Questions
Saturn Company’s Accounts Receivable account has a balance of $2,400,000 at the end of the year,...

Saturn Company’s Accounts Receivable account has a balance of $2,400,000 at the end of the year, and the company estimates the Net Realizable Value of Accounts Receivable to be $2,304,000. The Allowance for Doubtful Accounts has a credit balance of $54,000 at the beginning of the current year, and during the year, Saturn wrote off $45,000 of accounts receivable.

The year-end adjusting entry would require a:
Select one:
A. A credit to Allowance for Doubtful Accounts for $105,000
B. A debit to Bad Debts Expense for $42,000
C. A debit to Bad Debts Expense for $87,000
D. A credit to Allowance for Doubtful Accounts for $96,000

In: Accounting

____​10.​Which of the following statements is NOT CORRECT? a. The present value of a 3-year, $150...


____​10.​Which of the following statements is NOT CORRECT?
a.
The present value of a 3-year, $150 annuity due will exceed the present value of a 3-year, $150 ordinary annuity.
b.
If a loan has a nominal annual rate of 8%, then the effective rate can never be less than 8%.
c.
If a loan or investment has annual payments, then the effective, periodic, and nominal rates of interest will all be the same.
d.
The proportion of the payment that goes toward interest on a fully amortized loan declines over time.
e.
An investment that has a nominal rate of 6% with semiannual payments will have an effective rate that is less than 6%.
____​11.​Last year Toto Corporation's sales were $225 million. If sales grow at 6% per year, how large (in millions) will they be 5 years later?
a.
$271.74
b.
$286.05
c.
$301.10
d.
$316.16
e.
$331.96
____​12.​You deposit $1,000 today in a savings account that pays 3.5% interest, compounded annually. How much will your account be worth at the end of 25 years?
a.
$2,245.08
b.
$2,363.24
c.
$2,481.41
d.
$2,605.48
e.
$2,735.75
____​13.​Suppose a U.S. government bond promises to pay $1,000 five years from now. If the going interest rate on 5-year government bonds is 5.5%, how much is the bond worth today?
a.
$765.13
b.
$803.39
c.
$843.56
d.
$885.74
e.
$930.03
____​14.​How much would $5,000 due in 50 years be worth today if the discount rate were 7.5%?
a.
$109.51
b.
$115.27
c.
$121.34
d.
$127.72
e.
$134.45
____​15.​Suppose the U.S. Treasury offers to sell you a bond for $747.25. No payments will be made until the bond matures 5 years from now, at which time it will be redeemed for $1,000. What interest rate would you earn if you bought this bond at the offer price?
a.
4.37%
b.
4.86%
c.
5.40%
d.
6.00%
e.
6.60%
____​16.​Ten years ago, Levin Inc. earned $0.50 per share. Its earnings this year were $2.20. What was the growth rate in Levin's earnings per share (EPS) over the 10-year period?
a.
15.17%
b.
15.97%
c.
16.77%
d.
17.61%
e.
18.49%
____​17.​How many years would it take $50 to triple if it were invested in a bank that pays 3.8% per year?
a.
23.99
b.
25.26
c.
26.58
d.
27.98
e.
29.46
____​18.​You want to buy a new sports car 3 years from now, and you plan to save $4,200 per year, beginning one year from today. You will deposit your savings in an account that pays 5.2% interest. How much will you have just after you make the 3rd deposit, 3 years from now?
a.
$11,973.07
b.
$12,603.23
c.
$13,266.56
d.
$13,929.88
e.
$14,626.38
____​19.​You want to buy a new sports car 3 years from now, and you plan to save $4,200 per year, beginning immediately. You will make 3 deposits in an account that pays 5.2% interest. Under these assumptions, how much will you have 3 years from today?
a.
$13,956.42
b.
$14,654.24
c.
$15,386.95
d.
$16,156.30
e.
$16,964.11

In: Finance

Johnson Oil & Gas sold 12,500 BBLs of oil for the year 2018 at a price...

Johnson Oil & Gas sold 12,500 BBLs of oil for the year 2018 at a price per BBL of $48. Revenues and costs

for Johnson Oil & Gas are presented below:

Revenue

$                 825,000

G&G Costs

$                 650,000

Acquisition Costs

$             1,500,000

Exploratory dry holes

$             3,000,000

Successful exploratory wells

$             5,000,000

Development wells, dry

$                 900,000

Development wells, successful

$                 735,000

Production facilities

$                 610,000

Production costs

$                 200,000

Successful Efforts

Amortization for 2018

$                 200,000

Accumulated DD&A

$                 500,000

Required:

Prepare income statements and unclassified balance sheet for both an SE and FC company, explain the

difference in net income.

In: Accounting

There was a 2-year old admitted to the hospital for methanol poisoning. Why is methanol poisoning...

There was a 2-year old admitted to the hospital for methanol poisoning. Why is methanol poisoning a life threatening scenario? What did the doctors do to the 2-year old to treat the poisoning? Please explain how and why this treatment works.

In: Nursing

Mike is a young executive with a pharmaceutical firm. He earns $ 100,000 per year and...

Mike is a young executive with a pharmaceutical firm. He earns $ 100,000 per year and expects his income to increase at a rate of 4% over his career. Mike estimates that he consumes 20% of his salary personally, that his combined federal and state income tax bracket is, 28% and that inflation will average 3% over his career. The riskless rate of return is 6%. Using the Capitalized Earnings Approach to calculating life insurance needs, how much life insurance should Mike purchase?

A. 2.083,333

b. $2,231,667

c. $1,977,342

d. $4,166,667

In: Accounting

During a year of operation, a firm collects $5,100,000 in revenue and spends $3,600,000 on labor...

During a year of operation, a firm collects $5,100,000 in revenue and spends $3,600,000 on labor expenses, raw materials, rent, and utilities. The firm's owner has provided $1,000,000 of her own money instead of investing the money and earning a 12% annual rate of return. a. The explicit costs of the firm are $______. The implicit costs are $______. The total economic cost is $_____.

b. The firm earns accounting profit of $____.

c. The firm's economic profit is $_____.

d. If the owner could earn 15% annually on the money she has invested in the firm, the economic profit of the firm would be _____ (when revenue is $5,000,000.)

In: Economics

Mr. H is a 64 year old male with a history of COPD, HTN, and Type...

Mr. H is a 64 year old male with a history of COPD, HTN, and Type 2 DM. he just arrived this morning from the ED with a diagnosis of uncontrolled HTN (admitting BP 220/110), and chest pain. The symptoms that brought him into the ED were severe morning H/A with occasional vomiting x3 days, SOB, and chest pain. When you examine him you notice a large bruise on his right elbow and hip. He relays history of a fall recently. He complains of dysphasia which he attributes to a sore throat from vomiting. He is slightly disoriented and drowsy, but received a dose of Zofran for vomiting before he was brought up to your unit. His HA has returned but he feels he cannot take anything PO because of his earlier vomiting.

Labs: Na: 145, K: 3.7, Cl: 100, CO2: 28, BUN: 22, Creatinine: 1.5, Blood Glucose: 210, HgB: 12.7, WBC: 10.3, PLTS: 110.
CK enzymes negative
Chest X-ray: no effusions, pneumonia but emysematous changes noted.
Current BP: 156/98 HR: 78 reg. RR: 24 on 4L O2

1) What could be happening to Mr. H? (hint: Is all his symptoms related to HTN?)
2) What symptoms are related to the severe HTN?
3) What symptoms are related to the COPD?
4) what symptoms are related to the Type 2 DM?
5) Based on his history and labs what is probably responsible for the bruising?
6) List all abnormal lab values, possible causes, in a significance of the abnormal lab values in Mr. H plan of care?
7) What does emysematous changes on the CXR mean? What disease process is this related to?
8) What are your top 3 nursing priority concepts (in order of priority) would you use for Mr. H? What nursing interventions would you include for Mr. H?

In: Nursing

[The following information applies to the questions displayed below.] At the beginning of Year 2, Oak...

[The following information applies to the questions displayed below.]

At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts:

Account Balance
Cash $ 28,200
Accounts receivable 18,400
Accounts payable 12,400
Common stock 21,900
Retained earnings 12,300


The following events apply to Oak Consulting for Year 2:

  1. Provided $72,200 of services on account.
  2. Incurred $3,000 of operating expenses on account.
  3. Collected $46,900 of accounts receivable.
  4. Paid $30,100 cash for salaries expense.
  5. Paid $13,860 cash as a partial payment on accounts payable.
  6. Paid a $8,900 cash dividend to the stockholders.

c. Show the beginning balances and the events in a horizontal statements model such as the following one: (In the Cash Flow column, use the initials "OA" for operating activities, "FA" for financing activities and "NC" for net change in cash. Select "NA" wherever required. Enter any decreases to account balance and cash outflows with a minus sign.)

In: Accounting

DataSpan, Inc., automated its plant at the start of the current year and installed a flexible...

DataSpan, Inc., automated its plant at the start of the current year and installed a flexible manufacturing system. The company is also evaluating its suppliers and moving toward Lean Production. Many adjustment problems have been encountered, including problems relating to performance measurement. After much study, the company has decided to use the performance measures below, and it has gathered data relating to these measures for the first four months of operations.

Month

1 2 3 4
Throughput time (days) ? ? ? ?
Delivery cycle time (days) ? ? ? ?
Manufacturing cycle efficiency (MCE) ? ? ? ?
Percentage of on-time deliveries 74% 75% 80% 87%
Total sales (units) 10,430 10,550 10,550 10,500

Management has asked for your help in computing throughput time, delivery cycle time, and MCE. The following average times have been logged over the last four months:

Average per Month (in days)

1 2 3 4
Move time per unit 0.7 0.6 0.5 0.8
Process time per unit 0.5 0.7 0.4 0.8
Wait time per order before start of production 9.3 8.0 5.0 4.0
Queue time per unit 3.5 3.3 2.8 1.5
Inspection time per unit 0.3 0.7 0.6 0.7

Required:

1-a. Compute the throughput time for each month. (Round your answers to 1 decimal place.)

1-b. Compute the manufacturing cycle efficiency (MCE) for each month. (Round your answers to 1 decimal place.)

1-c. Compute the delivery cycle time for each month. (Round your answers to 1 decimal place.)

3-a. Refer to the move time, process time, and so forth, given for month 4. Assume that in month 5 the move time, process time, and so forth, are the same as in month 4, except that through the use of Lean Production the company is able to completely eliminate the queue time during production. Compute the new throughput time and MCE. (Round your answers to 1 decimal place.)


3-b. Refer to the move time, process time, and so forth, given for month 4. Assume in month 6 that the move time, process time, and so forth, are again the same as in month 4, except that the company is able to completely eliminate both the queue time during production and the inspection time. Compute the new throughput time and MCE. (Round your answers to 1 decimal place.)

In: Accounting

In October of the current year, Jasmine received a $15,520 payment from a client for 32...

In October of the current year, Jasmine received a $15,520 payment from a client for 32 months of rent. The rental period begins on September 1 of this year. This amounts to $485 per month. Jasmine is a calendar-year taxpayer. What amount of the $15,520 payment, if any, must Jasmine recognize this year if she uses the accrual method of accounting?

In: Accounting