An existing 36-inch diameter concrete gravity sewer installed on a slope of 0.25% currently conveys a peak flow rate of 12 cfs. A builder proposes to connect a new residential development to this existing sewer. Projected peak flow from this new development is 4 cfs.
a) Depth of flow in sewer before new development is connected
b) Depth of flow in sewer after new development is connected
c) Flow velocity in sewer after new development is connected
d) Flow type (critical, subcritical or supercritical) after new development is connected
e) Diameter of a sewer to convey combined peak flow of 16 cfs if maximum allowable D/d is 0.85 (i.e. assume you are designing new sewer on the same 0.25% slope)
In: Civil Engineering
|
Two ice skaters, Daniel (mass 65.0 kg ) and Rebecca (mass 45.0 kg ), are practicing. Daniel stops to tie his shoelace and, while at rest, is struck by Rebecca, who is moving at 14.0 m/s before she collides with him. After the collision, Rebecca has a velocity of magnitude 8.00 m/s at an angle of 53.1 ∘ from her initial direction. Both skaters move on the frictionless, horizontal surface of the rink. |
Part A What is the magnitude of Daniel's velocity after the collision?
SubmitMy AnswersGive Up Part B What is the direction of Daniel's velocity after the collision?
SubmitMy AnswersGive Up Part C What is the change in total kinetic energy of the two skaters as a result of the collision? |
In: Physics
Jen and Larry’s Frozen Yogurt Company
In 2019, Jennifer (Jen) Liu and Larry Mestas founded Jean and Larry’s Frozen Yogurt Company, which was based on the idea of applying the microbrew or microbatch strategy to the production and sale of frozen yogurt. Jen and Larry began producing small quantities of unique flavors and blends in limited editions. Revenues were $600,000 in 2019 and were estimated to be $1.2 million in 2020.
Because Jen and Larry were selling premium frozen yogurt containing premium ingredients, each small cup of yogurt sold for $3, and the cost of producing the frozen yogurt averaged $1.50 per cup. Administrative expenses, including Jen and Larry’s salary and expenses for an accountant and two other administrative staff, were estimated at $180,000 in 2020. Marketing expenses, largely in the form of behind-the-counter workers, in-store posters, and advertising in local newspapers, were projected to be $200,000 in 2020.
An investment in bricks and mortar was necessary to make and sell the yogurt. Initial specialty equipment and the renovation of an old warehouse building in lower downtown (known as LoDo) occurred at the beginning of 2019. Additional equipment needed to make the amount of yogurt forecasted to be sold in 2020 was purchased at the beginning of 2020. As a result, depreciation expenses were expected to be $50,000 in 2020. Interest expenses were estimated at $15,000 in 2020. The average tax rate was expected to be 25% of taxable income.
How many cups of frozen yogurt would have to be sold for the firm to reach its projected revenues of $1.2 million?
Calculate the dollar amount of EBDAT if Jen and Larry’s Frozen Yogurt Company achieves the forecasted $1.2 million in sales for 2020. What would EBDAT be as a percent of revenues?
In: Finance
Part 1 -- Bonds:
REQUIRED:
Part 2 -- Installment note:
REQUIRED:
In: Accounting
PROBLEM 5: FOREIGN CURRENCY (20 MARKS TOTAL)
Use the information here for answering questions 1 to 3 on this page.
On 1 April 2020, Winton Ltd, an Australian entity, places an order for GBP £200,000 of inventory with Austen plc, a UK supplier. On the same date, Winton Ltd enters into a forward exchange contract with the bank to buy GBP £200,000, to be settled on 31 July 2020. The goods are shipped FOB London on 1 May 2020 and are paid for on 31 July 2020. Winton Ltd has a reporting date of 30 June.
The following exchange rates are applicable.
Spot
rate
Forward rate for 31/7/20
1 April 2020
A$1 = 0.63
GBP
A$1 = 0.61 GBP
1 May 2020
A$1 = 0.67
GBP
A$1 = 0.64 GBP
30 June 2020 A$1 = 0.62
GBP
A$1 = 0.60 GBP
31 July 2020 A$1 =
0.59
GBP
A$1 = 0.59 GBP
Q1: Complete the table showing the movement and the change in value of the hedged item
Type text or numbers as appropriate in the following table. Enter numbers as numerals only. Use a negative symbol '-' in front of your number where appropriate to indicate a loss. Enter a 0 if you do not need to enter data in that field.
Q2: Complete the table showing the movement and the change in value of the hedging instrument
Type text or numbers as appropriate in the following table. Enter numbers as numerals only. Use a negative symbol '-' in front of your number where appropriate to indicate a loss or a liability. Enter a 0 if you do not need to enter data in that field.
Q3: Provide the journal entries for Winton Ltd to reflect the above transactions
In: Accounting
Question 1.Obaapa Fashions Ltd has budgeted to sell 100,000 pieces of face masks for April 2020. At the end of March 2020, the company had 20,000 pieces of face mask in inventory and would like to have an inventory of 30,000 pieces of face masks at the end of April. Each piece of face mask requires 2 square meters of treated fabric, the primary raw material. Inventory of the treated fabric at the beginning of April is 5,000 square meters. It is expected that each square meter of the treated fabric will cost GHS3. Assuming the sales budget is met, and the desired ending inventory of the face mask is achieved, how many square meters of the treated fabric need to be purchased in April 2020, in order to have an ending inventory of 8,000 square meters of the treated fabric? What will be the cost of purchases for April 2020? (show all workings clearly).
Question 2.
Ewuarbena & Co Manufacturing Ltd have budgeted to sell these quantities of its products, Chocomix, for the coming months in 2020: January – 160,000 sachets; February – 240,000 sachets; March – 200,000 sachets; April – 400,000 sachets; and May – 150,000 sachets. The company expects to sell each sachet for GHS20. The company has decided that to avoid losing customers arising from production hold-ups it would like to maintain a finished goods inventory in the future equal to one-fifth of the following month's budgeted sales. At the beginning of January 2020, the company had finished goods inventory of 10,000 sachets. What is total budgeted sales and production for the 2020 1st quarter ended (January – March 2020)? (show all workings clearly)
In: Accounting
Edwards and Everett, Inc. had the following items in its capital structure at December 31, 2020:
Common stock options, issued in 2019, exercisable for 22,000 shares, beginning in 2022, at a “strike” price of $20 per share. The cash that would be received from the option-holders from a hypothetical exercise of the options at December 31, 2020 would be sufficient for Edwards & Everett to acquire 13,400 shares of its own common stock (as treasury stock).
Treasury stock, common, 20,000 shares, acquired on November 30, 2019 …...
$
280,000
Additional paid-in-capital ....................................................................................
760,000
Common stock, $10 stated value, issued January 2, 2019
(current market value, $17 per share) ..................................................................
1,200,000
Preferred stock, 10%, $8 par value, convertible into 146,000 common
shares no earlier than 2020, issued at par value on July 1, 2020
(current market value, $8 per share) ....................................................................
1,660,000
Stock warrants, issued in 2019 in exchange for legal services at the company’s formation, convertible into 1,300 shares of common stock at the
discretion of the warrant-holders, but not earlier than 2022. A
hypothetical conversion of the warrants at December 31, 2020 would
require a $14,000 cash payment from the warrant-holders, which would
be sufficient for Edwards & Everett to acquire 300 shares of its own
common stock (as treasury stock)........................................................................
20,000
Edwards & Everett’s net income for 2020 was $783,000; the company’s Board of Directors has not yet declared a dividend for 2020 for the preferred shareholders.
What earnings per share did Edwards and Everett, Inc. report for the year ended December 31, 2020? Prepare a schedule to support your answer.
In: Accounting
FINANCIAL ACCOUNTING II
Edwards and Everett, Inc. had the following items in its capital structure at December 31, 2020:
Common stock options, issued in 2019, exercisable for 22,000 shares, beginning in 2022, at a “strike” price of $20 per share. The cash that would be received from the option-holders from a hypothetical exercise of the options at December 31, 2020 would be sufficient for Edwards & Everett to acquire 13,400 shares of its own common stock (as treasury stock).
Treasury stock, common, 20,000 shares, acquired on November 30, 2019 ...... $280,000
Additional paid-in-capital........................................................................................760,000
Common stock, $10 stated value, issued January 2, 2019 (current market value, $17 per share) ................................................................ 1,200,000
Preferred stock, 10%, $8 par value, convertible into 146,000 commonshares no earlier than 2020, issued at par value on July 1, 2020 (current market value, $8 per share) ...................................................................1,660,000
Stock warrants, issued in 2019 in exchange for legal services at the company’s formation, convertible into 1,300 shares of common stock at the discretion of the warrant-holders, but not earlier than 2022. A hypothetical conversion of the warrants at December 31, 2020 would require a $14,000 cash payment from the warrant-holders, which would be sufficient for Edwards & Everett to acquire 300 shares of its own common stock (as treasury stock)........................................................................ 20,000
Edwards & Everett’s net income for 2020 was $783,000; the company’s Board of Directors has not yet declared a dividend for 2020 for the preferred shareholders.
What earnings per share did Edwards and Everett, Inc. report for the year ended December 31, 2020? Prepare a schedule to support your answer.
In: Accounting
The following information was obtained from the accounting records and financial statements of Palmer Inc.
|
Assets |
2019 |
2020 |
∆ |
|
Cash |
$ 280,000 |
315,000 |
35,000 |
|
Accounts receivable |
720,000 |
755,000 |
35,000 |
|
Inventory |
855,000 |
800,000 |
(55,000) |
|
Capital assets |
1,720,000 |
1,930,000 |
210,000 |
|
Accumulated depreciation |
(580,000) |
(550,000) |
30,000 |
|
Net capital assets |
1,140,000 |
1,380,000 |
240,000 |
|
Total |
2,995,000 |
3,250,000 |
|
|
Liabilities and Stockholders’ equity |
|||
|
Accounts payable |
445,000 |
360,000 |
(85,000) |
|
Interest payable |
60,000 |
75,000 |
15,000 |
|
Income taxes payable |
40,000 |
50,000 |
10,000 |
|
Bonds payable |
800,000 |
900,000 |
100,000 |
|
Common stocks |
1,200,000 |
1,350,000 |
150,000 |
|
Retained earnings |
450,000 |
515,000 |
65,000 |
|
Total |
2,995,000 |
3,250,000 |
|
|
Income Statement 2020 |
|||
|
Sales |
$ 3,200,000 |
||
|
Cost of goods sold |
(2,100,000) |
||
|
Gross profit |
1,100,000 |
||
|
Depreciation expenses |
(105,000) |
||
|
Operating expenses |
(655,000) |
||
|
Interest expenses |
(35,000) |
||
|
Income tax expenses |
(55,000) |
||
|
Loss on retirement of bonds payable |
(10,000) |
||
|
Loss on disposal of capital assets |
(20,000) |
||
|
Net income |
220,000 |
Additional information:
Required:
In: Accounting
Question 1
A. Cash is a monetary and financial asset. It is the most liquid finance asset; it is also the standard medium of exchange for most business transactions. Cash is usually classified as a current account, however there are circumstances in which cash is classified as a non-current asset.
Required:
With the aid of a suitable example, explain when can be classified as a non-current asset.
B. Study the following items related to transactions during the year to September 30, 2020 for Thompson’s Tours’ Inc. All transactions are reported on the financial statements in $XCD.
I. A bank overdraft of $200,000 in a chequing account at St Kitts National Bank.
II. A saving account with a balance of $400,000 at Open Campus Bank and chequing account with an overdraft of $100,000 at the same bank repayable on demand.
III. The Operation Manager was given a salary advance of $2,000 on August 24, 2020 and this amount was deducted from his October salary.
IV. CAD$3,045 on hand from tips up to March 31, 2020, its pre-COVID operations when the exchange rate was CAD$1 = $2.01 XCD. On September 30, 2020, the exchange rate was CAD$1 = $1.95 XCD
V. Special Edition Independence postage stamps on hand valued at $200.
VI. Cash holdings of US$100,000, the exchange rate on September 30, 2020 is $2.70.
VII. Petty cash on hand valued at $1,500.
VIII. A cheque in the amount of $5,000 and dated October 23, 2020 was received from a customer on September 27, 2020.
IX. Short term 60 days treasury bill valued at $35,000.
X. Thompson’s Tours’ Inc. invested $1,000,000 in a money market fund with Mona Campus Bank on July 10, 2020 which will mature on October 9, 2020.
Required:
a. List all items from above that would NOT be classified as cash or cash equivalents in the current asset section of Thompson’s Tours’ Inc. Statement of Financial Position as at September 30, 2020? State how each of these items would then be classified in the financials.
b. Prepare the necessary journal entry at September 30, 2020 to account for Item IV.
C. Using the information in B above, calculate the cash and cash equivalent value that would appear in Thompson’s Tours’ Inc. Statement of Financial Position on September 30,2020.
Total 15 marks
Question 2
A. List two (2) policies a company may adopt to lessen the risk of uncollectible accounts and improve its cashflows. (1 mark)
B. Joseph Corporation a mobile phone wholesaler sells mobile phones to PhoneTech Ltd, a mobile phone retailer on August 1, 2020 for $500 each, the value of the sale is $50,000, with credit terms of 3/10, n/30. Assume the company uses the net method to record accounts receivables.
Required:
a. Prepare the journal entry to record the sale.
b. On August 8, 2020, collection on $15,000 of the sales was received from PhoneTech. Record the necessary journal entry for the cash received.
c. The remaining $35,000 of the sales was collected on August 28, 2020 from Phone Tech. Record the necessary journal entry for the transaction on this date.
Total 13 marks
Question 3
A. J & B Company uses the percentage of sales approach to estimate its uncollectible accounts. The company’s annual sales for its first financial year of operations ending July 31, 2020 was $500,000, cash sales contributed to 2% of the overall sales and the accounts receivable balance at year end was $75,000. Based on industry expectations, it estimated that 3% of its credit sales would be uncollectible.
Required:
a. Calculate the bad debt expense at July 31, 2020.
b. Calculate the net receivable balance that would be reported in the Statement of Financial Position as at July 31, 2020. (1 mark)
B. Tosh and Sons Inc. uses the percentage of receivables approach to estimate its uncollectible accounts. The company had sales of $100,000 at the end of its financial year on June 30, 2020. The allowance for doubtful debts account had a debit balance of $400, the accounts receivable balance was $30,000at year end and the company estimates the uncollectible percentages as follows:
Current (1 - 30 days) $15,000 0.5%
31 - 60 days $10,000 2.0%
61 - 90 days $3,000 10.0%
Over 90 days $2000 60.0%
Required:
a. Calculate the bad debt expense at June 30, 2020.
b. Prepare the necessary journal entry to record the bad debt expense for the year.
b. During the financial year ending May 31, 2020 the Board of Directors of Chung Sa Corporation authorised the write off of a $3,000 two-year debt belonging to a previous customer Jap Inc. On July 2, 2020 Chung Sa Corporation received an electronic funds transfer from Jap Inc. in the amount of $3,000.
Required:
Prepare all necessary journal entries to record this transaction.
In: Accounting