2- Accounting

Executive MBA Accounting Final.
Quiz Instructions
This is your Accounting take-home final exam. This is an individual exam and all work submitted should be your own.
Please read through each question carefully and respond in the provided format.
Please download the Final Exam Excel file. There is a tab for workspace for questions 3 through 17 and then tabs with additional problems.
2022 EMBA Final.xlsx
Questions 1 and 2 are general questions: Please enter your best response to each question.
For Questions 3-17: Please refer to the edited financial statements and note from Amphenol Corporation provided in the exam and respond to the questions. Please use only the file provided to you to answer the questions. Do not perform any additional research on the company. To be considered for partial credit, please enter any computations you make on the tab of the Excel Worksheet labeled “Work Area for Amphenol Questions.” Please label your calculations.
For Excel Problems/Questions: To answer the remaining questions, please complete the problems on the tabs of the Excel file and enter your answers on Canvas in the space provided.
PLEASE SHOW AND LABEL ALL YOUR WORK.
When finished, please submit through the ‘submit’ button at the bottom of the exam.

Question 1.
If a company reports retained earnings of $175.3 million on its balance sheet, it must also report at least $175.3 million in cash.
Briefly explain why this statement is not true.

Question 2.
Explain why a company’s net change in cash from one date to another will rarely be equal its net income for the same period.

For the following question, please refer to the edited Income Statement, Balance Sheet, Statement of Change in Equity and Statement of Cash Flows for Amphenol Corporation, below.
AMPHENOL CORPORATION-FS.pdf
Please use only the file provided to you to answer the questions below. Since the information has been altered, any information you seek to obtain elsewhere will not be consistent with these statements. Please look ONLY at the financial statements and notes that I have provided.
Question 3.
How much do all customers actually owe Amphenol at December 31, 2021?

Question 4
The table below is taken from the notes of Amphenol.

Balance at Charged to Balance at
beginning Bad Debt Additions end of
of period Expense (Deductions) period
Allowance for doubtful accounts:
Year ended December 31, 2021 $ 44.8 $ 1.5 $ ? $ 43.5

What amount of accounts receivable were written off during the year ended December 31, 2021?

Question 5
Amphenol’s note for inventory appears below:
Inventories are stated at the lower of cost or net realizable value. The principal components of cost included in inventories are materials, direct labor and manufacturing overhead. The Company regularly reviews inventory quantities on hand, evaluates the realizability of inventories and adjusts the carrying value as necessary based on forecasted product demand. Provisions for slow-moving and obsolete inventory are made based on historical experience and product demand.

Suppose Amphenol determines it has obsolete inventory on-hand at December 31, 2021 that has a cost of $55. What accounts, if any, would be adjusted to account for the obsolete inventory.

Question 6
Below is the note for Amphenol’s Property, Plant and Equipment Note:
The components of Property, plant and equipment, net are summarized as follows:

December 31,
2021 2020
Land and improvements $ 34.9 $ 33.5
Buildings and improvements 420.6 394.3
Machinery and equipment 2,332.3 2,040.1
Office equipment and other 349.1 325.3
3,136.9 2,793.2
Accumulated depreciation (1,961.6) (1,738.6)
$ 1,175.3 $ 1,054.6

Depreciation expense for the years ended December 31, 2021, 2020 and 2019 was $302.9, $252.7 and $240.0, respectively.
What is the average age of the Company’s Depreciable Property and Equipment at the end of 2021? Assume Amphenol uses the straight-line method of depreciation.
Please enter your answer as a whole number with two decimals. For example, if the answer is 4.375289, enter 4.38.

Question 7
Below is the note for Amphenol’s Property, Plant and Equipment Note:
December 31,
2021 2020
Land and improvements $ 34.9 $ 33.5
Buildings and improvements 420.6 394.3
Machinery and equipment 2,332.3 2,040.1
Office equipment and other 349.1 325.3
3,136.9 2,793.2
Accumulated depreciation (1,961.6) (1,738.6)
$ 1,175.3 $ 1,054.6

Assume that Amphenol sold Machinery and equipment that had an original cost of $129.5.
What is the cost of machinery and equipment acquired during the year ended December 31, 2021?
Please enter your answer as a whole number with one decimal and no dollar sign. For example, if the answer is $279.2, enter 279.2

Question 8
By looking only at Amphenol’s balance sheet, can you determine if Amphenol made any acquisitions during the year ended December 31, 2021?
Explain your answer.

Question 9
Below is a table related to Amphenol’s intangible assets other than Goodwil.

December 31, 2021 December 31, 2020
Weighted Gross Net Gross Net
Average Carrying Accumulated Carrying Carrying Accumulated Carrying
Life (years) Amount Amortization Amount Amount Amortization Amount
Customer
relationships 10 $ 637.2 $ 357.5 $ 279.7 $ 456.6 $ 313.6 $ 143.0
Proprietary technology 13 311.1 102.2 208.9 156.2 88.1 68.1
Backlog and other 1 74.9 74.7 0.2 49.7 49.4 0.3
Total intangible assets (definite-lived) 10 1,023.2 534.4 488.8 662.5 451.1 211.4

Trade names 268.1 268.1 186.1 186.1
$ 1,291.3 $ 534.4 $ 756.9 $ 848.6 $ 451.1 $ 397.5
Why is there no Life or Accumulated Amortization for Trade names?

Question 10
On the Statement of Cash Flows, why is an increase in Accounts Receivable subtracted from net income when computing net cash provided by operating activities?
Question 11
One of the notes that comprise long-term debt includes $30,000 par value, 4.350% Senior Notes, that mature on June 1, 2029. Suppose these bonds were issued on June1, 2020 when their yield-to-maturity was 5.5%. The bonds make coupon payment on June 1 and December 1.
How much interest expense will Amphenol record for these notes for the year ended December 31, 2021?
Please enter your answer as a whole number with no decimals, commas or dollar sign.

Question 12.
How many shares of Class A common stock are outstanding?
Please enter your answer as a whole number with one decimal. Please do not add 000’s to your numbers, use the numbers as they appear on the balance sheet.

Question 13.
Using the balances at December 31, 2021, what is average price at which shares were originally issued?
Please enter your answer as a whole number with two decimals. Please do not add 000’s, use numbers as they appear on the balance sheet.

Question 14.
What is the average price paid for the treasury stock held on December 31, 2021?
Please enter your answer as a whole number with two decimals. Please do not add 000’s, use numbers as they appear on the balance sheet.

Question 15.
How much total dividends did the company pay in cash for the year ended March 28, 2020?
Please enter your answer as a whole number with one decimal. Please do not add 000’s, use numbers as they appear.

Question 16.
In the notes to their financial statements, Amphenol states, in part:
Use of Estimates
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.
Please list three Balance Sheet accounts that involve estimation and explain what estimates are necessary.
Please refer to the Excel spreadsheet file for the following questions:

Please provide answers to the questions below
Question 17.
Inventory Question 1
Enter LIFO Cost of Goods Sold
Enter your answer as a whole number with no decimal places or commas.

Question 18.
Inventory Question 2
FIFO Cost of Goods Sold
Enter your answer as a whole number with no decimal places or commas.

Question 19.
Inventory Question 3
Weighted average Cost of Goods Sold.

Question 20.
Depreciation Problem Question 1
What is the book value of the equipment on December 31, 2024?

Show your work in the Excel file, and also provide your answers below.
Please enter your answer as a whole number with no decimals, commas or dollar sign

Question 21.
Depreciation Problem Question 2
Suppose Staar sold the new equipment on December 31, 2029 for $1,200.
How much gain or loss will be reported on Staar’s income statement for the year ended December 31, 2029?
Please enter your answer as a positive (for gain) or negative (for loss) whole number with no decimals, commas or dollar sign.

Question 22.
Bonds Payable Problem Question 1
What were the proceeds when the bonds were issued on August 15, 2021?
Please enter your answer as a whole number with no decimals, commas or dollar sign.

Question 23.
Bonds Payable Problem Question 2
What will be the book value of the bond on February 15, 2025?
Please enter your answer as a whole number with no decimals, commas or dollar sign.

Question 24.
Bonds Payable Problem Question 3
What will the total market value of the bonds be on this date?
Please enter your answer as a whole number with no decimals, commas or dollar sign

Question 25.
Bonds Payable Problem Question 4
Is the junior accountant right? If so, enter his amount. If not, compute and enter the correct amount.
For fractional periods, please use months, not days.
Please enter your answer as a whole number with no decimals, commas or dollar sign

Question 26.
Bonds Payable Problem Question 5
What is the bond’s yield-to-maturity as of that date?
Please enter your answer as a decimal amount. For example, if the answer is 6.75%, enter .0675.

Question 27.
Stockholders’ Equity Question 1
How many shares of common stock are outstanding at the end of 2020?
Please enter your answer as a whole number with no decimals, commas or dollar sign

Question 28.
Stockholders’ Equity Question 2
Using year 2020 amounts, what was the average price at which Sysco’s stock was originally issued?
Enter your answer as a whole number with two decimal places, no commas or dollar sign

Question 29.
Stockholders’ Equity Question 3
What was the average prices per share for Treasury stock acquired during 2020?
Enter your answer as a whole number with two decimal places, no commas or dollar sign.
Question 30.
Stockholders’ Equity Question 4
Suppose Sysco declares a stock dividend of 10%. The number of shares they issue is equal to 10% of the number of outstanding shares.
The share price on the date of the dividend is $100 per share.
What would be the new amounts (that is, the amounts after the dividend) for the following item:
Total number of shares outstanding.
Enter your answer as a whole number with no decimal places or commas.

Question 31.
Stockholders’ Equity Question 4
Suppose Sysco declares a stock dividend of 10%. The number of shares they issue is equal to 10% of the number of outstanding shares.
The share price on the date of the dividend is $100 per share.
What would be the new amounts (that is, the amounts after the dividend) for the following item:
The balance in the Common Stock account.
Enter your answer as a whole number with no decimal places, dollar sign or commas.

Question 32.
Stockholders’ Equity Question 4
Suppose Sysco declares a stock dividend of 10%. The number of shares they issue is equal to 10% of the number of outstanding shares.
The share price on the date of the dividend is $100 per share.
What would be the new amounts (that is, the amounts after the dividend) for the following item:
The balance in the Additional Paid-in Capital account.
Enter your answer as a whole number with no decimal places or commas

Question 33.
Stockholders’ Equity Question 4
Suppose Sysco declares a stock dividend of 10%. The number of shares they issue is equal to 10% of the number of outstanding shares.
The share price on the date of the dividend is $100 per share.
What would be the new amounts (that is, the amounts after the dividend) for the following item:
The balance in the Retained Earnings account.
Enter your answer as a whole number with no decimal places or commas
Question 34
Please upload your completed and saved Excel file with your work and answers in this question.
Please save your Excel file and upload below under the following format:
FirstName_LastName_EMBAAccountingFinal