Quick Ratio

Calculate the quick ration for Smith & Sons Inc for 2015 and 2016 and comment on the company’s working capital position. Did the company’s ability to pay its current liabilities improve over the two years?

Quick ratio = (cash and cash equivalents + Short term investments + Accounts receivable)/Current Liabilities

Sage Corporation has pretax financial income (or loss) from 2015 through 2021 as follows.

Pretax financial income (loss) and taxable income (loss) were the same for all years since Sage has been in business. In recording the benefits of a loss carryforward, assume that it is more likely than not that the related benefits will be realized.

Indicate what the income tax expense portion of the income statement for 2016 should look like. Assume all income (loss) relates to continuing operations.

How should the income tax expense section of the income statement for 2017 appear?

What entry for income taxes should be recorded in 2020​​​​​​​

How should the income tax expense section of the income statement for 2020 appear?

The following three defense stocks are to be combined into a stock index in January 2016 (perhaps a portfolio manager believes these stocks are an appropriate benchmark for his or her performance). Assume the index is scaled by a factor of 10 million; that is, if the total value of all firms in the market is $5 billion, the index would be quoted as 500.

a. Calculate the initial value of the index if a value-weighting scheme is used. (Round your answer to 2 decimal places.)

b. What is the rate of return on this index for the year ending December 31, 2016? For the year ending December 31, 2017? (A negative value should be indicated by a minus sign. Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.)

question: Why is retained earnings on December 31, 2018, equal to $80,000 in all three cases despite the reporting of different amounts of net income each year?

Is it A,B, or C?

A: Net income over sufficiently long time periods equals cash inflows minus cash outflows. Walmart acquired the land in 2016 for $100,000 and sold it for $180,000 in 2018. Thus, the total effect on net income through the realization of the increase in the va

B: Net income over sufficiently long time periods equals cash inflows plus cash outflows. Walmart acquired the land in 2016 for $100,000 and sold it for $180,000 in 2018. Thus, the total effect on net income through the realization of the increase in the val

C: Net income over sufficiently long time periods equals cash inflows minus cash outflows. Walmart acquired the land in 2016 for $100,000 and sold it for $180,000 in 2018. Thus, the total effect on net income through the realization of the increase in the va

At 30 June 2015, the financial statements of McMaster Ltd showed a building with a cost (net of GST) of $312,000 and accumulated depreciation of $158,000. The business uses the straight-line method to depreciate the building. When acquired, the building's useful life was estimated at 30 years and its residual value at $62,000. On 1 January 2016, McMaster Ltd made structural improvements to the building costing $98,000 (net of GST). Although the capacity of the building was unchanged, it is estimated that the improvements will extend the useful life of the building to 40 years, rather than the 30 years originally estimated. No change is expected in the residual value.

1. Calculate the number of years the building had been depreciated to 30 June 2015
2. Prepare the general journal entry to record the cost of the structural improvements on 1 January 2016
3. Prepare the general journal entry to record the building’s depreciation expense for the year ended 30 June 2016. Assume no depreciation had been recorded since 30 June 2018.

Assume sales for Peach Street Industries are expected to increase by 8.00% from 2015 to 2016. Peach Street is operating at full capacity currently and expected assets-to-sales and spontaneous liabilities-to-sales to remain the same. Additionally, the firm is looking to maintain their 2015 net profit margin and dividend payout ratios for 2016. The firm’s tax rate is 35.00% and selected income statement and balance sheet information for 2015 is provided below:

How much in additional funds (external capital) will Peach Street Industries need in 2016 to support their projected growth in sales? (i.e., calculate the firm’s additional funds needed --AFN) ?

On January 1, 2016, Apple granted 80,000 stock options to key members of its executive team. Each option grants the executives the ability to purchase one share of Apples common stock ($10 par value) at a price of $40 per share. The options were exercisable within a 2-year period beginning on January 1, 2018, as long as the executives remain an employee at Apple until that date. It is assumed that the options were for services performed equally in 2016 and 2017. The Black-Scholes option pricing model determines total compensation expense to be $1,300,000. On January 1, 2018, the Apple executives exercised 48,000 of their stock options. On that date, Apples stock had a market price of $50 per share. The remaining 32,000 stock options lapsed on January 1, 2020 because of the decision not to exercise their options.

Required

1. Prepare the necessary journal entries related to the stock option plan for the years 2016 through 2020.
2. Over what period of time should compensation cost be allocated?

Assignment 1: JAVA Classes, Objects, and Constructors

The goal of this assignment is to get you familiar with some of the most used JAVA syntax, as well as constructors objects, objects calling other objects, class and instance attributes and methods. You will create a small program consisting of Musician and Song classes, then you will have Musicians perform the Songs.

Included is a file “Assignment1Tester.java”. Once you have done the assignment and followed all instructions, you should be able to compile and run “Assignment1Tester.java”. If “Assignment1Tester.java” compiles and runs, this does not mean your code is correct. But it will make sure that your public facing interface and member variables have the correct specification.

Make certain all member variables and methods are exactly as requested. We may use automated marking, and if we do and you spell a member variable differently, you will not get the mark. That is why we highly encourage you to compile and run “Assignment1Tester.java”. It will check some of these things for you.

Every question is worth 5 marks.

1. Open the file “Musician.java”. There is a “static final” variable defaultNumberOfKnownSongs that has been initialized to 3. In the Musician class, we will add 3 more instance variables. The first should be called name and should be of typeString. The second should be called knownSongs and it should be an array of type Song. The third should be an int callednumKnownSongs.

2. Write a constructor that takes two arguments, “String name” and “int numberOfSongs”. Have this constructor initializeknownSongs to an array of Song with length numberOfSongs, and initialize the name instance variable to the name String that was passed in through the constructor. You should make use of the this keyword. Write a second constructor for theMusician class with a single argument “String name” that initializes knownSongs to an array of Song with lengthdefaultNumberOfKnownSongs. In both constructors initialize numKnownSongs to zero.

3. Write a public String toString(). If the name = “Slash” and he knows 2 songs, it should return a String “My name is Slash and I know 2 songs.”

4. Open the class “Song.java”. Write three constructors. Write a no-argument constructor that assigns the name “unknown” to the song name and “pop” to genre. Write a constructor that takes a String argument and assigns it to name, and assigns “pop” to genre. Write a constructor that takes two String arguments, the first of which is assigned to name and the second is assigned to genre. Make sure that “name” comes first in the constructor method signature.

5. Write a static method “randomSong()” that returns a Song object with a random name from the songNames array and a random genre from the songGenre array.

6. Write a method “public String toString()” that returns a String object describing the Song. That is, if name = “Paradise City” and genre = “hard rock”, then “public String toString()” should return the String “the hard rock song ‘Paradise City’.”

7. Write a method “equals(Song song)” in the Song class that compares the current Song object to the song variable. It returns true if the two songs have the same name and same genre, and false otherwise.

8. In the Musician class, write a method “public boolean learnSong(Song song)”. It should assign the song argument to the first open position in the knownSongs array. If the array is full it should not change the array and return false. If the array is not full, add the song and return true.

9. In the Musician class, write a method “public boolean playSong(Song song)”. If the song argument is equal to a song in the knownSongs array, then the method should output the Musicians name followed by “performs” followed by the song. For instance, if the Musician is named “Slash” and the song was ‘Paradise City’, it would print “Slash performs the hard rock song ‘Paradise City’.” to the screen and return true. Hint: you can make use of the toString() method of the Song class. If the Song argument is not equal to any Song in the knownSongs array, then this method should print “Slash does not know the hard rock song ‘Paradise City’.” and return false.

10. In the Musician class, write a method “public void playAllKnownSongs()”. This method should play every song in the knownSong array with each song formatted as in Question 9.

An instructor in a large lecture class found, at the end of the semester, that the total point distribution in his class was approximately Normal, with a mean of 530 and a standard deviation of 80. About what percent scored between 490 and 590?

30.9% 46.5% 77.3%

Paleontology students went on a dig for fossils. The following data set contains the number of fossils found by a sample of 12 students.

10,13,9,50,16,13,22,18,20,14,19,12

Median: _______ fossils

In my friend's coin purse, I found 12 pennies. The ages, in years, of the pennies obtained by subtracting the year stamped on the coin from 2016 follow.

22, 14, 8, 1, 9, 0, 31, 2, 13, 3, 11, 10

Rounding to the nearest tenth, the mean and median of this distribution (in years) are:

11.3 and 9.5.

10.3 and 9.5.

9.5 and 10.3.

10.3 and 10.5.

Consumer Reports is doing an article comparing refrigerators in their next issue. Some of the characteristics to be included in the report are the brand name and model; whether it has a top, bottom, or side‑by‑side freezer; the estimated energy consumption per year (kilowatts); whether or not it is Energy Star compliant; the width, depth, and height in inches; and both the freezer and refrigerator net capacity in cubic feet.

Is "refrigerator capacity" a categorical variable, a quantitative variable, or an individual?

categorical variable

individual

None of the given options are correct.

quantitative variable

Your client, Wholesaler, sold a large number of freezers to Retailer on credit. This occurred on May 1, 2017. Wholesaler had purchased these freezers from Manufacturer on March 1, 2017. Manufacturer had purchased the components from Supplier on November 1, 2016. Assume that each transaction is a credit sale and that every creditor timely filed a UCC-1 such that they are secured parties.

A. Draw the picture of each and every transaction and explain each of these transactions under Article 9 of the UCC.

B. Now assume that Cindy bought a freezer for her house from Retailer on May 15, 2017. Retailer filed the UCC-1 on July 1, 2017. Cindy sold that freezer to her friend, Cool Girl, on January 5, 2018. Cool Girl was paying Retailer for the debt in Cindy’s name until Cool Girl lost her job on March 1, 2018. Cool Girl has not made a payment since but he has not told Cindy about this either. What are Retailer’s rights as to this freezer? Would that change if Retailer did not file a UCC-1? Why or why not?

C. Assume that Supplier never filed when it sold to Manufacturer. Manufacturer files for Chapter 7 bankruptcy on January 5, 2017 and Manufacturer had not paid Supplier at that time. What are Supplier’s rights and remedies? What is the likely result for Supplier in this Chapter 7 bankruptcy since Supplier never filed?