1. Which of the following shows what would be acceptable to list at the top of an income statement, and why?

1. For the Year Ended 20XX; it is measured over a span of time
2. As of January 31, 20XX; it is measured at a point in time
3. As of January 31, 20XX; it is measured over a span of time
4. For the Year Ended 20XX; it is measured at a point in time

2. The SEC's Release 1 (FRR-1) officially recognizes accounting standards issued by

1. the IASB because the SEC's philosophy is that the public sector retains the initiative for establishing and improving accounting standards.
2. the FASB because the SEC's philosophy is that the public sector retains the initiative for establishing and improving accounting standards.
3. the IASB because the SEC's philosophy is that the private sector retains the initiative for establishing and improving accounting standards.
4. the FASB because the SEC's philosophy is that the private sector retains the initiative for establishing and improving accounting standards.

3. In which of the following situations would it be inappropriate for an auditor to issue an unqualified opinion with explanatory paragraph?

1. When the auditor questions the business' ability to continue
2. When there has been a change in who performs the audit
3. When the audit was conducted by an internal auditor
4. When some information immaterial to appropriate standards requires special emphasis

4. A subsidiary of a US company based in China keeps its books in the Chinese renminbi and does the majority of its business in the Chinese renminbi (RMB). The home currency is the US dollar (USD). According to IAS 21: The Effects of Changes in FX Rates , during the step where one translates foreign currency financial statements into the functional currency, non-monetary items that are reported at historical cost in RMB

1. are translated into USD using the closing exchange rate.
2. are translated into USD using the exchange rate on the transaction date.
3. are translated into USD using the exchange rate as of the date of the fair value measurement.
4. do not need to be translated in this step as they are already in the functional currency.

On April 1, 2018 Hippocrates Consulting began operations with the following beginning balances entered on April 1^st as seen in the T-accounts below. First show each of the transactions described below as a journal entry including the date and then post each of the entries to the T-accounts below. After you have completed all of the entries as well as the adjusting entries prepare an Income Statement, Statement of Retained Earnings, and Balance Sheet for the month of April, 2018. Make sure that your statements presented in good form (points will be deducted if they are not in good form).

April 1: Paid three months’ rent on a lease rental contract, $4,800

           2: Paid a six-month insurance premium for $1,800

           4: Received cash from clients as an advance payment for services to be          

                 provided and recorded as unearned fees, $5,000

           5: Purchased additional office equipment on account from Office Station Co.,

                 $2,000.

           6: Received cash from clients on account, $1,800.

          10: Paid cash for a newspaper advertisement, $120

          12: Paid Office Station Co. for part of the debt incurred on April 5, $1200.

          12: Recorded services provided on account for the period April 1-12, $4,200.

          14. Paid part-time receptionist for two weeks’ salary, $750.

          17: Recorded cash from cash clients for fees earned during the period April

                  1-16, $6,250.

           18: Paid cash for supplies, $800.

           20: Recorded services provided on account for the period April 13-20, $2,100.

           24: Recorded cash from cash clients for fees earned the period April

                    17-24, $3,850.

           26: Received cash from clients on account, $5,600.

           27: Paid part-time receptionist for two weeks’ salary, $750.

           29: Paid telephone bill for April, $130.

           30: Paid electricity bill for April, $200.

           30: Recorded cash from cash clients for fees earned for the period April 25-30,                

                   $3,050.

           30: Recorded services provided on account for the remainder of April, $1,500.

           30. A dividend of $6,000 was declared and paid.

The following are adjusting entries to be recorded on April 30th:

1. Insurance expired during April is $300.
2. Supplies on hand on April 30 are $1,350.
3. Depreciation of office equipment for April is $700.
4. Accrued receptionist salary on April 30 is $120.
5. Rent expired during April is $1,600.
6. Unearned fees on April 30 are $2,500.

                                              Accounts

        Cash                                 Receivable                   Supplies                      Prepaid Rent

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

$13,100                             $3,000                          $1,400                                                                   

                                                                                    Office                          Accumulated

                                    Prepaid Insurance              Equipment                       Depreciation

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

                                                                           $12,500

                                                                                     Unearned

Accounts Payable      Salaries Payable                      Fees                          Common Stock

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

                                                                                                                                   $30,000

Retained Earnings             Fees Earned                    Salary Expense          Rent Expense

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

                                          Depreciation                                                          Miscellaneous

Supplies Expense               Expense                          Insurance Expense        Expense

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

Question 4

With the growing popularity of casual surf print clothing, two recent MBA graduates decided to broaden this casual surf concept to encompass a “surf lifestyle for the home.” With limited capital, they decided to focus on surf print table and floor lamps to accent people’s homes. They projected unit sales of these lamps to be 7,000 in the first year, with growth of 8 percent each year for the next five years. Production of these lamps will require GH¢35,000 in net working capital to start. Total fixed costs are GH¢ 95,000 per year, variable production costs are GH¢ 20 per unit, and the units are priced at GH¢48 each. The equipment needed to begin production will cost GH¢175,000. The equipment will be depreciated using the straight-line method over a five-year life and is not expected to have a salvage value. The effective tax rate is 34 percent, and the required rate of return is 25 percent. Evaluate the project using NPV.

1. Given the growing popularity of environmentally friendly clothing, two recent MBA graduates decided to broaden this casual surf concept to encompass a “green lifestyle for the home.” With limited capital, they decided to focus on environmentally friendly curtains to accent people’s homes. They projected unit sales of these curtains to be 5,000 per year. Production of these curtains will require $28,000 in net working capital to start. Variable production costs are $20 per unit, and the units are priced at $45 each. The equipment needed to begin production will cost $60,000. The equipment will be depreciated to zero using the straight-line method over a five-year life and is expected to have a salvage value of $5,000. The production will take place in an old warehouse that one of the graduates has inherited. He could have gotten it rented for $100,000 a year. The effective tax rate is 34%, and the required rate of return is 12%. (a) Compute the Payback period, NPV and IRR for this project. (b) How many curtains do you need to sell in order to make this project worthwhile?

MBA 5010 Week 3 Weekly Integrative Assignment

Copper and zinc work equally well as a chemical catalyst to mitigate pollution created in the production of lithium batteries. However, copper is currently 10% more expensive than zinc. And so, zinc is the current preferred material. The following diagrams represent the copper, zinc, and lithium battery markets.

However, some recent advances in pharmaceutical research have substantially increased demand for zinc in pharmaceutical manufacturing.

Using this example, explain how markets see to the most appropriate allocation of resources between competing uses. Limit your response to no more than 500 words. Be sure to include in your response the preceding diagrams, demonstrating the relevant change in each respective market. You may use Word drawing features or draw the diagrams, use your phone to capture them, and then insert them into your response. If you need help, ask. Your answer will be evaluated based on correctness, completeness, and clarity. Be attentive to your writing.

3. A paint manufacturing company claims that the mean drying time for its paints is not longer than 60 minutes. A random sample of 20 gallons of paints selected from the production line of this company showed that the mean drying time for this sample is 63.50 minutes with a sample standard deviation of 4 min utes. Assume that the drying times for these paints have a normal distribution. Test the claim that the mean drying time for its paints is less 60 minutes. Use α=0.01.

a. Identify the claim and state the H0 and H1.  
b. Find the critical value.
c. Calculate the test statistic.
d. Make a decision to reject or fail to reject the H0.
e. Interpret the decision in the context of the original claim



4. The manager of a restaurant in a large city claims that waiters working in all restaurants in his city earn an average of $150 or more in tips per week. A random sample of 25 waiters selected from restaurants of this city yielded a mean of $139 in tips per week with a sample standard deviation of $28. Assume that the weekly tips for all waiters in this city have a normal distribution. Test the claim that the mean tips earned by waiters in that city is $150 or more. Use α=0.01.

a. Identify the claim and state the H0 and H1.  
b. Find the critical value.
c. Calculate the test statistic.
d. e. Make a decision to reject or fail to reject the HInterpret the decision in the context of the original claim 0.

Write a C++ program named, myGrade.cpp, that calculates a letter grade for a student of this course (CSC100 online) based on three user inputs. This program should begin by printing the title of the application (program) and a brief description of what it does. (Note: this is NOT the same as the program prolog: a prolog is much more detailed, has required elements, and is intended for other programmers reading the cpp file. The title and description displayed by the program are meant for the user of the program.)

Next, the program must prompt the user for three integer inputs in the following order: 1) Points earned on programming assignments, 2) Points earned on MPL homework, and 3) Points earned on the final exam. Each prompt should be clear, concise, and free of spelling errors. After getting all three of the integer inputs, the program should either print an input validation error message and then terminate or output the required data for this program.

If an input error is detected, one and only one of the following error messages should be displayed:

1. The number of points entered for Programming Assignments must be between 0 and 400, inclusive.
2. The number of points entered for MPL Homework must be between 0 and 200, inclusive.
3. The number of points entered for the Final Exam must be between 0 and 400, inclusive.

After displaying one of these error messages, the program should terminate after displaying:
myGrade is now terminating.

Only if there is no input error would the program continue normal execution. This means that the next step after all three inputs are validated is to make the necessary calculations and determinations to display the following items of information to the user in this order:

1. The number of Programming Assignment points entered
2. The number of MPL Homework points entered
3. The number of Final Exam points entered
4. The total number of points earned
5. The student's letter grade
6. A support message based on the letter grade earned

Each numeric value displayed should be preceded by a clear, concise label stating what the number means. The total points earned is the sum of the three integers input by the user. The letter grade is determined by matching the total points to the correct row in the table given under the Grading section in the Syllabus. Your code will need to implement efficient grade range checks to determine the appropriate letter grade based on the table in the syllabus. Use named constants for the grade range boundaries (900, 800, etc.) and store the determined letter grade as an upper case letter in variable of type, char. Do not use any variables of type, double, in this program: double is not needed since all entries are integers and the grade range boundaries are integers. Your program must also implement the course rule that automatically assigns a letter grade of F when the Final Exam points earned are less then 240, i.e., 60% of the total possible.

Your program must use a switch statement on the letter grade (type, char) to print one and only one of the following support messages:

1. For an A, print:      Great job! You will have no problem in CSC205.
2. For a B, print:        Good job! You should have little trouble in CSC205.
3. For a C, print:        Ok, you passed, but you may be challenged in CSC205.
4. For a D, print:       When you retake this course, you will be able to do much better.
5. For an F, print either:
             You did not put forth enough effort to pass this course.
   or
             You did not score enough points on the Final Exam to pass this course.

Once all six items of information are displayed (in the order listed above), the program should terminate after displaying:

myGrade is now terminating.

TRUE for THIS and ALL programs submitted in this course:
Avoid unnecessary point deductions by formatting your code AND following ALL pertinent coding conventions. Make sure all requirements are implemented. Make sure the program does not calculate or display anything that is NOT required. Remember named constants.

Example of Output:

Example output from your program if the three inputs were: 305 (programming assignments), 108 (MPL Homework), and 288 (Final Exam):

Programming Assignment points entered: 305
MPL Homework points entered           108
Final Exam points entered:            288
Total number of points earned:          701           
Student's letter grade earned:        C
     Ok, you passed, but you may be challenged in CSC205.

Example output from your program if the three inputs were: 400 (programming assignments), 200 (MPL Homework), and 239 (Final Exam):

Programming Assignment points entered: 400
MPL Homework points entered         200
Final Exam points entered:            239
Total number of points earned:      839           
Student's letter grade earned:            F
     You did not score enough points on the Final Exam to pass this course.

Example output from your program if the three inputs were: 275 (programming assignments), 80 (MPL Homework), and 240 (Final Exam):

Programming Assignment points entered: 275
MPL Homework points entered            80
Final Exam points entered:            240
Total number of points earned:      595           
Student's letter grade earned:            F
     You did not put forth enough effort to pass this course.

Example output from your program if the three inputs were: -348 (programming assignments), 139 (MPL Homework), and 300 (Final Exam):

Programming Assignment points entered: -348
MPL Homework points entered           139
Final Exam points entered:              300
The number of points entered for the Programming Assignments must be between 0 and 400, inclusive.

All I have so far is this and I am stuck on what to do:

#include <iostream>

using namespace std;

int main()
{

const int possible = 1000;
const int ASSIGNMENT = 400;
const int HW = 200;
const int FINAL = 400;
const int A = 90;
const int B = 80;
const int C = 70;
const int D = 60;
const int F = 59;

int assignment;
int MPLHomework;
int FinalExam;
int grade;
int total;

//Stating the name of the program and what it does
cout << "Welcome to the Grade Calculator" << endl;
cout << "The following program will calculate your grade\n";
cout << "in CSC205 by averaging three inputs such as\n";
cout << "your points from programming assignments, MPL homework, and the final exam." << endl;

//Receiving user input
cout << "Please enter the amount of points for your Programming Assignments:" << assignment << endl;
cin >> assignment;

cout << "Please enter the amount of points for your MPL Homework:" << MPLHomework << endl;
cin >> MPLHomework;

cout << "Please enter the amount of points for your Final Exam:" << FinalExam << endl;
cin >> FinalExam;

total = FinalExam + assignment + MPLHomework;

if (assignment <= ASSIGNMENT && MPLHomework <= HW && FinalExam <= FINAL)
  
cout << "Programming Assignment points entered:" << assignment << endl;
cout << "MPL Homework points entered:" << MPLHomework << endl;
cout << "Final Exam points entered:" << FinalExam << endl;
cout << "Total number of points earned:" << total << endl;

//Determining if the user input has an error and termination

return 0;
}

Profit Center Responsibility Reporting A-One Freight Inc. has three regional divisions organized as profit centers. The chief executive officer (CEO) evaluates divisional performance using operating income as a percent of revenues. The following quarterly income and expense accounts were provided from the trial balance as of December 31, 20Y3. Revenues—Air Division $ 1,104,600 Revenues—Rail Division 1,295,000 Revenues—Truck Division 2,401,200 Operating Expenses—Air Division 700,000 Operating Expenses—Rail Division 770,700 Operating Expenses—Truck Division 1,452,100 Corporate Expenses—Shareholder Relations 168,000 Corporate Expenses—Customer Support 613,800 Corporate Expenses—Legal 207,900 General Corporate Officers’ Salaries 371,000 The company operates three service departments: Shareholder Relations, Customer Support, and Legal. The Shareholder Relations Department conducts a variety of services for shareholders of the company. The Customer Support Department is the company’s point of contact for new service, complaints, and requests for repair. The department believes that the number of customer contacts is an activity base for this work. The Legal Department provides legal services for division management. The department believes that the number of hours billed is an activity base for this work. The following additional information has been gathered:

Division management does not control activities related to the shareholder relations department and general corporate officers’ salaries.

Required:

a. Prepare quarterly income statements showing operating income for the three divisions. Use three column headings: Air, Rail, and Truck.

Feedback

1. Determine the customer contact rate by dividing service cost by output. For each division's customer support, multiply the customer contact rate by the number of customer contacts. Repeat this process for the other service department charges. Subtract the service department charges for a division from that division's operating income before such charges.

b. What is the profit margin percentage of each division? Round to one decimal place.

Identify the most successful division according to the profit margin percentage.
Truck

3. All of the following statements are true regarding the evaluation of divisional performance for A-1 except:

1. A better measure for A-1 Freight than the amount of operating income per dollar of earned revenue would be either rate of return on investment or residual income, because both measures incorporate asset utilization into the measures.
2. A better measure for A-1 Freight than the amount of operating income per dollar of earned revenue would be either rate of return on investment or residual income, because the amount of assets used by a division in earning a return is a very important consideration in evaluating divisional performance.
3. A better measure for A-1 Freight than the amount of operating income per dollar of earned revenue would be either rate of return on investment or residual income, because this company requires a significant investment in fixed assets and distribution facilities.
4. All of these choices are correct.

Select the correct answer from the choices above.:
d

Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2016, follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31, 2016, follow.

Additional Information Items

An analysis of WTI's insurance policies shows that $2,400 of coverage has expired.

An inventory count shows that teaching supplies costing $2,800 are available at year-end 2016.

Annual depreciation on the equipment is $13,200.

Annual depreciation on the professional library is $7,200.

On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,500, and the client paid the first five months' fees in advance. When the cash was received, the Unearned Training Fees account was credited. The fee for the sixth month will be recorded when it is collected in 2017.

On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $3,000 tuition per month payable at the end of the class. The class started on October 15, but no payment has yet been received. (WTI's accruals are applied to the nearest half-month; for example, October recognizes one-half month accrual.)

WTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $100 per day for each employee.

The balance in the Prepaid Rent account represents rent for December.

rev: 07_12_2016_QC_CS-55458

3.

value:
14.28 points

Required information

Required:     

1. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end.

References

eBook & Resources

WorksheetLearning Objective: 03-P1 Prepare and explain adjusting entries.Learning Objective: 03-P3 Prepare financial statements from an adjusted trial balance.

Difficulty: 3 HardLearning Objective: 03-P2 Explain and prepare an adjusted trial balance.

Check my work

4.

value:
14.28 points

Required information

2.1 Post the balance from the unadjusted trial balance and the adjusting entries in to the T-accounts.

2.2 Prepare an adjusted trial balance.

References

eBook & Resources

WorksheetLearning Objective: 03-P1 Prepare and explain adjusting entries.Learning Objective: 03-P3 Prepare financial statements from an adjusted trial balance.

Difficulty: 3 HardLearning Objective: 03-P2 Explain and prepare an adjusted trial balance.

Check my work

5.

value:
14.28 points

Required information

3.1 Prepare Wells Technical Institute's income statement for the year 2016.

3.2 Prepare Wells Technical Institute's statement of retained earnings for the year 2016.

3.3 Prepare Wells Technical Institute's balance sheet as of December 31, 2016.