Questions
How do your professional and personal values affect, positively and/or negatively, your workplace team’s effectiveness? How...

How do your professional and personal values affect, positively and/or negatively, your workplace team’s effectiveness?

How would you evaluate your workplace team’s effectiveness if you were the CEO?

In: Nursing

What strategic issues confront LVMH in 2016? What market or internal circumstances should most concern CEO...

What strategic issues confront LVMH in 2016? What market or internal circumstances should most concern CEO Bernard Arnault and his company’s senior leadership team?

Cite your sources.

In: Operations Management

If you are appointed to be the CEO of Amazon Turkey, what will be your major...

If you are appointed to be the CEO of Amazon Turkey, what will be your major strategic road map in terms of market entry and customer communication especially in Covid process? (think about using digital technologies)

In: Operations Management

Pacifica Papers Inc. needed to conserve cash, so instead of a cash dividend, the board of...

Pacifica Papers Inc. needed to conserve cash, so instead of a cash dividend, the board of directors declared a 10% common share dividend on June 30, 2020, distributable on July 15, 2020. Because performance during 2020 was better than expected, the company’s board of directors declared a $1.20 per share cash dividend on November 15, 2020, payable on December 1, 2020, to shareholders of record on November 30, 2020. The equity section of Pacifica’s December 31, 2019, balance sheet showed:

Common shares, unlimited shares authorized, 600,000 shares issued and outstanding

$

5,760,000

Retained earnings

3,300,000


Required:
1.
Journalize the declaration of the share dividend. The market prices of the shares were $17.90 on June 30, 2020, and $19.80 on July 15, 2020. Assume share dividends account is used when dividends are declared.

2.Journalize the declaration of the cash dividend. Assume share dividends account is used when dividends are declared.

3. Prepare the equity section of the balance sheet at December 31, 2020, assuming profit earned during the year was $3,389,000.

In: Accounting

Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal...

Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31):

2021 2020
Sales revenue $ 4,600,000 $ 3,700,000
Cost of goods sold 2,900,000 2,040,000
Administrative expense 840,000 715,000
Selling expense 400,000 342,000
Interest revenue 154,000 144,000
Interest expense 208,000 208,000
Loss on sale of assets of discontinued component 64,000


On July 1, 2021, the company adopted a plan to discontinue a division that qualifies as a component of an entity as defined by GAAP. The assets of the component were sold on September 30, 2021, for $64,000 less than their book value. Results of operations for the component (included in the above account balances) were as follows:

1/1/2021–9/30/2021 2020
Sales revenue $ 440,000 $ 540,000
Cost of goods sold (310,000 ) (344,000 )
Administrative expense (54,000 ) (44,000 )
Selling expense (24,000 ) (24,000 )
Operating income before taxes $ 52,000 $ 128,000


In addition to the account balances above, several events occurred during 2021 that have not yet been reflected in the above accounts:

  1. A fire caused $54,000 in uninsured damages to the main office building. The fire was considered to be an unusual event.
  2. Inventory that had cost $44,000 had become obsolete because a competitor introduced a better product. The inventory was written down to its scrap value of $7,000.
  3. Income taxes have not yet been recorded.


Required:
Prepare a multiple-step income statement for the Reed Company for 2021, showing 2020 information in comparative format, including income taxes computed at 25% and EPS disclosures assuming 500,000 shares of outstanding common stock. (Amounts to be deducted should be indicated with a minus sign. Round EPS answers to 2 decimal places.)

In: Accounting

6. Selected information about income statement accounts for the Reed Company is presented below (the company's...

6.

Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31):

2021 2020
Sales revenue $ 5,300,000 $ 4,400,000
Cost of goods sold 3,040,000 2,180,000
Administrative expense 980,000 855,000
Selling expense 540,000 482,000
Interest revenue 168,000 158,000
Interest expense 236,000 236,000
Loss on sale of assets of discontinued component 120,000


On July 1, 2021, the company adopted a plan to discontinue a division that qualifies as a component of an entity as defined by GAAP. The assets of the component were sold on September 30, 2021, for $120,000 less than their book value. Results of operations for the component (included in the above account balances) were as follows:

1/1/2021–9/30/2021 2020
Sales revenue $ 580,000 $ 680,000
Cost of goods sold (380,000 ) (428,000 )
Administrative expense (68,000 ) (58,000 )
Selling expense (38,000 ) (38,000 )
Operating income before taxes $ 94,000 $ 156,000


In addition to the account balances above, several events occurred during 2021 that have not yet been reflected in the above accounts:

  1. A fire caused $68,000 in uninsured damages to the main office building. The fire was considered to be an unusual event.
  2. Inventory that had cost $58,000 had become obsolete because a competitor introduced a better product. The inventory was written down to its scrap value of $5,000.
  3. Income taxes have not yet been recorded.


Required:
Prepare a multiple-step income statement for the Reed Company for 2021, showing 2020 information in comparative format, including income taxes computed at 25% and EPS disclosures assuming 600,000 shares of outstanding common stock. (Amounts to be deducted should be indicated with a minus sign. Round EPS answers to 2 decimal places.)

In: Accounting

Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal...

Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31):

2021 2020
Sales revenue $ 5,250,000 $ 4,350,000
Cost of goods sold 3,030,000 2,170,000
Administrative expense 970,000 845,000
Selling expense 530,000 472,000
Interest revenue 167,000 157,000
Interest expense 234,000 234,000
Loss on sale of assets of discontinued component 116,000


On July 1, 2021, the company adopted a plan to discontinue a division that qualifies as a component of an entity as defined by GAAP. The assets of the component were sold on September 30, 2021, for $116,000 less than their book value. Results of operations for the component (included in the above account balances) were as follows:

1/1/2021–9/30/2021 2020
Sales revenue $ 570,000 $ 670,000
Cost of goods sold (375,000 ) (422,000 )
Administrative expense (67,000 ) (57,000 )
Selling expense (37,000 ) (37,000 )
Operating income before taxes $ 91,000 $ 154,000


In addition to the account balances above, several events occurred during 2021 that have not yet been reflected in the above accounts:

  1. A fire caused $67,000 in uninsured damages to the main office building. The fire was considered to be an unusual event.
  2. Inventory that had cost $57,000 had become obsolete because a competitor introduced a better product. The inventory was written down to its scrap value of $8,000.
  3. Income taxes have not yet been recorded.


Required:
Prepare a multiple-step income statement for the Reed Company for 2021, showing 2020 information in comparative format, including income taxes computed at 25% and EPS disclosures assuming 800,000 shares of outstanding common stock. (Amounts to be deducted should be indicated with a minus sign. Round EPS answers to 2 decimal places.)

In: Accounting

You are a consultant that is in the last round of proposals to become the sole...

You are a consultant that is in the last round of proposals to become the sole strategic adviser to the CEO of a top 5 global manufacturer of doors & windows. The firm sells and has a local presence in the 100 top ranked countries by GDP.

You and the other finalists have been asked to address potential Foreign Direct Investment in a non Top 100 GDP country. The CEO is seeking for a new high growth market (even if it comes with some political instability) and is asking you to select it. In your post, please provide your country selection and the primary reason why you selected it. Also briefly address how the organization would mitigate one or two major risks associated with FDI.

In: Economics

You are a consultant that is in the last round of proposals to become the sole...

You are a consultant that is in the last round of proposals to become the sole strategic adviser to the CEO of a top 5 global manufacturer of doors & windows. The firm sells and has a local presence in the 100 top ranked countries by GDP.

You and the other finalists have been asked to address potential Foreign Direct Investment in a non Top 100 GDP country. The CEO is seeking for a new high growth market (even if it comes with some political instability) and is asking you to select it. In your post, please provide your country selection and the primary reason why you selected it. Also briefly address how the organization would mitigate one or two major risks associated with FDI.

In: Finance

You are a consultant that is in the last round of proposals to become the sole...

You are a consultant that is in the last round of proposals to become the sole strategic adviser to the CEO of a top 5 global manufacturer of doors & windows. The firm sells and has a local presence in the 100 top ranked countries by GDP. You and the other finalists have been asked to address potential Foreign Direct Investment in a non Top 100 GDP country.

The CEO is seeking for a new high growth market (even if it comes with some political instability) and is asking you to select it. In your post, please provide your country selection and the primary reason why you selected it. Also briefly address how the organization would mitigate one or two major risks associated with FDI.

In: Economics