Foxy Investigative Services is an investigative services firm that is owned and operated by Shirley Vickers. On November 30, 2018, the end of the fiscal year, the accountant for Foxy Investigative Services prepared an end-of-period spreadsheet, a part of which follows: Required:Foxy Investigative ServicesEnd-of-Period SpreadsheetFor the Year Ended November 30, 2018 ~ Adjusted Trial BalanceAccount Title ~ Dr. Cr. ~Cash ~ 27,500Accounts Receivable ~ 71,800Supplies ~ 3,550Prepaid Insurance ~ 750Building ~ 330,500Accumulated Depreciation-Building ~ 184,100Accounts Payable ~ 16,100Salaries Payable ~ 6,600Unearned Rent ~ 1,500Common Stock ~ 40,000Retained Earnings ~ 70,300Dividends ~ 30,000Service Fees ~ 675,500Rent Revenue ~ 9,000Salaries Expense ~ 435,000Rent Expense ~ 55,000Supplies Expense ~ 11,850Depreciation Expense-Building ~ 10,000Utilities Expense ~ 8,800Repairs Expense ~ 4,250Insurance Expense ~ 3,000Miscellaneous Expense ~ 11,100 ~ 1,003,100 1,003,1001. A. Prepare an income statement for the year ended November 30, 2018. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) on the income statement. Refer to the Chart of Accounts for exact wording of account titles.B. Prepare a retained earnings statement for the year ended November 30, 2018. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Refer to the Chart of Accounts for exact wording of account titles. Refer to the lists of Labels and Amount Descriptions for exact wording of the answer choices for text entries other than account names.C. Prepare a balance sheet as of November 30, 2018. Fixed assets must be entered in order according to account number. Be sure to complete the statement heading. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary. Refer to the Chart of Accounts for exact wording of account titles. Refer to the lists of Labels and Amount Descriptions for exact wording of the answer choices for text entries other than account names. For those boxes in which you must enter subtracted or negative numbers use a minus sign.2. Based upon the end-of-period spreadsheet, journalize the closing entries. Refer to the Chart of Accounts for exact wording of account titles.3. If Retained Earnings had instead decreased $46,000 after the closing entries were posted, and the dividends remained the same, what would have been the amount of net income or net loss? If required, use a minus sign to indicate a net loss.

Answer:

Foxy Investigative Services

1. Foxy Investigative Services

A. Income Statement  

For the Year Ended November 30, 20Y8

REVENUE            

Service Fees                                                         $675,500

Rent Revenue                                                             9,000

Total revenues                                                     $684,500

EXPENSES

Salaries Expense                      435,000

Rent Expense                             55,000

Supplies Expense                        11,850

Depreciation Expense-Building 10,000

Utilities Expense                          8,800

Repairs Expense                         4,250

Insurance Expense                     3,000

Miscellaneous Expense              11,100

Total expenses                                                   $539,000  

Net income                                                         $ 145,500

Retained Earnings                                                  70,300  

Dividends                                                              -30,000

Balance, November 30, 20Y8                           $185,800

Foxy Investigative Services  

B. Statement of Shareholders' Equity

November 30, 20Y8

Common Stock                                                     $40,000

Net income                                         $ 145,500

Retained Earnings                                   70,300  

Dividends                                               -30,000

Balance, November 30, 20Y8                           $185,800

Total stockholders' equity                                $225,800

Foxy Investigative Services

C. Balance Sheet

November 30, 20Y8

ASSETS

Current assets

Cash                                              27,500

Accounts Receivable                    71,800

Supplies                                         5,550

Prepaid Insurance                            750

Total Current Assets                                    $105,600

Building                                     330,500

Accumulated Depreciation      -184,100

Total property, plant, and equipment        $146,400            

Total assets                                                $252,000

LIABILITIES

Current liabilities

Accounts Payable                       16,100

Salaries Payable                          6,600

Unearned Rent                            1,500

Total Liabilities                                            $24,200

EQUITY

Common Stock                          40,000

Retained Earnings                    185,800

Total stockholders' equity                        $225,800

Total liabilities and stockholders' equity   $250,000

NB:  Liabilities + Equity side is short by $2,000 because the Trial Balance is not in balance.

2. Closing Journal Entries:

Account Title                                 Dr.               Cr.

Income Summary                     30,000

Dividends                                                          30,000

To close dividends to the income summary (Retained Earnings)

Account Title                                 Dr.               Cr.

Service Fees                             675,500

Rent Revenue                               9,000    

Income Summary                                        684,500

To close revenues to the income summary.

Account Title                                 Dr.               Cr.

Income Summary                     $539,000

Salaries Expense                                       435,000

Rent Expense                                              55,000

Supplies Expense                                         11,850

Depreciation Expense-Building                  10,000

Utilities Expense                                           8,800

Repairs Expense                                          4,250

Insurance Expense                                      3,000

Miscellaneous Expense                               11,100  

To close the expenses to the income summary.

3. Net Income remained $ 145,500.  Retained Earnings, beginning balance would have been reduced by $46,000.

Explanation:

a) Data and Calculations:

Foxy Investigative Services

End-of-Period Spreadsheet

For the Year Ended November 30, 20Y8

Adjusted Trial Balance

Account Title                                     Dr.               Cr.

Cash                                                27,500

Accounts Receivable                      71,800

Supplies                                           5,550

Prepaid Insurance                              750

Building                                       330,500

Accumulated Depreciation-Building               184,100

Accounts Payable                                              16,100

Salaries Payable                                                 6,600

Unearned Rent                                                   1,500

Common Stock                                                40,000

Retained Earnings                                           70,300

Dividends                                     30,000

Service Fees                                                 675,500

Rent Revenue                                                   9,000

Salaries Expense                      435,000

Rent Expense                             55,000

Supplies Expense                        11,850

Depreciation Expense-Building 10,000

Utilities Expense                          8,800

Repairs Expense                         4,250

Insurance Expense                     3,000

Miscellaneous Expense              11,100

Totals                                     1,003,100      1,003,100

Correct total of Debit side = 1,005,100           2,000

If you work 6.5 hours, how many minutes did you work? *
290 minutes
390 minutes
490 minutes
190 minutes

Canterbury Co. issues a discounted, non-interest-bearing note in exchange for borrowed funds. Choose whether the cash received will be higher or lower than the face value of the note, and whether the effective annual interest rate will be higher or lower than the discount rate: Cash Received vs. Face Value of Note Effective Rate vs. Discount Rate

a. Higher Lower
b. Lower Higher
c. Lower Lower
d. Higher Higher

For a troubled debt restructuring involving only a modification of terms, which of the following items specified by the new terms would be compared to the carrying amount of the debt to determine if the debtor should report a gain on restructuring?

a. The total future cash payments.
b. The amount of future cash payments designated as principal repayments.
c. The present value of the debt at the original interest rate.
d. The present value of the debt at the modified interest rate.

Garrison Corporation was closing its books on May 31, 2020. Garrison's accountant prepared a bank reconciliation as of May 31, 2020, and has found the following possible reconciling items between its book balance and its cash balance per the bank: Garrison's book balance 16,280 Outstanding checks 960 Customer's NSF check returned by the bank 190 Interest earned on checking account 160 In the search for reconciling items, the accountant also discovered that Garrison made an error in recording a customer’s check: the amount was recorded in cash receipts as $410; the bank recorded the amount correctly as $920. Required: What amount will Garrison report as its adjusted cash balance at May 31, 2020?

Brilliant Accents Company manufactures and sells three styles of kitchen faucets: Brass, Chrome, and White. Production takes 25, 25, and 10 machine hours to manufacture 1000-unit batches of brass, chrome and white faucets, respectively. The following additional data apply:
BRASS CHROME WHITE
Projected sales in units 30,000 50,000 40,000
Per unit data: Selling price $40 $20 $30
Direct materials $8 $4 $8
Direct labor $15 $3 $9
Overhead cost based on
direct labor hours
(traditional system) $12 $3 $9
Hours per 1000-unit batch:
Direct labor hours 40 10 30
Machine hours 25 25 10
Setup hours 1.0 0.5 1.0
Inspection hours 30 20 20
Total overhead costs and activity levels for the year are estimated as follows:
Activity Overhead costs Activity levels
Direct Labor hours 2,900 hours
Machine hours 2,400 hours
Setups $465,500 95 setup hours
Inspections $405,000 2,700 inspection hours $870,500
1. Using the ABC system, for each style of faucet, compute the estimated overhead cost per unit.
2. Compute the estimated operating profit per unit.

Cortina Company accumulates the following adjustment data at December 31.
Indicate (1) the type of adjustment (prepaid expense, accrued revenue, and so on) and (2) the status of the accounts before adjustment (overstated or understated). (Enter your answers in alphabetical order.)
Item (1)
Type of Adjustment (2)
Accounts Before Adjustment
(a) Supplies of $400 are on hand. Supplies account shows $1,600 balance.
Entry field with correct answer Prepaid ExpensesAccrued RevenuesAccrued ExpensesUnearned Revenues
Entry field with incorrect answer now contains modified data Expenses UnderstatedLiabilities UnderstatedExpenses OverstatedRevenues OverstatedAssets UnderstatedAssets OverstatedRevenues UnderstatedLiabilities Overstated
Entry field with incorrect answer now contains modified data Revenues UnderstatedAssets UnderstatedLiabilities UnderstatedLiabilities OverstatedExpenses UnderstatedExpenses OverstatedAssets OverstatedRevenues Overstated
(b) Services performed but unbilled total $700.
Entry field with correct answer Unearned RevenuesAccrued ExpensesPrepaid ExpensesAccrued Revenues
Entry field with incorrect answer now contains modified data Assets UnderstatedAssets OverstatedLiabilities OverstatedExpenses UnderstatedExpenses OverstatedRevenues UnderstatedRevenues OverstatedLiabilities Understated
Entry field with correct answer Assets OverstatedExpenses OverstatedRevenues UnderstatedLiabilities UnderstatedLiabilities OverstatedAssets UnderstatedExpenses UnderstatedRevenues Overstated
(c) Interest of $300 has accumulated on a note payable.
Entry field with correct answer Prepaid ExpensesAccrued ExpensesAccrued RevenuesUnearned Revenues
Entry field with incorrect answer now contains modified data Assets UnderstatedExpenses UnderstatedRevenues OverstatedExpenses OverstatedLiabilities UnderstatedAssets OverstatedRevenues UnderstatedLiabilities Overstated
Entry field with correct answer Assets UnderstatedAssets OverstatedLiabilities UnderstatedRevenues UnderstatedLiabilities OverstatedRevenues OverstatedExpenses UnderstatedExpenses Overstated
(d) Rent collected in advance totaling $1,100 has been earned.
Entry field with correct answer Unearned RevenuesPrepaid ExpensesAccrued ExpensesAccrued Revenues
Entry field with incorrect answer now contains modified data Liabilities OverstatedAssets UnderstatedRevenues UnderstatedLiabilities UnderstatedRevenues OverstatedExpenses OverstatedExpenses UnderstatedAssets Overstated
Entry field with incorrect answer now contains modified data Expenses UnderstatedRevenues OverstatedLiabilities UnderstatedAssets UnderstatedExpenses OverstatedRevenues UnderstatedLiabilities OverstatedAssets Overstated

Anita and Barry were negotiating, and Anita's attorney prepared a long and carefully drawn contract, which was given to Barry for examination. Five days later and prior to its execution, Barry's eyes became so infected that it was impossible for him to read. Ten days thereafter and during the continuance of the illness, Anita called upon Barry and urged him to sign the contract, telling him that time was running out. Barry signed the contract despite the fact he was unable to read it. In a subsequent action by Anita, Barry claimed that the contract was not binding upon him because it was impossible for him to read and he did not know what it contained prior to his signing it. Should Barry be held to the contract?

Complete the Year 2 income statement data for Blue Hamster, then answer the questions that follow. Be sure to round each dollar value to the nearest whole dollar.

Blue Hamster Manufacturing Inc Income Statement for Year Ending December 31

Year 1 Year 2

Net sales $15,000,000
Less: Operating costs, except depreciation and amortization 9,000,000
Less: Depreciation and amortization expenses 600,000 600,000
Operating income (or EBIT) $5,400,000
Less: Interest expense 540,000
Pre-tax income (or EBT) 4,860,000
Less: Taxes (25%) 1,215,000
Earnings after taxes $3,645,000
Less: Preferred stock dividends 100,000
Earnings available to common shareholders 3,545,000
Less: Common stock dividends 1,458,000
Contribution to retained earnings $2,087,000 $2,539,250

Consider the following scenario:

1. Blue Hamster Manufacturing Inc.'s income statement reports data for its first year of operation. The firm's CEO would like sales to increase by 25% next year. 1, Blue Hamster is able to achieve this level of increased sales, but its interest costs increase from 10% to 15% of earnings before interest and taxes (EBIT).
2. The company's operating costs (excluding depreciation and amortization) remain at 60% of net sales, and its depreciation and amortization expenses remain constant from year to year.
3. The company's tax rate remains constant at 40% of its pre-tax income or earnings before taxes (EBT).
4. In Year 2, Blue Hamster expects to pay $100,000 and $1,407,600 of preferred and common stock dividends, respectively.

Causwell Company began 2021 with 18,000 units of inventory on hand. The cost of each unit was $5.00. During 2021 an additional 38,000 units were purchased at a single unit cost, and 28,000 units remained on hand at the end of 2021 (28,000 units therefore were sold during 2021). Causwell uses a periodic inventory system. Cost of goods sold for 2021, applying the average cost method, is $166,600. The company is interested in determining what cost of goods sold would have been if the FIFO or LIFO methods were used.

Required:
a. Determine the cost of goods sold for 2018 using the FIFO method. [Hint: Determine the cost per unit of 2018 purchases.]
b. Determine the cost of goods sold for 2018 using the LIFO method. (Do not round intermediate calculations.)

Selected data for Kris Corporation’s comparative balance sheets for Year 1 and Year 2 are as follows:

Year 1 Year 2
Assets
Cash $100,000 $(50,000 )
Accounts receivable (net) 50,000 100,000
Inventory 100,000 250,000
Equipment (net) 300,000 350,000
Total assets $550,000 $650,000
Liabilities and Equity Accounts payable $150,000 $100,000
Income taxes payable 80,000 30,000
Bonds payable 100,000 80,000
Common stock 100,000 200,000
Retained earnings 120,000 240,000
Total liabilities and Equity $550,000 $650,000

Using the indirect method to create the operating activities section of the statement of cash flows, the cash flow from accounts receivable would be recorded as:__________

a. a decrease of $50,000 under investing activities.
b. an increase of $50,000 under investing activities.
c. a decrease of $150,000 under investing activities.
d. an increase of $150,000 under operating activities.

The December 31, 2021, unadjusted trial balance for Demon Deacons Corporation is presented below.

Accounts Debit Credit
Cash $9,100
Accounts Receivable 14,100
Prepaid Rent 6,120
Supplies 3,100
Deferred Revenue $2,100
Common Stock 11,000
Retained Earnings 5,100
Service Revenue 44,720
Salaries Expense 30,500
$62,920 $62,920

At year-end, the following additional information is available:

a. The balance of Prepaid Rent, $6,120, represents payment on October 31, 2021, for rent from November 1, 2021, to April 30, 2022.
b. The balance of Deferred Revenue, $2,100, represents payment in advance from a customer. By the end of the year, $525 of the services have been provided.
c. An additional $700 in salaries is owed to employees at the end of the year but will not be paid until January 4, 2022.
d. The balance of Supplies, $3,100, represents the amount of office supplies on hand at the beginning of the year of $1,250 plus an additional $1,850 purchased throughout 2021. By the end of 2021, only $710 of supplies remains.

Required:
a. Update account balances for the year-end information by recording any necessary adjusting entries. No prior adjustments have been made in 2018.
b. Prepare an adjusted trial balance as of December 31, 2018.

The market price of cheeseburgers in a college town decreased recently, and the students in an economics class are debating the cause of the price decrease. Some students suggest that the price decreased because the price of beef, an important ingredient for making cheeseburgers, has decreased. Other students attribute the decrease in the price of cheeseburgers to a recent increase in the price of french fries. Everyone agrees that the increase in the price of french fries was caused by a recent increase in the price of potatoes, which are not generally used in making cheeseburgers.

The second group of students attributes the decrease in the price of cheeseburgers to the decrease in the price of calzones at local pizza parlors.

Suppose that both of the events you have just analyzed are partly responsible for the decrease in the price of cheeseburgers. Based on your analsis of the explanations offered by the two groups of students, how would you figure out which of the possible causes was the dominant cause of the decrease in the price of cheeseburgers?

a. If the equilibrium quantity of cheeseburgers increases, then the demand shift in the market for cheeseburgers must have been larger than the supply shift.
b. Whichever change occurred first must have been the primary cause of the change in the price of cheeseburgers.
c. If the equilibrium quantity of cheeseburgers increases, then the supply shift in the market for cheeseburgers must have been larger than the demand shift.
d. If the price decrease was small, then the supply shift in the market for cheeseburgers must have been larger than the demand shift.

After visiting several automobile dealerships, Richard selects the used car he wants. He likes its $11,500 price, but financing through the dealer is no bargain. He has $1,500 cash for a down payment, so he needs an $10,000 loan. In shopping at several banks for an installment loan, he learns that interest on most automobile loans is quoted at add-on rates. That is, during the life of the loan, interest is paid on the full amount borrowed even though a portion of the principal has been paid back. Richard borrows $10,000 for a period of four years at an add-on interest rate of 11 percent.
What is the total intetrest on Richard's loan?
What is the total cost of the car?
What is the monthly payment ?
What is the annual percentage rate?

Accounting records for Corporation yield the following data for the year ended ​, ​(assume sales returns are​ non-existent):

Inventory, June 30, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $15,000
Purchases of inventory (on account) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .57,000
Sales of inventory – 84% on account; 16% for cash (cost $43,000) . . . .92,000
Inventory at FIFO, June 30, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,000


Requirement:
Journalize inventory transactions for the year under the perpetual system. ​

A organization in which specialists from different parts of the organization are brought together to work on specific projects but still remain part of a line-and-staff structure is referred to as a

Job Cost Journal Entries and T Accounts
Following are certain operating data for Redwood Manufacturing Company for January 2016:
Materials Inventory Work in Process Inventory Finished Goods Inventory
Beginning inventory $40,000 $50,000 $80,000
Ending inventory 70,000 60,000 56,000
Total sales were $2,000,000, on which the company earned a 40% gross profit. Redwood uses a predetermined manufacturing overhead rate of 110% of direct labor costs. Manufacturing overhead applied was $396,000. Exclusive of indirect material used, total manufacturing overhead incurred was $300,000; it was under-applied by $24,000.
Required
Compute the following items. (Set up T accounts for Materials Inventory, Work in Process Inventory, Finished Goods Inventory, and Manufacturing Overhead; fill in the known amounts; and then use the normal relationships among the various accounts to compute the unknown amounts.)

Jacob is a nutritionalist who is in the process of setting a large group practice. He expects that the group will have gross receipts of $20,000,000 in the first year and grow by 4% each year. In addition to providing nutritional counseling services the group will sell vitamins, DVDs, and small exercise equipment such as hand weights and mats for stretching The revenues for these products is expected to be about 5% of the total revenue earned each year. Jacob's group would like to use the cash method of accounting if allowed.

Required:
Prepare a memo discussing whether Jacob's group will be able to use the cash method of accounting.

1. Cooper and Brandy are married and file a joint income tax return with two separate Schedule Cs. Cooper is an independent security specialist who spent $395 on uniforms during the year. His laundry expenses for the uniforms were $175 for this year, plus $65 for altering them. Brandy works as a drill press operator and wears jeans and a work shirt on the job, which cost $175 this year. Her laundry costs were $50 for the work clothes. Brandy is also required by state regulators to wear safety glasses and safety shoes when working, which cost a total of $115. How much is their total deduction on their Schedule Cs for special clothing and uniforms?
2. Cooper and Brandy are married and file a joint income tax return with two separate Schedule Cs. Cooper is an independent security specialist who spent $395 on uniforms during the year. His laundry expenses for the uniforms were $175 for this year, plus $65 for altering them. Brandy works as a drill press operator and wears jeans and a work shirt on the job, which cost $175 this year. Her laundry costs were $50 for the work clothes. Brandy is also required by state regulators to wear safety glasses and safety shoes when working, which cost a total of $115. How much is their total deduction on their Schedule Cs for special clothing and uniforms?

The following is a condensed version of the comparative balance sheets for Sheffield Corporation for the last two years at December 31.


2020 2019
Cash $265,500 $117,000
Accounts receivable 270,000 277,500
Investments 78,0001 11,000
Equipment 447,000 360,000
Accumulated Depreciation-Equipment (159,000) (133,500)
Current liabilities 201,000 226,500
Common stock 240,000 240,000
Retained earnings 460,500 265,500

Additional information:

a. Net income for 2022 was $55,800.
b. Depreciation expense was $20,400.
c.Cash dividends of $23,400 were declared and paid.
d. Bonds payable amounting to $30,000 were redeemed for cash $30,000.
e. Common stock was issued for $25,200 cash.
f. No equipment was sold during 2022.
g. Land was sold for its book value.

Required:
Prepare a statement of cash flows for 2020 using the indirect method.

Answer the following questions based on the tables below.

Buyer Willingness to Pay for One Unit
A $35
B 33
C 27
D 22
E 21
F 13
G 13
H 12
I 6

Seller Willingness to Sell One Unit
A $4
B 9
C 12
D 14
E 15
F 21
G 23
H 30
I 51


Required:
a. The quantity demanded at a price of $10 is:_____________
b. The quantity supplied at a price of $10 is: _____________
c. The quantity demanded at a price of $25 is:_______________.
d. The quantity supplied at a price of $25 is: 7 units:__________

An investment will pay you $80,000 in 10 years. If the appropriate discount rate is 9 percent compounded daily, what is the present value? (Use 365 days a year. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Darryl, a cash basis taxpayer, gave 1,000 shares of Copper Company common stock to his daughter on September 29, 2019. Copper Company is a publicly held company that has declared a $2.00 per share dividend on September 30th every year for the last 20 years. Just as Darryl had expected, Copper Company declared a $2.00 per share dividend on September 30th, payable on October 15th, to stockholders of record as of October 10th. The daughter received the $2,000 dividend on October 18, 2019. a. The daughter must recognize the income because she owned the stock when the dividend was declared and she received the $2,000. b. Darryl must recognize the $2,000 dividend as his income because he constructively received the dividend. c. Darryl must recognize $1,500 of the dividend because he owned the stock for three-fourths of the year. d. Darryl must recognize the income of $2,000 because the purpose of the gift was to avoid taxes. e. None of these choices are correct.

The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales $18,500,000 $20,000,000 Beginning inventories 940,000 860,000 Cost of goods sold 9,270,000 10,800,000 Ending inventories 1,120,000 940,000 a. Determine for each year (1) the inventory turnover and (2) the number of days' sales in inv

Countries with democratic regimes, market-based economic policies, and strong protection of property rights are more likely to attain high and sustained economic growth rates and are thus a more attractive location for international business. The benefits, costs, and risks are associated with the political, economic, and legal systems of the country. The overall attractiveness of a country depends on balancing the benefits, costs, and risks.
Roll over each item on the left for a detailed description. Then, drag each item to the appropriate category of evaluations a manager must make when examining a country's attractiveness.
1. Middle-class population growth potential
2. First-mover advantages
3. Unaxpestec political change
4. Infrastructure issuos
5. Resolving contract disputes
6. Bribe payments
7. Free market economy
8. Economio uncertainty
A. Evaluate Benefits
B. Evaluate Costs
C. Evaluate Risks

Quarter ($000) Net Income Operating Activities, Cash Flows Provided By or Used In Depreciation Adjustments to net income Changes in accounts receivable Changes in liabilities Changes in inventories Changes in other operating activities Total Cash Flow from Operating Activities Investing Activities, Cash Flows Provided By or Used In Capital expenditures Investments Other cash flows from investing activities Total Cash Flows from Investing Activities Financing Activities, Cash Flows Provided By or Used In Dividends paid Sale or purchase of stock Net borrowings Other cash flows from financing activities Total Cash Flows from Financing Activities Effect of exchange rate changes Change in Cash and Cash Equivalents 4 1 276625 229066 194168 218413 73213 74652 48804 (48,073) 69887 75664 14316 (13,131) 「(53,210) 100771 (84,594) 201724 (38,788) 82887[(111,619) (114,134) 40064 57571 (195,240) 84983 12706 (2,119) 176461(26,473) 227333 (13,837) 717808 254475 (82,478) (5,440) (108,828) (196,746) 「(41,702) 「(100,009) (69,286) 5550 (93,203)(48,401) 847 (57,966) 20714 (35,305) 「251,178) (119,369) 515684114657(283,689) 462945(13,401) 「(526,169) (96,973) (131,360) (131,285) (121,425) 78806 1175((76,853)(79,248) 64806 (182) 2052 (46,258) 39724 (96,143) 6781 68140 (119,984) (503) 32897 373551 (63,046)[(26,642)See the cash flow statement LOADING... ​(all values in thousands of​ dollars) (see MyLab Finance for the data in Excel​ format): a. What were the​ company's cumulative earnings over these four​ quarters? What were its cumulative cash flows from operating​ activities? b. What fraction of the cash from operating activities was used for investment over the four​ quarters? c. What fraction of the cash from operating activities was used for financing activities over the four​ quarters?

Hassan, an undocumented worker employed by Robco Warehouse, is routinely harassed because of his Middle Eastern ancestry. His supervisors and co-workers often refer to him as a terrorist and call him "Taliban." He complains to the management about the harassment and after a few days, his supervisor conducts an investigation and finds out that Hassan is an illegal alien. This information is relayed to the Immigration and Naturalization Service (INS). Which of the following is the Equal Employment Opportunity Commission (EEOC) most likely to conclude? a) Hassan does not have a claim of discrimination because the Fair Labor Standards Act does not protect undocumented workers from abuse. b) Hassan has a claim of discrimination because the Immigration Reform and Control Act does not allow discrimination in favor of U.S. citizens as against illegal aliens. c) Robco Warehouse will be liable if the company acquired information on Hassan's status through a retaliatory investigation. d) Robco Warehouse is not liable because the Immigration Reform and Control Act does not prohibit discrimination on the basis of citizenship under any circumstances.

Nike, Inc., with headquarters in Beaverton, Oregon, is one of the world's leading manufacturers of athletic shoes and sports apparel. The following activities occurred during a recent year. The amounts are rounded to millions a. Purchased additional buildings for $172 and equipment for $270; paid $432 in cash and signed a long-term note for the rest. b. Issued 100 shares of $2 par value common stock for $345 cash. c. Declared $145 in dividends to be paid in the following year. d. Purchased additional short-term investments for $7,616 cash. e. Several Nike investors sold their own stock to other investors on the stock exchange for $84 f. Sold $4,313 in short-term investments for $4,313 in cash. Required: For each of the events (a) through (), perform transaction analysis and indicate the account, amount, and direction of the effect +for increase and - for decrease) on the accounting equation. Check that the accounting equation remains in balance after each transaction. (If no impact on the accounting equation leave cells blank. Enter your answers in millions.)

Ian loaned his friend $25,000 to start a new business. He considers this loan to be an investment, and therefore requires his friend to pay him an interest rate of 9% on the loan. He also expects his friend to pay back the loan over the next four years by making annual payments at the end of each year. Ian texted and asked that you help him calculate the annual payments that he should expect to receive so that he can recover his initial investment and earn the agreed-upon 9% on his investment.

Required:
Calculate the annual payment.

Pepper’s Pens uses the weighted average method of process costing for product costing. Pepper Potts, the owner, provides you the following information about the prior month’s production: August beginning WIP (40% complete with respect to conversion costs) 8,000 Units started in August 45,000 Units completed and transferred in August 52,000 Ending August WIP (70% complete with respect to conversion costs) 1,000 All direct materials are added at the beginning of the process. Conversion costs are added evenly throughout the process. Costs this period Beginning WIP Direct materials $463,500 $124,500 Conversion costs 247,500 24,200 Total manufacturing costs $ 711,000 $ 148,7001. How many units were started, completed and transferred out in August? How many were completed and transferred from beginning work-in-process in August? 2. Calculate the cost per equivalent unit for a. Direct materials b. Conversion costs 3. Calculate the direct materials and conversion costs assigned to units that were completed and transferred out in August, and those in ending WIP. 4. Tony Stark, a cost accountant in the company, has raised the concern that the FIFO method of process costing is not as informative about the changes in product costs as the weighted average method. Is Tony correct? Explain.

The balance sheet and income statement shown below are for Koski Inc. Note that the firm has no amortization charges, it does not lease any assets, none of its debt must be retired during the next 5 years, and the notes payable will be rolled over.

Sheet (Millions of $) Assets 2007
Cash and securities $2,475
Accounts receivable 12,650
Inventories 17,600
Total current assets $32,725
Net plant and equipment $22,275
Total assets $55,000

Liabilities and Equity:

Accounts payable $10,450
Notes payable 7,700
Accruals 6,050
Total current liabilities $24,200
Long-term bonds $18,700
Total debt $42,900
Common stock $0
Retained earnings 12,100
Total common equity $12,100
Total liabilities and equity $55,000
Income Statement (Millions of $) 2007
Net sales $99,000
Operating costs except depreciation 92,565
Depreciation 1,733
Earnings bef interest and taxes (EBIT) $4,703
Less interest 1,650
Earnings before taxes (EBT) $3,053
Taxes 1,068
Net income $1,984

Other data: Shares outstanding (millions) 500.00
Common dividends (millions of $) $694.44

Int rate on notes payable & L-T bonds 6.25%
Federal plus state income tax rate 35%
Year-end stock price $43.39


Required:
a. What is the firm's ROE?
b. What is the firm's profit margin?
c. What is the firm's operating margin?
d. What is the firm's P/E ratio?

Schell Company manufactures automobile floor mats. It currently has two product lines, the Standard and the Deluxe. Suppose that Schell has conducted further research into its overhead and potential cost drivers. As a result, the company has compiled the following detailed information, breaking total overhead into three cost pools:Activity Cost Pools Cost Driver Cost Assigned to Pool Quantity/Amount Consumed by Standard Floor Mat Line Quantity/Amount Consumed by Deluxe Floor Mat LineMaterial handling Number of moves $3,750 30 moves 70 movesQuality control Number of inspections $13,860 400 inspections 600 inspectionsMachine maintenance Number of machine hours $21,450 4,150 machine hours 3,000 machine hoursRequired:1. Calculate the activity rates for each cost pool assuming Schell uses an ABC system.Activity RateMaterial Handling _____ per Material MoveQuality Control _____ per InspectionMaintenance _____ per Machine Hour2. Calculate the amount of overhead that Schell will assign to the Standard floor mat line.3. Determine the amount of overhead Schell will assign to the Deluxe product line.