Questions
roles and responsibilities of executive directors , non executive directors and Chief executive officer- managing director...

roles and responsibilities of executive directors , non executive directors and Chief executive officer- managing director also the power of company directors

In: Economics

Evaluate the roles that long non-coding RNAs (lncRNAs) play in epigenetic processes such as imprinting and...

Evaluate the roles that long non-coding RNAs (lncRNAs) play in epigenetic processes such as imprinting and X chromosome inactivation. Essay style

In: Biology

What topic in this class on Governmental and Non-Profit accounting was the most relevant to you?...

What topic in this class on Governmental and Non-Profit accounting was the most relevant to you?

What is your impression of governmental and NFP accounting?

In: Accounting

Write a C++ program to list all solutions of x1 + x2 + x3 = 10....

Write a C++ program to list all solutions of x1 + x2 + x3 = 10.

x1, x2, and x3 are non-negative integers.

In: Computer Science

What are the 3 non-functional requirements for a home security system? (for example, describing its expected...

What are the 3 non-functional requirements for a home security system? (for example, describing its expected safety, availability, and response time).

In: Computer Science

What impact might physical health and cognitive changes have on middle age adults (non-traditional students) returning...

What impact might physical health and cognitive changes have on middle age adults (non-traditional students) returning to college?

In: Psychology

TRUE OR FALSE? In pipe flow, if the Reynolds number is very large, then the friction...

TRUE OR FALSE? In pipe flow, if the Reynolds number is very large, then the friction factor depends only on the non dimensional pipe roughness.

In: Mechanical Engineering

Drs. Glenn Feltham and David Ambrose began operations of their physical therapy clinic, called Northland Physical...

Drs. Glenn Feltham and David Ambrose began operations of their physical therapy clinic, called Northland Physical Therapy, on January 1, 2017. The annual reporting period ends December 31. The trial balance on January 1, 2018, was as follows (the amounts are rounded to thousands of dollars to simplify):

Account Titles Debit Credit

Cash $ 7

Accounts Receivable 3

Supplies 3

Equipment 10

Accumulated Depreciation $ 2

Software 6

Accumulated Amortization 2

Accounts Payable 5

Notes Payable (short-term) 0

Salaries and Wages Payable 0

Interest Payable 0

Income Taxes Payable 0

Deferred Revenue 0

Common Stock 15

Retained Earnings 5

Service Revenue 0

Depreciation Expense 0

Amortization Expense 0

Salaries and Wages Expense 0

Supplies Expense 0

Interest Expense 0

Income Tax Expense 0

Totals $ 29 $ 29

Transactions during 2018 (summarized in thousands of dollars) follow:

A. Borrowed $28 cash on July 1, 2018, signing a six-month note payable.

B. Purchased equipment for $31 cash on July 2, 2018.

C. Issued additional shares of common stock for $5 on July 3.

D. Purchased software on July 4, $3 cash.

E. Purchased supplies on July 5 on account for future use, $7.

F. Recorded revenues on December 6 of $61, including $8 on credit and $53 received in cash.

G. Recognized salaries and wages expense on December 7 of $36; paid in cash.

H. Collected accounts receivable on December 8, $9.

I. Paid accounts payable on December 9, $10.

J. Received a $3 cash deposit on December 10 from a hospital for a contract to start January 5, 2019.

Data for adjusting journal entries on December 31:

K. Amortization for 2018, $2.

L. Supplies of $3 were counted on December 31, 2018.

M. Depreciation for 2018, $4.

N. Accrued interest of $1 on notes payable.

O. Salaries and wages incurred but not yet paid or recorded, $3.

P. Income tax expense for 2018 was $4 and will be paid in 2019.

1. Set up T-accounts for the accounts on the trial balance. Enter beginning balances and post the transactions (a)-(j), adjusting entries (k)-(p), and closing entry

2. Record the adjusting journal entries (K-P)

3. Post the adjusting entries from requirement 4 and prepare an adjusted trial balance.

4.

4-a. Prepare an income statement.

4-b. Prepare the statement of retained earnings.

4-c. Prepare the balance sheet.

5. Prepare the closing journal entry.

6. Post the closing entry from requirement 7 and prepare a post-closing trial balance.

7.

7-a. How much net income did the physical therapy clinic generate during 2018? What was its net profit margin?

7-b. Is the business financed primarily by liabilities or stockholders’ equity?

7-c. What is its current ratio?

In: Accounting

Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during...

Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2018 is available:

Aug.1 Inventory on hand—3,000 units; cost $6.50 each.
8 Purchased 12,000 units for $5.70 each.
14 Sold 9,000 units for $12.20 each.
18 Purchased 7,000 units for $5.20 each.
25 Sold 8,000 units for $11.20 each.
31 Inventory on hand—5,000 units.

Required:
Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and the cost of goods sold it would report in its August 2018 income statement using each of the following cost flow methods:

FIFO

Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and the cost of goods sold it would report in its August 2018 income statement using the FIFO method. (Round "Cost per Unit" to 2 decimal places.)

FIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic FIFO Ending Inventory - Periodic FIFO
# of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory
Beginning Inventory $0.00 $0.00 $0
Purchases:
August 8 $0.00 $0.00 0
August 18 $0.00 $0.00
Total 0 $0 0 $0 0 $0

LIFO

Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and the cost of goods sold it would report in its August 2018 income statement using the LIFO method. (Round "Cost per Unit" to 2 decimal places.)

LIFO Cost of Goods Available for Sale Cost of Goods Sold - Periodic LIFO Ending Inventory - Periodic LIFO
# of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory
Beginning Inventory $0.00 $0 $0.00
Purchases:
August 8 $0.00 $0.00
August 18 $0.00 $0.00 0
Total 0 $0 0 $0 0 $0

Average cost

Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and the cost of goods sold it would report in its August 2018 income statement using the Average cost method. (Round "Average Cost per Unit" to 2 decimal places.)

Average Cost Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Ending Inventory - Average Cost
# of units Unit Cost Cost of Goods Available for Sale # of units sold Average Cost per Unit Cost of Goods Sold # of units in ending inventory Average Cost per unit Ending Inventory
Beginning Inventory
Purchases:
August 8
August 18
Total 0 $0 $0 $0

In: Accounting

On February 1, 2018 Cromley Motor Products issued 10% bonds, dated February 1, with a face...

On February 1, 2018 Cromley Motor Products issued 10% bonds, dated February 1, with a face amount of $90 million. The bonds mature on January 31, 2022 (4 years). The market yield for bonds of similar risk and maturity was 12%. Interest is paid semiannually on July 31 and January 31. Barnwell Industries acquired $90,000 of the bonds as a long-term investment. The fiscal years of both firms end December 31.use FVof 1$, PV of 1$ etc.)

Required: 1. Determine the price of the bonds issued on February 1, 2018

PRICE OF THE BOND ……

2a. prepare amortization schedules that indicate Cromley’s effective interest expense for each period during the term to maturity.

Payment Number Cash Payment Effective Interest Increase in Balance Outstanding Balance

1

2

3

4

5

6

7

8

Totals

2b. Prepare amortization schedules that indicate Barnwell’s effective interest revenue for each interest period during the term to maturity. (Enter your answers in whole dollars.) Payment Number Cash Payment Effective Interest Increase in Balance Outstanding Balance

1

2

3

4

5

6

7

8

Totals

3. Prepare the journal entries to record the issuance of the bonds by Cromley and Barnwell’s investment on February 1, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) a. Record the issuance of the bonds by Cromley. On February 1, 2018 b. Record the Bond investment by Barnwell. On February 1, 2018 4. Prepare the journal entries by both firms to record all subsequent events related to the bonds through January 31, 2020. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.)

a. Record the payment of interest for Cromley Company., on July 31, 2018

b. Record the accrued interest for Cromley Company. On December 31, 2018

c. Record the payment of interest for Cromley Company, on January 31, 2019

d. Record the payment of interest for Cromley Company. On July 31, 2019

e. Record the accrued interest for Cromley Company. On December 31, 2019

f. Record the payment of interest for Cromley Company. On January 31, 2020

5. Prepare the journal entries by both firms to record all subsequent events related to the bonds through January 31, 2020. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.)

a. Record the payment of interest for Barnwell Company., on July 31, 2018

b. Record the accrued interest for Barnwell Company. . On December 31, 2018

c. Record the receipt of interest for Barnwell Company. on January 31, 2019

d. Record the receipt of interest for Barnwell Company. On July 31, 2019

e. Record the accrued interest for Barnwell Company. On December 31, 2019

f. Record the receipt of interest for Barnwell Company. On January 31, 2020

In: Accounting