Ensure that you:
Select and use appropriate verbal and non-verbal communication
Recognise situations where misunderstandings may arise from diversity and form appropriate responses
SCENARIO
Nelson is a young Indigenous worker who feels extremely challenged and anxious when confronted by direct questioning. He has done very well at TAFE, but on attending a job interview the style of questioning made him feel uncomfortable and he found difficulty answering questions about his skills and experience.
It was only the skills of the interviewer that turned the questions around into a more relaxed interchange. This allowed Nelson to express his ideas and demonstrate his skills.
In: Nursing
In: Statistics and Probability
P18.8 (LO 2, 3) (Time Value, Gift Cards, Discounts) Presented below are two independent revenue arrangements for Colbert Company.
Instructions
Respond to the requirements related to each revenue
arrangement.
a. Colbert sells 3D printer systems. Recently, Colbert provided a special promotion of zero-interest financing for 2 years on any new 3D printer system. Assume that Colbert sells Lyle Cartright a 3D system, receiving a $5,000 zero-interest-bearing note on January 1, 2020. The cost of the 3D printer system is $4,000. Colbert imputes a 6% interest rate on this zero-interest note transaction. Prepare the journal entry to record the sale on January 1, 2020, and compute the total amount of revenue to be recognized in 2020.
b. Colbert sells 20 nonrefundable $100 gift cards for 3D printer paper on March 1, 2020. The paper has a standalone selling price of $100 (cost $80). The gift cards expiration date is June 30, 2020. Colbert estimates that customers will not redeem 10% of these gift cards. The pattern of redemption is as follows.
Redemption Total
March 31
50%
April 30
80%
June 30
85%
Prepare the 2020 journal entries related to the gift cards at March
1, March 31, April 30, and June 30.
In: Accounting
Flint Inc. uses a calendar year for financial reporting. The company is authorized to issue 9,000,000 shares of $12 par common stock. At no time has Flint issued any potentially dilutive securities. Listed below is a summary of Flint’s common stock activities. 1. Number of common shares issued and outstanding at December 31, 2018 2,160,000 2. Shares issued as a result of a 12% stock dividend on September 30, 2019 259,200 3. Shares issued for cash on March 31, 2020 2,190,000 Number of common shares issued and outstanding at December 31, 2020 4,609,200 4. A 2-for-1 stock split of Flint’s common stock took place on March 31, 2021.
Compute the weighted-average number of common shares used in
computing earnings per common share for 2019 on the 2020
comparative income statement.
|
shares |
Compute the weighted-average number of common shares used in
computing earnings per common share for 2020 on the 2020
comparative income statement.
| shares |
Compute the weighted-average number of common shares to be used
in computing earnings per common share for 2020 on the 2021
comparative income statement.
|
shares |
Compute the weighted-average number of common shares to be used
in computing earnings per common share for 2021 on the 2021
comparative income statement.
| shares |
In: Accounting
Lester Company processes a raw material called Wizon until the splitoff point were it becomes products X, Y, and Z. Product X is sold at the splitoff point with no further processing. Products Y and Z require further processing to finish them before they can be sold. The following is a summary of costs and other related data for the year ending December 31, 2020.
Joint costs before the splitoff point $240,000
Separable Joint costs after splitoff to complete “Y” $132,000
Separable costs after splitoff to complete “Z” $228,000
product X Y Z
Litres processed 60,000 60,000 120,000
Selling price per litre $1.50 $3.20 $3.15
There were no inventories on hand January 1, 2020, and there was no Wizon on hand on December 31, 2020. All units of X, Y, and Z on hand at year end were complete as to processing.
REQUIRED:
1. Allocate the total joint costs to products X, Y, and Z using the net realizable value method.
2. Calculate the full cost of producing one unit of each of X, Y, and Z
.3. For each product (X, Y, and Z) calculate the dollar value of the cost of goods sold for 2020 and the ending inventory dollar value at December 31, 2020. Assume that 40,000 units of X, 60,000 units of Y, and 90,000 units of Z were sold during 2020.
In: Accounting
Exercise 16-15
Nash Inc. uses a calendar year for financial reporting. The
company is authorized to issue 8,880,000 shares of $12 par common
stock. At no time has Nash issued any potentially dilutive
securities. Listed below is a summary of Nash’s common stock
activities.
| 1. | Number of common shares issued and outstanding at December 31, 2018 |
2,090,000 |
||
| 2. | Shares issued as a result of a 12% stock dividend on September 30, 2019 |
250,800 |
||
| 3. | Shares issued for cash on March 31, 2020 |
2,170,000 |
||
| Number of common shares issued and outstanding at December 31, 2020 |
4,510,800 |
|||
| 4. | A 2-for-1 stock split of Nash’s common stock took place on March 31, 2021 |
a.) Compute the weighted-average number of common shares used in computing earnings per common share for 2019 on the 2020 comparative income statement.
b.) Compute the weighted-average number of common shares used in computing earnings per common share for 2020 on the 2020 comparative income statement.
c.) Compute the weighted-average number of common shares to be used in computing earnings per common share for 2020 on the 2021 comparative income statement.
d.) Compute the weighted-average number of common shares to be used in computing earnings per common share for 2021 on the 2021 comparative income statement.
In: Accounting
Marin Inc. uses a calendar year for financial reporting. The company is authorized to issue 8,610,000 shares of $10 par common stock. At no time has Marin issued any potentially dilutive securities. Listed below is a summary of Marin’s common stock activities.
| 1. | Number of common shares issued and outstanding at December 31, 2018 |
1,920,000 |
||
| 2. | Shares issued as a result of a 10% stock dividend on September 30, 2019 |
192,000 |
||
| 3. | Shares issued for cash on March 31, 2020 |
2,060,000 |
||
| Number of common shares issued and outstanding at December 31, 2020 |
4,172,000 |
|||
| 4. | A 2-for-1 stock split of Marin’s common stock took place on March 31, 2021 |
Compute the weighted-average number of common shares used in computing earnings per common share for 2019 on the 2020 comparative income statement.
| shares |
eTextbook and Media
Compute the weighted-average number of common shares used in computing earnings per common share for 2020 on the 2020 comparative income statement.
| shares |
eTextbook and Media
Compute the weighted-average number of common shares to be used in computing earnings per common share for 2020 on the 2021 comparative income statement.
| shares |
eTextbook and Media
Compute the weighted-average number of common shares to be used in computing earnings per common share for 2021 on the 2021 comparative income statement.
| shares |
In: Accounting
Sunland Corporation hired a total of 18 new full-time employees on January 1, 2020. The employees are paid $770 per week, and no changes in this pay are expected for the following year. Each employee earns three weeks of vacation time during 2020, but no new employees take any vacation time during 2020, due to Sunland's company policy that vacations must be earned before they are taken. In 2021, 4 new employees took three weeks of vacation time, and 8 new employees took two weeks' vacation time.
Prepare the journal entry at the end of December, 2020, to record the vacation time earned by the new employees. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Account Titles and Explanation Debit Credit
Prepare the journal entry in 2021 to record the payment of the vacation time. (Assume that only new employees have outstanding vacation at the end of 2020, all other employees used their vacation allotment by the end of 2020). (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Account Titles and Explanation Debit Credit
In: Finance
E16.5 NEWTON INC USES A CALENDAR YEAR FOR FINANCIAL REPORTING. THE COMPANY IS AUTHORIZED TO ISSUE 9,000,000 SHARES OF 10 PAR COMMON STOCK. AT NO TIME HAS NEWTON ISSUED ANY POTENTIALLY DILUTIVE SECURITIES. LISTED BELOW IS A SUMMARY OF NEWTON'S COMMON STOCK ACTIVITIES
1.NUMBER OF COMMON SHARES ISSUED AND OUTSTANDING AT DECEMBER 31 2018 2,000,000
2. SHARES ISSUED AS A RESULT OF 10% STOCK DIVIDEND ON SEPTEMBER 30 2019. 200,000
3. SHARES ISSUED FOR CASH ON MARCH 31 2020 2,000,000
NUMBER OF COMMON SHARES ISSUED AND OUTSTANDING AT DECEMBER 31 2020 4,200,000
4. A 2-FOR-1 STOCK SPLIT OF NEWTON'S COMMON STOCK TOOK PLACE ON. MARCH 31 2021
A. COMPUTE THE WEIGHTED-AVERAGE OF COMMON SHARES USED IN COMPUTING EARNINGS PER COMMON SHAREFOR 2019 ON THE 2020. COMPARATIVE INCOME STATEMENT
B. COMPUTE THE WEIGHTED AVERAGE NUMBER OF COMMON SHARES USED IN COMPUTING EARNINGS PER COMMON SHARE FOR 2020 ON THE 2020 COMPARATIVE INCOME STATEMENT
C. COMPUTE THE WEIGHTED AVERAGE NUMBER OF COMMON SHARES TO BE USED IN COMPUTING EARNINGS PER COMMON SHARE FOR 2020 ON THE 2021 COMPARATIVE INCOME STATEMENT
D. COMPUTE THE WEIGHTED AVERAGE NUMBER OF COMMON SHARES TO BE USED IN COMPUTING EARNINGS OER COMMON SHARE FOR 2021 ON THE 2021 COMPARATIVE INCOME STATEMENT
In: Accounting
The following information is available from the audited financial statements of Molson Coors Brewing Company and Big Rock Breweries Income Trust for their recent year ends.
Molson/Coors
(in millions of US dollars) Big Rock Breweries
(in thousands of Cdn dollars)
Net Sales $ 5,844 $ 38,701
Profit $ 373 $ 8,380
Total assets, ending $ 11,603 $ 42,170
Total assets, beginning $ 11,799 $ 41,786
Instructions:
a) Calculate both companies' asset turnover and return
on assets ratios.
b) Compare the companies' effectiveness in using their assets to
produce sales and profit.
In: Accounting