1. The statement of financial position is another name for the income statement

True

False

2. The income statement only statement dated as of a point in time.

True

False

3. Assets and liabilities come into existence at different times and are not affected the same way by inflation and specific price level changes

True

False

4. For the purposes of the balance sheet preparation, there are several different measurement bases are used (historical cost, depreciated historical cost, market value, realizable value, present value) which compromises the comparability characteristic of accounting information

True

False

5. The present value of a future cash flow is its discounted value and it is the primary measurement basis for long term investmests

True

False

6. Current asset (CA): an asset expected to be realized in cash or to be consumed or sold during the normal operating cycle, or within one year of the balance sheet date, whichever is shorter.

True

False

7. Gains represent increases in net assets or settlements of liabilities by providing goods and services

True

False

8. Expenses represent decreases in net assets or incurred liabilities through the provision of goods or services

True

False

9. The requirement to disclose comprehensive income affects the computation of net income

True

False

10. Statement of Cash Flows is required for all business enterprises which report both financial position (Balance Sheet) and results of operations (Income Statement) for a period.

True

False

11. Under the net method of accounting for the cash discounts, if the customer does not pay within the discount period, a sales discount forfeit is recognized (revenue account):

True

False

12. Under the allowance method, we can estimate the uncollectable accounts receivable using either the 1) Percentage-of-Sales Approach and/or 2) Percentage-of-Receivables Approach:

True

False

(a) Investment A for $100,000 is invested at a nominal rate of interest, j, convertible semiannually. After 4 years, it accumulates to 214,358.88.

(b) Investment B for $100,000 is invested at a nominal rate of discount, k, convertible quarterly. After two years, it accumulates to 232,305.73. 2

(c) Investment C for $100,000 is invested at an annual effective rate of interest equal to j in year one and an annual effective rate of discount equal to k in year two. Calculate the value of investment C at the end of two years.

How Strong Are the Banking Industry’s Competitive Forces?

Very easy: Write an EBNF rule that describes the following for statement in Java

for ( counter = 1; counter <= 10; counter ++)

{

sum=sum+1;

}

Then test your EBNF rule in Java as a recursive-descent subprogram

You have just been hired as a new management trainee by Earrings Unlimited, a distributor of earrings to various retail outlets located in shopping malls across the country. In the past, the company has done very little in the way of budgeting and at certain times of the year has experienced a shortage of cash. Since you are well trained in budgeting, you have decided to prepare a master budget for the upcoming second quarter. To this end, you have worked with accounting and other areas to gather the information assembled below. The company sells many styles of earrings, but all are sold for the same price—$10 per pair. Actual sales of earrings for the last three months and budgeted sales for the next six months follow (in pairs of earrings): January (actual) 20,000 June (budget) 50,000 February (actual) 26,000 July (budget) 30,000 March (actual) 40,000 August (budget) 28,000 April (budget) 65,000 September (budget) 25,000 May (budget) 100,000 The concentration of sales before and during May is due to Mother’s Day. Sufficient inventory should be on hand at the end of each month to supply 40% of the earrings sold in the following month. Suppliers are paid $4 for a pair of earrings. One-half of a month’s purchases is paid for in the month of purchase; the other half is paid for in the following month. All sales are on credit. Only 20% of a month’s sales are collected in the month of sale. An additional 70% is collected in the following month, and the remaining 10% is collected in the second month following sale. Bad debts have been negligible. Monthly operating expenses for the company are given below: Variable: Sales commissions 4 % of sales Fixed: Advertising $ 200,000 Rent $ 18,000 Salaries $ 106,000 Utilities $ 7,000 Insurance $ 3,000 Depreciation $ 14,000 Insurance is paid on an annual basis, in November of each year. The company plans to purchase $16,000 in new equipment during May and $40,000 in new equipment during June; both purchases will be for cash. The company declares dividends of $15,000 each quarter, payable in the first month of the following quarter. The company’s balance sheet as of March 31 is given below: Assets Cash $ 74,000 Accounts receivable ($26,000 February sales; $320,000 March sales) 346,000 Inventory 104,000 Prepaid insurance 21,000 Property and equipment (net) 950,000 Total assets $ 1,495,000 Liabilities and Stockholders’ Equity Accounts payable $ 100,000 Dividends payable 15,000 Common stock 800,000 Retained earnings 580,000 Total liabilities and stockholders’ equity $ 1,495,000 The company maintains a minimum cash balance of $50,000. All borrowing is done at the beginning of a month; any repayments are made at the end of a month. The company has an agreement with a bank that allows the company to borrow in increments of $1,000 at the beginning of each month. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. At the end of the quarter, the company would pay the bank all of the accumulated interest on the loan and as much of the loan as possible (in increments of $1,000), while still retaining at least $50,000 in cash.

Required:

Prepare a master budget for the three-month period ending June 30. Include the following detailed schedules:

1. a. A sales budget, by month and in total.

    b. A schedule of expected cash collections, by month and in total.

    c. A merchandise purchases budget in units and in dollars. Show the budget by month and in total.

    d. A schedule of expected cash disbursements for merchandise purchases, by month and in total.

(I already answered the first required questions 1A-D, just need Required 2-4)

2. A cash budget. Show the budget by month and in total. Determine any borrowing that would be needed to maintain the minimum cash balance of $50,000.

3. A budgeted income statement for the three-month period ending June 30. Use the contribution approach.

4. A budgeted balance sheet as of June 30.

Discuss ethics in the field of business. There are many ethical concerns such as bullying in the workplace, conflicts of interest, discrimination, employee safety, hiring practices, sexual harassment, fraud, internet usage, and environmental. There are so many concerns businesses have to deal with that you should have no trouble finding one that interest you. You will provide citations or live links so your classmates and instructor can read entire articles or sources. You should have one or more sources in your original post.

Greta, an elderly investor, has a degree of risk aversion of A = 3 when applied to return on wealth over a one-year horizon. She is pondering two portfolios, the S&P 500 and a hedge fund, as well as a number of one-year strategies. (All rates are annual and continuously compounded.) The S&P 500 risk premium is estimated at 8.4% per year, with a SD of 23.4%. The hedge fund risk premium is estimated at 13.4% with a SD of 38.4%. The returns on both of these portfolios in any particular year are uncorrelated with its own returns in other years. They are also uncorrelated with the returns of the other portfolio in other years. The hedge fund claims the correlation coefficient between the annual returns on the S&P 500 and the hedge fund in the same year is zero, but Greta is not fully convinced by this claim. What should be Greta’s capital allocation?

We assume that our wages will increase as we gain experience and become more valuable to our employers. Wages also increase because of inflation. By examining a sample of employees at a given point in time, we can look at part of the picture. How does length of service (LOS) relate to wages? The data here (data336.dat) is the LOS in months and wages for 60 women who work in Indiana banks. Wages are yearly total income divided by the number of weeks worked. We have multiplied wages by a constant for reasons of confidentiality.

(a) Plot wages versus LOS. Consider the relationship and whether or not linear regression might be appropriate. (Do this on paper. Your instructor may ask you to turn in this graph.)

(b) Find the least-squares line. Summarize the significance test for the slope. What do you conclude?

(c) State carefully what the slope tells you about the relationship between wages and length of service.

This answer has not been graded yet.

(d) Give a 95% confidence interval for the slope.
(  ,  )

worker  wages   los     size
1       44.898  39      Large
2       85.8585 122     Small
3       37.6708 100     Small
4       44.1095 168     Small
5       47.756  25      Large
6       40.8481 22      Small
7       50.5179 27      Large
8       63.4659 70      Large
9       37.2126 86      Large
10      66.0707 95      Small
11      53.5897 56      Large
12      42.5586 18      Small
13      50.3493 129     Small
14      60.3041 75      Large
15      46.2348 93      Large
16      56.1494 23      Large
17      45.4136 15      Large
18      40.9541 44      Small
19      55.3183 26      Large
20      50.7934 58      Large
21      41.2603 79      Large
22      37.3516 19      Small
23      42.1137 30      Large
24      60.4141 88      Small
25      51.9331 119     Large
26      49.6191 20      Small
27      53.1292 116     Small
28      60.8961 62      Large
29      51.3743 31      Large
30      52.4964 42      Large
31      47.748  102     Small
32      47.1194 90      Large
33      60.6775 99      Large
34      70.5214 21      Small
35      39.4673 164     Large
36      50.4703 83      Large
37      66.2801 100     Large
38      62.3078 185     Small
39      43.79   18      Large
40      54.1258 56      Small
41      39.0053 174     Small
42      52.4289 59      Small
43      57.6612 89      Large
44      51.6591 17      Small
45      50.383  73      Large
46      38.2104 40      Small
47      52.421  78      Large
48      45.5227 55      Large
49      62.5477 53      Small
50      43.9493 58      Large
51      76.2546 87      Large
52      56.4322 110     Large
53      37.8525 64      Large
54      37.132  47      Small
55      50.4954 84      Small
56      49.1702 54      Large
57      41.8979 16      Small
58      45.3906 40      Large
59      57.8986 41      Small
60      40.3537 34      Large

1. Cost Classification: The Lee’s have provided you with the following costs and relevant information that are assumed for year 20XY.

A. Classify each of the costs (a. through j.) below under C. as a variable cost or a fixed cost.

B. Explain the importance of distinguishing between variable and fixed costs.

C. Prepare a budgeted income statement, assuming 600 units to be produced and sold, a per unit selling price of $85, an income tax rate of 28% and the following information.

1. Cost of goods sold of $35 per unit
2. Labor = $400/month
   • One part-time employee will be hired to take care of packaging and shipping. This employee will be paid $10 per hour. He or she is estimated to work 40 hours total per month.
3. Advertising fees = $3,000
4. Bank fees = $200
5. Phone/internet = $150 per month
6. Shipping = $3 per unit
7. Utilities = $100 per month
8. Office Supplies = $900
1. Conference Exhibitor Fee = $3000
10. Travel Expenses for Conference (e.g. airfare, meals, taxi) = $1200

2. Budget Preparation: The Lees believe that production and sales could double after being on Shark Tank which is scheduled in December of 20XY. They want to be prepared for this. Based on the budgeted income statement calculated above for 20XY, create a new budgeted income for 20XZ assuming that the production and sales is double the level of 20XY.

Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows:

Journalize the transactions. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles. Enter the October 31 and December 31 transactions as two separate journal entries on each date.

Consider the problem of sorting an array A[1, ..., n] of integers. We presented an O(n log n)-time algorithm in class and, also, proved a lower bound of Ω(n log n) for any comparison-based algorithm.

3. Give an efficient sorting algorithm for an array D[1, ..., n] whose elements are distinct (D[i] ̸= D[j], for every i ̸= j ∈ {1, ..., n}) and are taken from the set {1, 2, ..., 2n}.

Java

Apply inheritance to write a super class and subclass to compute the triangle area and the surface area of triangular pyramid, respectively. Assume that each side has the same length in the triangle and triangular pyramid. You need also to override toString() methods in both of super class and subclass so they will return the data of an triangle object and the data of the pyramid object, respectively. Code a driver class to test your classes by creating at least two objects with hard-coded data and display the results of the calculations.

Use of meaningful names for variables, classes, and methods and meaningful comments.

The Consumer Reports Restaurant Customer Satisfaction Survey is based upon 148,599 visits to full-service restaurant chains.† One of the variables in the study is meal price, the average amount paid per person for dinner and drinks, minus the tip. Suppose a reporter for a local newspaper thought that it would be of interest to her readers to conduct a similar study for restaurants located in her city. The reporter selected a sample of 8 seafood restaurants, 8 Italian restaurants, and 8 steakhouses. The following data show the meal prices ($) obtained for the 24 restaurants sampled.

Use α = 0.05 to test whether there is a significant difference among the mean meal price for the three types of restaurants.

State the null and alternative hypotheses.

H₀: At least two of the population means are equal.
H_a: At least two of the population means are different.H₀: μ_Italian ≠ μ_Seafood ≠ μ_Steakhouse
H_a: μ_Italian = μ_Seafood = μ_Steakhouse    H₀: μ_Italian = μ_Seafood = μ_Steakhouse
H_a: μ_Italian ≠ μ_Seafood ≠ μ_SteakhouseH₀: μ_Italian = μ_Seafood = μ_Steakhouse
H_a: Not all the population means are equal.H₀: Not all the population means are equal.
H_a: μ_Italian = μ_Seafood = μ_Steakhouse

Find the value of the test statistic. (Round your answer to two decimal places.)

Find the p-value. (Round your answer to four decimal places.)

p-value =

What is your conclusion?

Reject H₀. There is sufficient evidence to conclude that the mean meal prices are not all the same for the three types of restaurants.Reject H₀. There is not sufficient evidence to conclude that the mean meal prices are not all the same for the three types of restaurants.    Do not reject H₀. There is not sufficient evidence to conclude that the mean meal prices are not all the same for the three types of restaurants.Do not reject H₀. There is sufficient evidence to conclude that the mean meal prices are not all the same for the three types of restaurants.

Environmental law means the laws that regulate the impact of human activities
on the environment which covers a broad range of activities that affect air,
water, land, flora or fauna. It includes laws that relate to land use and
development, pollution, waste management, climate change, emissions and
water resource management. Conclude SIX (6) general functions of most
environmental laws.