LCD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2018. In payment for the $25.2 million purchase, LCD issued a 1-year installment note to be paid in equal monthly payments at the end of each month. The payments include interest at the rate of 18%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

Required:
1. & 2. Prepare the journal entry for LCD’s purchase of the components on November 1, 2018 and the first installment payment on November 30, 2018.
3. What is the amount of interest expense that LCD will report in its income statement for the year ended December 31, 2018?

Question 2

KOL Limited purchased a machine on 1 January 2018 at $500,000. It has an expected useful life of 5 years and an estimated salvage value of $50,000. It is also expected that the machine can run for 30,000 hours. For the year ended 31 December 2018, KOL has used the machine for 4,000 hours.

KOL has another equipment with the following data on 31 December 2018.

Required:

e. Discuss when a company should perform an impairment review for a long-lived tangible asset, and when it is impaired.

f. Determine the impairment loss for the equipment on 31 December 2018

g. Compute the asset turnover for the shop.

h. Compute the profit margin on sales for the shop.

i. Compute the return on assets for the shop.

Information from the financial statements of Henderson-Niles Industries included the following at December 31, 2018:

Henderson-Niles’s net income for the year ended December 31, 2018, is $620 million. The income tax rate is 40%. Henderson-Niles paid dividends of $2 per share on its preferred stock during 2018.

Required:
Compute basic and diluted earnings per share for the year ended December 31, 2018. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)

The DeVille Company reported pretax accounting income on its income statement as follows:

   
Included in the income of 2018 was an installment sale of property in the amount of $62,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $24,800 in 2019, $31,000 in 2020, and $6,200 in 2021.

Included in the 2020 income was $26,000 interest from investments in municipal bonds.

The enacted tax rate for 2018 and 2019 was 30%, but during 2019 new tax legislation was passed reducing the tax rate to 25% for the years 2020 and beyond.

Required:
Prepare the year-end journal entries to record income taxes for the years 2018, 2019,  2020 , 2021.

Question:

LCD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2018. In payment for the $25.3 million purchase, LCD issued a 1-year installment note to be paid in equal monthly payments at the end of each month. The payments include interest at the rate of 24%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

Required:

1. & 2. Prepare the journal entry for LCD's purchase of the components on November 1, 2018 and the first installment payment on November 30, 2018.

3. What is the amount of interest expense that LCD will report in its income statement for the year ended December 31, 2018?

The following is a partial trial balance for General Lighting Corporation as of December 31, 2018:

200,000 shares of common stock were outstanding throughout 2018. Income tax expense has not yet been recorded. The income tax rate is 40%.

Required:
1. Prepare a single-step income statement for 2018, including EPS disclosures.
2. Prepare a multiple-step income statement for 2018, including EPS disclosures.

The following is a partial trial balance for General Lighting Corporation as of December 31, 2018: Account Title Debits Credits Sales revenue 2,650,000 Interest revenue 86,000 Loss on sale of investments 25,500 Cost of goods sold 1,250,000 Loss from write-down of inventory due to obsolescence 260,000 Selling expenses 360,000 General and administrative expenses 180,000 Interest expense 85,000 300,000 shares of common stock were outstanding throughout 2018. Income tax expense has not yet been recorded. The income tax rate is 40%. Required: 1. Prepare a single-step income statement for 2018, including EPS disclosures. 2. Prepare a multiple-step income statement for 2018, including EPS disclosures.

Multiple Choice Question 82

An analysis of stockholders' equity of Bonita Industries as of January 1, 2018, is as follows:

Bonita uses the cost method of accounting for treasury stock and during 2018 entered into the following transactions:

Acquired 2460 shares of its stock for $78720.
Sold 1890 treasury shares at $36 per share.
Sold the remaining treasury shares at $18 per share.

Assuming no other equity transactions occurred during 2018, what should Bonita report at December 31, 2018, as total additional paid-in capital?

Dr. Schmidt want to determine the pulse rate of drinkers is higher than the pulse rate of non-drinkers. Dr. Schmidt took 2 independent samples of adult germans. Use the sample statistic below to test the claim that the pule rat of drinkers is higher than the pulse rate of non drinkers.

Drinkers 100, mean of 87, standard deviation of 4.8

Non-drinkers 100, mean of 84, standard deviation of 5.3

A) Claim, null hypo, alternative hypo

B) Test to be used, what is the P-value?

C.)Classical approach test statistic, and the critical value of it?

D). What is the conclusion.

FIPS Publication 200 is a mandatory federal standard developed by NIST in response to FISMA. To comply with the federal standard, organizations first determine the security category of their information system in accordance with FIPS Publication 199. Thales e-Security can help you meet the FIPS 200 and FIPS 199 data security compliance standards. Identify the relevance of the FIPS 199 and FIPS 200 documents to non-government entities.

Does the FIPS 199 document contain information relevant to non-government entities? Justify your position.

Does the FIPS 200 document contain information relevant to non-government entities? Justify your position