Lecondo Company is engaged in the manufacture and sale of fitness apparel. Several years ago it bought a health food business that has incurred losses since its acquisition. In 2018, the company sold the health food business. The results of operations and other activities for 2018 are summarized below.

                   Fitness Apparel        Health foods

Net sales               $17,400,000           $2,600,000

Cost of goods sold              8,100,000              1,700,000

Other operating expenses          4,700,000             1,200,000

Other:

The health food business was sold in September 2018 at a disposal loss of $500,000.

Treasury stock that had been acquired in 2017 for $130,000 was sold in 2018 for $195,000. The difference between cost and reissue price is not taxable.

During 2018, Lecondo sold 10,000 shares of its previously unissued $10 par value common stock to the public at a price of $27 per share.

Interest revenue of $2,000 was earned during 2018.

Cash dividends declared and paid during 2018 amounted to $700,000.

The fitness apparel division sold land at a $98,000 gain during 2018.

All of the foregoing amounts are before considering the effects of income taxes. The income tax rate is 40%.

Required: Calculate the following amounts that would appear on Lecondo’s income statement. Be alert for items that should not be included in the computation of net income.

Gross profit

Operating income

Income from continuing operations before taxes

Income from continuing operations

Net income

Check figures:

b. Operating income, $4,600,000

c. Income from continuing operations (before taxes), $4,700,000

d. Income from continuing operations (after taxes), $2,820,000

e. Net income, $2,340,000

1. Assume the following accounts and amounts were   

    reported by a nation last year. Government Purchases of Goods and Services were US$5.5        

    Billion; Personal Consumption Expenditure were US$40.5 Billion; Gross Private Domestic   

    Investment amounted to US$20 Billion; Capital Consumption Allowances were US$4 Billion;

    Personal Savings were estimated at US$2 Billion; Imports of Goods and Services amounted

    US$6.5 Billion; and exports of Goods and Services were US$5 Billion.

1. Determine the nation’s Gross Domestic Product (GDP).
2. How would your answer change if the Dollar amounts of imports and exports were reversed?

b.Describe the MI definition of the money supply and indicate the relative significance of the MI components.

Conch Republic Electronics is a mid sized electronics manufacturer located in Key West, Florida. The company president is Shelley Couts, who inherited the company. When it was founded over 70 years ago, the company originally repaired radios and other household appliances. Over the years, the company expanded into manufacturing and is now a reputable manufacturer of various electronic items. Jay McCanless, a recent MBA graduate, has been hired by the company's finance department. One of the major revenue-producing items manufactured by Conch Republic is a personal digital assistant (PDA). Conch Republic currently has one PDA model on the market, and sales have been excellent. The PDA is a unique item in that it comes in a variety of tropical colors and is preprogrammed to play Jimmy Buffett music. However, as with any electronic item, technology changes rapidly, and the current PDA has limited features in comparison with newer models. Conch Republic developed a prototype for a new PDA that has all the features of the existing PDA but adds new features such as cell phone capability. The company has performed a marketing study to determine the expected sales figures for the new PDA. Conch Republic can manufacture the new PDA for $200 each in variable costs. Fixed costs for the operation are estimated to run $4.5 million per year. The estimated sales volume is 70,000, 80,000, 100,000, 85,000, and 75,000 per each year for the next five years, respectively. The unit price of the new PDA will be $340. The necessary equipment can be purchased for $16.5 million and will be depreciated on a 5 year straight-line schedule. Net working capital investment for the PDAs will be $6,000,000 the first year of operations. Of course NWC will be recovered at the projects end. Conch Republic has a 35 percent corporate tax rate and a 12 percent required return. Shelly has asked Jay to prepare a report that answers the following questions: 1. What is the IRR of the project? 2. What is the NPV of the project, based on the required rate of return of 12%?

i want a strong persausive speech for the topic " why we shouldn't have to pay for internet" for university level

How could a college or university more effectively use Facebook and Twitter to promote its brand to potential students?

What research strategies or tips would you share with others when using online libarary though a university

Lubbock Recreation Incorporation. (LRI), a retail store selling gear and apparel for outdoor activities, began operation in 2020. The following transactions occurred during 2020:

1. June 1: Issued 20,000 shares of its own common stock with $2 par value in exchange for $10 cash per share;

2. June 2: Purchase equipment for use in operating the business at a cost of $60,000 by signing a 6-month 10% note payable. The equipment has an estimated 5-year useful life and no salvage value;

3. June 3: Paid $3,000 cash for a six-month insurance coverage. The coverage is effective immediately;

4. June 5: Purchased $100,000 of inventory on account;

5. June 10: Received a $1,000 cash advance from customer for training sessions scheduled for later this month;

6. June 25: Sold products at a selling price of $46,000 (cost of $25,000) on account;

7. June 26: Paid $20,000 cash to reduce the company’s accounts payable from inventory previously purchased on account;

Requirements: Please follow the practice example solution to answer the following questions.

Step 1 – Journalize the transactions

Step 2- Using T-accounts, post the entries from the journal(s) to the ledger(s).

Step 3 – Prepare an Unadjusted Trial Balance

Step 4 – Prepare Adjusting Entries and post the Adjusting Entries to the ledger(s). Prepare all necessary adjusting entries at June 30, 2020. Note that salaries earned by employees but not paid yet amounted to $3,000. The management determined that $1,950 receivables would become bad debt. Further, LRI has satisfied its performance obligations for $3,000 of unrecorded training revenue that has not been billed.

Step 5 – Prepare an Adjusted Trial Balance

Step 6 – Prepare Financial Statements for the period in good forms (Following the format used in the textbook example or practice problem).

Step 7 – Journalize Closing Entries and post the Closing Entries to ledger(s)

Step 8 – Prepare a Post-Closing Trial Balance

8. June 28: Received $10,000 cash as payment towards the company’s accounts receivable from sales previously made on account;

9. June 29: Paid $2,000 cash for rent of retail space for June;

10. June 30: Paid $2,500 cash dividends to company stockholders.

Ethics in Commerce

Sparrow Pharmaceuticals is the maker of several popular drugs used to treat high blood pressure and arthritis. Over time, the company has developed a positive relationship with many of the patients who use its medications through a quarterly newsletter that offers the latest information on new medical research findings and general health and fitness articles. The company just has been acquired by a group of investors who also own Soothing Waters Hot Tubs and Spas. The marketing director for Soothing Waters would like to use Sparrow’s mailing list for a direct-mail promotion.


Ethics Questions:

What should Sparrow Pharmaceuticals do?

Do you think it is ethical to use customer information across multiple divisions of the same company? Explain.

To which marketing management philosophy do you think the marketing director for Soothing Waters subscribes? Explain.

Does the AMA Statement of Ethics address the use of the customer information by multiple divisions of the same company? Go to http://www.marketingpower.com and review the statement. Then write a brief paragraph on how the AMA Statement of Ethics relates to Sparrow Pharmaceuticals’ dilemma.

(To locate the Statement of Ethics students would go to http://www.marketingpower.com and in the top right corner they would select, “About AMA,” and underneath “About AMA,” there are several Gray tabs to choose from, select “Statement of Ethics,” and begin to review the Statement of Ethics.)

The requirements below must be met for your paper to be accepted and graded:

Write between 500 – 750 words (approximately 2 – 3 pages) using Microsoft Word.

in March of this year the University Hospitals Fertility Center in Ohio disclosed that more than 4,000 frozen eggs and embryos were lost due to a storage failure. Suppose you are in charge of delivering the news to devastated patients. What recommendations do you have for how to do this? What would you say? How would you feel about having to do this? What supports should be made available to the affected patients? Finally what are your thoughts on the way it was handled by University Hospitals Fertility Center?