Genuine Spice Inc. began operations on January 1, 2016. The company produces a hand and body lotion in an eight-ounce bottle called Eternal Beauty. The lotion is sold wholesale in 12-bottle cases for $100 per case. There is a selling commission of $20 per case. The January direct materials, direct labor, and factory overhead costs are as follows:

DIRECT MATERIALS Cost Behavior Units per Case Cost per Unit Direct Materials Cost per Case Cream base Variable 100 ozs. $0.02 $2.00 Natural oils Variable 30 ozs. 0.30 9.00 Bottle (8-oz.) Variable 12 bottles 0.50 6.00 $17.00 DIRECT LABOR Department Cost Behavior Time per Case Labor Rate per Hour Direct Labor Cost per Case Mixing Variable 20 min. $18.00 $6.00 Filling Variable 5 14.40 1.20 25 min. $7.20 FACTORY OVERHEAD Cost Behavior Total Cost Utilities Mixed $600 Facility lease Fixed 14,000 Equipment depreciation Fixed 4,300 Supplies Fixed 660 $19,560

Part B—August Budgets

During July of the current year, the management of Genuine Spice Inc. asked the controller to prepare August manufacturing and income statement budgets. Demand was expected to be 1,500 cases at $100 per case for August. Inventory planning information is provided as follows:

Finished Goods Inventory:

	Case	Cost
Estimated finished goods inventory, August 1, 2016	300	$12,000
Desired finished goods inventory, August 31, 2016	175	7,000

Materials Inventory:

	Cream Base (ozs.)	Oils (ozs.)	Bottles (bottles)
Estimated materials inventory, August 1, 2016	250	290	600
Desired materials inventory, August 31, 2016	1,000	360	240

There was negligible work in process inventory assumed for either the beginning or end of the month; thus, none was assumed. In addition, there was no change in the cost per unit or estimated units per case operating data from January.

Required:

5. Prepare the August production budget. Enter all amounts as positive numbers.

Genuine Spice Inc. Production Budget For the Month Ended August 31, 2016
	Cases
Expected cases to be sold
Plus desired ending inventory
Total
Less estimated beginning inventory
Total units to be produced

6. Prepare the August direct materials purchases budget. Enter the unit price to the nearest cent. Enter all amounts as positive numbers.

Genuine Spice Inc. Direct Materials Purchases Budget For the Month Ended August 31, 2016
	Cream Base (ozs.)			Natural Oils (ozs.)			Bottles (bottles)			Total
Units required for production
Plus desired ending inventory
Less estimated beginning inventory
Direct materials to be purchased
Unit price	$			$			$
Total direct materials to be purchased	$			$			$			$

7. Prepare the August direct labor budget. For hours required, round to nearest whole hour. For hourly rate, enter to the nearest cent, if required.

Genuine Spice Inc. Direct Labor Budget For the Month Ended August 31, 2016
Hours required for production of:	Mixing		Filling		Total
Hand and body lotion
Hourly rate	$		$
Total direct labor cost	$		$		$

8. Prepare the August factory overhead budget. If an amount box does not require an entry, leave it blank.

Genuine Spice Inc. Factory Overhead Budget For the Month Ended August 31, 2016
Factory overhead:	Fixed		Variable		Total
Utilities	$		$		$
Facility lease
Equipment depreciation
Supplies
Total	$		$		$

9. Prepare the August budgeted income statement, including selling expenses. Enter all amounts as positive numbers.

Genuine Spice Inc. Budgeted Income Statement For the Month Ended August 31, 2016
Sales				$
Finished goods inventory, August 1			$
	Direct materials inventory, August 1	$
	Direct materials purchases
	Less direct materials inventory, August 31
	Cost of direct materials for production	$
	Direct labor
	Factory overhead
Less finished goods inventory, August 31
Cost of goods sold
Gross profit				$
Selling expenses
Income before income tax				$

Roberta Santos, age 41, is single and lives at 120 Sanborne Avenue, Springfield, IL 60781. Her Social Security number is 123-45-6789. Roberta has been divorced from her former husband, Wayne, for three years. She has a son, Jason, who is 17, and a daughter, June, who is 18. Jason's Social Security number is 111-11-1112, and June's is 123-45-6788. Roberta does not want to contribute $3 to the Presidential Election Campaign Fund.

Roberta, an advertising executive, earned a salary from ABC Advertising of $80,000 in 2016. Her employer withheld $9,000 in Federal income tax and $3,100 in state income tax.

Roberta has legal custody of Jason and June. The divorce decree provides that Roberta is to receive the dependency deductions for the children. Jason lives with his father during summer vacation. Wayne indicates that his expenses for Jason are $10,500. Roberta can document that she spent $6,500 for Jason's support during 2016. In prior years, Roberta gave a signed Form 8332 to Wayne regarding Jason. For 2016, she has decided not to do so. Roberta provides all of June's support.

Roberta's mother died on January 7, 2016. Roberta inherited assets worth $625,000 from her mother. As the sole beneficiary of her mother's life insurance policy, Roberta received insurance proceeds of $300,000. Her mother's cost basis for the life insurance policy was $120,000. Roberta's favorite aunt gave her $13,000 for her birthday in October.

On November 8, 2016, Roberta sells for $22,000 Amber stock that she had purchased for $24,000 from her first cousin, Walt, on December 5, 2011. Walt's cost basis for the stock was $26,000, and the stock was worth $23,000 on December 5, 2011. On December 1, 2016, Roberta sold Falcon stock for $13,500. She had acquired the stock on July 2, 2013, for $8,000.

An examination of Roberta's records reveals that she received the following:

Interest income of $2,500 from First Savings Bank.

Groceries valued at $750 from Kroger Groceries for being the 100,000th customer.

Qualified dividend income of $1,800 from Amber.

Interest income of $3,750 on City of Springfield school bonds.

Alimony of $16,000 from Wayne.

Distribution of $4,800 from ST Partnership. Her distributive share of the partnership passive taxable income was $5,300. She had no prior passive activity losses during 2016.

From her checkbook records, she determines that she made the following payments during 2016:

Charitable contributions of $4,500 to First Presbyterian Church and $1,500 to the American Red Cross (proper receipts obtained).

Paid $5,000 to ECM Hospital for the medical expenses of a friend from work.

Mortgage interest on her residence of $7,800 to Peoples Bank.

Property taxes of $3,200 on her residence and $1,100 (ad valorem) on her car. $800 for landscaping expenses for residence.

Estimated Federal income taxes of $3,800 and estimated state income taxes of $1,000.

Medical expenses of $5,000 for her and $800 for Jason. In December, her medical insurance policy reimbursed $1,500 of her medical expenses.

A $1,000 ticket for parking in a handicapped space.

Attorney’s fees of $500 associated with unsuccessfully contesting the parking ticket.

Contribution of $250 to the campaign of a candidate for governor.

Because she did not maintain records of the sales tax she paid, she calculates the amount from the sales tax table to be $994.

Required:

Calculate Roberta's net tax payable or refund due for 2016.

Enter all amounts as positive numbers. However, use the minus sign to indicate a loss.

If an amount box does not require an entry or the answer is zero, enter "0".

Make realistic assumptions about any missing data.

It may be necessary to complete the tax schedules before completing Form 1040.

When computing the tax liability, do not round your immediate calculations. If required round your final answers to the nearest dollar.

Use the 2016 Tax Rate Schedule provided. Do not use the Tax Tables.

Some recent financial statements for Smolira Golf, Inc., follow.

SMOLIRA GOLF, INC. Balance Sheets as of December 31, 2015 and 2016
	2015				2016					2015				2016
Assets									Liabilities and Owners’ Equity
Current assets									Current liabilities
Cash	$	3,091			$	3,107			Accounts payable	$	2,173			$	2,640
Accounts receivable		4,747				5,741			Notes payable		1,770				2,156
Inventory		12,558				13,742			Other		94				111
Total	$	20,396			$	22,590			Total	$	4,037			$	4,907
									Long-term debt	$	13,000			$	15,760
									Owners’ equity
									Common stock and paid-in surplus	$	40,000			$	40,000
Fixed assets									Accumulated retained earnings		15,674				39,404
Net plant and equipment	$	52,315			$	77,481			Total	$	55,674			$	79,404
Total assets	$	72,711			$	100,071			Total liabilities and owners’ equity	$	72,711			$	100,071

SMOLIRA GOLF, INC. 2016 Income Statement
Sales				$	188,170
Cost of goods sold					126,603
Depreciation					5,293
EBIT				$	56,274
Interest paid					1,390
Taxable income				$	54,884
Taxes					19,209
Net income				$	35,675
Dividends	$	11,945
Retained earnings		23,730

Find the following financial ratios for Smolira Golf (use year-end figures rather than average values where appropriate): (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. Enter the profitability ratios as a percent.)

		2015			2016
Short-term solvency ratios
a.	Current ratio		times			times
b.	Quick ratio		times			times
c.	Cash ratio		times			times
Asset utilization ratios
d.	Total asset turnover					times
e.	Inventory turnover					times
f.	Receivables turnover					times
Long-term solvency ratios
g.	Total debt ratio		times			times
h.	Debt−equity ratio		times			times
i.	Equity multiplier		times			times
j.	Times interest earned ratio					times
k.	Cash coverage ratio					times
Profitability ratios
l.	Profit margin					%
m.	Return on assets					%
n.	Return on equity					%
Some recent financial statements for Smolira Golf, Inc., follow. SMOLIRA GOLF, INC. Balance Sheets as of December 31, 2015 and 2016 2015 2016 2015 2016 Assets Liabilities and Owners’ Equity Current assets Current liabilities Cash $ 3,091 $ 3,107 Accounts payable $ 2,173 $ 2,640 Accounts receivable 4,747 5,741 Notes payable 1,770 2,156 Inventory 12,558 13,742 Other 94 111 Total $ 20,396 $ 22,590 Total $ 4,037 $ 4,907 Long-term debt $ 13,000 $ 15,760 Owners’ equity Common stock and paid-in surplus $ 40,000 $ 40,000 Fixed assets Accumulated retained earnings 15,674 39,404 Net plant and equipment $ 52,315 $ 77,481 Total $ 55,674 $ 79,404 Total assets $ 72,711 $ 100,071 Total liabilities and owners’ equity $ 72,711 $ 100,071 SMOLIRA GOLF, INC. 2016 Income Statement Sales $ 188,170 Cost of goods sold 126,603 Depreciation 5,293 EBIT $ 56,274 Interest paid 1,390 Taxable income $ 54,884 Taxes 19,209 Net income $ 35,675 Dividends $ 11,945 Retained earnings 23,730 Find the following financial ratios for Smolira Golf (use year-end figures rather than average values where appropriate): (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. Enter the profitability ratios as a percent.) 2015 2016 Short-term solvency ratios a. Current ratio times times b. Quick ratio times times c. Cash ratio times times Asset utilization ratios d. Total asset turnover times e. Inventory turnover times f. Receivables turnover times Long-term solvency ratios g. Total debt ratio times times h. Debt−equity ratio times times i. Equity multiplier times times j. Times interest earned ratio times k. Cash coverage ratio times Profitability ratios l. Profit margin % m. Return on assets % n. Return on equity %

Smart Company is preparing its financial statements for the year ended June 30, 2017. The financial statements are complete except for the statement of cash flows. You have been asked to prepare a statement of cash flows for the year ended June 30, 2017.

Download the excel spreadsheet found in the link below.

Required:

Prepare a spreadsheet to support a statement of cash flows for the year ended June 30, 2017.

In the tab named ‘Journal Entries’, show in journal entry form, the entries that would be made in preparation of the statement of cash flows.

Prepare Smart Company’s statement of cash flows for the year ended June 30, 2017. Prepare the statement of cash flows using the indirect method. Note: For full credit, you must prepare the statement of cash flow in good form with all necessary disclosures, including disclosures about noncash financing and investing activities.

Submit a well-formatted electronic file, with your last name as the file name. For example, Lastname_PortfolioProject.xls.

You are the accountant for Smart Construction Company, a large construction company in Colorado. You have been presented with the following financial information for Smart and asked to prepare the Statement of Cash Flows for the year ended June 30, 2017. You will complete all work for the project in this excel file, which includes the following tabs:

Facts - Information taken from Smart's accounting records and additional information regarding the cash flows as of June 30, 2017.

Worksheet - Worksheet template (also see Example 21.3a in text).

Cash Flows - Statement of Cash Flows template (also see Example 21.3b in text).

	Account Balances
	June 30, 2016	June 30, 2017
Debits
Cash	$            361,700	$            880,550
Accounts Receivable	100,000	125,000
Marketable Securities (at cost)	11,700	13,000
Allowance for Change in Value	1,500	1,800
Construction in Process	168,750	405,000
Prepaid Expenses	45,000	10,000
Investments (long-term)	-	13,500
Leased Equipment	-	20,000
Building	30,000	-
Deferred tax asset	5,375	2,200
Land	10,500	10,500
Discount on Bonds Payable	-	1,305
Totals	734,525	1,482,855

Credits
Allowance for doubtful accounts	$               6,000	$               4,500
Accounts Payable	87,500	210,000
Deferred tax liability	1,000	3,300
Income Taxes Payable	3,500	9,000
Note Payable (long-term)	3,500	-
Accumulated Depreciation on Building	2,500	-
Accumulated Depreciation on Leased Asset	-	3,000
Lease obligation	-	18,000
Interest payable on lease obligation	-	1,800
Interest payable (Bonds)	-	1,800
Bonds payable	-	45,000
Billings on contruction in process	150,000	325,000
Pension liability	150,000	400,000
Convertible preferred stock, $100 par	9,000	-
Common Stock, $10 par	14,000	24,500
Additional Paid-in Capital	8,700	13,700
Unrealized Increase in Value of Marketable Securities	1,500	1,800
Retained Earnings	297,325	421,455
Totals	734,525	1,482,855

Additional information:

Dividends declared and paid totaled $650.

300 shares of common stock (at par) were issued for cash.

On July 1, 2016, convertible preferred stock that had originally been issued at par value were

converted into 500 shares of common stock. The book value method was used to account for the conversion.

The long-term note payable was paid by issuing 250 shares of common stock at the beginning of the fiscal year.

Short-term marketable securities were purchased at a cost of $1,300. The portfolio was increased by $300 to a $14,800 fair value at year-end by adjusting the related allowance account.

During the year, a 30% interest in Ricochet Co. was purchased as an investment for $9,500. Ricochet reported $20,000 in net income for the year and paid dividends of $2,000 to Smart.

$5,000 of accounts receivable were written off as uncollectible during the year.

Smart’s inventory consists of Construction-in-Process in excess of the Billings on Construction-in-Process account balance.

A building was destroyed by fire during the year and insurance proceeds of $26,000 were collected.

The 12% bonds payable were issued on February 28, 2017, at 97. They mature on February 28, 2027. The company uses the straight-line method to amortize bond premiums and discounts.

Smart recorded pension expense of $350,000 for the year.

A lease agreement was signed on July 1st, 2016 for the use of equipment worth $20,000. The company determined that the transaction should be recorded as a capital lease.

Cash Flows Worksheet
For Year Ended June 30, 2017
	Balances		Change		Worksheet Entries
Account Titles	6/30/2016	6/30/2017	Increase (Decrease)		Debit		Credit
Debits
Noncash Accounts:
Credits
Cash Flows from Operating Activities:
Cash Flows from Investing Activities:
Cash Flows from Financing Activities
Investing and Financing Activities Not Affecting Cash:
Net Increase in Cash
Totals

Smart Construction Company
Statement of Cash Flows
For Year Ended June 30, 2017
Operating Activities:
Net Income
Adjustments for noncash income items:
Adjustments from cash flow effect from working capital items:
Net cash provided (used) by operating activities
Investing activities:
Net cash provided (used) by investing activities
Financing Activities:
Net cash provided (used) by financing activities
Net increase in cash (see Schedule 1)
Cash, June 30, 2016
Cash, June 30, 2017
Schedule 1: Investing and Financing Activities Not Affecting Cash

Complete the provided C++ program, by adding the following functions. Use prototypes and put your functions below main.

1. Write a function harmonicMeans that repeatedly asks the user for two int values until at least one of them is 0. For each pair, the function should calculate and display the harmonic mean of the numbers. The harmonic mean of the numbers is the inverse of the average of the inverses. The harmonic mean of x and y can be calculated as harmonic_mean = 2.0 * x * y / (x + y);. Sample output: Enter two integer values: 2 4 The harmonic mean of 2 and 4 is 2.66667 Enter two integer values: 2 6 The harmonic mean of 2 and 6 is 3 Enter two integer values: 2 9 The harmonic mean of 2 and 9 is 3.27273 Enter two integer values: 2 0

2. Write a function named capEs that takes a string reference as a parameter and changes every 'e' character to 'E'. The function should not return a value. Expected output: Hello Ernie! with cap Es: HEllo ErniE! Eeeee Eee Eeee with cap Es: EEEEE EEE EEEE

3. Write a function named binaryToDecimal that accepts an integer parameter whose digits are meant to represent binary (base-2) digits, and returns an integer of that number's representation in decimal (base-10). For example, the call of binaryToDecimal(101011) should return 43. Constraints: Do not use a string in your solution. Do not use any container such as array or vector. Also do not use any built-in base conversion functions from the system libraries.

4. Write a function named removeConsecutiveDuplicates that accepts as a parameter a reference to a vector of integers, and modifies it by removing any consecutive duplicates. For example, if a vector named v stores {1, 2, 2, 3, 2, 2, 3}, the call of removeConsecutiveDuplicates(v); should modify it to store {1, 2, 3, 2, 3}. Note: to remove an element at index i in a vector named v, use this: v.erase(v.begin() + i);

#include <iostream>

#include <string>

#include <vector>

#include <cstdlib>

// Code for the problems

using namespace std;

int main() {

// problem 1 test

harmonicMeans();

cout << endl;

// problem 2 tests

string testString1 = "Hello Ernie!";

cout << testString1 << " with cap Es: ";

capEs(testString1);

cout << testString1 << endl;

testString1 = "Eeeee Eee Eeee";

cout << testString1 << " with cap Es: ";

capEs(testString1);

cout << testString1 << endl << endl;;

// problem 3 tests

int n = 101100;

cout << n << " in binary: " << binaryToDecimal(n) << endl;

n = 1000;

cout << n << " in binary: " << binaryToDecimal(n) << endl << endl;

// problem 4 tests

vector<int> v{ 1, 2, 2, 3, 2, 2, 3 };

cout << "before removeConsecutiveDuplicates: ";

for (int i = 0; i < v.size(); ++i) {

cout << v[i] << ' ';

}

removeConsecutiveDuplicates(v);

cout << endl << "after removeConsecutiveDuplicates: ";

for (int i = 0; i < v.size(); ++i) {

cout << v[i] << ' ';

}

cout << endl;

vector<int> w{ 11, 11, 11, 44, 44, 0, 29, 33, 33, 33, 33, 33 };

cout << "before removeConsecutiveDuplicates: ";

for (int i = 0; i < w.size(); ++i) {

cout << w[i] << ' ';

}

removeConsecutiveDuplicates(w);

cout << endl << "after removeConsecutiveDuplicates: ";

for (int i = 0; i < w.size(); ++i) {

cout << w[i] << ' ';

}

cout << endl;

system("pause");

return 0;

}

An electric eel (Electrophorus electricus) can produce a shock of up to 600 V and a current of 1 A for a duration of 2 ms, which is used for hunting and self-defense. To perform this feat, approximately 80% of its body is filled with organs made up by electrocytes. These electrocytes act as self-charging capacitors and are lined up so that a current of ions can easily flow through them.

a) How much charge flows through the electrocytes in that amount of time?
b) If each electrocyte can maintain a potential of 100 mV, how many electrocytes must be in series to produce the maximum shock?
c) How much energy is released when the electric eel delivers a shock?
d) With the given information, estimate the equivalent capacitance of all the electrocyte cells in the electric eel.

A 10.0 v battery, a 5.00 ohm resistor, and a 10.0 H inductor are connected in series. After the current in the circuit has reached its maximum value, calculate (a) the power being supplied by the battery, (b) the power being delivered to the resistor, (c)the power being delivered to the inductor, and (d) the energy stored in the magnetic field of the inductor.

2. Suppose that in the U.S., the income velocity of money (V) is constant. Suppose, too, that every year, real GDP grows by 2.5 percent (%∆Y/year = 0.025) and the supply of money grows by 10 percent (%∆M/year = 0.10).

a. According to the Quantity Theory of Money, what would be the growth rate of nominal GDP = P×Y? Hint: %∆(X×Y)  %∆X + %∆Y.

b. In that case, what would be the inflation rate (i.e. %∆P/year)?

c. If the central bank wants the inflation rate to be 0%, what money supply growth rate (i.e. - %∆M per year) should it set?