Use the following information for the remaining problems.

First, construct an income statement and two balance sheets. Enter all answers as whole dollar numbers with no $ or commas (e.g. 20000). 2015 Sales = $60,000 2015 COGS = $25,000 2015 SG&A Expense = $10,000 2015 Depreciation Expense = $5,000 2015 Interest Expense = $3,000 Average Tax Rate = 30% Dividend Payout Ratio = 55% 2015 Current Assets = $24,000 and 2016 Current Assets = $27,000 2015 Net Working Capital = $5,000 Change in Net Working Capital = $1,000 2015 Total Fixed Assets = $100,000 2015 Accumulated Depreciation = $20,000 2015 Net Capital Spending = $12,000 2015 Long-term Debt = $40,000 2015 Common Stock = $22,000 2015 Cash Flow to Creditors = $1,000

What is the 2015 net income?

What is the 2015 Accumulated retained earnings?

What is 2016 Accumulated Retained Earnings?

What is 2015 Cash Flow to Shareholders?

What is the 2016 long term debt?

What is 2015 free cash flow?

Is there not enough information to answer the question.. That is my problem.

On January 1, 2016, Ballieu Company leases specialty equipment with an economic life of 8 years to Anderson Company. The lease contains the following terms and provisions:

The lessor calculates that the present value on January 1, 2016 of 8 annual payments in advance of $40,500 discounted at 13% is $219,615.71 (the $1 purchase option is ignored as immaterial).

Required:

Skysong Company began operations on January 1, 2016, adopting the conventional retail inventory system. None of the company’s merchandise was marked down in 2016 and, because there was no beginning inventory, its ending inventory for 2016 of $37,300 would have been the same under either the conventional retail system or the LIFO retail system.

On December 31, 2017, the store management considers adopting the LIFO retail system and desires to know how the December 31, 2017, inventory would appear under both systems. All pertinent data regarding purchases, sales, markups, and markdowns are shown below. There has been no change in the price level.

Determine the cost of the 2017 ending inventory under both (a) the conventional retail method and (b) the LIFO retail method. (Round ratios for computational purposes to 2 decimal place, e.g. 78.72% and final answers to 0 decimal places, e.g. 28,987.)

I got A, just need B. The answer to B isnt 48905

Some social scientists have collected data on smartphone ownership among teenagers. In 2016, 84% of 12-17 year olds sampled owned at least one smartphone. In 2018, that number increased to 92%. For the purpose of this problem, you can assume that these values were from independent samples of 12-17 year olds taken in 2016 and 2018, each of size 120. We will test the null hypothesis that the population percentage of teenagers owning at least one smartphone was the same between 2016 and 2018, versus the alternative hypothesis that these percentages were different.

(a) Under the null hypothesis, the difference in the sample percentages is expected to be ___________%. The standard error for the difference is estimated to be ___________%.

(b) The appropriate test statistic to use is (circle one) one-sample z-test two-sample z-test one-sample t-test chi-squared test for proportions chi-squared test of independence none of these

(c) The value of the test statistic is _________________.

(d) The p-value is _________________________. (Give a percentage for a z-test or a range of percentages for a t-test or chi-squared test.)

(e) Our conclusion is (circle one) reject the null hypothesis OR don't reject the null hypothesis.

Liang Company began operations on January 1, 2016. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. 2016 Sold $1,353,200 of merchandise (that had cost $984,100) on credit, terms n/30. Wrote off $18,100 of uncollectible accounts receivable. Received $669,300 cash in payment of accounts receivable. In adjusting the accounts on December 31, the company estimated that 1.20% of accounts receivable will be uncollectible. 2017 Sold $1,599,900 of merchandise (that had cost $1,307,500) on credit, terms n/30. Wrote off $27,000 of uncollectible accounts receivable. Received $1,308,600 cash in payment of accounts receivable. In adjusting the accounts on December 31, the company estimated that 1.20% of accounts receivable will be uncollectible. Required: Prepare journal entries to record Liang’s 2016 and 2017 summarized transactions and its year-end adjustments to record bad debts expense. (The company uses the perpetual inventory system and it applies the allowance method for its accounts receivable.) (Round your intermediate calculations to the nearest dollar amount.)

i. Cheaper manufacturing company developed the following data:

Beginning work in process inventory $6000

Direct material used 360,000

Actual overhead 420,000

Overhead applied 405,000

Total manufacturing cost 960,000

Ending work in process 45,000

How much are the direct labour costs for the period?

a. $175,000

b. $195,000

c. $200,000

d. $180,000

ii. What is the production cost report used for?

a. It is an external report provided to shareholders.

b. It shows costs charged to a department and costs accounted for.

c. It shows equivalent units of production but not physical units.

d. It shows the basis on which overhead is allocated.

iii. use the following information: At January 1, 2016, Jake, Inc. has beginning inventory of 4,000 surfboards. Jake estimates it will sell 15,000 units during the first quarter of 2016, with a 10% increase in sales each quarter. Jake’s policy is to maintain an ending inventory equal to 25% of the next quarter’s sales. Each surfboard costs $200 and is sold for $250.

How many units should Jake produce during the first quarter of 2016?

a. 15,125

b. 15,0000

c. 12,500

d. 11,000

Miller Company acquired an 80 percent interest in Taylor Company on January 1, 2016. Miller paid $856,000 in cash to the owners of Taylor to acquire these shares. In addition, the remaining 20 percent of Taylor shares continued to trade at a total value of $214,000 both before and after Miller’s acquisition.

On January 1, 2016, Taylor reported a book value of $752,000 (Common Stock = $376,000; Additional Paid-In Capital = $112,800; Retained Earnings = $263,200). Several of Taylor’s buildings that had a remaining life of 20 years were undervalued by a total of $100,300.

During the next three years, Taylor reports income and declares dividends as follows:

Determine the appropriate answers for each of the following questions:

As of December 31, 2017, Miller’s Buildings account on its separate records has a balance of $1,004,000 and Taylor has a similar account with a $376,500 balance. What is the consolidated balance for the Buildings account? What is the balance of consolidated goodwill as of December 31, 2018?

Use the following information to answer the next __3__ questions.

Clover Leaf Auto Parts had 500,000 shares of common stock authorized when it started business Jan. 1, 2016. During 2016 the following transactions occurred.

      January 1     Sold 300,000 shares of common stock.

      April 1        Issued 10,000 new shares of common stock.

      July 1          Declared and issued a 10% stock dividend.

      August 1      Purchased 6,000 shares of treasury stock.

10. How many new shares of common stock were issued in the July 1 stock dividend? and at what dollar amount per share would the shares be recorded?

            Number of Shares            Dollar amount

      a.       30,000 shares                    par value

      b.      31,000            shares               market value

      c.       30,000 shares               market value    

      d.      80,000 shares                   par value

11. At December 31, 2016, how many shares of common stock were issued? and how many outstanding?

            Shares Issued                  Shares Outstanding

      a.        331,000                            325,000           

      b.       310,000                           304,000

      c.       890,000                            884,000

      d.       341,000                           335,000

Goodwill

Stillman Company is considering purchasing EKC Company. EKC's balance sheet at December 31, 2016, is as follows:

At December 31, 2016, Stillman discovered the following about EKC:

No allowance for uncollectible accounts has been established. An allowance of $4,500 is considered appropriate.

The LIFO inventory method has been used. The FIFO inventory method would be used if EKC were purchased by Stillman. The FIFO inventory valuation of the December 31, 2016, ending inventory would be $199,000.

The fair value of the property, plant, and equipment (net) is $720,000.

The company has an unrecorded patent that is worth $100,000.

The book values of the current liabilities and bonds payable are the same as their market values.

Required:

1. Compute the value of the goodwill if Stillman pays $1,265,500 for EKC.

$

2. Why would the book value of a company's identifiable net assets differ from its market value?

Below are the past two years of financials for Field of Dreams, LLC:

INCOME STATEMENT:

BALANCE SHEET AS OF 12/31/2017:

What is the net increase in cash and marketable securities for 2017? (Refer to the Statement of Cash Flows)