The following data were taken from the SFP accounts of Bramble Corporation on December 31, 2020:
| Current assets | $ | 1,035,000 | |
| FV-NI investments | 842,000 | ||
| Common shares (unlimited authorized, 590,000 shares issued and outstanding) | 6,490,000 | ||
| Contributed surplus | 360,000 | ||
| Retained earnings | 1,790,000 |
A 8% stock dividend is declared at their fair value and distributed at a time when the shares’ fair value is $51 per share. Prepare the required journal entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
|
Account Titles and Explanation |
Debit |
Credit |
|
(To record stock dividend declaration) |
||
|
(To record stock dividend distribution) |
A 3-for-1 stock split is effected. Prepare the required journal entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
|
Account Titles and Explanation |
Debit |
Credit |
A dividend in kind is declared on January 8, 2021 and paid on January 28, 2021 in FV-NI investments. The investments have a carrying amount of $140,000 (fair value at December 31, 2020) and a January 8 fair value of $148,000. Prepare the required journal entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
|
Date |
Account Titles and Explanation |
Debit |
Credit |
|
Jan. 8 |
|||
|
(To record fair value adjustment) |
|||
|
Jan. 8 |
|||
|
(To record declaration of property dividend) |
|||
|
Jan 28 |
|||
In: Accounting
The below contains the actual data on COVID-19 cases in Ghana from 1st April, 2020 to 25th May, 2020 as presented by the Ghana Health Service. Use the information provided to answer the following questions:
| Date | Total confirmed | Death | Recoveries | Test |
| 1-Apr | 195 | 5 | 3 | 12046 |
| 2-Apr | 204 | 5 | 3 | 12046 |
| 3-Apr | 205 | 5 | 3 | 12046 |
| 4-Apr | 214 | 5 | 3 | 12046 |
| 6-Apr | 287 | 5 | 3 | 12046 |
| 7-Apr | 313 | 6 | 3 | 12046 |
| 9-Apr | 378 | 6 | 4 | 14611 |
| 10-Apr | 408 | 8 | 4 | 27348 |
| 11-Apr | 566 | 8 | 4 | 37954 |
| 15-Apr | 641 | 8 | 83 | 50719 |
| 18-Apr | 834 | 8 | 83 | 60916 |
| 19-Apr | 1042 | 8 | 83 | 68591 |
| 22-Apr | 1279 | 10 | 134 | 88188 |
| 25-Apr | 1550 | 11 | 155 | 100622 |
| 27-Apr | 1671 | 16 | 188 | 106090 |
| 28-Apr | 2074 | 17 | 212 | 113497 |
| 1-May | 2169 | 18 | 229 | 117049 |
| 2-May | 2719 | 18 | 294 | 129461 |
| 4-May | 3091 | 18 | 303 | 135902 |
| 7-May | 4012 | 18 | 323 | 149948 |
| 8-May | 4263 | 22 | 378 | 155201 |
| 10-May | 4700 | 22 | 494 | 160501 |
| 11-May | 5127 | 22 | 494 | 162184 |
| 12-May | 5408 | 24 | 514 | 165433 |
| 13-May | 5530 | 24 | 674 | 168685 |
| 14-May | 5638 | 28 | 1460 | 172623 |
| 15-May | 5735 | 29 | 1754 | 174077 |
| 17-May | 5918 | 31 | 1754 | 180567 |
| 18-May | 6096 | 31 | 1774 | 184343 |
| 19-May | 6269 | 31 | 1898 | 187929 |
| 20-May | 6486 | 31 | 1951 | 192194 |
| 21-May | 6617 | 31 | 1978 | 193705 |
| 22-May | 6683 | 32 | 1998 | 194763 |
| 23-May | 6809 | 32 | 2070 | 198175 |
| 24-May | 6964 | 32 | 2097 | 202130 |
| 25-May | 7117 | 34 | 2317 | 203383 |
In: Biology
Consider the following article from the January 17, 2020 edition of the Wall Street Journal entitled "Morgan Stanley Cuts CEO James Gorman’s Bonus"
Morgan Stanley paid its chief executive, James Gorman, $27 million for his work in 2019, a pay cut for a year when the bank’s revenue hit a record but its shares lagged behind those of rivals.
Mr. Gorman earned about $19 million in Morgan Stanley shares and another roughly $8 million in cash, including salary and bonus, according to a Friday securities filing.
The 61-year-old was already among the highest-paid U.S. bank bosses. His 2018 pay package, worth about $29 million, was topped only by JPMorgan Chase & Co.’s James Dimon, who runs a bank that is three times the size of Morgan Stanley and vastly more complex.
Mr. Gorman earned a base salary of $1.5 million, the same as a year ago; a cash bonus of $6.4 million, down from $6.9 million a year ago; $12.8 million in stock that is linked to how well the bank does over the next few years; and another $6.4 million in shares that he’ll collect regardless of performance.
At the urging of shareholders and regulators, banks since the financial crisis have tied more of their executives’ pay to performance and deferred more of it into the future.
Morgan Stanley in 2019 posted an annual profit of $9 billion on a record $41 billion revenue. Mr. Gorman has delivered on financial metrics he set out to investors, including minimum profitability in its wealth-management division and firmwide return targets. On Thursday, he set new targets—though some analysts said they weren’t ambitious enough.
In setting Mr. Gorman’s pay, the company said that it took into account his long-term strategy and the bank’s “strong financial performance.”
Shares of Morgan Stanley gained 26% in 2019, lagging behind the S&P 500 and most of its big-bank peers. It is off to a stronger start this year, gaining 6.6% Thursday in its biggest single-day gain since the 2016 presidential election.
Who is the agent in this situation? Who are the principals? Use agency theory to explain the motivation behind tying Mr. Gorman's pay to performance.
In: Finance
1. A student borrows $5000 for college from his aunt and uncle on June 1, 2020. He agrees to repay them $500 on 6/1/2021, 6/1/2022, 6/1/2023, and 6/1/2024; plus three additional payments of X on 6/1/2025, 6/1/2026, and 6/1/2027. They agree to an interest rate of 1.5% compounded annually. Find X
2. For the loan described in question #1, write out the amortization schedule for the loan.
Please show steps
Thank You
In: Finance
The following information is an extract from the financial statements of Extreme-Experiences Pty Ltd.
|
2020 |
2019 |
|
|
Current Assets |
409,500 |
292,500 |
|
Non-current Assets |
2,275,000 |
1,768,000 |
|
Current Liabilities |
221,000 |
169,000 |
|
Non-current Liabilities |
764,400 |
670,800 |
|
Total Revenue |
728,000 |
624,000 |
|
Total Expenses |
500,500 |
455,000 |
a) Calculate the following ratios for both 2019 and 2020.
|
2020 |
2019 |
|
|
Profit Margin (Correct your answer to 0.01%) |
||
|
Current Ratio (Correct your answer to 0.1) |
||
|
Debt to Total Assets Ratio (Correct your answer to 0.01%) |
b) Comment on the Liquidity of Extreme-Experiences using the answers in part a).
c) Which ratio measures Solvency? Provide suggestions on how to improve the Solvency of Extreme-Experiences.
In: Accounting
Kevin retired on 1/1/2020 and started to withdraw $2500 at the end of each month from an account (which earns 2.35% interest compounded monthly) containing $439,979.16. If Kevin keeps on making the set withdrawal and the interest rate remains the same, then the account should last for ___ years. The total interest that Kevin earns from the account (from the time that he starts withdrawing the $2500 to the very last withdrawl that he makes) would be $____.
In: Statistics and Probability
The following information is an extract from the financial statements of Extreme-Experiences Pty Ltd.
|
2020 |
2019 |
|
|
Current Assets |
409,500 |
292,500 |
|
Non-current Assets |
2,275,000 |
1,768,000 |
|
Current Liabilities |
221,000 |
169,000 |
|
Non-current Liabilities |
764,400 |
670,800 |
|
Total Revenue |
728,000 |
624,000 |
|
Total Expenses |
500,500 |
455,000 |
Required: Answer the following questions in the spaces provided below:
a) Calculate the following ratios for both 2019 and 2020.
|
2020 |
2019 |
|
|
Profit Margin (Correct your answer to 0.01%) |
||
|
Current Ratio (Correct your answer to 0.1) |
||
|
Debt to Total Assets Ratio (Correct your answer to 0.01%) |
b) Comment on the Liquidity of Extreme-Experiences using the answers in part a).
c) Which ratio measures Solvency? Provide suggestions on how to improve the Solvency of Extreme-Experiences.
In: Accounting
The population from 1975 to 2015 are given below
|
Year |
1980 |
1995 |
2010 |
2020 |
|
Population In 1000s |
10 |
20 |
32 |
44 |
In: Civil Engineering
Italian national debt to GDP is expected to pass 150% in 2020, up from 134% last year. Furthermore, fund managers are getting increasingly more reluctant to buy relatively high-yielding Italian bonds despite European Central Bank’s (ECB’s) backing.
What was the state of the Italian economy in 2019? Use the information given in the question and basic macro indicators to explain.
How has the Covid-19 outbreak affected the Italian economy? Explain how the macro indicators you have chosen at part a got affected as a result of the pandemic.
In: Economics
Key concepts in statistics for business decision making are “Population”, “Census”, “Random Sample” and “Sampling Error”.
The Foodmart CEO (Chief Executive Officer) has very little knowledge about statistics and believes that a sample should not be used for gathering data as a sample cannot provide accurate information about a whole population.
Explain briefly each of the terms given below, drawing on the pleminary comments from the previous page. In your answers below, use the Foodmart supermarkets to provide examples.
(a) Define the term “population”, and explain what the population is for the Foodmart situation outlined in the Preliminary Comment.
(b) Define the term “census”, and explain what this would mean in studying supermarkets in the Foodmart chain.
(c) Define the term “random sample”. In your answer also include an explanation of a “biased sample”. Also explain how you would take a random sample of 150 supermarkets for Foodmart.
(d) Define the term “Sampling Error” and explain in plain language for the CEO how we can manage this if we have a random sample.
In: Statistics and Probability