Shown below is the stockholders' equity section of Flamingo Corporation's balance sheet at December 31, 2020:
|
Flamingo Corporation |
|
|
Statement of Stockholder's Equity |
|
|
December 31, 2020 |
|
|
Common stock, $3 par value, 200,000 shares authorized, ____ shares issued and _____ outstanding |
$360,000 |
|
Additional paid in capital – common stock |
$400,000 |
|
Additional paid in capital – stock options |
$42,000 |
|
Total Paid in Capital |
$760,000 |
|
Retained Earnings |
$1,600,000 |
|
Less: Treasury Stock (10,000 shares) |
($295,000) |
|
Total Stockholder’s Equity |
$2,065,000 |
Consider the following events in preparing a Statement of Stockholder’s Equity and earnings per share for the year 2021.
|
1/1/20 |
On January 1, 2019, the company granted 4 executive employees the option to purchase 12,000 shares (3,000 shares each) of common stock at $12 per share. The Black-Scholes option pricing model determines total compensation expense to be $63,000. The option becomes exercisable on December 31, 2021, after the employee completed three years of service. The market price of the company’s stock was $18 on January 1, 2019 and $30 on December 31, 2020 |
|
1/31/21 |
One of the executives who was granted the above options was fired and left the company. |
|
1/31/21 |
The company issued 1,000 shares of $3 par common stock in exchange for land. Although several real estate appraisers disagree on the value of the land in a range from $30,000 to $34,500, the company’s stock is currently selling on a stock exchange for $31 per share. |
|
4/1/21 |
The company purchased 2,000 common shares of treasury stock at $34 per share. |
|
5/1/21 |
The company reissued 8,000 shares of the treasury stock at $37 per share. |
|
6/1/21 |
The company reissued 2,600 shares of treasury stock at $32 per share. |
|
7/1/21 |
The company issued 3,000 shares of 5% cumulative convertible preferred stock, $100 par value, for $108 per share. Each share is convertible into 3 shares of common stock. |
|
12/1/21 |
The company declared a 10% stock dividend to all common stockholders of record. The market value of the common stock is $36 per share |
|
12/20/21 |
The board of directors declared the preferred stock dividend and a dividend of $.5 per share on the common stock. |
|
12/31/21 |
The market value of the company's common stock is $40 per share |
The company’s net income for 2021 is $1,235,000 -- BEFORE any of the above transactions.
Complete the following in EXCEL prepared in GOOD FORM and using formulas. Organize your analysis appropriately to:
• Prepare the company's Statement of Stockholder's Equity in good form
• Compute Earnings per Share
In: Accounting
The issue of homelessness is relevant to both Microeconomics, Econ 10 B, and Macroeconomics, Econ 10 A. In Micro we discuss at great length the market for rental housing: supply, demand, price and quantity. Many families in America BECOME homeless as a direct result of “free market” forces: their rent rises beyond their ability to pay. In Macro, we discuss the national picture: the millions of jobs involved on a national scale in the construction and sale of residential units: homes, condos, apartments, and ADUs (accessory dwelling units). The San Jose Mercury News reported on June 17 that the city of San Jose is dismantling a temporary homeless site after spending more than $1.3 million repairing dozens of dilapidated state-owned trailers. The article states that “nearly 6,200 people in San Jose don’t have a place to call home and county health officials believe that at least 2,500 of them are at high risk of infection.” Some experts believe the total is much higher than that. San Jose has announced plans to build hundreds of ‘dorm-style’ modular and prefab housing units to serve its homeless population on three locations in the city: A site at Monterey and Bernal roads, a second at Evans Lane, and a third at Rue Ferrari and Highway 101. In EACH AND EVERY CASE, opposition from neighbors has been INTENSE. ‘NOT IN MY BACKYARD!” The city of San Francisco had been spending over $300 million PER YEAR (before March, 2020) to house homeless people and provide other services. Yet, the number of homeless keeps rising. Given the incredible drop in tax revenue---hotel taxes, sales taxes on restaurant meals-----since March, 2020, it is almost impossible to imagine that level of funding staying level. San Francisco has suffered a greater drop in tax revenue than San Jose or Oakland. Obviously, it is not a contest. So, here goes: Question 1. In early March, 2020, our state government announced tentative plans to move homeless people in to college dorm rooms. A. In your opinion, is this idea a good idea? Or a bad idea? Why? B. Would you make this program voluntary for homeless people? Or mandatory? Why? C. How vigorously would you enforce this program? Why? D. What penalties, if any, would you impose on homeless people for non-compliance? Why? E. In theory, what could ‘go wrong’ with the enforcement of this program? What other support services do homeless people require, in addition to housing? F. Moving homeless people into hotel rooms, (combined with support services), which our state has done on an unprecedented level, may be a better idea than moving them into college dorms. Why? G. In your opinion, what more should we be doing as a society to address this issue? Why?
In: Economics
i'm working on this assignment where we must simulate a bank account. I am having a few issues. The first issue is that for menu option 1 i am struggling to make the program so that I can add the name and balance of the account all at once. For example I would type "mike 350" and it would update the dictionary with a new account and balance, right now i have to open the account then deposit a balance separately using two different menu functions. The second issue i am having is that every account name in the dictionary has the same balance, I need to have each person have a separate balance. The third and last issue I am having is with menu option #6, i am not sure how to list the account names and balances with a number of each account to the left, the professor wants the output to look like this for option 6
No Customer Name Balance
== ============= =======
1 joe 10
2 jim 20
3 eric 30
I have made it this far.
def main():
print("1. Open an account")
print("2. Close an Account")
print("3. Deposit money")
print("4. Withdrawal money")
print("5. Enquire about balance")
print("6. Print a list of customers and balances")
print("7. Quit")
accounts = {}
balance = 0
main()
while True:
menu_choice = int(input("Type in a menu choice: "))
#menu choice 1
if menu_choice == 1:
number = input("Enter name of the new customer and \nthe amount of
money to be deposited \n into the new account (Ex. 'Mike
350'):")
if number in accounts:
print('This customer already exists!')
else:
accounts[number]=balance
print ("Account name", number, "opened.")
#menu choice 2
elif menu_choice == 2:
number = input("Account name:")
if number not in accounts:
print('Enter the customer/account name to be deleted: ')
if number in accounts:
if balance>0:
print('Can not close an account with balance greater than
zero')
else:
del accounts[number]
print ("Account number", number, "is closed.")
#menu choice 3
elif menu_choice == 3:
print ("Enter the customer name for deposit: ")
number = input("Account name: ")
if number in accounts:
deposit = float(input("Enter the amount to be deposited: "))
balance += deposit
print ("your balance is:", balance-deposit, "before deposit")
print ("Your balance is:", balance, "after deposit")
else:
print ("This customer doesn't exist!")
#menu choice 4
elif menu_choice == 4:
number = input("Enter the customer name for withdrawl: ")
if number not in accounts:
print('This customer doesnt exist!')
if number in accounts:
withdraw = float(input("Enter the amount to be withdrawn: "))
if withdraw <=balance:
balance -=withdraw
print ('your balance is:', balance+withdraw, 'before
withdrawal')
print ("Your balance is:", balance, 'after withdrawal')
if withdraw >balance:
print ('your balance is:', balance, 'before withdrawal')
print ('You dont have enough balance to cover the withdrawal')
#menu choice 5
elif menu_choice == 5:
number = input('Enter the customer name for balance enquiry:
')
if number not in accounts:
print('This customer doesnt exist!')
if number in accounts:
print('your balance is:', balance)
#menu choice 6
elif menu_choice == 6:
print ("Accounts")
for x in accounts.keys():
print ('No Customer Name Balance')
print ('============================')
print (x , balance\n)
#menu choice 7
elif menu_choice == 7:
print ("Quit.")
break
else:
print ("Please enter a menu choice between 1 and 6.")
main()
In: Computer Science
1. In class we learnt about the broad classifications of
financial markets. How will you explain any three of these
classifications to your friends in history department?
2. Why are financial markets so keenly regulated? Explain the
rational for the regulation of financial markets in Ghana,
providing cogent examples of such regulations within the Ghanaian
financial market.
3. Describe the requirements for listing on the Ghana Alternative
Exchange (GAX) relative to the first official listing
requirements.
4. Expatiate on the role of participants in the primary and
secondary mortgage market. Provide examples within the Ghanaian
context.
5. Explain the difference between debt to income (DTI) ratio and
loan to value ratio (LTV). In addition, mention in which scenario
the mortgage is likely to be insured,
(a) High or low DTI ( b). High or low LTV.
6. Expound on the arguments in favour and against financial
innovation. Provide examples of financial innovation within any
country of choice.
7. A. Nii Laryea purchased a T-bill with a GHC10,000 par value for
GHC9,465. One hundred days later, Nii sells the t-bill for
GHC9,650. Assuming 365 days in a year, what is Nii Laryea’s
expected annualized yield from the transaction?
B. Assume investors require a 5% annualized return on a six-month
t-bill with a par value of GHC10,000. The price investors would be
willing to pay in cedis will be?
8. According to the Loanable funds theory, how are interest rates
determined?
9. Compare and contrast three different money market securities in
terms of issuer, return, risk and tradability/liquidity.
10. Explain the role of non-depository financial institutions
within the financial sector? Discuss the core functions of any
three of these institutions.
11. In class we learnt about defined-benefit pension plans and a
defined-contribution pension plans. How will you explain these to
your sibling who just got a job after his University education?
Which of them will you recommend to him and why?
12. Compare and contrast index fund and active fund. Provide
relevant examples of these and explain what their objective
is.
13. Endicott Enterprises Inc. has twenty years remaining on Ghc
1,000 par value semiannual coupon bonds paying a coupon of Ghc40.
If the yield to maturity on these bonds is 6% per year, what is the
current price?
In: Finance
The LG Electronics is classified as one of the most sustainable companies in the world. Two leading research organizations in the world stated so: The Canadian Corporate Knights Magazine, mentioned in its 2015 annual list of the 100 most sustainable companies in the world; and the Swiss Agency RobecoSAM, in its annual sustainability report of 2015. The Canadian Corporate Knights Magazine lists the sustainability companies according to a set of sustainability criteria in specific industrial sectors, by focusing on the gold standard in corporate sustainability analysis and assessment. Accordingly, LG was chosen and awarded as the best company within home stuff and products category. So LG based on this list was able to reach a good rating of 51 for the year 2015, after being ranked 82 in the year 2014. The Canadian Corporate Knights Magazine selected the companies according to 12 quantitative indicators of performance and sustainability, including energy and water consumption in the companies’ operations, innovation, operational excellence, product leadership, employee, tax strategies, etc. With regards to the Swiss Agency RobecoSAM sustainability report of 2015, LG has been honored for its golden awards of the personal and electronic entertainment class. The Swiss Agency RobecoSAM working in collaboration with S&P index (Dow Jones) classified LG as one of the few companies that are leaders in sustainability and introduce changes in the field of sustainability in 2015. In addition, the Swiss Agency RobecoSAM uses the evaluation criteria for best sustainable companies that include financial aspects, innovation, supply-chain management, reduction of pollution, energy-efficient products, recycling, as well as interaction and engagement with stakeholders. The Executive Vice President of LG Electronics commented on this issue by saying: “We in LG believe that companies with the ability to think about the future and be proactive, adapt positively. We also believe that LG has the absolute need to provide a positive impression in preserving the environment as much as possible in continuation of our work to develop our products for our consumers and communities. We are proud of our praise and appreciation. " Questions: 1. Describe the main areas of sustainability for LG for both environmental, social and economic sustainability. 2. Give examples of the three sustainability areas for LG. 3. Explain how LG supports sustainability in these three areas. 4. Describe the main considerations related to the sustainability areas LG relied upon.
In: Operations Management
Young the Giant Corp. was formed in 2018, with 10,000 shares of $100 par value, 5% cumulative, preferred stock and 500,000 shares of $1 par value common stock authorized. The company engaged in the following transactions.
2018:
• On January 2, 2018, the company issued 50,000 shares of common stock at a price of $30 per share.
• January 3, 2018, the company issued 5,000 shares of preferred stock for par value.
• The net loss for 2018 was $800,000. The company closed it out to retained earnings from income summary on December 31. (Prepare that entry.) No dividends were declared.
2019:
• The company repurchased 2,000 shares of common stock on November 25, 2019 at a cost of $35 per share. It is recorded using the cost method.
• The company generated net income during 2019 of $2,000,000. The company closed it out to retained earnings from income summary on December 31. (Prepare that entry.)
• On December 31, 2019, the company announced a total dividend of $150,000. The company records all dividends in one Dividends and one Dividends Payable account, but shows separate preferred and common dividends amounts in journal entry explanations. Required: Show all calculations.
a) Prepare journal entries in proper form for the 2018 and 2019 transactions above. Any calculations must be shown below the entries as part of the explanations.
b) Prepare the stockholders’ equity section of the balance sheet after the two years have passed, so as of December 31, 2019. This excerpt from the balance sheet must:
• Have a proper heading;
• Show all amounts in currency format with zero decimal places;
• Use proper single- and double-underlining;
• Show all categories of shares as part of each category of stock;
• Show par values and the preferred dividend rate, and
• Follow all general formalities.
In: Accounting
Entries for Bonds Payable, including bond redemption
The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar year:
| Year 1 | |
| July 1. | Issued $4,630,000 of five-year, 7% callable bonds dated July 1, Year 1, at a market (effective) rate of 8%, receiving cash of $4,442,231. Interest is payable semiannually on December 31 and June 30. |
| Dec. 31. | Paid the semiannual interest on the bonds. The bond discount amortization of $18,777 is combined with the semiannual interest payment. |
| Dec. 31. | Closed the interest expense account. |
| Year 2 | |
| June 30. | Paid the semiannual interest on the bonds. The bond discount amortization of $18,777 is combined with the semiannual interest payment. |
| Dec. 31. | Paid the semiannual interest on the bonds. The bond discount amortization of $18,777 is combined with the semiannual interest payment. |
| Dec. 31. | Closed the interest expense account. |
| Year 3 | |
| June 30. | Recorded the redemption of the bonds, which were called at 98. The balance in the bond discount account is $112,661 after payment of interest and amortization of discount have been recorded. (Record the redemption only.) |
Required:
1. Journalize the entries to record the foregoing transactions. If an amount box does not require an entry, leave it blank or enter "0". When required, round your answers to the nearest dollar.
| Date | Account | Debit | Credit |
|---|---|---|---|
| Year 1 | |||
| July 1 | |||
| Dec. 31-Bond | |||
| Dec. 31-Closing | |||
| Year 2 | |||
| June 30 | |||
| Dec. 31-Bond | |||
| Dec. 31-Closing | |||
| Year 3 | |||
| June 30 | |||
2. Indicate the amount of the interest expense in (a) Year 1 and (b) Year 2.
a. Year 1 $
b. Year 2 $
3. Determine the carrying amount of the bonds
as of December 31, Year 2.
$
In: Accounting
Entries for Bonds Payable, including bond redemption
The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar year:
| Year 1 | |
| July 1. | Issued $8,610,000 of five-year, 9% callable bonds dated July 1, Year 1, at a market (effective) rate of 10%, receiving cash of $8,277,579. Interest is payable semiannually on December 31 and June 30. |
| Dec. 31. | Paid the semiannual interest on the bonds. The bond discount amortization of $33,242 is combined with the semiannual interest payment. |
| Dec. 31. | Closed the interest expense account. |
| Year 2 | |
| June 30. | Paid the semiannual interest on the bonds. The bond discount amortization of $33,242 is combined with the semiannual interest payment. |
| Dec. 31. | Paid the semiannual interest on the bonds. The bond discount amortization of $33,242 is combined with the semiannual interest payment. |
| Dec. 31. | Closed the interest expense account. |
| Year 3 | |
| June 30. | Recorded the redemption of the bonds, which were called at 98. The balance in the bond discount account is $199,453 after payment of interest and amortization of discount have been recorded. (Record the redemption only.) |
Required:
1. Journalize the entries to record the foregoing transactions. If an amount box does not require an entry, leave it blank or enter "0". When required, round your answers to the nearest dollar.
| Date | Account | Debit | Credit |
|---|---|---|---|
| Year 1 | |||
| July 1 | |||
| Dec. 31-Bond | |||
| Dec. 31-Closing | |||
| Year 2 | |||
| June 30 | |||
| Dec. 31-Bond | |||
| Dec. 31-Closing | |||
| Year 3 | |||
| June 30 | |||
2. Indicate the amount of the interest expense in (a) Year 1 and (b) Year 2.
a. Year 1 $
b. Year 2 $
3. Determine the carrying amount of the bonds
as of December 31, Year 2.
$
In: Accounting
Entries for Bonds Payable, including bond redemption
The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar year:
| Year 1 | |
| July 1. | Issued $6,350,000 of five-year, 7% callable bonds dated July 1, Year 1, at a market (effective) rate of 9%, receiving cash of $5,847,543. Interest is payable semiannually on December 31 and June 30. |
| Dec. 31. | Paid the semiannual interest on the bonds. The bond discount amortization of $50,246 is combined with the semiannual interest payment. |
| Dec. 31. | Closed the interest expense account. |
| Year 2 | |
| June 30. | Paid the semiannual interest on the bonds. The bond discount amortization of $50,246 is combined with the semiannual interest payment. |
| Dec. 31. | Paid the semiannual interest on the bonds. The bond discount amortization of $50,246 is combined with the semiannual interest payment. |
| Dec. 31. | Closed the interest expense account. |
| Year 3 | |
| June 30. | Recorded the redemption of the bonds, which were called at 98. The balance in the bond discount account is $301,475 after payment of interest and amortization of discount have been recorded. (Record the redemption only.) |
Required:
1. Journalize the entries to record the foregoing transactions. If an amount box does not require an entry, leave it blank or enter "0". When required, round your answers to the nearest dollar.
| Date | Account | Debit | Credit |
|---|---|---|---|
| Year 1 | |||
| July 1 | |||
| Dec. 31-Bond | |||
| Dec. 31-Closing | |||
| Year 2 | |||
| June 30 | |||
| Dec. 31-Bond | |||
| Dec. 31-Closing | |||
| Year 3 | |||
| June 30 | |||
2. Indicate the amount of the interest expense in (a) Year 1 and (b) Year 2.
a. Year 1 $
b. Year 2 $
3. Determine the carrying amount of the bonds
as of December 31, Year 2.
$
In: Accounting
Dynamic Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on June 30, 20Y7, the end of the fiscal year, the balances of selected accounts from the ledger of Dynamic Weight Loss are as follows:
| Accounts payable | $51,200 |
| Accounts receivable | 187,500 |
| Accumulated depreciation-equipment | 186,000 |
| Cash | ? |
| Common stock | 100,000 |
| Equipment | 325,900 |
| Land | 375,000 |
| Prepaid insurance | 8,400 |
| Prepaid rent | 6,000 |
| Retained earnings | 620,300 |
| Salaries payable | 7,500 |
| Supplies | 11,200 |
| Unearned fees | 21,000 |
Prepare a classified balance sheet that includes the correct balance for Cash. Land must be entered as the first fixed asset. Be sure to complete the statement heading. Refer to the Instructions and the list of Labels and Amount Descriptions for the exact wording of text entries. Negative amounts should be indicated by a minus sign. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary.
In: Accounting