What is the maximum angle of climb (steady velocity climb) for a turbojet powered aircraft with an (L?D)max equal to 10.5 and a gross weight of 8000 lb. if it is producing a thrust of 2000 lb.? If the aircraft using the same available thrust, wishes to establish a rate of climb equal to 1800fpm, what airspeed will it need to establish? (Assume the required thrust equals 764pounds)
In: Physics
In: Computer Science
Question 6
1. The market value of Farmington Corp.'s common shares was quoted at $54 per share at December 31, 2018, and 2017. Planetarium 's balance sheet at December 31, 2018, and 2017, and statement of income and retained earnings for the years then ended are presented below:
Farmington Corp.
Balance Sheet
December 31
2018 2017
Assets:
Current assets:
Cash $ 9,000,000 $ 5,200,000
Short-term investments 17,200,000 15,400,000
Accounts receivable (net) 109,000,000 111,000,000
Inventories, lower of cost or market 122,000,000 140,000,000
Prepaid expenses 4,000,000 2,800,000
Total current assets $261,200,000 $274,400,000
Property, plant, and equipment (net) 350,000,000 315,000,000
Investments, at equity 2,800,000 3,500,000
Long-term receivables 15,000,000 20,000,000
Copyrights and patents (net) 6,000,000 7,000,000
Other assets 8,000,000 9,100,000
Total assets $643,000,000 $629,000,000
Liabilities and Stockholders' Equity:
Current liabilities:
Notes payable $ 7,000,000 $ 17,000,000
Accounts payable 55,000,000 52,000,000
Accrued expenses 27,500,000 30,000,000
Income taxes payable 1,500,000 2,000,000
Current portion of long-term debt 10,000,000 9,500,000
Total current liabilities 101,000,000 110,500,000
Long-term debt 180,000,000 190,000,000
Deferred income taxes 69,000,000 65,000,000
Other liabilities 15,000,000 9,500,000
Total liabilities 365,000,000 375,000,000
Stockholders' equity:
Common stock, par value $1; authorized 20,000,000
shares; issued and outstanding 12,000,000 shares 12,000,000 12,000,000
10% cumulative preferred shares, par value $100;
$100 liquidating value; authorized 100,000 shares;
issued and outstanding 60,000 shares 6,000,000 6,000,000
Additional paid-in capital 119,000,000 119,000,000
Retained earnings 141,000,000 117,000,000
Total stockholders' equity 278,000,000 254,000,000
Total liabilities and stockholders' equity $643,000,000 $629,000,000
Farmington Corp.
Statement of Income and Retained Earnings
Year ended December 31
2018 2017
Net sales $540,000,000 $500,000,000
Cost and expenses:
Cost of goods sold 390,900,000 400,000,000
Selling, general, and administrative expenses 70,000,000 65,000,000
Other, net 9,100,000 6,000,000
Total costs and expenses 470,000,000 471,000,000
Income before income taxes 70,000,000 29,000,000
Income taxes 21,000,000 11,600,000
Net income 49,000,000 17,400,000
Retained earnings at beginning of period 117,000,000 113,100,000
Dividends on common stock (24,400,000) (12,900,000)
Dividends on preferred stock (600,000) (600,000)
Retained earnings at end of period $141,000,000 $117,000,000
Instructions
Based on the above information, compute the following (for the year 2018 only): (Show supporting computations in good form.)
(a) Current ratio.
(b) Acid-test (quick) ratio.
(c) Accounts receivable turnover.
(d) Inventory turnover.
(e) Book value per share of common stock.
(f) Earnings per share.
(g) Price-earnings ratio.
(h) Payout ratio on common stock.
Question 7
1. Molina Company’s reported net incomes for 2018 and the previous two years are presented
below.
2018 2017 2016
$105,000 $95,000 $70,000
2018’s net income was properly determined after giving effect to the following accounting changes, error corrections, etc. which took place during the year. The incomes for 2016 and 2017 do not take these items into account and are stated at the amounts determined in those years. Ignore income taxes.
Instructions
(a) For each of the six accounting changes, errors, or prior period adjustment situations described below, prepare the journal entry or entries Molina Company should record during 2018. If no entry is required, write “none.”
(b) After recording the situation in part (a) above, prepare the year-end adjusting entry for December 31, 2018. If no entry, write “none.”
1. Early in 2018, Molina determined that equipment purchased in January, 2016 at a cost of $1,290,000, with an estimated life of 5 years and salvage value of $90,000 is now estimated to continue in use until December 31, 2022 and will have a $30,000 salvage value. Molina recorded its 2018 depreciation at the end of 2018.
(a)
(b)
2. Molina determined that it had understated its depreciation by $20,000 in 2017 owing to the fact that an adjusting entry did not get recorded.
(a)
(b)
3. Molina bought a truck January 1, 2015 for $80,000 with a $8,000 estimated salvage value and a six-year life. The company debited an expense account and credited cash on the purchase date. The truck is expected to be traded at the end of 2020. Molina uses straight-line depreciation for its trucks.
(a)
(b)
(a)
(b)
2. Molina determined that it had understated its depreciation by $20,000 in 2017 owing to the fact that an adjusting entry did not get recorded.
(a)
(b)
3. Molina bought a truck January 1, 2015 for $80,000 with a $8,000 estimated salvage value and a six-year life. The company debited an expense account and credited cash on the purchase date. The truck is expected to be traded at the end of 2020. Molina uses straight-line depreciation for its trucks.
(a)
(b)
(a)
(b)
2. Molina determined that it had understated its depreciation by $20,000 in 2017 owing to the fact that an adjusting entry did not get recorded.
(a)
(b)
3. Molina bought a truck January 1, 2015 for $80,000 with a $8,000 estimated salvage value and a six-year life. The company debited an expense account and credited cash on the purchase date. The truck is expected to be traded at the end of 2020. Molina uses straight-line depreciation for its trucks.
(a)
(b)
Question 8
1. On January 1, 2018, Foley Company (as lessor) entered into a noncancelable lease agreement with Pinkley Company for machinery which was carried on the accounting records of Foley at $9,060,000 and had a fair value of $9,600,000. Minimum lease payments under the lease agreement which expires on December 31, 2027, total $14,200,000. Payments of $1,420,000 are due each January 1. The first payment was made on January 1, 2018 when the lease agreement was finalized. The interest rate of 10% which was stipulated in the lease agreement is the implicit rate set by the lessor. The effective interest method of amortization is being used. Pinkley expects the machine to have a ten-year life with no salvage value, and be depreciated on a straight-line basis. Collectibility of the payments is reasonably predictable, and there are no important uncertainties surrounding the costs yet to be incurred by the lessor.
Instructions
(a) From the lessee's viewpoint, what kind of lease is the above agreement? From the lessor's viewpoint, what kind of lease is the above agreement?
(b) What should be the income before income taxes derived by Foley from the lease for the year ended December 31, 2018?
(c) Ignoring income taxes, what should be the expenses incurred by Pinkley from this lease for the year ended December 31, 2018?
(d) What journal entries should be recorded by Pinkley Company on January 1, 2018?
Question 9
1. Information concerning the debt of Cole Company is as follows:
Short-term borrowings:
Balance at December 31, 2017 $525,000
Proceeds from borrowings in 2018 325,000
Payments made in 2018 (450,000)
Balance at December 31, 2018 $400,000
Current portion of long-term debt:
Balance at December 31, 2017 $1,625,000
Transfers from caption "Long-Term Debt" 500,000
Payments made in 2018 (1,225,000)
Balance at December 31, 2018 $ 900,000
Long-term debt:
Balance at December 31, 2017 $9,000,000
Proceeds from borrowings in 2018 2,250,000
Transfers to caption "Current Portion of Long-Term Debt" (500,000)
Payments made in 2018 (1,500,000)
Balance at December 31, 2018 $9,250,000
In preparing a statement of cash flows for the year ended December 31, 2018, for Cole Company, cash flows from financing activities would reflect
|
$2,000,000 |
||
|
$2,250,000 |
||
|
$2,575,000 |
||
|
$3,175,000 |
Question 10
1. Edwards Company contracted on 4/1/17 to construct a building for $4,800,000. The project was completed in 2019. Additional data follow:
2017 2018 2019
Costs incurred to date $1,120,000 $2,700,000 $3,800,000
Estimated cost to complete 2,080,000 900,000 —
Billings to date 1,000,000 3,800,000 4,800,000
Collections to date 800,000 2,600,000 4,400,000
Instructions
(a) Calculate the income recognized by Edwards under the percentage-of-completion method of accounting in each of the years 2017, 2018, and 2019.
(b) Prepare all necessary entries for the year 2018.
(c) Present the balance sheet disclosures at December 31, 2018. Proper headings or subheadings must be indicated.
In: Accounting
This is Java Programing. Add a shape of oval to BOXBALLOVAL.
import java.awt.*;
import java.awt.event.*;
import java.util.*;
import java.util.Timer;
import javax.swing.*;
public class BOXBALLOVAL {
public static void main(String[] args) {
new myframe();// creating main jframe instance
}
}
class myframe extends JFrame
{
Container c;
JPanel panel;
JButton addbutton, removebutton;
JLabel counter, ballsize;
JTextField size_input;
JComboBox cb;
buttonListener handle;
myDrawboard myboard;
JFrame mainFrame;
public myframe()
{
super("Your title");
c = getContentPane();
size_input = new JTextField(5);
counter = new JLabel("Count : ");
ballsize = new JLabel("Size : ");
size_input.setText("50");
addbutton = new JButton("Add");
removebutton = new JButton("Remove");
cb = new JComboBox();
cb.addItem("Ball");
cb.addItem("Box");
handle = new buttonListener();
addbutton.addActionListener(handle);
removebutton.addActionListener(handle);
panel = new JPanel();
panel.add(ballsize);
panel.add(size_input);
panel.add(addbutton);
panel.add(removebutton);
panel.add(counter);
panel.add(cb);
myboard = new myDrawboard();
c.add(myboard.panel, BorderLayout.CENTER);
c.add(panel, BorderLayout.SOUTH);
setSize(800, 600);
setDefaultCloseOperation(JFrame.EXIT_ON_CLOSE);
setVisible(true);
// update screen (refresh)
Timer timer = new Timer();
timer.schedule(new myTimer(), 0, 16);
}
class myTimer extends TimerTask
{
@Override
public void run() {
repaint();
}
}
class buttonListener implements ActionListener {
int i;
public void actionPerformed(ActionEvent action)
{
if (action.getSource() == addbutton) {
if (!size_input.getText().equals("")) {
try
{
myboard.additem(Integer.parseInt(size_input.getText()), cb.getSelectedItem().toString());
counter.setText(" Count : " + myboard.countItem()+ " ");
}
catch (NumberFormatException e)
{
System.out.println(e);
JOptionPane.showMessageDialog(null, "Enter only number!", "Invalid Input", JOptionPane.INFORMATION_MESSAGE);
}
}
else
{
JOptionPane.showMessageDialog(null, "Enter the Object size!", "Input needed", JOptionPane.INFORMATION_MESSAGE);
}
}
if (action.getSource() == removebutton)
{
myboard.removeBall();
counter.setText(" Count : " + myboard.countItem()+ " ");
}
}
}
}
class myDrawboard
{
private static int count = 0;
Graphics2D g2;
MyPanel panel = new MyPanel();
public void additem(int size, String shape)
{
count++;
panel.addShape(size, shape);
}
public String countItem() {
return Integer.toString(count);
}
public void removeBall() {
if (panel.deleteShape()) {
count--;
}
}
}
class MyPanel extends JPanel
{
ArrayList myArrayList = new ArrayList();
public MyPanel()
{
setBackground(Color.BLACK);
}
public void addShape(int size, String shape)
{
Random randomGenerator = new Random();
int x = randomGenerator.nextInt(200);
int y = randomGenerator.nextInt(200);
int R = randomGenerator.nextInt(256);
int G = randomGenerator.nextInt(256);
int B = randomGenerator.nextInt(256);
int vx = randomGenerator.nextInt(10)+2;
int vy = randomGenerator.nextInt(10)+2;
Color randomcolor = new Color(R, G, B);
if (shape == "Box")
{
Box box = new Box();
box.setInfo(size, x, y, randomcolor, vx, vy);
myArrayList.add(box);
}
else // shape==ball
{
Ball ball = new Ball();
ball.setInfo(size, x, y, randomcolor, vx, vy);
myArrayList.add(ball);
}
}
public boolean deleteShape()
{
if (myArrayList.size() > 0)
{
myArrayList.remove(myArrayList.size() - 1); // remove the last one
return true;
}
return false;
}
public void paintComponent(Graphics g)
{
Graphics2D g2 = (Graphics2D) g;
g2.setColor(Color.BLACK);
g2.fillRect(0,0,getWidth(), getHeight());
for (int i = 0; i < myArrayList.size(); i++)
{
myArrayList.get(i).update(getWidth(), getHeight());
myArrayList.get(i).drawObject(g2);
}
}
}
interface DrawObject
{
void drawObject(Graphics2D g2);
void update(int width, int height);
}
class Ball implements DrawObject
{
private int size;
int x;
int y;
int velX;
int velY;
private Color color;
public void setInfo(int size, int x, int y, Color randomcolor, int vx, int vy)
{
this.size = size;
this.x = x;
this.y = y;
this.velX = vx;
this.velY = vy;
this.color = randomcolor;
}
public void drawObject(Graphics2D g2)
{
g2.setColor(color);
g2.fillOval(x, y, size * 2, size * 2);
g2.setFont(new Font("SansSerif", Font.BOLD, 50));
// g2.drawString("cs211",x,y);
g2.drawString("CS211",100,100);
}
//Ball moving
public void update(int width, int height)
{
x += velX;
if(x < 0 || x > width-size*2)
velX *= -1;
y += velY;
if(y < 0 || y > height-size*2)
velY *= -1;
}
}
class Box implements DrawObject
{
private int size;
int x;
int y;
int velX;
int velY;
private Color color;
private Rectangle square;
public void setInfo(int size, int x, int y, Color randomcolor, int vx, int vy)
{
square = new Rectangle(x, y, size, size);
this.velX = vx;
this.velY = vy;
color = randomcolor;
}
public void drawObject(Graphics2D g2)
{
g2.setColor(color);
g2.fillRect(square.x, square.y, square.width, square.height);
}
//box moving
public void update(int width, int height)
{
square.x += velX;
if(square.x < 0 || square.x > width-square.width)
velX *= -1;
square.y += velY;
if(square.y < 0 || square.y > height-square.height)
velY *= -1;
}
}
In: Computer Science
Delma Leathers Company is a manufacturer and seller of sports shoes. Information on budgeted sales in units is given below. Use this information to answer all parts of question one.
Month Units
February 2018 20,000
March 2018 24,000
April 2018 60,000
May 2018 45,000
June 2018 35,000
July 2018 30,000
Aug 2018 50,000
Required:
The selling price per unit is AED 35.
All sales are on account. Based on past experience, sales are collected in the following pattern:
|
Month of sale |
70% |
|
Month following sale |
30% |
The company maintains finished goods inventories equal to 20% of the following month's sales. The ending inventory on 31st March was 12,000 units.
Each shoes requires 6 pounds of raw materials.
The company requires that the ending inventory of raw materials be equal to 20% of the following month's production needs. The beginning inventory of materials on April 1st was 85,500 units
The raw materials costs $1.70 per pound.
60% of a month's purchases of raw materials is paid for in the month of purchase; the remainder is paid for in the following month. The accounts payable balance at the end of March was AED 325,000 to be paid in full in April.
Required:
Prepare a sales budget, by month and in total, for the second quarter. (Show your budget in both units and dollars.)
Prepare a schedule of expected cash collections, by month and in total, for the second quarter.
Prepare a production budget for each of the months of April-July.
Prepare a direct materials budget, by month and in total, for the second quarter.
Prepare a schedule of expected cash disbursements, by month and in total, for the second quarter.
In: Accounting
The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31, 2018 ($ in 000s): sales revenue, $18,500; cost of goods sold, $7,800; selling expenses, $1,460; general and administrative expenses, $900; interest revenue, $100; interest expense, $250. Income taxes have not yet been recorded. The company’s income tax rate is 20% on all items of income or loss. These revenue and expense items appear in the company’s income statement every year. The company’s controller, however, has asked for your help in determining the appropriate treatment of the following nonrecurring transactions that also occurred during 2018 ($ in 000s). All transactions are material in amount. Investments were sold during the year at a loss of $380. Schembri also had unrealized gains of $480 for the year on investments. One of the company’s factories was closed during the year. Restructuring costs incurred were $1,900. During the year, Schembri completed the sale of one of its operating divisions that qualifies as a component of the entity according to GAAP. The division had incurred a loss from operations of $700 in 2018 prior to the sale, and its assets were sold at a gain of $1,720. In 2018, the company’s accountant discovered that depreciation expense in 2017 for the office building was understated by $360. Negative foreign currency translation adjustment for the year totaled $400. Required: 1. Prepare Schembri’s single, continuous multiple-step statement of comprehensive income for 2018, including earnings per share disclosures. One million shares of common stock were outstanding at the beginning of the year and an additional 400,000 shares were issued on July 1, 2018. 2. Prepare a separate statement of comprehensive income for 2018.
In: Accounting
In 2017, XYZ Corporation has $75,000 of income before taxes in its accounting records. In computing income tax expense, XYZ makes the following observations of differences between the accounting records and the tax return:
An accelerated depreciation method is used for tax purposes. In 2017, XYZ reports $6,000 more depreciation expense for tax purposes than it shows in the accounting records.
In 2017, XYZ collected $60,000 from a business that is renting a portion of its warehouse. The $60,000 covers the rental payment for the four years 2018-2022, and therefore no rental revenue has been recognized for 2017. However, XYZ must pay taxes on the entire amount collected in 2017.
The enacted tax rate in 2017 is 35%. In 2018, a new tax rate is enacted, changing the rate from 35% to 22% for years beginning January 1, 2019.
Required:
A. Calculate taxable income for 2017.
B. Prepare the journal entry necessary to record income taxes at the end of 2017.
C. How would any deferred tax amounts be reported on a classified balance sheet?
D. Assume that XYZ’s 2018 pretax accounting income is $9,000 and that XYZ reports $3,000 more depreciation expense for tax purposes than it shows in the accounting records. Also during 2018, XYZ invests in tax-free municipal bonds that earn $3,000 interest in 2018. Prepare the journal entry necessary to record income taxes at the end of 2018.
E. Show the Income before Income Taxes, the appropriate presentation of income tax expense, and the amount of net income or loss that XYZ would report on its 2018 income statement.
In: Accounting
In 2017, XYZ Corporation has $75,000 of income before taxes in its accounting records. In computing income tax expense, XYZ makes the following observations of differences between the accounting records and the tax return:
An accelerated depreciation method is used for tax purposes. In 2017, XYZ reports $6,000 more depreciation expense for tax purposes than it shows in the accounting records.
In 2017, XYZ collected $60,000 from a business that is renting a portion of its warehouse. The $60,000 covers the rental payment for the four years 2018-2022, and therefore no rental revenue has been recognized for 2017. However, XYZ must pay taxes on the entire amount collected in 2017.
The enacted tax rate in 2017 is 35%. In 2018, a new tax rate is enacted, changing the rate from 35% to 22% for years beginning January 1, 2019.
Required:
A. Calculate taxable income for 2017.
B. Prepare the journal entry necessary to record income taxes at the end of 2017.
C. How would any deferred tax amounts be reported on a classified balance sheet?
D. Assume that XYZ’s 2018 pretax accounting income is $9,000 and that XYZ reports $3,000 more depreciation expense for tax purposes than it shows in the accounting records. Also during 2018, XYZ invests in tax-free municipal bonds that earn $3,000 interest in 2018. Prepare the journal entry necessary to record income taxes at the end of 2018.
E. What is the amount of net income or loss that XYZ would report on its 2018 income statement?
Show all work including formulas
In: Accounting
The following income statement items appeared on the adjusted
trial balance of Schembri Manufacturing Corporation for the year
ended December 31, 2018 ($ in 000s): sales revenue, $17,100; cost
of goods sold, $7,100; selling expenses, $1,390; general and
administrative expenses, $890; interest revenue, $160; interest
expense, $210. Income taxes have not yet been recorded. The
company’s income tax rate is 40% on all items of income or loss.
These revenue and expense items appear in the company’s income
statement every year. The company’s controller, however, has asked
for your help in determining the appropriate treatment of the
following nonrecurring transactions that also occurred during 2018
($ in 000s). All transactions are material in amount.
Investments were sold during the year at a loss of $310. Schembri also had unrealized gains of $400 for the year on investments.
One of the company’s factories was closed during the year. Restructuring costs incurred were $2,100.
During the year, Schembri completed the sale of one of its operating divisions that qualifies as a component of the entity according to GAAP. The division had incurred a loss from operations of $620 in 2018 prior to the sale, and its assets were sold at a gain of $1,580.
In 2018, the company’s accountant discovered that depreciation expense in 2017 for the office building was understated by $290.
Negative foreign currency translation adjustment for the year totaled $330.
Required:
1. Prepare Schembri’s single, continuous
multiple-step statement of comprehensive income for 2018, including
earnings per share disclosures. One million shares of common stock
were outstanding at the beginning of the year and an additional
400,000 shares were issued on July 1, 2018.
2. Prepare a separate statement of comprehensive
income for 2018.
In: Accounting
The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31, 2018 ($ in 000s): sales revenue, $18,500; cost of goods sold, $7,800; selling expenses, $1,460; general and administrative expenses, $900; interest revenue, $100; interest expense, $250. Income taxes have not yet been recorded. The company’s income tax rate is 20% on all items of income or loss. These revenue and expense items appear in the company’s income statement every year. The company’s controller, however, has asked for your help in determining the appropriate treatment of the following nonrecurring transactions that also occurred during 2018 ($ in 000s). All transactions are material in amount. Investments were sold during the year at a loss of $380. Schembri also had unrealized gains of $480 for the year on investments. One of the company’s factories was closed during the year. Restructuring costs incurred were $1,900. During the year, Schembri completed the sale of one of its operating divisions that qualifies as a component of the entity according to GAAP. The division had incurred a loss from operations of $700 in 2018 prior to the sale, and its assets were sold at a gain of $1,720. In 2018, the company’s accountant discovered that depreciation expense in 2017 for the office building was understated by $360. Negative foreign currency translation adjustment for the year totaled $400. Required: 1. Prepare Schembri’s single, continuous multiple-step statement of comprehensive income for 2018, including earnings per share disclosures. One million shares of common stock were outstanding at the beginning of the year and an additional 400,000 shares were issued on July 1, 2018. 2. Prepare a separate statement of comprehensive income for 2018.
In: Accounting