Homework answers / question archive / 1) The balance sheets at the end of each of the first two years of operations indicate the following:   2017   2016 Total current assets $600,000   $560,000 Total investments 60,000   40,000 Total property, plant, and equipment 900,000   700,000 Total current liabilities 125,000   80,000 Total long-term liabilities 350,000   250,000 Preferred 9% stock, $100 par 100,000   100,000 Common stock, $10 par 600,000   600,000 Paid-in capital in excess of par--common stock 60,000   60,000 Retained earnings 325,000   210,000 Based on the above information, if net income is $130,000 and interest expense is $40,000 for 2017, and the market price is $40, what is the price-earnings ratio on common stock (round to one decimal place)? a

1) The balance sheets at the end of each of the first two years of operations indicate the following:   2017   2016 Total current assets $600,000   $560,000 Total investments 60,000   40,000 Total property, plant, and equipment 900,000   700,000 Total current liabilities 125,000   80,000 Total long-term liabilities 350,000   250,000 Preferred 9% stock, $100 par 100,000   100,000 Common stock, $10 par 600,000   600,000 Paid-in capital in excess of par--common stock 60,000   60,000 Retained earnings 325,000   210,000 Based on the above information, if net income is $130,000 and interest expense is $40,000 for 2017, and the market price is $40, what is the price-earnings ratio on common stock (round to one decimal place)? a

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1) The balance sheets at the end of each of the first two years of operations indicate the following:

Based on the above information, if net income is $130,000 and interest expense is $40,000 for 2017, and the market price is $40, what is the price-earnings ratio on common stock (round to one decimal place)?

a.17.3

b.19.8

c.18.4

d.14.9

2. What are the ethical responsibilities of an accountant?

3. Galaxy Quest produces telescopes in a single processing department. All direct materials used in the production of telescopes are added at the beginning of the process. Conversion costs (labor and overhead) are incurred evenly thereafter, as each unit is assembled, adjusted, and tested. The company uses process costing and has provided the following production information for January and February.
Number of units in beginning work in process inventory Number of units started during the month Total number of units transferred to finished goods Jan. Feb. 0 300 900 600 800 500
The units remaining in work in process at the end of January were approximately 70 percent complete with respect to their conversion costs. During the month of February, all of the beginning work in process units were completed and the units remaining in work in process at the end of the month were approximately 75 percent complete with respect to their conversion costs. a. For the month of January, calculate the equivalent units of input resources used for direct materials and conversion. b. For the month of February, calculate the equivalent units of input resources used for direct materials and conversion.

4. How Calculator Adjusting Entry for Accrued Fees At the end of the current year, $12,060 of fees have been earned but have not been billed to clients. a. Journalize the adjusting entry to record the accrued foes. If an amount box does not require an entry, leave it blank Accounts Receivable Wort At the end of an accounting period, there may be revenue that has been came but has not been recorded in such cases, the revenue is increased. What accounts used when you are receiving cashler? b. If the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary? NO b. Recall that under cash basis, the net income for oss) is the difference between the cash cpl revenues and the cash payments expenses).