Questions
31-Dec-17 31-Dec-16 Accounts receivable (net) 275,000 196,500 Accumulated Depreciation 300,000 200,000 Additional Paid in Capital-Common 600,000...
| 31-Dec-17 | 31-Dec-16 | |
| Accounts receivable (net) | 275,000 | 196,500 |
| Accumulated Depreciation | 300,000 | 200,000 |
| Additional Paid in Capital-Common | 600,000 | 400,000 |
| Administrative expenses | 371,000 | 475,000 |
| Bond payable, 10% due 2025 | 500,000 | 500,000 |
| Cash | 162,000 | 120,000 |
| Common stock, $2 par | 200,000 | 100,000 |
| Cost of goods sold | 1,550,000 | 1,420,500 |
| Current liabilities | 267,000 | 268,000 |
| Depreciation Expense | 100,000 | 100,000 |
| Dividends on common stock | 40,000 | 40,000 |
| Dividends on preferred stock | 12,500 | 12,500 |
| Gain on Sale of Land | 125,000 | 0 |
| Income tax expense | 168,000 | 118,750 |
| Inventories | 417,000 | 132,500 |
| Long-term investments | 299,500 | 250,000 |
| Temporary Investments | 387,000 | 67,500 |
| Mortgage note payable, 9%, due 2030 | 600,000 | 0 |
| Other expense (interest) | 98,000 | 50,000 |
| Other income | 48,000 | 47,500 |
| Preferred $2.00 stock, $50 par | 500,000 | 500,000 |
| Prepaid expenses | 27,500 | 30,000 |
| Property, plant, and equipment | 2,775,000 | 2,100,000 |
| Retained earnings, 1/1 | 928,500 | 781,500 |
| Sales | 3,415,000 | 3,062,500 |
| Sales returns and allowances | 35,000 | 22,500 |
| Selling expenses | 726,000 | 723,750 |
| Treasury Stock | 40,000 | 0 |
| In addition to the information above, you also need to know the following: | ||
| 1) The long-term investments were purchased at cost. | ||
| 2) The land that was sold had originally cost $325,000 and was sold for $490,000 Cash, | ||
| 3) Treasury Stock, 5000 shares, were purchased in 2017 for $40,000 | ||
|
4) 20,000 shares of common stock were issued in 2017 at a price of $15 per share Create a Balance Sheet for the end of each year |
||
In: Accounting
Two airplanes are flying in the same direction in adjacent parallel corridors. At time t =...
Two airplanes are flying in the same direction in adjacent parallel corridors. At time t = 0, the first airplane is 10 km ahead of the second one. Suppose the speed of the first plane (km/hr) is normally distributed with mean 550 and standard deviation 9 and the second plane's speed is also normally distributed with mean and standard deviation 535 and 9, respectively.
a) What is the probability that after 2 hr of flying, the second plane has not caught up to the first plane? (Round your answer to four decimal places.)
b) Determine the probability that the planes are separated by at most 10 km after 2 hr. (Round your answer to four decimal places.)
In: Math
Two airplanes are flying in the same direction in adjacent parallel corridors. At time t = 0, the...
Two airplanes are flying in the same direction in adjacent parallel corridors. At time t = 0, the first airplane is 10 km ahead of the second one. Suppose the speed of the first plane (km/hr) is normally distributed with mean 535 and standard deviation 9 and the second plane's speed is also normally distributed with mean and standard deviation 510 and 9, respectively.
(a) What is the probability that after 2 hr of flying, the second plane has not caught up to the first plane? (Round your answer to four decimal places.)
(b) Determine the probability that the planes are separated by at most 10 km after 2 hr. (Round your answer to four decimal places.)
In: Math
Which of the following statements are TRUE for first-order analyses of NMR spectra (the type of...
Which of the following statements are TRUE for first-order analyses of NMR spectra (the type of analysis most commonly done). True False The peak multiplicity in a proton spectrum is (n+1), where n is the number of adjacent, equivalent hydrogens. True False The difference in absorption frequency is equal to or less than 6 J. True False Carbon-13, an NMR-active nucleus, has a nuclear spin quantum number of 0. True False The spin-multiplicity of the proton NMR absorption of the methyl group in ethanol-OD is 4. True False First-order multiplets are symmetrical, and their chemical shift is given by the position of the first peak in the multiplet. |
In: Chemistry
The projected balance of accounts payable at the end of the first year of operation is?
A family friend, Mr. Burn Out availed of the early retirement scheme offered by his employer. He said that he was already tired of the same routine of spending eight full hours in an office doing the same thing for the last twenty years.
Mr. Burn Out plans to get into the field of entrepreneurship. He would invest part of his retirement pay in a business that would deal with the sale of medical supplies to local clinics and hospitals.
When Mr. Burn Out learned that you are an accountant, he confessed that he is excited with his planned investment project, but very much afraid because he cannot afford to fail and lose his hard-earned retirement pay.
You advised that a Feasibility Study be prepared for his planned investment project. The study, you said, would determine the viability of his proposed business undertaking. it would cover key areas, such as marketing, production or purchasing, and finance, among others. You emphasized that the financial aspect is the most critical of them all.
Mr. Burn Out requested you to prepare a feasibility study for his proposed business. You immediately started and gathered the following relevant data.
1. Projected sales for the first year of operations are $288,000, spread evenly during the year. All sales will be on account with an average collection period of one month.
2. The cost ratio will be 60% of sales.
3. At the end of the first year, the acid-test ratio will be 1:1, while the current ratio will be 2:1.
4. Once the business is underway, purchases will replace the stock sold each month. The average payment period for accounts payable arising from the purchases of merchandise will be two (2) months.
5. Mr. Burn Out will open an account with the nearest bank and deposit $260,000 to start the business.
6. Various fixed assets will be acquired for cash at a total cost of $240,000. These fixed assets will be depreciated at the rate of 10% per year using the straight-line method.
7. Operating expenses, other than depreciation, are estimated at $70,000 per year. There will be no accruals and prepayment at year-end.
8. Mr. Burn Out will make drawings in excess of the amount necessary to meet the above plans.
Question: The projected balance of accounts payable at the end of the first year of operation is?
In: Accounting
The projected balance of accounts receivable at the end of the first year of operations is?
A family friend, Mr. Burn Out availed of the early retirement scheme offered by his employer. He said that he was already tired of the same routine of spending eight full hours in an office doing the same thing for the last twenty years.
Mr. Burn Out plans to get into the field of entrepreneurship. He would invest part of his retirement pay in a business that would deal with the sale of medical supplies to local clinics and hospitals.
When Mr. Burn Out learned that you are an accountant, he confessed that he is excited with his planned investment project, but very much afraid because he cannot afford to fail and lose his hard-earned retirement pay.
You advised that a Feasibility Study be prepared for his planned investment project. The study, you said, would determine the viability of his proposed business undertaking. it would cover key areas, such as marketing, production or purchasing, and finance, among others. You emphasized that the financial aspect is the most critical of them all.
Mr. Burn Out requested you to prepare a feasibility study for his proposed business. You immediately started and gathered the following relevant data.
1. Projected sales for the first year of operations are $288,000, spread evenly during the year. All sales will be on account with an average collection period of one month.
2. The cost ratio will be 60% of sales.
3. At the end of the first year, the acid-test ratio will be 1:1, while the current ratio will be 2:1.
4. Once the business is underway, purchases will replace the stock sold each month. The average payment period for accounts payable arising from the purchases of merchandise will be two (2) months.
5. Mr. Burn Out will open an account with the nearest bank and deposit $260,000 to start the business.
6. Various fixed assets will be acquired for cash at a total cost of $240,000. These fixed assets will be depreciated at the rate of 10% per year using the straight-line method.
7. Operating expenses, other than depreciation, are estimated at $70,000 per year. There will be no accruals and prepayment at year-end.
8. Mr. Burn Out will make drawings in excess of the amount necessary to meet the above plans.
Question: The projected balance of accounts receivable at the end of the first year of operations is?
In: Accounting
In the first year of operations, Mr. Burn Out's drawings will amount to?
A family friend, Mr. Burn Out availed of the early retirement scheme offered by his employer. He said that he was already tired of the same routine of spending eight full hours in an office doing the same thing for the last twenty years.
Mr. Burn Out plans to get into the field of entrepreneurship. He would invest part of his retirement pay in a business that would deal with the sale of medical supplies to local clinics and hospitals.
When Mr. Burn Out learned that you are an accountant, he confessed that he is excited with his planned investment project, but very much afraid because he cannot afford to fail and lose his hard-earned retirement pay.
You advised that a Feasibility Study be prepared for his planned investment project. The study, you said, would determine the viability of his proposed business undertaking. it would cover key areas, such as marketing, production or purchasing, and finance, among others. You emphasized that the financial aspect is the most critical of them all.
Mr. Burn Out requested you to prepare a feasibility study for his proposed business. You immediately started and gathered the following relevant data.
1. Projected sales for the first year of operations are $288,000, spread evenly during the year. All sales will be on account with an average collection period of one month.
2. The cost ratio will be 60% of sales.
3. At the end of the first year, the acid-test ratio will be 1:1, while the current ratio will be 2:1.
4. Once the business is underway, purchases will replace the stock sold each month. The average payment period for accounts payable arising from the purchases of merchandise will be two (2) months.
5. Mr. Burn Out will open an account with the nearest bank and deposit $260,000 to start the business.
6. Various fixed assets will be acquired for cash at a total cost of $240,000. These fixed assets will be depreciated at the rate of 10% per year using the straight-line method.
7. Operating expenses, other than depreciation, are estimated at $70,000 per year. There will be no accruals and prepayment at year-end.
8. Mr. Burn Out will make drawings in excess of the amount necessary to meet the above plans.
Question: In the first year of operations, Mr. Burn Out's drawings will amount to?
In: Accounting
The projected balance sheet as of the end of the first year of operations will show an owners' equity balance of?
A family friend, Mr. Burn Out availed of the early retirement scheme offered by his employer. He said that he was already tired of the same routine of spending eight full hours in an office doing the same thing for the last twenty years.
Mr. Burn Out plans to get into the field of entrepreneurship. He would invest part of his retirement pay in a business that would deal with the sale of medical supplies to local clinics and hospitals.
When Mr. Burn Out learned that you are an accountant, he confessed that he is excited with his planned investment project, but very much afraid because he cannot afford to fail and lose his hard-earned retirement pay.
You advised that a Feasibility Study be prepared for his planned investment project. The study, you said, would determine the viability of his proposed business undertaking. it would cover key areas, such as marketing, production or purchasing, and finance, among others. You emphasized that the financial aspect is the most critical of them all.
Mr. Burn Out requested you to prepare a feasibility study for his proposed business. You immediately started and gathered the following relevant data.
1. Projected sales for the first year of operations are $288,000, spread evenly during the year. All sales will be on account with an average collection period of one month.
2. The cost ratio will be 60% of sales.
3. At the end of the first year, the acid-test ratio will be 1:1, while the current ratio will be 2:1.
4. Once the business is underway, purchases will replace the stock sold each month. The average payment period for accounts payable arising from the purchases of merchandise will be two (2) months.
5. Mr. Burn Out will open an account with the nearest bank and deposit $260,000 to start the business.
6. Various fixed assets will be acquired for cash at a total cost of $240,000. These fixed assets will be depreciated at the rate of 10% per year using the straight-line method.
7. Operating expenses, other than depreciation, are estimated at $70,000 per year. There will be no accruals and prepayment at year-end.
8. Mr. Burn Out will make drawings in excess of the amount necessary to meet the above plans.
Question: The projected balance sheet as of the end of the first year of operations will show an owners' equity balance of?
In: Accounting
What is the projected cash balance at the end of the first year of operations?
A family friend, Mr. Burn Out availed of the early retirement scheme offered by his employer. He said that he was already tired of the same routine of spending eight full hours in an office doing the same thing for the last twenty years.
Mr. Burn Out plans to get into the field of entrepreneurship. He would invest part of his retirement pay in a business that would deal with the sale of medical supplies to local clinics and hospitals.
When Mr. Burn Out learned that you are an accountant, he confessed that he is excited with his planned investment project, but very much afraid because he cannot afford to fail and lose his hard-earned retirement pay.
You advised that a Feasibility Study be prepared for his planned investment project. The study, you said, would determine the viability of his proposed business undertaking. it would cover key areas, such as marketing, production or purchasing, and finance, among others. You emphasized that the financial aspect is the most critical of them all.
Mr. Burn Out requested you to prepare a feasibility study for his proposed business. You immediately started and gathered the following relevant data.
1. Projected sales for the first year of operations are $288,000, spread evenly during the year. All sales will be on account with an average collection period of one month.
2. The cost ratio will be 60% of sales.
3. At the end of the first year, the acid-test ratio will be 1:1, while the current ratio will be 2:1.
4. Once the business is underway, purchases will replace the stock sold each month. The average payment period for accounts payable arising from the purchases of merchandise will be two (2) months.
5. Mr. Burn Out will open an account with the nearest bank and deposit $260,000 to start the business.
6. Various fixed assets will be acquired for cash at a total cost of $240,000. These fixed assets will be depreciated at the rate of 10% per year using the straight-line method.
7. Operating expenses, other than depreciation, are estimated at $70,000 per year. There will be no accruals and prepayment at year-end.
8. Mr. Burn Out will make drawings in excess of the amount necessary to meet the above plans.
Question: What is the projected cash balance at the end of the first year of operations?
In: Accounting
As of the end of the first year of operations, the projected total current assets is?
A family friend, Mr. Burn Out availed of the early retirement scheme offered by his employer. He said that he was already tired of the same routine of spending eight full hours in an office doing the same thing for the last twenty years.
Mr. Burn Out plans to get into the field of entrepreneurship. He would invest part of his retirement pay in a business that would deal with the sale of medical supplies to local clinics and hospitals.
When Mr. Burn Out learned that you are an accountant, he confessed that he is excited with his planned investment project, but very much afraid because he cannot afford to fail and lose his hard-earned retirement pay.
You advised that a Feasibility Study be prepared for his planned investment project. The study, you said, would determine the viability of his proposed business undertaking. it would cover key areas, such as marketing, production or purchasing, and finance, among others. You emphasized that the financial aspect is the most critical of them all.
Mr. Burn Out requested you to prepare a feasibility study for his proposed business. You immediately started and gathered the following relevant data.
1. Projected sales for the first year of operations are $288,000, spread evenly during the year. All sales will be on account with an average collection period of one month.
2. The cost ratio will be 60% of sales.
3. At the end of the first year, the acid-test ratio will be 1:1, while the current ratio will be 2:1.
4. Once the business is underway, purchases will replace the stock sold each month. The average payment period for accounts payable arising from the purchases of merchandise will be two (2) months.
5. Mr. Burn Out will open an account with the nearest bank and deposit $260,000 to start the business.
6. Various fixed assets will be acquired for cash at a total cost of $240,000. These fixed assets will be depreciated at the rate of 10% per year using the straight-line method.
7. Operating expenses, other than depreciation, are estimated at $70,000 per year. There will be no accruals and prepayment at year-end.
8. Mr. Burn Out will make drawings in excess of the amount necessary to meet the above plans.
Question: As of the end of the first year of operations, the projected total current assets is?
In: Accounting