In: Accounting
Sheridan Inc. reported income from continuing operations before
taxes during 2020 of $804,900. Additional transactions occurring in
2020 but not considered in the $804,900 are as follows.
| 1. | The corporation experienced an uninsured flood loss in the amount of $93,900 during the year. | |
| 2. | At the beginning of 2018, the corporation purchased a machine for $70,200 (salvage value of $11,700) that had a useful life of 6 years. The bookkeeper used straight-line depreciation for 2018, 2019, and 2020, but failed to deduct the salvage value in computing the depreciation base. | |
| 3. | Sale of securities held as a part of its portfolio resulted in a loss of $58,400 (pretax). | |
| 4. | When its president died, the corporation realized $159,600 from an insurance policy. The cash surrender value of this policy had been carried on the books as an investment in the amount of $47,530 (the gain is nontaxable). | |
| 5. | The corporation disposed of its recreational division at a loss of $117,100 before taxes. Assume that this transaction meets the criteria for discontinued operations. | |
| 6. | The corporation decided to change its method of inventory pricing from average-cost to the FIFO method. The effect of this change on prior years is to increase 2018 income by $60,600 and decrease 2019 income by $21,510 before taxes. The FIFO method has been used for 2020. The tax rate on these items is 30%. |
Prepare an income statement for the year 2020 starting with income
from continuing operations before taxes. Compute earnings per share
as it should be shown on the face of the income statement. Common
shares outstanding for the year are 108,490 shares. (Assume a tax
rate of 30% on all items, unless indicated otherwise.)
(Round earnings per share to 2 decimal places, e.g.
1.48 and all other answers to 0 decimal places, e.g.
5,275.)
In: Accounting
Please answer ALL of the following questions!
1. Suppose China is rich in unskilled labor relatively to Japan. Then, according to the Heckscher=Ohlin model, China tends to export (a. high-tech goods/ b. low-tech goods) to Japan and a trade with China benefits (a. unskilled labor/ b. skilled labor/ c. capital owner) of Japan.
2. Wage rates across countries tend (a. to be equalized only if/ b. to be equalized whether or not) trade barriers and technology gaps are absent. When Japan imports low-technology goods and export high-technology goods, a rise in the relative price of imports of Japan tends to (a. increase/ b. decrease/ c. not affect) its skilled-labor wage/ unskilled-labor wage ratio and (a. increase/ b. decrease/ c. not affect) its welfare.
3. The Leontief Paradox comes from the fact that the US exported (a. capital/ b. labor/ c. technology) intensive goods. The paradox can be explained by (a. complete specialization/ b. productivity difference/ c. no output price convergence).
4. If China’s growth worsens her terms of trade, it will (a. always hurt/ b. sometimes hurt/ c. always benefit) her trading partners, and will (a. always hurt/ b. sometimes hurt/ c. always benefit) herself.
5. Since the welfare effects of import tariffs and export subsidies are clear cut, home country’s tariffs should be (a. always welcome/ b. sometimes welcome/ c. never welcome) to home citizens rather than its export subsidies, which is (a. always welcome/ b. sometimes welcome/ c. never welcome) to foreign citizens.
Foreign aid (a. increases/ b. reduces) its donor country’s purchasing power and leads to a (a. rise/ b. decline) of her export goods price, if the country is (a. large/ b. small) and has a home bias for the export goods. On the other hand, if foreign aid decreases a recipient country’s export price, it (a. always hurt/ b. sometimes hurt/ c. always benefit) the country.
In: Economics
Purchasing a car is a difficult decision. Car prices are a function of many variables such as mileage, age, foreign or domestic manufacture and engine technology utilized. Develop and run the following multiple regression model:
What will the expected price of a car be in the lemon market if the age of a car was 8 years, with 9,000 miles on it, is of foreign make and with V6 engine?
| Use Car Price ($) | Mileage (Miles) | Age (Years) | Dummy Engine: V6 Technology=0, Not V6 Technology=1 | Dummy Foreign: US=0, Foreign=1 |
| 26900 | 18000 | 10 | 1 | 1 |
| 24995 | 18500 | 11 | 0 | 1 |
| 23998 | 18670 | 12 | 0 | 1 |
| 22988 | 19000 | 17 | 1 | 0 |
| 21895 | 19020 | 16 | 0 | 0 |
| 20995 | 19540 | 18 | 1 | 0 |
| 19995 | 20001 | 19 | 0 | 0 |
| 19995 | 20025 | 19 | 0 | 0 |
| 18995 | 21000 | 18 | 0 | 0 |
| 18975 | 21250 | 17 | 0 | 0 |
| 17999 | 22000 | 17 | 0 | 0 |
| 17995 | 22134 | 18 | 0 | 0 |
| 17995 | 22345 | 18 | 0 | 0 |
| 16950 | 23450 | 19 | 1 | 0 |
| 16922 | 23540 | 20 | 0 | 0 |
| 16796 | 23780 | 20 | 1 | 0 |
| 15988 | 24000 | 21 | 0 | 1 |
| 14995 | 24670 | 22 | 0 | 1 |
| 14995 | 25000 | 23 | 1 | 1 |
| 14990 | 25009 | 23 | 1 | 1 |
| 13877 | 26001 | 24 | 0 | 1 |
| 11995 | 27001 | 15 | 0 | 1 |
| 11495 | 27250 | 16 | 0 | 1 |
| 10990 | 28000 | 17 | 0 | 1 |
In: Statistics and Probability
Last week, a small company based in Texas won its patent infringement lawsuit against Nintendo of America. The jury awarded iLife Technologies $10 million in damages when it decided that Nintendo's Wii controllers infringe on iLife's six patents on motion-sensing technology. iLife filed the federal patent lawsuit against Nintendo in 2013, asking for $144 million. The suit stated that Nintendo's Wii and Wii U controllers use accelerometers to track how a player is moving their hands relative to their environment, which is a system iLife says it invented and patented for use in medical monitors that would automatically call an ambulance if an elderly person fell or if a baby was at risk of dying from sudden infant death syndrome. Nintendo, in a statement during the court proceeding, said the patent was not written correctly to cover the way the company used motion-sensing technology in its controllers. In a statement to the BBC, the company said it would appeal the judgment. "Nintendo disagrees with the decision, as Nintendo does not infringe iLife's patent and the patent is invalid," Nintendo said in a statement. "Nintendo looks forward to raising those issues with the district court and with the court of appeals." iLife's lawsuit sought a $4 royalty on each Wii console sold in the six years before iLife launched legal action, totaling 36 million units. iLife also sued Fitbit and Under Armour in similar lawsuits, both of which were dismissed and settled out of court, according to court filings. Back in 2013, an attorney for iLife's CEO Michael Lehrman denounced claims that Lehrman was a "patent troll." "iLife and its CEO Michael Lehrman are the original inventors of this technology, and the company does not enforce any patents that it did not develop," Wallace Dunwoody, an attorney and partner at Munck Wilson Mandala, told the Dallas Observer. "Unlike so-called patent trolls, iLife also has a history of developing and bringing to market products using their technology." PUBLISHED ON: SEP 5, 2017
give me a summary to this article
In: Economics
I'm being ask to design an experiment about enzymes. I'm not sure about how to do that.
To test for the presence of monosaccharides and reducing disaccharide sugars in food, the food sample is dissolved in water, and a small amount of Benedict's reagent is added. The solution should progress in the colors of blue (with no glucose present), green, yellow, orange, red, and then brick red when there is a large amount of glucose present.
Design an experiment where you would determine how quickly Lactaid works to break down milk sugar at different temperatures and pH. Be specific in your description and create illustrations.
answer the questions below
a. What are enzymes?
b. How do enzymes work?
c. What is lactase?
d. What is Lactaid?
e. What is lactose intolerance?
2. Write down how you will perform these experiments? There are two experiments. (1) How does temperature influence Lactaid’s ability to break down lactose (2) How does pH influence Lactaid’s ability to break down lactose? Include illustrations and be very specific and elaborate on why you are doing 3. Write down what you think will happen in each experiment.
Thank you.
In: Biology
1. Blue Spruce Corp. purchased a new machine on October 1, 2019, at a cost of $134,000. The company estimated that the machine will have a salvage value of $20,000. The machine is expected to be used for 10,000 working hours during its 5-year life.
Compute the depreciation expense under straight-line method for
2019. (Round answer to 0 decimal places, e.g.
2,125.)
2019 Depreciation expense:
2. Yello Bus Lines uses the units-of-activity method in depreciating its buses. One bus was purchased on January 1, 2019, at a cost of $227,125. Over its 4-year useful life, the bus is expected to be driven 132,500 miles. Salvage value is expected to be $8,500.
Compute the depreciable cost per unit. (Round answer to 2 decimal places, e.g. 0.50.)
Depreciation cost per unit: per mile
3. In recent years, Sheffield Transportation purchased three used buses. Because of frequent turnover in the accounting department, a different accountant selected the depreciation method for each bus, and various methods were selected. Information concerning the buses is shown as follows.
For the declining-balance method, the company uses the double-declining rate. For the units-of-activity method, total miles are expected to be 124,000. Actual miles of use in the first 3 years were 2018, 26,000; 2019, 31,500; and 2020, 29,500.
For Bus #3, calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.)
Depreciation expense: per mile
USE CHART BELOW THIS
|
Bus |
Acquired |
Cost |
Salvage |
Useful Life |
Depreciation |
|||||
| 1 | 1/1/17 | $ 99,000 | $ 7,500 | 4 | Straight-line | |||||
| 2 | 1/1/17 | 130,000 | 10,500 | 5 | Declining-balance | |||||
| 3 | 1/1/18 | 89,340 | 7,500 | 4 | Units-of-activity |
4. On January 1, 2019, Pina Colada Company purchased the
following two machines for use in its production process.
| Machine A: | The cash price of this machine was $46,000. Related expenditures included: sales tax $3,250, shipping costs $200, insurance during shipping $110, installation and testing costs $90, and $100 of oil and lubricants to be used with the machinery during its first year of operations. Pina Colada estimates that the useful life of the machine is 5 years with a $4,200 salvage value remaining at the end of that time period. Assume that the straight-line method of depreciation is used. | |
| Machine B: | The recorded cost of this machine was $180,000. Pina Colada estimates that the useful life of the machine is 4 years with a $9,850 salvage value remaining at the end of that time period. |
Prepare the following for Machine A. (Round answers to 0 decimal places, e.g. 2,125. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
|
|||||||||||||
5. At December 31, 2019, Sheffield Corp. reported the following
as plant assets.
| Land | $ 3,770,000 | |||
| Buildings | $27,870,000 | |||
| Less: Accumulated depreciation—buildings | 11,900,000 | 15,970,000 | ||
| Equipment | 48,370,000 | |||
| Less: Accumulated depreciation—equipment | 4,850,000 | 43,520,000 | ||
| Total plant assets | $63,260,000 |
During 2020, the following selected cash transactions
occurred.
| April 1 | Purchased land for $2,120,000. | |
| May 1 | Sold equipment that cost $930,000 when purchased on January 1, 2016. The equipment was sold for $558,000. | |
| June 1 | Sold land purchased on June 1, 2010 for $1,490,000. The land cost $394,000. | |
| July 1 | Purchased equipment for $2,480,000. | |
| Dec. 31 | Retired equipment that cost $508,000 when purchased on December 31, 2010. The company received no proceeds related to salvage. |
Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year life and no salvage value. The equipment is estimated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
In: Accounting
This maze project assumes that a cell is rectangular, and that there is an entrance into and an exit from the cell. What if the entrance and the exit were closed doors and the user was to choose which door leads to the next cell? What would be some pseudocode for this scenario?
Notice that " switch case " statements are used for this project along with " if " statements. Can they be interchanged and still produce the same results [ i.e., make the switch case statements into if statements, and the if statements into switch case statements ] ? Support your answer!
Reference source code for more information:
public class Maze
{
static Scanner sc = new Scanner(System.in);
// maze movements
static char myMove = '\0';
// cell position
static int currentCell = 0;
static int score = 0;
static boolean advance = true;
static boolean checkThis = false;
public static void main(String args[])
{
// the local variables declared and initialized
char answer = 'Y';
displayMenu();
while(answer == 'Y' || answer == 'y')
{
displayMovement();
makeYourMove();
checkThis = checkYourMove();
mazeStatus();
System.out.println("move again(Y or N)?");
answer = sc.next().charAt(0);
}
System.out.println("***************************");
}// end main() method
static void displayMenu()
{
System.out.println("");
System.out.println("***************************");
System.out.println("----The Maze Strategy---");
System.out.println("");
}// end method
static void displayMovement()
{
if(currentCell == 0)
{
System.out.println("You have entered the maze!!");
System.out.println("There is no turning back!!");
currentCell = 1;
mazeStatus();
advance = true;
}
System.out.println("make your move (W, A, S, D)");
System.out.println("W = up, A = left, S = down, D = right)");
}// end method
static void makeYourMove()
{
myMove = sc.next().charAt(0);
score++;
switch(myMove)
{
case 'W': { MoveUp(); break; }
case 'A': { MoveLeft(); break; }
case 'S': { MoveDown(); break; }
case 'D': { MoveRight(); break; }
}
// end program menu
}// end method
static boolean checkYourMove()
{
if(currentCell == 1 && advance == true)
{
if (myMove == 'W')
{
advance = false;
System.out.println("try again");
return advance;
}
if (myMove == 'A')
{
advance = false;
System.out.println("SORRY, there is no return");
return advance;
}
if (myMove == 'D')
{
currentCell = 2;
advance = true;
System.out.println("continue through the maze");
return advance;
}
if (myMove == 'S')
{
advance = false;
System.out.println("continue through the maze");
return advance;
}
}
return advance;
// end program menu
}// end method
static void MoveLeft()
{
System.out.println("you moved to the left");
}// end method
static void MoveRight()
{
System.out.println("you moved to the right");
}// end method
static void MoveUp()
{
System.out.println("you moved up (forward)");
}// end method
static void MoveDown()
{
System.out.println("you moved down (downward)");
}// end method
static void mazeStatus()
{
System.out.println("current position: cell " + currentCell);
}// end method
}// end class
In: Computer Science
Williams-Santana, Inc., is a manufacturer of high-tech industrial parts that was started in 2009 by two talented engineers with little business training. In 2021, the company was acquired by one of its major customers. As part of an internal audit, the following facts were discovered. The audit occurred during 2021 before any adjusting entries or closing entries were prepared. The income tax rate is 25% for all years.
Required:
For each situation:
1. Identify whether it represents an accounting
change or an error. If an accounting change, identify the type of
change. For accounting errors, choose "Not applicable".
2. Prepare any journal entry necessary as a direct
result of the change or error correction, as well as any adjusting
entry for 2021 related to the situation described. Any tax effects
should be adjusted for through Income tax payable or Refund—income
tax.
Prepare any journal entry necessary as a direct result of the change or error correction, as well as any adjusting entry for 2021 related to the situation described. Any tax effects should be adjusted for through Income tax payable or Refund—income tax. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
| No | Transaction | General Journal | Debit | Credit |
|---|---|---|---|---|
| 1 | a(1) | Prepaid insuranceselected answer correct | 35,000selected answer incorrect | not attempted |
| Retained earningsselected answer correct | not attempted | 35,000selected answer incorrect | ||
| 2 | a(2) | Insurance expenseselected answer correct | 7,000selected answer correct | not attempted |
| Prepaid insuranceselected answer correct | not attempted | 7,000selected answer correct | ||
| 3 | b(1) | Depreciation expenseselected answer incorrect | 15,000selected answer incorrect | not attempted |
| Accumulated depreciationselected answer incorrect | not attempted | 15,000selected answer incorrect | ||
| 4 | b(2) | Retained earningsselected answer incorrect | 25,000selected answer incorrect | not attempted |
| Inventoryselected answer incorrect | not attempted | 25,000selected answer incorrect | ||
| 5 | c(1) | Inventoryselected answer incorrect | 960,000selected answer incorrect | not attempted |
| Retained earningsselected answer correct | not attempted | 960,000selected answer incorrect | ||
| 6 | c(2) | Depreciation expenseselected answer incorrect | 57,600selected answer incorrect | not attempted |
| Accumulated depreciationselected answer incorrect | not attempted | 57,600selected answer incorrect | ||
| 7 | d(1) | Warranty expenseselected answer incorrect | 30,000selected answer incorrect | not attempted |
| Estimated warranty liabilityselected answer incorrect | not attempted | 30,000selected answer incorrect | ||
| 8 | d(2) | Retained earningsselected answer incorrect | 25,000selected answer incorrect | not attempted |
| Inventoryselected answer incorrect | not attempted | 25,000selected answer incorrect | ||
| 9 | e(1) | Retained earningsselected answer correct | 5,000selected answer incorrect | not attempted |
| Inventoryselected answer incorrect | not attempted | 5,000selected answer incorrect | ||
| 10 | e(2) | Depreciation expenseselected answer incorrect | 15,000selected answer incorrect | not attempted |
| Accumulated depreciationselected answer incorrect | not attempted | 15,000selected answer incorrect | ||
| 11 | f(1) | Depreciation expenseselected answer incorrect | 15,000selected answer incorrect | not attempted |
| Accumulated depreciationselected answer incorrect | not attempted | 15,000selected answer incorrect | ||
| 12 | f(2) | Retained earningsselected answer incorrect | 25,000selected answer incorrect | not attempted |
| Inventoryselected answer incorrect | not attempted | 25,000selected answer incorrect | ||
| 13 | g(1) | Retained earningsselected answer incorrect | 15,500selected answer incorrect | not attempted |
| Compensation expenseselected answer incorrect | not attempted | 15,500selected answer incorrect | ||
| 14 | g(2) | Warranty expenseselected answer correct | 30,000selected answer correct | not attempted |
| Estimated warranty liabilityselected answer correct | not attempted | 30,000selected answer correct |
In: Accounting
write a paper about an entrepreneur you admire. Select one entrepreneur in your country, region or the world that you admire. Then write a biographical essay on the person using the requirements outlined below.Word limit: 1500-2500 words.
Your essay should contain:
2. Introduction. This will provide the reader with
basic background information on why this entrepreneur was
chosen.
3. Body of the essay. This should include the following
information:
• Business and industry of your selected
entrepreneur (innovation, market share, future in the industry, and
profitability)
• Entrepreneur’s background.
• Decision for the entrepreneur to start their own
company as well as the industry they chose.
• Major events and decision in the entrepreneur’s
life.
• Challenges that the entrepreneur had to
overcome.
• Innovative techniques and practices the entrepreneurs
used to gain a competitive advantage.
4. Conclusion. Discuss the innovative techniques
used by the entrepreneur and how they gave a competitive
advantage.
5. References
In: Economics