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Problem 6.4A Comparison of Net Cost and Gross Price Methods L.O. 3, 6Lamprino Appliance uses a perpetual inventory system. The following are three recent merchandising transactions:June10 Purchased 10 televisions from Mitsu Industries on account. Invoice price, $300 per unit, for a total of $3,000. The terms of purchase were 2/10, n/30.June 15 Sold one of these televisions for $450 cash.June 20 Paid the account payable to Mitsu Industries within the discount period.Instructionsa. Prepare journal entries to record these transactions assuming that Lamprino records purchases of merchandise at:1. Net cost2. Gross invoice priceb. Assume that Lamprino did not pay Mitsu Industries within the discount period but instead paid the full invoice price on July 10. Prepare journal entries to record this payment assuming that the original liability had been recorded at:1. Net cost2. Gross invoice price

 

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(HC)The Mystery of Loch Ness By Kayden Mitchell Of all the mysteries in the world, none has been as popular as that of the Loch Ness Monster. Perhaps the biggest mystery is whether it is convincing evidence or a simple desire to believe that keeps the myth alive. Loch Ness is a lake in Scotland. The loch, or lake, is known for sightings of a mysterious monster. Most who see this monster, known as Nessie, describe something with a long neck and several humps above the water. Sometimes the “monster” is moving in these sightings, and sometimes it is still. Many have suggested that Nessie might be a plesiosaur (plea-see-a-soar), an aquatic dinosaur that was trapped in the loch after the last ice age. The plesiosaur theory presents several problems. First, the plesiosaur is an air breather. Such a creature would need to surface often and, therefore, be seen more frequently. Second, it’s unlikely that the same creature has lived in the loch since the last ice age. Today’s creature would have to be the offspring of an original plesiosaur trapped long ago. This would suggest multiple creatures in the loch (needed to produce offspring). Again, sightings would be more frequent if this were the case. So from a purely logical stand point, the existence of such a large and ancient creature is unlikely. But assume for a minute that it is possible. What would a plesiosaur need to live in an enclosed lake? Tropical waters: Scientists believe plesiosaurs were warm-blooded. Like crocodiles and alligators, plesiosaurs would need to live in warm waters. The loch is very cold with temperatures averaging about 40 degrees Fahrenheit (4.4 Celsius). Food: Like other warm-blooded creatures, plesiosaurs would need a large quantity of food. If there is a group of Nessies, then even more food would be needed. Because the loch is full of silt (underwater dust) not much light gets into the deepest areas. So the food chain, which would depend on plankton, is very weak at its base. As a result, there is probably not enough food to support such a large creature. However, the plesiosaur theory is not the only one. Many other ideas attempt to explain the sightings and “photographs.” But two separate sonar surveys of the loch have not found any evidence of a creature larger than a salmon. The last survey,1 completed in 2007 by the British Broadcasting Company (BBC), involved 600 different sonar beams. Using satellite navigation systems, the team made sure every inch of the loch was searched. The team found nothing. With cell phones and digital cameras, one would think that sightings of Nessie would increase. This has not happened. The BBC team believes the legend of Nessie has endured because people see what they want to see. To prove this, the team used a fence post, raising it before groups of tourists. Afterwards several of the tourists asked to draw pictures of what they had seen drew pictures of a monster’s head. 1″BBC ‘proves’ Nessie does not exist.” 27 July, 2003. http://news.bbc.co.uk/2/hi/science/nature/3096839.stm The author includes information in a list mid way through the article. What is the author implying with information about tropical waters and food? Use evidence from the article to explain your answer.

 

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Consider the following solution to the dining Philosopher problem (which was discussed in class but has a deadlock problem). Rewrite the code below to resolve the deadlock problem such that even-numbered philosophers select chopsticks to their right, first, then to their left; and odd-numbered philosophers select chopsticks to their left, first, then to their right. [Note: Assume the P() and V() are two primitive functions that guard the entrance and exit of the critical section.]

           Philosopher(i) {

               semaphore chopsticks[5] = 1;                          /* assume these are binary semaphores */

               while (true)

 

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problem 10-5 10- 5 VC VALUATION Southwest Ventures is considering an investment in an Austin, Texas– based start- up firm called Creed and Company. Creed and Company is involved in organic gardening and has developed a complete line of organic products for sale to the public that ranges from composted soils to organic pesticides. The company has been around for almost 20 years and has developed a very good reputation in the Austin busi-ness community, as well as with the many organic gardeners who live in the area. Last year, Creed generated earnings before interest, taxes, and depreciation ( EBITDA) of $ 4 million. The company needs to raise $ 5.8 million to finance the acquisi-tion of a similar company called Organic and More that operates in both the Houston and Dallas markets. The acquisition would make it possible for Creed to market its private- label products to a much broader customer base in the major metropolitan areas of Texas. Moreover, Organic and More earned EBITDA of $ 1 million in 2009. The owners of Creed view the acquisition and its funding as a critical element of their business strategy, but they are concerned about how much of the company they will have to give up to a venture capitalist in order to raise the needed funds. Creed hired an experienced financial consultant, in whom they have a great deal of trust, to evaluate the prospects of raising the needed funds. The consultant estimated that the company would be valued at a multiple of five times EBITDA in five years and that Creed would grow the combined EBITDAs of the two companies at a rate of 20% per year over the next five years if the acquisition of Organic and More is completed. Neither Creed nor its acquisition target, Organic and More, uses debt financing at pres-ent. However, the VC has offered to provide the acquisition financing in the form of con-vertible debt that pays interest at a rate of 8% per year and is due and payable in five years.a. What enterprise value do you estimate for Creed (including the planned acquisition) in five years?b. If the VC offers to finance the needed funds using convertible debt that pays 8% per year and converts to a share of the company sufficient to provide a 25% rate of return on his investment over the next five years, how much of the firm’s equity will he demand?c. What fraction of the ownership in Creed would the venture capitalist require if Creed is able to grow its EBITDA by 30% per year ( all else remaining the same) and the venture capitalist still requires a 25% rate of return over the next five years?

 

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