martinbishop44

PROBLEMS: For partial credit, work must be shown in an orderlyfashion. Each problem must contain a clear equation,clear substitution of appropriate numbers, and clearly markedanswers to receive full credit.

Round computations to four decimal places, if specific instructionsare not provided.

Answers will be graded based on their ability tocommunicate.

Problems: For partial credit, work must be shown in an orderlyfashion. Answers will be graded based on their ability tocommunicate the problem solvingprocess. 30 points

Required: Prepare a multiple-step income statement in good form.

Calculate retained earnings as of December 31.

Prepare a classified balance sheet ingood form.

Calculate the providedratios 20 points

Additional Information:

Assume that all taxes are at 30% unless otherwise indicated. Theincome tax expense on continuing operations and the income taxliability have not yet been recorded.

Line Item 1 refers to a loss of $70,000 on uninsured damagedfrom a meteor that crashed into a plant facility in New Mexico. Themeteor is considered BOTH UNUSUAL AND INFREQUENT. The applicabletax rate was 35%.

Line Item 2 is income from the publishing division of the firmprior to May 1, 2016. On May 1, management decided to spin-off[discontinue] the operations.

Line Item 3 is also related to the publishing division mentionedin “c” above. Actual losses on the divisions operations after May 1totaled $50,000. Management further expected additional losses of$30,000 on operations and a loss of $220,000 on the sale of thedivision’s assets.

Line Item 4 arose from the sale of long-term investments. Theportfolio that originally cost $250,000 was sold for $284,000.

Line Item 5 arose from discovery of equipment, costing $600,000that had been written off in 2014 as an operating expense. As ofthe beginning of the 2016 the accumulated depreciation was$100,000. The book value of the equipment was $500,000.

Line Item 6 refers to restructuring costs.

Line Item 7 refers to inventory that was on Hand on December 31,and was discovered to be obsolete during the year-end count onJanuary 15, 2017.

The investment account represents two portfolios. The firstportfolio cost $200,000 and is worth $215,000. These stocks andbonds are available currently for sale to raise cash resources. Theother investment, costing $1,000,000 and worth $1,000,000, will beheld indefinitely [long-term] by management.

Included in goodwill is an amount equal to $100,000 thatmanagement “created” after a successful advertising campaign. Theoffsetting credit was to paid-in capital in excess of par value:common.

During 2016, management decided that the usefulness of thefranchise would only last four of the remaining five years.Consequently, management increased the amortization by $100,000 or25 percent in 2016. The new estimate was used in 2016 and would becontinued for the remaining three years.

Inventory on December 31, 2016 was $200,000 after consideringthe decline from line item 7.

The state authorized 100,000 shares of 8 % preferred stock witha par value of $100 of which 8,000 shares have been issued.

The state also authorized 2,000,000 shares of common stock, witha par value of $10 par value. There are no shares in treasury.

The bonds will be refinanced when they are due in 2017.

Foreign currency translation losses were $ 3,000.

Financial Ratios

Current Ratio = Current Assets /Current Liabilities.

Quick Ratio = (Cash + MarketableSecurities + Receivables) / Current Liabilities.

Working Capital = Current Assets -Current Liabilities.

Total debt to total assets = Total Liabilities / TotalAssets.

Gross Profit Rate = Gross Profit/ Net Sales

Netincome as a percentage of sales = Net Income / Net Sales

Return on assets= Operating Income

[Beginning Total Assets + Ending Total Assets]/2

Assume that beginning assets were $13,720,000

Return on stockholders’ equity=

Net Income

[BeginningTotal Stockholders’ Equity + Ending Total Stockholders’Equity]/2

Assume that beginning stockholders’equity was $7,947,500

Price-Earnings Ratio = MarketPrice per Commons Share

Earnings per Common Share

Assume a market price of $ 1.00

Accounts Receivable Turnover = NetSales

Assume that beginning accounts receivable were $ 300,000

Average Collection Period = 365 days/ Accounts Receivable Turnover Ratio

Inventory Turnover = Cost of Goods Sold

Average Sales Period = 365 days /Inventory Turnover Ratio

Operating Cycle = The AverageCollection Period + The Average Sales Period.

The question is asking me to use thetrial balance and the additional information to prepare a balancesheet, calculate the ratios. Then use the trial balance and theadditional informations to prepare a multi-step income statement.These are the things I need from this question.

Advance Fuel Corporation (AFC) was founded five years ago whenDr. Zachery Aplin left his faculty position at a prestigiousuniversity to pursue the development of a process t convert grainwaste poducts into fuel. He used a largegovernment grant, personalfunds, and loans from friends and relatives as seed money tofinance the company, and he was the sole stockholder.

Dr. Aplin worked feverishly for three years with limitedsuccess. However, in the beginning of the fourth year of dedicatedresearch, he and his two-member staff made a major break-throughthat led to the development of a process capable of efficientlyconverting grain waste producys into ethanol, a compound that isblended with gasoline to produce a better burning automobile fuel.Ethanol-gasoline blends have been around for som time, andthe U.S.currently produces over a billion gallons of ethanol a year.However, the ethanol is produced from feed corn, and it moreexpensive than the gasoline to which it is added. Only a federalsubsidy makes ethanol-gasoline mixture economically feasible.Producing ethanol from grain waste products would lower its cost,hence dramaticaly increasing the market potential of the blendedfuel.

AFC recently received a patent from the U.S. Patent Office forDr. Aplin's unique ethanol production process. After consideringlicensing the process to major oil companies, Dr. Aplin decidedthat AFC would broaden its scope of operations to include theproduction and sale of ethanol. Realizing that both his personalfinancial resources and those of AFC has ben exhausted, Dr. Aplindiscussed his need for venture capital with the firm's CPA andbanker. Both professionals suggested that the first step inattaining outside capital is the development of a busines plan.

With some help from the firm's CPA and banker, Dr. Aplin andhisstaff developed an impeccable business plan. Merely working on theplan was a beneficial process, because it forced the participantsto think about issues that had not previously been considered. Dr.Aplin knew that AFC's production process held a cost advantage overthe competition, but he was amazed to discover that AFC'sproduction costs were only 70 percent of its closest competitior.On theother hand, the capital-intensive nature of AFC's productionprocess was revealed by the business plan.

The cost of building one production facility was determind to be$10 million. Since the manufacturing strategy calls for buildingplants in five major cities in the U.S., and since $1 million inwoking capital is needed to start up each plant, AFC's totalcapital requirement is $55 million. Because the nee for $55 millionwas a lot more than Dr. Aplin anticipated, he decided to hireventure capital consultant to help him identify and approachpotential capital providers. The consultant described four mainsources of start-up capital: venture capital funds, banks,individual, and public offerings.

Asume you are a manager of a venture capital fund, and a bank isoffering to laon $20 million of the $55 million financingrequirement. The after-tax cash outflows to service the bank debtare $5, $5, $5, $5, and $10 million in Years 1 through 5,respectively. You are considering providing an equity investmentfor the remaining $35 million required by AFC.

Question

You have decided to use the discounted cash flowapproach to value AFC. Based on the riskiness of the new businessyou believe a 30 percent discount rate is appopriate. What is theforecasted value of the AFC to its equity holders? (Hint: Use thecash flow in Table 2 as a starting point.)

Notes: (a) Depreciation/amorization expenses is included in thcost of goods sold, yet it is a noncash charge. Thus, it must beadded back to new income to obtain net cash flow in each year.

(b) Th terminal value is the present value, as of the end ofYear5, of the equity cash flow that are expected to occur after Year 5.This value was obtained by assuming 10 percent annual growth inequity cash flow after Year 5 and a cost of equity of 30percent:

Terminal value = $21(1.10) / ( 0.30 -0.10) = $116.

Question

What percentage of common stock would you require toinvest the needed $35 million? Would Dr. Aplin be willing to sellyou this percentage ownership of AFC?

Advance Fuel Corporation (AFC) was founded five years ago whenDr. Zachery Aplin left his faculty position at a prestigiousuniversity to pursue the development of a process t convert grainwaste poducts into fuel. He used a largegovernment grant, personalfunds, and loans from friends and relatives as seed money tofinance the company, and he was the sole stockholder.

Dr. Aplin worked feverishly for three years with limitedsuccess. However, in the beginning of the fourth year of dedicatedresearch, he and his two-member staff made a major break-throughthat led to the development of a process capable of efficientlyconverting grain waste producys into ethanol, a compound that isblended with gasoline to produce a better burning automobile fuel.Ethanol-gasoline blends have been around for som time, andthe U.S.currently produces over a billion gallons of ethanol a year.However, the ethanol is produced from feed corn, and it moreexpensive than the gasoline to which it is added. Only a federalsubsidy makes ethanol-gasoline mixture economically feasible.Producing ethanol from grain waste products would lower its cost,hence dramaticaly increasing the market potential of the blendedfuel.

AFC recently received a patent from the U.S. Patent Office forDr. Aplin's unique ethanol production process. After consideringlicensing the process to major oil companies, Dr. Aplin decidedthat AFC would broaden its scope of operations to include theproduction and sale of ethanol. Realizing that both his personalfinancial resources and those of AFC has ben exhausted, Dr. Aplindiscussed his need for venture capital with the firm's CPA andbanker. Both professionals suggested that the first step inattaining outside capital is the development of a busines plan.

With some help from the firm's CPA and banker, Dr. Aplin andhisstaff developed an impeccable business plan. Merely working on theplan was a beneficial process, because it forced the participantsto think about issues that had not previously been considered. Dr.Aplin knew that AFC's production process held a cost advantage overthe competition, but he was amazed to discover that AFC'sproduction costs were only 70 percent of its closest competitior.On theother hand, the capital-intensive nature of AFC's productionprocess was revealed by the business plan.

The cost of building one production facility was determind to be$10 million. Since the manufacturing strategy calls for buildingplants in five major cities in the U.S., and since $1 million inwoking capital is needed to start up each plant, AFC's totalcapital requirement is $55 million. Because the nee for $55 millionwas a lot more than Dr. Aplin anticipated, he decided to hireventure capital consultant to help him identify and approachpotential capital providers. The consultant described four mainsources of start-up capital: venture capital funds, banks,individual, and public offerings.

table 1 current balance sheet and new capital requirementcurrent balance sheet capital requirements for volume (inmillions)

cash 1,000

patent 400,000

total assets 401,000

purchase of equipment 10

purchase of land 5

construction 35

working capital 5

total equipment 55

accounts payable 1,000

loans from friends and relatives 250,000

total liabilities 251,000

common stock 100

additional paid-in capital 149,900

total liabilities and equities 401,00

Table 2

Projected Cash Flow Statement (In Millions)

year 1 year 2 year 3 year 4 year 5

sales 20 53 102 117 129

cost of goods sold 10 26 51 59 65

gross margin 10 27 51 58 64

general/ administrative expenses 5 10 19 23 25

debt service requirements 5 5 5 5 10

pre tax earnings 0 12 27 30 29

taxes 0 5 12 13 14

net income 0 7 15 17 15

depreciation/amorization 2 6 6 6 6

terminal value 116

net cash flow 2 13 21 23 137

Notes:

(a) Depreciation/ amorization expenses is included in the cos ofgoods old, yet is a noncash charge. Thus, it must be added back tonet income to obtain the net cash flow in each year.

(b) The terminal value is the present value, as of the end ofYear 5, of the equity cash flows that are expected to occur afterYear 5. This value was obtained by assuming 10 percent anual growthin equity cash flows after Year 5 and a cost of equity of 30percent:

Terminal vlaue = $21 (1.10) / (0.03 - 0.10) = $116.

Assume you are a manager of a venture capital fund, and a bankis offering to loan $20 millions of the $55 million financingrequirement. The aftr tax cash outflows to service the bnk debt are$5, $5, $5, $5, and $10 million in Years 1 through 5, respectively,You are considering providing an equity investment for the remain$35 million required by AFC

Question

Now assume that the estimated terminal value groth rateis 15 percent, and the bank is only willing to loan the fim $10million. Under these conditions, What percentage of common stockwould you require to invest $35 million?

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Jenkins Company has decided to acquire office equipment(copiers, printers, etc.) that it will use at its headquartersbuilding for the next five years. The equipment would cost $500,000to purchase. Alternately, Jenkins could lease the equipment forfive years, at an annual cost of $120,000. The lease includesequipment maintenance, which would otherwise be anticipated to cost$40,000 per year.

The estimated salvage value of the equipment after five years is$100,000. The five-year MACRS schedule applies for taxdepreciation. Jenkins’ tax rate is 34%. You can assume that, shouldJenkins purchase the equipment, it will borrow $500,000 to do so.The loan would call for Jenkins to pay $40,000 per year ininterest, and to repay the principal after at the end of yearfive.

The appropriate discount rate for this problem is 5.28% (theafter tax cost of borrowing). You can also assume that Jenkinswould earn this rate (after tax) on any cash balances. All cashflows except the initial purchase and borrowing are end-of-period.Finally, you can assume that Jenkins’ taxable income is high enoughthat the tax deductible expenses associated with this decisionwould indeed reduce the company’s tax liability.

(a) Suppose that Jensen wanted to set aside a sum of money nowthat would be sufficient to fund the after-tax costs of acquiringthe assets through the lease. How much money would they need to setaside?

(b) Suppose that Jensen wanted to set aside a sum of money nowthat would be sufficient to fund the after-tax costs of acquiringthe assets through the “borrow to purchase” alternative. How muchmoney would they need to set aside?

(c) Which alternative do you recommend, and why?

Jensen Inc., a graphic arts studio, is considering the purchase of computer equipment and software for a total cost of $18,000. Jensen can pay for the equipment and software over three years at the rate of $6,000 per year. The equipment is expected to last 10 to 20 years, but because of changing technology, Jensen believes it may need to replace the system in as soon as three to five years. A three-year lease of similar equipment and software is available for $6,000 per year. Jensen’s accountant has asked you to recommend whether the company should purchase or lease the equipment and software and to suggest the length of time over which to depreciate the software and equipment if the company makes the purchase.

Required:

Ignoring the effect of taxes, would you recommend the purchase or the lease? Why or why not? Referring to the definition of depreciation, what appropriate useful life should be used for the equipment and software?

A manufacturing firm’s production function is Q = KL + K + L. The price r of capital services is equal to 1, and let w denote the price of labor services. If the firm is required to produce 5 units of output, for what values of w would a cost-minimizing firm use

a) only labor?

b) only capital?

c) both labor and capital?

An automatic teller machine (ATM) is used by the customers of a bank. Each customer has an account number, a customer name and a personal identification number (PIN); account number and PIN are required to gain access to the account. In a real ATM, the account number would be recorded on the magnetic strip of the ATM card. In this simulation, the customer will need to type it in. With the ATM, customers can log in to their account and make transactions. This process is repeated until the customer chooses to exit. The transactions can be made under the account as follows: 1. Check balance – This is to allow customer to check balance amount in the account. 2. Deposit amount – This is to allow customer deposit amount into his/her account. Ask user for deposit amount; new balance should be updated in the account. 3. Withdraw amount – This is to allow customer withdraw amount from his/her account. Ask user for withdrawal amount; new balance should be updated in the account. You are required to make sure the customer has sufficient balance for withdrawer. 4. Transfer amount (to other customer) – This is to allow customer transfer amount to other customers. Ask user for account numbers of transferee and transfer amount. Then search for the customer records using the input number; new balance should be updated in both accounts (transferor and transferee) if the transferee record is found. If the transferee record is not found, display error message. 5. Check history – This is to allow customer to check history of transactions. Display the list of transactions forward according to transaction date. Each display should contain an appropriate heading and column captions. Note that this is an advance question. You are required to modify the structure definitions from array of structures to nested arrays of structures for this task. Make sure the first four processes (check balance, deposit amount, withdraw amount and transfer amount) work well before attempting this question. Your final mark will be affected if you fail to implement the first four processes when attempting to implement this process (check Write an application in C++ to process customer transactions. Because this is a simulation, the ATM does not actually communicate with a bank. It simply loads a set of account numbers, PINs and balance amounts from a text file. Gather data on at least 5 customer records and prepare them in the text file(s). As each customer record is read, insert it into a list by using an array of structures. After building the list (array of structures), display a menu allowing customer to make transactions. When user chooses to exit the application, the program will write the updated data in the list (array of structures) to the text file. Prepare the necessary data file(s) for building the data structure(s) needed in your application. You may give additional assumptions for your application. To make your program more robust and avoid problems at run time, do as much status/error checking as you can in your program. You may also add more features and/or record more details of customers in your program for enhancement.

And If The Heart Cannot Love by Jose Garcia Villa and The Plighted Word by Narciso G. Reyes are literatures that come from different periods in Philippine History. Your task is to create your own symbol that you think represents these two literatures and explain in 3-5 sentences the reason behind that symbol.

I need to Implement a get_valid_int function and use a for loop to convert the score to a letter grade in python. I want to know what I need to do to make my code work.

[The # are just possible ideas]

def get_valid_int(cutoff_list):

for i_score in cutoff_list:

     if 100 < i_score < 60:

         break

     else:

cutoff_list = [90, 80, 70, 60]

grade_list = ["A", "B", "C", "D", "F"]

   # get_vaild_int = i[0]

   #for

   #  return f this return

#else:

    # return -x

    # list -> ((inside,inside))

    #

# fill in code here

i_score = get_valid_int("Enter score: ")

for i in range(len(cutoff_list)):

print(i, grade_list[i],cutoff_list[i])

#if cutoff_list[i] == 60

     #break

# fill in compute grade code here

``` State<MyApp> createState => _MyApp(); ``` Using the above code I get Error: A value of type '_MyApp' can't be returned from a function with return type 'State<MyApp>
How do I resolve this issue?

Using Flutter.
Originally my issue was _MyApp createState() => _MyApp(); but I got that Avoid using private types in public api. I was told to use this method -  to resolve that issue