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The useful life of an asset is 5 years. Depreciation in year 2 is 60,000. If the double declining balance method is used,  What is the cost of the asset? (Note: please do not include commas or dollar signs in your response)

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   During the year 2019, what is your inference on the direction of input prices for SJV Inc. (choose among the 3 (I, D, or N): I=increased, D=decreased, and N=unchanged). Direction of input prices [1]

Which of the following statements about the electron transport chain and the proton gradient is correct?

Select one of the following foods: coffee/chocolate/sugar.  Write one impact/outcome of the introduction of this food into the Mediterranean.

A company purchased equipment for $800,000 and has depreciated it using the straight-line method for the past 5 years when its original life was estimated to be 10 years with a $200,000 residual value. The equipment’s utility to the company has declined because management expects the equipment to generate net cash flows over the remaining years of $300,000. The asset’s fair value at the end of the fifth year is $200,000. If the asset has been impaired, calculate the amount of impairment. (Note: please do not include commas or dollar signs in your response) 

On my honor I have neither given nor received assistance on this final exam. Please type in your first & last name in the space provided below to acknowledge the GMU Honor Code.

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