Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions listed below, how much income should each report from SleepEZ for 2016 under both the daily allocation and the specific identification allocation method? Refer to the following table for the timing of SleepEZ’s income.

(Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.)

a. There are no sales of SleepEZ stock during the year.

b. On April 19, 2016, Blinkin sells his shares to Nod.

c. On April 19, 2016, Winkin and Nod each sell their shares to Blinkin.

On July 1, 2016, Merideth Industries Inc. issued $43,200,000 of 10-year, 11% bonds at a market (effective) interest rate of 12%, receiving cash of $40,722,290. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Required: 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1, 2016.* 2. Journalize the entries to record the following:* a. The first semiannual interest payment on December 31, 2016, and the amortization of the bond discount, using the straight-line method. (Round to the nearest dollar.) b. The interest payment on June 30, 2017, and the amortization of the bond discount, using the straight-line method. (Round to the nearest dollar.) 3. Determine the total interest expense for 2016. 4. Will the bond proceeds always be less than the face amount of the bonds when the contract rate is less than the market rate of interest? 5. Compute the price of $40,722,290 received for the bonds by using the tables shown in Present Value Tables. (Round to the nearest dollar.) *Be sure to include the year in the date for the entries. Refer to the Chart of Accounts for exact wording of account titles.

Edgar Corporation was authorized to issue 100,000 shares of $8 par common stock and 50,000 shares of $80 par, 4 percent, cumulative preferred stock. Edgar Corporation completed the following transactions during its first two years of operation:

2016

Jan. 2 Issued 25,000 shares of $8 par common stock for $10 per share.

Jan. 15 Issued 2,000 shares of $80 par preferred stock for $90 per share.

Feb. 14 Issued 20,000 shares of $8 par common stock for $12 per share.

Dec. 31 During the year, earned $280,000 of cash revenues and paid $165,000 of cash operating expenses.

Dec. 31 Declard the cash dividend on outstanding shares of preferred stock for 2016. The dividend will be paid on January 31 to stockholders of record on January 15, 2017.

Dec. 31 Closed revenue, expense, and dividend accounts to the retained earnings account.

REQUIRED

a. Prepare a journal entry for the transaction of 2016 and post them to T-accounts.

b. Prepare the stockholders equity section of the balance sheet at December 31, 2016.

Garcia Co. has the following available-for-sale securities outstanding on December 31, 2016 (its first year of operations).

Cost Fair Value

Rossi Corp. Stock $20,000 $19,000

Barker Company Stock 9,500 8,800

Boliva Company Stock 20,000 20,600

$49,500 $48,400

During 2017, Barker Company stock was sold for $9,200, the difference between the $9,200 and the “fair value” of $8,800 being recorded as a “Gain on Sale of Investments.” The market price of the stock on December 31, 2017, was: Rossi Corp. stock $19,900; Boliva Company stock $20,500. Garcia has not early adopted ASU 2016-01,

Required:

Briefly explain ASU 2016-01. What justification is there for valuing available-for-sale securities at fair value and reporting the unrealized gain or loss as part of stockholders' equity?

How should Garcia Company apply this rule on December 31, 2016? Explain.

Did Garcia Company properly account for the sale of the Barker Company stock? Explain.

Are there any additional entries necessary for Garcia Company at December 31, 2017, to reflect the facts on the financial statements in accordance with generally accepted accounting principles? Explain.

National Orthopedics Co. issued 8% bonds, dated January 1, with a face amount of $600,000 on January 1, 2016. The bonds mature on December 31, 2019 (4 years). For bonds of similar risk and maturity the market yield was 12%. Interest is paid semiannually on June 30 and December 31. (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 price of the bonds at January 1, 2016. 2. Prepare the journal entry to record their issuance by National on January 1, 2016. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 3. Prepare an amortization schedule that determines interest at the effective rate each period. 4. Prepare the journal entry to record interest on June 30, 2016. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 5. Prepare the appropriate journal entries at maturity on December 31, 2019. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

At year-end 2016, total assets for Arrington Inc. were $1.8 million and accounts payable were $335,000. Sales, which in 2016 were $2.2 million, are expected to increase by 20% in 2017. Total assets and accounts payable are proportional to sales, and that relationship will be maintained; that is, they will grow at the same rate as sales. Arrington typically uses no current liabilities other than accounts payable. Common stock amounted to $380,000 in 2016, and retained earnings were $225,000. Arrington plans to sell new common stock in the amount of $160,000. The firm's profit margin on sales is 7%; 45% of earnings will be retained.

1. What were Arrington's total liabilities in 2016? Write out your answer completely. For example, 25 million should be entered as 25,000,000. Round your answer to the nearest cent.
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2. 
   
3. How much new long-term debt financing will be needed in 2017? Write out your answer completely. For example, 25 million should be entered as 25,000,000. Do not round your intermediate calculations. Round your answer to the nearest cent. (Hint: AFN - New stock = New long-term debt.)  
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****PLEASE LABEL ANSWERS VERY CLEARLY*****

The​ All-State Mutual Fund has the following​ 5-year record of​ performance:
    2016   2015   2014   2013   2012
Net investment income   0.95   0.91   0.83   0.71   0.66
Dividends from net investment income   (0.93)   (0.85)   (0.87)   (0.71)   (0.60)
Net realized and unrealized gains (or losses) on security transactions   4.24   5.15   (2.11)   2.75   (1.06)
Distributions from realized gains   (1.01)   (1.09)   0.00   (1.03)   0.00
Net increase (decrease) in NAV   3.25   4.12   (2.15)   1.72   (1.00)
NAV at beginning of year   12.76   8.64   10.79   9.07   10.07
NAV at end of year   16.01   12.76   8.64   10.79   9.07

This​ no-load fund's​ 5-year ​(2012-2016​) average annual compound rate of return is ??%. ​(Round to two decimal​ places.)
This​ no-load fund's​ 3-year ​(2014-2016​) average annual compound rate of return is ??%. ​(Round to two decimal​ places.)
If an investor bought the fund in 2012 at ​$10.07 a share and sold it 5 years later​ (in 2016​) at ​1$6.01 ​, the total profit per share she would have made over the​ 5-year holding period is ​$??

AFN equation

Broussard Skateboard's sales are expected to increase by 15% from $7.0 million in 2016 to $8.05 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 5%, and the forecasted payout ratio is 70%.

1. What would be the additional funds needed? Do not round intermediate calculations. Round your answer to the nearest dollar.
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2. Assume that an otherwise identical firm had $5 million in total assets at the end of 2016. The identical firm's capital intensity ratio (A₀*/S₀) is

-Select- 1. higher than    2. lower than 3.equal to

than Broussard's; therefore,

3. the identical firm is

-Select- 1.less    2. more 3. the same capital intensive -

4. it would require

-Select- 1. a smaller    2. a larger 3. the same increase in total assets to support the increase in sales.

At year-end 2016, total assets for Arrington Inc. were $1.8 million and accounts payable were $325,000. Sales, which in 2016 were $2.4 million, are expected to increase by 15% in 2017. Total assets and accounts payable are proportional to sales, and that relationship will be maintained; that is, they will grow at the same rate as sales. Arrington typically uses no current liabilities other than accounts payable. Common stock amounted to $445,000 in 2016, and retained earnings were $260,000. Arrington plans to sell new common stock in the amount of $65,000. The firm's profit margin on sales is 4%; 40% of earnings will be retained.

What were Arrington's total liabilities in 2016? Write out your answer completely. For example, 25 million should be entered as 25,000,000. Round your answer to the nearest cent.
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How much new long-term debt financing will be needed in 2017? Write out your answer completely. For example, 25 million should be entered as 25,000,000. Do not round your intermediate calculations. Round your answer to the nearest cent. (Hint: AFN - New stock = New long-term debt.)
$

LONG-TERM FINANCING NEEDED

At year-end 2016, total assets for Arrington Inc. were $1.6 million and accounts payable were $330,000. Sales, which in 2016 were $3 million, are expected to increase by 30% in 2017. Total assets and accounts payable are proportional to sales, and that relationship will be maintained; that is, they will grow at the same rate as sales. Arrington typically uses no current liabilities other than accounts payable. Common stock amounted to $445,000 in 2016, and retained earnings were $335,000. Arrington plans to sell new common stock in the amount of $195,000. The firm's profit margin on sales is 6%; 35% of earnings will be retained.

a. What were Arrington's total liabilities in 2016? Write out your answer completely. For example, 25 million should be entered as 25,000,000. Round your answer to the nearest cent.

b. How much new long-term debt financing will be needed in 2017? Write out your answer completely. For example, 25 million should be entered as 25,000,000. Do not round your intermediate calculations. Round your answer to the nearest cent. (Hint: AFN - New stock = New long-term debt.)