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SJV Inc. reported on its balance sheet at December 31, 2018 ending inventory of $670,000.  SJV uses LIFO. In its notes to financial statements, the company reported the following:                                                                                     2018                2019 Inventory reported on the balance sheet             670,000           800,000 Value of inventory on FIFO basis                            702,000           840,000   Had SJV Inc. used FIFO instead of LIFO during 2019, its inventory turnover ratio (Cost of goods sold / Average Inventory) would have been: (choose among the 3 (H, L, or N): H=higher, L=lower, and N=unchanged). Inventory turnover ratio [1]  

Ananda Inc.’s Financial statements for 2019 are provided below:   Balance Sheet:       2019 2018 Cash  33 ,000  18,000 Accounts receivable  26,000  28,000 Inventory  39,000 36,000 Equipment – net book value 80,000 72,000 Total Assets 178,000 154,000 Accounts Payable 27,000 21,000 Wages payable 1,500 1,000 Notes Payable, Long term 42,000 48,000 Common Stock 78,500 60,000 Retained Earnings 29,000 24,000 Liabilities and Equity 178,000 154,000   Details of Equipment are:       2019                2018 Equipment Cost                      104,000           92,000 (Accumulated depreciation)   (24,000)          (20,000)   Income Statement for 2019: Sales                           80,000 Cost of Goods Sold    (43,000) Expenses                     (30,000) Net Income                 7,000   Expenses include: depreciation 4,000; wages 12,000; taxes 2,000; other expenses 12,000. Prepare a properly classified Cash flow statement under the indirect method.                             

Indicate how the following are affected by the distribtution of a large  common stock dividend  (for each choose among the 3 (I, D, or N): I=increase, D=decrease, and N=no effect).       Total Stockholders’ equity [1] Retained Earnings [2] The par value of each share [3] Total Assets [4]

This is not a question but information that may be useful for you in the exam A/R: recognizing bad debt expense decreases income and assets. Write offs affect only Gross A/R & allowance for bad debts. Allowance for bad debts increases each period by bad debt expense and decreases by write offs. Inventory Equations: LIFO Reserve = Inventory FIFO – Inventory LIFO; Change in Reserve = COGS LIFO – COGS FIFO. Reserve is a balance sheet concept, change in reserve is I/S concept. Reserve and change in reserve reflect input price changes and tax savings or losses. Depreciation: SL formula = (Cost – salvage value) / life; DDB formula = beginning book value of asset X double the SL rate; SYD formula = (Cost – Salvage value)/ Total units X actual units used Impairment: 2 step process: if BV > Future cash flows, then yes. Value of impairment is difference between Fair value and book value. Goodwill: Excess of purchase price over fair value of net assets Treasury stock: shown as subtraction from equity; reduces #shares; any gains/losses on reissue are taken to additional paid in capital Stock dividends: transfer from retained earnings to common stock; if small dividend at market value Stock splits: reduce par value and increase #shares Cash flow – indirect method equation: Net Income + Depreciation expense + change in current liabilities – change in current assets – change in non current assets (original cost) + change in non current liabilities + change in common stock – dividends Cash collections from customers: calculate from A/R; Cash payments from suppliers: calculate from A/P and inventories

On January 1, 2017, Geodisc Company purchased a patent for $420,000 from an inventor who had developed a new manufacturing process. At the time of the purchase, the patent had a remaining useful life of 10 years and a legal life of 15 years.   At the end of 2020, after amortization had been recorded through December 31, 2020, Geodisc concluded that the estimated future cash flows from the patent to be $250,000. The patent’s estimated fair value on December 31, 2020 was $200,000. Compute the value of the patent impairment. (Note: please do not include commas or dollar signs in your response) 

Chicago Clock Corporation issued a 3-for-2 stock split of its common stock, which had a par value of $100 before the split. What dollar amount (state in numbers) of retained earnings should be transferred to the common stock account because of this stock split? (Note: please do not include commas or dollar signs in your response) 

[Region1] and [region2] countries/regions were the main cultural bridges of Middle Eastern (Southwest Asian) foods into Europe.

Choose two foods that were either discovered or largely harvested/grown in the “New World,” one from module 1-4 and one from the student research projects (the food cannot be from your own research project).  Where are these foods from? Who (which cultural group) brought them to the Mediterranean?

SELECT ALL THAT APPLY. Which of the following may be contributing to the patient’s complaint of declining cognition?

Anadhi Company had accounts receivable of $750,000 and an allowance for doubtful accounts of $21,500 just prior to writing off as worthless a customer’s $5,000 account receivable. What is the net realizable value of accounts receivable that Anadhi would report on its Balance Sheet before and after the write off? Write the value for before write off in the first box and write the value after write off in the second box (Note: please do not include commas or dollar signs in your response)