The net income reported on the income statement for the current year was $258,880. Depreciation recorded on fixed assets and amortization of patents for the year were $37,299 and $9,059, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows:

What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method?

a. $263,962

b. $248,970

c. $334,622

d. $278,422

4) Compute the depreciation and book value each year of a machine that costs $67,000 to purchase and $3,000 to install with an 8-year life. Use the double declining balance method with switching to straight line depreciation. (a) Fill out the following table, assuming a $1,000 salvage value. (b) What would be D7 if the salvage value was $18,000?

The following unadjusted trial balance is for Groenke Construction Company as of year-end for the December 31, 20x7 fiscal year. The December 31, 20x6 credit balance of the stockholders’ equity account is $50,500, and the stockholders invested $45,000 cash in the company during 20x7.

1. Account Title Debit                     Credit

101         Cash                                                      $15,000

126         Supplies                                               $8,500

128         Pre-paid insurance                          $11,200

167         Equipment                                          $175,000

168         Accumulated depreciation – equipment                 $19,000

201         Accounts payable                                                               $9,250

251         Long-term notes payable                                               $45,000

301         Shareholders’ equity                                                      $106,900

302         Dividends                                            $15,750

401         Construction Revenue                                                   $153,000

623         Wage expense                                  $61,800

633         Interest expense                               $6,250

640         Rent expense                                    $15,750

683         Property tax expense                    $12,500

684         Repairs expense                                $6,100

690         Utilities expense                                $5,300

TOTALS                                                            $333,150                  $333,150

Instructions:

Use the template provided to:

1. Journalize the following adjusting entries as of fiscal year-end December 31, 20x7.
2. Post the adjusting entries to an unadjusted trial balance and prepare the adjusted trial balance.
3. Create financial statements, namely: i) the income statement, ii) statement of stockholders’ equity, and iii) the balance sheet for 20x7.

Adjustments needed:

1. The supplies available at the end of the fiscal year 20x7 are at a cost of $5,700.
2. The company's employees have earned $3.500 in accrued wages for the fiscal year.
3. The cost of expired insurance for the fiscal year is $8,600.
4. The rent expense not yet paid or recorded in the fiscal year is $2,250.
5. Annual depreciation on equipment is $8,000; no other depreciation adjustment was made in 20x7.
6. The $450 accrued interest for December has not yet been paid and reported.
7. Additional property taxes of $625 have been assessed for the fiscal year but have not yet been paid or recorded in the accounts.
8. The December utilities expense of $425 is not included in the adjusted trial balance, because the bill arrived after the trial balance was prepared. The $425 amount owed needs to be recorded.

In a slow year, Deutsche Burgers will produce 2.500 million hamburgers at a total cost of $3.600 million. In a good year, it can produce 4.100 million hamburgers at a total cost of $4.700 million. a. What are the fixed costs of hamburger production? (Do not round intermediate calculations. Enter your answer in millions rounded to 1 decimal place.) b. What is the variable cost per hamburger? (Do not round intermediate calculations. Round your answer to 2 decimal places.) c. What is the average cost per burger when the firm produces 2 million hamburgers? (Do not round intermediate calculations. Round your answer to 2 decimal places.) d. What is the average cost per burger when the firm produces 3 million hamburgers? (Do not round intermediate calculations. Round your answer to 2 decimal places.) e. Why is the average cost lower when more burgers are produced? The fixed costs are spread across more burgers.Variable costs are lower per burger.Fixed costs are constant per burger.

Assume this week is the end of 2018. It has been a wonderful year-end for you because your business Computer Servicing and Networking Business was doing great! But don't forget that you need to complete adjusting entities on Dec 31, 2018. Please give me one each example of two types of adjusting entries:

1. Deferred accounts

2. Accrued accounts

Please feel free to read the text books, but make sure you use transactions of your own company. For example:

1. Deferred expenses- Unearned Revenue

Scenario: I own a catering service. On Dec 16, 2018 one of my clients came to my office and asked me to provide the catering service on his birthday party for the next 30 days. He knew I would be very busy then, so he paid me $1,000 in advance. Deal! Here I need to record an entry on Dec 16 and adjust it on Dec 31. (Only entries, no ledgers needed)

Date Accounts and Explanation     Debit    Credit Dec. 16 Cash     1,000            Unearned Revenue    1,000 Collected cash for future services

Date Accounts and Explanation     Debit    Credit Dec. 31 Unearned Revenue    500            Service Revenue     500 To record service revenue earned that was collected in advance

The Aluminum Association reports that the average American uses 56.8 pounds of aluminum in a year. A random sample of 51 households is monitored for one year to determine aluminum usage. If the population standard deviation of annual usage is 12.4 pounds, what is the probability that the sample mean will be each of the following?

Appendix A Statistical Tables

a. More than 58 pounds
b. More than 57 pounds
c. Between 55 and 58 pounds
d. Less than 55 pounds
e. Less than 49 pounds

(Round the values of z to 2 decimal places. Round your answers to 4 decimal places.)

a. enter the probability that the sample mean will be more than 58pounds

b. enter the probability that the sample mean will be more than 57pounds

c. enter the probability that the sample mean will be between 55 and 58pounds

d. enter the probability that the sample mean will be less than 55 pounds

e. enter the probability that the sample mean will be less than 49 pounds

The client is a 98-year-old female, admitted to the ER as a result of falling down her stairs. She has been diagnosed with rheumatoid arthritis, a fractured hip and a sprained arm. She has been moved to the ICU and will have a total hip replacement tomorrow. Lorazepam 1mg IV times one dose has been ordered.

• Describe the four elements of the pre-operative check list: identify the nurse’s priority assessments, diagnostics, and anticipated medical orders?
• What potential complications does the nurse need to assess before and after giving the Lorazepam?  
  • If Lorazepam comes in 2mg/1ml, how many ml does the nurse need to administer?  
• Your client is now post-op and has an order for an anticoagulant. The order is for Enoxaparin 40mg BID. Provide the rational for using this medication versus Heparin?
• Describe postoperative priority assessments for your client given her age, surgery and history.
• Discuss any nonpharmacological treatments that can be used instead of narcotic pain medications and identify if there are any contraindications given the client’s comorbidities.

The net income reported on the income statement for the current year was $272,467. Depreciation recorded on fixed assets and amortization of patents for the year were $39,538 and $9,404, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows:

What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method?

a. $254,887

b. $254,365

c. $349,443

d. $276,418

The following transactions apply to Andrews Sales for Year 1:

1. The business was started when the company received $49,000 from the issue of common stock.
2. Purchased equipment inventory of $175,500 on account.
3. Sold equipment for $206,000 cash (not including sales tax). Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of $131,000.
4. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 4 percent of sales.
5. Paid the sales tax to the state agency on $156,000 of the sales.
6. On September 1, Year 1, borrowed $19,500 from the local bank. The note had a 6 percent interest rate and matured on March 1, Year 2.
7. Paid $5,600 for warranty repairs during the year.
8. Paid operating expenses of $55,000 for the year.
9. Paid $125,300 of accounts payable.
10. Recorded accrued interest on the note issued in transaction no. 6.

A. Prepare the income statement for Year 1.

B. Prepare the balance sheet for Year 1.

C. Prepare the statement of cash flows for Year 1.

D. What is the total amount of current liabilities at December 31, Year 1?

Personal budget

At the beginning of the school year, Craig Kovar decided to prepare a cash budget for the months of September, October, November, and December. The budget must plan for enough cash on December 31 to pay the spring semester tuition, which is the same as the fall tuition. The following information relates to the budget:

a. Prepare a cash budget for September, October, November, and December. Enter all amounts as positive values except cash decrease which should be indicated with a minus sign.

b. Are the four monthly budgets that are presented prepared as static budgets or flexible budgets?

Static

c. What are the budget implications for Craig Kovar?

Craig can see that his present plan will not provide sufficient cash. If Craig did not budget but went ahead with the original plan, he would be $ ______ short  at the end of December, with no time left to adjust.