1a) What is the difference between renewable and nonrenewable energy?
1b) Do current price signals suggest that non-renewable resources are close to depletion?
1c) How can taxes be used to promote renewable energy? What non-tax policies can be used to promote renewable energy?
In: Economics
The Hb O2 binding curve provides an excellent example of the principle that living systems operate on the basis of weak non covalent interactions. Starting with the curve itself, explain how processes involving weak non covalent interactions within the structure of Hb are responsible for the sigmoid O2 binding curve.
In: Biology
Financial statements for Baird Company follow.
| BAIRD COMPANY | |||||||
| Balance Sheets As of December 31 |
|||||||
| 2019 | 2018 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash | $ | 17,000 | $ | 13,000 | |||
| Marketable securities | 20,200 | 6,200 | |||||
| Accounts receivable (net) | 43,000 | 35,000 | |||||
| Inventories | 128,000 | 136,000 | |||||
| Prepaid items | 27,000 | 12,000 | |||||
| Total current assets | 235,200 | 202,200 | |||||
| Investments | 32,000 | 25,000 | |||||
| Plant (net) | 265,000 | 250,000 | |||||
| Land | 28,000 | 23,000 | |||||
| Total assets | $ | 560,200 | $ | 500,200 | |||
| Liabilities and Stockholders’ Equity | |||||||
| Liabilities | |||||||
| Current liabilities | |||||||
| Notes payable | $ | 18,800 | $ | 12,500 | |||
| Accounts payable | 113,800 | 100,000 | |||||
| Salaries payable | 23,000 | 17,000 | |||||
| Total current liabilities | 155,600 | 129,500 | |||||
| Noncurrent liabilities | |||||||
| Bonds payable | 120,000 | 120,000 | |||||
| Other | 26,000 | 21,000 | |||||
| Total noncurrent liabilities | 146,000 | 141,000 | |||||
| Total liabilities | 301,600 | 270,500 | |||||
| Stockholders’ equity | |||||||
| Preferred stock, (par value $10, 4% cumulative, non-participating; 7,000 shares authorized and issued) | 70,000 | 70,000 | |||||
| Common stock (no par; 50,000 shares authorized; 10,000 shares issued) | 70,000 | 70,000 | |||||
| Retained earnings | 118,600 | 89,700 | |||||
| Total stockholders’ equity | 258,600 | 229,700 | |||||
| Total liabilities and stockholders’ equity | $ | 560,200 | $ | 500,200 | |||
| BAIRD COMPANY | |||||||
| Statements of Income and Retained Earnings For the Years Ended December 31 |
|||||||
| 2019 | 2018 | ||||||
| Revenues | |||||||
| Sales (net) | $ | 250,000 | $ | 230,000 | |||
| Other revenues | 8,400 | 5,400 | |||||
| Total revenues | 258,400 | 235,400 | |||||
| Expenses | |||||||
| Cost of goods sold | 125,000 | 109,000 | |||||
| Selling, general, and administrative | 57,000 | 52,000 | |||||
| Interest expense | 8,600 | 7,800 | |||||
| Income tax expense | 33,000 | 32,000 | |||||
| Total expenses | 223,600 | 200,800 | |||||
| Net earnings (net income) | 34,800 | 34,600 | |||||
| Retained earnings, January 1 | 89,700 | 61,000 | |||||
| Less: Preferred stock dividends | 2,800 | 2,800 | |||||
| Common stock dividends | 3,100 | 3,100 | |||||
| Retained earnings, December 31 | $ | 118,600 | $ | 89,700 | |||
Required
Calculate the following ratios for 2019 and 2018. Since 2017 numbers are not presented, do not use averages when calculating the ratios for 2018. Instead, use the number presented on the 2018 balance sheet.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In: Accounting
Financial statements for Perez Company follow.
| PEREZ COMPANY | |||||||
| Balance Sheets As of December 31 |
|||||||
| 2019 | 2018 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash | $ | 21,500 | $ | 17,500 | |||
| Marketable securities | 21,100 | 7,100 | |||||
| Accounts receivable (net) | 52,000 | 44,000 | |||||
| Inventories | 137,000 | 145,000 | |||||
| Prepaid items | 26,000 | 11,000 | |||||
| Total current assets | 257,600 | 224,600 | |||||
| Investments | 32,000 | 25,000 | |||||
| Plant (net) | 265,000 | 250,000 | |||||
| Land | 29,000 | 24,000 | |||||
| Total assets | $ | 583,600 | $ | 523,600 | |||
| Liabilities and Stockholders’ Equity | |||||||
| Liabilities | |||||||
| Current liabilities | |||||||
| Notes payable | $ | 30,200 | $ | 12,900 | |||
| Accounts payable | 98,800 | 85,000 | |||||
| Salaries payable | 26,000 | 20,000 | |||||
| Total current liabilities | 155,000 | 117,900 | |||||
| Noncurrent liabilities | |||||||
| Bonds payable | 150,000 | 150,000 | |||||
| Other | 26,000 | 21,000 | |||||
| Total noncurrent liabilities | 176,000 | 171,000 | |||||
| Total liabilities | 331,000 | 288,900 | |||||
| Stockholders’ equity | |||||||
| Preferred stock, (par value $10, 5% cumulative, non-participating; 6,000 shares authorized and issued) | 60,000 | 60,000 | |||||
| Common stock (no par; 50,000 shares authorized; 10,000 shares issued) | 60,000 | 60,000 | |||||
| Retained earnings | 132,600 | 114,700 | |||||
| Total stockholders’ equity | 252,600 | 234,700 | |||||
| Total liabilities and stockholders’ equity | $ | 583,600 | $ | 523,600 | |||
| PEREZ COMPANY | |||||||
| Statements of Income and Retained Earnings For the Years Ended December 31 |
|||||||
| 2019 | 2018 | ||||||
| Revenues | |||||||
| Sales (net) | $ | 340,000 | $ | 320,000 | |||
| Other revenues | 10,200 | 7,200 | |||||
| Total revenues | 350,200 | 327,200 | |||||
| Expenses | |||||||
| Cost of goods sold | 170,000 | 136,000 | |||||
| Selling, general, and administrative | 66,000 | 61,000 | |||||
| Interest expense | 11,300 | 10,500 | |||||
| Income tax expense | 78,000 | 77,000 | |||||
| Total expenses | 325,300 | 284,500 | |||||
| Net earnings (net income) | 24,900 | 42,700 | |||||
| Retained earnings, January 1 | 114,700 | 79,000 | |||||
| Less: Preferred stock dividends | 3,000 | 3,000 | |||||
| Common stock dividends | 4,000 | 4,000 | |||||
| Retained earnings, December 31 | $ | 132,600 | $ | 114,700 | |||
Required
Calculate the following ratios for 2019 and 2018. Since 2017 numbers are not presented do not use averages when calculating the ratios for 2018. Instead, use the number presented on the 2018 balance sheet.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In: Accounting
Payne Corporation has the following accounts as of December 31, 2018:
Total Assets $ 60,000
Total Liabilities 20,000
Total Equity 40,000
Compute the debt to equity ratio at December 31, 2018.
In: Accounting
Baxter company failed to accrue $30,000 of salary expense at the end of 2017. The salaries expense was recorded as paid in 2018. Ignoring taxes, what journal entry will Baxter make in 2018 to correct this error?
In: Accounting
Thunderbolt plc raised finance through the issue of shares on 1 April 2018. The company issued convertible bonds at their nominal value of K20 million. Interest is payable annually in arrears at the rate of 5%. The conversion would be done on the following terms: Each K 4000 bond is convertible at any time up to maturity into 800 ordinary shares. Alternatively the bonds would be redeemed at par after 4 years in 2022. The market rate applicable to non convertible bonds is 9%. (The present value of $1 payable at the end of the year, based on rates of 5% and 9% are given in the table of the Appendix at the end of the question paper.) Required: a) Explain why recognition of convertible bonds should be split into the liability component and the equity component, and calculate the two amounts Thunderbolt recognised. b) Prepare an amortisation schedule showing amounts outstanding at the end of each of the four years to 31 March 2022 (Work to the nearest $000) c) State what amounts would be reported in the statement of profit or loss and other comprehensive income for the year to 31 March 2020 in respect of the bonds, and Page 8 of 8 d) State what amounts would be reported in the statement of financial position as at 31 March 2020 in respect of the bonds.
In: Accounting
TREATMENT OF CONVERTIBLE DEBENTURES
LS Limited issued 1 million six-year debentures on 1 January 2018
at par value of £ 100 each at a fixed rate of 6% per annum.
Interest payable at the end of each year whereas the principal is
to be repaid in two equal installments at the end of 2022 and
2023.
Debentures were issued with an option to convert 10 debentures into
4 ordinary shares of LS Limited till the date of first principal
redemption. The liability was not designated as measured at fair
value through profit or loss on initial recognition.
The market interest rate for non-convertible debentures issued by
entities having similar credit risk and loan tenor is 1-Year LIBOR
+ 2% per annum.
On 1 January 2019 LS Limited repurchased 100,000 debentures at a
premium of £ 5 per debenture. Transaction cost of £ 2 per debenture
was incurred on this redemption.
The market interest rates and market values of LS Limited's shares
are given below:
Date 1-YEAR LIBOR Market value per share
1 January 2019 5% 200
1 January 2020 6% 250
Required:
Prepare Journal Entries in the books of LS Limited for the year
ended 31 2019
In: Accounting
On 1st July, 2018 Nile Ltd acquired 70% of the share capital of Amazon Ltd for $80,000,000. The equity of Amazon Ltd as at the acquisition date was: Share Capital $ 52,000,000 General Reserve $ 20,000,000 Retained Earnings $ 10,000,000 All assets of Amazon Ltd were recorded at fair value on acquisition, except for one property which had a fair value which was $2,000,000 lower than its’ carrying amount. The cost of the property was $20,000,000 with accumulated depreciation of $12,000,000. Ignore Taxes. Required: (a) Complete the worksheet below using the NET method. (4.5 marks) (b) Prepare the consolidation adjustments and eliminations entries and recognise the NCI in the pre-acquisition equity of Amazon Ltd, assuming that the NCI was measured at the proportionate share of the acquiree’s identifiable net assets. (6.5 marks) Elimination of Investment in Amazon Ltd Amazon Ltd (S) $,000 Nile Ltd (70% of Amazon) (P) $,000 30% NCI $,000 Fair Value of consideration transferred Less: FV of identifiable assets acquired & liabilities assumed Share capital on acquisition date 52,000 General reserve-acquisition date 20,000 Retained earnings-acquisition date 10,000 Fair value adjustment Goodwill on acquisition Non-controlling interest
In: Accounting
Amber Industries (a sole proprietorship) sold three § 1231 assets during 2018. Data on these property dispositions are as follows:
|
a. Determine the amount and the character of the recognized gain or loss from the disposition of each asset. If an amount is zero, enter 0.
|
Amber has $ of ordinary income due to § 1245 recapture. Additionally, she has $ of net § 1231 gain .
Feedback
Section 1245 applies primarily to non-real-estate property such as machinery, trucks, and office furniture.
b. Assuming that Amber has $5,000 nonrecaptured
net § 1231 losses from the five prior years, analyze these
transactions and determine the amount (if any) that will be treated
as a long-term capital gain.
$
In: Accounting