Use the following information about Rat Race Home Security, Inc. to answer the questions:

Average selling price per unit $317.

Variable cost per unit $198

Units sold 315

Fixed costs $9,229

Interest expense 19,455

Based on the data above, what will be the resulting percentage change in earnings per share of Rat Race Home Security, Inc. if they expect operating profit to change 6.6 percent?

(You should calculate the degree of financial leverage first).

1. Sales Budget

   Assume that Stillwater Designs produces two automotive subwoofers: S12L7 and S12L5. The S12L7 sells for $637, and the S12L5 sells for $402. Projected sales (number of speakers) for the coming five quarters are as follows:

   	S12L7	S12L5
   First quarter, 20Y1	800	1,300
   Second quarter, 20Y1	2,200	1,400
   Third quarter, 20Y1	5,600	5,300
   Fourth quarter, 20Y1	4,600	3,900
   First quarter, 20Y2	900	1,200

   The vice president of sales believes that the projected sales are realistic and can be achieved by the company.

   Required:

   Prepare a sales budget for each quarter of 20Y1 and for the year in total. Show sales by product and in total for each time period. Do not include a multiplication symbol as part of your answer.

   Stillwater Designs
   Sales Budget
   For the Year Ended December 31, 20Y1
   	1st Qtr.	2nd Qtr.	3rd Qtr.	4th Qtr.	Year
   S12L7:
   Units
   Price	$	$	$	$	$
   Sales	$	$	$	$	$
   S12L5:
   Units
   Price	$	$	$	$	$
   Sales	$	$	$	$	$
   Total sales	$	$	$	$	$

   Feedback

   How will Stillwater Designs use this sales budget?

   1. Stillwater Designs will use the sales budget in planning as the basis for the production budget.
   2. The company can also compare actual sales against the budget to see if expectations were achieved.
   3. Both 1 and 2
   4. None of the above

During its first year of operations, Eastern Data Links Corporation entered into the following transactions relating to shareholders’ equity. The articles of incorporation authorized the issue of 9 million common shares, $1 par per share, and 3 million preferred shares, $50 par per share.

Required:
Prepare the appropriate journal entries to record each transaction. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Enter your answers in whole dollars.)

• 1. Sold 2 million common shares, for $10 per share.

• 2. Issued 48,000 common shares to attorneys in exchange for legal services.

• 3. Sold 72,000 of its common shares and 5,000 preferred shares for a total of $1,000,000.

• 4. Issued 385,000 of its common shares in exchange for equipment for which the cash price was known to be $3,848,000.

You are an employee of University Consultants, Ltd and have been given the following information. You are to present an investment analysis of a new small income-producing property for sale to a potential inventor. The asking price for the property is $8.5 million. You determine that the building was worth $7.225 million and could be depreciated over 39 years (use 1/39 per year). NOIs are estimated to be $901,375 for year 1, $900,681 for year 2, $899,962 for year 3, $943,700 for year 4, $961,855 for year 5 and expected to increase by 3.16% thereafter. A fully amortizing 70 percent loan can be obtained at 10 percent interest for 20 years (total annual payments will be monthly payments *12). The property is expected to be sold for $9,360,805 after 5 years. Capital gains from price appreciation will be taxed at 15 percent and depreciation recapture will be taxed at 25 percent. Your ordinary income will be taxed at 35 percent. Assume that there is no selling cost and equity discount rate is 13%.

a. What is mortgage loan balance by the end of year 5?

b. What is the annual interest dollar amount in year 2?

c. What is the debt service for year 4?

d. What is the first-year debt coverage ratio?

e. What is the first-year equity dividend rate?

Hillside issues $2,900,000 of 9%, 15-year bonds dated January 1, 2017, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $2,505,923.

Required:

1. Prepare the January 1, 2017, journal entry to record the bonds’ issuance.
2(a) For each semiannual period, complete the table below to calculate the cash payment.
2(b) For each semiannual period, complete the table below to calculate the straight-line discount amortization.
2(c) For each semiannual period, complete the table below to calculate the bond interest expense.
3. Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life.
4. Prepare the first two years of an amortization table using the straight-line method.
5. Prepare the journal entries to record the first two interest payments.

• Record the issue of bonds with a par value of $2,900,000 cash on January 1, 2017 at an issue price of $2,505,923.

Note: Enter debits before credits.

• Record the first interest payment on June 30, 2017

Record the second interest payment on December 31, 2017.

QUESTION 60

1. Given the following Product structure:
   struct Product {
       string name;
       double price;
       int quantity;
       bool equals(const Product&);
   };
   how would you define the equals function so two products are equal if their names and prices are equal?

   	a.	bool equals(const Product& to_compare) {     return (name == to_compare.name && price == to_compare.price); }
   	b.	bool Product::equals(const Product& to_compare) {     return (name == to_compare.name || price == to_compare.price); }
   	c.	bool equals(const Product& to_compare) {     return (name == to_compare.name || price == to_compare.price); }
   	d.	bool Product::equals(const Product& to_compare) {     return (name == to_compare.name && price == to_compare.price); }

1.5 points   

QUESTION 61

1. What are the values of the keys in the set named years after the following code is executed?
   set<int> years { 2016, 1985, 2001 };
   years.insert(1992);
   years.insert(2001);
   auto iter = years.find(1985);
   if (iter != years.end()) {
       years.erase(iter);
   }

   	a.	2016, 2001, 1992
   	b.	1992, 2001, 2016
   	c.	2016, 2001, 2001, 1992
   	d.	1992, 2001, 2001, 2016

1.5 points   

QUESTION 62

1. The capacity of a vector indicates

   	a.	the number of elements it can currently store
   	b.	the current size of the vector in bytes
   	c.	the largest number of elements it can store
   	d.	the number of elements it contains

1.5 points   

QUESTION 63

1. Which of the following is not a limitation of an array when compared with a vector?

   	a.	An array can’t increase its size automatically.
   	b.	The size of an array must be known at compile time.
   	c.	An array doesn’t use memory as efficiently as a vector.
   	d.	An array doesn’t provide functions that let you modify its elements.

1.5 points   

QUESTION 64

1. A stack container provides

   	a.	last-in, first-out access
   	b.	first-in, last-out access
   	c.	last-in, last out access
   	d.	first-in, first-out access

1.5 points   

QUESTION 65

1. Code Example 9-2
   struct Phone {
       int area_code;
       int prefix;
       int number;
   };
   
   struct Contact {
       string name;
       string email;
       Phone phone;
   };

   (Refer to Code Example 9-2.) Given a Contact object named contact, what code would you use to assign values to the the data members of the Phone object for that contact?

   	a.	contact.phone.area_code = 555; contact.phone.prefix = 555; contact.phone.number = 1212;
   	b.	Phone phone; contact.phone.area_code = 555; contact.phone.prefix = 555; contact.number = 1212;
   	c.	Phone phone; Contact::Phone::area_code = 555; Contact::Phone::prefix = 555; Contact::Phone::number = 1212; contact.phone = phone;
   	d.	Phone phone; area_code = 555; prefix = 555; number = 1212; contact.phone = phone;

1.5 points   

QUESTION 66

1. What is the easiest way to deploy a C++ program to a user’s computer?

   	a.	Copy the executable file to the user’s computer
   	b.	Create a batch file that copies the program to the user’s computer and then run it
   	c.	Create an installer program and then run it on the user’s computer
   	d.	Copy the source code to the user’s computer and then compile it

1.5 points   

QUESTION 67

1. Which of the following statements is not true about structures?

   	a.	They include data members that must be fundamental data types.
   	b.	They can include member functions that operate on the data members.
   	c.	They define a data type.
   	d.	They are typically used to organize related data.

1.5 points   

QUESTION 68

1. When you dereference an iterator, you get the value of the element that the iterator points to

   True

   False

1 points   

QUESTION 69

1. A stack container provides last-in, first-out access

   True

   False

1 points   

QUESTION 70

1. A deque container is a fixed-size collection of elements that’s stored in contiguous memory

   True

   False

Julio de la Renta, an analyst at Blackwell Investment group is preparing a dividend forecast for Yokohama Industries for the next five years. Julio uses the following model assumptions: Sales are $100 million in the first year. Sales are expected to grow by 20% in the second year, 15% in year three, and 10% in years 4 and 5. Earnings before interest and taxes (EBIT) are 20% of sales in the first and second years, respectively. EBIT is 18% of sales in the third year, and 16% of sales in Years 4 and 5. Interest charges are 10% of total debt for the current year. The income tax rate is 40%. Yokohama pays out 20% of earnings in dividends in the first and second years, 30% in the third year, 40% in Year 4, and 50% in the fifth year. Retained earnings are added to equity in the following year. Total assets are 80% of the current year’s sales in all years. In the first year, debt is 40 million and shareholder’s equity is $40 million. Debt equals total assets less shareholders’ equity. Shareholders’ equity will equal prior year’s shareholders’ equity plus the addition to retained earnings from the prior year. Yokohama has 4 million shares outstanding. The risk-free rate is 4%. The shares of Yokohama have an estimated beta of 1.2, and the equity risk premium is estimated at 6%. The value of the company at the end of the fifth year is expected to be 10 times earnings. Your task is to help Julio de la Renta estimate Yokohama’s current value per share.

How do you calculate the cash flows and the terminal value for share for this problem?

Calisto Launch Services is an independent space corporation and has been contracted to develop and launch one of two different satellites. Initial equipment will cost $710 thousand for the first satellite and $800 thousand for the second. Development will take 5 years at an expected cost of $100 thousand per year for the first satellite; $170 thousand per year for the second. The same launch vehicle can be used for either satellite and will cost $245 thousand at the time of the launch 5 years from now. At the conclusion of the launch, the contracting company will pay Calisto $2.3 million for either satellite.
Calisto is also considering whether they should launch both satellites. Because Calisto would have to upgrade its facilities to handle two concurrent projects, the initial costs would rise by $150 thousand in addition to the first costs of each satellite. Calisto would need to hire additional engineers and workers, raising the yearly costs to a total of $420 thousand. An additional compartment would be added to the launch vehicle at an additional cost of $45 thousand. As an incentive to do both, the contracting company will pay for both launches plus a bonus of $0.95 million. Using a future worth analysis (FW) with a MARR of 7.00 percent/year, what should Calisto Launch Services do?

1) What is the future worth of the first satellite?
2) What is the future worth of the second satellite?
3) What is the future worth of both satellites?

4) Which alternative should be selected on the basis of a future worth analysis?

a) Launch satellite one

b) Launch satellite two

c) Launch both satellites

d) Not Launch at all

42. The partnership agreement for Wilson, Pickett & Nelson, a general partnership, provided that profits be shared between the partners in the ratio of their financial contributions to the partnership. Wilson contributed $90,000, Pickett contributed $54,000 and Nelson contributed $18,000. In the partnership's first year of operation, it incurred a loss of $207,000. What amount of the partnership's loss, rounded to the nearest dollar, should be absorbed by Nelson?

46. Halverstein Company's outstanding stock consists of 12,250 shares of cumulative 5% preferred stock with a $10 par value and 5,250 shares of common stock with a $1 par value. During the first three years of operation, the corporation declared and paid the following total cash dividends.

The amount of dividends paid to preferred and common shareholders in Year 2 is:

47. Sweet Company’s outstanding stock consists of 1,100 shares of noncumulative 4% preferred stock with a $100 par value and 10,100 shares of common stock with a $10 par value. During the first three years of operation, the corporation declared and paid the following total cash dividends.

The total amount of dividends paid to preferred and common shareholders over the three-year period is:

50. On January 1, a company issues bonds dated January 1 with a par value of $450,000. The bonds mature in 5 years. The contract rate is 9%, and interest is paid semiannually on June 30 and December 31. The market rate is 10% and the bonds are sold for $432,619. The journal entry to record the first interest payment using straight-line amortization is:

Write a C++ program that uses a de-duplication function that iteratively sanitizes (removes) all consecutive duplicates in a C++ string. Consecutive duplicates are a pair of duplicate English alphabets sitting next to each other in the input string. Example: "AA", "KK", etc., are all consecutive duplicates. This function will internally run as many iterations as needed to remove all consecutive duplicates until there is either no consecutive duplicates left, or the string becomes empty (in which the function returns "Empty" back to the user):

string deduplicate(string input)

Your main() may look like the following, or anything you prefer to put in it as it is not graded:

int main() {
  cout << deduplicate("AABB"); // should output "Empty"
  cout << deduplicate("A"); // "A"
  cout << deduplicate("ABBA"); // should output "Empty"
  cout << deduplicate("AAA"); // "A"
  cout << deduplicate("AKA"); // "AKA" because there is no consecutive pair.
  return 0;
}

-----------------------------------------------------------

Examples:

• "KCCK" -> first iteration results in "KK" by removing "CC" as consecutive duplicates -> second iteration starts with "KK" as consecutive duplicates hence removed. Function returns "Empty".
• "ZZZ" -> first iteration results in "Z" by removing the first "ZZ". There is nothing to be removed after that. Function returns "Z".
• "KKCCD" -> first iteration removes "KK" resulting in "CCD" -> second iteration removes "CC" resulting in "D". There is nothing left to be removed. Function return "D".

-----------------------------------------------------------

Constraints/Assumptions:

• Input string consists of only uppercase English alphabets, "A" - "Z".
• Input string consists of at least 1 English alphabet.
• Input string consists of at most 100 alphabets.
• Function returns the non-reducible string.
• If the reduced string is empty, function returns the string "Empty".