Marigold Inc. began operations in January 2018 and reported the following results for each of its 3 years of operations.

At December 31, 2020, Marigold Inc. capital accounts were as follows.

Marigold Inc. has never paid a cash or stock dividend. There has been no change in the capital accounts since Marigold began operations. The state law permits dividends only from retained earnings.

(a) Compute the book value of the common stock at December 31, 2020. (Round answers to 2 decimal places, e.g. $38.50.)

(b) Compute the book value of the common stock at December 31, 2020, assuming that the preferred stock has a liquidating value of $107 per share. (Round answers to 2 decimal places, e.g. $38.50.)

Novak Sports began operations on January 2, 2020. The following stock record card for footballs was taken from the records at the end of the year.

A physical inventory on December 31, 2020, reveals that 119 footballs were in stock. The bookkeeper informs you that all the discounts were taken. Assume that Novak Football Shop uses the invoice price less discount for recording purchases.

Compute the December 31, 2020, inventory using the FIFO method.

Compute the 2020 cost of goods sold using the LIFO method.

What method would you recommend to the owner to minimize income taxes in 2020 based on the inventory info?

The following data is supplied from the comparative balance sheets and income statement information from Westerman, Inc.

Additional Information:

1. Net Income for 2020 was $40,000.
2. Depreciation expense was $8,000 during 2020.
3. No long term assets were sold during the year.
4. Westerman purchased land for $24,000 during 2020.
5. Notes payable of $8,000 were repaid during the year.
6. Westerman issued new common stock for $24,000 in 2020.
7. Westerman paid cash dividends of $24,000 during the year.

Prepare the Statement of Cash Flows for Westerman using the indirect method.

Provide the following amounts:

What is the total of the net cash flows from operating activities?  

What is the total of the net cash flows from investing activities?   

What is the total of the net cash flows from financing activities?   

Brady Construction Company contracted to build an apartment complex for a price of $6,400,000. Construction began in 2018 and was completed in 2020. The following is a series of independent situations, numbered 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars.

Brady Construction Company contracted to build an apartment complex for a price of $6,400,000. Construction began in 2018 and was completed in 2020. The following is a series of independent situations, numbered 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars.

Exercise 7-48 (Algorithmic) Depreciation Methods Berkshire Corporation purchased a copying machine for $9,800 on January 1, 2019. The machine's residual value was $1,175 and its expected life was 5 years or 2,000,000 copies. Actual usage was 480,000 copies in the first year and 462,000 in the second year. Required: 1. Compute depreciation expense for 2019 and 2020 using the: a. Straight-line method. Depreciation expense: $fill in the blank 1 per year b. Double-declining-balance method. Depreciation Expense 2019 $fill in the blank 2 2020 $fill in the blank 3 c. Units-of-production method. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) Depreciation Expense 2019 $fill in the blank 4 2020 $fill in the blank 5 2. For each depreciation method, what is the book value of the machine at the end of 2019? At the end of 2020? If required, round your answers to the nearest whole dollar. 2019 2020 a. Straight-line method $fill in the blank 6 $fill in the blank 7 b. Double-declining-balance method $fill in the blank 8 $fill in the blank 9 c. Units-of-production method $fill in the blank

10 $fill in the blank 11

On January 1, 2018 Vulcan Company purchased 400 of the 1000 shares of Star Trek company stock for $60,000.                                                                                                                  

At this time, Star Trek had a truck with a book value of $40,000 and a fair market value of $80,000. The truck has a life of 5 years with no salvage value and Star Trek uses straight line depreciation                                                                                                                              

On July 1, 2018 Star Trek paid a dividend of $1 per share                                                                                                                              

On December 31, 2018 Star Trek reported a profit of $11,000 and its stock was selling $151 per share                                                                                                                      

On July 1, 2019 Star Trek paid a dividend of $2 per share                                                                                                                               

On December 31, Star Trek reported a loss of $5000 and its stock was selling for $148 per share                                                                                                                 

On July 1, 2020 Star Trek announced that it wasn't paying any dividends in 2020.                                                                                                                              

On December 31, 2020 Star Trek reported a profit of $3000 and its stock was selling for $155 per share                                                                                                                  

On January 31, 2021 Vulcan sold its entire investment in Star Trek at $150 per share                                                                                                                      

REQUIRED                                                                                                                          

A) MAKE ALL THE JOURNAL ENTRIES CONNECTED WITH VULCAN'S INVESTEMENT IN STAR TREK IN                           2018                                                                                                      

                2019                                                                                                      

                2020                                                                                                      

                2021                                                                                                      

                B) FILL IN THE FOLLOWING TABLE                                                                                                                           

                                2018       2019       2020                                                      

INVESTMENT IN STAR TREK                                                                                                                        

INVESTMENT INCOME                                                                                                                  

Modify your program from Learning Journal Unit 7 to read dictionary items from
a file and write the inverted dictionary to a file. You will need to decide on
the following:

    * How to format each dictionary item as a text string in the input file.
    * How to convert each input string into a dictionary item.
    * How to format each item of your inverted dictionary as a text string in
      the output file.

Create an input file with your original three-or-more items and add at least
three new items, for a total of at least six items.

------------------------------------------------------------------------------------------------------------------

The Unit 7 program:

Dr_Appointments = {'Mom':[2, 'April', 2020], 'Brother':[6, 'July', 2020], 'Sister':[6, 'January', 2021], }

def invert_dict(d):
inverse = dict()
for key in d:
    val = d[key]
    for val in val:
      if val not in inverse:
        inverse[val] = [key]
      else:
        inverse[val].append(key)
return inverse

print('Dr. Appointments:', Dr_Appointments)

print('Inverted Dr. Appointments:')
Invert_Appointments = invert_dict(Dr_Appointments)
print(Invert_Appointments)

This is the expanded dictionary: the Unit 7 plus three more:

Mom: 2, April, 2020,
Brother: 6, July, 2020,
Sister: 6, January, 2021,
Aunt: 2, December, 2021,
Uncle: 6, November, 2021,
Niece: 2, December, 2020

            You develop the following information. Your firm has a target capital structure of 70% common equity, 5% preferred stock and 25% debt. The firm’s tax rate is 25%.

The firm can issue up to $200,000 worth of debt at a before-tax cost of 9%. Then it will cost the firm 11% before-tax on debt up to $400,000. After that point, the before-tax cost of debt will be 13%.

The firm’s preferred stock carries an annual dividend of $2 per share. The issue price of the preferred would be $25 with 1.5% of the issue price charged as flotation costs.

The firm expects to have $950,000 in earnings and have a dividend payout ratio of 65%. The firm bases its cost of retained earnings on the CAPM approach. For this purpose, you determine the growth rate of the market will be 5% and the market dividend yield is 2%. The risk-free rate is 3%. The firm’s beta is 1.05.

The firm can issue new common stock with a $0.50 dividend, price of $20 per share, flotation costs of 1.75% of issue price and growth rate expected of 6%. This holds for up to $630,000 in equity after which it will cost 10% for new common stock.

1-Determine the marginal cost of capital schedule.

2-Determine which projects you would accept and what the optimal capital budget would be by combining the investment opportunity schedule (information below) and marginal cost of capital schedule.

Project       Initial Cost      IRR

A               $375,000         8.5%

B               $300,000         11%

C               $175,000         10%

D               $100,000         7.5%

E                $200,000         6%

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