Accounting

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Chapter 22 BTN 22-1

1. Identify several of the variable, mixed and fixed costs that the Blackberry service department is likely to incur in carrying out its
services.

2. Assume that Blackberry services revenue are expected to grow by 25% in the next year. How do you expect the costs indentified in part 1 to
change, if at all?

3. Based on your answer to part 2, can RIM use the contribution margin ratio to predict how income will change in response to increases in
Blackberry service revenues?

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Accounting

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Product costing inanactivity-based costing system [15–20 min]Turbo Champs, Corp., uses activity-based costing to account for its motorcycle man-ufacturing process. Company managers have identified three supporting manufac-turing activities: inspection, machine setup, and machine maintenance. The budgetedactivity costs for 2012 and their allocation bases are as follows:1Number of inspectionsNumber of setupsMaintenance hoursTotalBudgeted Cost$ 6,00032,0005,000$ 43,000InspectionMachine setupMachine maintenanceTotalActivity Allocation BaseTurbo Champs expects to produce 20 custom-built motorcycles for the year.The motorcycles are expected to require 100 inspections, 20 setups, and100 maintenance hours.Requirements1. Compute the cost allocation rate for each activity.2. Compute the indirect manufacturing cost of each motorcycle.

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accounting

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Glendale Corporation uses an activity-based costing system with three activity cost pools. The company has provided the following data:



Costs:

Depreciation $225,000

Utilities 150,000

Wages and Salaries 314,000

————-

Total $689,000

=======



Resources are consumed as follows:



Activity Cost Pools

————————————————————————-

Assembly Setting Up Other Total

Depreciation 30% 20% 50% 100%

Utilities 20% 40% 40% 100%

Wages and salaries 40% 45% 15% 100%



How much total cost would be allocated to the Assembly cost pool?

A) $223,100

B) $246,300

C) $347,900

D) $215,700

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Accounting

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P2-12
Assume that you began a small business in May 2007 by (1) investing $10,000 and (2) Borrowing $30,000 from a bank. You (3) purchased equipment for $25,000 cash and (4) purchased merchandise $12,000 using cash. During the first month of operations your company (5) sold merchandise for $27,000 in cash. (6) The cost of merchandise sold during month was $10,000. You (7) repaid $300 of the amount borrowed from the bank. You (8) with drew $800 from the business for personal use. The name of your business is Sand Dune Trading Company.
Required
Prepare an income statement for May 2007, the first month of operations.
Prepare a balance sheet for the end of the month.
P-13
The accounting staff at Moonbeam Enterprises prepares monthly financial statements. At the end of April 2007 the company had the following account balances:
Land – $45,000
Notes payable- $33,000
Merchandise inventory- $12,480
Buildings -$50,000
Cash- $10,360
Contributed capital- $38,770
Retained earnings, April 30 – $46,070
Cost of goods sold- $15,050
Sales revenue- 26,000
Supplies expense- $1,300
Income tax expense- $1,060
Wage expense- $1,500
Insurance expense- $550
Interest expense- $900
Required
Prepare an income statement and balance sheet in good form. For each statement, use a three line heading on the statement that includes (a) the company name of the company, (b) the name of the statement, and (c) the appropriate time period or date.

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Accounting

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Mark Stevens is considering opening a hobby and craft store. He would need $100,000 to equip the business and another $40,000 for inventories
and other working capital needs. Rent on the building used by the business will be $24,000 per year. Mark estimates that the annual cash inflow from the
business will amount to $90,000. In addition to building rent, annual cash outflow for operating costs will amount to $30,000. Mark plans to operate the
business for only six years. He estimates that the equipment and furnishings could be sold at that time for 10% of their original cost. Mark uses a discount
rate of 16%.

Required:

Would you advise Mark to make this investment? Use the net present value method. (please show all your works!)

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Accounting

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Gardner Corporation purchased a truck at the beginning of 2010 for $75,000. The truck is estimated to have a salvage value of $3,000 and a useful life of 120,000
miles. It was driven 18,000 miles in 2010 and 32,000 miles in 2011. What is the book value of the truck on December 31, 2011?

Answer

A. $42,000

B. $55,800

C. $30,000

D. $45,000

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accounting

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Assignment Name: Unit 3 Individual Project
Deliverable Length: 3 to 4 pages
Details: You are an accountant at a local CPA firm that is auditing the accounting records of ABC Company. You have been asked to educate the accounting department about the limitations of the internal control system in preparation for an upcoming audit. During your audit, you have identified that because of a weak internal control system, an adjusting entry for prepaid insurance was not recorded for the first 3 months of the year at $500 per month.
•Identify the limitations of the internal control system. Provide at least 3 limitations.
•Provide at least 2 examples of internal control procedures, and explain how these procedures can be implemented.
•Identify symptoms of a lack of internal control.
•Explain the impact of the missing journal entry on the financial statements of the company. Please submit your assignment.

For assistance with your assignment, please use your text, Web resources, and all course materials.
Unit Materials

Points Possible: 125
Date Due: Sunday, Apr 10, 2011
Objective: •Identify the various user groups that need accounting information and the characteristics of the information that they need
•Participate in managerial decision processes requiring the input of accounting based information

Submitted Files: Submit Assignment
Score: N/A
Instructor Comments: No comments have been made

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accounting

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Which of the following statements concerning interim financial reports is incorrect?

A. Accrual accounting is used for revenue and expense recognition

B. Extraordinary items are reported in annual but not interim financial reports

C. LIFO liquidation is not reported for interim purposes, unless decline in inventory is expected to be permanent

D. Income taxes are accrued using effective tax rate expected for the annual period

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Accounting

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On January 1, 2012 Morgan Co. purchased a truck that cost $32,000. The truck had an expected useful life of 10 years and a $5,000 salvage value. The amount of
depreciation expense recognized in 2013 assuming that Morgan uses the double declining-balance method is:

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accounting

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Hurren Corporation makes a product with the following standard costs:


Inputs Standard Quantity or Hours Standard Price or Rate Standard Cost PerUnit
Direct materials 3.5 grams $7.00 per gram $24.50
Direct labor 0.7 hours $10.00 per hour $7.00
Variable overhead 0.7 hours $7.00 per hour $4.90


The company reported the following results concerning this product in June.


Originallybudgetedoutput 8,400 units
Actual output 8,300 units
Raw materials used in production 28,290 grams
Actual direct labor-hours 5,500 hours
Purchases of raw materials 30,900 grams
Actual price of raw materials purchased $7.10 per gram
Actual direct labor rate $10.90 per hour
Actual variable overhead rate $6.70 per hour


The company applies variable overhead on the basis of direct labor-hours. The direct materials price variance is computed when the materials
are purchased.


The labor rate variance for June is:(Round your intermediate calculations to 2 decimal places.)
Hurren Corporation makes a product with the following standard costs:


Inputs Standard Quantity or Hours Standard Price or Rate Standard Cost PerUnit
Direct materials 3.6 grams $6.00 per gram $21.60
Direct labor 0.8 hours $11.00 per hour $8.80
Variable overhead 0.8 hours $6.00 per hour $4.80


The company reported the following results concerning this product in June.


Originallybudgetedoutput 8,100 units
Actual output 8,000 units
Raw materials used in production 28,300 grams
Actual direct labor-hours 6,000 hours
Purchases of raw materials 31,000 grams
Actual price of raw materials purchased $6.10 per gram
Actual direct labor rate $11.90 per hour
Actual variable overhead rate $5.70 per hour


The company applies variable overhead on the basis of direct labor-hours. The direct materials price variance is computed when the materials
are purchased.


The variable overhead rate variance for June is:(Round your intermediate calculations to 2 decimal
places.)
$1,800 F
$1,920 F
$1,920 U
$1,800 U
$5,229 F
$5,229 U
$4,950 F
$4,950 U






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Accounting

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MGA-O Assignment 3The following costs were incurred for developing two games: Genie & Strike. The Vice President’s salary is $200,000 per year. The VP manages both Genie & Strike. Materials for the Genie game cost $270,000 and materials for the Strike game were $350,000. The factory labor for Genie was $400,000 and Strike’s labor was $600,000. There were also utilities at $50,000 and supplies costing $31,000. You will be deciding which costs are considered direct and indirect. Allocate the indirect costs in Part B, C, & D. For Part E, summarize the total costs for each department.

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MGA-O Assignment 3The following costs were incurred for developing two games: Genie & Strike. The Vice President’s salary is $200,000 per year. The VP manages both Genie & Strike. Materials for the Genie game cost $270,000 and materials for the Strike game were $350,000. The factory labor for Genie was $400,000 and Strike’s labor was $600,000. There were also utilities at $50,000 and supplies costing $31,000. You will be deciding which costs are considered direct and indirect. Allocate the indirect costs in Part B, C, & D. For Part E, summarize the total costs for each department.Weight of the Cost DriverWeight of the Cost DriverPart F: (10 points)Question: Why would a company choose to split up costs in this manner rather than just dividing up costs equally among the games? (10 points)Question: If a company is trying to find the break-even point for multiple products that sell simultaneously, what consideration must be taken into account? (5 points)Total costsMaterials for Genie departmentMaterials for Strike departmentLabor for Genie departmentPart B: (15 points)Cost DriverQuestion: How does a contribution margin income statement differ from the income statement used in financial reporting? (8 points)Part A: (14 points)Part E: (20 points)Instructions – Complete the total costs for each departmentInstructions – Allocate the costs for the Strike DepartmentInstructions – Allocate the costs for the Genie DepartmentInstructions – List all indirect costs, decide your cost driver, and calculate the allocation rateMGA-O Week Two Assignment: A3Instructions – List each of the costs in the appropriate column. Totals will automatically sum for you.Materials CostsCost CategoryGenie DepartmentStrike DepartmentTotalLabor CostsUtilitiesSuppliesTotal CostsMaterialsLaborStudent Name:Indirect Cost Category (Hint: Not all costs above are considered indirect costs)The total square footage for the factory is 20,000 square feet. The Genie department uses 8,000 square feet,…

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Accounting

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1.
The capital budgeting method that divides a project’s annual incremental net operating income by the initial investment is the:
A) internal rate of return method.
B) the simple rate of return method.
C) the payback method.
D) the net present value method.
2.
The Whitton Company uses a discount rate of 1…

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BA5001 / BA5001X Business Decision-Making
Final coursework: Lamberts Heating
Submission date: Friday 20th Apirl 2013
Scenario
Lamberts Heating has two main divisions: one manufacturing radiators and the other installation of central heating systems. The manufacturing arm of the company makes radiators for domestic and commercial central heating systems. These radiators are either used by Lamberts installation division or are sold to other central heating installation companies. Lamberts Heating has rather old machinery, presently used to manufacture the radiators, that it wants to replace. The company wants both the new machinery to be in place as soon as possible and to plan the procurement and installation as soon as possible. The company has yet to decide which piece of new machinery to buy and thus does not expect to make an order for this machinery before 3rd June 2013.
Lamberts Heatings installation division supplies and fits domestic central heating systems. It uses its own radiators to obtain the materials for this, but buys in boilers and pipes from other companies. This company is keen to increase its profit margin in this division but the business of supplying domestic heating systems is very competitive at present. The company has decided that the best way to increase its profit margin is to reduce the cost of buying the boilers from a number of suppliers. It has conducted some research into the prices charged by three major suppliers: Apex Boilers, Brunswich Heating Supplies and Centrale.
Tasks
This coursework is in three parts. You should submit all three parts together as one document.
The first part of the document will consist of three reports: one for each part of the coursework with three appendices. These appendices will contain all the details for the work you have completed in order to write the reports. All computer input and output should also be in the appendices, as should the details of any other calculations you have…

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Accounting

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Coffee Maker’s Incorporated (CMI).

Two divisions of a CMI are involved in a dispute. Division A purchases Part 101 and Division B purchases Part 201 from a third division, C. Both divisions need
the parts for products that they assemble. The intercompany transactions have remained constant for several years.

Recently, outside suppliers have lowered their prices, but Division C is not lowering its prices. In addition, all division managers are feeling the pressure
to increase profit. Managers of divisions A and B would like the flexibility to purchase the parts they need from external parties to lower cost and increase
profitability.

The current pattern is that Division A purchases 3,000 units of product part 101 from Division C (the supplying division) and another 1,000 units from an
external supplier. The market price for Part 101 is $900 per unit. Division B purchases 1,000 units of Part 201 from Division C and another 1,000 units from an
external supplier. Note that both divisions A and B purchase the needed supplies from both the internal source and an external source at the same time.

The managers for divisions A and B are preparing a new proposal for consideration.

  • Division C will continue to produce Parts 101 and 201. All of its production will be sold to Divisions A and B. No other customers are likely to found for
    these products in the short term given that supply is greater than demand in the market.
  • Division C will manufacture 2,000 units of Part 101 for the Division A and 500 units of Part 201 for the Division B.
  • Division A will buy 2,000 units of Part 101 from Division C and 2,000 units from an external supplier at $900 per unit.
  • Division B will buy 500 units of Part 201 from Division C and 1,500 units from an external supplier at $1,900 per unit.

Division C Data 2012 Based on the Current Agreement

Part

101

201

Direct materials

$200

$300

Direct labor

$200

$300

Variable overhead

$300

$600

Transfer price

$1,000

$2,000

Annual Volume

3,000 units

1,000 units

Required:

  • Calculate the increase or decrease in profits for the three divisions and the company as a whole (four separate computations) if the agreement is enforced.
    Explain your thought process, comment on the situation, and make a suggestion based on the computations you have made.
  • Evaluate and discuss the implications of the following transfer pricing policies:
    • Transfer price = cost plus a mark-up for the selling division
    • Transfer price = fair market value
    • Transfer price = price negotiated by the managers
  • Why is transfer pricing such a significant issue both from a financial and managerial perspective?
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accounting

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On March 1, Squire Hill Company purchased a new stamping machine with a list price of $48,000. The company paid cash for the
machine; therefore, it was allowed a 3% discount. Other costs associated with the machine were: transportation costs, $1,100; sales tax paid, $3,360;
installation costs, $900; routine maintenance during the first month of operation, $1,000. The cost recorded for the machine was:

$47,460.
$53,360.
$48,000.
$51,920.
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accounting

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1. A company’s beginning work in process inventory consisted of 20,000 units that were 1/5 complete with respect to direct labor. These beginning units were completed and another 90,000 units were started during the current period. Of those started, 60,000 were finished and the remaining 30,000 were…

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accounting

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Profit, charges, and break-even without and with overhead. A number of years ago, at the request of its employees, Jack Winslow and Company converted one of its
small rooms to house a small pharmacy for its employees in which they can buy a few popular prepackaged drugs. JWC only wants to break even on this service. Total
cost of operating the pharmacy per year is $24,000: $1,000 a month for the contractor who operates the pharmacy and the remainder in drug costs. JWC charged $25 a
month to each of 500 employees who participated last year. ‘ How much did the company make or lose during the year? ‘ In setting its rate for the coming year, how
much would JWC have to charge per participating employee if it expects to break even? It estimates 500 employees per year will use this service. ‘ What if JWC also
wants these employees to cover the estimated $100 overhead per month the pharmacy space costs? ‘ What would JWC have to charge if it expects drug costs to increase
10 percent per employee?

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accounting

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: Review of Accounting Ethics

Due Week 3 and worth 200 points

Many organizations have been in the news over the past few years due to accounting ethical breaches that have affected their customers, employees, or the general public. Search the Internet or the Strayer Library to locate a story in the news that depicts an accounting ethical breach. You may select from any type of organization about which you have information or a curiosity.

Write a four to five (4-5) page paper in which you:

1. Given the corporate ethical breaches in recent times, assess whether or not you believe that the current business and regulatory environment is more conducive to ethical behavior. Provide support for your answer.

2. Based on your research, describe the organization, the accounting ethical breach and the impact to the organization related to ethical breach.

3. Determine how the organizational ethical issue was detected and how management failed to create an ethical environment.

4. Analyze the accounts impacted and / or accounting guidelines violated and the resulting impact to the business operation.

5. As a CFO, recommend which measures could have been taken to prevent this ethical breach and how each measure should be implemented in the future.

  1. Use at least four (4) quality academic resources in this assignment. Note:Wikipedia and other Websites do not quality as academic resources.
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Accounting

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A building with an appraisal value of $125,642.00 is made available at an offer price of $150,801.00. The purchaser acquires the property for $32,969.00 in
cash, a 90-day note payable for $21,931.00, and a mortgage amounting to $57,802.00. What is the cost basis recorded in the buyer’s accounting records to
recognize this purchase?

Select the correct answer.

$117,832.00

$150,801.00

$112,702.00

$125,642.00

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Accounting

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On September 1st, 2007, Mr. Afnanorganized a business called Tony’s Rentals

for the purchase of operating anequipment rental yard. Mr. Afnan’s new

business was able to beginoperations immediately by purchasing the assets and

taking over the location ofRent-IT, an equipment rental company th…

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Accounting

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Question 9
2 points  
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Covey Company purchased a machine on January 1, 2008, by paying cash of $250,000. The machine has an estimated useful life of five years (or the production of 500,000 units) and an estimated residual value of $25,000. Required: A. Determine depreciation expense (to the nearest dollar) and book value for each year of the machine’s useful life under (1.) straight-line depreciation; and (2.) the 200% declining balance method. B. If the machine was used to produce and sell 120,000 units in 2008, what would the depreciation expense be under the units of production method?
  Question 10
2 points  
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A company purchased equipment for $800,000 and has depreciated it using the straight-line method for the past 5 years when its original life was estimated to be 10 years with a $200,000 residual value. The equipment’s utility to the company has declined because they expect it to generate a net cash flow over the remaining years of $200,000 from its operation. If the asset has been impaired, record the journal entry to recognize the loss.
Accounting for Inventory ( put a link for the article to support your answer )
One of the primary differences between US GAAP and international accounting standards is the use of LIFO is permitted for US companies. How does LIFO affect a company’s financial results? In your opinion, should LIFO be a permitted inventory costing methods? Why might companies that currently use LIFO oppose its elimination?
Problem 1
The following is a list of account titles and amounts (in millions) from a recent company annual report:
Buildings and improvements
$ 182
Goodwill
$ 324
Prepaid expenses
135
Machinery and equipment
521
Allowance for Doubtful Accounts
41
Accumulated Depreciation
382
Other noncurrent assets
248
Inventory
421
Accumulated amortization
800
Other intangibles
1,452
Cash and cash…

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Accounting

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1. Recognition of concepts. Ron Carroll operates a small company that books entertainers for theaters, parties, conventions, and so forth. The company’s fiscal year ends on June 30. Consider the following items and classify each as either (1) prepaid expense, (2) unearned revenue, (3) accrued expense, (4) accrued revenue, or (5) none of the foregoing.
a. Amounts paid on June 30 for a 1-year insurance policy
b. Professional fees earned but not billed as of June 30
c. Repairs to the firm’s copy machine, incurred and paid in June
d. An advance payment from a client for a performance next month at a convention
e. The payment in part (d) from the client’s point of view
f. Interest owed on the company’s bank loan, to be paid in early July
g. The bank loan payable in part (f)
h. Office supplies on hand at year-end
2. Analysis of prepaid account balance. The following information relates to Action Sign Company for 20X2:
Insurance expense
$4,350
Prepaid insurance, December 31, 20X2
1,900
Cash outlays for insurance during 20X2
6,200
Compute the balance in the Prepaid Insurance account on January 1, 20X2.
3. Understanding the closing process. Examine the following list of accounts:
Interest Payable
Accumulated Depreciation: Equipment
Alex Kenzy, Drawing
Accounts Payable
Service Revenue
Cash
Accounts Receivable
Supplies Expense
Interest Expense
Which of the preceding accounts
a. appear on a post-closing trial balance?
b. are commonly known as temporary, or nominal, accounts?
c. generate a debit to Income Summary in the closing process?
d. are closed to the capital account in the closing process?
4. Adjusting entries and financial statements. The following information pertains to Fixation Enterprises:
The company previously collected $1,500 as an advance payment for services to be rendered in the future. By the end of December, one third of this amount had been earned.
Fixation provided $2,500 of services to…

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Accounting

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A contingent liability is an obligation that depends on the occurrence of a future event and that should be recorded in the accounts:

Answer

A. If the related future event will probably occur

B. If the amount is due in cash within one year

C. If the amount is reasonably estimated

D. Both A and C

E. None of the above

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Accounting

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Bison Sporting Goods sells bicycles throughout the northeastern United States. The following data were taken from the most recent quarterly sales
forecast:

Expected Sales End-of-Month

Target Inventory
July 1,970 units 380 units
August 2,120 units 470 units
September 2,050 units 440 units



On the basis of the information presented, how many bicycles should the company purchase in August?

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Accounting

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1) Tax collected on the sale of retail goods is recorded as a liability on the books of the seller.

True
False






2) It is not necessary to record sales tax on credit sales since none was actually collected.

True
False






3) Sales discounts on credit sales can benefit a seller by decreasing the delay in receiving cash and reducing future collections efforts.

True
False






4) A merchandiser buys and sells merchandise in order to make a profit.

True
False




5) A wholesaler acts as an intermediary between manufacturers and retailers.

True
False


6) A company records the following journal entry: debit Cash $1,470, debit Sales Discounts $30, and credit Accounts Receivable $1,500. This means that
a customer has taken a ___ cash discount for early payment.

1%
5%
10%
2%










7)
15%









A shoe store decided to sell of some of their excess office supplies. Which journal should this transaction be recorded in?

Cash Receipts journal
General journal
Cash Disbursements journal
Purchases journal
Sales journal





8)Nelson Inc. sold merchandise to Ballard Corp, a retailer, on credit. Ballard is not subject to sales tax because he is
not the end user of the item purchased. In which journal should Nelson record this sale?

Sales journal
Purchases journal
General journal
Cash Receipts journal
Cash Disbursements journal






9) The sales journal is used for recording:

Cash purchases.
Cash sales.
Credit sales.
Credit purchases.
Cash receipts.






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accounting

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5. Given the following scenario, on what date would you recognize revenue if preparing financials under U.S. GAAP? Would your answer change if you were using IFRS?
Explain your answers in detail. (FYI, I’m not looking for a “correct” answer as much as I am looking to see how you apply what you have read to this scenario).
Scenario: Corky Motors is in its first year of operations and, as of December 30, has total revenues of $5 million, projected net income of $400,000, and total
assets of $40 million (Corky’s year-end is December 31). On December 31, a customer and Corky Motors agree to terms on the purchase of a new automobile for
$37,000. The customer signs and completes all paperwork for the sale but asks Corky to hold the full-payment check until he can complete financing with a local
bank. Because the bank has already closed for the day, it will be January 2 before the customer can release the check to Corky Motors. The customer already has a
$40,000 line of credit approved by his bank, The Corky Motors’ credit manager reviews the customer’s file and offers to finance the transaction through the
dealership’s financing company. The customer, however, wishes to use a local bank and declines the financing offer. The customer and Corky agree to leave the
automobile on the dealership lot overnight so it can be properly serviced (e.g., washed, fluid levels checked).

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Accounting

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Capital Grill has budgeted the following costs for a month in which 2,500 Colby steak dinners will be produced and sold: Materials $5,580 Hourly Labor $5,400 Rent
$1,300 Depreciation $500 and other fixed costs $1,000.Each Colby Steak dinner sells for $22.00 each. What is the total variable cost?

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Accounting

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Journalize the five transactions for Miramax Rentals:

August 1- Miramax purchases two new saws on credit at $375 each. The saws are added to Miramax’s rental inventory. Payment is due in 30 days.

August 8- Miramax accepts advance deposits for tool rentals of $75 that will be applied to the cash rental when the tools are returned.

August 15- Miramax receives a bill from Macon utility company for $150. Payment is due in 30 days.

August 20- Customers are charged $750 by Miramax for tool rentals. Payment is due from the customer in 30 days.

August 31- Miramax receives $500 in payments from the customers that were billed for rentals on August 20.

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Accounting

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1. Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows.
Painting
Cost
1/2 Beginning inventory
Woods
$11,000
4/19 Purchase
Sunset
21,800
6/7 Purchase
Earth
31,200
12/16 Purchase
Moon
4,000
Woods and Moon were sold during the year for a total of $35,000. Determine the firm’s
a. cost of goods sold.
b. gross profit.
c. ending inventory.
2. Inventory valuation methods: basic computations.

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1. Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows.
Painting
Cost
1/2 Beginning inventory
Woods
$11,000
4/19 Purchase
Sunset
21,800
6/7 Purchase
Earth
31,200
12/16 Purchase
Moon
4,000
Woods and Moon were sold during the year for a total of $35,000. Determine the firm’s
a. cost of goods sold.
b. gross profit.
c. ending inventory.
2. Inventory valuation methods: basic computations. The January beginning inventory of the White Company consisted of 300 units costing $40 each. During the first quarter, the company purchased two batches of goods: 700 Units at $44 on February 21 and 800 units at $50 on March 28. Sales during the first quarter were 1,400 units at $75 per unit. The White Company uses a periodic inventory system. Using the White Company data, fill in the following chart to compare the results obtained under the FIFO, LIFO, and weighted-average inventory methods.
Using the White Company data, fill in the following chart to compare the results obtained under the FIFO, LIFO, and weighted-average inventory methods.
FIFO
LIFO
Weighted Average
Goods available for sale
$
$
$
Ending inventory, March 31
Cost of goods sold
3. 3. Perpetual inventory system: journal entries. At the beginning of 20X3, Beehler Company implemented a computerized perpetual inventory system. The first transactions that occurred during 20X3 following.
Purchases on account: 500 units @ $4 = $2,000
Sales on account: 300 of the above units = $2,550
Returns on account: 75 of the above unsold units
The company president examined the computer-generated journal entries for these transactions and was confused by the absence of a Purchases account.
a. Duplicate the journal entries that would have prepared on the computer printout.
b. Calculate the balance in the firm’s Inventory account.
c. Briefly explain the…

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Accounting

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Wrecker Computing sells merchandise for $5,000 cash on September 30
(cost of merchandise is $2,900). The sales tax law requires Wrecker to
collect 4% sales tax on every dollar of merchandise sold. Record the
entry for the $5,000 sale and its applicable sales tax. Also record the
entry that shows the remittance of the 4% tax on this sale to the state
government on October 15

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Accounting

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A contingent liability is an obligation that should be:

Answer

A. Disclosed in a footnote to the balance sheet when the contingency is not significant

B. Recorded in the accounts if the amount may be reasonably estimated and it is probable that the future event creating the obligation will occur

C. Classified in the owners’ equity section of the balance sheet when the future event creating the liability is not likely to occur

D. Recorded in the accounts and classified in a contingent liabilities section of the balance sheet between current liabilities and long-term liabilities

E. None of the above

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Accounting

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black Dot, Inc. sells a single product for $15. Variable costs are $5 per unit and fixed costs total $120,000 at a volume level of 7,400 units. What dollar
sales level would black Dot have to achieve to earn a target profit of $280,000?

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Accounting

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Assuming the cost of goods sold is $165,000, what is the company’s average number of days to sell inventory in 2012? Balance sheet:::::Cash: 2011—-$1500;
2012—-$2000 Accounts Receivable: 2011—–$11,000; 2012—-$13,000 Inventory: 2011—-$21,000; 2012—-$20,000…………………Possible answers: 47.4 days,
45.3 days, 17.8 days, none of these.

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Accounting

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PROJECT #1 -THE COMPLETE ACCOUNTING CYCLE
completed the following transactions:
Began business by making a deposit in a company bank account of $12,000, in exchange
for 1,200 shares of $10 par value common stock.
Oct. 1
Paid the premium on a one-year insurance policy, $1,200.
Paid the current month’s rent, $1,040.
Oct. 3
Oct. 8
Purchased repair supplies from McKenna Company on credit, $390.
Oct. 12
Paid utility bill for October, $154.
Oct. 16
Cash bicycle repair revenue for the first half of October, $1,362.
Oct. 19
Made payment to McKenna Company, $200.
Oct.

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PROJECT #1 -THE COMPLETE ACCOUNTING CYCLE
completed the following transactions:
Began business by making a deposit in a company bank account of $12,000, in exchange
for 1,200 shares of $10 par value common stock.
Oct. 1
Paid the premium on a one-year insurance policy, $1,200.
Paid the current month’s rent, $1,040.
Oct. 3
Oct. 8
Purchased repair supplies from McKenna Company on credit, $390.
Oct. 12
Paid utility bill for October, $154.
Oct. 16
Cash bicycle repair revenue for the first half of October, $1,362.
Oct. 19
Made payment to McKenna Company, $200.
Oct. 31
Cash bicycle repair revenue for the last half of October, $1,310.
Declared and paid cash dividend of $800.
During its first month of operation, the Rawls Repair Corporation, which specializes in bicycle repairs,
REQUIREMENT #1:
Prepare journal entries to record the October transactions in the General Journal below.
General Journal
Date
Debit
Credit
REQUIREMENT #2:
Post the October journal entries to the following T-Accounts and compute ending balances.
Cash (111)
Prepaid Insurance (117)
Repair Supplies (119)
Repair Equipment (144)
Accum. Depr.-Repair Equipment (145)
Accounts Payable (212)
Income Taxes Payable (213)
Common Stock (311)
Retained Earnings (312)
Dividends (313)
Bicycle Repair Revenue (411)
Store Rent Expense (511)
Utility Expense (512)
Insurance Expense (513)
Repair Supplies Expense (514)
Depr. Exp.-Repair Equipment (515)
Income Taxes Expense (516)
REQUIREMENT #3:
Prepare a trial balance for October in the space below.
Rawls Repair Corporation
Trial Balance
October 31
a) One month’s insurance has expired.
b) The remaining inventory of repair supplies is $194.
c) The estimated depreciation on repair equipment is $70.
d) The estimated income taxes are $40.
Description(Account Name)
Requirement #4:
Prepare adjusting entries using the following information in the General Journal
below. Show your calculations!
Prepare an Adjusted Trial Balance in the space below.
Requirement…

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Accounting

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The Sanchez Company sold 400 printers in 2002 for $2000 apiece, together with a one-year warranty. Maintenance on each printer during the warranty period averages
$115.



Instructions: Prepare the journal entries to record the sale of the printers and the related warranty cost, assuming that the accrual method is used. Actual
warranty costs for 2002 were $8,500.

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Accounting

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Carmack Company has credit sales of $2.6 million for year 2011. On December 31, 2011, the company’s Allowance for Doubtful Accounts has an unadjusted credit
balance of $13,400. Carmack prepares a schedule of its December 31, 2011, accounts receivable by age. On the basis of past experience, it estimates the percent of
receivables in each age category that will become uncollectible. This information is summarized here.





December 31, 2011

Accounts Receivable Age of

Accounts Receivable Expected Percent Uncollectible

$ 730,000 Not yet due 1.25 %

354,000 1 to 30 days past due 2.00

76,000 31 to 60 days past due 6.50

48,000 61 to 90 days past due 32.75

12,000 Over 90 days past due 68.00

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accounting

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Kibodeaux Corporation makes a product with the following standard costs:

Standard Quality or Hours Standard Price or Rate Standard Cost Per Unit
Inputs
Direct materials 9.8 liters $6.50 per liter $63.70
Direct labor 0.1 hours $23.50 per hour $2.35
Variable overhead 0.1 hours $4.50 per hour $0.45



The company budgeted for production of 3,300 units in June, but actual production was 3,550 units. The company used 34,435 liters of direct
material and 337 direct labor-hours to produce this output. The company purchased 35,640 liters of the direct material at $4.80 per liter. The actual direct labor
rate was $24.20 per hour and the actual variable overhead rate was $4.20 per hour.



The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials
are purchased.


The labor rate variance for June is?


Please explain. thank you :)

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Accounting

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Terry receives $3,000 annually from an annuity contract which she purchased in 2002 for $15,000. Her total expected return under the contract is $45,000 and
payment under the contract began in 2003. For the years 2003 through 2012, Terry received $3,000 per year. Of the $3,000 received during 2012, what amount must
Terry include in her gross income for 2012 under the general rule?

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Accounting

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Tabby
Pet Foods recently acquired Smartee Pet Toys. In auditing Smartee’s
accounting records, Richard Conti, internal audit manager for Tabby, discovered
that the new subsidiary had not been accounting for the pension assets and
liabilities as required underFASB Statement No. 87.

The net present value of Smartee’s pension
assets is $15.5 million, the vested benefit obligation is $12.9 million and the
projected benefit obligation is $17.4 million. Richard reported this
finding to Bob Winkler, CEO of Tabby Pet Foods.

A few days later, Bob called Richard and asked
him for some advice on the pension fund of Smartee. Bob asked Richard if
the negative income effect of the pension dilemma could be eliminated by
terminating all the nonvested employees before the end of the fiscal
year.

From this information, answer the following:

1.What
should Richard’s answer be to the accounting question of terminating the
nonvested employees before the end of the year?

2.What, if
any, ethical issues do you see with the approach of terminating nonvested
employees prior to the end of the year?

Please post your response to the following
questions in the Forum byThursday EOD of Week 3 and post responses to
your classmates by Monday EOD of Week 4.

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Accounting

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On Saturday, June 30, BD pool Supplies sold merchandise to E. Luang on account. The sales price was $3,800, and the cost of goods sold was $3,000. The sales
revenue was recorded immediatly, but the entry recording the cost of goods sold was dated Monday, July 2. As a result, net income for June was:


a. Overstated by $3,800

b. Overstated by $3,000

c. Overstated by $800.00

d. Not affected, but the net income for July is understated

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Accounting

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1)

Walberg Associates, antique dealers, purchased the contents of an estate for $38,700. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Walberg Associates’ warehouse was $1,800. Walberg Associates insured the shipment at a cost of $270. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $610.

Determine the cost of the inventory acquired from the estate

2)

Laker Company reported the following January purchases and sales data for its only product.
Date Activities Units Acquired at Cost Units Sold at Retail
Jan. 1 Beginning inventory 160 units @ $7.20 = $ 1,152
Jan. 10 Sales 95 units @$15.20
Jan. 20 Purchase 230 units @ $6.20 = 1,426
Jan. 25 Sales 155 units @$15.20
Jan. 30 Purchase 100 units @ $5.20 = 520






Totals 490 units $ 3,098 250 units













Laker uses a perpetual inventory system. For specific identification, ending inventory consists of 240 units, where 100 are from the January 30 purchase, 80 are from the January 20 purchase, and 60 are from beginning inventory.

1.

Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,700, and that the applicable income tax rate is 35%. (Do not round your Intermediate calculations.)

2.

Which method yields the highest net income?

FIFO
Specific identification
LIFO
Weighted average
3.

Does net income using weighted average fall between that using FIFO and LIFO?

Yes
No
4.

If costs were rising instead of falling, which method would yield the highest net income?

Weighted average
FIFO
LIFO
Specific identification
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accounting

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The Fashion Shoe Company operates a chain of women’s shoe shops around the country. The shops carry many styles of shoes that are all sold at the same price. Sales personnel in the shops are paid a substantial commission on each pair of shoes sold (in addition to a small basic salary) in order to encourage them to be aggressive in their sales efforts.
The following worksheet contains cost and revenue data for Shop 48 and is typical of the company’s many outlets:

Per Pair of Shoes

Selling price
$ 30.00

Variable expenses:

Invoice cost
$ 13.50

Sales commission
4.50

Total variable expenses
$ 18.00

Annual

Fixed expenses:

Advertising
$ 30,000

Rent
20,000

Salaries
100,000

Total fixed expenses
$ 150,000

Calculate the annual break-even point in dollar sales and in unit sales for Shop 48.
Prepare a CVP graph showing cost and revenue data for Shop 48 from zero shoes up to 17,000 pairs of shoes sold each year. Clearly indicate the break-even point on the graph.
If 12,000 pairs of shoes are sold in a year, what would be Shop 48’s net operating income or loss?
The company is considering paying the store manager of Shop 48 an incentive commission of Shop 48 an incentive commission of 75 cents per pair of shoes (in addition to the salesperson’s commission). If this change is made, what will be the new break-even point in dollar sales and in unit sales?
Refer to the original data. As an alternative to (4) above, the company is considering paying the store manager 50 cents commission on each pair of shoes sold in excess of the break-even point. If this change is made, what will be the shop’s net operating income or loss if 15,000 pairs of shoes are sold?
Refer to the original data. The company is considering eliminating sales commissions entirely in its shops and increasing fixed salaries by $31,500 annually. If this change is made, what will be the new break-even point in dollar sales and in unit sales for Shop 48? Would you recommend that the change be made? Explain.

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Accounting

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Which pair of accounts follows the rules of debit and credit, in relation to increases and decreases, in the same manner? (Points : 4)

Accounts Payable and Rent Expense

Repair Expense and Notes Payable

Prepaid Insurance and Advertising Expense

Service Revenues and Equipment

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accounting

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Quality Shoe Company is considering investing in one of two machines that attach heels to shoes. Machine A costs $70,000 and is expected to save the company $20,000 per year for six years. Machine B costs $95,000 and is expected to save the company $25,000 per year for six years. Determine the net present value for each machine and decide which machine should be purchased if the required rate of return is 10%

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accounting

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Budgeted overhead for Cinnabar Industries at normal capacity of 30,000 direct labor hours is $4.50 per hour variable and $3 per hour fixed. In May, $232,500 of
overhead was incurred in working 31,500 hours when 32,000 standard hours were allowed. The overhead controllable variance is


$7,500 unfavorable.

$3,750 favorable.

$7,500 favorable.

$1,500 favorable.

Budgeted overhead for Cinnabar Industries at normal capacity of 30,000 direct labor hours is $4.50 per hour variable
and $3 per hour fixed. In May, $232,500 of overhead was incurred in working 31,500 hours when 32,000 standard hours were allowed. The
overhead volume variance is


$7,500 favorable.

$6,000 favorable.

$8,250 favorable.

$3,750 favorable.

Which of the following is true if a company can accept a special order without affecting its regular sales and is within
plant capacity?


Net income will not be affected.

Additional fixed costs will probably be incurred.

Net income will decrease.

Net income will increase if the special sales price per unit exceeds the unit variable costs

Cara Industries incurred the following costs for 50,000 units:


Variable costs $90,000
Fixed costs 120,000





Cara has received a special order from a foreign company for 5,000 units. There is sufficient capacity to fill the
order without jeopardizing regular sales. Filling the order will require spending an additional $4,250 for shipping.



If Cara wants to break even on the order, what should the unit sales price be?


$4.20

$5.05

$2.65

$1.80

Cara Industries incurred the following costs for 50,000 units:


Variable costs $90,000
Fixed costs 120,000





Cara has received a special order from a foreign company for 5,000 units. There is sufficient
capacity to fill the order without jeopardizing regular sales. Filling the order will require spending an
additional $4,250 for shipping.



If Cara wants to earn $4,000 on the order, what should the unit price be?


$2.60

$1.65

$5.85

$3.45

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accounting

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Dillon Company pays $390,000 for real estate plus $20,670 in closing costs. The real estate consists of land appraised at $239,200; land improvements appraised at $93,600; and a building appraised at $187,200.

I need to find the apportioned cost for the following accounts:
-land
-land improvements
-building
and total apportioned cost

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Accounting

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Sparty Corporation has provided the following information for its most recent year of operation:
Revenues earned were $90,000, of which $6,000 were uncollectible at the end of the year.
Operating expenses incurred were $49,000, of which $6,000 were unpaid at the end of the year.
Dividends declared were $12,000, of which $3,000 were unpaid at the end of the year.
Income tax expense is 35% of pretax income.
How much net income was reported on Sparty’s income statement?
$18,850
$26,750
$20,800
$26,650




During 2010, Rock Company’s cash balance increased from $72,000 to $91,600. Rock’s net cash flow from operating activities
was $37,600 and its net cash flow from financing activities was $11,700. How much was Rock’s net cash flow from investing
activities?

A net cash flow of $42,300.
A net cash flow of ($29,700).
A net cash flow of $68,900.
A net cash flow of ($68,900).
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Accounting

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What is the company’s quick (acid test) ratio? Possible answers: 0.7, 1.2, 1.5, 2.5. ASSETS: Cash is $4000, Accounts Receivable is-$10150, Inventory is $14000,
Prepaid Expenses is-$800, Equipment Depreciation is $18700, Land is-$12600, total assets is-$60250. LIABILITY AND STOCKHOLDER’S EQUITY: AP is $2310, Salaries
Payable is $9030, Bonds payable is-$8000, Common stock is $20910, Retained earnings is-$20000, Total liabilities is–$60250.

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ACCOUNTING

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Q2. The following information was extracted from the books of Baraka Ltd for the period ended 31st December 2010.
The Company’s unit of selling price is Kshs. 6
Production 120,000 units
Sales 80,000 units
Production cost incurred;
Direct materials Kshs. 144,000
Direct labour Kshs. 96,000
Direct expenses Kshs. 24,000
Variable overheads Kshs 16,000
Fixed overheads Kshs. 20,000
Selling and administration costs;
Salesmen salaries Kshs. 100,000
Promotion & Advertisement Kshs. 60,000
Office expenses Kshs. 50,000
Other fixed costs Kshs. 15,000
Required;
(a) Differentiate between Marginal and Absorption costing (10 Mks)
(b) The profit statement under marginal costing & under absorption costing(10 Mks)

Document Preview:

KENYA INSTITUTE OF MANAGEMENT
NAIROBI BRANCH.
DIPLOMA COURSE IN BUSINESS MANAGEMENT
SUBJECT: FINANCIAL N COST ACCOUNTING: DCM 100
CLASS: JANUARY –JUNE 2011
WORKBASED ASSIGNEMENT.
INSTRUCTIONS: ANSWER ALL QUESTIONS

Q1: (a) Critically discuss the importance and limitations of Financial Accounting in the business world (10 Mks)
(b) By use of relevant examples discuss the meaning and scope of cost accounting (15 Mks)

Q2. The following information was extracted from the books of Baraka Ltd for the period ended 31st December 2010.
The Company’s unit of selling price is Kshs. 6
Production 120,000 units
Sales 80,000 units

Production cost incurred;
Direct materials Kshs. 144,000
Direct labour Kshs. 96,000
Direct expenses Kshs. 24,000
Variable overheads Kshs 16,000
Fixed overheads Kshs. 20,000

Selling and administration costs;
Salesmen salaries Kshs. 100,000
Promotion & Advertisement Kshs. 60,000
Office expenses Kshs. 50,000
Other fixed costs Kshs. 15,000

Required;
Differentiate between Marginal and Absorption costing (10 Mks)
The profit statement under marginal costing & under absorption costing(10 Mks)

=END=

nal and Absorption costing (10 Mks)
The profit statement under marginal costing & under absorption costing(10 Mks)

=END=

UNE 2011
WORKBASED ASSIGNEMENT.
INSTRUCTIONS: ANSWER ALL QUESTIONS

Q1: (a) Critically discuss the importance and limitations of Financial Accounting in the business world (10 Mks)
(b) By use of relevant examples discuss the meaning and scope of cost accounting (15 Mks)

Q2. The following information was extracted from the books of Baraka Ltd for the period ended 31st December 2010.
The Company’s unit of selling price is Kshs. 6
Production 120,000 units
Sales 80,000 units

Production cost incurred;
Direct materials Kshs. 144,000
Direct labour Kshs. 96,000
Direct expenses Kshs. 24,000
Variable overheads Kshs…

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Accounting

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Gekko, Inc. reported the following balance (after adjustment) at the end of 2005 and 2004.

12/21/05 12/31/04
Total accounts receivable $105,000 96,000
Net account receivable 102,000 94,500

During 2005 Gekko wrote off customer accounts totaling $3,200 and collected $800 on accounts written off in previous years. Gekko’s doubtful accounts exprese for the year ending December 31, 2005 is?

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Accounting

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Questions I need help with1. The records for Bosch Co. show this data for 2013:Gross profit on installment sales recorded on the books was $360,000. Gross profit from collections of installment receivables was $240,000.Life insurance on officers was $3,800.Machinery was acquired in January for $300,000. Straight-line depreciation over a ten-year life (no salvage value) is used. For tax purposes, MACRS depreciation is used and Bosch may deduct 14% for 2013.Interest received on tax exempt Iowa State bonds was $9,000.The estimated warranty liability related to 2013 sales was $21,600.

Document Preview:

Questions I need help with1. The records for Bosch Co. show this data for 2013:Gross profit on installment sales recorded on the books was $360,000. Gross profit from collections of installment receivables was $240,000.Life insurance on officers was $3,800.Machinery was acquired in January for $300,000. Straight-line depreciation over a ten-year life (no salvage value) is used. For tax purposes, MACRS depreciation is used and Bosch may deduct 14% for 2013.Interest received on tax exempt Iowa State bonds was $9,000.The estimated warranty liability related to 2013 sales was $21,600. Repair costs under warranties during 2013 were $13,600. The remainder will be incurred in 2014.Pretax financial income is $600,000. The tax rate is 30%.Instructions(a) Prepare a schedule starting with pretax financial income and compute taxable income.(b) Prepare the journal entry to record income taxes for 2013. 2. Emmett Company has a deferred tax asset of $1,000,000 at December 31, 2011. This amount arises from the recording of the company’s liability for postretirement benefits other than pensions. The company’s CPA has asked management whether a valuation allowance should be recorded to reduce the deferred tax asset to zeroRequired:1. Why would Emmett not want to report a valuation allowance? 2. What evidence might the company offer to argue against recording a valuation allowance? 3. Assume that the company determines that a valuation allowance of $400,000 is required. How would the company have arrived at this determination, and what effect will it have on net income for fiscal 2011? 15. (10) Presented below is information related to Jones Department Stores, Inc. pension plan for 2013. Accumulated benefit obligation (at year-end) $600,000 Service cost 520,000 Funding contribution for 2013 480,000 Settlement rate used in actuarial computation 10% Expected return on plan assets 9% Amortization of PSC (due to benefit increase) 100,000 Amortization of net…

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accounting

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Lazy Day Donuts makes powdered donuts that are sold by the dozen. Each box of a dozen donuts requires A??1 pound of flour. The company began the year with 20,000
pounds of flour on hand, but would like to have just 10,000 pounds of flour on hand at the end of the current year. Lazy Day expects to produce 200,000 boxes
of donuts during the year.

Required:

How many pounds of flour must be purchased during the year to have enough for production needs and the desired ending inventory?

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accounting

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Ravena Labs., Inc. makes a single product which has the following standards:

Direct Materials 2.5 ounces at $20 per ounce

Direct Labor 1.4 hours at $12.50 per hour

Var. Manuf. Overhead 1.4 hours at ? per hour



Variable Manuf. Overhead is applied on the basis of direct labor hours. The following data are available for October:

3750 units of compound were produced during the month.

There were no beginning direct materials inventory

The ending direct materials inventory was 2000 ounces

Direct materials purchased: 12000 ounces for $225,000

Direct labor hours worked: 5600 hours at a cost of $67,200

Variable Manufacturing Overhead costs incurred amounted to $18,200

Variable manufacturing overhead applied to products: $18,375



The variable overhead spending variance for October is:

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Accounting

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On June 15, 2013, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in
Washington D.C. for $430 million. The expected completion date is April 1 of 2015, just in time for the 2015 baseball season. Costs incurred
and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions):

2013

2014

2015

Costs incurred during the year

$

40

$

170

$

60

Estimated costs to complete as of 12/31

210

140

Required:

1.

Determine the amount of gross profit or loss to be recognized in each of the three years using the percentage-of-completion
method. (Do not round intermediate calculations. Enter your answers in millions rounded to 2 decimal places (i.e.,
5,500,000 should be entered as 5.50).)

2.

How much revenue will Sanderson report in each of three years using the percentage-of-completion method?
(Do not round intermediate calculations. Enter your answers in millions rounded to 2
decimal places (i.e., 5,500,000 should be entered as 5.50).)

3.

Determine the amount of gross profit or loss to be recognized in each of the three years using the completed contract
method. (Enter your answers in millions.)

4.

Determine the amount of revenue, cost, and gross profit or loss to be recognized in each of the three years using the cost
recovery method that is required by IFRS. (Enter your answers in millions.)

5.

Suppose the estimated costs to complete at the end of 2014 are $210 million instead of $140 million. Determine the amount of
gross profit or loss to be recognized in 2014 using the percentage-of-completion method. (Enter your answer in
millions. Do not round intermediate calculations.)

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accounting

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MediSecure, Inc., produces clear plastic containers for pharmacies in a process that starts in the Molding Department. Data concerning that department’s operations in the most recent period appear below:

Beginning work in process:
Units in process 500
Stage of completion with respect to materials 80%
Stage of completion with respect to conversion 40%
Units started into production during the month 153,600
Units completed and transferred out 153,700
Ending work in process:
Units in process 400
Stage of completion with respect to materials 75%
Stage of completion with respect to conversion 20%

Required:
MediSecure uses the FIFO method in its process costing system. Compute the equivalent units of production for the period for the Molding Department.

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ACCOUNTING

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1) Special journals are efficient tools in helping journalize and post transactions since debits and credits for similar transactions are
accumulated and then posted as totals instead of individually.

True
False




2) Credit terms include the specifics of the amounts and timing of payments from a buyer to a seller.

True
False


3 ) If the total balance of the accounts receivable ledger equals the total of the controlling Accounts Receivable account, then the accounts are
presumed to be correct.

True
False


4) Posting debits from the Sales journal to Accounts Receivable twice – once to the general ledger account Accounts Receivable and once to the
customer’s subsidiary account – violates the accounting equation of debits equal credits.

True
False


5) All accounts in the general ledger are supported by detailed subsidiary ledger records that have detailed information on each transaction.

True
False


6) General and subsidiary ledgers are kept in tandem.

True
False


7) A merchandiser buys and sells merchandise in order to make a profit.

True
False


8) A subsidiary ledger is a listing of individual accounts with a common characteristic.

True
False


9) Account balances in the general ledger and the subsidiary ledgers should be proved for accuracy after posting is complete.

True
False


10) Sales returns and sales allowances are usually recorded in the same contra-sales account.

True
False

11) All cash transactions are recorded in the Cash Receipts Journal.

True
False

12) A special journal is used to record and post transactions of a similar type.

True
False


13) It is not necessary to record sales tax on credit sales since none was actually collected.

True
False


14) Sales discounts is a contra revenue account, meaning that the Sales Discounts account is subtracted from the Sales account when computing a
company’s net sales.

True
False


15) The ledger that contains detailed information on specific accounts:

Column balance ledger.
Special journal.
Special ledger.
General ledger.
Subsidiary ledger.

16)Credit terms often include information about:

Discount period.
Credit period.
Discount amount.
Due date.
All of the above.


17) An accounts receivable ledger is:

The ledger that contains the financial statement accounts of a business.
A subsidiary ledger that contains a separate account for each creditor (supplier) to the company.
A subsidiary ledger that contains an account for each credit customer.
A book of original entry that is designed and used for recording only a specified type of transaction.
A list of the balances of selected accounts in the accounts receivable ledger that is added to show the total amount of the significant
accounts receivable outstanding.




Please make sure you are reply correct answer if you dont know answer do not provide with wrong answer

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accounting

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For Kozy Company actual sales are $1,311,500 and break-even sales are $890,500. Compute the following (a) the margin of safety in dollars and (b) the margin of
safety ratio. (For margin of safety ratio round your answer to 1 decimal place, e.g. 25.2.)

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accounting

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ACCT504 Case Study 3 on Cash BudgetingThe cash budget was covered during Week 4 when we covered TCO D and you read Chapter 7. There is also a practice case study to work on. Your Professor will provide the solution to the practice case study at the end of Week 5. This case study should be uploaded by 11:59PM Mountain time of the Sunday ending Week 6 to the Week 6 Assignment Dropbox. You are encouraged to use the Excel template file provided in Doc Sharing.

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ACCT504 Case Study 3 on Cash BudgetingThe cash budget was covered during Week 4 when we covered TCO D and you read Chapter 7. There is also a practice case study to work on. Your Professor will provide the solution to the practice case study at the end of Week 5. This case study should be uploaded by 11:59PM Mountain time of the Sunday ending Week 6 to the Week 6 Assignment Dropbox. You are encouraged to use the Excel template file provided in Doc Sharing. The Oxford Company has budgeted sales revenues as follows: July August SeptemberCredit sales$30,000$24,000$18,000Cash sales 18,000 51,000 39,000Total sales$48,000$75,000$57,000Past experience indicates that 60% of the credit sales will be collected in the month of sale and the remaining 40% will be collected in the following month.Purchases of inventory are all on credit and 50% is paid in the month of purchase and 50% in the month following purchase. Budgeted inventory purchases are $65,000 in July, $45,000 in August, and $21,000 in September.Other budgeted cash receipts: (a) sale of plant assets for $12,350 in August, and (b) sale of new common stock for $16,850 in September. Other budgeted cash disbursements: (a) operating expenses of $6,750 each month, (b) selling and administrative expenses of $12,500 each month, (c) dividends of $19,000 will be paid in August, and (d) purchase of equipment for $6,000 cash in September. The company has a cash balance of $10,000 at the beginning of August and wishes to maintain a minimum cash balance of $10,000 at the end of each month. An open line of credit is available at the bank and carries an annual interest rate of 12%. Assume that all borrowing is done on the first day of the month in which financing is needed and that all repayments are made on the last day of the month in which excess cash is available. Also assume that there is no outstanding financing as of August 1.Requirements:1. Use this information to prepare a Cash Budget for the months of August and…

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Accounting

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Given the following data, calculate cost of goods sold and the cost of ending inventory.
3 separate methods, FIFO, LIFO and Weighted Average. You must show ALL calculations.









Date
Transaction




01/10/12
Bought 100 inventory units @ $12











01/20/12
Bought 200 inventory units @ $15











01/25/12
Sold 150 inventory units @ $26












01/28/12
Bought 100 inventory units @ $17











01/31/12
Sold 120 inventory units @ $26












02/04/12
Bought 60 inventory units @ $18
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Accounting

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Huffman Company leases a machine from Lincoln Corp. under an agreement which meets the criteria to be a capital lease for Huffman. The six-year lease requires
payment of $102,000 at the beginning of each year, including $15,000 per year for maintenance, insurance, and taxes. The incremental borrowing rate for the lessee
is 8%; the lessor’s implicit rate is 7% and is known by the lessee. Huffman should record the leased asset at

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Accounting

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400 words

For this assignment, research at least 3 different types of computerized accounting software.

  • Provide a background on each including what they offer and how they are different.
  • Include at least 3 pros and cons for each, while taking into consideration the types of businesses.

On December 1, 2011, Larry and Samantha West formed a corporation called Farm Branch Rentals. The new corporation was able to begin operations immediately by purchasing the assets and taking over the location of LMNOP Rentals, an equipment rental company that was going out of business.

With this in mind, Samantha and Larry want you to explain to them the pros and cons of converting from a manual to a computerized accounting system, as well as give a recommendation of software or hardware that would work best for their business. Submit your explanation in a memo.

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accounting

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  • WILEY PLUS:WileyPLUS Assignment Week Five
  • QUIZ:Final Exam:This exam is available from the end of Week Four through the end of Week Five. Only one attempt is allowed, which is timed and must be completed in 3 hours.
  • QUIZ RESULTS:Final Exam Results:Click here to see your exam results.
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accounting

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  1. Mercy Medical Mega Center, a taxpaying entity, has made the decision to purchase a new laser surgical device. The device costs $400,000 and will be depreciated on straight-line basis over five years to a zero salvage value. Mercy Medical could borrow the full amount at a 15 percent rate for five years. The after-tax cost of debt equals 9 percent. Alternatively, it could lease the device for five years. The before-tax lease payments per year would be $80,000. The tax rate for this MegaCenter is 40 percent. From a financial perspective, should Mercy lease the surgical device or borrow the money to purchase it and why?

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Accounting

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During 2013, Stout Inc. had the following activities related to its financial operations: Carrying value of convertible preferred stock in Stout, converted into
common shares of Stout $360,000 payment in 2013 of cash dividend declared in 2012 to preferred shareholders $186,000 payment for the early retirement of long-term
bonds payable (carrying amount $2,420,000) $2,450,000. Proceeds from the sale of treasury stock (on books at cost of $258,000) $300,000 The amount of net cash used
in financing activities to appear in Stout’s statement of cash flows for 2013 should be how much

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Accounting

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Exercise 16-25 Your answer is incorrect. Try again. On January 1, 2012, Lindsey Company issued 10-year, $3,056,000 face value, 6% bonds, at par. Each $1,000 bond
is convertible into 21 shares of Lindsey common stock. Lindsey’s net income in 2013 was $315,000, and its tax rate was 40%. The company had 103,000 shares of
common stock outstanding throughout 2012. None of the bonds were converted in 2012. (a) Compute diluted earnings per share for 2012. (Round answer to 2 decimal
places, e.g. $2.55.) Diluted earnings per share $ (b) Compute diluted earnings per share for 2012, assuming the same facts as above, except that $1,030,000 of 6%
convertible preferred stock was issued instead of the bonds. Each $100 preferred share is convertible into 5 shares of Lindsey common stock. (Round answer to 2
decimal places, e.g. $2.55.) Diluted earnings per share $

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accounting

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please follow the roles that i attachment please ask me if you have question because i will not accept it if it wrong i need an A in this assingnment

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Page 1 of 6 FINAL GROUP PROJECT ACCTG 3600 SUMMER 2012 VERSION A INSTRUCTIONS Form groups of 2 people to complete this project; alternatively, you can complete the project individually. Name your company and pick the products and services that you sell Complete each of the requirements listed below in Part I and Part II PART I Record Entries and Build the Financial Statements 1. Company Introduction and Overview Give me quick overview of your company. What is your company’s name? What products and services do you sell? 2. Journal Entry List Record entries from the transaction and event list provided below in proper journal entry format. NOTE: You are recording entries for the fiscal year 2011 (Jan 1 – Dec 31). This list must be organized. Make sure that I can easily identify the journal entry with the related transaction/event. Show your work if the entry requires you to make a calculation (i.e. depreciation, interest expense, etc.). 3. Chart of T-Accounts Create a chart of T-Accounts and post each journal entry to the appropriate accounts. 4. Financial Statements Build an income statement and balance sheet for the year ending December 31, 2011. Create a statement of cash flows for 2011. PART II Analyze the Company 5. Ratio Analysis Compute the following using the information from the financial statements you have produced for 2011. Show your work. Explain to me what every calculation means (i.e. explain the answer to me in non-book language). – Earnings Per Share – Price-earnings ratio – Return on Equity – Working Capital – Current Ratio – Quick Ratio – AR Turnover – Inventory Turnover – Gross Profit – Gross Profit Ratio – Operating Income – Operating Margin – Debt-to-equity ratio – Book value per share Page 2 of 6 6. Business Analysis Perform an analysis of your business using your results from the required calculations listed above and any other trend information you deem to be relevant. Use these calculations to determine how the company is doing overall. Hint:…

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Accounting

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Starling Co. is considering disposing of a machine with a book value of $12,500 and estimated remaining life of five years. The old machine can be sold for
$1,500. A new high-speed machine can be purchased at a cost of $25,000. It will have a useful life of five years and has no residual value. It is estimated
that the annual variable manufacturing costs will be reduced from $26,000 to $23,500 if the new machine is purchased. The total net differential increase or
decrease in cost for the new equipment for the entire five years is

A.) decrease in $11,000

B.) decrease of $15,000

C.) increase of $11,000

D.) increase of $15,000

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Accounting

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Eby Company leased equipment to the Mills Company on July 1, 2008, for a ten-year period expiring June 30, 2018. Equal annual payments under the lease are $80,000
and are due on July 1 of each year. The first payment was made on July 1, 2008. The rate of interest contemplated by Eby and Mills is 9%. The cash selling price of
the equipment is $560,000 and the cost of the equipment on Eby’s accounting records was $496,000. Assuming that the lease is appropriately recorded as a sale for
accounting purposes by Eby, what is the amount of profit on the sale and the interest revenue that Eby would record for the year ended December 31, 2008?

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Accounting

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Week 3 AssinmentCh. 21 ( I faxed 55,58,62 and 63)14. Tina and Rex plan to form the TR Partnership to acquire, own, and manage a certain rental real estate property. The financial information has been accumulated into an Offering Memorandum that is currently being brokered to investors (for a 6% commission). What types of costs is the partnership likely to incur, and how will those costs be treated?27. Justin and Tiffany form the equal TJ Partnership. Justin contributes cash of $300,000. Tiffany contributes property with an adjusted basis of $200.000 and a fair market value of $300,000.a.

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Week 3 AssinmentCh. 21 ( I faxed 55,58,62 and 63)14. Tina and Rex plan to form the TR Partnership to acquire, own, and manage a certain rental real estate property. The financial information has been accumulated into an Offering Memorandum that is currently being brokered to investors (for a 6% commission). What types of costs is the partnership likely to incur, and how will those costs be treated?27. Justin and Tiffany form the equal TJ Partnership. Justin contributes cash of $300,000. Tiffany contributes property with an adjusted basis of $200.000 and a fair market value of $300,000.a. How much gain, if any, must Justin recognize on the transfer? Must Tiffany recognize any gain?b. What is Justin’s basis in his partnership interest?c. What is Tiffany’s basis in his partnership interest?d. What basis does the partnership take in the property transferred by Tiffany?35. The JM Partnership was formed to acquire land and subdivide it as residential housing lots. On March 1, 2011, Jessica contributed land valued at $600.000 to the partnership, in exchange for a 50% interest in JM. She had purchased the land in 2003 for $420,000 and held it for investment purposes (capital asset). The partnership holds the land as inventory.On the same date, Matt contributed land valued at $600,000 that he had purchased in 2001 for $720,000. He became a 50% owner. Matt is a real estate developer, but this land was personally for investment purposes. The partnership holds this land as inventory.In 2012, the partnership sells the land contributed by Jessica for $620,000. In 2013, the partnership sells the real estate contributed by Matt for $580,000.What is each partner’s initial basis in his or her partnership interest?What is the amount of gain or loss recognized on the sale of the land contributed by Jessica? What is the character of this gain or loss?What is the amount of gain or loss recognized on the sale of the land contributed by Matt? What is the character of this gain or loss?How…

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Accounting

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Needing help with assignment have 20 questions to view questions go http:fb.esnips.com/web/shawlaquicksStuff
I will pay good price for answers. I need to score really high. to complete should only take a hour. For me I am just having a heck of time.And it is really important for me to complete with a good grade.

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Accounting

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Marty’s Sporting Goods had the following inventory records for the month of January.
Beginning inventory
70 units @ $100 per unit
Sales, Jan. 1 – Jan. 10
50 units
Purchase, Jan. 11
40 units @ $103 per unit
Sales, Jan. 12 – Jan. 20
50 units
Purchase, Jan. 21
50 units @ $105 per unit
Sales, Jan. 22-31…

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Accounting

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Pro Series Corporation has requested that you perform a vertical analysis of its balance sheet. Each item listed must be part of your
analysis.

Pro Series Corporation

Balance Sheet

December 31, 2005


Assets

Current assets 42,000

Plant, Property, & Equip. 247,000

Other assets 35,000
Total Assets 324,000


Liabilities & Stockholders’ Equity

Current liabilities 48,000

Long-term debt 108,000

Total Liabilities 156,000

Total Stockholders’ Equity 168,000
Total Liabilities &

Stockholders’ Equity 324,000

AND

An inexperienced accountant for Duran Corporation made the following entries.



July 1 Cash…………………………..170000

…………………Common Stock……………………..170000

(Issued 20,000 shares of no-par common stock at a stated value of $6 per share.)



Sept. 1 Common Stock…………….36000

…………Retained Earnings………..24000

……………………….Cash…………………………………60000

(Purchased 4,000 shares issued on July 1 for the treasury at $15 per share.) Instructions



On the basis of the explanation for each entry, prepare the entry that should have been made for the transactions.


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Accounting

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Capmade manufactures baseball caps. The Accounting Faculty orders 150 caps for the students with HELLO imprinted on them. Capmade has the following set of standards for the manufacture of baseball caps.

DM: yard of fabric per cap

$4.00 per yard of fabric

DL: 1 labor hour per cap

$11.00 per labor hour

After the caps were shipped, MadHatter analyzed the actual data from production and discovered the following results.

DM: yard of fabric per cap

$2.85 per yard of fabric

DL: 1.4 labor hours per cap

$9..50 per labor hour

Assignment:

1.

Determine the DM and DL budgets.

2.

Calculate the Quantity and Price Variances for each budget and indicate whether each is favorable or unfavorable.

3.

Provide explanations for the variances.

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–accounting

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Cash equivalents

1. will be converted to cash within two years
2. are illegal in some states
3. will be converted to cash within 120 days
4. will be converted to cash within 90 days
Save Answer

2.
(Points: 5)
A check drawn by a company for $270 in payment of a liability was recorded in the journal as $720. …

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accounting

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classify the items below by printing on the blank like

A. if the item is an asset

L if the item is a liability

OE if the item is owners equity.

1. _________ prepaid insurance

2.__________ supplies

3._________ Kim Park, capital

4._________ amount owed to Supply Depot Supplies

5._________ amount invested in the business

6._________ Cash

7.__________any amount owed

complete the following statements by writting the correct value on the blank line.

1. The total assets on a balance sheet are 67,500. The total liabilities are 37,200. What is the value of the owner’s equity? __________

2. Suppose the total assets of TechKnow Consulting are $1,100,000. The owner’s equity is 700,000. What is the total of the liabilities? _______

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accounting

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Compound V11V is used to make Hickenbottom Corporation’s major product. The standard cost of V11V is $20.70 per ounce and the standard quantity
is 2.80 ounces per unit of output. In the most recent month, 1,300 ounces of the raw material were purchased at a cost of $20.20 per ounce.
When recording the purchase of materials, Raw Materials would be:

debited for $26,910.
debited for $26,260.
credited for $26,910.
credited for $26,260.
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Accounting

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3-4 pages
Details:

You are an accountant in a medium-sized manufacturing company. You have been asked to mentor an accounting clerk who is new to your accounting department.

  • Explain why adjusting entries are necessary.
  • Describe the 4 types of adjusting entries, and provide a manufacturing industry example of each.
  • Describe how these entries would be recorded in a computerized accounting system.
  • Describe 1 ethical issue that could result from the preparation of these manufacturing entries

_______________________________________________________________________________________

Select a company that you are familiar with from the transportation industry.

  • Collect the 4 main financial statements from credible sources (e.g., nationally syndicated newspapers, peer-reviewed journals, investor relations, Web sites or annual reports.
  • Create a flow chart that illustrates the steps in the accounting cycle.
  • Include any other relevant information in the chart that would apply within the steps.

When reviewing the financial statements, focus your attention on the expenses and revenues incurred by the company

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Accounting

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Detailed paper – Technology Assignment (parts 1 and 2)In addition to assessing your performance in this course, an assignment will be used to assess the accounting program’s achievement of program outcomes for the Tec

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Technology Assignment (parts 1 and 2)In addition to assessing your performance in this course, an assignment will be used to assess the accounting program’s achievement of program outcomes for the Technology Fluency (TECH) Core Learning Area (CLA), as described in the university’s Program Assessment Plan.The TECH CLA is defined as follows: Demonstrate an understanding of information technology broadly enough to apply technology productively to academic studies, work, and everyday life. The accounting program outcomes are defined as the ability to utilize technology to facilitate and enhance the accessing, reporting, and critical analysis of accounting information and processes to improve the timing, accuracy, and quality of enterprise decision making.Part 1 of this project will be a written analysis of the requirements needed to automate a firm’s accounting information system. Part 2 of this project will be an executive summary of part 1, done in Microsoft PowerPoint.Project DescriptionLearning objective: Demonstrate an understanding of essential accounting information systems, standards, and controls.Assume you are a CPA with a small local practice. You have three professional employees, all relatively new CPAs, and an office manager. Your practice consists primarily of tax and write-up work. You have a new client—a homeowners’ association consisting of 150 homeowners—and you have contracted to perform the following services:billing: Each quarter, you will send each homeowner an itemized bill. Dues are $50 per month ($150 per quarter). Late fees are one percent per month of the unpaid balance. The bills will be mailed the first day of the last month of the quarter. Payment is due by the end of the quarter.collection: You rent a post office box and will receive the checks there. You are responsible for depositing the checks (you have opened a checking account for the association).payment: You will write about five checks a month. Besides your own monthly fee, there…

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accounting

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Do the following:

This week s assignment has 2 parts.

PART 1:

We live in a world filled with a host of various policies. In a departmental store, you may have noticed a

return policy. In the healthcare industry, you will need to become familiar with financial policies.

In 1 to 2 pages answer the following questions:

1. What is a financial policy

2. What is the purpose of a financial policy

3. List 4 benefits of using financial policies.

4. List 4 types of information which can be included in a financial policy.

Use MS Word or notepad to complete your assignment.

PART 2:

Using the following information, calculate all possible practice management ratios:

June, 2011

# of Patients seen – 4,785

Monthly Charges – $1,340,000

Monthly Income – $899,000

Total Operating Costs – $643,521

Total Accounts Receivable – $1,650,000

Was this practice profitable in June, 2011

Use MS Excel to complete your assignment.

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accounting

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Smalley, Inc., has preferred and common stock outstanding as follows:

$5 preferred stock, 40,000 shares @ $100 par value $ 4,000,000
Common stock, 500,000 shares at $10 par value 5,000,000
Additional paid-in capital on common stock 800,000
Retained earnings 1,750,000



Calculate the book value on common stock, assuming preferred dividends are cumulative and are currently one year in arrears.

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Accounting

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1.A firm produces and sells two products, Mica and Plax. The following information is available relating to setup costs (a part of factory overhead):



A. With traditional two-stage allocation of overhead costs, using direct labor hours as the allocation base, the setup cost portion of overhead that is…

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accounting

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The adjusted trial balance for Gilligan Corporation at the end of the current year contained the following accounts.


Bond Interest Payable $ 8,763
Lease Liability 89,471
Bonds Payable, due 2016 177,350
Premium on Bonds Payable 31,512

Complete the long-term liabilities section of the balance sheet.


Long-term liabilities

___________, $__________


Long-term liabilities

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ACCOUNTING

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Your Course Project

Financial Statement Analysis Project — A Comparative Analysis of Kohl s Corporation and J.C. Penney Corporation

Below is the link for the financial statements for Kohl s Corporation for the 2010 fiscal year ending January 29, 2011. Under the term Groupings Filter, change the term All Forms to Annual Filings using the drop-down arrow and press Search.

You should then scroll down and select the 10k dated 3/18/2011 and choose to download in Word or PDF format.

http://www.kohlscorporation.com/InvestorRelations/sec-filings.htm

Below is the link for the financial statements for J.C. Penney Corporation for the 2010 fiscal year ending January 29, 2011. Under the term Groupings Filter, change the term All Forms to Annual Filings using the drop-down arrow and press Search.

You should then scroll down and select the 10k dated 3/29/2011 and choose to download in Word format.

http://ir.jcpenney.com/phoenix.zhtml?c=70528&p=irol-sec

A sample project template is available for download in Doc Sharing. The sample project compares the ratio performance of Tootsie Roll and Hershey using the 2009 financial statements of Tootsie Roll and Hershey provided in Appendix A and Appendix B of your textbook.

Description

This course contains a Course Project where you will be required to submit one draft of the project at the end of Week 5 and the final completed project at the end of Week 7. Using the financial statements for Kohl s Corporation and J.C. Penney Corporation, respectively, you will calculate and compare the financial ratios listed further down this documentfor the fiscal year ending 2010 and prepare your comments about the liquidity, solvency, and profitability of the two companies based on your ratio calculations.The entire project will be graded by the instructor at the end of the final submission in Week 7 and one grade will be assigned for the entire project.

Overall Requirements

For the Final Submission:

Your final Excel workbook submission should contain the following. You cannot use any other software but Excel to complete this project.

1. A completed worksheet title page tab, which is really a cover sheet with your name, the course, the date, your instructor s name, and the title for the project.

2. A completed worksheet profiles tab, which contains a-one paragraph description regarding each company with information about their history, what products they sell, where they are located, etc.

3. All 18 ratios for each company with the supporting calculations and commentary on your worksheet ratio tab. Supporting calculations must be shown either as a formula or as text typed into a different cell. The ratios are listed further down this document. Your comments for each ratio should include more than just a definition of the ratio. You should focus on interpreting each ratio number for each company and support your comments with the numbers found in the ratios.

4. The Summary and Conclusions worksheet tab, which is an overall comparison of how each company compares in terms of the major category of ratios (liquidity, profitability, and solvency). A nice way to conclude is to state which company you think is the better investment and why.

5. The Bibliography worksheet tab must contain at least your textbook as a reference. Any other information you use to profile the companies should also be cited as a reference.

Required Ratios for Final Project Submission

1. Earnings per share

  1. Current ratio
  2. Gross profit rate
  3. Profit margin ratio
  4. Inventory turnover ratio
  5. Days in inventory

7. Receivables turnover ratio

8. Average collection period

  1. Asset turnover ratio
  2. Return on assets ratio
  3. Debt to total assets ratio
  4. Times interest earned ratio
  5. Payout ratio
  6. Return on common stockholders equity ratio
  7. Free cash flow
  8. Current cash debt coverage ratio
  9. Cash debt coverage ratio
  10. Price/earnings ratio [For the purpose of this ratio, for both Kohl s and J.C. Penney, use the market price per share on January 31, 2011.]

The Excel files uploaded in the Dropboxes should not include any unnecessary numbers or information (such as previous years’ ratios, ratios that were not specifically asked for in the project, etc.).

Please upload your final submission to the Week 7 Dropbox by Sunday at the end of Week 7.

For the Draft:

Create an Excel spreadsheet or use the project template to show your computations for the first 12 ratios listed above. The more you can complete regarding the other requirements, the closer you will be to completion when Week 7 arrives. Supporting calculations must be shown either as a formula or as text typed into a different cell. If you plan on creating your own spreadsheet, please follow the format provided in the Tootsie Roll and Hershey template file.

Please upload your draft submission to the Week 5 Dropbox by Sunday at the end of Week 5.

Other Helpful information:

If you feel uncomfortable with Excel, you can find many helpful references on Excel by performing a Google search.

The Appendix to Chapter 13 contains ratio calculations and comparison comments related to Kellogg and General Mills, so you will likely find this information helpful.

BigCharts.com provides historical stock quotes.

Either APA or MLA style can be used to complete the references on your Bibliography tab. There is a tutorial for APA and MLA style within the Syllabus.

Grade Information

The entire project will be graded by the instructor at the end of the final submission in Week 7, and one grade will be assigned for the entire project. The project will count for 18% of your overall course grade.

Category

Points

%

Description

Documentation
and Formatting

9

5%

The report will be submitted in the form of an Excel Workbook, with each page (worksheet) of the workbook named appropriately.Please do not use any other software (such as MS Works or Lotus) to complete the project. A quality report will include a title worksheet tab, a worksheet tab for the profile of the two companies, a worksheet tab for the ratio calculations and comments, a worksheet tab for the summary and conclusion, proper citations if applicable, and a Bibliography worksheet tab for the references.

Organization
and Cohesiveness

9

5%

A quality report will include the content described above in the documentation and formatting section. The ratios should be listed in the same order in which they appear in the project information above.

Editing

18

10%

A quality report will be free of any spelling, punctuation, or grammatical errors. Sentences and paragraphs will be clear, concise, and factually correct.Ratios will be expressed as numbers or percentages, depending on what is appropriate, as is shown in the textbook.Note that not all ratios are shown as percentages. Two decimal places is sufficient for each of the ratios.

Content

144

80%

A quality report will have correct ratio calculations and accurate supporting commentary. Any assumptions, if made, should be spelled out clearly. Supporting calculations must be shown either as a formula or as text typed into a different cell.

Total

180

100%

A quality report will meet or exceed all of the above requirements.

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Accounting

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Selling price $150.00
Units in beginning inventory 0
Units produced 3,140
Units sold 2,780
Units in ending inventory 360
Variable costs per unit:
Direct materials $47.40
Direct labor $57.80
Variable manufacturing overhead $3.80
Variable selling and administrative $11.90
Fixed costs:
Fixed manufacturing overhead $63,742
Fixed selling and administrative $35,862



What is the total period cost for the month under the variable costing approach?

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Accounting

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Your father runs a small auto body shop. He has decided to computerize his records and has asked you to explain the basics of accounting to him so that he can enter the data into his accounting software.

  • Explain to him the rules of debits and credits for the balance sheet and income statement.
  • Provide examples from the manufacturing industry of:
    • a journal entry that would be recorded that impacts the balance sheet.
    • a journal entry that would be recorded affecting the income statement.
  • Please provide the assumptions behind the transactions and the full journal entries.

________________________________________________________________________________________

You have been asked to speak at a career fair for high school students in your home town.
Specifically, you are making a presentation about your role as an accountant.

  • Describe for the students the primary objectives of accounting.
  • Explain the basic terminology of the accounting process or financial reporting.
  • Explain how accounting has affected your personal life emphasizing professional ethics.
  • Explain the role that technology has played in small business
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accounting

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The answer should be at most 1 paragraogh for both of these questions.

1.

Describe three issues/problems that a company could encounter when trying to determine the actual cost of a good or service to be used in the cost of goods sold. For each of your issues, provide an example of a company or industry where these issues could be present.

2.

We ve all experienced (or heard about) the challenges that the airlines have been facing. Read the Zacks Investment Research article, Airline Industry Stock Outlook August 2012 Identify three factors that are affecting airline company s ability to break even. For each of your factors, discuss how these have an impact on the breakeven (contribution margin, fixed costs, variable costs, a combination, etc.), and what happens if these factors increase or decrease.

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–Accounting

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The owner of a bicycle repair shop forecasts revenues of $176,000 a year. Variable costs will be $54,000, and rental costs for the shop are $34,000 a year. Depreciation on the repair tools will be $14,000. The tax rate is 40%.

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Accounting

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The cost method of accounting for stock

A. Requires the investment be decreased by the reported net income of the invested

B. requires the investment be increased by the reported net income of the invested

C. Is only appropriate as part of a consolidation

D recognize dividends as income

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Accounting

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Question 1 (17 marks)
HiSpeed Ltd. plans to manufacture cross-country skiing equipment. Its cash flows are highly dependent on the weather in early winter. HiSpeed operates under ideal conditions of uncertainty. On August 1, 2014, the beginning of its first year in business, HiSpeed acquires equipment to be used in its operations. The equipment will last two years, at which time its salvage value will be zero. The company finances the equipment purchase by issuing common shares.
HiSpeed’s annual net cash flows will be $800 if the weather is snowy and $300 if it is not snowy. Assume that cash flows are received at year end. In each year, the objective probability that the weather is snowy is 0.7 and 0.3 that it is not snowy. The interest rate in the economy is 3% in both years.
HiSpeed will pay a dividend of $50 at the end of each year of operation.
Required
(9 marks) In 2014, the weather is snowy. Prepare a statement of financial position as at July 31, 2015, the end of HiSpeed’s first year of operations, and an income statement for the year. 
(2 marks) What timing of revenue recognition is implicit in the income statement you have prepared in part (a)? When ideal conditions do not hold, is this timing of revenue recognition relevant? Is it reliable? Explain. 
(6 marks)   Assume that HiSpeed paid the present value you calculated in part (a) for its equipment. Calculate HiSpeed’s net income for the year ended July 31, 2015 on a historical cost basis, assuming that equipment is depreciated on a straight-line basis. Under the more realistic assumption that ideal conditions do not hold, which measure of net income is most relevant? Which is most reliable? Why?
Question 2 (18 marks)
Prem has $2,000 that he wishes to invest for one year. He has narrowed his choices down to one of the following two actions:
i: Buy bonds of X Ltd., a company that has a very high debt-to-equity ratio. These bonds pay 8% interest, unless X defaults, in which case Prem will receive…

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Accounting

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just reviews. $3 is not really $3 just posted it and clicked button

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3/1/2013
72000

3/1/2013
72000

3/1/2013
4500

3/1/2013
3300

3/1/2013
7800

3/7/2013
900

3/7/2013
900

3/10/2013
2200

3/10/2013
2200

3/14/2013
1500

3/14/2013
1500

3/15/2013
4896

3/15/2013
4896

3/19/2013
450

3/19/2013
450

3/31/2013
5304

3/31/2013
5304

3/31/2013
1000

3/31/2013
1000

4/1/2013
375

4/1/2013
375

4/1/2013
7125

4/1/2013
7125

103550

103550

72000
6100

2200
5304

6100

5304

4500

1500

1000

4500

900
2200

1500

7125
900

900
5304

5304

72000

1000

0
0

0
0

0
0

0

General Journal
Date
Debit
Credit
Cash (111)
Prepaid Insurance (117)
Accounts Payable (212)
Common Stock (311)
Retained Earnings (312)
Dividends (313)
Insurance Expense (513)
Trial Balance
a) One month’s insurance has expired.
Description(Account Name)
Requirement #4:
Prepare adjusting entries using the following information in the General Journal
Requirement #5:
Requirement #6:
Adjusted Trial Balance
Requirement #7:
Income Statement
Statement of Retained Earnings
Balance Sheet
Requirement #8:
Trial Balance for your closing entries.
Description (Account Name)
Requirement #9:
Requirement #10:
Post-Closing Trial Balance
Posting is done poorly or not at all, leading to inaccurate or no trial balance.
Posting has several errors leading to a trial balance with several errors.
Posting is mostly correct leading to a mostly correct trial balance.
Posting is correct leading to an accurate trial balance.
One or fewer of four Financial Statements are prepared accurately and mostly in an appropriate format, three or all statements have some errors.
Very Poor
Poor
Good
Criteria
Post the closing entries to the General Ledger T-accounts and compute ending balances.
Just add to the balances that are already listed.
Just add to the adjusted balances already listed.
Post the adjusting entries to the General Ledger T-accounts and compute adjusted balances.
Requirements
Sheet in Workbook
General Ledger
Adjusting Entries
Financial Statements
Closing…

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accounting

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PROJECT #1 -THE COMPLETE ACCOUNTING CYCLE
Name:
Dayana Nava & Victor Olivares

Due Dates:
Part A – Sunday at Midnight MST at the end of Week 3.
Part B – Sunday at Midnight MST at the end of Week 5.
Project 1 is worth at Total of 75 Points, which is 7.5% of your Grade in the Course.
Part A = 30 points and Part B = 45 points
MAKE SURE TO COMPLETE ALL REQUIREMENTS WHICH ARE LISTED BELOW.
There are 10 Sheets in the Workbook including this one.
All of the Information you need for the Project is located in this Workbook.

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PROJECT #1 -THE COMPLETE ACCOUNTING CYCLE
Name:
Dayana Nava & Victor Olivares

Due Dates:
Part A – Sunday at Midnight MST at the end of Week 3.
Part B – Sunday at Midnight MST at the end of Week 5.
Project 1 is worth at Total of 75 Points, which is 7.5% of your Grade in the Course.
Part A = 30 points and Part B = 45 points
MAKE SURE TO COMPLETE ALL REQUIREMENTS WHICH ARE LISTED BELOW.
There are 10 Sheets in the Workbook including this one.
All of the Information you need for the Project is located in this Workbook.
Requirements
Sheet in Workbook

Part A – Due in Week 3 – Requirement 1, 2 and 3
Requirement 1 – Prepare the Journal Entries in the General Journal
Jounral Entries
Requirement 2 – Post Journal Entries to the General Ledger
General Ledger
Requirement 3 – Prepare a Trial Balance
Trial Balance
Part B – Due in Week 5 – Requirements 4 – 10
Requirement 4 – Prepare the Adjusting Entries
Adjusting Entries
Requirement 5 – Post Adjusting Entries to the General Ledger
General Ledger
Requirement 6 – Prepare an Adjusted Trial Balance
Adjusted TB
Requirement 7 – Prepare the Financial Statements
Financial Statements
Requirement 8 – Prepare the Closing Entries
Closing Entries
Requirement 9 – Post Closing Entries to the General Ledger
General Ledger
Requirement 10 – Prepare the Post Closing Trial Balance
Post Closing TB
Hint for success: review the Week 2 Lecture prior to starting this project.
REQUIREMENT #1:
During its first month of operation, the Rawls Repair Corporation, which specializes in bicycle repairs,
completed the following transactions:
Oct. 1
Began business by making a deposit in a company bank account of $12,000, in exchange
for 1,200 shares of $10 par value common stock.
Oct. 1
Paid the premium on a one-year insurance policy, $1,200.
Oct. 1
Paid the current month’s rent, $1,040.
Oct. 3
Purchased repair equipment from Conklin Company, $4,400. Paid $600 down and the balance was
placed on account.
Payments…

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Accounting!

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Gentile Corporation makes a product with the following standard costs:

Standard Quality or Hours Standard Price or Rate
Inputs
Direct materials 7.5 kilos $9.00 per kilo
Direct labor 1.0 hours $15.60 per hour
Variable overhead 1.0 hours $5.40 per hour



The company produced 6,200 units in May using 37,930 kilos of direct material and 4,500 direct labor-hours. During the month, the company
purchased 41,540 kilos of the direct material at $6.30 per kilo. The actual direct labor rate was $16.90 per hour and the actual variable overhead rate was
$5.10 per hour.



The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the
materials are purchased.

The variable overhead efficiency variance for May is:

$8,670 U
$9,180 F
$9,180 U

$8,670 F

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Accounting

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1 The assignment of costs to cost of goods sold and to inventory using specific identification is the same for both the perpetual and periodic systems. T or F

2 The inventory valuation method that results in the lowest taxable income in a period of inflation is:

A. LIFO method
B. FIFO method
C. Weighted-average cost method
D. Specific identification method
E. Gross profit method

3During a period of steadily rising costs, the inventory valuation method that yields the lowest reported net income is:

A. Specific identification method
B. Average cost method
C. Weighted-average method
D. FIFO method
E. LIFO method

4A company had inventory on November 1 of 5 units at a cost of $20 each. On November 2, they purchased 10 units at $22 each. On November 6 they purchased 6
units at $25 each. On November 8, 8 units were sold for $55 each. Using the FIFO perpetual inventory method, what was the value of the inventory on November 8
after the sale?

A. $304
B. $296
C. $288
D. $280

E. $276

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Hello it is critical that this assignment is done by an Australian Accountant as they need to know the AASB standards which are relevant only in Australia, I will be doing this as well and will use the tutors answer to measure against mine before i submit.

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ACG 27 -FA2 2012 SP2 Annual Report Assignment Case Study page 1 of 5 ACG 27 -Financial Accounting 2 Case Study for Annual Report Assignment Study Period 2 – Open Universities Australia, 2012 The following details are taken from the accounting records of the company as at 30 June 2012: Debit Credit $’s $’s Sales revenue 87,540,300 Services revenue 13,340,000 Sales returns 1,050,400 Other revenues/income 255,550 Cost of sales 63,090,000 Other expenses 22,873,280 Cash at bank 2,670,000 Manufacturing/Assembly Equipment (at cost net of depreciation) 13,540,000 Land (at cost) 5,570,000 Buildings (at cost net of depreciation) 10,530,000 Furniture and Office Equipment (at cost net of depreciation) 578,570 Goodwill (at cost – net of impairment) 455,000 Accounts receivable 9,670,700 Allowance for doubtful debts 890,000 Inventory (at lower of cost & net realisable value) 15,560,000 Provisions 3,080,000 Unearned revenue 768,000 Accounts payable 10,480,000 Loan (Big Bank) 7,000,000 Dividends declared and paid 274,500 General reserve 3,940,200 Share capital 14,330,000 Retained earnings (1 July 2011) 4,238,400 145,862,450 145,862,450ACG 27 -FA2 2012 SP2 Annual Report Assignment Case Study page 2 of 5 Additional information: Note: Unless otherwise indicated the events and transactions outlined below have already been accounted for in the balances above if required. (a) The company commenced operations in August 2008 with a share issue of 4,500,000 ordinary shares at $2.00 each, fully paid, incurring $30,000 in share issue costs. In December 2010 the company made a further share issue of 1,500,000 ordinary shares at $2.00 each, fully paid, incurring $15,000 in share issue costs. In September 2011 the company made another share issue, incurring $25,000 in share issue costs. The conditions of this issue were 1,500,000 ordinary shares at an issue price of $2.00 each with $1.00 due on application, and $1.00 in two further calls of $0.60 and $0.40 (a call for $0.60 per share was made on…

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Accounting

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Hector P. Wastrel, a careless employee, left some combustible materials near an open flame in Salter Company’s plant. The resulting explosion and fire destroyed the entire plant and administrative office. Justin Quick, the company’s controller, and Constance Trueheart, the operations man…

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Discussion Memorandum #1
Net Operating Losses
 
The Dam Tubing Company has been in business for approximately 15 years operating a tubing business along the Guadalupe River near a local dam.  By 2009, the business had been growing steadily was generating approximately $1,200,000 in sales and $180,000 of taxable income each year.  The pattern changed in 2010 when, due to a two year drought, the company saw its taxable income reduced and then turn into a taxable loss in 2011.  In 2012, because there was more rainfall, the company experienced something of a recovery resulting in taxable income for 2012.  Unfortunately calendar year 2013 was another record dry year and the company experienced a large taxable loss due to the severity of the drought and to incurring certain extra drought-related safety measures the company implemented in that year.  The pattern of taxable income and loss since prior to 2010 is shown below:
 
Year
Taxable Income (Loss)
Years Prior to 2010
 $180,000 a year
2010
 $  90,000
2011
($150,000)[1]
2012
 $100,000
2013
($294,000)
 
As company controller, you have already explained to Mr. Rite, the company’s owner and CEO, that the company will likely choose to carryback part of the 2013 loss to prior years to obtain a quick recovery of taxes previously paid the IRS.  Besides any receivable from the IRS that may be recorded, Mr. Rite would like see no allowance recorded on any deferred tax asset that may be recognized related to any unused 2013 net operating loss (NOL) that is carried forward.  He wants to see an improvement in the company’s financial position in preparation for borrowing funds to do additional maintenance on the tubing facilities due to damage caused by the rains in 2012 followed by drought in 2013.  Mr. Rite has informed you that in his opinion it is not only probable but highly likely that the company will return to profitability soon allowing the company to fully use the NOL carryforward, especially since the…

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Writing Assignment: Adoption of the Sarbanes-Oxley Act of 2002 as an Important Piece of Legislation

Write a three to four (3-4) page report that answers the following:
1. Analyze the new or enhanced standards for all U.S. public company boards, management, and public accounting firms that the SOX required.
2. Examine why the new enhanced standards are necessary.
3. Evaluate the benefits and costs of the SOX.

The following sources of information could be used:
o Sarbanes-Oxley Act summary and introduction at http://www.soxlaw.com/
o Sarbanes-Oxley Basics at http://www.sox-online.com/basics.html
o SEC official website at http://www.sec.gov/about/laws.shtml
o Textbook

The format of the report is to be as follows:
o Typed, double spaced, Times New Roman font (size 12), one inch margins on all sides, APA format.
o Use headers for each of the subjects being covered, followed by your response.
o In addition to the three to four (3-4) pages required, a title page is to be included. The title page is to contain the title of the assignment, your name, the instructor’s name, the course title, and the date.
o Insert at least three references in a proper format.

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Harwood Company uses a job-order costing system. Overhead costs are applied to jobs on the basis of machine-hours. At the beginning of the year, management estimated that the company would incur $192,000 in manufacturing overhead costs and work 80,000 machine-hours.
Required:
1. Compute the company’s predetermined overhead rate.
2. Assume that during the year the company works only 75,000 machine-hours and incurs the following costs in the Manufacturing Overhead and Work in Process accounts:


Copy the data in the T-accounts above onto your answer sheet. Compute the amount of overhead cost that would be applied to Work in Process for the year and make the entry in your T-accounts.
3. Compute the amount of underapplied or overapplied overhead for the year and show the balance in your Manufacturing Overhead T-account, Prepare a journal entry to close out the balance in this account to Cost of Goods Sold.
4. Explain why the manufacturing overhead was underapplied or overapplied for theyear.

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ENVR 116: Planning for Carbon Neutrality Assignment #3: GHG Financial Plan Due: March 29, 2011 Assumptions: 0.0004 MTCDE /kWh of electricity 0.0053 MTCDE /therm of natural gas 0.0102 MTCDE /gallon of diesel fuel $0.14 /kWh of electricity $1 /therm of natural gas $3.50 /gallon of diesel fuel 3% Escalation rate 8% Discount rate 20 year study period 20 year UPV factor: 12.618 1. Using the assumptions above, provide the following for each retrofit project listed below. Please show your work.

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ENVR 116: Planning for Carbon Neutrality Assignment #3: GHG Financial Plan Due: March 29, 2011 Assumptions: 0.0004 MTCDE /kWh of electricity 0.0053 MTCDE /therm of natural gas 0.0102 MTCDE /gallon of diesel fuel $0.14 /kWh of electricity $1 /therm of natural gas $3.50 /gallon of diesel fuel 3% Escalation rate 8% Discount rate 20 year study period 20 year UPV factor: 12.618 1. Using the assumptions above, provide the following for each retrofit project listed below. Please show your work. • Utility costs over the study period pre-project (PV) • Utility savings over the study period post-project (PV) • Utility costs over the study period post-project (PV) • MTCDE saved over the study period • Capital costs (PV) per MTCDE saved over the study period • Project NPV • Project NPV per MTCDE reduced over the study period • Project savings to investment ratio a) Lighting retrofit with the following costs and savings: a. Annual lighting utility costs before retrofit: $100,000 b. Cost: $80,000 c. Rebate: $5,000 d. Savings: 50,000 kWh /year b) HVAC upgrade a. Annual HVAC utility costs before retrofit: $1,000,000 b. Cost $100,000 c. Rebate: $25,000 d. Savings: 15,000 kWh per year and 10,000 therms per year
c) Shuttle service emissions control measures and re-scheduling a. Annual fuel costs before retrofit: $75,000 b. Cost $5,000 c. Savings: 300 gallons /year 2. Which metric would you use to prioritize your investments if you wanted to maximize your overall return on investment? Why? 3. Which one metric would you use to demonstrate the monetary and GHG reduction value of the above projects at the same time? What does this metric demonstrate? 4. What other factors might you consider when making GHG mitigation project investment decisions?

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Accounting

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At a sales level of $300,000, James Company’s gross margin is $15,000 less than its contribution margin, its net operating income is $50,000, and its selling and administrative expenses total $120,000. At this sales level, its contribution margin would be:
A) $250,000
B) $155,000
C) $170,000
D) $185,00…

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Accounting

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The following information is available from the company’s records in June 2013 for Product Z.
Units Unit Costs 6/1/2013 beginning inventory 1,000 $16.00 Purchase on 6/5/2013 2,700 $17.00 Purchase on 6/16/2013 2,500 $19.00 Purchase on 6/25/2013 1,000 $22.00 Purchase on 6/27/2013 1,800 $23.00
A physical inventory on June 30, 2013 shows 2,000 units on hand (assume the company maintains periodic inventory). Show all supporting computations to calculate the cost of ending inventory at June 30, 2013 under each of the following inventory methods. Use the answer sheet provided.

a.

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The following information is available from the company’s records in June 2013 for Product Z.
Units Unit Costs 6/1/2013 beginning inventory 1,000 $16.00 Purchase on 6/5/2013 2,700 $17.00 Purchase on 6/16/2013 2,500 $19.00 Purchase on 6/25/2013 1,000 $22.00 Purchase on 6/27/2013 1,800 $23.00
A physical inventory on June 30, 2013 shows 2,000 units on hand (assume the company maintains periodic inventory). Show all supporting computations to calculate the cost of ending inventory at June 30, 2013 under each of the following inventory methods. Use the answer sheet provided.

a. FIFO
b. LIFO

The following information pertains to PVP Company:

Date Ending inventory at end of year prices Price Index 12/31/2010 $189,000 100 12/31/2011 $154,440 117 12/31/2012 $195,200 122
Show supporting computations under the dollar value LIFO method to calculate the amount of ending inventory at December 31, 2011. Use the answer sheet provided.
Show supporting computations under the dollar value LIFO method to calculate the amount of ending inventory at December 31, 2012. Use the answer sheet provided.

A&O Co. uses the LIFO retail inventory method to estimate its inventory for interim statement purposes. Information relating to the computation of the inventory at 7/31/2013 is as follows:
Cost Retail
Inventory, 1/1/13 $ 145,000 $ 280,000
Purchases 580,000 810,000
Freight-in 70,000
Markups, net 110,000
Sales 790,000
Estimated normal shoplifting losses 14,000
Markdowns, net 30,000
Show computation to determine the cost of estimated inventory at 7/31/2013 under the LIFO retail method. Use the answer sheet provided.

On January 1, 2012, PVP Corp borrowed $2,900,000 (5-year note) at 9% payable annually, to finance the construction of a new building. In 2012, the company made the following expenditures related to this building:

May1: $1,700,000
July 31:…

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Berger Company purchased equipment having an invoice price of $22,500. The terms of sale were 3/10, n/60, and Berger paid within the discount period. In
addition, Berger paid a $235 delivery charge, $615 installation charge, and $1,528 sales tax. Berger paid for optional accident insurance for transport of the
equipment amounting to $35. The amount recorded as the cost of this equipment is?



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Accounting

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Your client works for a defense contractor and was assigned to work on a military base in Australia. As a condition of his employment, he was required to live in housing that was provided to military personnel. The housing provided was a condominium located in a civilian neighborhood that was 20 miles from the military base where he performed his services. The employer paid over $6,000 of rent while the employee was living there. Your client would like to know whether the value of the housing can be excluded from his gross income. He read an article that indicated that employees who are required to live in a “camp” in a foreign country can exclude the cost of the housing from gross income. What’s the result of your research? Prepare tax file memoranda to explain you research results.

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Accounting

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determine the missing amounts in each of these 4 seperate situations a through d.
supplies available-prior year-end…….a-$300 b-$1600 c-$1360 d-?
supplis purchased during the current year….a-$2100 b-$5400 c-? d-$6000
supplies available-current year-end a-$750 b-? c-$1840 d- $800
supplies expense for the current year…a? b$1,300 c$9,600 d$6,575

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In 2011, Jeffrey Company disposed of a segment of its business and incurred a pretax loss on the disposal of $40,000. In the
same year, a flood caused $15,000 of damages to the building. The flood damage qualified as an extraordinary item. Income from continuing operations before
taxes was $100,000 for 2011 and the 20 percent tax rate applied to all of the items above. Prepare a partial income statement starting with income from
continuing operations before taxes for the year 2011 and concluding with net income.

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After numerous campus interviews, Alex Sanchi, a student at BC, received two office interview invitations from the Orlando offices of two
large firms. Both firms offered to cover her “out-of-pocket expenses” (travel, hotel, and meals). She scheduled the interviews for both firms on the same day,
one in the morning and one in the afternoon. At the conclusion of each interview, she submitted to both firms her total out-of-pocket expenses of $296 for
mileage, hotel, meals, parking and tolls. She believes this approach is appropriate. If she had made two trips, her cost would have been two times $296. She is
also certain that neither firm knew she had visited the other on that same trip. Within ten days Alex received two checks in the mail, each in the amount of
$296.


Did Alex handle the situation properly? If not what should she have done?

There are many ways to be hurt. who was hurt by Alex’s actions. how they were hurt. How would you feel if you were the person or one of the persons who were
hurt?

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Accounting

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A company produces a single product. Last year, fixed manufacturing overhead was $30,000, variable production costs were $48,000, fixed selling and administration
costs were $20,000, and variable selling administrative expenses were $9,600. There was no beginning inventory. During the year, 3,000 units were produced and
2,400 units were sold at a price of $40 per unit. Under variable costing, net operating income would be:

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Accounting

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Can someone help me understand Intermediate Accounting?

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(Depreciation Computations-5 Methods)
Jon Seceda Furnace Corp. purchased machinery for $315,000 on May 1, 2007. It is estimated that it will have a useful life of 10 years, salvage value of $15,000, production of 240,000 units, and working hours of 25,000. During 2008 Seceda Corp. uses the machinery for 2,650 hours, and the machinery produces 25,500 units.
Instructions: From the information given, compute the depreciation charge for 2008 under each of the following methods. (Round to the nearest dollar.)
Straight-line
Units-of-output
Working hours.
Sum-of-the-years’-digits.
Declining-balance (use 20% as the annual rate)
____________________________________________________________________________________
(Depletion Computations-Timber)
Stanislaw Timber Company owns 9,000 acres of timberland purchased in 1996 at a cost of $1,400 per acre. At the time of purchase the land without the timber was valued at $400 per acre. In 1997, Stanislaw built fire lanes and roads, with a life of 30 years, at a cost of $84,000. Every year Stanislaw sprays to prevent disease at a cost of $3,000 per year and spends $7,000 to maintain the fire lanes and roads. During 1998, Stanislaw selectively logged and sold 700,000 board feet of timber, of the estimated 3,500,000 board feet. In 1999, Stanislaw planted new seedlings to replace the trees cut at a cost of $100,000.
Instructions:
Determine the depreciation expense and the cost of timber sold related to depletion for 1998.
Stanislaw has not logged since 1998. If Stanislaw logged and sold 900,000 board feet of timber in 2009, when the timber cruise (appraiser) estimated 5,000,000 board feet, determine the cost of timber sold related to depletion for 2009.
_____________________________________________________________________________________
(Recording & Amortization of Intangibles)
Rolanda Marshall Company, organized in 2006, has set up a single account for all intangible assets. The following summary discloses the debit…

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Quiz –
PART I — MULTIPLE CHOICE
Instructions: Designate the best answer for each of the following questions.
_____ 1. Hinton Corporation desires to earn target net income of $90,000. If the selling price per unit is $30, unit variable cost is $24, and total fixed costs are $360,000, the number of units that the company must sell to earn its target net income is
a. 30,000.
b. 75,000.
c. 45,000.
d. 60,000.
_____ 2.

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Quiz –
PART I — MULTIPLE CHOICE
Instructions: Designate the best answer for each of the following questions.
_____ 1. Hinton Corporation desires to earn target net income of $90,000. If the selling price per unit is $30, unit variable cost is $24, and total fixed costs are $360,000, the number of units that the company must sell to earn its target net income is
a. 30,000.
b. 75,000.
c. 45,000.
d. 60,000.
_____ 2. The following data has been collected for use in analyzing the behavior of main-tenance costs of Steiner Corporation:
Month Maintenance Costs Machine Hours
January $121,000 20,000
February 125,000 23,000
March 128,000 24,000
April 159,000 34,000
May 168,000 36,000
June 178,000 38,000
July 181,000 40,000
Using the high-low method to separate the maintenance costs into their variable and fixed cost components, these components are
a. $5 per hour plus $20,000.
b. $5 per hour plus $30,000.
c. $4 per hour plus $41,000.
d. $3 per hour plus $61,000.
_____ 3. Given the following data for Farwell Company, compute (A) total manufacturing costs and (B) costs of goods manufactured:
Direct materials used $120,000 Beginning work in process $20,000
Direct labor 50,000 Ending work in process 10,000
Manufacturing overhead 150,000 Beginning finished goods 25,000
Operating expenses 175,000 Ending finished goods 15,000
(A) (B)
a. $310,000 $330,000
b. $320,000 $310,000
c. $320,000 $330,000
d. $330,000 $340,000
_____ 4. The cost classification scheme most relevant to responsibility accounting is
a. controllable vs. uncontrollable.
b. fixed vs. variable.
c. semivariable vs. mixed.
d. direct vs. indirect.
_____ 5. Which of the following would not be included in the operating activities section of a statement of cash flows?
a. Cash inflows from returns on loans (i.e., interest)
b. Cash inflows from returns on equity securities (i.e., dividends)
c. Cash outflows to governments for taxes
d. Cash outflows to reacquire treasury stock
_____…

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accounting

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The following monthly data are taken from Nunez Company at July 31: Sales salaries, $120,000; Office salaries, $60,000; Federal income taxes withheld, $45,000; State income taxes withheld, $10,000; Social security taxes withheld, $11,160; Medicare taxes withheld, $2,610; Medical insurance premiums, $7,000; Life insurance premiums, $4,000; Union dues deducted, $1,000; and Salaries subject to unemployment taxes, $50,000. The employee pays forty percent of medical and life insurance premiums.

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Accounting

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Philips Corporation issued (sold) $50,000,000 of its 10% bonds at par (at fact value of $100) on January 1, 20D. On December 31, 20D the bonds were trading on the bond exchange at 102½. Since the issue date, the market rate of interest on similar risk bonds has:
Answer

A. Increased.
B. Decreased…

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ACCOUNTING

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Francisco Company has 10 employees, each of whom earns $3,000 per month and is paid on the last day of each month. All 10 have been employed
continuously at this amount since January 1. Francisco uses a payroll bank account and special payroll checks to pay its employees. On March 1,
the following accounts and balances exist in its general ledger:


a.

FICA”Social Security Taxes Payable, $3,720; FICA”Medicare Taxes Payable, $870. (The balances of these accounts represent total liabilities
forboththe employer’s and employees’ FICA taxes for the February payroll only.)

b. Employees’ Federal Income Taxes Payable, $4,550 (liability for February only).
c. Federal Unemployment Taxes Payable, $480 (liability for January and February together).
d. State Unemployment Taxes Payable, $2,400 (liability for January and February together).


During March and April, the company had the following payroll transactions.
Mar. 15

Issued check payable to Swift Bank, a federal depository bank authorized to accept employers’ payments of FICA taxes and employee income tax
withholdings. The $9,140 check is in payment of the February FICA and employee income taxes.

31

Recorded the March payroll and transferred funds from the regular bank account to the payroll bank account. Issued checks payable to each
employee in payment of the March payroll. The payroll register shows the following summary totals for the March pay period.


Salaries and Wages

Office

Salaries
Shop

Wages
Gross

Pay
FICA

Taxes*
Federal

Income

Taxes
Net

Pay
$ 12,000 $ 18,000 $ 30,000 $ 1,860 $ 4,550 $ 23,155
$ 435


* FICA taxes are Social Security and Medicare, respectively.
31

Recorded the employer’s payroll taxes resulting from the March payroll. The company has a merit rating that reduces its state unemployment tax
rate to 4.00% of the first $7,000 paid each employee. The federal rate is 0.80%.

Apr. 15 Issued check to Swift Bank in payment of the March FICA and employee income taxes.
15

Issued check to the State Tax Commission for the January, February, and March state unemployment taxes. Mailed the check and the first quarter
tax return to the Commission.

30

Issued check payable to Swift Bank in payment of the employer’s FUTA taxes for the first quarter of the year.

30

Mailed Form 941 to the IRS, reporting the FICA taxes and the employees’ federal income tax withholdings for the first quarter.



Required:

Prepare journal entries to record the transactions and events for both March and April.(In cases where no
entry is required, please select the option “No entry required for this transaction” for your answers to grade correctly. Leave no cells blank
– be certain to enter “0” wherever required. Round your answers to the nearest dollar amount. Omit the “$” sign in your response.)

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Accounting

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At an activity level of 9,200 machine-hours in a month, Nooner Corporation’s total variable production engineering cost is $761,300 and its total fixed
production engineering cost is $154,008. What would be the total production engineering cost per unit, both fixed and variable, at an activity level of 9,300
machine-hours in a month? Assume that this level of activity is within the relevant range.

$99.49
$98.42
$98.96
$99.31
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Accounting

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Kelvin Aerospace, Inc., manufactures parts such as rudder hinges for the aerospace industry. The company uses a job-order costing system with a predetermined plantwide overhead rate based on direct labor-hours. On December 16, 2008, the company’s controller made a preliminary estimate of the predete…

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accounting

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E10-9Northeast Airlines is considering two
alternatives for the financing of a purchase of a

fleet of airplanes.These two alternatives are:

1.
Issue 60,000 shares of common
stock at $45 per share. (Cash dividends have not been paid nor

is the payment of any contemplated.)

2.
Issue 10%, 10-year bonds at
par for $2,700,000.

It is estimated that the company will earn $800,000 before
interest and taxes as a result of this

purchase.The company has an estimated tax rate of 30% and has
90,000 shares of common stock

outstanding prior to the new financing.

Instructions

Determine the effect on net income and earnings per share for
these two methods of financing.

E10-10On January 1, Neuer Company issued
$500,000, 10%, 10-year bonds at par. Interest is

payable semiannually on July 1 and January 1.

Instructions

Present journal entries to record the following.

(a)
The issuance of the bonds.

(b)
The payment of interest on
July 1, assuming that interest was not accrued on June 30.

(c)The accrual of interest on
December 31

E10-11On January 1, Flory Company issued
$300,000, 8%, 5-year bonds at face value.

Interest is payable semiannually on July 1 and January 1.

Instructions

Prepare journal entries to record the following events.

(a)
The issuance of the bonds.

(b)
The payment of interest on
July 1, assuming no previous accrual of interest.

(c)The accrual of interest on
December 31.

E10-15Leoni Co. receives $240,000 when it issues
a $240,000, 10%, mortgage note payable to

finance the construction of a building at December 31, 2011.
The terms provide for semiannual

installment payments of $20,000 on June 30 and December 31.

Instructions

Prepare
the journal entries to record the mortgage loan and the first two installment
payments.

*E10-18Hrabik Corporation issued $600,000, 9%,
10-year bonds on January 1, 2011, for

$562,613.This price resulted in an effective-interest rate of
10% on the bonds. Interest is payable

semiannually on July 1 and January 1. Hrabik uses the
effective-interest method to amortize

bond premium or discount.

Instructions

Prepare the journal entries to record the following. (Round to
the nearest dollar.)

(a)
The issuance of the bonds.

(b)
The payment of interest and
the discount amortization on July 1, 2011, assuming that interest

was not accrued on June 30.

(c)The accrual of interest and the
discount amortization on December 31, 2011.

*P10-8ASoprano Electric sold $3,000,000, 10%, 10-year bonds on January
1, 2011. The bonds

were
dated January 1 and pay interest July 1 and January 1. Soprano Electric uses
the straightline

method
to amortize bond premium or discount. The bonds were sold at 104. Assume no

interest
is accrued on June 30.

Instructions

(a)Prepare the journal entry to record the issuance of the bonds
on January 1, 2011.

(b)Prepare a bond premium amortization schedule for the first 4
interest periods.

(c)Prepare the journal entries for interest and the amortization
of the premium in 2011 and

2012.

(d)Show the balance sheet presentation of the bond liability at
December 31, 2012.

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Accounting

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I have 3 questions I need help to answer them.
I attached the questions in this letter and I need to answer only the red color questions.

Please call me at this number (724) 467-9221

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1. Is The Home Depot’s liquidity situation such that current liabilities can be easily paid? Why or why not?
2. Are the company’s receivables “turning over” at a rate that should be pleasing to management? Why or why not? What actions might management consider taking to speed up collections?
3. Is the company’s inventory turning over at a satisfactory rate? Why or why not? Does the company maintain an adequate level of inventory to meet customer demand? Might it be the case that the company maintains TOO HIGH a level of inventory? Why or why not?
4. Based on the composition of the company’s CURRENT assets, what problems is the company likely to encounter if its inventories turn over at a much slower than expected rate?
5. How has The Home Depot’s profitability changed over recent years? On what measures are you basing your response? If you were one of the company’s corporate managers, would you be satisfied with the trend in gross profit? The trend in operating income? Why or why not?
6. Are changes in the company’s operating cash flows consistent with changes in its operating income? Does The Home Depot appear to be experiencing any sort of a cash flow problem? Why or why not?
7. Does the company’s management appear to be managing debt properly? Is the company too reliant on long-term debt financing? Why or why not? What kinds of problems can this company (or any company) avoid by properly managing its debt?
8. Does the company appear to be investing appropriately in plant and equipment? (In other words, is there any indication that investments are too low/high?
9. Are the company’s dividend payouts at an appropriate level? Why or why not?
10. Is the company in a good position to obtain financing by issuing new shares of its stock? Why or why not?
11. Other than day-to-day operations, what are the primary uses of the company’s cash? Other than from day-to-day operations, what are the primary sources of the company’s cash?
12. What is your…

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Accounting

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Please show calculations

Indiana Co. began a construction project in 2011 that will provide it $150 million when it is completed in
2013. During 2011, Indiana incurred $36 million of costs and estimates an additional $84 million of costs to
complete the project. Suppose that, in 2012, Indiana incurred …

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Accounting

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Question attached in excel file – Sheet3Sheet2Capital Cash FlowInformation to Solve Case2) CostPurchase priceShipping and Install3) Expected life5 years4) Salvage Value5) Utilization6000 scans per year6) Net Revenue$150 per scanCalcul

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Sheet3Sheet2Capital Cash FlowInformation to Solve Case2) CostPurchase priceShipping and Install3) Expected life5 years4) Salvage Value5) Utilization6000 scans per year6) Net Revenue$150 per scanCalculate the operating cash flowRevenueTotal Fixed CostFixed CostsDepreciation BT operating incomeTaxes AT operating incomeNet op. CFYear 1Year 2Year 3Year 4$75 per scan7) Variable Cost1) Assume Bloomington Indiana Mellencamp Health System, a not-for profit hospital, is evaluating a new MRI.8) Fixed cost9) Corporate cost of capitalCapital Cash Flow Estimation ExerciseRs. 500,000.00Rs. 80,000.00Rs. 250,000.00Rs. 150,000.000.12

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Accounting

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Week Two: Basic Accounting Principles and Concepts Cont.

Details

Objectives

1

1.1 Journalize basic transactions.

1.2 Post transactions from journals to ledgers.

Participation

Respond to weekly discussion questions and participate in class discussion

Individual

Exercise 1

Resource:Ch. 3 of Financial Accounting

Complete Exercises E3-4 & E3-9.

Complete Problems 3-5A & 3-6A.

Submit as either a Microsoft Excel or Microsoft Word document.

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ACCOUNTING

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) Account balances in the general ledger and the subsidiary ledgers should be proved for accuracy after posting is complete.

True
False



2) Sales allowances refer to a reduction in price offered for damaged merchandise.

True
False




3 ) A retailer sells goods and services to the consumer.

True
False


4) The purchases journal is used to record cash purchases of merchandise.

True
False


5 ) Three transactions that would be recorded in the sales journal are: (1) recording sales taxes (2) recording sales returns and allowances and (3)
recording purchases discounts.

True
False




6) A merchandiser sells goods only for cash.

True
False




7 ) A retailer is an intermediary that buys products from manufacturers and sells them to wholesalers.

True
False




8) Most transactions for merchandising businesses fall into four groups: sales on credit, purchases on credit, cash receipts, and cash disbursements.

True
False




9) Sales discounts provide incentives to customers to remit payment early on credit purchases.

True
False


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Accounting

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i need this done this morning with in the next 4 hours

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! ! ! ! DrSharonLevinACCT221FinalExamF13Ver137481 #! Multiple Choice: 2 points each 1. On January 1, 2013, Daniels Corporation issued $5,000,000, 10-year, 8% bonds at 98. Interest is payable semiannually on January 1 and July 1. The journal entry to record this transaction on January 1, 2013 is a. Cash ………………………………………………………………….. 5,000,000 Bonds Payable …………………………………………….. 5,000,000 b. Cash ………………………………………………………………….. 4,900,000 Discount on Bonds Payable!!!!!!!!!!!.. 100,000 Bonds Payable …………………………………………….. 5,000,000 c. Premium on Bonds Payable ………………………………….. 100,000 Cash ………………………………………………………………….. 4,800,000 Bonds Payable …………………………………………….. 4,900,000 d. Cash ………………………………………………………………….. 5,000,000 Bonds Payable ……………………………………………… 4,900,000 Discount on Bonds Payable ……………………………. 100,000 2. Levin Company issued 500 shares of no-par common stock for $10,000. Which of the following journal entries would be made if the stock has a stated value of $1 per share? a. Cash 10,000 Common Stock 10,000 b. Cash 10,000 Common Stock 500 Paid in Capital in Excess of Par 9,500 c. Cash 10,000 Common Stock 500 Paid-in Capital in Excess of Stated Value 9,500 d. Cash 9,500 Common Stock 9,000 Paid-in Capital in Excess of Stated Value 500
! ! ! ! DrSharonLevinACCT221FinalExamF13Ver137481 $! 3. Quader industries owns 25% of Maxi Company. For the current year, Maxi reports net income of $1,000,000 and declares and pays a $100,000 cash dividend. Which of the following correctly presents the journal entries to record Quader’s equity in Maxi’s net income and the receipt of dividends from Maxi? a. Dec. 31 Stock…

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Accounting

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Please complete the homework problems attached below

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Exercise 5-4
On June 10, Rebecca Company purchased $7,600 of merchandise from Clinton Company, FOB shipping point, terms 2/10, n/30. Rebecca pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Clinton for credit on June 12. The fair value of these goods is $70. On June 19, Rebecca pays Clinton Company in full, less the purchase discount. Both companies use a perpetual inventory system. (a) Prepare separate entries for each transaction on the books of Rebecca Company. (Record journal entries in the order in which they must have occurred. Credit account titles are automatically indented when amount is entered. Do not indent manually.) 
(b) Prepare separate entries for each transaction for Clinton Company. The merchandise purchased by Rebecca on June 10 had cost Clinton $4,300. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 
Exercise 5-8
Presented below is information related to Taylor Co. for the month of January 2014.
Ending inventory per
Insurance expense
$ 12,000
 perpetual records
$ 21,600
Rent expense
20,000
Ending inventory actually
Salaries and wages expense
59,000
 on hand
21,000
Sales discounts
8,000
Cost of goods sold
208,000
Sales returns and allowances
13,000
Freight-out
7,000
Sales revenue
378,000
(a) Prepare the necessary adjusting entry for inventory. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 
(b) Prepare the necessary closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 
Exercise 5-13 (Part Level Submission)
Presented below is financial information for two different companies.
Don’t show me this message again for the…

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Accounting

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Under GAAP, when a company installs safety and/or environmental devices in excess of what the law mandates, it is treated as part of the asset. However;
under IFRS these additional expenditures must be expensed immediately. Which method do you prefer? Explain your answer. Also, discussAfA?Ac€A! the implications on the
balance sheet and income statement for the year of expenditure and subsequent years of the two methods

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Accounting

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1. Is RIM statement of cash flow prepared under the direct method or the indirect method? How do you know (Explain?) 2. For each fiscal year 2010, 2009 and 2008,
is the amount of cash provided by operating activities more or less than the cash paid for dividend? 3. What is the largest amount in reconciling the difference
between net income and cash flow from operating activities in 2010? 2009? 2008? 4. Indentify the largest cash inflow for investing and for financing activities in
2010 and 2009 5. Using RIM financial statements for a fiscal year ending after February 27, 2010.Since February 27, 2010 what are RIM largest cash outflows and
cash inflows in the investing and in the financing sections of its statement of cash flow?

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Accounting

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Critical Thinking #1 – Use Critical Thinking in the Solution of Management Accounting Problems Commonly Encountered in the Hospitality Industry
Answer the following two questions based on the monthly cash flow
data presented here:
January February January February
Operating Receipts 1,000,000 1,100,000 Non-Operating Receipts 500,000 100,000
Operating Expenditures 750,000 875,000 Non-Operating Expenditures 900,000 200,000
Net Operating Cash Flow 250,000 225,000 Net Non-Operating Cash Flow (400,000) (100,000)
Net Total Cash flow (150,000) 125,000
Beginning Cash Balance 50,000
Cumulative Cash Balances (100,000) 25,000
1) The business needs to increase its cash flow in:
a) January
b) February
2) In which month does this business have an overdraft in the bank?
a) January
b) February
c) Neither month
3 In April your hotel receives $1,000 to reserve a room in June.
How would this appear on the May monthly cash flow statement?
How would this affect the May income statement?
a) Cash flow statement May
Receipts:
Customer advances No effect
Income statement
Room sales: No effect
b) Cash flow statement May
Receipts:
Customer advances No effect
Income statement
Room sales: $1,000
c) Cash flow statement May
Receipts:
Customer advances $1,000
Income statement
Room sales: No effect
4) In April your hotel receives $1,000 to reserve a room in June.
How would this appear on the June monthly cash flow statement?
How would this affect the June income statement?
a) Cash flow statement June
Receipts:
Customer advances No effect
Income statement
Room sales: No effect
b) Cash flow statement June
Receipts:
Customer advances No effect
Income statement
Room sales: $1,000
c) Cash flow statement June
Receipts:
Customer advances $1,000
Income statement
Room sales: No effect
5) Your restaurant outsources cleaning services at a monthly cost of $500.
Your contract starts on July 1, but you pay one month later.
How would this appear on the July monthly cash flow statement?
How would this affect the July income statement?
a) Cash flow statement July
Expenditures:
Cleaning services No effect
Income statement
Cleaning Expense No effect
b) Cash flow statement July
Expenditures:
Cleaning services No effect
Income statement
Cleaning Expense $1,000
c) Cash flow statement July
Expenditures:
Cleaning services $1,000
Income statement
Cleaning Expense No effect
6) Below are presented the sales in dollars and covers, as well as the
cost of sales for a restaurant.
June May
Sales $60,000 $57,000
Cost of sales 31,500 31,200
Gross profit $28,500 $25,800
Covers 15,000 13,000
In this restaurant what is responsible for the higher June gross profit?
a) Decrease in price
b) Increase in covers sold
c) Decrease in unit cost
7) If a restaurant has increasing net income and
decreasing operating cash flow, as indicated by the
data shown below –
July August
Net income ($5,025) $8,295
Operating cash flow ($12,350) ($18,470)
then this means that:
a) The restaurant may be granting its customers credit terms
that are too lenient
b) The restaurant may be paying on a cash basis for the goods
and services it purchases
c) Both of the above
d) None of the above
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