*Answer all of the questions, they are all necessary.

Prepare Adjusting Entries

1. Panda Corporation paid cash of $144,000 on June 1, 2020 for one year’s rent in advance and recorded the transaction with a debit to Prepaid Rent.
   • Prepare the December 31, 2020 adjusting entry
     1. (Clearly show debit and credit – debits are left and credits are right
     2. Do a journal entry
2. During the first year of Wilkinson Co.'s operations, all purchases were recorded as assets. Supplies in the amount of $28,800 were purchased. Actual year-end supplies amounted to $6,600.
   • Prepare the December 31^st adjusting entry
     1. (Clearly show debit and credit – debits are left and credits are right
     2. Follow the “Journal Entry”

3. Create a Financial Planner. The adjusted trial balance of Ryan Financial Planners appears below.

Using the information from the adjusted trial balance, you are to prepare for the month ending December 31, 2020:

• Remember, Assets = Liabilities + Stockholder’s Equity

         1.      an income statement.

         2.      a retained earnings statement.

         3.      a balance sheet.

                                                                                                                    Debit                  Credit

Cash                                                                      .............................      $ 4,900

Accounts Receivable..........................................................................          2,200

Supplies.............................................................................................          1,800

Equipment .........................................................................................        20,000

Accumulated Depreciation—Equipment..........................................                                 $ 5,000

Accounts Payable..............................................................................                                     3,800

Unearned Service Revenue...............................................................                                     5,000

Common Stock..................................................................................                                   11,000

Retained Earnings..............................................................................                                     4,400

Dividends...........................................................................................          2,000

Service Revenue................................................................................                                     8,700

Supplies Expense...............................................................................             600

Depreciation Expense........................................................................          3,500

Rent Expense.....................................................................................          2,900               ______

                                                                                                                 $37,900              $37,900

1.                                                RYAN FINANCIAL PLANNERS

Income Statement

For the Month Ended December 31, 2020

2.                                                RYAN FINANCIAL PLANNERS

Retained Earnings Statement

For the Month Ended December 31, 2020

3.                                                RYAN FINANCIAL PLANNERS

Balance Sheet

December 31, 2020

Assets

Liabilities and Stockholders’ Equity

For this assessment, you are an advanced practice nurse working on an inpatient rehabilitation unit. You care for many patients after they experience strokes, paralysis after spinal cord injuries, severe burn injuries, and amputations after illness or injury. The patients stay for 3-8 weeks depending on the severity of their illness and their baseline level of strength. Each patient participates in at least 3 hours per day of a combination of physical, occupational, and/or speech therapy in order to speed recovery. To be eligible for admittance to the unit, the admitting doctor or APN must feel that the patient will be capable of this intensive therapy--so many times, the patients are on the younger end of the spectrum.

You are the leader of the nursing team, whose goal is to support therapy goals and to address the psychosocial needs of patients and families. Because of this, nurses are the team member most likely to identify which patients are exhibiting adaptive patterns that will promote a healthful new pattern after the disorganization of this injury; and which patients are exhibiting patterns that indicate poor coping. The unit recognizes how important family caregivers are and the nursing team also assesses and intervenes to support the family's psychosocial needs.

You and your team have identified that a subset of caregivers that most often seem to struggle with achieving health patterns before discharge is younger (20's-40's) male caregivers of spouses/partners.

Using the themes identified in the research by Macleod (2011) as salient to the development of healthy patterns for caregivers, development an assessment that can help the nursing team best identify which caregivers in this group are likely to move toward healthy patterns/expanded consciousness and which may need a referral for further intervention. Nurses will use these assessment questions to check progress of expanding consciousness each week before the multidisciplinary team meetings so the nurse can advocate for a referral if necessary. Remember to keep the theoretical definitions from Newman's Health as Expanding Consciousness Theory in mind as you develop the assessment.

Answer each of the questions in the following unrelated situations.

(a) The current ratio of a company is 6:1 and its acid-test ratio is 1:1. If the inventories and prepaid items amount to $544,000, what is the amount of current liabilities?

(b) A company had an average inventory last year of $200,000 and its inventory turnover was 6. If sales volume and unit cost remain the same this year as last and inventory turnover is 8 this year, what will average inventory have to be during the current year? (Round answer to 0 decimal places, e.g. 125.)

(c) A company has current assets of $99,000 (of which $39,000 is inventory and prepaid items) and current liabilities of $39,000. What is the current ratio? What is the acid-test ratio? If the company borrows $17,000 cash from a bank on a 120-day loan, what will its current ratio be? What will the acid-test ratio be? (Round answers to 2 decimal places, e.g. 2.50.)

(d) A company has current assets of $654,000 and current liabilities of $240,000. The board of directors declares a cash dividend of $183,000. What is the current ratio after the declaration but before payment? What is the current ratio after the payment of the dividend? (Round answers to 2 decimal places, e.g. 2.50.)

Bank Three currently has $800 million in transaction deposits on its balance sheet. The Federal Reserve has currently set the reserve requirement at 10 percent of transaction deposits.

a. If the Federal Reserve decreases the reserve requirement to 8 percent, show the balance sheet of Bank Three and the Federal Reserve System just before and after the full effect of the reserve requirement change. Assume Bank Three withdraws all excess reserves and gives out loans and that borrowers eventually return all of these funds to Bank Three in the form of transaction deposits.
b. Redo part (a) using a 16 percent reserve requirement.
  

If the Federal Reserve decreases the reserve requirement to 8 percent, show the balance sheet of Bank Three and the Federal Reserve System just before and after the full effect of the reserve requirement change. Assume Bank Three withdraws all excess reserves and gives out loans and that borrowers eventually return all of these funds to Bank Three in the form of transaction deposits. (Do not round intermediate calculations. Enter your answers in millions rounded to the nearest dollar amount.)

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Redo part (a) using a 16 percent reserve requirement. (Do not round intermediate calculations. Enter your answers in millions rounded to the nearest dollar amount.)

Product Planning with Taxes
Assume that last year, Cliff Consulting, a firm in Berkeley, CA, had the following contribution income statement:

(a) Determine the annual break-even point in sales revenue.

Round contribution margin ratio to two decimal places for your calculation. Round final answer to nearest dollar.
$Answer

(b) Determine the annual margin of safety in sales revenue.

Use rounded answer from above for calculation.
$Answer

(c) What is the break-even point in sales revenue if management makes a decision that increases fixed costs by $80,000?

Use rounded contribution margin ratio (2 decimal places) for your calculation.
Round your answer to the nearest dollar.
$Answer

(d) With the current cost structure, including fixed costs of $440,000, what dollar sales revenue is required to provide an after-tax net income of $250,000?

Use rounded contribution margin (2 decimal places) for calculation. Round your answer to the nearest dollar.
$Answer

(e) Prepare an abbreviated contribution income statement to verify that the solution to requirement (d) will provide the desired after-tax income.

Use rounded contribution margin (2 decimal places) for variable cost/contribution margin computations. Round your answers to the nearest dollar.
Use rounded answers for subsequent calculations. Do not use negative signs with any of your answers.

Multiple Product Planning with Taxes
In the year 2017, Pyramid Consulting had the following contribution income statement:

(a) Determine the annual break-even point in sales revenue.

Round contribution margin ratio to two decimal places for your calculation. Round final answer to nearest dollar.  
$Answer

(b) Determine the annual margin of safety in sales revenue.

Use rounded answer from above for calculation.
$Answer

(c) What is the break-even point in sales revenue if management makes a decision that increases fixed costs by $57,000?

Use rounded contribution margin ratio (2 decimal places) for your calculation.
$Answer

(d) With the current cost structure, including fixed costs of $285,000, what dollar sales revenue is required to provide an after-tax net income of $200,000?

Use rounded contribution margin (2 decimal places) for calculation. Round your answer to the nearest dollar.  
$Answer

(e) Prepare an abbreviated contribution income statement to verify that the solution to requirement (d) will provide the desired after-tax income.

Use rounded contribution margin (2 decimal places) for variable cost/contribution margin computations. Round your answers to the nearest dollar. Use rounded answers for subsequent calculations. Do not use negative signs with any of your answers.