Questions
Novak Company is in the process of preparing its financial statements for 2020. Assume that no...

Novak Company is in the process of preparing its financial statements for 2020. Assume that no entries for depreciation have been recorded in 2020. The following information related to depreciation of fixed assets is provided to you.
1. Novak purchased equipment on January 2, 2017, for $86,300. At that time, the equipment had an estimated useful life of 10 years with a $5,300 salvage value. The equipment is depreciated on a straight-line basis. On January 2, 2020, as a result of additional information, the company determined that the equipment has a remaining useful life of 4 years with a $2,800 salvage value.
2. During 2020, Novak changed from the double-declining-balance method for its building to the straight-line method. The building originally cost $300,000. It had a useful life of 10 years and a salvage value of $30,000. The following computations present depreciation on both bases for 2018 and 2019.

2019

2018

Straight-line $27,000 $27,000
Declining-balance 48,000 60,000
3. Novak purchased a machine on July 1, 2018, at a cost of $120,000. The machine has a salvage value of $20,000 and a useful life of 8 years. Novak’s bookkeeper recorded straight-line depreciation in 2018 and 2019 but failed to consider the salvage value.

Prepare the journal entries to record depreciation expense for 2020 and correct any errors made to date related to the information provided. (Ignore taxes.)

Show comparative net income for 2019 and 2020. Income before depreciation expense was $310,000 in 2020, and was $340,000 in 2019. (Ignore taxes.)

In: Accounting

WildhorseCorporation is preparing earnings per share data for 2020. The net income for the year ended...

WildhorseCorporation is preparing earnings per share data for 2020. The net income for the year ended December 31, 2020 was $410,000 and there were 59,700 common shares outstanding during the entire year. Wildhorse has the following two convertible securities outstanding:

10% convertible bonds (each $1,000 bond is convertible into 20 common shares) $100,000
3% convertible $100 par value preferred shares (each share is convertible into 2 common shares) $53,000


Both convertible securities were issued at face value in 2017. There were no conversions during 2020, and Wildhorse’s income tax rate is 22%. The preferred shares are cumulative. For simplicity, ignore the requirement to record the debt and equity components of the bonds separately.

Calculate Wildhorse’s basic earnings per share for 2020. (Round answer to 2 decimal places, e.g. 15.25.)

Basic earnings per share
Recalculate Wildhorse’s basic and diluted earnings per share for 2020, assuming instead that the preferred shares pay a 15% dividend. Calculate the income effect of the dividends on preferred shares.
Dividends on preferred shares

Calculate Wildhorse's basic earnings per share for 2020. (Round answer to 2 decimal places, e.g. 15.25.)

Basic earnings per share $enter Basic earnings per share in dollars rounded to 2 decimal places
Calculate Wildhorse's dilutive earnings per share for 2020. (Round answer to 2 decimal places, e.g. 15.25.)
Diluted earnings per share $enter Diluted earnings per share in dollars rounded to 2 decimal places

In: Accounting

Bikes-R-Us Company The company sponsors a defined benefit plan for its 200 employees. On January 1,...

Bikes-R-Us Company

The company sponsors a defined benefit plan for its 200 employees. On January 1, 2020, the company’s actuary provided the following information:

Accumulated other comprehensive loss (PSC) $240,000

Pension plan assets (fair value and market-related asset value) 450,000

Accumulated benefit obligation $480,000

Projected benefit obligation $520,000

The average remaining service period for the participating employees is 6 years. All employees are expected to receive benefits under the plan. On December 31, 2020, the actuary calculated that the present value of future benefits earned for employee services rendered in the current year amounted to $62,000; the projected benefit obligation was $620,000; fair value of pension assets was $515,000; the accumulated benefit obligation amounted to $520,000. The expected return on plan assets and the discount dfevrate on the projected benefit obligation were both 6%. The actual return on plan assets is $15,000. The company’s current year’s contribution to the pension plan amounted to $50,000. No benefits were paid during the year.

(a) Determine the components of pension expense that the company would recognize in 2020. (With only one year involved,you need not prepare a worksheet.)

1(b) Prepare the journal entry to record the pension expense and the company’s funding of the pension plan in 2020.

(c) Compute the amount of the 2020 increase/decrease in gains or losses and the amount to be amortized in 2020 and 2021.

(d) Indicate the pension amounts reported in the financial statement as of December 31, 2020.

In: Accounting

Python 3 A simple way to encrypt a file is to change all characters following a...

Python 3

A simple way to encrypt a file is to change all characters following a certain encoding rule. In this question, you need to move all letters to next letter. e.g. 'a'->'b', 'b'->'c', ..., 'z'->'a', 'A'->'B', 'B'->'C', ..., 'Z'->'A'. For all digits, you need to also move them to the next number. e.g. '0'->'1', '1'->'2', ..., '9'->'0'. All the other symbols should not be changed.

  1. Write a function encrypt with the following requirements:
  • the function takes a string argument, which is a file name.
  • read the csv file.
  • replace all characters uisng the rule above.
  • write the content to a new file named "encrypted.csv".
  1. Call the function with the file name "business-price-indexes-june-2020-quarter-csv-corrected.csv"

--2020-10-16 19:32:31-- https://www.stats.govt.nz/assets/Uploads/Business-price-indexes/Business-price-indexes-June-2020-quarter/Download-data/business-price-indexes-june-2020-quarter-csv-corrected.csv Resolving www.stats.govt.nz (www.stats.govt.nz)... 45.60.11.104 Connecting to www.stats.govt.nz (www.stats.govt.nz)|45.60.11.104|:443... connected. HTTP request sent, awaiting response... 200 OK Length: 11924606 (11M) [text/csv] Saving to: ‘business-price-indexes-june-2020-quarter-csv-corrected.csv’ business-price-inde 100%[===================>] 11.37M 4.56MB/s in 2.5s 2020-10-16 19:32:34 (4.56 MB/s) - ‘business-price-indexes-june-2020-quarter-csv-corrected.csv’ saved [11924606/11924606]

In: Computer Science

A protein can fold into three different conformations. A) If the states are iso-energetic, and the...

A protein can fold into three different conformations.

A) If the states are iso-energetic, and the system has 1 mole of protein equally mixed between the three states, what is the entropy change of forcing it all into a single confirmation on a per mole basis? (This might occur for example during the process of crystallization.)

B) Instead imagine that states B and C have a +1 kbT and +2 kbT energy increase compared to state A, respectively. What is the probability of finding the protein in each of the states?

C) For the system in part (B), now what’s the entropy change of forcing the equilibrium mixture all to state A?

In: Chemistry

A single period model has a bank account with interest rate r = 1/9, three states...

A single period model has a bank account with interest rate r = 1/9, three states of the world, and two risky assets S1 and S2. The initial prices of S1 and S2 are 63 and 36, respectively. At time 1 the price of S1 is 80, 73, and 60 in states 1, 2, and 3, respectively. At time 1 the price of S2 is 50, 35, and 30 in states 1, 2, and 3, respectively. The three states are equally likely under the statistical probability. Are there any arbitrage opportunities? If so, specify them. If not, then specify all the risk neutral probability measures.

In: Finance

Explain completely. Make sure and post the question along with the answer.     The three...

Explain completely. Make sure and post the question along with the answer.
 

 

The three states the economy can be in; Recessionary Gap, Inflationary Gap and LongRun Equilibrium.

 How each of these states are depicted graphically.

 How these three states are represented in the new PPF developed in this chapter. 

At each of the three states, explain what is going on in the labor market.  

I am asking you each to post one YouTube video on the section I am assigning you.  Look for a good video, watch the entire video and then write two ways specifically it illustrated a concept in your assigned section of the Key Concepts.


In: Economics

According to constructivism, which of the followings are correct? Please select all that apply.    Group...

According to constructivism, which of the followings are correct? Please select all that apply.   

Group of answer choices

A. Personalities of the world leaders are the main factor shaping global politics.

B. As states interact, they together create collectively held ideas, beliefs and norms.

C. States attach meanings to the material world and these meanings are shaped/constructed by the collectively held ideas, beliefs and norms in the system.

D. States have constant relations among each other and they interact as members of a community, therefore they behave according to the logic of appropriateness in a given context.

E. Anarchy is what states make of it.

In: Economics

Jan 1, 2020 - Issue 1,000 - $1,000 5-year 10% bonds, to yield 8%; Interest is...

Jan 1, 2020 - Issue 1,000 - $1,000 5-year 10% bonds, to yield 8%; Interest is paid semi-annually on June 30th and Dec 31st. (Round all numbers to nearest dollar throughout).

1.Calculate the PV of the bond obligation.

2.Make the original JE for issuance on Jan 1, 2020

3.Prepare the first four lines of the amortization table

4.Make the JEs for June 30 and Dec 31 of 2020.

In: Finance

Omega Coffee Shop enters into a contract with Software Wizards Co. on May 15, 2020, to...

Omega Coffee Shop enters into a contract with Software Wizards Co. on May 15, 2020, to deliver 100 bags of ground coffee beans to Software on June 1. Software agrees to pay $1,000 for the coffee beans, which cost Omega $6 each. Omega delivers the bags of coffee beans on June 1, 2020, and receives payment from Software on June 20, 2020.

Prepare the journal entries for Omega Coffee Shop related to this contract.

In: Accounting