On December 1, 2016, Lynch Incorporated sold $17,000 of merchandise with terms 2/10, n/EOM. On December 11, 2016, collections were made on sales originally billed for $10,000, and on December 31, 2016, additional collections on sales originally billed for $6,000 were received.

Required: Calculate the following ratios for 2016. The 2015 results are given for comparative purposes. Round answers to one (1) decimal place. Use 365 days in a year.

A began operations on January 1, 2016. Below are selected data from XYZ Corp.'s balance sheets as of December 31, 2016 and December 31, 2017.

Account December 31, 2016 December 31, 2017

Cash 20,000 35,000

Accounts Receivable 10,000 33,000

Equipment 100,000 109,000

Less: Accumulated Depreciation(10,000) (20,000)

Current Liabilities 3,000 4,000

During 2017, XYZ bought $20,000 of equipment.

During 2017, XYZ sold equipment with a cost of $12,000 and accumulated depreciation of $5,000 for a $2,000 gain.

Net income for 2017 was $55,000.

Complete the following operating activities section using the indirect method that will be shown on Statement of Cash Flows for the year ended December 31, 2017.

Cash flows from operating

The following table contains data obtained from annual reports of Reiff Inc, a sandal manufacturer and retailer:

Years ended December 31 (in $thousands)  

Required:

a. Compute the gross margin percentage for each year 2014 - 2016.

b. REIFF INC. disclosed the effect of LIFO liquidations net of income tax. Assuming a tax rate of 30%, recompute REIFF INC.’s gross margin for the years 2014 - 2016 after removing the effect of LIFO liquidation. (Hint: This means that COGS above are determined after reflecting the effect of before-tax LIFO liquidation)

c. Explain why the trend in gross margin % shown in part b is a better indicator of REIFF INC.’s performance than the reported gross margin % in part a.

Minta Corporation is a leading manufacturer of sports apparel, shoes, and equipment. The company’s 2017 financial statements contain the following information ($ in millions):

A note disclosed that the allowance for uncollectible accounts had a balance of $30 million and $54 million at the end of 2017 and 2016, respectively. Bad debt expense for 2017 was $51 million. Assume that all sales are made on a credit basis.

Required:
1. What is the amount of gross (total) accounts receivable due from customers at the end of 2017 and 2016?
2. What is the amount of bad debt write-offs during 2017?
3. Analyze changes in the gross accounts receivable account to calculate the amount of cash received from customers during 2017.
4. Analyze changes in net accounts receivable to calculate the amount of cash received from customers during 2017.
  

On Dec 31, 2016, Rawda Company had accounts receivable of $750,000 and allowance for doubtful accounts that had a debit balance of $10,000. The company uses an aging schedule (aging method) to estimate its uncollectible accounts as shown in the following table:

Requirements:

1. What is the required balance for the allowance of doubtful accounts on Dec 31, 2016?

2. What is the net realizable value of the accounts receivable on Dec 31, 2016?

3. If on May 1, 2017, one of the company’s customer that owed the company $21,000 filed bankruptcy, what is the balance of the allowance for doubtful accounts on May 1, 2017?

4. If On July 31, 2017, the customer that filed a bankruptcy on May 1, 2017 came back and paid Radwda $15,000, what is the balance of the allowance for doubtful accounts on July 31, 2017?

Apple reported the following pre tax income (loss) during 2010-2017

There are no temporary or permanent differences between taxable income and EBIT for ALL years

Assume Apple will elect to carryback losses to the extent possible

Also assume that at 12/31/15 Apple is reasonably confident that they will have $30,000 of taxable income in 2016

Required:

A) prepare journal entries for 2010-2017 for income tax expenses/benefit.

B) Draft the lower portion of the 2015 income statement starting with EBIT

C) Draft the lower portion of 2016 Income statement starting with EBIT

Part 1: Find and fix errors and add following functionalities

1. There are several syntax errors in the code that are preventing this calculator from working, find and fix those errors. When they are fixed, the number buttons will all work, as well as the + (add) and -- (decrement) buttons.

a. To find the errors, open up the Developers Tool of the browser and look at the console (F12).

2. Verify the add functionality works. For a binary operator, you must click on the buttons in the

   following order:

   1. Hit a number button

   2. Hit the ‘+’ button

   3. Hit a number button

   4. Hit the ‘Calculate’ button

3. Verify the decrement operator works. For a unary operator, you must click the buttons in the following order:

   1. Hit the number button

   2. Hit the ‘—‘ button

4. Implement subtraction in a similar fashion to addition:

Create a subtract function. To subtract, the user must hit a number button, then the ‘-‘ button,another number button and then the ‘Calculate’ button. The function should store the firstnumber in a global variable, similar to the add function.

Add code in the calculate button which will perform the subtraction when the ‘Calculate’button is clicked.
Call the subtract function from the HTML file.

5. Implement the sqrt() button. Similar to the decrement function, the sqrt() button will take the value of

the number and display the square root. Use the Math.sqrt function to calculate the square root. 6. Validate any HTML CSS and/or JavaScript errors.

Part 2: Implement 2 or more buttons

7. Pick any two additional buttons and make them work. When you turn in your lab put in the‘Comments’ section of Canvas, which two buttons you implemented.

CODE:

HTML:

<!doctype html>
<html lang="en">

<head>

    <title>Calculator</title>
    <!-- Meta tag for keywords  -->
    <meta name="keywords" content="Calculator" >
    <!-- Meta tag for description  -->
    <meta name="description" content="ITIS 3135 Activity 5" >
   <!-- Meta tag for character encoding  -->
    <meta charset="UTF-8">
    <!--External Stylesheet -->
    <link rel="stylesheet" type="text/css" href="Activity5.css">
   <!-- JavaScript function declarations -->
    <script src="Activity5.js"></script>
 
</head>

<body>
    <header>
      <h1>My Calculator</h1> 
      <!-- For people who don't have JavaScript enabled-->
      <noscript>This web page requires JavaScript to be enabled on your browser.</noscript>
   </header>
    
   <main id="calc">
   
      <!-- form for user input that represents a calculator -->
      <form name="frmCalc" id="frmCalc">
         <p>Please enter a numeric value or use the number buttons below.</p>
         
         <!-- Text Box to enter a numeric value -->
         <input type="text" name="txtNumber" value="" size="20" /><br /><br/>
         
         <!-- Number buttons -->
         <input type="button" value="1" name="btn1" onclick="showNum(1)" />
         <input type="button" value="2" name="btn2" onclick="showNum(2)" />
         <input type="button" value="3" name="btn3" onclick="showNum(3)" />
         
         <!-- ADD: Sets up operation to add current number to next number entered -->
         <input type="button" value="+" name="btnPlus" onclick="add()" /><br/>
         
         <!-- Number buttons -->
         <input type="button" value="4" name="btn4" onclick="showNum(4)" />
         <input type="button" value="5" name="btn5" onclick="showNum(5)" />
         <input type="button" value="6" name="btn6" onclick="showNum(6)" />
         
         <!-- *** Subtract (Implement Me!) *** -->
         <input type="button" value="-" name="btnMinus" onclick="" onclick="" /><br/>
         
         <!-- Number buttons -->
         <input type="button" value="7" name="btn7" onclick="showNum(7)" />
         <input type="button" value="8" name="btn8" onclick="showNum(8)" />
         <input type="button" value="9" name="btn9" onclick="showNum(9)" />
         
         <!-- *** Multiply (Implement Me!) *** -->
         <input type="button" value="*" name="btnTimes" onclick="" /><br/>
         
         <!-- Number buttons -->
         <input type="button" value="0" name="btn0" onclick="showNum(0)" />

         <!-- *** Power (Implement Me!) Takes two values n^y *** -->
         <input type="button" value="^" name="btnPow" onclick=""/>
         
         <!-- *** Power2 (Implement Me!) *** Takes one value n^2-->
         <input type="button" value="^2" name="btnPow2" onclick=""/>
         
         <!-- *** Divide (Implement Me!) *** -->
         <input type="button" value="/" name="btnDivide" onclick=""/><br/>
         
         <!-- Decrements value currently displayed -->
         <input type="button" value="--" name="btnDecrement" onclick="decrement()" />
         
         <!-- *** Increment (Implement Me!) *** -->
         <input type="button" value="++" name="btnIncrement" onclick=""/>
         
         <!-- *** Square Root (Implement Me!) *** -->
         <input type="button" value="sqrt()" name="btnSqrt" onclick=""/><br />
         
         <!-- Calculates the floor of the current number being displayed -->
         <input type="button" value="Floor" name="btnFloor" onclick="" />     
       
         <!-- *** Round (Implement Me!) *** -->
         <input type="button" value="Round" name="btnRound" onclick=""/>
         
         <!-- *** Decimal (Implement Me!) *** -->
         <input type="button" value="." name="btnDecimal" onclick="showNum('.')" />
         
         <br/><br/>
             
         <input type="reset" name="btnReset" value="Clear" onclick="clear()" />
         <input type="button" name="btnCalc" value="Calculate" onclick="calculate()" />
      </form>

   </main>
   
   <footer id="Validation">
      <br/>
      <a href="https://validator.w3.org/check?uri=referer">Validate HTML</a> 
      <a href="https://jigsaw.w3.org/css-validator/check/referer">Validate CSS</a>
   </footer>
</body>
</html>

CSS:

body
 {
    font-family:"arial";
}
        
/*Make it look more like a calculator*/
#calc
{
   width:250px;
    background-color:#cccccc;
    text-align:center;
    border:outset;
    padding:5px;
}
        
/*Change the style of the buttons*/
input
{
    font-family:"Courier New";
    text-align:right;
 }

/*Make the buttons that have not been implemented red*/
input.implement
{
    background-color:red;   
}

JS:

//Global variables
var prevCalc = 0;
var calc = "";

//The following function displays a number in the textfield when a number is clicked.
//Note that it keeps concatenating numbers which are clicked. 
function showNum(value) {
    document.frmCalc.txtNumber.value += = value;
}

//The following function decreases the value of displayed number by 1.
//isNaN method checks whether the value passed to the method is a number or not.     
function decrement() {
    var num = parseFloat(document.frmCalc.txtNumber.value);
        if (!(isNaN(num))) {
            num--;
            document.frmCalc.txtnumber.value = num;
        }
}

//The following function is called when "Add" button is clicked. 
//Note that it also changes the values of the global variables.       
function add() {
    var num = parseFloat(document.frmCalc.txtNumber.value);
        if (!(isNaN(num))) {
            prevCalc = num;
            document.frmCalc.txtNumber.value = "";
            calc = "Add";
        }
}

//The following function is called when "Calculate" button is clicked.
//Note that this function is dependent on the value of global variable.        
function calculate() {
    var num = parseFloat(document.frmCalc.txtNumber.value);
        if (!(isNaN(num))) {
            if (calc == "Add"){
                var total = previousCalc + num;
                document.frmCalc.txtNumber.value = total;
            }
        
}

function clear() {
   document.frmCalc.txtNumber.value = "";
   prevCalc = 0;
   calc = "";
}