Problem 23-1 The following are Sheridan Corp.’s comparative balance sheet accounts at December 31, 2017 and 2016, with a column showing the increase (decrease) from 2016 to 2017. COMPARATIVE BALANCE SHEETS 2017 2016 Increase (Decrease) Cash $806,900 $700,900 $106,000 Accounts receivable 1,131,700 1,159,400 (27,700 ) Inventory 1,842,900 1,730,100 112,800 Property, plant, and equipment 3,300,200 2,968,200 332,000 Accumulated depreciation (1,173,600 ) (1,037,600 ) (136,000 ) Investment in Myers Co. 307,300 277,000 30,300 Loan receivable 247,500 — 247,500 Total assets $6,462,900 $5,798,000 $664,900 Accounts payable $1,020,900 $950,800 $70,100 Income taxes payable 30,000 50,200 (20,200 ) Dividends payable 80,500 100,500 (20,000 ) Lease liabililty 392,000 — 392,000 Common stock, $1 par 500,000 500,000 — Paid-in capital in excess of par—common stock 1,489,000 1,489,000 — Retained earnings 2,950,500 2,707,500 243,000 Total liabilities and stockholders’ equity $6,462,900 $5,798,000 $664,900 Additional information: 1. On December 31, 2016, Sheridan acquired 25% of Myers Co.’s common stock for $277,000. On that date, the carrying value of Myers’s assets and liabilities, which approximated their fair values, was $1,108,000. Myers reported income of $121,200 for the year ended December 31, 2017. No dividend was paid on Myers’s common stock during the year. 2. During 2017, Sheridan loaned $291,600 to TLC Co., an unrelated company. TLC made the first semiannual principal repayment of $44,100, plus interest at 10%, on December 31, 2017. 3. On January 2, 2017, Sheridan sold equipment costing $60,000, with a carrying amount of $38,100, for $40,400 cash. 4. On December 31, 2017, Sheridan entered into a capital lease for an office building. The present value of the annual rental payments is $392,000, which equals the fair value of the building. Sheridan made the first rental payment of $59,900 when due on January 2, 2018. 5. Net income for 2017 was $323,500. 6. Sheridan declared and paid the following cash dividends for 2017 and 2016. 2017 2016 Declared December 15, 2017 December 15, 2016 Paid February 28, 2018 February 28, 2017 Amount $80,500 $100,500 Prepare a statement of cash flows for Sheridan Corp. for the year ended December 31, 2017, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) SHERIDAN CORP. Statement of Cash Flows $ Adjustments to reconcile net income to $ $ $

From the information below prepare, in proper accounting form the, Income Statement, Balance Sheet, and Statement of Changes in Owners’ Equity, and Statement of Cash Flows for 2016 and 2017.

In your Income Statement Calculation, include Subtotals for EBITDA, EBIT, and EBT in addition to Net Income. You must submit your answers in either a MS Word or an MS Excel file.

ACCT – MNGT 257 Financial Management Fall 2018
Tandy Company Case Study #1 review of Financial Statements

From the information below prepare, in proper accounting form the, Income Statement, Balance Sheet, and Statement of Changes in Owners’ Equity, and Statement of Cash Flows for 2016 and 2017.

In your Income Statement Calculation, include Subtotals for EBITDA, EBIT, and EBT in addition to Net Income. You must submit your answers in either a MS Word or an MS Excel file.

Using the data for Brady and Co. below please provide:

Balance Sheet - comparative, classified in proper format for fiscal years 2015 and 2016

Income Statement - multiple-step for fiscal years 2015 and 2016. Include earnings per share data.

Statement of Retained Earnings for 2016.

SouthernSouthern

Fried Chicken bought equipment on

January

22?,2016?,

for

$ 42,000.

The equipment was expected to remain in service for four years and to perform

9,000

fry jobs. At the end of the? equipment's useful? life,

SouthernSouthern

estimates that its residual value will be

$6,000.

The equipment performed

900

jobs the first?year,

2,700

the second? year,

3,600

the third? year, and

1,800

the fourth year.

Requirements

Requirement 1. Prepare a schedule of depreciation? expense, accumulated? depreciation, and book value per year for the equipment under the three depreciation methods. Show your computations. ?Note: Three depreciation schedules must be prepared.

Begin by preparing a depreciation schedule using the? straight-line method.

Before completing the? units-of-production depreciation? schedule, calculate the depreciation expense per unit.

Prepare a depreciation schedule using the? units-of-production method.

Prepare a depreciation schedule using the? double-declining-balance (DDB) method. ?(Enter a? "0" for any items with a zero? value.)

Requirement 2. Which method tracks the wear and tear on the equipment most? closely?

The

?

method tracks wear and tear most closely.

Choose from any list or enter any number in the input fields and then continue to the next question.

The following are Sheridan Corp.’s comparative balance sheet accounts at December 31, 2017 and 2016, with a column showing the increase (decrease) from 2016 to 2017.

Additional information:

Prepare a statement of cash flows for Sheridan Corp. for the year ended December 31, 2017, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Q#1

Fashion Company reported the following:
Common stock, $3 par, 10,000 shares authorized, 5,000 shares issued and outstanding
What is the effect of a 10% stock dividend if the market price of the common stock is $30 per share when the dividend is
declared?

a. Retained earnings in the amount of $15,000 is transferred to the contributed capital accounts.
b. Cash decreases $30,000.
c. Additional Paid-in Capital decreases $30,000.
d. A stock dividend has no effect on any stockholders' equity accounts.

Q#2

Below is information for Toronto Imports Corp. for 2015 and 2016:

Bonds payable, December 31, 2015 $500,000
Bonds payable, December 31, 2016 800,000
Loss on bond retirement--2016 15,000
Interest expense on bonds--2016 45,000
At the end of 2016, Toronto issued bonds at par value for $800,000 cash. The proceeds from these bonds were used to retire
the $500,000 bond issue outstanding at the end of 2015 (before their maturity date). All interest expense was paid in cash
during 2016.
The following statements describe how Toronto reported the cash flow effects of the items described above on its 2016
statement of cash flows. The indirect method is used to prepare the operating activities section. Which of the following has
been reported incorrectly by Toronto?

a. Payments of $560,000 were reported as a cash outflow in the investing activities section.
b. Proceeds of $800,000 from the issuance of bonds were reported as a cash inflow in the financing activities section.
c. The loss on bond retirement of $15,000 was added to net income in the operating activities section.
d. Interest expense of $45,000 was not reported separately because it is included in net income in the operating activities section.

Q#3

When using the indirect method, how is the decrease in accounts payable shown on the statement of cash flows?

a. Financing activity
b. Noncash investing and financing activity
c. Investing activity
d. Operating activity

Q#4

When using the indirect method, how is the issuance of stock to retire a long-term debt shown on a statement of cash flows?

a. Investing activity
b. Operating activity
c. Noncash investing or financing activity
d. Financing activity

Q#5

Which of the following operating activities results in a cash outflow?

a. Collecting accounts receivable
b. Making cash sales
c. Paying creditors for merchandise
d. Receiving deposits recorded as unearned revenue

The following are Wildhorse Corp.’s comparative balance sheet accounts at December 31, 2017 and 2016, with a column showing the increase (decrease) from 2016 to 2017.

Additional information:

Prepare a statement of cash flows for Wildhorse Corp. for the year ended December 31, 2017, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Question: you will be making a game called “Snap, Crackle, Pop”, a game typically played with a group of 3 persons. Each person chooses one number and it is assigned to either 'snap', 'crackle', or 'pop'. Then the number of rounds is decided (e.g. 12). The players play the game for the predetermined number of rounds (here 12). In each round:

● if the number of the round is a multiple of the snap number, the person who chose the number will say 'snap' instead of the number of the round.

● if it is a multiple of the crackle number, they will say 'crackle' instead.

● if it is a multiple of the pop number, they will say 'pop' instead.

● if it is any combination of the three, they will say 'snapcrackle', 'snappop', 'cracklepop', or 'snapcracklepop' instead of the number of the round, depending on which of the snap, crackle, and pop numbers the current number of the round is a multiple of.

● if the number is not a multiple of snap, crackle, or pop, then the number of the round is said instead.

code to edit:

//TODOa complete this javadoc comment
/**
* [The class description]
* @author [Your Name]
* @version 1.0
*/

//TODO1: declare the SnapCracklePop class

//TODOb Complete Comments
/**
* [Instance Variable Descriptions]
*/

//TODO2 Declare private instance variables
//to store Snap, Crackle, and Pop values


//TODOc complete comments
/**
* [Constructor Description]
* @param [param name] [what the param represents]
* @param [param name] [what the param represents]
* @param [param name] [what the param represents]
*/
  
/* The constructor takes in three ints,
* which must be assigned to their instance variables and initialized.
*/

//TODO3 Write the constructor


//TODOe complete comments
/**
* [Method Description]
* @param [param name] [What the parameter represents]
* @return [What the method returns]
*/

/* playRound() is a helper method for playGame().
* It takes an int parameter representing the
* current round of play, and returns the
* String result for that specific round only.
*/

//TODO4 implement the playRound method


//TODOd complete comments
/**
* [Method Description]
* @param [param name] [What the parameter represents]
* @return [What the method returns]
*/

/* playGame() takes a single parameter representing the rounds and returns
* a String representing the result of the entire game. The helper method
* playRound() may be useful here, so you may want to complete it first.
*/

//TODO5 implement the playGame method
  
//Loop through the rounds of the game
//call playRound to handle the specific round
//return the total aggregated game results

//TODOf complete comments
/**
* [Method Description]
* @return [What this method returns]
*/

//TODO6 implement the getSnap method

//TODOg complete comments
/**
* [Method Description]
* @return [What this method returns]
*/

//TODO7 implement the getCrackle method

//TODOh complete comments
/**
* [Method Description]
* @return [What this method returns]
*/

//TODO8 implement the getPop method

//end class

code not to edit:

import java.util.*;

public class SnapCracklePopMain{

public static void main(String[] args){
  
// The scanner we will be using to accept user input
Scanner scan = new Scanner(System.in);
/* Initializing snap, crackle, pop, and round to invalid values to cause them
* to enter their respective User Input loops.
*/
int snap = -1;
int crackle = -1;
int pop = -1;
int rounds = -1;
  
// Our SnapCracklePop object
SnapCracklePop scp;
  
// Capture user input for snap, while also ensuring correctness
System.out.println("Enter an integer for your snap number.");
while(snap < 0){
System.out.println("Please enter a number greater than zero:");
try{
snap = Integer.parseInt(scan.nextLine());
} catch (Exception e) {
System.out.println("That is not a valid number. Please enter an integer greater than zero.");
}
}
  
// Capture user input for crackle, while also ensuring correctness
System.out.println("Enter an integer for your crackle number.");
while(crackle < 0){
System.out.println("Please enter a number greater than zero:");
try{
crackle = Integer.parseInt(scan.nextLine());
} catch(Exception e) {
System.out.println("That is not a valid number. Please enter an integer greater than zero.");
}
}
  
// Capture user input for pop, while also ensuring correctness
System.out.println("Enter an integer for your pop number.");
while(pop < 0){
System.out.println("Please enter a number greater than zero:");
try{
pop = Integer.parseInt(scan.nextLine());
} catch(Exception e) {
System.out.println("That is not a valid number. Please enter an integer greater than zero.");
}
}
  
// Initializing our SnapCracklePop object with the values we just obtained from the user
scp = new SnapCracklePop(snap, crackle, pop);
  
// Capture user input for rounds, while also ensuring correctness
System.out.println("How many rounds would you like to play?");
while(rounds < 0){
System.out.println("Please enter a number greater than zero:");
try{
rounds = Integer.parseInt(scan.nextLine());
} catch(Exception e) {
System.out.println("That is not a valid number. Please enter an integer greater than zero.");
}
}
  
// Printing results
System.out.println("Results:");
System.out.println(scp.playGame(rounds));

}

}

Class Employee (All IN JAVA)

public class Employee

{public String strName, strSalary;

public Employee(){strName = " ";strSalary = "$0";}

public Employee(String Name, String Salary){strName = Name;strSalary = Salary;}

public void setName(String Name){strName = Name;}

public void setSalary(String Salary){strSalary = Salary;}public String getName(){return strName;}

public String getSalary(){return strSalary;}

public String toString(){return(strName + " has a salary of " + strSalary);

Create another method to return the name and salary nicely formatted as a string (hint – research the toString method).

You will create a new class called Manager that inherits from the class Employee. Add a field named department of type String. Supply a method toString that prints the manager's name, department, and salary. Remember, you may not change anything in the Employee class.

You will then create a test class that uses the Manager class.   The test class should prompt the user to enter name, department and salary. This information should be stored in an array. Upon entry of 3 employee records, the program should output the information you entered.

Your program should be able to handle a maximum of 3 entries.

You may write the program as a console application or using dialog boxes.

Create another method to return the name and salary nicely formatted as a string (hint – research the toString method).You will create a new class called Manager that inherits from the class Employee. Add a field named department of type String. Supply a method toString that prints the manager's name, department, and salary. Remember, you may not change anything in the Employee class.You will then create a test class that uses the Manager class. The test class should prompt the user to enter name, department and salary. This information should be stored in an array. Upon entry of 3 employee records, the program should output the information you entered.Your program should be able to handle a maximum of 3 entries.You may write the program as a console application or using dialog boxes.