Below is the Retained Earnings account for the year 2020 for Metlock Corp. Retained earnings, January 1, 2020 $263,980 Add: Gain on sale of investments (net of tax) $47,580 Net income 90,880 Refund on litigation with government, related to the year 2017 (net of tax) 27,980 Recognition of income earned in 2019, but omitted from income statement in that year (net of tax) 31,780 198,220 462,200 Deduct: Loss on discontinued operations (net of tax) 41,380 Write-off of goodwill (net of tax) 66,380 Cumulative effect on income of prior years in changing from LIFO to FIFO inventory valuation in 2020 (net of tax) 29,580 Cash dividends declared 38,380 175,720 Retained earnings, December 31, 2020 $286,480. (a)Prepare a corrected retained earnings statement. Acadian Corp. normally sells investments of the type mentioned above. FIFO inventory was used in 2014 to compute net income. (b) State where the items that do not appear in the corrected retained earnings statement should be shown.

Classifying inflows and outflows of cash classify each of the following items as an inflow (i) or an outflow (o) of cash, or as neither (n). lg 2 lg 2 item change ($) item change ($) cash +100 accounts receivable −700 accounts payable −1,000 net profits +600 notes payable +500 depreciation +100 long-term debt −2,000 repurchase of stock +600 inventory +200 cash dividends +800 fixed assets +400 sale of stock +1,000

The beach dude (bd) employs a legion of current and former surfers as salespeople who push its surfing-oriented products to various customers (usually retail outlets). this case describes bd's sales and collection process. each bd salesperson works with a specific group of customers throughout the year. in fact, they often surf with their customers to try out the latest surf gear. the bd salespeople act laid-back, but they work hard for their sales. each sale often involves hours of surfing with their customers while the customers sample all the latest surf wear. because bd makes the best surfing products, the customers look forward to the visits from the bd salespeople. and they often buy a lot of gear. each sale is identified by a unique invoice number and usually involves many different products. customers pay for each sale in full within 30 days, but they can combine payments for multiple sales. bd manages its clothing inventory by item (e. g., xl bd surfer logo t-shirts), identified by product number, but it also classifies the items by clothing line (the lines are differentiated by price points as well as the intended use of the clothing, e. g., surfing products, casual wear, . draw a uml class diagram that describes the beach dudes sales and collection process. b. using microsoft access, implement a relational database from your uml class diagram. identify at least three fields per table. c. describe how you would use the relational database to determine the beach dude’s accounts receivable.

Which of the following is an element of inventory holding costs? a. material handling costs b. investment costs c. housing costs d. pilferage, scrap, and obsolescence e. all of the above are elements of inventory holding costs.