Ambrose Inc. published the following financial statements in its 2016 annual report

Income statement
For the year ending December 31, 2016

sales $500,000

Cost of goods sold 350000   

Gross profit 150,000

Operating expenses $75,000

Depreciation 20,000

95,000

EBIT   55,000
? Interest expense 20,000

EBT 35,000
? Tax Expense 12,250

EAT   22,750

Dividends 10,000
Addition to retained earnings$ 12,750

Sales in 2017 are estimated to be $650,000. Forecast the 2017 income statement, balance sheet, and statement of cash flow assuming:

Balance Sheet December 31, 2016

Cash $25,000
Marketable securities 10,000

Accounts receivable 50,000

Inventories   85,000
Plant, net 200,000

TOTAL ASSETS $370,000

Accounts payable 60,000

Accrued payables . 35,000

Bonds payable 140,000

Common stock 105,000

Retained earnings 30,000

Total Liabilities & Equity 370,000

sales in 2017 are estimated to be $650,000. Forecast the 2017 income statement, balance sheet, and statement of cash flow assuming:

(a) cost of goods sold, $30,000 of operating expenses and depreciation are variable;
(b) the reminder of operating expenses is fixed;
(c) cash, accounts receivable, inventories, net plan, accounts payable, and accrued payables are spontaneous;
(d) marketable securities, bonds payable, and common stock are discretionary;
(e) $10,000 of bonds payable are current and will be repaid at the beginning of the year; and
(f) the firm will maintain its 2016 dividend payout ratio in 2017.

This assignment uses data structures, selection, use, control structures, logic, computation, file I/O, etc. In C++

There should be 3 files for the project: theMain.cpp, dateClass.h, dateClass.cpp (or similar file names)

For input/output. Read at least 10 dates in a data file set up this way:

The first number is the number of data items in the file. Then after that, each row is one date in the format month day year.

here is a sample data file of 6 elements:

6

1 1 2016

12 31 2011

11 01 -5506

13 02 2002

2 31 2020

2 21 2015

the output would be:

1 1 2016 would be: 1/1/16, January 1, 2016 and 1 January 2016

12 31 2011 would be: 12/31/11, December 31, 2011 and 31 December 2011

11 01 -5506 is an unknown date

13 02 2002 is an unknown date

2 31 2020 is an unknown date

2 21 2015 would be: 2/13/15, February 21, 2015 and 13 February 2015

if you program the main program similar to the example below, the output will be close to the example in the textbook. (the example below does not use files or a loop to read data)

#include <iostream>

#include <string>

#include "dateClass.h"

using namespace std;

int main()

{

       Date aDate(3,15,2016);

       aDate.displayShort();

       aDate.displayLong();

       aDate.displayGlbl();

       cout << endl;

       system("pause");

       return 0;

} //end main

The asset side of the 2017 balance sheet for Oracle Corporation is below. The company reported total revenues of $37,728 million in 2017 and $37,047 million in 2016. Use this information to answer the required.

Required:

a. What is the company’s gross amount of receivables at the end of 2017 and 2016?

b. Compute the common-size amount for gross accounts receivable, for both years. Interpret the year-over-year change in this ratio.

c.    Compute the allowance for doubtful accounts to gross accounts receivable, for both years. Interpret the year-over-year change in this ratio.

d. Based on the ratios you calculated, form an opinion about the quality of the company’s accounts receivable.

Gadgets Ltd has a division that represents a separate cash generating unit. At 30 June 2016, the carrying amounts of the assets of the division, valued pursuant to the cost model, are as follows:

The receivables were regarded as collectable, and the inventory’s fair value less costs to sell was equal to its carrying amount. The patent has a fair value less costs to sell of $180,000, and the land has a fair value less costs to sell of $780,000.

The directors of Gadgets estimate that, at 30 June 2016, the fair value less costs to sell of the division amounts to $1,750,000, while the value in use of the division is $1,840,000.

As a result, management increased the depreciation of the plant and equipment from $40,000 p.a. to $45,000 for the year ended 30 June 2017.

By 30 June 2017, the recoverable amount of the cash generating unit was calculated to be $20,000 greater than the carrying amount of the assets of the unit.

Required:

Determine how Gadgets Ltd should account for the results of the impairment test at 30 June 2016 and 30 June 2017, and prepare any necessary journal entries. Show all workings and provide references to the relevant accounting standard to support your answer.

Problem 23-4A

Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2017 are as follows:

All sales are on account. Collections are expected to be 50% in the month of sale, 30% in the first month following the sale, and 20% in the second month following the sale. Sixty percent (60%) of direct materials purchases are paid in cash in the month of purchase, and the balance due is paid in the month following the purchase. All other items above are paid in the month incurred except for selling and administrative expenses that include $1,044 of depreciation per month.

Other data:

The company’s cash balance on January 1, 2017, is expected to be $62,640. The company wants to maintain a minimum cash balance of $52,200

Prepare a cash budget for January and February in columnar form. (Do not leave any answer field blank. Enter 0 for amounts.)
- need excess (deficeinecy) of available cash over cash disbrustments

Need Add: borrowing

need - add: repayments and ending cash balance

Statement of Cash Flows

The following is a list of items for Witts Company's 2016 statement of cash flows:

receipt from sale of equipment, $2,700

increase in inventory, $3,900

net income, $13,500

payment for purchase of building, $29,000

depreciation expense, $8,700

receipt from issuance of bonds, $8,000

increase in prepaid expenses, $800

loss on sale of equipment, $2,200

payment of dividends, $5,200

decrease in accounts receivable, $1,700

issuance of common stock for land, $6,900

decrease in accounts payable, $1,500

beginning cash balance, $10,200

Required:

1. Prepare the statement of cash flows. Use a minus sign to indicate cash outflows, a decrease in cash or cash payments.

2. If Witts Company uses IFRS, and chooses to show dividends as an operating activity, which of the following will result?

Witts Company would report net cash provided by operating activities of $25,100.

Witts Company would report net cash provided by operating activities of $14,700.

Witts Company would report net cash provided by financing activities of $2,800.

Witts Company would report net cash used by financing activities of $2,400.

The following events took place for Video Wave Manufacturing Company during January 2016, the first month of its operations as a producer of digital video monitors:

Amount Descriptions

Income Statement

Using the information given, prepare the January 2016 income statement for Video Wave Manufacturing Company. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries.

Inventory Balances

Using the information given, determine the inventory balances at the end of the first month of operations.

QUESTION 4

PARTNERSHIPS

(20)

The information given below was extracted from the accounting records of Salmon Traders, a partnership business with Sally and Monty as partners. The financial year ends on the last day of February each year.

REQUIRED

Prepare the following accounts in the General ledger of Salmon Traders:

4.1 Current a/c: Monty (Balance the account.)

(7)

4.2 Appropriation account (Close off the account.)

(13)

INFORMATION

Balances in the ledger on 28 February 2017

R

Capital: Sally

400 000

Capital: Monty

200 000

Current a/c: Sally (01 March 2016)

20 000

(DR)

Current a/c: Monty (01 March 2016)

33 000

(CR)

Drawings: Sally

200 000

Drawings: Monty

180 000

The following must be taken into account:

(a)

The net profit according to the Profit and Loss account amounted to R500 000 on 28 February 2017.

(b)

The partnership agreement makes provision for the following:

■

Interest on capital must be provided at 15% per annum on the balances in the capital accounts. Note: Sally increased his capital by R100 000 on 01 September 2016. Monty decreased his capital by R100 000 on the same date. The capital changes have been recorded.

■

The partners are entitled to the following monthly salaries:

Sally

R12 000

Monty

R13 000

Note: The partners’ salaries were increased by 10% with effect from 01 December 2016.

■

Sally and Monty share the remaining profits or losses in the ratio of their capital balances as at the beginning of the financial year

QUESTION 4                             PARTNERSHIPS                                                                               (20)

The information given below was extracted from the accounting records of Salmon Traders, a partnership business with Sally and Monty as partners. The financial year ends on the last day of February each year.

REQUIRED

Prepare the following accounts in the General ledger of Salmon Traders:

4.1 Current a/c: Monty (Balance the account.) (7)

4.2 Appropriation account (Close off the account.) (13)

INFORMATION

The following must be taken into account:

(a) The net profit according to the Profit and Loss account amounted to R500 000 on 28 February 2017.

(b) The partnership agreement makes provision for the following:

■ Interest on capital must be provided at 15% per annum on the balances in the capital accounts. Note: Sally increased his capital by R100 000 on 01 September 2016. Monty decreased his capital by R100 000 on the same date.

■ The partners are entitled to the following monthly salaries:

Sally R12 000

Monty R13 000

Note: The partners’ salaries were increased by 10% with effect from 01 December 2016.

■ Sally and Monty share the remaining profits or losses in the ratio of their capital balances as at the beginning of the financial year.