a.       Record the issuance of the bonds on January 1, 2016.

b.       Record the annual investment to sinking fund.

C.            Record the annual appropriation of retained earnings for the retirement of 20 year bonds.

b.    Record removal of appropriations of retained earnings for retirement of funds.

On November 1, 2016, Gordon Co. collected $10,380 in cash from its tenant as an advance rent payment on its store location. The six-month lease period ends on April 30, 2017, at which time the contract may be renewed.

a-1. Use the horizontal model to record the effect of the six months of rent collected in advance on November 1, 2016 for Gordon Co. (Use amounts with + for increases and amounts with – for decreases.)

a-2. Use the horizontal model to record the effect of the adjustment that will be made at the end of each month to show the amount of rent "earned" during the month for Gordon Co. (Use amounts with + for increases and amounts with – for decreases.)

Record the receipt a six-month advance rent payment.

Note: Enter debits before credits.

c. Suppose the advance collection received on November 1, 2016, covered an 30-month lease period at the same amount of rent per month. How should Gordon Co. report the unearned rent amount on its December 31, 2016, balance sheet?

Cocoa Company *

2016 2017

Cash 100 75

Cost of Goods Sold 1000 1100

Debt (LT) 10000 12000

Depreciation 2000 2200

Equity (total) 5300 5125

Interest Expense 600 720

Inventories 400 400

Payables 1200 1350

Property, Plant, Equipment 16000 18000

Revenues 6500 7500

Salaries 2200 2100

Share Capital 4964 4491

* All values given are in 1000s of dollars.

1. Construct a statement of comprehensive income for Cocoa Co. up through Earnings-Before- Taxes (EBT) for both 2016 and 2017. Use three columns: The left column should list the relevant accounts, the middle column should show the appropriate values for each account in 2016, and the right column should show the appropriate values for 2017.

2. Compute full (combined federal and provincial) corporate taxes for Cocoa Co. for both 2016 and 2017. Cocoa is a small corporation based in New Brunswick. As such it pays only 15.5% (i.e., 11% federal and 4.5% provincial tax) on the first $425,000 it earns, and then pays 27.0% (i.e., 15% federal and 12% provincial tax) on the remainder.

3. What was net income for both years?

4. If Cocoa’s payout ratio is always 40%, what was the addition to retained earnings for both years?

5. Construct a statement of financial position for Cocoa Co. for both 2016 and 2017. (In constructing the SFP, please use three columns: The left column should list the relevant accounts that appear on the SFP, the middle column should show the appropriate values for each account in 2016, and the right column should show the appropriate values for each account in 2017.)

6. Calculate Cocoa’s current ratio for 2017. Explain what it means, and state whether you think it’s good news or bad news for Cocoa’s managers.

7. If the value of Cocoa’s assets are to remain unchanged for the foreseeable future, and its profits are expected to increase, what do you expect will happen to its ROA.

Convertible Preferred Stock, Convertible Bonds, and EPS Francis Company has 31,200 shares of common stock outstanding at the beginning of 2016. Francis issued 3,900 additional shares on May 1 and 2,600 additional shares on September 30. It also has two convertible securities outstanding at the end of 2016. These are: Convertible preferred stock: 3,250 shares of 9.0%, $50 par, preferred stock were issued on January 2, 2013, for $60 per share. Each share of preferred stock is convertible into 3 shares of common stock. Current dividends have been declared and paid. To date, no preferred stock has been converted. Convertible bonds: Bonds with a face value of $325000 and an interest rate of 5.0% were issued at par in 2015. Each $1000 bond is convertible into 25 shares of common stock. To date, no bonds have been converted. Francis earned net income of $79000 during 2016. The income tax rate is 30%. Required: 1. Compute the number of shares of common stock that Francis should use in calculating basic earnings per share for 2016. Weighted average shares outstanding: shares 2. Calculate basic earnings per share for 2016. If required, round your answer to two decimal places. Basic earnings per share: $ 3. Calculate diluted earnings per share for 2016 and the incremental EPS of the preferred stock and convertible bonds. If required, round your answers to two decimal places. Diluted earnings per share: $ Incremental earnings per share Bonds: $ Preferred: $ 4a. Assume the same facts as above except that net income included a loss from discontinued operations of $12000 net of income taxes. Compute basic EPS. You do not have to calculate diluted EPS for this case. If required, round your answer to two decimal places. Basic earning per share: $ 4b. Show how the basic EPS you calculated should be reported to shareholders. You do not have to calculate diluted EPS. Francis Company EPS Computations EPS Based on:

You have been asked to write program that allows the user to input a first name, middle initial (without the period), and last name of a user and then display that person’s name with the first, middle initial followed by a period, and last name last.

BEFORE creating the program, use structured programming principles to document how you are going to develop the program. Use Microsoft Word to complete this part of the assessment. Answer each of the following areas:

Solve a problem by following the steps of the program development cycle.

Design the program in a modular fashion.

Design each module as a series of sequence control structures.

Use Microsoft Word to complete

c. February 7-sold merchandise on account for $800, and the cost of this merchandise sold was $560.

d. February 10-returned $500 on defective merchandise (list price) of the purchases dated February 3.

e. February 11-paid the amount due of the purchased realized.

f. February 12-accepted defective products returned that were sold by $150 on February 7, and the cost of these products returned is $110.

Write a program in Java, that creates a Jframe with a menu containing only file. Inside file there should be items: Open, Save, and Save As. Selecting open prompts the user to input a file name to a txt document containing employee information and displays a Jtable with the information, which can be edited. With column headers {"First Name" , "Last Name" , "Occupation" , "Office #"}

Example: Gary Osbourn Teacher 113

Michelle Ramirez Teacher 101

Ava Gomez Principal 120

The user should be able to save any changes made to the table with save. Using Save As the program should ask the user for a file name to save the new program as.

This task is solved in Python 3.

Develop a program that lets the user add new people to the file phone.txt

Add name and number, end with <enter>

Name and number: Robin 94567402

Name and number: Jessica 99468283

Name and number:

>>>

Daniel B Butler and Freida C. Butler, husband and wife, file a joint return. The butlers live at 625 Oak Street in Corbin, KY 40701. Dan’s Social Security number is 111‐11‐1112, and Freida’s is 123‐45‐6789. Dan was born on January 15, 1965, and Freida was born on August 20, 1966.

During 2016, Dan and Freida furnished over half of the total support of each of the following individuals, all of whom still live at home.

a) Gina, their daughter, age 22, a full‐time student, has no income of her own. Gina’s Social Security number is 123‐45‐6788.

b) Sam, their son, age 20, who had gross income of $6,300 in 2016. He graduated from high school in May 2016, Started College in August 2016, then dropped out of college in September 2016. Sam’s Social Security number is 123‐45‐6787.

c) Ben, their oldest son, age 26, is a full‐time graduate student with gross income of $5,200. Ben’s Social Security number is 123‐45‐6786.

Dan was employed as a manager by WJJJ, Inc. (employer identification number 11‐ 1111111, 604 Franklin street, Corbin, KY 40702), and Freida was employed as a salesperson for Corbin Realty, Inc. (employer identification number 98‐7654321, 899 Central Street, Corbin, KY 40701). Selected information from the W‐2 Forms provided by the employers is presented below. Dan and Freida use the cash method.

Line Description Dan   Freida

1 Wages, tips, other compensation   $74,000 $86,000

2 Federal income tax withheld 1,000 12,400

17 State income tax withheld 12,960 3,440

Freida sold a house on December 30, 2016, and will be paid a commission of $3,100 (not included in the $86,000 reported on the W‐2) on the January 10, 2017 closing date.

Before marrying Freida, Dan was married and divorced to Sarah. Under the divorce agreement, Dan is to pay Sarah $500 per month. Dan paid Sarah $5,500 in 2016, his December alimony payment was not made until January of 2017. Sarah’s Social Security number is 123‐45‐6785

The Butlers also had (1) $1,600 in interest income from their savings account, (2) they sold ABC stock on 8/15/2016 for $10,000 (originally purchased for $4,000 on 1/15/2013), and (3) they sold XYZ stock on 10/15/2016 for $3,000 (originally purchased for $4,000 on 12/15/2015).

Prepare the 2016 Federal income tax return for the Butlers’. You may work in groups no larger than 3 (i.e. 1, 2, or 3). Submit one tax return per group. Please submit (1) a cover page with a list of students who participated in the group project, (2) Form 1040, (3) calculation of Capital gain (including LT or ST), and (4) calculation of tax.

Hints:

1) Take the standard deduction

2) Don’t forget to check the box for the filing status

3) Review the rules as for what qualifies as a “student” for purposes of the Qualifying Child tests. See IRS publication 501 page 13.

4) Make sure you are not using 2017 information (i.e. personal exemptions, standard deduction, tax brackets etc.).

5) Normally interest and capital gains would require additional forms (Schedule B and Schedule D). However for this assignment do not prepare those forms/schedules, simply enter the appropriate amount directly onto form 1040.