Burns Corporation's net income last year was $92,800. Changes in the company's balance sheet accounts for the year appear below:
| Increases (Decreases) |
|||
| Asset and Contra-Asset Accounts: | |||
| Cash and cash equivalents | $ | 21,300 | |
| Accounts receivable | $ | 13,400 | |
| Inventory | $ | (17,600 | ) |
| Prepaid expenses | $ | 4,200 | |
| Long-term investments | $ | 11,000 | |
| Property, plant, and equipment | $ | 71,400 | |
| Accumulated depreciation | $ | 33,500 | |
| Liability and Equity Accounts: | |||
| Accounts payable | $ | (18,400 | ) |
| Accrued liabilities | $ | 17,000 | |
| Income taxes payable | $ | 4,200 | |
| Bonds payable | $ | (64,200 | ) |
| Common stock | $ | 43,200 | |
| Retained earnings | $ | 88,400 | |
The company did not dispose of any property, plant, and equipment, sell any long-term investments, issue any bonds payable, or repurchase any of its own common stock during the year. The company declared and paid a cash dividend of $4,400.
Required:
a. Prepare the operating activities section of the company's statement of cash flows for the year. (Use the indirect method.)
b. Prepare the investing activities section of the company's statement of cash flows for the year.
c. Prepare the financing activities section of the company's statement of cash flows for the year.
Prepare the financing activities section of the company's statement of cash flows for the year. (Amounts to be deducted and cash outflows should be indicated with a minus sign.)
|
|||||||||||||||
In: Accounting
Changes in Shareholders' Equity
On January 1, 2016, the Osgood Film Studios reported the following alphabetical list of shareholders' equity items:
| Additional paid-in capital on common stock | $135,575 |
| Additional paid-in capital on preferred stock | 14,200 |
| Common stock, $2 par | 63,800 |
| Preferred stock, $100 par | 71,000 |
| Retained earnings | 171,000 |
During 2016, the company sold 4,400 shares of common stock for $13 per share and 350 shares of preferred stock for $127 per share. It also earned income of $94,000 and paid dividends of $7 per share on the preferred stock and $1.20 per share on the common stock outstanding at the end of 2016.
Required:
The following partially completed schedule will help you to organize the information for this exercise.
| Preferred Stock $100 par |
Common Stock $2 par |
Additional Paid-in Capital on Preferred Stock |
Additional Paid-in Capital on Common Stock |
Retained Earnings |
Total |
|
| Balances, 1/1/16 | $71,000 | $63,800 | $14,200 | $135,575 | $171,000 | $455,575 |
| Common stock issued | ||||||
| Preferred stock issued | ||||||
| Net income | ||||||
| Cash dividend paid on preferred | ||||||
| Cash dividend paid on common | ||||||
| Balances, 12/31/16 | 600,245 |
In: Accounting
Lena frequently changes job and as a result, had 3 separate 1 month gaps in health insurance coverage in 2018 if she is not exempt from the individuals share responsibility payment for how many months must she pay a penalty?
In: Finance
Describe the major physical, cognitive, and social developmental changes that occur from infancy to adulthood.
Describe different types of psychological disorders, schools of thought on possible causes, and how society responds to people living with mental disorders.
In: Psychology
Burns Corporation's net income last year was $98,300. Changes in the company's balance sheet accounts for the year appear below:
| Increases (Decreases) |
|||
| Asset and Contra-Asset Accounts: | |||
| Cash and cash equivalents | $ | 25,000 | |
| Accounts receivable | $ | 14,200 | |
| Inventory | $ | (17,100 | ) |
| Prepaid expenses | $ | 4,100 | |
| Long-term investments | $ | 11,000 | |
| Property, plant, and equipment | $ | 72,100 | |
| Accumulated depreciation | $ | 33,800 | |
| Liability and Equity Accounts: | |||
| Accounts payable | $ | (19,600 | ) |
| Accrued liabilities | $ | 17,300 | |
| Income taxes payable | $ | 4,200 | |
| Bonds payable | $ | (62,400 | ) |
| Common stock | $ | 42,000 | |
| Retained earnings | $ | 94,000 | |
The company did not dispose of any property, plant, and equipment, sell any long-term investments, issue any bonds payable, or repurchase any of its own common stock during the year. The company declared and paid a cash dividend of $4,300.
Required:
a. Prepare the operating activities section of the company's statement of cash flows for the year. (Use the indirect method.)
Prepare the operating activities section of the company's statement of cash flows for the year. (Use the indirect method.) (Amounts to be deducted and cash outflows should be indicated with a minus sign.)
|
|||||||||||||||||||||||||||||||||||||||||||
b. Prepare the investing activities section of the company's statement of cash flows for the year.
Prepare the investing activities section of the company's statement of cash flows for the year. (Amounts to be deducted and cash outflows should be indicated with a minus sign.)
|
|||||||||||||
c. Prepare the financing activities section of the company's
statement of cash flows for the year.
Prepare the financing activities section of the company's statement of cash flows for the year. (Amounts to be deducted and cash outflows should be indicated with a minus sign.)
|
|||||||||||||||
In: Accounting
1. When the exchange rate between the U.S. dollar and Japanese yen changes from $1 = 100 yen to $1 = 90 yen: All Japanese producers and consumers will lose. U.S. consumers of Japanese TV sets will benefit. U.S. auto producers and autoworkers will lose. Japanese tourists to the U.S. will benefit.
2.
The Social Security Trust Fund (OASI):
| Is currently depleted. |
| Is currently paying out less than it is receiving in payroll taxes. |
| Is required by law to be balanced every year. |
|
Is currently paying out more than it is receiving in payroll taxes. |
3.
The national debt represents:
| A liability of the federal government. |
| A form of wealth for bondholders. |
| An asset to bondholders. |
|
All of the above. |
4.
Supply-side economists advocate:
| A reduction in the incentives to save so that more income will be spent. |
| A reduction in structural unemployment through worker training. |
| The use of minimum-wage laws to guarantee fair wages for workers. |
| An increase in transfer payments. |
In: Economics
1. Classical Theory of inflation; Classical Dichotomy: how nominal and real variables are affected by changes in money supply in the long run? In the short-run? Define and bring examples of nominal and real variables.
2. The costs of inflation: Shoeleather costs; Menu costs; Arbitrary redistributions of wealth as a result of unexpected inflation between debtors and creditors: When do debtors gain (when inflation is smaller than expected)? When do creditors gain (when inflation is higher than expected)?
In: Economics
During June, the following changes in inventory item A took place:
June 1 Balance 800 units @ $20
June 8 Sold 600 units @ $50
June 10 Purchased 800 units @ $21
June 14 Sold 700 units @ $50
June 24 Purchased 600 units @ $22
Instructions
What is the cost of goods sold and the ending inventory for item A under the following methods? (Show calculations.)
A. Periodic
(a) FIFO
(b) LIFO
(c) Average cost
B. Perpetual
(a) FIFO
(b) LIFO
(c) Average cost
In: Accounting
Algebraic Look at the Result of Demographic Changes Under a Pay-as-You-Go system
A) Please explain the following formula
t=(B/W)*(R/L)
t = B/W × R/L = the average replacement rate × the dependency
ratio
t = total benefits paid
B = the average benefit
R = the number of recipients
W = taxable wages
L = the number of workers
B) What are the main differences between a pay-as-you-go (PAYG) pension system and capital-funded pension system?
C) What is the major problem of a PAYG system? Please explain it in a few sentences and the formula above.
D) What is a major problem of capital funded pension systems?
In: Economics
1. Understand the process of vaporization and how it changes with temperature, surface area, and the degree of intermolecular forces.
2. Understand that molecules or atoms have a distribution of thermal energies that changes as a function of temperature.
3.Know that the heat of vaporization, DHvap, is a quantitative measure for the process of vaporization.
4. Calculate and interconvert mass, moles, and energy using the heat of vaporization.
5 Know and understand how vapor pressure and dynamic equilibrium dictate vaporization and condensation.
6 Know that the vapor pressure of a liquid depends on temperature and that the boiling point of a liquid depends on the external pressure.
7 Use the Clausius-Clapeyron equation to relate temperature and vapor pressure.
8. Define critical temperature and critical pressure.
In: Chemistry