The number of hours per week that the television is turned on is determined for each family in a sample. The mean of the data is 3535 hours and the median is 31.231.2 hours. Twenty-four of the families in the sample turned on the television for 2020 hours or less for the week. The 6th percentile of the data is 2020 hours.
Step 2 of 5:
Approximately how many families are in the sample? Round your answer to the nearest integer.
The number of hours per week that the television is turned on is determined for each family in a sample. The mean of the data is 3535 hours and the median is 31.231.2 hours. Twenty-four of the families in the sample turned on the television for 2020 hours or less for the week. The 6th percentile of the data is 2020 hours.
Step 3 of 5:
Based on the given information, determine if the following statement is true or false.
Approximately 200200 families turned on their televisions for less than 3535 hours.
The number of hours per week that the television is turned on is determined for each family in a sample. The mean of the data is 3535 hours and the median is 31.231.2 hours. Twenty-four of the families in the sample turned on the television for 2020 hours or less for the week. The 6th percentile of the data is 2020 hours.
Step 4 of 5:
What is the value of the 50th percentile?
The number of hours per week that the television is turned on is determined for each family in a sample. The mean of the data is 3535 hours and the median is 31.231.2 hours. Twenty-four of the families in the sample turned on the television for 2020 hours or less for the week. The 6th percentile of the data is 2020 hours.
Step 5 of 5:
Based on the given information, determine if the following statement is true or false.
The first quartile is less than 2020 hours.
In: Statistics and Probability
2. Tonka Industries sold inventory to customers on account totaling $90,000 during 2019. The inventory cost Tonka Industries $42,000.
3. During 2019, Tonka Industries collected $53,600 from customers who previously charged on account.
4. On December 31, 2019, Tonka Industries recorded its uncollectible accounts estimate. Tonka Industries estimates that $1,350 will be uncollectible.
5. On February 19, 2020, Tonka Industries received notification that Jan Levinson, who owes Tonka Industries $900, has filed for bankruptcy. Tonka Industries writes off Ms. Levinson’s account.
7. After invoicing the customer for more than one year, Tonka Industries decides to write-off the $200 accounts receivable balance of David Wallace.
8. Tonka Industries Corporation’s 2020 sales on account totaled $213,600. Inventory sold during 2020 cost Tonka Industries $103,000.
9. During 2020, Tonka Industries collected $80,000 from customers on open accounts receivable.
10. At the end of 2020, Tonka Industries estimates uncollectible accounts of $6,890
Summary Questions:
1. How much uncollectible accounts expense will appear on Tonka Industries Corporation income statement for the year ended December 31, 2019?
2. Calculate the net realizable value of receivables that will appear in the December 31, 2019 balance sheet.
- Accounts Receivable from #2
- Accounts Receivable collected from #3
= Ending Accounts Receivable Balance on December 31, 2019
- Allowance for Doubtful Accounts in #4
= Net Realizable Value of Receivables as of December 31, 2019
3. How much uncollectible accounts expense will appear on Tonka Industries Corporation income statement for the year ended December 31, 2020?
4. Calculate the net realizable value of receivables that will appear in the December 31, 2020 balance sheet. Hint: Remember that Accounts Receivable and Allowance for Doubtful Accounts are both balance sheet accounts, and their balances carry forward from year-to-year.
Beginning Accounts Receivable balance (ending balance on 12/31/19 calculated in #2 above)
+ Sales on account from #8
- Accounts Receivable collected from #9
- Write-offs during 2020 (from #5 and #7)
= Ending Accounts Receivable Balance as of December 31, 2020 ;
Beginning Allowance for Doubtful Accounts balance (ending balance on 12/31/19)
- Write-offs during 2020 (from #5 and #7)
+ 2020 uncollectible accounts estimate in #10
= Ending Allowance for Doubtful Accounts Balance as of December 31, 2020 Accounts Receivable
- Allowance for Doubtful Accounts
= Net Realizable Value of Receivables as of December 31, 2020
In: Accounting
1. Suppose that S = $1.1045/€ and F=$1.1459/€ (one year). The annualized risk-free interest rates are 2.6% and 1.75% in the U.S and Germany, respectively. If feasible, find the profit earned by a U.S. investor conducting a covered interest arbitrage. Suppose that the U.S. investor is able to borrow $500,000. Do not write any symbol. Make sure to round your answers to the nearest 100th decimal points. For example, write 234.45 for $234.45.
2. Suppose that S = $1.1045/€. The annualized inflation rates are 2.6% and 1.75% in the U.S and Germany, respectively. Find the exact expected currency movement for the euro in 5 years. Do not write any symbol. Express your answers as a percentage. Make sure to round your answers to the nearest 100th decimal points. For example, write 2.45 for 2.45%.
3. Suppose that S = ¥180/$. The annualized risk-free rates are 4.6% and 2.75% in Japan and the U.S., respectively. Find the expected currency movement over the next 3 years. Do not write any symbol. Express your answers as a percentage. Make sure to round your answers to the nearest 100th decimal points.
4. Suppose that S = ¥180/$. The annualized risk-free rates are 4.6% and 2.75% in Japan and the U.S., respectively. The annualized inflation rate is 2% in Japan. Find the exact real interest rate in Japan and the U.S. according to the international Fisher relation. Do not write any symbol. Express your answers as a percentage. Make sure to round your answers to the nearest 100th decimal points.
In: Finance
Assume that there are exactly two countries: The United States and Australia. Also assume that these countries’ economies are closed (i.e. they do not trade or otherwise interact with each other) with one notable exception: The U.S. exports plastic to Australia, and Australia exports iron ore to the U.S. For this question, I will abbreviate the currency of the U.S. as USD and that of Australia as AUD.
a.Suppose that the U.S. imports 100,000 tons of iron at a price of 60 AUD per ton and exports 100,000 tons of plastic at a price of 55 USD per ton. If the exchange rate is 1 AUD = 1 USD, what is the U.S. trade balance in USD?
b.Suppose that the exchange rate changes to 1.1 USD = 1 AUD, and that prices in local currencies remain constant. What is the new price of iron in USD? What is the new price of plastic in AUD?
c.Suppose that the businesses that have made the orders leading to these import and export quantities are all locked in – meaning they are contractually obligated to complete the trade. If the exchange rate changes as in part (b), what will be the trade balance of the United States in USD?
d.In the future, businesses will make different purchasing decisions. In reaction to this change in the exchange rate: What will happen to the quantity of iron demanded by the U.S? What will happen to the quantity of plastic demanded by Australia?
e.Compared to your answer in (c), what will happen to the trade balance of the U.S. under the new quantities described in (d)?f.Graph a curve that shows the general shape of what will happened to the trade balance over time. Your x-axis should be time, your y-axis should be $.
In: Finance
In: Economics
As a long-term investment, Painters' Equipment Company purchased
20% of AMC Supplies Inc.'s 470,000 shares for $550,000 at the
beginning of the fiscal year of both companies. On the purchase
date, the fair value and book value of AMC’s net assets were equal.
During the year, AMC earned net income of $320,000 and distributed
cash dividends of 20 cents per share. At year-end, the fair value
of the shares is $582,000.
Required:
1. Assume no significant influence was acquired.
Prepare the appropriate journal entries from the purchase through
the end of the year.
2. Assume significant influence was acquired.
Prepare the appropriate journal entries from the purchase through
the end of the year.
For Requirement 1:
| No | Event | General Journal | Debit | Credit |
| 1 | Investment in AMC shares | $550,000 | ||
| Cash | $550,000 | |||
| 2 | 2 | No journal entry required | ||
| 3 | 3 | Cash | ? | |
| ? | ? | |||
| 4 | 4 | Fair value adjustment | $32,000 | |
| Unrealized holding gain - NI | $32,000 |
For Requirement 2:
| No | Event | General Journal | Debit | Credit |
| 1 | 1 | Investment in AMC shares | $550,000 | |
| Cash | $550,000 | |||
| 2 | 2 | Investment in AMC shares | $64,000 | |
| Investment revenue | $64,000 | |||
| 3 | 3 | Cash | ? | |
| ? | ? | |||
| 4 | 4 | No journal entry required |
In: Accounting
The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2018. The company buys equity securities as investments. None of Ornamental's investments are large enough the exert significant influence on the investee. Ornamental's fiscal year ends on December 31. No investments were held by Ornamental on December 31, 2017.
Mar 31 - Acquired Distribution Transformers Corporation common stock for $400,000.
Sep 1 - Acquired $900,000 of American Instruments' common stock.
Sep 30 - Received a $16,000 dividend in the Distribution Transformers common stock.
Oct 2 - Sold the Distribution Transformers common stock for $425,000.
Nov 1 - Purchased $1,400,000 of M&D Corporation common stock.
Dec 31 - Recorded any necessary adjusting entry(s) relating to investments. The market prices of the investments are: American Intruments common stock - $850,000; M&D Corporation common stock - $1,460,000
Required:
1. Prepare the appropriate journal entry for each transaction or event during 2018, as well as any adjusting entries necessary at year end.
2. Indicate any amounts that Ornamental Insulation would report in its 2018 income statement, 2018 statement of comprehensive income, and 12/31/2018 balance sheet as a result of these investments.
In: Accounting
The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2018. The company buys equity securities as investments. None of Ornamental’s investments are large enough to exert significant influence on the investee. Ornamental’s fiscal year ends on December 31. No investments were held by Ornamental on December 31, 2017. Mar. 31 Acquired Distribution Transformers Corporation common stock for $590,000. Sep. 1 Acquired $1,185,000 of American Instruments' common stock. Sep. 30 Received a $20,650 dividend on the Distribution Transformers common stock. Oct. 2 Sold the Distribution Transformers common stock for $634,000. Nov. 1 Purchased $1,590,000 of M&D Corporation common stock. Dec. 31 Recorded any necessary adjusting entry(s) relating to the investments. The market prices of the investments are: American Instruments common stock $ 1,116,000 M&D Corporation common stock $ 1,669,000 Required: 1. Prepare the appropriate journal entry for each transaction or event during 2018, as well as any adjusting entries necessary at year end. 2. Indicate any amounts that Ornamental Insulation would report in its 2018 income statement, 2018 statement of comprehensive income, and 12/31/2018 balance sheet as a result of these investments.
In: Accounting
2. On January 1, 20X8, Ball Corporation purchased shares of Leftwich Company common Stock.
a. Assume the stock acquired by Ball represents 15% of Leftwich’s voting stock and that Ball has no influence over Leftwich’s business decisions. Use the financial statement effects template (with amounts and accounts) to record the following transactions.
i. Ball purchased 5,000 common shares of Leftwich at $15 cash per share.
ii. Leftwich reported annual net income of $40,000.
iii. Ball received a cash dividend of $1.10 per common share from Leftwich.
iv. Year-end market price of Leftwich common stock is $19.00 per share.
b. Assume that the stock acquired by Ball represents 30% of Leftwich’s voting stock and that Ball accounts for this investment using the equity method because it is able to exert significant influence. Use the financial statement effects template (with amounts and accounts) to record the following transactions.
i. Ball purchased 5,000 common shares of Leftwich at $15 cash per share.
ii. Leftwich reported annual net income of $40,000
iii. Ball received a cash dividend of $1.10 per common share from Leftwich.
iv. Year-end market price of Leftwich common stock is $10.00 per share.
In: Accounting
The consolidated financial statements of EFGH Ltd and OP Ltd were presented to the Board. The Board is alarmed that the economic entity’s balance sheet (consolidated balance sheet) shows a deferred tax balance when the accounts for EFGH Ltd had no deferred tax asset or deferred tax liability. EFGH management is also planning to acquire another entity XYZ Investments Ltd in the near future. Management pointed out to the Board that on the acquisition, the financial results of this new subsidiary (XYZ Investments Ltd) will also be consolidated in the economic entity financial statements. One of the Board members noted that the new business to be acquired by EFGH Ltd is an investment company. Its financial statements should not be consolidated because it is involved in the investments industry, whereas all of the other companies in the economic entity are involved in the retail industry.
Required: As the financial accountant you are requested to prepare a response to the following questions:
(a) Why does the economic entity have a deferred tax balance?
(b) Should the financial statements of proposed acquired business, XYZ Investments Ltd, be consolidated into the economic entity and why?
(Please note that in your response you must make reference to relevant paragraphs of the Accounting Standard and/or AASB Framework and to other sources of material(Australian), 600 words.)
In: Accounting