Assume this fact pattern for questions 9 – 15 A company is a…

Assume this fact pattern for questions 9 – 15 A company is an industry which is receiving a lot of public scrutiny. Politicians are complaining that companies in the industry are extremely profitable and should be taxed at a higher rate. The company has argued that these are only “paper” profits, and pointed to the fact that their inventory acquisition costs have been soaring. However, to defray some of the negative publicity, the company wants to appear less profitable.   Indicate how this strategy will affect net income: Switch from FIFO to LIFO

Bogus Inc. Dec. 31, Year 2 Dec. 31, Year 1 ASSETS…

Bogus Inc. Dec. 31, Year 2 Dec. 31, Year 1 ASSETS Current assets:   Cash and cash equivalents $103,069 $72,634   Accounts receivables, net 55,947 75,492   Inventories 50,784 53,129   Prepaid expenses 12,112 13,057 Total current assets 221,912 214,312 Equipment 145,444 134,312 Less: Accumulated depreciation 50,515 36,689 Total assets $316,841 $311,935 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities:   Accounts payable $25,466 $34,879   Accrued liabilities 46,074 40,548 Total current liabilities 71,540 75,427 Long-term debt 15,922 10,206 Stockholders’ equity:   Contributed capital 1,662 1,458   Retained earnings 227,717 224,844 Total stockholders’ equity 229,379 226,302 Total liabilities and stockholders’ equity $316,841 $311,935 Income Statement Year 2 Net sales $150,346 Cost of sales 74,040 Gross profit 76,306 Operating expenses:   Selling, general & administrative expenses 33,211   Depreciation expense 13,826 Total operating expenses 47,037 Operating income 29,269 Interest income 239 Income before income taxes 29,508 Income tax expense 3,621 Net income $25,887   The company did not sell any equipment or repay any borrowings during the year ended December 31, Year 2. The company declared and paid some dividends during the year ended December 31, Year 2. Using the information provided above, prepare a statement of cash flows for Year2 for Bogus Inc. in good form using the indirect method.

Wood Company had the following inventory items on hand at th…

Wood Company had the following inventory items on hand at the end of the year. Computing the lower of cost or net realizable value on an item-by-item basis, determine what amount would be reported on the balance sheet for inventory.     Quantity   Cost per Item Net Realizable Value per Item Item A 150 105 100 Item B 110 60 65 What amount would be reported on Wood’s balance sheet for inventory?

Scenario: A 68-year-old patient is admitted to the ICU with…

Scenario: A 68-year-old patient is admitted to the ICU with cardiogenic shock following a severe myocardial infarction. During your assessment, you collect the following information: Blood pressure of 85/50 mmHgHeart rate of 120 beats per minuteRespiratory rate of 28 breaths per minuteUrine output of 15 mL/hrIncreased AST and ALTAltered mental status When caring for this patient, which information collected by the nurse indicates that the patient may be developing multiple organ dysfunction syndrome (MODS)? Select all that apply.