Reporting on Discontinued Operations—Disposal in Current Year

On August 1, 2020, Fischer Inc. decided to discontinue the operations of its Services Division, which qualifies as a business component. An agreement was formalized to sell this component for $436,800 cash. The book value of the assets of the Services Division was $504,000. The disposal date was August 1, 2020. The income tax rate is 25%, and the accounting year-end is December 31. On December 31, 2020, the pretax income from all operations, including an operating loss of $56,000 incurred by the Services Division prior to August 1, 2020, was $1,120,000. There were 150,000 weighted average common shares outstanding during 2020.

Required

Prepare a partial income statement beginning with income from continuing operations. Include the earnings per share disclosures.

• Use a negative sign to indicate a loss.
• Round the per share amounts to two decimal places.

Answer

Write a C program that will read different data types from the following file and store it in the array of structures.

Given file: (This file have more than 1000 lines of similar data):

Create a structure like below and make an array of structures in the main C file and store the data based on their data types.

struct data

{

   char time[100];

   float latitude;

   float longitude;

   float depth;

   float mag;

   char magType[5];

   char nst[5];

   int gap;

   float dmin;

};

Case study: Keeping Your Eye on the Ball

We sometimes read a newspaper or magazine or listen to a news report and hear about the downfall of U.S. manufacturing and how many people are losing their jobs in manufacturing plants. It sounds depressing but the question is, “Has the United States really fallen that far behind other countries in manufacturing capability?” The answer is no, and this video is meant to highlight just one example of a successful manufacturing company. There are thousands of others that could be discussed in a similar manner.

There is no doubt that U.S. manufacturers are being challenged by companies in Mexico, China, India, Brazil, Indonesia, and all over the world—but that is nothing new. The question is whether or not the United States can respond effectively to such challenges today as it has done in the past. Don’t forget that much, if not most, of the machinery and equipment being used in foreign plants, was produced in the United States. Note, too, that many companies—like Honda and Toyota—have built manufacturing plants in the United States.

This video features Ball metal beverage containers. You’ve seen them everywhere. But have you given any thought to how those cans came to be? Have you wondered why Ball has been so successful in the United States that it expanded operations by buying four U.S. manufacturing plants from brewer Anheuser-Busch InBev?

The text mentions several things that U.S. manufacturers are doing to stay competitive in today’s global markets. They include focusing on customers; maintaining close relationships with suppliers (e.g. using just-in-time inventory control); practicing continuous improvement; focusing on quality; saving on costs through site selection; utilizing the Internet, and adopting new production processes like computer-integrated manufacturing. Foreign businesses are busy copying what we do, so U.S. producers need to do things better and faster and cheaper if they can. Speaking of cans, you can see and hear what Ball is doing to stay competitive in the video. Note that Ball is using a continuous process. What other processes might the company use?

U.S. companies are using computer-aided design and computer-aided manufacturing, united in computer-integrated manufacturing. They also do flexible manufacturing, which means they can produce a variety of products using the same machinery. It should not surprise you to learn that Ball located its facilities close to its customers. That makes distribution faster, easier and cheaper.

Of course, quality is a key consideration in any manufacturing plant. Can you imagine trying to open a can and having the opener break off in your fingers or having a can that leaks all over your car? Manufacturers try for zero defects but often settle for some slightly lower standard such as Six Sigma (only 3.4 defects per million).

Next time you take a cold drink from a can, think about Ball and the other companies that make the United States a major producer of consumer goods. Think, too, of the opportunities that will present themselves to tomorrow’s college graduates. Students seem less attracted to manufacturing today, but that means more opportunities tomorrow for those students who see growth in some areas of manufacturing. That includes, of course, companies that produce solar panels, power plants, and more. You only have to look around your home or office to see the many products being made and the many products that will be made using biotechnology, nanotechnology, and so on.

1. What is the situation of manufacturers in your area/state? Are they hiring or firing more?

2. What factors affect corporation's decisions to offshore manufacturing to other countries? Do you think this is good for an economy? Why or Why Not?

3. Do you think an economic system can exist without manufacturing of goods? Explain.

You are analyzing the U.S. equity market based upon the S&P Industrials Index and using the present value of free cash flow to equity technique. Your inputs are as follows:

1. Assuming that the current value for the S&P Industrials Index is 4,200, would you underweight, overweight, or market weight the U.S. equity market? Do not round intermediate calculations. Round your answer to the nearest cent.

   You should -Select-underweightoverweightmarket weightItem 1 the U.S. equity market as the estimated value of the stock of $   is -Select-higher thanlower thanequal torItem 3 the S&P Industrials Index.

2. Assume that there is a 1 percent increase in the rate of inflation — what would be the market’s value, and how would you weight the U.S. market? Assume that the required return would increase from 7% to 8%, decreasing the value. Also assume that the nominal cash flow growth rates would increase for all time periods by one percentage point. Do not round intermediate calculations. Round your answer to the nearest cent.

   You should -Select-underweightoverweightmarket weightItem 4 the U.S. equity market as the estimated value of the stock of $   is -Select-higher thanlower thanequal torItem 6 than the S&P Industrials Index.

Exercise 1 Use the money market and foreign exchange (FX) diagrams to answer the following questions. This question considers the relationship between the euro and the U.S. dollar ($). The exchange rate is in U.S. dollars per euro, E$/e. Suppose that with financial innovation in theUnited States, real money demand in the United States decreases. On all graphs, label the initial equilibrium point A.

(a) Assume this change in U.S. real money demand is temporary. Using the FX and money market diagrams, illustrate and explain how this change affects the money and FX markets. Label your short-run equilibrium point B and your long-run equilibrium point C. (Due to the temporary nature of the shock, assume that the reversal of real money demand occurs before the price level adjusts in the long run.)

(b) Assume this change in U.S. real money demand is permanent. Using a new diagram, illustrate and explain how this change affects the money and FX markets. Label your short-run equilibrium point B and your long-run equilibrium point C.

(c) Illustrate and explain how each of the following variables changes over time in response to a permanent reduction in real money demand: nominal money supply M_US, price level P_US, real money supply M_US/P_US, U.S. interest rate i_$, and the exchange rate E$/e.

The record of international trade in goods and services and international transfer payments is called

Select one:
a. the exchange rate account
b. the foreign account
c. the balance of payments
d. the current account
e. the capital account

Under a flexible exchange rate system, expansionary fiscal policy

Select one:
a. has no effect on the trade balance
b. is very effective because crowding out cannot occur
c. cannot change the level of consumption
d. always has to be supplemented by restrictive monetary policy
e. will cause a deterioration of the trade balance

A depreciation of a currency occurs when:

Select one:
a. Inflation falls
b. The value of the currency increases
c. The overall balance of payments improves
d. The value of the currency falls
e. The balance of payments improves

Which of the following items are deficit items in the balance of payments for the United States?

Select one:
a. a French and a German citizen make a deposit in a U.S. bank
b. a French citizen buys a U.S. Securities
c. a U.S. citizen buys a vacation home in Mexico
d. a German citizen makes a deposit in a U.S. bank
e. a German citizen buys a U.S. Treasury bill

In a model with flexible exchange rates and capital mobility, expansionary fiscal policy is likely to cause

Select one:
a. a reduction in net exports
b. a decrease in imports
c. an increase in the current account surplus
d. an outflow of funds
e. a currency depreciation

Do We Work Too Hard?

The second part of this discussion board is to address the question of whether we, in the U.S., work too hard. One of the limiting resources in our economy is time. As a society, we make choices about the allocation of time between work and leisure (i.e. anything that is unpaid). In the U.S., most workers are eligible for overtime pay if they work more than 40 hours in a week; whereas, most European workers become eligible after working 35 hours in a week. In addition, workers in Europe have guaranteed vacation time – five weeks in France – a benefit not available in the U.S. As a result, the typical U.S. worker puts in about 2,000 hours per year compared to 1700 hours per year in France and Germany.

For this part of the discussion board, you will address the question of whether U.S. law should be changed to require a shorter work week and longer vacation time. You need to provide two strong arguments on each side of this debate – (1) in support of the shorter work week and (2) against the shorter work week. Relevant concepts from the chapters should be considered when addressing this question and included in your arguments. If you use any other sources, be sure to cite them within the text as well as provide a bibliographical citation at the end.

Major health studies try very hard to select a sample that is representative of the various ethnic groups making up the U.S. population. Here is the breakdown, by ethnicity, of subjects enrolled in a major study of sleep apnea:

The known ethnic distribution in the United States, according to census data, is as follows:

a. We want to know if the data from the sleep apnea study support the claim that the ethnicity of the subjects fits the ethnic composition of the U.S. population. What does the null hypothesis for this test state?

1. All five counts are equal.
2. All five sample proportions are equal.
3. All five population proportions are equal.
4. All five population proportions are equal to their respective U.S. census proportions.

b. What is the expected count of Hispanics under the null hypothesis (show calculation)?

a. 277

b. 25.207

c. 572.754

d. 152.72

c. At significance level alpha = 1%, what should you conclude

1. a. composition of the U.S. population.
2. b. The data are consistent with a uniform distribution of ethnicities.
3. c. The data prove that the population studied matches the ethnic composition of the U.S. population.
4. e. We are unable to conclude anything because the test assumptions are not met.

You are analyzing the U.S. equity market based upon the S&P Industrials Index and using the present value of free cash flow to equity technique. Your inputs are as follows:

1. Assuming that the current value for the S&P Industrials Index is 5,500, would you underweight, overweight, or market weight the U.S. equity market? Do not round intermediate calculations. Round your answer to the nearest cent.

   You should -Select-underweightoverweightmarket weightItem 1 the U.S. equity market as the estimated value of the stock of $   is -Select-higher thanlower thanequal torItem 3 the S&P Industrials Index.

2. Assume that there is a 2 percent increase in the rate of inflation — what would be the market’s value, and how would you weight the U.S. market? Assume that the required return would increase from 9% to 11%, decreasing the value. Also assume that the nominal cash flow growth rates would increase for all time periods by two percentage points. Do not round intermediate calculations. Round your answer to the nearest cent.

   You should -Select-underweightoverweightmarket weightItem 4 the U.S. equity market as the estimated value of the stock of $   is -Select-higher thanlower thanequal torItem 6 than the S&P Industrials Index.