In: Biology
Discuss the following:
1. Two factors that affect the activity of an enzyme. Name the enzyme and tell whether they increase or decrease enzyme activity.
2.Three ways in which sugars can be used other those going directly into glycolysis – just list them with the name of the sugar (For example, _______ can be used to make ________)
In: Chemistry
Create a structure In C program named Student
with the following components and appropriate data types:
Name,
ID, CGPA
i. Create an Array of Students of size three and take user input to
fill the array.
ii. Now find the student with the least CGPA and display his or
hers Name, ID and CGPA.
In: Computer Science
Using C++
Create the UML, the header, the cpp, and the test file for an ArtWork class.
The features of an ArtWork are:
Artist name (e.g. Vincent vanGogh or Stan Getz)
Medium (e.g. oil painting or music composition)
Name of piece (e.g. Starry Night or Late night blues)
Year (e.g. 1837 or 1958)
In: Computer Science
Program 4(Total Point 15): You will use the scanner class and ask users following things.
- Student Age (Value)
- Student Name (Key)
You will store information for at least 10 students on Map. You will then use iterator to print all the values. You will print the youngest student’s name.
In: Computer Science
11-37) A headline in The New York Times on August 16, 2017 read: “Hartford (Connecticut), with Finances in Disarray, Veers Toward Bankruptcy.” The article said, among other things, “...Hartford, which has one of the highest property tax rates in the state … still cannot raise enough money to pay for basic government operations.” Here are some economic, demographic, and financial data taken Census Bureau QuickFacts (accessed August, 2017) and from Hartford’s June 30, 2016 CAFR. (The financial statements, expressed in thousands of dollars, have been condensed.)
|
Economic, Demographic data |
|||
|
Hartford |
Connecticut |
United States |
|
|
Population, 2010 Census |
124,775 |
3,574,097 |
308,745,538 |
|
Population, 2016 estimate |
123,243 |
3,576,452 |
323,127,513 |
|
Percent, high school grad, or higher |
70.60% |
89.90% |
86.70% |
|
Median household income |
$ 30,630 |
$70,331 |
$53,889 |
|
per capita income |
$ 17,311 |
$38,803 |
$28,930 |
|
Individuals living below poverty |
33.40% |
10.50% |
13.50% |
|
2016 unemployment rate (source: CAFR) |
10.30% |
5.50% |
5.30% |
|
City of Hartford |
||
|
General Fund |
||
|
Balance Sheet |
||
|
6/30/2016 |
||
|
Assets: |
||
|
Cash and Cash equivalents |
$60,524 |
|
|
Receivables (mostly taxes) |
84,332 |
|
|
Total Assets |
144,856 |
|
|
Liabilities |
55,007 |
|
|
Deferred inflows of resources |
75,718 |
|
|
Fund balance: |
||
|
Assigned |
8663 |
|
|
Unassigned |
5468 |
|
|
14131 |
||
|
Total Liabilities, deferred inflows of resources and fund balance |
144856 |
|
City of Hartford |
||
|
General Fund |
||
|
Statement of revenues, expenditures, and changes in Fund balance |
||
|
For the year Ended June 30, 2016 |
||
|
Total Revenues |
$565,580 |
|
|
Total expendiutres |
565,754 |
|
|
-174 |
||
|
Excess (deficiency) of revenues over expenditures |
||
|
Other financing sources (uses) |
||
|
Transfer in |
5,438 |
|
|
Transfer out |
-13,059 |
|
|
Total other Financing sources (uses) |
-7621 |
|
|
Net change in fund balance |
-7,795 |
|
|
Fund balance, beginning of year |
21,926 |
|
|
Fund balance, end of year |
14,131 |
Other Comments
A) The debt service Fund had a beginning fund balance of $97,174. The Debt service FUnd statement of revenues, expendiutres, and changes in fund balances for fiscal year 2016 shows $72,734 thousand of debt service expenditures, zero revenues, and $9,302 thousand of transfers in. It also shows significant inflows from refunding existing debt and the issuance of new debt. The same general pattern occurred in fiscal year 2015. Hence, it is reasonable to assume that most of the year’s debt service expenditures was financed, not by tax revenues, but rather by “rolling over” existing debt issuing new debt or drawing down the fund balance
B) Hartford’s outstanding general obligation debt increased from $512.9 million at the beginning of fiscal year 2016 to $683.2 million at the end of the year. The CAFR reports that the assessed value of taxable property was $3,623,072,000 and the actual value of taxable property was $6,664,914,000. You can calculate Hartfords personal income by multiplying the population by the per capita income.
Required: Use the foregoing data to compute appropriate financial statement analysis ratios. Then, use the economic and demographic data, the financial statement ratios, the “Other Comments” shown above, and the rule of thumb data contained in the text to comment on Hartford’s financial position and financial condition
In: Accounting
Problem 9-7
Forecasted Statements and Ratios
Upton Computers makes bulk purchases of small computers, stocks them in conveniently located warehouses, ships them to its chain of retail stores, and has a staff to advise customers and help them set up their new computers. Upton's balance sheet as of December 31, 2015, is shown here (millions of dollars):
| Cash | $ 3.5 | Accounts payable | $ 9.0 | |
| Receivables | 26.0 | Notes payable | 18.0 | |
| Inventories | 58.0 | Line of credit | 0 | |
| Total current assets | $ 87.5 | Accruals | 8.5 | |
| Net fixed assets | 35.0 | Total current liabilities | $ 35.5 | |
| Mortgage loan | 6.0 | |||
| Common stock | 15.0 | |||
| Retained earnings | 66.0 | |||
| Total assets | $122.5 | Total liabilities and equity | $122.5 |
Sales for 2015 were $300 million and net income for the year was $9 million, so the firm's profit margin was 3.0%. Upton paid dividends of $3.6 million to common stockholders, so its payout ratio was 40%. Its tax rate is 40%, and it operated at full capacity. Assume that all assets/sales ratios, spontaneous liabilities/sales ratios, the profit margin, and the payout ratio remain constant in 2016. Do not round intermediate calculations.
a. If sales are projected to increase by $80 million, or 26.67%,
during 2016, use the AFN equation to determine Upton's projected
external capital requirements. Enter your answer in millions. For
example, an answer of $1.2 million should be entered as 1.2, not
1,200,000. Round your answer to two decimal places.
$ ........ million
b. Using the AFN equation, determine Upton's self-supporting
growth rate. That is, what is the maximum growth rate the firm can
achieve without having to employ nonspontaneous external funds?
Round your answer to two decimal places.
....... %
Use the forecasted financial statement method to forecast
Upton's balance sheet for December 31, 2016. Assume that all
additional external capital is raised as a line of credit at the
end of the year and is reflected (because the debt is added at the
end of the year, there will be no additional interest expense due
to the new debt).
Assume Upton's profit margin and dividend payout ratio will be the
same in 2016 as they were in 2015. What is the amount of the line
of credit reported on the 2016 forecasted balance sheets?
(Hint: You don't need to forecast the income statements
because you are given the projected sales, profit margin, and
dividend payout ratio; these figures allow you to calculate the
2016 addition to retained earnings for the balance sheet.) Round
your answers to two decimal places. Enter your answer in millions.
For example, an answer of $1.2 million should be entered as 1.2,
not 1,200,000.
| Upton
Computers Pro Forma Balance Sheet December 31, 2016 (Millions of Dollars) |
||
| Cash | $...... | |
| Receivables | $...... | |
| Inventories | $...... | |
| Total current assets | $..... | |
| Net fixed assets | $...... | |
| Total assets | $.... | |
| Accounts payable | $.... | |
| Notes payable | $..... | |
| Accruals | $..... | |
| Total current liabilities | $..... | |
| Mortgage loan | $.... | |
| Common stock | $.... | |
| Retained earnings | $.... | |
| Total liabilities and equity | $.... | |
In: Finance
Comprehensive Income Framework
The following is an alphabetical list of accounts for the Mack Company:
| Accounts Payable | Common Stock, $10 par | |
| Accounts Receivable | Delivery Expense | |
| Accumulated Depreciation: Buildings and Office | Depreciation Expense: Buildings and Office | |
| Equipment | Equipment | |
| Accumulated Depreciation: Store and Delivery | Depreciation Expense: Store and Delivery | |
| Equipment | Equipment | |
| Administrative Salaries | Dividend Income | |
| Advertising Expense | Dividends Payable | |
| Allowance for Doubtful Accounts | Freight on Purchases | |
| Bad Debts Expense | Fund to Retire Long-Term Bonds | |
| Bonds Payable | Gain on Sale of Division T | |
| Buildings | Gain on Sale of Equipment | |
| Cash | Income Tax Expense | |
| Cash Dividends Declared | Insurance Expense | |
| Interest Expense | Purchases | |
| Interest Income | Purchases Discounts Taken | |
| Interest Payable | Purchases Returns and Allowances | |
| Investment in Securities (Long-Term) | Rent Revenue | |
| Loss from Operations of Discontinued Division T | Retained Earnings, January 1, 2016 | |
| Loss on Sale of Office Equipment | Salaries Payable | |
| Merchandise Inventory, January 1, 2016 | Sales | |
| Merchandise Inventory, December 31, 2016 | Sales Commissions | |
| Miscellaneous Office Expenses | Sales Discounts Taken | |
| Miscellaneous Sales Expenses | Sales Salaries | |
| Mortgage Payable | Stock Dividends Declared | |
| Office Salaries | Unearned Rent | |
| Office Supplies Used | Unexpired Insurance | |
| Paid-in Capital on Common Stock | Unrealized Increase in Fair Value of | |
| Prepaid Office Supplies | Available-for-Sale Securities | |
| Property Tax Expense | Utilities Expense |
Required:
Ignoring amounts, select the appropriate accounts of Mack Company and prepare for 2016:
1. A multiple-step income statement with proper subheadings.
| MACK COMPANY | ||||
| Income Statement | ||||
| For Year Ended December 31, 2016 | ||||
| Sales | $XXXX | |||
| Less: Sales discounts taken | (XX) | |||
| Less: Purchases discounts taken | $XXXX | |||
| Cost of goods sold | ||||
| Selling expenses | $XXX | |||
| $XXX | ||||
| XX | ||||
| $XXX | ||||
| $XX | ||||
| XX | (XX) | |||
| XXX | ||||
| Cost of goods available for sale | $XXX | |||
| (XX) | ||||
| Cost of goods sold | (XXX) | |||
| Gross profit | $XXXX | |||
| Operating expenses | ||||
| Selling expenses | ||||
| $XX | ||||
| XX | ||||
| XX | ||||
| XX | ||||
| XX | ||||
| Total selling expenses | $XXX | |||
| Administrative expenses | ||||
| $XX | ||||
| XX | ||||
| XX | ||||
| XX | ||||
| XX | ||||
| XX | ||||
| XX | ||||
| XX | ||||
| Total administrative expenses | XXX | |||
| Depreciation expenses | ||||
| $XX | ||||
| (XX) | ||||
| Total depreciation expenses | (XX) | |||
| Total operating expenses | ||||
| Operating income | $XXXX | |||
| Other items | ||||
| $XX | ||||
| XX | ||||
| XX | ||||
| XX | ||||
| (XX) | ||||
| (XX) | XXX | |||
| Pretax income from continuing operations | $XXXX | |||
| (XXX) | ||||
| $XXXX | ||||
| Results from discontinued operations | ||||
| $(XXX) | ||||
| XXX | XXX | |||
| Net Income | ||||
| Components of Income | EPS | |||
| $X.XX | ||||
| X.XX | ||||
| $X.XX | ||||
Feedback
2. A statement of comprehensive income.
| MACK COMPANY | |
| Statement of Comprehensive Income | |
| For Year Ended December 31, 2016 | |
| $XXXX | |
| Other comprehensive income | |
| XX | |
| Comprehensive income | $XXXX |
Feedback
3. A retained earnings statement.
| MACK COMPANY | ||
| Statement of Retained Earnings | ||
| For Year Ended December 31, 2016 | ||
| $XXXX | ||
| XXXX | ||
| $XXXX | ||
| $XXX | ||
| XXX | (XXX) | |
| $XXXX | ||
In: Accounting
CONCEPTS FOR ANALYSIS
CA22-1 GROUPWORK (Analysis of Various Accounting Changes and Errors) Mathys Inc. has recently hired a new independent auditor, Karen Ogleby, who says she wants “to get everything straightened out.” Consequently, she has proposed the following accounting changes in connection with Mathys Inc.'s 2017 financial statements.
1. At December 31, 2016, the client had a receivable of $820,000 from Hendricks Inc. on its balance sheet. Hendricks Inc. has gone bankrupt, and no recovery is expected. The client proposes to write off the receivable as a prior period item.
2. The client proposes the following changes in depreciation policies.
(a) For office furniture and fixtures, it proposes to change from a 10-year useful life to an 8-year life. If this change had been made in prior years, retained earnings at December 31, 2016, would have been $250,000 less. The effect of the change on 2017 income alone is a reduction of $60,000.
(b) For its new equipment in the leasing division, the client proposes to adopt the sum-of-the-years'-digits depreciation method. The client had never used SYD before. The first year the client operated a leasing division was 2017. If straight-line depreciation were used, 2017 income would be $110,000 greater.
3. In preparing its 2016 statements, one of the client's bookkeepers overstated ending inventory by $235,000 because of a mathematical error. The client proposes to treat this item as a prior period adjustment.
4. In the past, the client has spread preproduction costs in its furniture division over 5 years. Because its latest furniture is of the “fad” type, it appears that the largest volume of sales will occur during the first 2 years after introduction. Consequently, the client proposes to amortize preproduction costs on a per-unit basis, which will result in expensing most of such costs during the first 2 years after the furniture's introduction. If the new accounting method had been used prior to 2017, retained earnings at December 31, 2016, would have been $375,000 less.
5. For the nursery division, the client proposes to switch from FIFO to LIFO inventories because it believes that LIFO will provide a better matching of current costs with revenues. The effect of making this change on 2017 earnings will be an increase of $320,000. The client says that the effect of the change on December 31, 2016, retained earnings cannot be determined.
6. To achieve an appropriate recognition of revenues and expenses in its building construction division, the client proposes to switch from the completed-contract method of accounting to the percentage-of-completion method. Had the percentage-of-completion method been employed in all prior years, retained earnings at December 31, 2016, would have been $1,075,000 greater.
Instructions
(a) For each of the changes described above, decide whether:
(1) The change involves an accounting principle, accounting estimate, or correction of an error.
(2) Restatement of opening retained earnings is required.
(b) What would be the proper adjustment to the December 31, 2016, retained earnings?
In: Accounting
You have been assigned to examine the financial statements of Jones, Inc. for the year ended December 31, 2018. You discover the following situations in February 2019.
Jones, Inc. has not accrued salaries payable at the end of each of the last 2 years, as follows.
December 2016 6000
December 2017 0
December 2018 4,100
2. The physical inventory count has been incorrectly counted resulting in the following errors.
December 2016 Understated $12,000
December 2017 Understated $14,000
December 2018 No Error $0
3. The company received 24,000 from a customer on a special order on December 22, 2018. It was recorded as a sale on the ay the money was received. The merchandise arrived at Jones, Inc.’s of business on January 16, 2019 and shipped it to the customer on January 17, 2019. The inventory was not included in the ending inventory on December 31, 2018.
4. In 2018, the company sold equipment for $3,100 which originally cost $30,000 and had a book value of $4,000. the company recorded the following on the date of sale:
Cash 3,100
Equipment 3,100
5. At December 31, 2018 Jones Inc decided to change the depreciation method on its machinery from double declining balance to straight line. The machinery had an original cost $150,000 when purchased on January 1, 2016. It has 10 year useful life and no salvage value. Depreciation expense has been recorded each year including 2018 using double declining method.
6. In 2017 a competitor company filed a patent-patent-infringement suit against Jones, claiming damages of $150,000. During December 2018 the company’s legal counsel indicated that an unfavorable verdict is probably and estimated to be a loss of $135,000. The company has not reflected or disclosed this situation in the financial statements.
7. A $24,000 insurance premium paid of July 1, 2017 for a policy that expires on June 30, 2019, was charged to Prepaid Insurance. The trial balance at 12/31/18 shows the $24,000 in the Prepaid Insurance account.
8. A trademark was acquired at the beginning of 2016 for $40,000. The trademark was expensed when purchased. The trademark should be amortized over 10 years.
9. Commisions on sales have been entered when paid. Commissions payable on December 31 of each year were:
2016 1,400
2017 800
2018 1,120
10. A relatively small number of machines have been shipped on consigment. These transactions have been recorded as ordinary sales and billed as such. On December 31 of each year, machines billed and in the hands of consignees amounted to:
2016 none
2017 none
2018 4,800
11. Reported Net Income is
2016 815,000
2017 760,000
2018 890,000
The inventory was properly included in the inventory on the Balance Sheet at December 31
Instructions
Assume the trial balance has been prepared but the books HAVE NOT been closed for 2018. Prepare journal entries showing adjustments that are required. (Ignore income tax)
Assume the trial balance has been prepared but the books HAVE been closed for 2018. Prepare journal entries showing the adjustments that are required. (Ignore income tax)
In: Accounting