MOD3 Study guides 2017 NORU

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accounting

The stockholders’ equity accounts of Castle Corporation on January 1, 2017, were as follows. Preferred Stock (8%, $50 par, 10,000 shares authorized)$ $$ 400,000 Common Stock ($1 stated value, 2,000,000 shares authorized) $\hspace{35pt}$ 1,000,000 Paid-in Capital in Excess of Par—Preferred Stock $\hspace{90pt}$ 100,000 Paid-in Capital in Excess of Stated Value—Common Stock $\hspace{50pt}$ 1,450,000 Retained Earnings $\hspace{194pt}$ 1,816,000 Treasury Stock (10,000 common shares) $\hspace{125pt}$ 50,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders’ equity. $\hspace{15 pt}$Feb. 1 Issued 25,000 shares of common stock for $120,000. $\hspace{15 pt}$Apr. 14 Sold 6,000 shares of treasury stock—common for $33,000. $\hspace{15 pt}$Sept. 3 Issued 5,000 shares of common stock for a patent valued at $35,000. $\hspace{15 pt}$Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $6,000. $\hspace{15 pt}$Dec. 31 Determined that net income for the year was $452,000. No dividends were declared during the year. ***Instructions*** (c) Prepare a stockholders’ equity section at December 31, 2017. $$

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accounting

The following incomplete balance sheet for the Sanderson Manufacturing Company was prepared by the company’s controller. As accounting manager for Sanderson, you are attempting to reconstruct and revise the balance sheet.

\begin{array}{c} \textbf{Sanderson Manufacturing Company}\\ \text{Balance Sheet}\\ \text{At December 31, 2018} \end{array}

Assets
Current assets:
Cash		$1,250
Accounts receivable		3,500
Allowance for uncollectible accounts (400)
Finished goods inventory		6,000
Prepaid expenses		1,200
Total current assets		11,550
Long-term assets:
Investments		3,000
Raw materials and work in process inventory		2,250
Equipment		15,000
Accumulated depreciation—equipment		(4,200)
Patent		?
Total assets		$ ?
iabilities and Shareholders’ Equity
Current liabilities:
Accounts payable		$5,200
Note payable		4,000
Interest payable—note		100
Deferred revenue		3,000
Total current liabilities		12,300
Long-term liabilities:
Bonds payable		5,500
Interest payable—bonds		200
Shareholders’ equity:
Common stock	$ ?
Retained earnings	?	?
Total liabilities and shareholders’ equity		?

Additional Information ( $in thousands):

Certain records that included the account balances for the patent and shareholders' equity items were lost. However, the controller told you that a complete, preliminary balance sheet prepared before the records were lost showed a debt to equity ratio of$1.2. That is, total liabilities are 120 % of total shareholders equity. Retained earnings at the beginning of the year was $4,000. Net income for 2018 was$ 1,560 and $560 in cash dividends were declared and paid to shareholders.
Management intends to sell the investments in the next six months.
Interest on both the note and the bonds is payable annually.
The note payable is due in annual installments of$ 1,000 each.
Deferred revenue will be recognized as revenue equally over the next two fiscal years.
The common stock represents 400,000 shares of no par stock authorized, 250,000 shares issued and outstanding.

Required: Prepare a complete, corrected, classified balance sheet.

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business math

Rewrite the expression as the sum, difference, or multiple of logarithms.

\ln \frac{3 x-2}{x+1}

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business

An English literature course was taken by 250 students. Each member of a random sample of 50 of these students was asked to estimate the amount of time he or she spent on the previous week’s assignment. Suppose that the population standard deviation is 30 minutes.

What is the probability that the sample mean exceeds the population mean by more than 2.5 minutes?

What is the probability that the sample mean is more than 5 minutes below the population mean?

What is the probability that the sample mean differs from the population mean by more than 10 minutes?

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