Sievert Co. sold merchandise to Chang Co. on account, $6,200, terms 2/15, n/30. The cost of merchandise sold is $3,720. Assume all discounts are taken.

Journalize Sievert Co.'s entries for (a) the sale on account and (b) the collection of the amount due.

Journalize Chang Co.'s entries for (a) the purchase of merchandise on account and (b) the payment of the amount due.

Determine the amount to be paid in full settlement of each of two invoices (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. If required, round the answers to the nearest dollar.

1 - The LC50 for carbon monoxide alone is 6600 ppm. For a mixture of carbon monoxide and 5% carbon dioxide, the LC50 for CO drops to 3900 ppm. 5% carbon dioxide by itself is not lethal. Which of the following statements is appropriate based on this data?

a)CO₂potentiates the effect of CO   b)CO₂is an antagonist for CO   c)CO₂exerts a synergistic effect in combination with CO

2 - The specific endocytosis process by which liquids or very small particles are engulfed and transported across the membrane is known as :

a)Phagocytosis   b)Pinocytosis   c)Exocytosis

3 - At pH 7.4 a weak organic acid with a pKa of 6.4 would be?

a)10% ionized   b)40% ionized   c)60% ionized   d)90% ionized

4 - Which of the following does not occur in a Phase I metabolism of a toxin?

a)Oxidation   b)Reduction   c)Conjugation   d)Hydrolysis

Cascade Co. is planning to invest some of its excess cash in 5-year bonds issued by Joyce Co. and in the 2% of ordinary shares of Teton Co. Both Joyce’s bonds and Teton’s shares are traded actively on securities market. Cascade Co. plans to hold the bond for long term and the shares for speculation. Regarding the accounting for these investments, answer the following

questions: 1. What is a financial asset? 2. Physical assets holder generate cash by using or selling the assets. For example, a property holder can enjoy rental income, and an inventory holder can sell it for revenue. How is a physical asset different from a financial asset? 3. What is the accounting treatment for a bond holder in general? 4. What is the accounting treatment for an equity holder in general? 5. After investing, the market value of the bond and shares fluctuate, how should Cascade account for it?

Hat Co. is considering the replacement of its old, fully depreciated hat press. Two new presses are available.  A steam press costs $200,000, has a five-year expected life, and will be able to make twice as many hats as the old machine, yielding an additional $60,000 in after-tax cash flows. A dry press costs $300,000, has a 7-year expected life, and will generate after-tax cash flows of $63,400 per year. Currently, Hat Co. is valued at $5,000,000 and has $600,000 in debt at 6%. Its tax rate is 20%. The cost of equity for similar companies is 15%.

Calculate Hat Co.'s after-tax weighted average cost of capital.
What is the NPV (after-tax) and discounted breakeven for the steam and dry presses?
Which press should Hat Co. select?

Simean & Co, a firm of CPA’s, issued an unqualified audit report for its client, Xing Manufacturing Corporation, a footwear manufacturer in Asia. Xing Manufacturing, listed its head office in Toronto, Ontario, and its shares were traded on a Canadian Stock Exchange. Simean & Co. knew the company was in the process of refinancing a significant bank loan coming due, and the bank was anxious to see the year end results. After an unqualified audit report was issued, the regulator of the stock exchange halted the trading of the shares after allegations of management fraud came to light. As a result, the share price plummeted and the company went out of business.

Required:

(a) List two (2) parties/groups that Simean & Co. owe a duty of care.

(b) Document four (4) criteria the bank must demonstrate to establish negligence?

(c) What two (2) legal defences are available to Simean & Co?

On January 1, 2011, Crabb & Co. sold land to Chiles, Inc. in exchange for a note with a maturity value of $500,000. The note is due December 31, 2013 and interest is owed each December 31 at a rate of 6%. Chiles’ market rate of borrowing is 12%. Crabb originally purchased the land for $80,000 in 1978.

Answer the following. Show your work.
1. Was the note issued at a discount or a premium?
2. What is the fair market value of the land?
3. What is the gain or loss on the sale of the land?
4. How does this transaction affect the accounting equation of Crabb & Co. (Assets = Liabilities + Equity)?
5. What is the amount of interest income recognized by Crabb & Co. in 2012?
6. What is the amount of cash interest received by Crabb & Co. in 2012?
7. What is the carrying value of the note receivable on December 31, 2012?

Storm, Inc. purchased the following available-for-sale securities during Year 1, its first year of operations:

The market price per share for the available-for-sale security portfolio on December 31, Year 1, was as follows:

Required:

Use Python programming to find most popular single products and co-purchased products from the large transaction data: retail.csv. Each row in the file is one purchase transaction from a customer, including a set of product ids separated by commas. The first column is transaction ID, column 2-3 are the products ID purchased in this transaction. It is worth mentioning that if the value in third column is zero, it means this customer only purchased one product (the one in second column).

Note:

• Co-purchased products is defined as a pair of products purchased in the same transaction. For example a row is: "2 24 35". Then 24 and 35 is a pair of copurchased products IDs,.

• To find co-purchased product in each transaction, you might use a nested loop.

• Write top 10 single products and top 10 co-purchased product pairs into a new file: output.txt

Peanut Company acquired 75 percent of Snoopy Company's stock at underlying book value on January 1, 20X8. At that date, the fair value of the noncontrolling interest was equal to 25 percent of the book value of Snoopy Company. Snoopy Company reported shares outstanding of $350,000 and retained earnings of $100,000. During 20X8, Snoopy Company reported net income of $60,000 and paid dividends of $3,000. In 20X9, Snoopy Company reported net income of $90,000 and paid dividends of $15,000. The following transactions occurred between Peanut Company and Snoopy Company in 20X8 and 20X9: Snoopy Co. sold equipment to Peanut Co. for a $42,000 gain on December 31, 20X8. Snoopy Co. had originally purchased the equipment for $140,000 and it had a carrying value of $28,000 on December 31, 20X8. At the time of the purchase, Peanut Co. estimated that the equipment still had a seven-year remaining useful life. Peanut sold land costing $90,000 to Snoopy Company on June 28, 20X9, for $110,000. Give all consolidating entries needed to prepare a consolidation worksheet for 20X9 assuming that Peanut Co. uses the cost method to account for its investment in Snoopy Company.