The following information is taken from the balance sheet of Raineer P.docx

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The following information is taken from the balance sheet of Raineer Plumbing: cash and cash equivalents, $50,000; accounts receivable, $130,000; inventories, ?; total current assets, $285,000; property, plant, and equipment (net), ?; total assets, $500,000; accounts payable, $42,000; note payable (due in two years), $60,000; common stock; $130,000; and retained earnings, ?. Calculate the following amounts Inventories Property, plant, and equipment Retained earnings Solution answer.. Calculation of inventory= Total current assets =total current assets-accounts receivable .

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(a) The liabilities of Jantz Company are $98,720 and the stockholders’ equity is $239,900. What is the amount of Jantz Company’s total assets? Total assets $ (b) The total assets of Foley Company are $186,500 and its stockholders’ equity is $81,000. What is the amount of its total liabilities? Total liabilities $ (c) The total assets of Sundberg Co. are $877,400 and its liabilities are equal to one-fourth of its total assets. What is the amount of Sundberg Co.’s stockholders’ equity? Stockholders’ equity $ Exercise 1-5 Suppose the following information was taken from the 2014 financial statements of pharmaceutical giant Merck and Co. (All dollar amounts are in millions.) Retained earnings, January 1, 2014 $46,995.5 Cost of goods sold 8,518.0 Selling and administrative expenses 8,803.6 Dividends 3,269.2 Sales revenue 39,160 Research and development expense 6,410 Income tax expense 3,109.0 After analyzing the data, prepare an income statement for the year ending December 31, 2014. (Enter amounts in millions upto 1 decimal place, e.g. 45.5 million.) MERCK AND CO. Income Statement For the Year Ended December 31, 2014 (in millions) $ $ $ Exercise 1-8 The following items and amounts were taken from Motte Inc.’s 2014 income statement and balance sheet. In each case, identify on the item is an asset, liability, stockholders' equity, revenue, or expense item. Cash $ 85,622 Retained earnings 121,030 Cost of goods sold 436,464 Salaries and wages expense 119,652 Prepaid insurance 7,888 Inventory 64,062 Accounts receivable 87,691 Sales revenue 588,339 Notes payable 6,244 Accounts payable 49,506 Service revenue 5,256 Interest expense 1,770 Prepare an income statement for Motte Inc. for the year ended December 31, 2014. MOTTE INC. Income Statement For the Year Ended December 31, 2014 $ $ $ Brief Exercise 2-2 A list of financial statement items for Morales Company includes the following: accounts receivable $20,667; prepaid insurance $3,838; cash $15,352; supplies $5,610; and debt investments (short-term) $12,105. Prepare the current assets section of the balance sheet listing the items in the proper sequence. (List current assets in order of liquidity.) MORALES COMPANY Partial Balance Sheet $ $ Brief Exercise 2-5 These selected condensed data are taken from a recent balance sheet of Bob Evans Farms (in millions of dollars). Cash $ 29.3 Accounts receivable 20.5 Inventory 28.7 Other current assets 24.0 Total current assets $102.5 Total current liabilities $201.2 Compute working capital and the current ratio. (If answer is negative enter it with a negative sign preceding the number e.g. -15,000 or in parentheses e.g. (15,000). Round Current Ratio to 2 decimal places, e.g. 0.78 : 1.) Working capital (in millions) $ Current ratio :1 Exercise 2-1 Classify each of the following financial sta ...

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Chapter 2 Problems: Set B P2-1B Suppose the following items are taken from the 2014 balance sheet of Starbucks Corporation. (All dollars are in millions.) Goodwill $ 477 Common stock 40 Equipment 3,036 Accounts payable 391 Stock investments (long-term) 280 Accounts receivable 288 Prepaid rent 278 Debt investments (current) 157 Retained earnings 2,244 Cash 281 Notes payable (noncurrent) 550 Notes payable (current) 1,468 Unearned sales revenue (current) 297 Bonds payable 354 Inventory 692 Accumulated depreciation—equipment 145 Instructions Prepare a classified balance sheet for Starbucks Corporation as of September 30, 2014. P2-2B These items are taken from the financial statements of Mueller, Inc. Prepaid insurance $ 2,400 Equipment 30,000 Salaries and wages expense 34,000 Utilities expense 2,100 Accumulated depreciation—equipment 7,600 Accounts payable 7,200 Cash 6,100 Accounts receivable 2,900 Salaries and wages payable 3,000 Common stock 6,000 Depreciation expense 4,300 Retained earnings (beginning) 14,000 Dividends 2,600 Service revenue 51,000 Maintenance and repairs expense 2,600 Insurance expense 1,800 Instructions Prepare an income statement, a retained earnings statement, and a classified balance sheet as of December 31, 2014. P2-3B You are provided with the following information for Vern Corporation, effective as of its April 30, 2014, year-end. Accounts payable $ 3,100 Accounts receivable 10,150 Accumulated depreciation—equipment 6,600 Depreciation expense 3,200 Cash 20,955 Common stock 20,000 Dividends 2,800 Equipment 24,250 Sales revenue 20,450 Income tax expense 700 Income taxes payable 300 Interest expense 350 Interest payable 175 Notes payable (due in 2018) 4,700 Prepaid rent 380 Rent expense 660 Retained earnings, beginning 13,960 Salaries and wages expense 5,840 Instructions (a) Prepare an income statement and a retained earnings statement for Vern Corporation for the year ended April 30, 2014. (b) Prepare a classified balance sheet for Vern as of April 30, 2014. P2-4B Comparative statement data for Omaz Company and Wise Company, two competitors, are presented below. All balance sheet data are as of December 31, 2014. Omaz Company Wise Company 2014 2014 Net sales $450,000 $900,000 Cost of goods sold 225,000 450,000 Operating expenses 130,000 150,000 Interest expense 6,000 10,000 Income tax expense 15,000 75,000 Current assets 180,000 700,000 Plant assets (net) 600,000 800,000 Current liabilities 75,000 230,000 Long-term liabilities 190,000 200,000 Net cash provided by operating activities 46,000 180,000 Capital expenditures 20,000 50,000 Dividends paid -0- 5,000 Average number of shares outstanding 200,000 500,000 Instructions (a) Compute the net income and earnings per share for each company for 2014. (b) Comment on the relative liquidity of the companies by computing working capital and the current ratio for each company for 2014. (c) Comment on the relative solvency of the.

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ACC 290 Final Exam 1. Which financial statement is used to determine cash generated from operations? A. Income statement B. Statement of operations C. Statement of cash flows D. Retained earnings statement 2. In terms of sequence, in what order must the four basic financial statements be prepared? A. Balance sheet, income statement, statement of cash flows, and capital statement B. Income statement, capital statement, statement of cash flows, and balance sheet C. Balance sheet, capital statement, statement of cash flows, and income statement D. Income statement, capital statement, balance sheet, and statement of cash flows 3. In classifying transactions, which of the following is true in regard to assets? A. Normal balances and increases are debits B. Normal balances and decreases are credits C. Normal balances can either be debits or credits for assets D. Normal balances are debits and increases can be debits or credits 4. An increase in an expense

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The Financial Management Decision Process What are the three types of financial management decisions? For each type of decision, give an example of a business transaction that would be relevant. Solution Three types of financial management decisions are as under: 1. Investment decision Investment decisions are also called capital budgeting decisions. These decisions involved careful selection of assets / project to be purchased or invested. Example: Purchasing a machine. 2. Financing decision: After deciding about the investment, next big decision is arranging the funds for the investment. In this decision management decides the source of finance like : debt, Equity etc. Example: Issuing common stock to raise funds. 3. Dividend decision: When Management has invested the fund in the business it will probably earn profits. And now they have to take one more decision that is distributing of profits that is also called as dividend decision. In this decision they decided how much amount of profits is to be distributed as dividend and how much is to be retained for business. .

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The Federal Reserve attempts to keep prices stable and unemployment low. Is there are a contradiction in these objectives? Describe the monetary policy tools that are available to the Federal Reserve to achieve these objectives. Solution The Federal Reserve, like many other central banks, is an independent government agency but also one that is ultimately accountable to the public and the Congress. The Congress established maximum employment and stable prices as the key macroeconomic objectives for the Federal Reserve in its conduct of monetary policy. The Congress also structured the Federal Reserve to ensure that its monetary policy decisions focus on achieving these long-run goals and do not become subject to political pressures that could lead to undesirable outcomes. So, members of the Board of Governors are appointed for staggered 14-year terms and the Chairman of the Board is appointed for a four-year term. Elected officials and members of the Administration are not allowed to serve on the Board. The Federal Reserve does not receive funding through the congressional budgetary process. The Fed\'s income comes primarily from the interest on government securities that it has acquired through open market operations. Other sources of income are the interest on foreign currency investments held by the Federal Reserve System; fees received for services provided to depository institutions, such as check clearing, funds transfers, and automated clearinghouse operations; and interest on loans to depository institutions. After paying its expenses, the Federal Reserve turns the rest of its earnings over to the U.S. Treasury. .

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The following class stores a list of integer values and contains a method to return the smallest value in a non-empty list. Make changes and cross out old code as needed to turn this into a generic class that can be used to store lists of any element type E as long as those elements can be compared for ordering (i.e., any type E whose elements support the compareTo method). You can assume the code is adequate otherwise â€“ you donâ€™t need to, for example, add additional tests to guard against null values. public class MinList f List items; ** Construct new empty list*/ public MinList () { items = new ArrayList ( ); } *add new item x to list * public void add(int x) items.add(x); /** return smallest value in a non-empty list* public int minItem() assert items.size)> e; int minValue-items.get (0); for (int val: items) if (val Solution import java.util.ArrayList; public class MinList<E extends Comparable<E>> { ArrayList<E> items; public MinList(){ items = new ArrayList<E>(); } public void add(E x){ items.add(x); } public E minItem(){ assert items.size()>0; E minValue = items.get(0); for(E val:items){ if(val.compareTo(minValue) < 0){ minValue = val; } } return minValue; } } .

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The following are key terms in Chapter 14 that relate to regulatory and taxation issues of not-for-profit organizations: A. Unrelated business income B. Public charity C. Charitable solicitation D. Lobbying E. Debt financed income F. Private foundation G. Propaganda For each of the following definitions, indicate the key term from the list above that best matches by placing the appropriate letter in the blank space next to the definition. _____1. A not-for-profit exempt under IRC Sec. 501(c)(3) that receives more of its support from a small number of donors or investment income than it does from the public at large. _____ 2. A direct request for credit or financial assistance that will be used for the 501(c)(3)â€™s mission. _____ 3. Information that is skewed toward a particular belief with little basis in fact. _____ 4. Gross income from a trade or business regularly carried on by a tax-exempt organization. _____ 5. Contacting elected officials to encourage specific legislative action. Solution 1. F. Private Foundation 2. C. Charitable socialitaton 3. G. Propaganda 4. A. Unrelated business income 5. D. Lobbying .

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The following account balances relate to the stockholdersâ€™ equity accounts of Kerbs Corp. at year-end. 2014 2013 A small stock dividend was declared and issued in 2014. The market value of the shares was $11,470. Cash dividends were $15,420 in both 2014 and 2013. The common stock has no par or stated value. Solution Journal Entries 2013 ividend Dr 15420 To Cash 15420 2014 Dividend Dr 15420 To Cash 15420 Dividen .

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The fiscal 2012 financial statements of Barney Services shows average net operating assets (NOA) of $7,416 million, average net nonoperating obligations (NNO) of $456 million, average total liabilities of $3,508 million, and equity of $7,040 million. The companyâ€™s 2012 financial leverage (FLEV) is: Choose from list below: 0.179 0.949 0.061 0.065 Solution Financial leverage formual = Average net nonoperating obligation / average equity = 456 / (7416 - 456) = 456 /6960 = .065 correct option is \"D\" -.065 .

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The executive officers of Rouse Corporation have a performance-based compensation plan. The performance criteria of this plan is linked to growth in earnings per share. When annual EPS growth is 12%, the Rouse executives earn 100% of the shares; if growth is 16%, they earn 125%. If EPS growth is lower than 8%, the executives receive no additional compensation. In 2014, Joan Devers, the controller of Rouse, reviews year-end estimates of bad debt expense and warranty expense. She calculates the EPS growth at 15%. Kurt Adkins, a member of the executive group, remarks over lunch one day that the estimate of bad debt expense might be decreased, increasing EPS growth to 16.1%. Devers is not sure she should do this because she believes that the current estimate of bad debts is sound. On the other hand, she recognizes that a great deal of subjectivity is involved in the computation. Questions What is the ethical dilemma for Devers? What are the alternative solutions? Evaluate whether the proposed solution is ethical. Who are the stakeholders? How are they impacted? Solution What is the ethical dilemma for Devers. Few executives ever see jail even though the results of unethical behavoir can greatly affect stakeholders. The prevalence of major corporate scandals over the years has helped increase public awareness of two major ethics concepts -- stakeholders and ethical dilemmas. While these concepts are not unique to the study of business, they tend to be more commonly applied to ethical corporate decision making. For example, the corporate social responsibility movement is a direct application of these ideas in real life business practice. But what exactly do they mean? Stakeholders Stakeholders are broadly defined as anyone who is impacted by a decision-maker .

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The EU recently admitted the Eastern European countries. How do you assess the impact of the EU\'s expansion? What are the costs and benefits of the expansion for the U.S. economy? Solution The accession of eight Central and Eastern European countries (CEECs) to the European Union in 2004 will bring some important benefits. The new members will gain from reduced bar- riers to trade and investment. By 2010, the movement of labor will also be freed. But accession to the EU is neither a necessary nor a sufficient con- dition for economic growth. The combined effects of market access and economic liberalization, not EU membership, optimize economic growth. Unfortunately, the incoming EU members had to choose between the common market on the one hand and economic liberty on the other. Instead of concluding free-trade agreements with the EU, the CEECs were cajoled into an increas- ingly centralized superstate, in which most of their comparative advantages will be legislated out of existence. As a result, economic growth in Central and Eastern Europe (CEE) will continue to be suboptimal. The loss of potential future economic growth will be only partly offset by the CEEC .

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The Esposito Import Company had 1 million shares of common stock outstanding during 2013. Its income statement reported the following items: income from continuing operations, $5 million; loss from discontinued operations, $1.8 million; extraordinary gain, $2.4 million. All of these amounts are net of tax. Required: Prepare the 2013 EPS presentation for the Esposito Import Company. (Round your answers to 2 decimal places.) Solution Hi, Please find the detailed answer as follows: EPS = (Income from Continuing Operations + Extraordinary Gain - Loss form Discontinued Operations)/Number of Outstanding Shares EPS = (5 million + 2.4 million - 1.8 million)/1 million = $5.60 Answer is $5.60 . Thanks. .

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The energy levels of electrons are related to their: a) Position on the Periodic table b) Atomic mass units c) Isobars d) Shells e) Isotopes Solution The energy levels of electrons are related to their: d) Shells An early model of the atom was developed in 1913 by the Danish scientist Niels Bohr (1885–1962). The Bohr model shows the atom as a central nucleus containing protons and neutrons, with the electrons in circular electron shells at specific distances from the nucleus, similar to planets orbiting around the sun. Each electron shell has a different energy level, with those shells closest to the nucleus being lower in energy than those farther from the nucleus. By convention, each shell is assigned a number and the symbol n .

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The Electron in a Hydrogen Atom transforms from its n=1 state to its n=3 state. Does the electron absorb or release energy? What is the amount of energy assosicated with this transformation? What will happen after this transition? List the four quantum numbers of an electron in the ground state of a hydrogen atom. Solution E n = (-13.6 eV)/n 2 E 3 = (-13.6 eV)/9 = -1.51 eV E 1 = (-13.6 eV)/1 = -13.6 eV Electron losses energy E = -1.51 - (-13.6) = 12.09 eV .

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The enqueue operation on the Queue ADT adds a new item to the back of the queue where the dequeue operation removes and returns the item from the front of the queue. Now consider an initially empty queue and find the final output for the following sequence of queue operations: enqueue(7); enqueue(9); enqueue(1); dequeue(); enqueue(8); dequeue(); dequeue(); enqueue(6); enqueue(3); dequeue(); enqueue(2); enqueue(1); dequeue(); Solution import java.util.*; java.io.*; java.lang.*; class Queue { private ArrayList list; public Queue() { list = new ArrayList(); } public void enqueue(Object object) { if(list.isFull()) System.out.println(â€œQueue overflowedâ€); else list.add(object); } public Object dequeue() { if(list.isEmpty()) System.out.println(â€œQueue underflowâ€); else return list.remove(list.size() - 1); } public boolean isEmpty() { return list.isEmpty(); } public Object front() { return list.get(list.size() - 1); } public Object back() { return list.get(index); } public void clear() { list.clear(); } } class QSample { public static void main(String args[]) throws Exception { Queue q=new Queue();Â Â Â while(true) { System.out.println(\"\ \\t QUEUE \"); q.enqueue(7); q.enqueue(9); q.enqueue(1); q.back(); q.dequeue(); q.enqueue(8); q.dequeue(); q.dequeue(); q.enqueue(6); q.enqueue(3); q.dequeue(); q.enqueue(2); q.enqueue(1); q.dequeue(); System.out.println(\"Exit\"); } } } The Final output is : 3 2 1 .

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