The condensed financial statements of Sheridan Company for the years 2016 and 2017 are presented as follows. (Amounts in thousands.)

Compute the following ratios for 2017 and 2016. (Round current ratio and inventory turnover to 2 decimal places, e.g. 1.83 and all other answers to 1 decimal place, e.g. 1.8 or 12.6%.)

Reda Bhd is a company engaging in palm oil plantation which is based in Pahang. On 1
January 2010, the company acquired a factory building and a machine at a cost of
RM4,000,000 and RM800,000 respectively. The estimated useful life of the factory building
and the machine were as follows:
Factory building 50 years
Machine 20 years
Depreciation for all the assets is computed based on the straight-line method. The company
applied the revaluation model for all its property, plant and equipment. The followings are the
relevant information of the machine and the factory building.
Machine
On 30 November 2014, the operation manager of the company has proposed to the board of
directors, a new machine to replace the old machine. The new machine is equipped with the
latest technology which can increase the production capacity of the company. In line with this
decision, the company decided to conduct impairment test for the old machine.
As at 31 December 2014, Reda Bhd received a few offers from other factories to purchase
the available machine at RM500,000. Disposal cost for the machine is RM50,000. The value
in use is approximately RM750,000.
Factory building
At the end of 2016, the carrying value of the factory building was as follows:
RM
Net revalued amount as at 31 December 2014 4,500,000
Accumulated depreciation (From year 2015 to 2016) (200,000)
Impairment loss as at 31 December 2016 (600,000)
Carrying value as at 31 December 2016 3,700,000
The factory building was revalued on 31 December 2014 at RM4,500,000. During the year
2019, there were indications that the impairment loss recognised in 2016 may have been
reversed. The estimated recoverable amount is RM4,300,000.

Calculate the followings:
i. The impairment loss for the machine as at 31 December 2014.

ii. The amount of the reversal of impairment loss to be recognised in the Statement
of Profit or Loss for the factory building as at 31 December 2019. Show all
workings.

c. Prepare the journal entries to record the reversal of impairment loss for the factory
building as at 31 December 2019.

On December 31, 2016, Gary Company had 50,000 shares of common stock outstanding for the entire year. On March 1, 2017, Gary purchased 2,400 shares of common stock on the open market as treasury stock paying $45 per share. Gary sold 600 of the treasury shares on June 1, 2017, for $47 per share. Gary issued a 10% common stock dividend on 7/2/2017.

In addition, Gary had 3,000 shares of 9%, $50 par value, noncumulative convertible preferred stock outstanding at December 31, 2016. Preferred dividends for 2017 amounted to $13,500. Each convertible preferred stock can be converted into two shares of common stock. No convertible preferred stock had been converted by 12/31/2017.

Net income for 2017 was $180,905. The income tax rate is 30%. Other relevant information is as follows:

Outstanding at December 31, 2016, were stock option giving key personnel the option to buy 20,000 (adjusted for the stock dividends) common shares at $40. During 2017, the average market price of the common shares was $50 (adjusted for the stock dividends on December 31, 2017. No stock option was exercised during the year.

$100,000, 9% bonds were issued at a premium on December 20, 2016. None of the bonds had been converted by December 31, 2017. Bond interest expense of $8,700 was recorded in 2017. The premium is being amortized at $300 in 2017. Each $1,000 bond is convertible into 20 shares of common stock.

$500,000 of 8% bonds was issued at a discount on October 10, 2016. None of the bonds had been converted by December 31, 2017. Each $1,000 bond is convertible into 24 shares of common stock.

(a)Compute the weighted average shares of 2017 for Gary Company.

(b)Compute the basic and diluted earnings per share of 2017 for Gary company

Using the data for Brady and Co. provided in the sheet labeled "Trial Balance" prepare Statement of Retained Earnings for 2016.

att Winne

issued

$ 600 comma 000$600,000

of

1717?%,

1010?-year

bonds payable on January? 1,

20162016.

The market interest rate at the date of issuance was

1414?%,

and the bonds pay interest semiannually.

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?(Click the icon to view the Present Value of? $1 table.)

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?( Click the icon to view thePresent Value of Annuity of? $1 table.)

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?(Click the icon to view the Future Value of? $1 table.)          

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?(Click the icon to view the Future Value of Annuity of? $1 table.)Read the requirements

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.

Requirement 1. How much cash did the company receive upon issuance of the bonds? payable? ?(Use the factor tables provided with factors rounded to three decimal places. Round all currency amounts to the nearest whole? dollar.)

Upon issuance of the bonds? payable, the company received

?$nothing .

Requirement 2. Prepare an amortization table for the bond using the? effective-interest method, through the first two interest payments. ?(Round all numbers to the nearest whole? dollar.)

Requirement 3. Journalize the issuance of the bonds on January? 1,

20162016?,

and payment of the first semiannual interest amount and amortization of the bond on June? 30,

20162016.

Explanations are not required. ?(Record debits? first, then credits. Exclude explanations from any journal? entries.)Start by journalizing the issuance of the bonds on January? 1,

20162016.

? (Prepare a single compound? entry.)

??

Journalize the payment of the first semiannual interest amount and amortization of the bond on June? 30,

20162016.

? (Prepare a single compound? entry.)

Financing Deficit

Stevens Textile Corporation's 2016 financial statements are shown below:

Balance Sheet as of December 31, 2016 (Thousands of Dollars)

Income Statement for January 1 - December 31, 2016 (Thousands of Dollars)

1. Suppose 2017 sales are projected to increase by 20% over 2016 sales. Use the forecasted financial statement method to forecast a balance sheet and income statement for December 31, 2017. The interest rate on all debt is 7%, and cash earns no interest income. Assume that all additional debt in the form of a line of credit is added at the end of the year, which means that you should base the forecasted interest expense on the balance of debt at the beginning of the year. Use the forecasted income statement to determine the addition to retained earnings. Assume that the company was operating at full capacity in 2016, that it cannot sell off any of its fixed assets, and that any required financing will be borrowed as a line of credit. Also, assume that assets, spontaneous liabilities, and operating costs are expected to increase by the same percentage as sales. Determine the additional funds needed. Round your answers to the nearest dollar. Do not round intermediate calculations.

1. What is the AFN? Please provide a detailed calculation of the AFN. I keep getting the wrong answer.  

2. What is the resulting total forecasted amount of the line of agreement?

The correct answer for 1 & 2 is $3112.

Reformulating Allowance for Doubtful Accounts and Bad Debt Expense

Merck & Company reported the following from its 2016 financial statements.

a. Compute accounts receivable gross for each year.

b. Determine the percentage of allowance to gross account receivables for each year.

Round answers to two decimal places (ex: 0.02345 = 2.35%).

c. Assume that we want to reformulate the balance sheet and income statement to reflect a constant percentage of allowance to gross accounts receivables for each year. Compute the four-year average and then reformulate the balance sheet and income statements for each of the four years. Follow the process shown in Analyst Adjustments 5.2 and assume a tax rate of 35%.

Four- year average of percentage of allowance to gross accounts receivables.

Round answer to two decimal places (ex: 0.02345 = 2.35%)

Answer

%

Reformulate the balance sheet and income statements.

Round answers to one decimal place.

Use negative signs with answers to indicate the adjustment decreases an account.

Financing Deficit

Stevens Textile Corporation's 2016 financial statements are shown below:

Balance Sheet as of December 31, 2016 (Thousands of Dollars)

Income Statement for January 1 - December 31, 2016 (Thousands of Dollars)

1. Suppose 2017 sales are projected to increase by 20% over 2016 sales. Use the forecasted financial statement method to forecast a balance sheet and income statement for December 31, 2017. The interest rate on all debt is 10%, and cash earns no interest income. Assume that all additional debt in the form of a line of credit is added at the end of the year, which means that you should base the forecasted interest expense on the balance of debt at the beginning of the year. Use the forecasted income statement to determine the addition to retained earnings. Assume that the company was operating at full capacity in 2016, that it cannot sell off any of its fixed assets, and that any required financing will be borrowed as a line of credit. Also, assume that assets, spontaneous liabilities, and operating costs are expected to increase by the same percentage as sales. Determine the additional funds needed. Round your answers to the nearest dollar. Do not round intermediate calculations.

   AFN	$

2. What is the resulting total forecasted amount of the line of credit? Round your answer to the nearest dollar. Do not round intermediate calculations.
   Line of credit     $
3. 
   

MERMED Inc. is a medical device manufacturer. The company’s headquarters is located in Houston, Texas. It is a global leader in developing, manufacturing, selling and servicing diagnostic imaging and therapeutic medical devices used to diagnose and treat cardiovascular and other diseases. MERMED earned $300 million of revenue in 2015, while employing more than 10,000 people worldwide. One of it’s manufacturing plants is located in Dingle, Co. Kerry, Ireland. Tom Jones is the plant manager at the Dingle facility. The Dingle site runs 12 hour shifts, 7 days a week. It has 1000 employees. It manufactures a variety of of medical devices (including Class III devices). A number of it's products are sold in the US and European markets. The facility has a Quality Management System in place. Their Quality Management System is in compliance with ISO 13485:2016 and 21 CFR 820. Their facility is frequently audited by Notified Bodies and the FDA. The site was recently audited by corporate. The corporate auditing team were checking the site's compliance with ISO 13485:2016 and 21 CFR 820. The auditors found a number of potential non-conformances to ISO 13485:2016 and 21 CFR 820. You must complete 4 tasks (for each of the 5 incidents/questions): 1. Review each of these potential non-conformances (5 incidents in total) 2. Determine if they are non-conformances against the requirements of the ISO13485:2016 AND 21 CFR 820. 3. If they are non-compliances, write down the specific clause numbers in ISO 13485:2016 AND specific section number of 21 CFR 820 which is applicable (write down the main clause/section in each regulation that the non-compliance is against). 4. Briefly EXPLAIN your decision.

On visiting the Calibration Department during the inspection, a request to review the training records of the calibration technician's was made. The calibration manager says that none existed, as on-the-job training is done in the department and therefore there are no training records completed.

MERMED Inc. is a medical device manufacturer.

The company’s headquarters is located in Houston, Texas. It is a global leader in developing, manufacturing, selling and servicing diagnostic imaging and therapeutic medical devices used to diagnose and treat cardiovascular and other diseases. MERMED earned $300 million of revenue in 2015, while employing more than 10,000 people worldwide. One of it’s manufacturing plants is located in Dingle, Co. Kerry, Ireland. Tom Jones is the plant manager at the Dingle facility.

The Dingle site runs 12 hour shifts, 7 days a week. It has 1000 employees. It manufactures a variety of of medical devices (including Class III devices). A number of it's products are sold in the US and European markets. The facility has a Quality Management System in place. Their Quality Management System is in compliance with ISO 13485:2016 and 21 CFR 820. Their facility is frequently audited by Notified Bodies and the FDA.
The site was recently audited by corporate. The corporate auditing team were checking the site's compliance with ISO 13485:2016 and 21 CFR 820. The auditors found a number of potential non-conformances to ISO 13485:2016 and 21 CFR 820.

You must complete 4 tasks (for each of the 5 incidents/questions):

1.   Review each of these potential non-conformances (5 incidents in total)

2.   Determine if they are non-conformances against the requirements of the ISO13485:2016 AND 21 CFR 820.

3.   If they are non-compliances, write down the specific clause numbers in ISO 13485:2016 AND specific section number of 21 CFR 820 which is applicable (write down the main clause/section in each regulation that the non-compliance is against).

4.   Briefly EXPLAIN your decision.

The design file for the medical Device Alpha 04 was reviewed. The company has not analyzed the service log, problem reports, or other quality sources to verify the effectiveness of each design change and documented the results of the company's analysis.