Question 1
Could you please look at this and tell me what you think please. On a side note, thanks for the assignment you did yesterday. I really appreciate your help the assignment was done perfectly! Thanks again, John,Hello again, I was just wondering if anyone received the request I submitted about 3 hours ago. I don?t want to be a nuisance, just wanted to be sure it was received. Thank you, John p.s The assignment was the Apple assignment.,Sir, I hate to bother you, but might you have any idea or a time frame when the Apple assignment I sent you will be completed? Thanks in advance for your time. John,Sir, I sent you the attached assignment on 11/07/10 @ 7:34pm and the message you sent back said you accepted the assignment and had started working on it. I was wondering if you have an idea when the assignment will be completed. I appreciate your time and thank you in advance. John,Sir, I have an exam I need some help with either tomorrow evening or possibly Sunday evening. If I were to send you a copy of the questions I need help with, approximately how quickly could you complete them and return them to me? The course is a 201 accounting class. Also,if I sent you instructions and the link could you complete the exam for me? The exam is approximately 50 questions, 10 of which, are short fill in and the rest are multiple choice. Please advise. Thank you, John
Question 2
Review the following information found in Chapter 17 of the textbook. Figure 17.5, Very Vegetarian?Balance Sheet, dated December 31, 2012 Figure 17.7, Very Vegetarian?Income Statement, dated December 31, 2012 Figure 17.8, Very Vegetarian?Statement of Cash Flows, dated December 31, 2012 You are contemplating investing in Very Vegetarian or possibly purchasing the company outright. Based on this information, as well as the financial statements provided in the textbook, answer the following questions in a two- to three-page paper. Your paper should use APA style. Why is it advisable to evaluate the company?s financial statements? What key information would you seek to understand about the financial statements? Why? (8 points) It appears that Very Vegetarian financial statements follow a very strict form. Why must accounting reports be prepared according to specific procedures (GAAP)? Is it permissible for businesses to be allowed some flexibility or creativity in preparing financial statements? Why? Why not? (7 points) What value do financial ratios offer investors in reviewing the financial performance of a firm? (8 points) Why is it important to understand that financial ratios can differ from industry to industry? (7 points) Include APA style reference information as in-text citations and at the end of your paper. (5 points)
Question 3
Ratio Analysis at S & S Air, Inc. Chris Guthrie was recently hired by S&S Air, Inc., to assist the company with its financial planning and to evaluate the company's performance. Chris graduated from college five years ago with a finance degree. He has been employed in the finance department of a Fortune 500 company since then. S&S Air was founded 10 years ago by friends Mark Sexton and Todd Story. The company has manufactured and sold light airplanes over this period, and the company's products have received high reviews for safety and reliability. The company has a niche market in that it sells primarily to individuals who own and fly their-own airplanes. The company has two models; the Birdie, which sells for $53,000, and the Eagle, which sells for $78,000. Although the company manufactures aircraft, its operations are different from commercial aircraft companies. S&S Air builds aircraft to order. By using prefabricated parts, the company can complete the manufacture of an airplane in only five weeks. The company also receives a deposit on each order, as well as another partial payment before the order is complete. In contrast, a commercial airplane may take one and one-half to two years to manufacture once the order is placed. Mark and Todd have provided the following financial statements. Chris has gathered the industry ratios for the light airplane manufacturing industry. Income Statement Sales $20,077,000 Cost of goods sold $14,985,000 Other expenses $2,399,000 Depreciation $655,000 EBIT $2,038,000 Interest $362,000 Taxable income $1,676,000 Taxes (40%) $670,400 Net income $1,005,600 Dividends $205,000 Add to retained earnings $800,600 S&SAIR,INC. 2006 Balance Sheet Assets Current assets Cash $365,040 Accounts receivable $1,534,680 Inventory $1,238,500 Total current assets $3,138,220 Fixed assets Net plant and equipment $12,315,680 Total assets $15,453,900 Liabilities and Equity Current liabilities Accounts payable $715,680 Notes payable $1,446,400 Total current liabilities $2,162,080 Long-term debt $3,825,000 Shareholder equity Common stock $150,000 Retained earnings $9,316,820 Total equity $9,466,820 Total liabilities and equity $15,453,900 Light Airplane Industry Ratios Lower quartile median Upper quartile Current Ratio .50 1.43 1.89 Quick Ratio .64 .84 1.05 Cash Ratio .08 .21 .39 Total Asset Turnover .68 .85 1.28 Inventory Turnover 4.89 6.15 10.89 Receivables turnover 6.27 9.82 11.51 Total Debt Ratio .31 .52 .61 Debt-Equity Ratio .58 1.08 1.56 Equity Multiplier 1.58 2.08 2.56 Times Interest Earned 5.18 8.06 9.83 Cash Coverage Ratio 5.84 8.43 10.27 Profit Margin 4.05% 5.15% 6.47% Return on Assets 6.05% 10.53% 13.21% Return on Equity 9.93% 16.54% 26.15% Questions: 1. Calculate the ratios for S &S Air that are shown for the industry. 2. Mark and Todd agree that a ratio analysis can provide a measure of a company?s performance. They have chosen Boeing as an aspirant company. Would you choose Boeing as an aspirant company? Why or Why not? 3. Compare the performance of S & S Air to the industry. For each Ratio comment why it might be viewed as positive or negative relative to the industry. Suppose you create an inventory ratio calculated as inventory divided by current liabilities. How do you think S & S Air?s ratio would compare to the industry average. 4. Calculate the internal growth rate and sustainable growth rate for S&S Air. What do these numbers mean?
Question 4
financial Accounting Class - I have 2 hours to finish 1. (TCO 3) At the end of the period it is necessary to close all temporary accounts. (1) Explain why this process is required (15 points) and (2) provide an example of the closing of an expense account, Supplies Expense in the form of a journal entry. (10 points) (Points : 25) 2. (TCO 2) As required to complete Course Project 1, one must follow the cycle that includes 10 steps to complete the accounting cycle. (1) Explain how information from the journal entries get into the ledger accounts (15 points) and (2) provide an example of information that would be transferred. (10 points) (Points : 25) 3 . (TCO 5) Internal Control Procedures are required to safeguard company assets and to ensure ethical operation of the business. (1) Explain how separation of duties can satisfy the purpose of internal control (15 points) and (2) provide an example of how this control could be implemented. (10 points) (Points : 25) 4. (TCO 4) Inventory valuation methods determine the cost of goods sold and the inventory balance. (1) Explain how the First in First out (FIFO) method is applied (15 points) and (2) provide an example of the impact that this method of inventory valuation will have on Gross Profit. (10 points) (Points : 25) 5. (TCO 1) To evaluate the financial operation and health of a business ratio analysis is used. (1) Provide the formula for the Acid-test (or Quick) Ratio and explain how it is computed (10 points) and (2) provide an example of how this ratio can be used in decision-making in business. (15 points) (Points : 25) 6. (TCO 6) BagODonuts Company bought a used delivery truck on January 1, 2010, for $19,200. The van was expected to remain in service 4 years (30,000 miles). BagODonuts? accountant estimated that the truck?s residual value would be $2,400 at the end of its useful life. The truck traveled 8,000 miles the first year, 8,500 miles the second year, 5,500 miles the third year, and 8,000 miles in the fourth year. 1. Calculate depreciation expense for the truck for each year (2010-2013) using the: a. Straight-line method. b. Double-declining balance method. c. Units of Production method. (For units-of-production and double-declining balance, round to the nearest two decimals after each step of the calculation.) 2. Which method best tracks the wear and tear on the van? 3. Which method would BagODonuts prefer to use for income tax purposes? Explain in detail why BagODonuts prefers this method. (Points : 25) 7. (TCO 7) ABC Inc. was incorporated on 1/15/12. Their corporate charter authorized the following capital stock: Preferred Stock: 7%, par value $100 per share, 100,000 shares. Common Stock: $1 par value, 500,000 shares. The following transactions occurred during the year: 1/19/12 ? Issued 100,000 shares of common stock for $17 cash per share. 1/31/12 ? Issued 3,000 shares of preferred stock for $115 cash per share. 11/1/12 ? Repurchased 30,000 shares of common stock for $22 cash per share. 12/1/12 ? Declared and paid a total dividend of $95,000. Required: 1. Prepare the journal entry for each transaction listed above. 2. In your own words, explain the main differences between common and preferred stock. (Points : 25) 8. (TCO 5) Internal Control Procedures are in place to protect the assets of every business as mentioned in the textbook and our discussions. Of the seven internal control procedures, list five of these controls and describe how each procedure is implemented. (5 points each with 2 points for listing and 3 points for a description) (Points : 25) 9. (TCO 2) Below are the accounts of Super Pool Service, Inc. The accounts have normal balances on June 30, 2012. The accounts are listed in no particular order. Account Balance Common stock $5,100 Accounts payable $4,400 Service revenue $17,100 Land $28,800 Note payable $9,500 Cash $5,200 Dividends $6,100 Utilities expense $2,100 Accounts receivable $10,600 Delivery expense $700 Retained earnings $25,600 Salary expense $8,200 Prepare the company?s trial balance as of June 30, 2012, listing accounts in proper sequence, as illustrated in the chapter. For example, Accounts Receivable comes before Land. List the expense with the largest balance first, the expense with the next largest balance second, and so on. 10. Linda?s Lampshades started business on Jan. 1, 2001. They had the following inventory transactions: Journals - Jan. 2001 Purchases Supplier Date Received Quantity Unit Cost Amount Donna 01/10/01 110 12.00 1320.00 Thomas 01/15/01 160 14.00 2240.00 Cindy 01/18/01 150 15.00 2250.00 Sales Customer Date shipped Quantity Sel. Price Amount Norilene 01/16/01 200 25.00 5000.00 1. Calculate the ending inventory, using the perpetual inventory method: A. Using FIFO B. Using LIFO C. Using Average Cost 2. Prepare the following statement Using FIFO LIFO Average Cost Sales Cost of Sales Gross Profit
Question 5
1. The following are the overall miles per gallon (MPG) of a sample of 2009 sedans priced under $20,000. (27,31,30,28,27,24,29,32,32,27,26,26,25,26,25,24). Construct a 95% confidence interval for the population mean, assuming a normal distribution? 2. An analysis wishes to estimate the mean hourly wage of workers in a particular company within 25cents and with a 95% confidence level. The std. dev. of the wages is estimated as being no larger than $1.00. What is the number of personnel records that should be sampled, at minimum, to satisfy the requirements? 3. In a recent year, the mean wait for repairs for Verizon customers was 36 hours. In an effort to improve service, a new repair process was developed. This new process, when used on a sample of 90 repairs, resulted in a sample mean of 33 hours and a sample std. dev. of 10 hours. (a) State the null and alternative hypotheses. (b) Is there evidence that the change was successful in reducing the wait time? (use 0.05 level of significance) 4. As used in hypothesis testing, describe the null hypothesis and the alternative hypothesis. Can you statistically prove either one? 5. A hospital conducted a study of the waiting times in its emergency room at the main campus and three offsite locations. Studying only cases that did not require immediate attention, random samples of 15 were taken at each location on a particular day. The waiting times (from check-in to clinic visit) were measured with the results stored in ER Waiting. (a) At the 0.05 level of significance, is there evidence of a difference in the mean waiting times in the four locations? State your null and alternative hypotheses. (Note: while the small sample size could justify use of the non- parametric Kruskal-Wallis rank test, assume normality and use the ANOVA test. (b) Use the Tukey-Kramer procedure tom see which ones are different. 6. As reported in the KC Star on July 19, 2013, from a survey commissioned by insurance.com of 500 motorists, 34% of women cited their husbands as being the worst backseat drivers, while 40% of the men said the same thing about their wives. Assuming 250 of each sex, can we conclude that there is a significant difference in the proportions at a 0.05 level of significance? 7. Is there evidence of a significant difference among the various age groups with respect to their major shopping day? Use ? = 0.05. The sample data is summarized in percentages for easy display
