The United States has conducted a war on drugs since the Nixon administration. You will discuss current efforts to combat the drug trade. Are they successful? Does the drug problem contribute to public corruption? Should drugs be legalized?
Identify examples of how cultural values affect moral legitimacy and cyber ethics norms. How does this prove to be a challenge for regulating illicit activity on a global scale? Consider piracy or other intellectual property rights issues.
Assignment 2: Financial Project
Due Week 7 and worth 55 points
Five (5) years ago, you bought a house for $171,000, with a down payment of $30,000, which meant you took out a loan for $141,000. Your interest rate was 5.75% fixed. You would like to pay more on your loan. You check your bank statement and find the following information:
Escrow payment $261.13
Principle and Interest payment $822.84
Total Payment $1,083.97
Current Loan Balance $130,794.68
Write a one to two (1-2) page paper in which you aIDress the following:
Part 1
With your current loan, explain how much aIDitional money you would need to aID to your monthly payment to pay off your loan in 20 years instead of 25. Decide whether or not it would be reasonable to do this if you currently meet your monthly expenses with less than $100 left over.
(a) Explain your strategy for solving the problem.
(b) Present a step-by-step solution of the problem.
(c) Clearly state your answer to Part 1. What is your decision?
Part 2
Identify the highest interest rate you could refinance at in order to pay the current balance off in 20 years and determine the interest rate, to the nearest quarter point, that would require a monthly total payment that is less than your current total payment. The interest rate that you qualify for will depend, in part, on your credit rating. Also, refinancing costs you $2,000 up front in closing costs.
(a) Explain your strategy for solving the problem.
(b) Present a step-by-step solution of the problem.
(c) Clearly state your answer to Part 2. What is your decision?
Assignment 2: Financial Project
Due Week 7 and worth 55 points
Five (5) years ago, you bought a house for $171,000, with a down payment of $30,000, which meant you took out a loan for $141,000. Your interest rate was 5.75% fixed. You would like to pay more on your loan. You check your bank statement and find the following information:
Escrow payment $261.13
Principle and Interest payment $822.84
Total Payment $1,083.97
Current Loan Balance $130,794.68
Write a one to two (1-2) page paper in which you aIDress the following:
Part 1
With your current loan, explain how much aIDitional money you would need to aID to your monthly payment to pay off your loan in 20 years instead of 25. Decide whether or not it would be reasonable to do this if you currently meet your monthly expenses with less than $100 left over.
(a) Explain your strategy for solving the problem.
(b) Present a step-by-step solution of the problem.
(c) Clearly state your answer to Part 1. What is your decision?
Part 2
Identify the highest interest rate you could refinance at in order to pay the current balance off in 20 years and determine the interest rate, to the nearest quarter point, that would require a monthly total payment that is less than your current total payment. The interest rate that you qualify for will depend, in part, on your credit rating. Also, refinancing costs you $2,000 up front in closing costs.
(a) Explain your strategy for solving the problem.
(b) Present a step-by-step solution of the problem.
(c) Clearly state your answer to Part 2. What is your decision?
:
PR 16-1A
The comparative balance sheet of Flack Inc. for December 31, 2013 and 2012 is shown as follows:
Assets:
Dec 31st, 2013 Dec 2012
Cash $234,660 $219,720
Accounts receivables 85,440 78,360
Inventories 240,660 231,420
Investements 0 90,000
Land 123,000 0
Equipment 264,420 207,420
Accumulated Depreciation-Equipment (62,400) (55,500)
885,780 771,420
Liabilities and Stockholders Equity
Accounts payable (merchandise Creditor) 159,180 151,860
Accrued expensies payable (operations expenses) 15,840 19,740
Dividends payable 9,000 7,200
Common stock $1par 48,000 36,000
Paid in capital excess of par -common stock 180,000 105,000
Retained earnings 473,760 451,620
885,780 771,420
The following aIDitional information was taken from the records:
The investments were sold for $105,000 cash
Equipment and land were acquired for cash
There were no disposals of equipment during the year
Common stock was issued for cash
There was a $ 58,140 credit to retained earnings for net income
There was a $ 36,000 debit to retained earnings for cash dividends declared.
Required:
Prepare a statement of cash flows using the INDIRECT method of presenting cash flows from operating activities
:
PR 16-1A
The comparative balance sheet of Flack Inc. for December 31, 2013 and 2012 is shown as follows:
Assets:
Dec 31st, 2013 Dec 2012
Cash $234,660 $219,720
Accounts receivables 85,440 78,360
Inventories 240,660 231,420
Investements 0 90,000
Land 123,000 0
Equipment 264,420 207,420
Accumulated Depreciation-Equipment (62,400) (55,500)
885,780 771,420
Liabilities and Stockholders Equity
Accounts payable (merchandise Creditor) 159,180 151,860
Accrued expensies payable (operations expenses) 15,840 19,740
Dividends payable 9,000 7,200
Common stock $1par 48,000 36,000
Paid in capital excess of par -common stock 180,000 105,000
Retained earnings 473,760 451,620
885,780 771,420
The following aIDitional information was taken from the records:
The investments were sold for $105,000 cash
Equipment and land were acquired for cash
There were no disposals of equipment during the year
Common stock was issued for cash
There was a $ 58,140 credit to retained earnings for net income
There was a $ 36,000 debit to retained earnings for cash dividends declared.
Required:
Prepare a statement of cash flows using the INDIRECT method of presenting cash flows from operating activities
:
PR 16-1A
The comparative balance sheet of Flack Inc. for December 31, 2013 and 2012 is shown as follows:
Assets:
Dec 31st, 2013 Dec 2012
Cash $234,660 $219,720
Accounts receivables 85,440 78,360
Inventories 240,660 231,420
Investements 0 90,000
Land 123,000 0
Equipment 264,420 207,420
Accumulated Depreciation-Equipment (62,400) (55,500)
885,780 771,420
Liabilities and Stockholders Equity
Accounts payable (merchandise Creditor) 159,180 151,860
Accrued expensies payable (operations expenses) 15,840 19,740
Dividends payable 9,000 7,200
Common stock $1par 48,000 36,000
Paid in capital excess of par -common stock 180,000 105,000
Retained earnings 473,760 451,620
885,780 771,420
The following aIDitional information was taken from the records:
The investments were sold for $105,000 cash
Equipment and land were acquired for cash
There were no disposals of equipment during the year
Common stock was issued for cash
There was a $ 58,140 credit to retained earnings for net income
There was a $ 36,000 debit to retained earnings for cash dividends declared.
Required:
Prepare a statement of cash flows using the INDIRECT method of presenting cash flows from operating activities
San Juan Health Departments dental clinic projects the following costs and rates for the year 20XX.
Total fixed costs
$175,000
Variable costs
$48 per patient
Charges
$150 per patient
1..Determine the break-even point in patients..
2.Determine the break-even point in dollars..
3.If the clinic decides it would like to make a profit of $5,500, what is the new break-even point in patients?.
4.If the clinic decides it would like to make a profit of $5,500 at 1,770
Week Four Exercise Assignment
Liability
1. Payroll accounting. Assume that the following tax rates and payroll information pertain to Brookhaven Publishing:
Social Security taxes: 6% on the first $55,000 earned per employee
Medicare taxes: 1.5% on the first $130,000 earned per employee
Federal income taxes withheld from wages: $7,500
State income taxes: 5% of gross earnings
Insurance withholdings: 1% of gross earnings
State unemployment taxes: 5.4% on the first $7,000 earned per employee
Federal unemployment taxes: 0.8% on the first $7,000 earned per employee
The company incurred a salary expense of $50,000 during February. All employees had earned less than $5,000 by month-end.
a. Prepare the necessary entry to record Brookhavens February payroll. The entry will include deductions for the following:
Social Security taxes
Medicare taxes
Federal income taxes withheld
State income taxes
Insurance withholdings
b. Prepare the journal entry to record Brookhavens payroll tax expense. The entry will include the following:
Matching Social Security taxes
Matching Medicare taxes
State unemployment taxes
Federal unemployment taxes
2. Current liabilities: entries and disclosure. A review of selected financial activities of Viscontis during 20XX disclosed the following:
12/1
Borrowed $20,000 from the First City Bank by signing a 3- month, 15% note payable. Interest and principal are due at maturity.
12/10
Established a warranty liability for the XY-80, a new product. Sales are expected to total 1,000 units during the month. Past experience with similar products indicates that 2% of the units will require repair, with warranty costs averaging $27 per unit (parts only).
12/22
Purchased $16,000 of merchandise on account from Oregon Company, terms 2/10, n/30.
12/26
Borrowed $5,000 from First City Bank; signed a 15% note payable due in 60 days. (Assume 360 days for daily interest calculation)
12/31
Repaired six XY-80s during the month at a total cost of $162.
12/31
Accrued 3 days of salaries at a total cost of $1,400.
Instructions
a. Prepare journal entries to record the transactions.
b. Prepare adjusting entries on December 31 to record accrued interest for each of the notes payable.
3. Notes payable. Red Bank Enterprises was involved in the following transactions during the fiscal year ending October 31:
8/2:
Borrowed $75,000 from the Bank of Kingsville by signing a 120-day, 12% note.
8/20:
Issued a $40,000 note to Harris Motors for the purchase of a $40,000 delivery truck. The note is due in 180 days and carries a 12% interest rate.
9/10:
Purchased inventory from Pans Enterprises in the amount of $15,000. Issued a 30-day, 12% note in settlement of the balance owed.
9/11:
Issued a $60,000 note to Datatex Equipment in settlement of an overdue account payable of the same amount. The note is due in 30 days and carries a 14% interest rate.
10/10:
The note to Pans Enterprises was paid in full.
10/11: The note to Datatex Equipment was paid in full.
11/30: Paid note to Bank of Kingsville
Instructions
a. Prepare journal entries to record the transactions.
b. Prepare adjusting entries on December 31 to record accrued interest (daily interest is calculated utilizing the 360 day method).
c. Prepare the Current Liability section of Red Banks balance sheet as of December 31. Assume that the Accounts Payable account totals $203,600 on this date.
Week Four Exercise Assignment
Liability
1. Payroll accounting. Assume that the following tax rates and payroll information pertain to Brookhaven Publishing:
Social Security taxes: 6% on the first $55,000 earned per employee
Medicare taxes: 1.5% on the first $130,000 earned per employee
Federal income taxes withheld from wages: $7,500
State income taxes: 5% of gross earnings
Insurance withholdings: 1% of gross earnings
State unemployment taxes: 5.4% on the first $7,000 earned per employee
Federal unemployment taxes: 0.8% on the first $7,000 earned per employee
The company incurred a salary expense of $50,000 during February. All employees had earned less than $5,000 by month-end.
a. Prepare the necessary entry to record Brookhavens February payroll. The entry will include deductions for the following:
Social Security taxes
Medicare taxes
Federal income taxes withheld
State income taxes
Insurance withholdings
b. Prepare the journal entry to record Brookhavens payroll tax expense. The entry will include the following:
Matching Social Security taxes
Matching Medicare taxes
State unemployment taxes
Federal unemployment taxes
2. Current liabilities: entries and disclosure. A review of selected financial activities of Viscontis during 20XX disclosed the following:
12/1
Borrowed $20,000 from the First City Bank by signing a 3- month, 15% note payable. Interest and principal are due at maturity.
12/10
Established a warranty liability for the XY-80, a new product. Sales are expected to total 1,000 units during the month. Past experience with similar products indicates that 2% of the units will require repair, with warranty costs averaging $27 per unit (parts only).
12/22
Purchased $16,000 of merchandise on account from Oregon Company, terms 2/10, n/30.
12/26
Borrowed $5,000 from First City Bank; signed a 15% note payable due in 60 days. (Assume 360 days for daily interest calculation)
12/31
Repaired six XY-80s during the month at a total cost of $162.
12/31
Accrued 3 days of salaries at a total cost of $1,400.
Instructions
a. Prepare journal entries to record the transactions.
b. Prepare adjusting entries on December 31 to record accrued interest for each of the notes payable.
3. Notes payable. Red Bank Enterprises was involved in the following transactions during the fiscal year ending October 31:
8/2:
Borrowed $75,000 from the Bank of Kingsville by signing a 120-day, 12% note.
8/20:
Issued a $40,000 note to Harris Motors for the purchase o
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