Milani, Inc., acquired 10 percent of Seida Corporation on January 1, 2017, for $183,000 and appropriately accounted for the investment using the fair-value method. On January 1, 2018, Milani purchased an additional 30 percent of Seida for $651,000 which resulted in significant influence over Seida. On that date, the fair value of Seida's common stock was $2,020,000 in total. Seida's January 1, 2018 book value equaled $1,870,000, although land was undervalued by $136,000. Any additional excess fair value over Seida's book value was attributable to a trademark with an 8-year remaining life. During 2018, Seida reported income of $315,000 and declared and paid dividends of $106,000. Prepare the 2018 journal entries for Milani related to its investment in Seida.

On December 31, 2017, when its accounts receivable were $270,000 and its account Allowance for Doubtful Accounts had an unadjusted debit balance of $1,800, Canarie Corp. estimated that $15,100 of its accounts receivable would become uncollectible, and it recorded the bad debts adjusting entry. On May 11, 2018, Canarie determined that Fei Ya Cheng’s account was uncollectible and wrote off $1,700. On November 12, 2018, Cheng paid the amount previously written off. Prepare the required journal entries to record each of the above transactions. What is the carrying amount of the receivables on (1) December 31, 2017; (2) May 11, 2018; and (3) November 12, 2018, assuming that the total amount of accounts receivable of $270,000 is unchanged on each of these three dates except for any changes recorded above

Shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during 2018. At January 1, 2018, the corporation had outstanding 85.0 million common shares, $2.5 par per share.

Required:
1. Prepare the journal entries to record the transactions that affected Brenner-Jude's retained earnings during 2018 based on the information provided.
2. Prepare a statement of retained earnings for Brenner-Jude for the year ended 2018.

You are the loan manager for a local commercial bank and was approached by the management of Intel Corp.for a $150,000 loan to be used in the expansion of its business.  You requested and have received the following financial information to be used as the basis for your decision:

A. Please calculate the Times Interest Earned ratio for FY 2017, 2018, and 2019.

Formula:   EBIT + Interest Expense + Income Tax Expense

Interest Expense

B. Based on your calculation in (A), was the ratio good or bad between FY 2017 to FY 2018, and between FY 2018 to FY 2019? Please explain in two paragraphs.

The MBA 802 Company reported 2018 net income of $9 million and depreciation of $3.5 million. The top part of the MBA802’s 2017 and 2018 balance sheets is listed as follows (in millions of dollars).

                                                                2017      2018                  

Current assets:                                                                                                                                                                       

   Cash                                                       $18                 $30  

   Accounts receivable                                 20                   24   

   Inventory                                                  10                   11      

               Total Current Assets:                  $48                 $65

Current Liabilities:

Accrued wages and taxes                    $    5                $11

Accounts payable                                     25                  29                   

Other Accrued Liabilities                          18                  25                     

                 Total Current Liabilities:           $48                $65           

What is the 2018 net cash flow from operating activities for the MBA802 Company? (Display the answer as noted below - If you calculated the answer as being $12.3 million, input the answer in the following format  12.3)

Fuzzy Monkey Technologies, Inc., purchased as a long-term investment $90 million of 6% bonds, dated January 1, on January 1, 2018. Management has the positive intent and ability to hold the bonds until maturity. For bonds of similar risk and maturity the market yield was 8%. The price paid for the bonds was $73 million. Interest is received semiannually on June 30 and December 31. Due to changing market conditions, the fair value of the bonds at December 31, 2018, was $80 million.

Required:
1. to 3. Prepare the relevant journal entries on the respective dates (record the interest at the effective rate).
4. At what amount will Fuzzy Monkey report its investment in the December 31, 2018, balance sheet?
5. How would Fuzzy Monkey's 2018 statement of cash flows be affected by this investment?

Fuzzy Monkey Technologies, Inc., purchased as a long-term investment $130 million of 8% bonds, dated January 1, on January 1, 2018. Management has the positive intent and ability to hold the bonds until maturity. For bonds of similar risk and maturity the market yield was 10%. The price paid for the bonds was $115 million. Interest is received semiannually on June 30 and December 31. Due to changing market conditions, the fair value of the bonds at December 31, 2018, was $120 million.

Required:
1. to 3. Prepare the relevant journal entries on the respective dates (record the interest at the effective rate).
4. At what amount will Fuzzy Monkey report its investment in the December 31, 2018, balance sheet?
5. How would Fuzzy Monkey's 2018 statement of cash flows be affected by this investment?

Rewrite the following SELECT statement. In the rewrite change the join operator style on the Facility table to a Type I nested query. (10 points)

SELECT eventplan.planno, eventrequest.eventno, workdate,activity

FROM eventrequest, eventplan, Facility

WHERE eventplan.workdate BETWEEN '2018-12-01' AND '2018-12-31' AND eventrequest.eventno = eventplan.eventno AND EventRequest.FacNo = Facility.FacNo AND facname = 'Basketball arena';

Rewrite the following SELECT statement. In the rewrite change the join operator style on the Facility and Employee tables to a Type I nested queries. (15 points)

SELECT DISTINCT eventrequest.eventno, dateheld, status, estcost

FROM eventrequest, employee, facility, eventplan

WHERE eventplan.workdate

BETWEEN '2018-10-01' AND '2018-12-31' AND eventplan.empno = employee.empno AND eventrequest.facno = facility.facno AND facname = 'Basketball arena' AND empname = 'Mary Manager' AND eventrequest.eventno = eventplan.eventno;

The business faculty of a public university recorded data on the number of students enrolled in the different study majors for the years 2018 and 2019. These data are useful for the faculty for their decision making process with regard to future planning. The data are stored in BUSSTUDYMAJOR worksheet in the .xls file attached.

1. Use an appropriate graphical technique or chart to display the percentage value of the number of enrolment of the different study major in 2018. Display the chart.

2. Use an appropriate graphical technique or chart to compare the number of enrolment in 2018 and 2019 of the different study major. Display the chart.   

On December 31, 2017, Dow Steel Corporation had 750,000 shares of common stock and 45,000 shares of 7%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow issued a 4% common stock dividend on May 15 and paid cash dividends of $550,000 and $84,000 to common and preferred shareholders, respectively, on December 15, 2018.

On February 28, 2018, Dow sold 60,000 common shares. In keeping with its long-term share repurchase plan, 2,000 shares were retired on July 1. Dow's net income for the year ended December 31, 2018, was $2,850,000. The income tax rate is 40%.
  
Required:
Compute Dow's earnings per share for the year ended December 31, 2018.