Midland Petroleum is holding a stockholders’ meeting next month. Ms. Ramsey is the president of the company and has the support of the existing board of directors. All 12 members of the board are up for reelection. Mr. Clark is a dissident stockholder. He controls proxies for 42,001 shares. Ms. Ramsey and her friends on the board control 52,001 shares. Other stockholders, whose loyalties are unknown, will be voting the remaining 24,998 shares. The company uses cumulative voting.

Required:
a. How many directors can Mr. Clark be sure of electing?
b. How many can Ms Rmasey be sure of electing
c. How many votes could clark have if he had all the uncommitted votes
d. Does that give him control?
e. If nine directors were to be elected, and Ms. Ramsey and her friends had 70,001 shares and Mr. Clark had 48,001 shares plus half the uncommitted votes, how many directors could Mr. Clark elect?

Answer:

Midland Petroleum

a. Mr. Clark can be sure of electing = 4 directors

b. Ms Ramsey can be sure of electing = 5 directors

c. If Mr. Clark had all the uncommitted votes, he can elect  = 7 directors

d. With 7 directors, he has control.

e. Mr. Clark can elect (60,50/143,000 * 9) = 4 directors.

Explanation:

Board members = 12                

Mr. Clark control = 42,001 shares  or 35.295%

Ms. Ramsey control = 52,001 shares or 43.698%

Undecided shareholders = 24,998 shares or 21.01%

Total shareholding = 119,000 shares or 100%

Mr. Clark can elect = 35.295% of directors = 4

Ms. Ramsey can elect = 43.698% of directors = 5

Other shareholders can elect = 21.01% of directors = 3

New shareholding:

Ms. Ramsey and friends = 70,001 shares

Mr. Clark and half uncommitted votes = 60,500 (48,001 + 12,499)

Half of the other uncommitted votes = 12,499

Total votes = 143,000

Mr. Clark can elect (60,50/143,000 * 9) = 4 directors.

Apr. 2 Purchased $6,900 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point.
3 Paid $390 cash for shipping charges on the April 2 purchase.
4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $500.
17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise.
18 Purchased $13,100 of merchandise from Frist Corp. with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination.
21 After negotiations, received from Frist a $400 allowance toward the $13,100 owed on the April 18 purchase.
28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.

Required:
Prepare journal entries to record the above transactions for a retail store. Assume a perpetual inventory system.

Company XYZ closed at ​$ per share with a​ P/E ratio of . Answer the following questions. a. How much were earnings per​ share? b. Does the stock seem​ overpriced, underpriced, or about right given that the historical​ P/E ratio is​ 12-14?

The following income statement items appeared on the adjusted trial balance of Foxworthy Corporation for the year ended December 31, 2021 ($ in 000s): sales revenue, $22,600; cost of goods sold, $14,650; selling expense, $2,330; general and administrative expense, $1,230; dividend revenue from investments, $230; interest expense, $330. Income taxes have not yet been accrued. The company’s income tax rate is 25% on all items of income or loss. These revenue and expense items appear in the company’s income statement every year. The company’s controller, however, has asked for your help in determining the appropriate treatment of the following nonrecurring transactions that also occurred during 2021 ($ in 000s). All transactions are material in amount.

1. Investments were sold during the year at a loss of $300. Foxworthy also had unrealized losses of $200 for the year on investments.
2. One of the company’s factories was closed during the year. Restructuring costs incurred were $2,000.
3. During the year, Foxworthy completed the sale of one of its operating divisions that qualifies as a component of the entity according to GAAP regarding discontinued operations. The division had incurred operating income of $800 in 2016 prior to the sale, and its assets were sold at a
loss of $1,800.
4. Foreign currency translation gains for the year totaled $600.

Required:
Prepare Foxworthy's single, continuous statement of comprehensive income for 2021, including basic earnings per share disclosures. Two million shares of common stock were outstanding throughout the year.

At $0.31 per​ bushel, the daily supply for wheat is 306 ​bushels, and the daily demand is 459 bushels. When the price is raised to $0.79 per​ bushel, the daily supply increases to 546 ​bushels, and the daily demand decreases to 439 bushels. Assume that the​ price-supply and​ price-demand equations are linear. a. Find the​ price-supply equation.

Bonita Beauty Corporation manufactures cosmetic products that are sold through a network of sales agents. The agents are paid a commission of 18% of sales. The income statement for the year ending December 31, 2014, is as follows.
BONITA BEAUTY CORPORATION
Income Statement For the Year Ended December 31, 2014
Sales $75,000,000
Cost of goods sold
Variable $31,500,000
Fixed 8,610,000 40,110,000
Gross margin $34,890,000
Selling and marketing expenses
Commissions $13,500,000
Fixed costs 10,260,000 23,760,000
Operating income $11,130,000
The company is considering hiring its own sales staff to replace the network of agents. It will pay its salespeople a commission of 8% and incur additional fixed costs of $7,500,000.
Under the current policy of using a network of sales agents, calculate the Bonita Beauty Corporation

Eastern Edison Company leased equipment from Hi-Tech Leasing on January 1, 2018.


Other information:

Lease term 5 years
Annual payments $79,000 on January 1 each year
Life of asset 5 years
Implicit interest rate 7%
PV, annuity due, 5 periods, 7% 4.3872
PV, ordinary annuity, 5 periods, 7% 4,1002

Hi-Tech's cost of the equipment $346,589 There is no expected residual value.

Required:
Prepare appropriate journal entries for Hi-Tech Leasing for 2018 and 2019. Assume a December 31 year-end.

You are in the business of producing and selling snow shovels, and you need to determine how many shovels should be produced during each of the next four quarters to meet the following demands: 11,000 shovels in quarter 1; 48,000 shovels in quarter 2; 64,000 shovels in quarter 3; and 15,000 shovels in quarter 4.

Due to labor limitations, at most 65,000 shovels can be produced in any one quarter at a cost of $5/shovel. Additionally, a fixed cost of $30,000 must be paid for any quarter in which shovels are produced. You may assume that any shovels produced during a quarter can be used to satisfy demand for that quarter. At the end of the quarter, a holding cost of $0.50 per shovel in inventory is incurred. Currently, you have no shovels in inventory.

Required:
Formulate an integer-linear program to determine a production schedule that minimizes the sum of production and inventory costs over the next four quarters.

a worker produced four components during an 8-hour shift in which he earned $96. What is his labor cost per unit?

20. The consumer price index was 120 in 2013 and 126 in 2014. The nominal interest rate during this period was 8 percent. What was the real interest rate during this period? A) 3 percent B) 2 percent C) 3.3 percent D) 5.2 percent E) 12.8 percent

Consider each of the transactions below. All of the expenditures were made in cash.

a. The Edison Company spent $16,000 during the year for experimental purposes in connection with the development of a new product.
b. In April, the Marshall Company lost a patent infringement suit and paid the plaintiff $9,500.
c. In March, the Cleanway Laundromat bought equipment. Cleanway paid $10,000 down and signed a noninterest-bearing note requiring the payment of $20,000 in nine months. The cash price for this equipment was $27,000.
d. On June 1, the Jamsen Corporation installed a sprinkler system throughout the building at a cost of $32,000.
e. The Mayer Company, plaintiff, paid $16,000 in legal fees in November, in connection with a successful infringement suit on its patent.
f. The Johnson Company traded its old equipment for new equipment. The new equipment has a fair value of $11,200. The old equipment had an original cost of $9,400 and a book value of $4,200 at the time of the trade. Johnson also paid cash of $8,800 as part of the trade. The exchange has commercial substance.

Required:
Prepare journal entries to record each of the above transactions.

Theresa works as a Risk Management Specialist for an investment corporation. Which best describes her educational pathway?

A. an associate’s degree, then a bachelor’s degree
B. a master’s degree, then vocational school
C. vocational school, then an associate’s degree
D. a bachelor’s degree, then a master’s degree

31. Which one is not the barriers of Enterpreneurship:
(A) Lack of technical skills
(B) Political instability
(C) Technical knowledge
(D) Time pressure and distractions​

What is a good job people do you hear me

Mathias Corporation manufactures and sells wire rakes. The rakes sell for $20 each. Information about the company's costs is as follows.

Variable manufacturing cost per unit $6
Variable selling and administrative cost per unit 2
Fixed manufacturing overhead per month $300,000
Fixed selling and administrative cost per month 600,000

Required:
a. Determine the company's monthly break-even point in units.
b. Determine the sales volume (in dollars) required for a monthly operating income of $1,200,000.
c. Compute the company’s margin of safety if its current monthly sales level is $2,500,000.
d. Estimate the amount by which monthly operating income will increase if the company anticipates a $100,000 increase in monthly sales volume.

3. Identify TWO possible suitable sources of external finance Chris could consider, if the local bank
manager refuses to give him a loan for purchasing a new van for his business. (10 marks)
Please help

Pooling has been used for a long time by businesses as a way to reduce risk. Imagine that years ago a small paint factory employed 200 people, each with an annual salary of $600/year. The factory owner knew from experience that 4 percent of workers were being injured each year, becoming unable to work. The factory owner decided to set up a fund to pay injured workers three months of salary to help their families and build good will with employees. The owner did not contribute to the injury fund. The workers themselves contributed a fixed amount each year to fund the plan. Answer the following questions (1 point each):_____.
1. How much did the owner need to collect from employees in total to fully fund the plan each year?
2. How much did each employee have to contribute each year to fully fund the plan?
3. What percentage of salary did each employee contribute to have an injury fund like this?

Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2018. Edison purchased the equipment from International Machines at a cost of $139,107.

Related Information:

Lease term 2 years (8 quarterly periods)
Quarterly rental payments $18,000 at the beginning of each period
Economic life of asset 2 years
Fair value of asset $139,107
Implicit interest rate 4% (Also lessee’s incremental borrowing rate)

Required:
Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning of the lease through January 1, 2019. Edison’s fiscal year ends December 31.

Air conditioning for a college dormitory will cost $2.1 million to install and $170,000 per year to operate at current prices. The system should last 19 years. The real cost of capital is 9%, and the college pays no taxes. What is the equivalent annual cost

The accounts in the ledger of Dependable Delivery Service contain the following balances on July 31, 2022.

Accounts Receivable $11,400
Prepaid Insurance $1,800
Accounts Payable 7,400
Maintenance and Repairs Expense 1,200
Cash 15,940
Service Revenue 15,500
Equipment 59,360
Dividends 800
Utilities Expense 950
Common Stock 40,000
Insurance Expense 600
Salaries and Wages Expense 8,400
Notes Payable, due 2024 31,450
Salaries and Wages Payable 900
Retained Earnings (July 1, 2022) 5,200

Required:
Prepare classified balance sheet for July 31, 2022.

Camille Sikorski was divorced last year. She currently provides a home for her 15-year-old daughter, Kaly, and 18-year-old son, Parker. Both children lived in Camille’s home, which she owns, for the entire year, and Camille paid for all the costs of maintaining the home. She received a salary of $55,000 and contributed $4,200 of it to a qualified retirement account (a for AGI deduction). She also received $6,000 of alimony from her former husband. Finally, Camille paid $2,700 of expenditures that qualified as itemized deductions.

a. What is Camille’s taxable income?

b. What would Camille’s taxable income be if she incurred $9,800 of itemized deductions instead of $2,700?

c. Assume the original facts but now suppose Camille’s daughter, Kaly, is 25 years old and a full-time student. Kaly’s gross income for the year was $5,300. Kaly provided $3,180 of her own support, and Camille provided $5,300 of support. What is Camille’s taxable income?

#6 is it Greater of standard deduction or itemized deduction or is it Lesser of standard deduction or itemized deduction

Description Amount
1) Gross income
2) For AGI deductions
3) Adjused gross income $
4) Standard deduction
5) Itemized deductions
6)
7) Personal and dependency exemptions
8) Total deductions from AGI $
Taxable income

For Coppertone products, evaluations in the postpurchase behavior stage of the consumer purchase decision process that are most likely to cause dissatisfaction are

Two carmakers have developed a strange but successful partnership. Ford, a U.S. automaker,and Mazda, an Asian carmaker, have collaborated on several models, including the Explorer, the Probe, the Mazda 323, and the Mazda MX-6. The U.S. automaker has supplied Mazda with help in marketing, finance, and styling. In return, Mazda has provided manufacturing and product development expertise to Ford. Both companies have worked together toward a common goal and both have benefited as a result of theirA. strategic alliance.B. international contract.C. free trade agreement.D. collaborative treaty.E. global oligopoly.

Pharoah Inc. has decided to raise additional capital by issuing $173,000 facevalue of bonds with a coupon rate of 6%. In discussions with investment bankers, it was determined that to help the sale of thebonds, detachable stock warrants should be issued at the rate of one warrant for each $100 bond sold. The value of the bondswithout the warrants is considered to be $155,700, and the value of the warrants in the market is $20,760. The bonds sold in the market at issuance for $174,600.
A. What entry should be made at the time of the issuance of the bonds and warrants?
B. Prepare the entry if the warrants were non-detachable.

Sunset Products manufactures skateboards. The following transactions occurred in March. Purchased $24,500 of materials on account. Issued $1,450 of supplies from the materials inventory. Purchased $25,900 of materials on account. Paid for the materials purchased in transaction (1) using cash. Issued $30,900 in direct materials to the production department. Incurred direct labor costs of $29,500, which were credited to Wages Payable. Paid $22,400 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing shop. Applied overhead on the basis of 120 percent of direct labor costs. Recognized depreciation on manufacturing property, plant, and equipment of $5,900.
The following balances appeared in the accounts of Sunset Products for March:
Beginning Ending
Materials Inventory $ 13,500 ?
Work-in-Process Inventory 24,750 ?
Finished Goods Inventory 97,500 $ 54,750
Cost of Goods Sold 120,000
Required:
a. Prepare journal entries to record the transactions. (If o entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Transactions General Journal Debit Credit
1.
2.
3.
4.
5.
6.
7.
8.
9.
b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold.
Materials Inventory
Beg. bal. ___________ ____________
______ ___________ ____________ ______
______ ___________ ____________ ______
______ ___________ ____________ ______
End. bal. ___________ ____________ ______
Work in Progress Inventory
Beg. bal. ___________ ____________
______ ___________ ____________ ______
______ ___________ ____________ ______
______ ___________ ____________ ______
______ ___________ ____________ ______
End. bal. ___________ ____________ ______
Manufacturing Overhead Control
Beg. bal. ___________ ____________
______ ___________ ____________ ______
______ ___________ ____________ ______
______ ___________ ____________ ______
______ ___________ ____________ ______
End. bal. ___________ ____________ ______
Applied Manufacturing Overhead
Beg. bal. ___________ ____________
______ ___________ ____________ ______
______ ___________ ____________ ______
End. bal. ___________ ____________ ______
Accounts Payable
Beg. bal. ___________ ____________
______ ___________ ____________ ______
______ ___________ ____________ ______
______ ___________ ____________ ______
End. bal. ___________ ____________ ______
Cash
Beg. bal. ___________ ____________
______ ___________ ____________ ______
______ ___________ ____________ ______
______ ___________ ____________ ______
End. bal. ___________ ____________ ______
Wages Payable
Beg. bal. ___________ ____________
______ ___________ ____________ ______
______ ___________ ____________ ______
End. bal. ___________ ____________ ______
Accumulated Depreciation-Property, Plant, and Equipment
Beg. bal. ___________ ____________
______ ___________ ____________ ______
______ ___________ ____________ ______
End. bal. ___________ ____________ ______
Finished Goods Inventory
Beg. bal. ___________ ____________
Goods Completed ___________ ____________ Transfer to Cost of Goods Sold
End. bal. ___________ ____________
Cost of Goods Sold
Beg. bal. ___________ ____________
Finished Goods Inventory ___________ ____________
End. bal. ___________ ____________

What was the first chess champion

Read the overview below and complete the activities that follow. In addition to trade accounts payable, many companies have other types of current liabilities. These include amounts withheld from employees' pay, sales and other taxes payable, deposits, and other accrued liabilities.
CONCEPT REVIEW:
Companies have many different types of current liabilities. These can include various taxes payable (income tax, sales tax, payroll tax), accrued amounts for salary, vacation or other benefits, and estimates such as accrued utilities and warranty. To adhere to the concept of the matching principle, companies must estimate the amount of their other liabilities.
1. Federal anid state governments do not specily the exact______to be maint, but do specify the amounts to be withheld.
2. Income taxes withheld from employees but not yet submitted to the govenment are considered to be a(n)______.
3. When testing customer deposits, auditors typically review a(n)______of the individual deposits.
4. When testing other accrued liabilities. auditors may independently calculate the amount and______ it to management's estimate.
5. Property tax payments are typically______in number.

You work for a marketing firm that has just landed a contract with Run-of-the-Mills to help them promote three of their products: splishy splashies, frizzles, and cannies. All of these products have been on the market for some time, but, to entice better sales, Run-of-the-Mills wants to try a new advertisement that will market two of the products that consumers will likely consume together. As a former economics student, you know that complements are typically consumed together while substitutes can take the place of other goods.

Run-of-the-Mills provides your marketing firm with the following data: When the price of splishy splashies decreases by 5%, the quantity of frizzles sold increases by 4% and the quantity of cannies sold decreases by 5%. Your job is to use the cross-price elasticity between splishy splashies and the other goods to determine which goods your marketing firm should advertise together.

Complete the first column of the following table by computing the cross-price elasticity between splishy splashies and flopsicles, and then between splishy splashies and kipples. In the second column, determine if splishy splashies are a complement to or a substitute for each of the goods listed. Finally, complete the final column by indicating which good you should recommend marketing with splishy splashies.

Relative to Splishy Splashies
Cross-Price Elasticity of Demand Complement or Substitute Recommend Marketing with Splishy Splashies

Flopsicles
Kipples

Consider an economy described by the following equations:

Y=C+I+G
C=120+0.8×(Y−T)
I=500−50×r G=150
T=125

where Y is GDP, C is consumption, I is investment, G is government purchases, T is taxes, and r is the interest rate. If the economy were at full employment (that is, at the natural rate of output), GDP would be $2,850.

Identify the equation(s) each of the following statements describes.

a. It is a function of disposable income.
b. It depends on the interest rate.

The marginal propensity to consume in this economy is:____________ .

Suppose the central bank's policy is to adjust the money supply to maintain the interest rate at 3%, so r = 3. When the interest rate is 3%, GDP is __________$ .

GDP at an interest rate of 3% is the full-employment level.
a. True
b. False

Assuming no change in monetary policy, (a decrease, an increase) in government purchases by ____ would restore GDP to the full-employment level. (Note: Assume that such change in fiscal policy has no crowding-out effect.) Assuming no change in fiscal policy, (a decrease. an increase) in the interest rate by ___ would restore GDP to the full-employment level.

CAM charges for retail leases in a shopping mall must be calculated. The retail mall consists of a total area of 2.8 million square feet, of which 800,000 square feet has been leased to anchor tenants that have agreed to pay $2 per rentable square foot in CAM charges. In-line tenants occupy 1.3 million square feet, and the remainder is a common area, which the landlord believeswill require $8 per square foot to maintain and operate each year. If the owner is to cover total CAM charges, how much will in-line tenants have to pay per square foot?

In an example, a local church is made up of people who are very different in their lifestyles and their stages of life. Mary is a 23-year-old single parent who earns the minimum wage. Jonathan is 60 years old, extremely wealthy, and works because he enjoys it. Jane is a 45-year-old lawyer who earns well and is well-respected in her profession. She is extremely career-oriented and is proud of her achievements. Which of the following do you think would motivate Jonathan the most?
a. safety
b. physiological
c. self-actualization
d. growth
e. esteem