The comparative balance sheet of Whitman Co. at December 31, 2016 and 2015, is as follows:
|
1 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
|
2 |
Assets |
||
|
3 |
Cash |
$918,420.00 |
$965,310.00 |
|
4 |
Accounts receivable (net) |
828,210.00 |
762,450.00 |
|
5 |
Inventories |
1,268,100.00 |
1,162,260.00 |
|
6 |
Prepaid expenses |
29,220.00 |
35,270.00 |
|
7 |
Land |
315,170.00 |
479,410.00 |
|
8 |
Buildings |
1,463,110.00 |
901,510.00 |
|
9 |
Accumulated depreciation-buildings |
(409,500.00) |
(383,260.00) |
|
10 |
Equipment |
512,060.00 |
454,500.00 |
|
11 |
Accumulated depreciation-equipment |
(141,780.00) |
(159,530.00) |
|
12 |
Total assets |
$4,783,010.00 |
$4,217,920.00 |
|
13 |
Liabilities and Stockholders’ Equity |
||
|
14 |
Accounts payable (merchandise creditors) |
$921,870.00 |
$957,980.00 |
|
15 |
Bonds payable |
270,000.00 |
0.00 |
|
16 |
Common stock, $25 par |
328,500.00 |
116,000.00 |
|
17 |
Paid-in capital: Excess of issue price over par—common stock |
754,500.00 |
559,000.00 |
|
18 |
Retained earnings |
2,508,140.00 |
2,584,940.00 |
|
19 |
Total liabilities and stockholders’ equity |
$4,783,010.00 |
$4,217,920.00 |
The noncurrent asset, noncurrent liability, and stockholders’ equity accounts for 2016 are as follows:
ACCOUNT Land
| ACCOUNT NO. | ||||||
| Balance | ||||||
| Date | Item | Debit | Credit | Debit | Credit | |
| 2016 | ||||||
| Jan. | 1 | Balance | 479,410 | |||
| Apr. | 20 | Realized $150,820 cash from sale | 164,240 | 315,170 |
ACCOUNT Buildings
| ACCOUNT NO. | ||||||
| Balance | ||||||
| Date | Item | Debit | Credit | Debit | Credit | |
| 2016 | ||||||
| Jan. | 1 | Balance | 901,510 | |||
| Apr. | 20 | Acquired for cash | 561,600 | 1,463,110 |
ACCOUNT Accumulated Depreciation––Buildings
| ACCOUNT NO. | ||||||
| Balance | ||||||
| Date | Item | Debit | Credit | Debit | Credit | |
| 2016 | ||||||
| Jan. | 1 | Balance | 383,260 | |||
| Dec. | 31 | Depreciation for year | 26,240 | 409,500 |
ACCOUNT Equipment
| ACCOUNT NO. | ||||||
| Balance | ||||||
| Date | Item | Debit | Credit | Debit | Credit | |
| 2016 | ||||||
| Jan. | 1 | Balance | 454,500 | |||
| 26 | Discarded, no salvage | 46,400 | 408,100 | |||
| Aug. | 11 | Purchased for cash | 103,960 | 512,060 |
ACCOUNT Accumulated Depreciation ––Equipment
| ACCOUNT NO. | ||||||
| Balance | ||||||
| Date | Item | Debit | Credit | Debit | Credit | |
| 2016 | ||||||
| Jan. | 1 | Balance | 159,530 | |||
| 26 | Equipment discarded | 46,400 | 113,130 | |||
| Dec. | 31 | Depreciation for year | 28,650 | 141,780 |
ACCOUNT Bonds Payable
| ACCOUNT NO. | ||||||
| Balance | ||||||
| Date | Item | Debit | Credit | Debit | Credit | |
| 2016 | ||||||
| May | 1 | Issued 20-year bonds | 270,000 | 270,000 |
ACCOUNT Common Stock $25 par
| ACCOUNT NO. | ||||||
| Balance | ||||||
| Date | Item | Debit | Credit | Debit | Credit | |
| 2016 | ||||||
| Jan. | 1 | Balance | 116,000 | |||
| Dec. | 7 | Issued 8,500 shares of common stock for $48 per share | 212,500 | 328,500 |
ACCOUNT Paid-In Capital in Excess of Par––Common Stock
| ACCOUNT NO. | ||||||
| Balance | ||||||
| Date | Item | Debit | Credit | Debit | Credit | |
| 2016 | ||||||
| Jan. | 1 | Balance | 559,000 | |||
| Dec. | 7 | Issued 8,500 shares of common stock for $48 per share | 195,500 | 754,500 |
ACCOUNT Retained Earnings
| ACCOUNT NO. | ||||||
| Balance | ||||||
| Date | Item | Debit | Credit | Debit | Credit | |
| 2016 | ||||||
| Jan. | 1 | Balance | 2,584,940 | |||
| Dec. | 31 | Net loss | 44,360 | 2,540,580 | ||
| 31 | Cash dividends | 32,440 | 2,508,140 |
Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement. In the operating activities section, use the minus sign to indicate cash outflows, decreases in cash and a net cash outflow, if required. In the investing and financing activities section, use a minus sign
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Whitman Co. |
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Statement of Cash Flows |
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In: Accounting
17. The U.S. Supreme Court’s ruling that student speech that appears in school-sponsored publications can be regulated and censored permissibly as long as the school’s actions are reasonably related to legitimate pedagogical concerns was created in which one of the following cases?
a. Tinker v. Des Moines School District
b. Morse v. Frederick
c. Hazelwood School District v. Kuhlmeier
d. Bethel School District v. Fraser
21.
What statement best describes the response of the nation’s courts to the libel defense neutral reportage?
a. Nearly all courts have embraced it.
b. About half of the courts accept it.
c. Most courts have not adopted it.
d. No court has yet accepted it.
25.
Under the void for vagueness doctrine, a statute will be declared unconstitutional by a court if
a. there was a disagreement about its meaning among the legislators who adopted it.
b. it regulates a substantial amount of protected speech along with speech that is unprotected by the First Amendment.
c. a person of reasonable and ordinary intelligence would not be able to tell, from looking at its terms, what speech is allowed and what speech is prohibited.
d. a judge of reasonable competence and legal training would not be able to tell, from looking at its terms, what speech is allowed and what speech is prohibited.
29.
Criminal libel suits are
a. barred by the First Amendment.
b. a problem for publishers in some regions of the United States.
c. more commonly filed today than 25 years ago.
d. more common than civil libel suits.
37.
Which of the following was not a reason the Supreme Court used as a rationale in the New York Times v. Sullivan case?
a. A ruling for Sullivan would imperil the civil rights movement.
b. The case was really a seditious libel action.
c. The nation has a long-standing commitment to free and robust debate.
d. Public officials must expect criticism.
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You need to read Article 2 ““Our farmers need a better deal”: Study shows true cost of trade barriers” to answer questions below. Part (a) Article 2 specifically mentions: “A NEW AgriFutures Australia-funded study shows that farm subsidies and import barriers abroad lowered Australia’s net farm incomes by 15 per cent and reduced its farm exports by 29 per cent.” Use the concept of supply and demand to explain the paragraph above, especially why farms subsidies abroad lowered Australia’s net farm income and reduced its farm exports. [6 marks] Part (b) Use the concept of supply and demand to explain the paragraph above, especially why import barriers abroad lowered Australia’s net farm income and reduced its farm exports. [6 marks]
Hint for both Parts (a) and (b): you can assume that the world consists only of two countries: Australia and a country called the Rest of the World. The two countries initially trade freely with each other and Australia exports its farm products to the Rest of the World. Then analyse what happens when the Rest of the World provides a production subsidy to its farmers or impose an import tariff on its imports of Australia’s farm products.
Article 2 (Source: Beef Central, April 20, 2020) “Our farmers need a better deal”: Study shows true cost of trade barriers A NEW AgriFutures Australia-funded study shows that farm subsidies and import barriers abroad lowered Australia’s net farm incomes by 15 per cent and reduced its farm exports by 29 per cent. The report by Kym Anderson and Ernesto Valenzuela explores the impact of international agriculture subsidies on Australia, a non-subsidising agricultural export country. The report shows that in the four years to 2018 the average nominal rate of assistance to farmers rose for all OECD countries by one-tenth (from 21pc to 23pc), and for the EU28 by slightly more (by one sixth, from 21pc to 25pc), between 2014 and 2016-18. Aggregate agricultural nominal rate of assistance by country 2014 and 2016-18. (% weighted average using value of production without assistance as weights) *Indonesia refers to 2015 in place of 2016-18. Source: OECD (2019). The report shows that import barriers (tariffs and tariff rate quotas) remain the dominant protective policy instrument globally, but domestic support through budgetary transfers has grown in relative importance this century. In 2014, such transfers accounted for a little over one quarter of the cost of these policies to Australian net farm incomes and agricultural exports. All but one-quarter of the impact on Australian agriculture of global farm support measures are due to policies of the EU, Japan, China and Korea. Australia’s red meat, wheat and dairy industries are the most adversely affected by farm policies abroad, but rice and cotton exports also are negatively impacted, especially relative to their production size. The aggregate value of farmer assistance is highest in China and the EU, followed by Japan, the United States, Indonesia and Korea. AgriFutures Australia Senior Manager, Business Development, Jen Medway said the findings would equip industries, policy makers and governments with the knowledge to negotiate better trade deals for Australian farmers, fishers and foresters. “We’re increasingly connected with, and competing against, our farming peers across the globe and there’s no better time for the Australian agricultural community to reassess the impacts of global trade policies. Even small wins can have significant flow-on effects to producers on the ground.” Report author Kym Anderson said the report’s key recommendations highlighted the important role of government trade negotiators in ensuring Australian agricultures’ global competitiveness. ...
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In this experiment column chromatography, two different elution solvent systems were used. Why? If their order had been reversed (i.e., 20:80 EtOAc–Hex was used first), how would the separation of the fractions have changed? |
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In this experiment column chromatography, two different elution solvent systems were used. Why? If their order had been reversed (i.e., 20:80 EtOAc–Hex was used first), how would the separation of the fractions have changed? |
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