The prior probabilities for events A1 and A2 are P (A1) = .40 and P (A2) = .60. It is also known that P (A1 n A2) = 0. Suppose P (B | A1) = .20 and P (B | A2) = .05.

#1bi). Are A1 and A2 mutually exclusive? Explain?

#1bii). Compute P(A1 n B) and P(A2 n B)