As of January 1, 2020, the City of Summerhaven began a municipal bus operation. The adjusted trial balance below was prepared as of December 31, 2020:

                                                                                                  Debits        Credits

Cash                                                                                 $      45,000      $

Investments                                                                              85,000

Supplies                                                                                    20,000

Restricted Assets                                                                      30,000

Land                                                                                        100,000

Land Improvements                                                               200,000

Accumulated Depreciation-Land Improvements                                             10,000

Building                                                                                   400,000

Accumulated Depreciation-Building                                                                20,000

Buses                                                                                       500,000

Accumulated Depreciation-Buses                                                                    50,000

Accounts Payable                                                                                             45,000

Salaries Payable                                                                                                15,000

Interest Payable                                                                                                10,000

General Obligation Bonds Payable                                                               800,000

Other Financing Sources-transfer in                                                             400,000

Revenues—charges for services                                                                    360,000

Dividend and interest income                                                                            10,000

Fuel and Supplies Expense                                                        60,000

Salaries Expense                                                                       120,000

Utilities Expense                                                                           50,000

Depreciation Expense                                                                 80,000

Interest Expense                                                                          30,000           _________

Totals                                                                                 $1,720,000       $1,720,000

Additional information:

Ø A transfer of $400,000 was received from the general fund in January, 2020, and was used to acquire capital assets.

Ø General obligation bonds with a face value of $800,000 were sold for $800,000 on March 31, 2020. The bonds pay interest at 5% on March 31 and September 30. The bonds were used to acquire capital assets.

Ø The bond indenture requires that Summerhaven set aside assets for the payment of bond principal. The general obligation bonds are serial bonds, and the first serial payment will not be paid until 2023. Restricted assets consist entirely of investments.

3   Prepare the statement of net position at December 31, 2020.

4   Prepare the capital and related financing activities section of the statement of cash flows for the year ended December 31, 2020.

Please help with problems 3 and 4

On April 1, 2020, Larkspur Inc. entered into a cost plus fixed fee non-cancellable contract to construct an electric generator for Blue Spruce Corporation. At the contract date, Larkspur estimated that it would take two years to complete the project at a cost of $2,440,000. The fixed fee stipulated in the contract was $549,000. Larkspur appropriately accounts for this contract under the percentage-of-completion method. During 2020, Larkspur incurred costs of $976,000 related to this project. The estimated cost at December 31, 2020, to complete the contract is $1,464,000. Blue Spruce was billed $732,000 under the contract. The billings are non-refundable.

(a)

Correct answer iconYour answer is correct.

Calculate the amount of gross profit to be recognized by Larkspur under the contract for the year ended December 31, 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

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(b)

Show how the contract will be reported on the income statement for the year ended December 31, 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

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Patricia Johnson is the sole owner of Crane Vista Park, a public camping ground near the Crater Lake National Recreation Area. Patricia has compiled the following financial information as of December 31, 2020. Revenues during 2020—camping fees $186,228 Fair value of equipment $186,228 Revenues during 2020—general store 86,463 Notes payable 79,812 Accounts payable 14,632 Expenses during 2020 199,530 Cash on hand 30,595 Accounts receivable 23,278 Original cost of equipment 140,336 (a) Determine Patricia Johnson’s net income from Crane Vista Park for 2020. Net income $enter Net income in dollars (b) Prepare a balance sheet for Crane Vista Park as of December 31, 2020. (List Assets in order of liquidity.) CRANE VISTA PARK Balance Sheet choose the accounting period Assets enter a balance sheet item $enter a dollar amount enter a balance sheet item enter a dollar amount enter a balance sheet item enter a dollar amount select a closing section name for this part of the balance sheet $enter a total amount for this part of the balance sheet Liabilities and Owner’s Equity select an opening name for section one enter a balance sheet item $enter a dollar amount enter a balance sheet item enter a dollar amount select a closing name for section one enter a total amount for this section of the balance sheet select an opening name for section two enter a balance sheet item enter a dollar amount select a closing name for this part of the balance sheet $enter a total amount for this part of the balance sheet

Which samples do you think are non-biased samples of the population of all students at a college/four‐year university? If it is a biased sample, is there a different population for which you believe the sample could be considered a non-biased sample?

1. A random sample of 100 students from the registrar's student list
2. A random sample of 100 students in the library on a Thursday night
3. A random sample of 100 students in the student center on a Friday night
4. A random sample of 100 students at a basketball game on a Tuesday night
5. A random sample of 10 students from 10 randomly chosen dorms on campus
6. A random sample of 100 students from cars registered on campus

The dean of the College of Business at the University of La Verne has observed for several years and found that the probability distribution of the salary of the alumni’s first job after graduation is normal. The college collected information from 121 alumni and finds that the mean of their salary is $60k. Assuming a 95% confidence level, please do the following 1. Suppose the standard deviation of the collected data from 121 alumni is $3k. Can we conclude that the true mean of alumni salary is different from $58k

(a) What are the null and alternate hypotheses?

(b) Decide on the test statistic and calculate the value of the test statistic (hint: write the equation and calculate the statistic.

(c) Please make the conclusion.

In March 2020, a bank saw a 6% drop in assets, a 30% drop in capital, but no change in liabilities.

    (a) How much was the bank's leverage ratio (defined as the equity multiplier) at the beginning of March 2020?
    (b) How much was the bank's leverage ratio (defined as the equity multiplier) at the end of March 2020?
    (c) In April 2020, the bank's assets decreased by 2%, while the bank's liabilities remained unchanged. What was the percentage change in the bank's capital in April 2020?

From the December 31, 2019 balance sheet:

Convertible Preferred Stock, 6% cumulative, $100 par value, 100,000 shares authorized, 50,000 shares issued and outstanding. Dividends to preferred shareholders have been declared on schedule. Each preferred share is convertible to 4 shares of common stock (already adjusted for the 5% stock dividend).

Common Stock, $1 par, 10,000,000 shares authorized, 2,400,000 shares issued and outstanding.

Convertible bonds payable, 6% interest rate, $7,000,000 balance at December 31, 2018, issued at a discount on March 15, 2014. Each of the $1,000 bonds is convertible into 10 shares of common stock (already adjusted for the 5% stock dividend).

compute the Weighted Average Number of Common Shares for WDW Enterprises’ 2020 BASIC EARNINGS PER share

Compute Earnings Available to Common Shareholders for WDW Enterprises’ 2020 BASIC EARNINGS PER SHARE

Compute basic EPS

Determine WDW Enterprises’ 2020 DILUTED EARNINGS PER SHARE. Show computations that determine if any potentially dilutive security is dilutive or antidilutive.  

Computations for Convertible Preferred Stock (Incremental)

Computations for Convertible Bonds Payable (Incremental)

Computations for Stock Options (Incremental)

Weighted Average Number of Common Shares for WDW Enterprises’ 2020 DILUTED EARNINGS PER SHARE?

Earnings Available to Common Shareholders for WDW Enterprises’ 2020 DILUTED EARNINGS PER SHARE?

Compute diluted EPS

Flounder Corp.’s income statement for the year ended December 31, 2020, had the following condensed information:

There were no purchases or sales of trading (FV-NI) investments during 2020.

Flounder’s statement of financial position included the following comparative data at December 31:

Prepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

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Assume that Flounder Corp.’s current cash debt coverage ratio in 2019 was 4.5. Calculate the company’s current cash debt coverage ratio in 2020. (Round answer to 1 decimal places, e.g. 7.5.)

Mattel, a major US toy manufacturer, virtually gave away The learning company (TLC), a maker of software for toy, to rid itself of a disatrous acquisition. Mattel, which had paid $3.5 billion for TLC, sold the unit to affiliate to Cores Technology Group for rights to a share of future profits. Was this a related or unrelated diversification for Mattel? Explain your answer.? How might your answer to the first question have influenced the outcome?

When did company paid insurance start in the US?