Need assistance answering all these questions and problems as soon as possible. All the information should be in the attached file.

Midterm Exam short answer/essay portion This portion of your exam is worth 100 points. Please complete and upload a word document with your answers to the following questions Question #1 Your Client, Nathan Holding Company, has solicited your advice in timing of revenue recognition for the multiple commercial buildings that they lease. The lease payments are typically received at the beginning of the quarter. Your client asserts that they should not recognize the lease revenues until the cash is received. They argue that cash received is rarely ever taken back. 1) Describe the criteria that must be satisfied before revenue can be recognized 2) Do you agree or disagree with your client's assertion? Support your answer. Question #2 Answer the following questions using EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system as well as filings with the SEC. 1) Access Edgar at www.sec.gov 2) Search for Nordstom, Inc and Access the 10K for the fiscal year ended January 29, 2011. Search or scroll to find the disclosure notes and audit report. a) Describe the subsequent events described by the company b) Which firm is the company's auditor and what type of audit opinion was rendered? 3) Access the proxy statement filed with the SEC on March 31, 2011 (the proxy statement designation is Def 14A), locate the executive officers summary compensation table and answer the following: a) What is the principle position of Michael G Koppel? b) What salary was paid to him for the year ended January 29, 2011? Question #3 Acme Corporation is evaluating the possibility of replacing one of the machines that it uses in its manufacturing process. The new model will be more efficient. The new machine will cost $160,000 and the old one can be sold for $110,000. Output for the machines is identical and the would both be used to produce the same amount of product of the ensuing 5 years. The old machine though costs $20,000 to per year to operate and the new machine will only cost $12,000. The new machine will also have a salvage value of $25,000 and the old machine will be worthless after 5 years. Should the company by the new machine and sell the old one? Assume that an 8% rate reflects the time value of money in this situation and that all operating costs are paid at the end of the year. Ignore the income tax effects. Midterm Exam- analysis and computation The following questions are to be completed in Excel and uploaded to the dropbox. They make up 100 points of your total grade. Question #1 Zorro Industries began business on January 1, 2015. During January the following transactions occurred with the dates of transactions notated paranthetically: 1) Issued common stock in exchange for $250,000 cash (Jan 1) 2) Purchased inventory on account for $40,000 (they use the perpetual inventory system) (Jan 2) 3) Paid an insurance company $2,400 for a one year insurance policy (Jan 4) 4) Sold merchandise on account for $12,000. The merchandise cost $7000 (Jan 10) 5) Borrowed $50,000 from a local bank and signed a note. Principal and interest at 10% is due in 9 months. (Jan 15) 6) Paid employees $5500 for wages for the first two weeks of January (Jan 20) 7) Sold merchandise for $10,000 which cost Zorro $6,000. (Jan 22) 8) Paid $14,500 to suppliers for the merchandise that was purchased on Jan 2 ( Jan 24) 9) Collected $4,000 from customers on account (Jan 26) 10) Paid the local electric company $1,500 for January utilities ( Jan 28) 11) Paid $4,400 for rent of which half was for January and half was for February (Jan 30) Prepare the general journal entries to record each transactions, post them to Taccounts, and then prepare an unadjusted trial balance as of the end of January. Question #2 Pono Paint Company has the following income statement items for the year ended December 31, 2014 ($ in 000s): Net Sales $20,000 Interest Income 200 Interest expense 300 Extraordinary gain 3,000 Cost of goods sold 11,200 Selling and admin expenses 3,300 Restructuring costs 600 In addition, during the year the company completed the disposal of its aluminum business and they incurred a loss from operations of $1.5 million and a gain on disposal of assets of $2.3 million. 500,000 shares of common stock were outstanding throughout 2014. Income tax expense has not yet been accrued. The income tax rate of all items of income is 30%. Prepare a multistep income statement for 2014 Question #3 Below are the financial statements for Breeze Industries for 2014 Calculate the following ratios for 2014 1) Inventory turnover ratio 2) Average days in inventory 3) Receivables turnover ratio 4) Average collection period 5) Asset turnover ratio 6) Profit margin on sales 7) Return on assets 8) Return on shareholders' equity 9) Equity multiplier 10) Return on shareholders'equity (using the DuPont framework)