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1) You own a restaurant and are considering additional waiters. Alfred’s pay scheme would be $120 per evening. Blanchard’s pay scheme would be $10 per table served.

A. Which would be considered a variable coat and which a fixed cost?

B. Charles, a third potential waiter, asks for $60 per evening plus $5/table. From the perspectives of Alfred, Blanchard an Charles, who is taking the most risk and who the least? Who has the most to gain and who the least? C. As you are about to choose, Dutch enters and offers the following: He will accept $7.50/table but wants a guarantee of minimum $30 per evening. Comparing Charles’ and Dutch’s offers, where do they “break even” for you (i.e., at how many tables will you be paying them the same amount)?

2) XYZ company is looking for investors. For an investment (price) of $25 per unit (share) of preferred stock it will pay $1 dividend annually

XYZ is also issuing (selling) to investors another type of preferred stock for $25. Unlike the above ordinary preferred, in case of a missed dividend (not enough money “coming down the waterfall”), the unpaid amount any year will be added to its dividend the following year, and continue so until all missed payments are made.

What should be the dividend of this “cumulative preferred” compared to the 1% of the ordinary?

3) In which two ways is corporate profits tax similar to the payments to common shareholders (owners) as opposed to the claimants higher up on the company cash flow waterfall?

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Bonuses to key employees based on net income for 2017 are estimated to be $150,000 On December 1, 2017, the company borrowed $600,000 at 8% per year. Interest is paid quarterly. Accounts receivable at December 31, 2017, is $10,000,000. An aging analysis indicates that Baylor's expense provision for doubtful accounts is estimated to be 3% of the receivables balance. On December 15, 2017, the company declared a $2.00 per share dividend on the 40,000 shares of common stock outstanding, to be paid on January 5, 2018. During the year, customer advances of $160,000 were received; $50,000 of this amount was earned by December 31, 2017.

What is the Current Liabilities ?

What is the total amount of Current Liabilities ?

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The trial balance of Large Company, Inc. at the end of its annual accounting period is as follows:

Additional information:

1. Expired insurance, $600.
2. Unused supplies, per inventory, $800.
3. Estimated depreciation, $1,000.
4. Earned but unpaid salaries, $700

Required

1. Prepare adjusting entries.
2. Prepare closing entries.
3. Prepare a post-closing trial balance.

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In each of following scenarios, explain and categorize the cost of inflation.

a. Because inflation has risen, the J. Crew clothing company decides to issue a new catalog monthly rather than quaterly.

b. Grandpa buys an annutity for $100,000 from an insurance company which promises to pat him $10,000 a year for the rest of his life. After buying it, he is surprised the high inflation triples the price level over next few yars.

c. Maria lives in an economy with hyperinflation. Each day after being paid, she runs to the store as quickly as possible so she can spend her money before is loses value.

d. Gita lives in an economy with an inflation rate of 10 percent. Over the past year, she earned a return of $50,000 on her million-dollar portfolio of stocks and bonds. Because her tax rate is 20 percent, she paid $10,000 to the government.

e. Your father tells you that when he was your age, he worked for only $4 an hour. He suggests that you are lucky to have a job that pays $9 an hour.

Edom Company, the lessor, enters into a lease with Davis Company to lease equipment to Davis beginning January 1, 2016. The lease terms, provisions, and related events are as follows:

Required:

1. In capital budgeting, a company might use which of the following as its discount rate?
2. 1. Return on total assets
   2. After-tax cost of debt
   3. Times interest earned
   4. Weighted average cost of capital

1. Which causes a company to become leveraged?
2. 1. Issuing high amounts of common stock
   2. Making an initial public offer (IPO)
   3. Having high fixed costs
   4. Having high variable costs

1. Which of the following correctly describes how a firm's required return is determined?
2. 1. Using the going market rate for risk-free securities
   2. As the present value of the firm's debt and equity
   3. As the opportunity cost that its investors forego
   4. Using the average rate paid for debt and the company's share price

1. All of the following are true of the free cash flow (FCF) analysis EXCEPT
2. 1. it can also be calculated using the operating cash flow figure from the statement of cash flows less capital expenditures.
   2. it includes adjustments for the difference between the change in total current assets and total current liabilities.
   3. it must be a positive amount for it to be interpreted positively by investors.
   4. it is considered a better representation of the value of the firm to shareholders than operating cash flow.

Bill Darby started Darby Company on January 1, Year 1. The company experienced the following events during its first year of operation: Earned $1,100 of cash revenue. Borrowed $2,200 cash from the bank. Adjusted the accounting records to recognize accrued interest expense on the bank note. The note, issued on September 1, Year 1, had a one-year term and an 9 percent annual interest rate. Required a. What is the amount of interest payable at December 31, Year 1? b. What is the amount of interest expense in Year 1? c. What is the amount of interest paid in Year 1? d. Use a horizontal statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. Indicate whether the event increases (I) or decreases (D) each element of the financial statements. In the Statement of Cash Flows column, classify the cash flows as operating activities (OA), investing activities (IA) or financing activities (FA). Columns for events that have no effect on any of the elements should be left blank. The first transaction has been recorded as an example.