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 13). Befuddled But Brilliant Old Professor Mullen's Gourmet Food Company sells its product for $60 per unit. During 2017, it produced 60,000 units and sold 50,000 units (there was no beginning inventory or BI= 0). Costs per unit are: direct materials (DM) $15, direct labor (DL) $9, and variable overhead (VOH) $3. Fixed costs are: $720,000 (FOB) manufacturing overhead, and $90,000 (S&A) selling and administrative expenses. Cost of goods (CGS) sold under absorption costing (ABS) is A) $1,350,000. B) $1,620,000. C) $1,950,000. D) $1,560,000.

 A student comment “A government destroys a recently acquired car, sells the remains for scrap and its general fund surplus for the year increases. That’s ridiculous. Government accounting makes so much less sense than private-sector accounting’’.Explain why the situation described by the student arises. Does government accounting in fact differ so much from business accounting?

 Sheridan Company issued 5900 shares of its $10 par value common stock having a fair value of $25 per share and 8400 shares of its $10 par value preferred stock having a fair value of $20 per share for a lump sum of $252000. The proceeds allocated to the preferred stock is О $117813 $169800 О $168000 О $134187

 Moving to another question will this sponse S ution 325 2 points Save and On January 1, art. Der Cowed bonds with a face of 000, watedate first of discounts and proms. What is the amount of interest expense during Year 17 a year term to morty The bonds were so 1000. Derver uses the straight line method to amortire bond

 Assume that you have been contracted by the Australian Accounting Standards Board to develop a proposal regarding whether to issue an accounting standard on accounting for the costs of environmental damage. Draft a proposal of 1500 words or less outlining why you think it is appropriate, or inappropriate, to develop an accounting standard on this issue. Also outline the key issues that would need to be covered by the standard and how the conceptual framework can contribute to resolution of those issue

 Assume that you have been contracted by the Australian Accounting Standards Board to develop a proposal regarding whether to issue an accounting standard on accounting for the costs of environmental damage. Draft a proposal of 1500 words or less outlining why you think it is appropriate, or inappropriate, to develop an accounting standard on this issue. Also outline the key issues that would need to be covered by the standard and how the conceptual framework can contribute to resolution of those issue.

 Please help me with part B for Francesca. Required Information [The following information applies to the questions displayed below.] The TimpRiders LP has operated a motorcycle dealership for a number of years. Lance is the limited partner, Francesca is the general partner, and they share capital and profits equally. Francesca works full-time managing the partnership. Both the partnership and the partners report on a calendar-year basis. At the start of the current year, Lance and Francesca had bases of $10,000 and $3.000, respectively, and the partnership did not carry any debt. During the current year, the partnership reported the following results from operations: Net sales Cost of goods sold Operating expenses Short-term capital loss Tax-exempt interest 51231 gain $ 65e, een $ see, eee $ 160, eee $ 2, Bee $ 2, eee $ 6, eee On the last day of the year, the partnership distributed $3,000 each to Lance and Francesca. a. What outside basis do Lance and Francesca have in their part...

 View * History Bookmarks loce Instructor Use the following to answer questions 1 and 2: Athens Manufacturing Company has budgeted the following raw material purchases for the last four months of the year: September $850,000 October............. $900,000 November.......... $810,000 December... $780,000 At Athens, 25% of raw materials purchases are normally paid for in the month of purchase. The remaining 75% is paid for in the month following the purchase. 1 pts Question 1 Athens' total budgeted cash payments for raw materials in November will be: $832,500 $202,500 $862,500 $877,500 Question 2 Athens' budgeted balance for accounts payable at December 31 is: $802,500 O $607,500 $585,000 $780,000

 Wyckam Manufacturing Inc. has provided the following information concerning its manufacturing costs: Cost per Machine- Hour $5.40 Fixed Cost per Month Direct materials Direct labor $ 42,600 Supplies Utilities $ 1,200 Depreciation $ 14,900 Insurance $ 11,500 $0.10 $0.15 For example, utilities should be $1,200 per month plus $0.15 per machine-hour. The company expects to work 4,200 machine-hours in June. Note that the company's direct labor is a fixed cost. Required: Prepare the company's planning budget for June. Wyckam Manufacturing Inc. Planning Budget for Manufacturing Costs For the Month Ended June 30 Direct materials Direct labor Supplies Utilities Depreciation Insurance Total manufacturing cost

 Springer Anderson Gymnastics prepared its annual financial statements dated December 31. The company reported its inventory using the LIFO inventory costing method but did not compare the cost of its ending inventory to its market value (replacement cost). The preliminary income statement follows: $ 138,000 $14.500 90.000 Sales Revenue Cost of Goods Sold Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold Gross Profit Operating Expenses Income from Operations Income Tax Expense (30%) Net Income 24.900 79,68 58 400 30.500 27.900 8.370 $19.53 Assume that you have been asked to restate the financial state following data relating to the ending inventory ents to incorporate the LCM/NRV rule. You have developed the Purchase Cost Replacement Item $2.90 Quantity 2,050 700 3,400 2,050 Total $ 5,945 2.450 6,460 10,045 $24.900 Required: 1. Restate the income statement to reflect LCM/NRV valuation of the ending inventory Apply LCM/NRV on an item-by-item ...

 Required information [The following information applies to the questions displayed below.] The balance sheets for Federer Sports Apparel for 2022 and 2021 are presented below. Required: 1. Prepare a vertical analysis of the balance sheet data for 2022 and 2021. Express each amount as a percentage of total assets. (Amounts to be deducted should be indicated by a minus sign. Round your answers to 1 decimal place.) FEDERER SPORTS APPAREL Balance Sheet December 31 2022 2021 Amount Amount Assets 759,500 Cash 2,430,000 Accounts receivable 1,530,000 1,193,500 3,438,000 1,829,000 Inventory Buildings 12,834,000 12,834,000 Less: Accumulated depreciation (1,116,000) (2,232,000) $ 18,000,000 $ 15,500,000 Total assets Liabilities and Stockholders' Equity Accounts payable 1,602,000 1,968,500 Contingent liability 1,764,000 Common stock 7,254,000 7,254,000 Retained earnings 7,380,000 6,277,500 $ 18,000,000 $ 15,500,000 Total liabilities and stockholders' equity

 On February 1, 2021, Miter Corp. lends cash and accepts a $3,900 note receivable that offers 12% interest and is due in six months. How much interest revenue will Miter Corp. report during 2021? (Do not round intermediate calculations.)

 On January 1, 2017, Concord Corporation issued eight-year bonds with a face value of $6,300,000 and a stated interest rate of 6%, payable semiannually on starting in July on July 1 and January 1. The bonds were sold to yield 8%. Table values are: Present value of 1 for 8 periods at 6% 0.627 Present value of 1 for 8 periods at 8% 0.540 Present value of 1 for 16 periods at 3% 0.623 Present value of 1 for 16 periods at 4% 0.534 Present value of annuity for 8 periods at 6% 6.210 Present value of annuity for 8 periods at 8% 5.747 Present value of annuity for 16 periods at 3% 12.561 Present value of annuity for 16 periods at 4% 11.652 What is the issue price of the bonds? (Round two decimal places, i.e., $10.89)

 Hydrogen gas is produced by the reaction between metallic aluminum and aqueous hydrochloric acid. 2Al(s)+6HCl(aq)⟶2 AlCl 3 (aq)+3 H 2 (g) The hydrogen gas produced by this reaction is typically collected via water displacement. During this process, the hydrogen gas becomes saturated with water vapor. If 292.0  mL of gas with a total pressure of 1.33  atm is collected via water displacement at 29.4  ∘ C , what is the partial pressure of the hydrogen gas in the sample? The vapor pressure of water at 29.4  ∘ C  is 30.75  torr.

 5-methyl-dCMP completely substitutes for dCMP Complete the balanced equation for this reaction. Drag the appropriate labels to their respective targets. Labels can be used once, more than once, or not at all.

 just parts 2,3,4 if possible thanks (a) Throughout this part of the question X and Y will be continuous random variab have joint probability density function ce-(z+y) if 0 <rsy< fx.x (2,y) = otherwise, 0 where c is some non-negative constant. Do the following: (i) show that the constant c= 2, (ii) calculate the marginal density function fy of Y. (iii) calculate P[X +Y 2], (iv) calculate P[Y S1| X +Y 2].

 Could you please try to explain to me how we get the solution because I want to understand the solution so that to be solved step by step including all of the details If the conditions for a time-invariant optimal control law are satisfied by a linear regulator problem, the constant K matrix must be a solution of the nonlinear algebraic equations Using this result, determine the optimal control laws for: a) The first-order system x(t)-ax(t) + u (t) with performance measure 0 Show the variation of the pole of the closed-loop system for 0 r oo The final Solution- For part (a); The Riccati equation with K - 0 is 2r How we get the solution, which is How we get the feedback gain, which is The d. e for the close loop system is

 Why are most cases of aspiration pneumonia in the middle and lower lobe of the right lung? Consider the anatomic pathway.

 AF P3. (20 pts) In the electric circuit shown below a) (12 pts) Determine the CURRENT and VOLTAGE through EACH resistor.o b) (4 pts) You REMOVE just ONE resistor to INCREASE the current out of the batt WHICH resistor AND what is now the current out of the battery c) (4 pts) You REMOVE just ONE resistor to DECREASE the current out of the battery WHICH resistor AND what is now the current out of the battery E-40.0 volts (internal resistance 2-0) R1-30 0 R2 30 R3-30 0

 5. Illustrated below is the figure of 137Cs spectrum. C9 137 spectrum 2 185 keV 200 800 200 400 Energy kevi a. Why 137Cs can be used as a background? b. Identify the Compton scattering features of the above spectrum, for LABEL 2 and 5. c. Define LABEL 4 in above illustrated spectrum d. Show that the maximum energy of the electrons is given by Emar (electron) = 2, e. Hence, calculate the mass energy of the electrons (in MeV) using the above illustrated 137Cs spectrum

 What are the Big-Oh and Omega orders of the following code fragment? What is Tilde approximation? The fragment is prameterized on the variable n. Assume that you are measuring the number of swap calls. for(int j=0;j<n-1;j++){      int z = j;      for (int i=j+1; i<n; i++){             if(a[i] < a[z]){                       z=i;} } if(z!= j){       swap(a[j], a[z]); //count these      } }

 A 0.3 kg ball is released in an inclined plane as shown in the figure below. In order for it to stop at point B, what is the magnitude of the kinetic friction force?

 (Problem C-9.34, page 397 of the text) Given a heap H and a key k, give an algorithm to compute all the entries in H having keys less than or equal to k. For example, given the heap in figure 9.12a and query k=7, the algorithm should report the entries with keys 2, 4, 5, 6, and 7 (but not necessarily in this order). Your algorithm should run in time proportional to the number of entries returned, and should not modify the heap. Figure 9.12: Two cases of updating the last node in a complete binary tree after operation insert or remove. Node w is the last node before operation insert or after operation remove. Node z is the last node after operation insert or before operation remove. (2,B) (4,C) (5,A) (4.C) (5.A) (6,2) (15,K) (9,F) (7.0) (6,Z) (15.K) (9,F) (7.Q) (20.B) 7 ん (16.X)) ((25,J) ((14.E)) ((12,H) 2

 Answer following What is the formal charge of nitrogen in the following structure? +2 +1 0 -1 -2 Which of these substances contain both covalent and ionic bonds? NH_4Cl H_2O_2 CH_4 HCN H_2S Circle the compound below that is not a constitutional isomer of the others? 4 cis-trans: isomerism is possible only in the case of: CH_2 = CBr_2 CH_2 = CHBr BrCH = CHBr Br_2C = CHBr Br_2C = CBr_2

 How would these transactions be shown on a transacton sheet? a) Investments valued at $299 matured and the proceeds deposited to cash on hand. No gain or loss was recognised on the transaction b)Equipment costing $676 was acquired by paying $196 and financing the balance by issuing shares to the vendor . c)term deposits included as part of investments earned interest of $216 which was recieved in full during the year d)tax instalments of $440 were paid during the year. The tax expense determined at the end of the year was $595. The balance will be paid in the subsequent perion.

 JPJones Trial Balance December 1, 2018 Acct Description DR CR 100 Cash                405,653 101 Accounts Receivable                615,000 102 Allowance for Doubtful Accounts                                    4,600 103 Marketable Securities                  18,000 104 Inventory                100,000 105 Prepaid Rent                  40,600 106 Prepaid Insurance         ...

 The comparative balance sheet of Morston Educational Supply at December 31, 2018, rep E (Click the icon to view the comparative balance sheet.) Morston's transactions during 2018 included the following: (Click the icon to view the transactions.) Read the requirements at method to report cash flows from operating activities. (Use a minus sign or parentheses for amounts that result in a decrease in cash. i Data Table $ Payment of cash dividends $ Purchase of equipment with cash Issuance of long-term notes payable to borrow cash. Issuance of common stock for cash 21,200 54,300 51,000 109,000 Depreciation expense Purchase of building with cash Net income 16,800 101,000 600 Print Done 2018 2017 Current Assets: Cash Accounts Receivable Merchandise Inventory Current Liabilities: Accounts Payable Accrued Liabilities 84,200 $ 15,200 63,400 21,500 21,300 58,800 29,100 10,900 26,600 11,100 Print Done

 24) Eel Electronics Corporation uses a standard cost system for the production of its water ski radios. The direct labor standard for each radio is 0.9 hours. The standard direct labor cost per hour is $7.20. During the month of August, Eel's water ski radio production used 6,600 direct labor-hours at a total direct labor cost of $48,708. This resulted in production of 6,900 water ski radios for August. What is Eel's labor rate variance for August? A) $1,188 Unfavorable B) $2,808 Unfavorable C) $972 Favorable D) $2,160 Favorable 25) Last year Common Carp Company had sales of $600,000, a turnover of 3.6, and a return on investment of 18%. The company's net operating income for the year was: A) $15,000 B) $108,000 C) $166,667 D) $30,000 The Arapaima Corporation, a merchandising firm, has budgeted its activity for December according to the following information Sales at $550,000, all for cash The cash balance at December 1 was $25,000. Selling and administrative expenses are ...

 The selling price of Jerrel Corporation's only product is $300 per unit and its variable expense is $175 per unit. The company's monthly fixed expense is $800,000. (Round up to the a. Break even point in units = nearest whole unit) b. Assume the company's month target profit is $100,000. Target Profit units = (Round up to the nearest whole unit) < Prev 14 of 18 HE Next > ype here to search

 The U.R. Good Company produces a product using standard costs as follows: a.  Standard cost per unit      Materials    7 kilos at ₱ 3.50 per kilo      Labor    8 hours at ₱ 1.75 per kilo      Fixed  MOH    ₱ 1.15 per hour or ₱ 9.20 per unit      Variable MOH    ₱ 0.85 per hour or ₱ 6.80 per unit b.  Overhead is applied on direct labor hours c.  Actual performance (1 month)      Volume produced    800      Labor hours     6,300      Overhead    ₱13,200      Material Cost    ₱ 3.45 per kilo      Labor Cost    ₱ 1.80 per hour      Material Used    4,800 kilos The Material Quantity Variance is ____________________ . ...

 2. Solomon Shingles uses the aging method to estimate bad debt expense. At the beginning of the year, the company had an accounts receivable balance of $47,600 anda credit balance in the allowance for doubtful accounts of S 9,960. During the year Solomon had credit sales of $1,248,600, and collected accounts receivable in the amount of $1,205,400. $21,200 of accounts receivable were determined to be uncollectible and written off. The company had the following analysis of accounts receivable at the end of the year: un Default Current 1-15 days past due 16-45 days past due 46-90 days past due Over 90 days past due $40,800 10,600 6,200 7,200 1% 2% 8% 15% 30% 4 $69,600 Windsor has a December 31 yearend Required: Answer the questions below on the following page: 1. Prepare the journal for the write-off of the accounts receivable of $21,200 2. Calculate the desired ending balance of the allowance for doubtful accounts at the end of the year 3. Prepare the journal entry to record bad deb...

 The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020. Raw Materials Inventory 7/1/19 $53,000 Factory Insurance $4,800 Raw Materials Inventory 6/30/20 48,400 Factory Machinery Depreciation 18,600 Finished Goods Inventory 7/1/19 97,400 Factory Utilities 30,500 Finished Goods Inventory 6/30/20 23,100 Office Utilities Expense 8,750 Work in Process Inventory 7/1/19 28,000 Sales Revenue 563,100 Work in Process Inventory 6/30/20 27,100 Sales Discounts 5,000 Direct Labor 143,150 Plant Manager’s Salary 64,200 Indirect Labor 25,760 Factory Property Taxes 9,610 Accounts Receivable 32,700 Factory Repairs 1,700 Raw Materials Purchases 97,000 Cash 41,000 Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) Prepare an income statement through gross profit. Prepare the current assets section of the balance sheet at June 30, 2020.

 The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $130,500 of direct materials. ACCOUNT Work in Process—Forging Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Nov. 1 Bal., 9,000 units, 50% completed 142,200 30 Direct materials, 82,000 units 1,172,600 1,314,800 30 Direct labor 97,270 1,412,070 30 Factory overhead 134,336 ? 1,546,406 30 Goods finished, ? units ? 30 Bal., 7,200 units, 90% completed ? Cost per equivalent units of $14.30 for Direct Materials and $2.70 for Conversion Costs. Based on the above data, determine each of the following amounts. If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar. a. Cost of beginning work in process inventory completed in November. $ b. Cost of u...

 26. Julian, Berta, and Marta own 400 shares, 400 shares, and 200 shares, respectively, in Caramel Corporation $800,000). Berta is Julian's sister, and Maria is Julian's aunt. Caramel Corporation redeems all of Julian's stock $500,000. Julian paid $200 a share for the stock five years ago, Julian continued to serve on Caramel's board of directo after the redemption. What are the income tax consequences to Julian with respect to the redemption

 gain or loss, and determine ent should be replaced P7 AA (LO 5), S Service Writing At the beginning of last year (2019), Richter Condos installed a mechanized clevator for its tenants. The owner of the company, Ron Richter, recently returned from an industry equipment exhibition where he watched a computerized elevator demonstrated. He was impressed with the elevator's speed, comfort of ride, and cost efficiency. Upon returning from the exhibition, he asked his purchasing agent to collect price and operating cost data on the new elevator. In addition, he asked Problems: Set A 7-35 e company's accountant to provide him with cost data on the company's elevator. This information is resented below. Old Elevator New Elevator Purchase price $120,000 $160,000 Estimated salvage value 0 0 Estimated useful life 5 years 4 years Depreciation method Straight-line hs Straight-line Annual operating costs other than depreciation: Variable $ 35,000 S 10.000 Fixed 23.000 8.500 Annual revenu...

 2 If an account has a debit balance of $760 in the Tnal Balance section of a worksheet and there is a credit of $320 in the Adjustments section, the account balance in the Adjusted Trial Balance section of the worksheet is a $440 debit $440 credit $1,080 debit < Prey 20,10 İll Next >

 39) Delta a Company experienced an accounting event that affected its financial statements as indicated below: Stmt of Asset Liab· +| Equity | Rev.-Exp- Net Inc. NA NA Which of the following accounting events could have caused these effects on the elements of Delta's statements? 39) A) Earned cash revenue C) Paid a cash dividend B) Borrowed money from a bank D) Incurred a cash expense

 Automotive Products (AP) designs and produces automotive parts in 2017, actual manufacturing overheads $318,000. AP's simple costing system allocates manufacturing overhead to its three customers based on machine hours and prices its contracts based on all costs. One of its customers has regularly complained of being charged noncompetitive prices, so AP's controller Devon Johnson rares that it is time to examine the consumption of overhead resources more closely. He knows that there are three main departments that consume overhead resources: design, production and engineering Interviews with the department personnel and inton of me records the following detailed information Click the icon to view the information) Rom ments 4 of 4 (2 complete) Luces automotive parts. In 2017, actual manufacturing overhead is $318,000. AP's simple costing system allocates manufacturing overhe nd on full costs. One of its customers has regularly complained of being charged noncompetitive pric...

 Construct and interpret a product possibility report allocating Selling and administrative expenses a marketing management team was concerned that the selling in administrative expensive were not traced to the product marketing management believe that some products consumed large amounts of selling an administrative expensive I did not other products to verify this controller was asked for. Complete set a talk with ability report using active best costing. The controller determined that selling an administrative expensive consisted of two activities sales order processing and post still consumer services. The controller was able to determine the activity Waze and activity rate for each activity as follows as follows

 Please include details and show formulas on how to complete the problem.. Thanks Columbus Company provides the following ABC costing information: Activities- Total Costs/ Activity-cost drivers = Labor $336,000/ 8,000 hours Gas $84,000/ 7,000 gallons Invoices $180,000 /7,500 invoices Total costs $600,000 The above activities used by their three departments are: Lawn Department labor- 3,100 hours.. Bush Department- labor 1,500 hours.. Plowing Department Labor 3,400 hours Gas Lawn= 1,900 gallons... Bush= 900 gallons... Plowing= 4,200 gallons Invoices Lawn= 1,300 invoices.... Bush= 400 invoices ...Plowing=5,800 invoices If labor hours are used to allocate the non-labor, overhead costs, what is the overhead allocation rate? 10) A) $75.00 per hour B) $26.67 per hour C) $42.00 per hour D) $33.00 per hour

 3 Parties Required Information Use the following Information for Exercises 16-18 below. [The following information applies to the questions displayed below.) Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company's records show the following accounts and amounts for the month of August. 25 Data Cash Accounts receivable Office supplies Land Office in Accounts payable $ 25, 362 C. Camry, withdrawals 22,360 Consulting fees earned 5,258 Rent expen 44,00 salaries 20. Telephone expense 12,50 Miscellaneous expenses $ b. 27.000 9,550 5.be be 520 Exercise 2.16 Preparing an Income statement LO C3, P3 Use the above Information to prepare an August Income statement for the business. HELP TODAY Income Statement

 father beats receive 55,000 in Ministry with orange 38 V 500 salary of ministry Services 2750 and Performing weddings in 13750 excluded personal allowance he incurred 7000 of unreimbursed expenses connected with his ministry earnings 5500 related to his Minister salary and 1500 related to weddings performed as self-employment how much of these expenses are deductible when figuring net income for income tax allocation to exclude personage alone

 102- UNIT 3 REVIEW: CHAPTERS 7, 8 and 9 Name: 1. The Sioux Corporation uses the following sales for the first 4 months of next year 25% in month of sale 65% in month following sale 5% in second month following sale 5% uncollectible Sales have been budgeted as: January February $230,000 March April $260,000 $270,000 $320,000 What are the budgeted cash collections for April? On November 1, Barnes Corporation has 8,000 units of Product A on hand. During the month The company plans to sell 30,000 units of Product A, and plans to have 6.500 units on hand at The end of the month. 2. How many units of Product A must be produced during the month? Munick Industries produces and sell Product Beta. To guard against stock outages, the company Requires that 30% of the next month's sales be on hand at the end of each month June July August September90,000 units 3. 60,000 units 70,000 units 80,000 units Given the above budgeted sales numbers, how many units should Munick plan to produce during t...

 please solve for e.(Why is cost of goods sold adjusted upward on the income statement?) 43. Journal Entries, Closing Manufacturing Overhead, and Preparing an Income Statement. Jansen, Inc., is a defense contractor that uses job costing. Because the firm uses a perpetual inventory system, the three supporting schedules to the income statement the schedule of raw materials placed in production, the schedule of cost of goods manufactured, and the schedule of cost of goods sold) are not necessary. Inventory account beginning balances at January 1, 2016, are listed as follows. Raw materials inventory $ 500,000 Work-in-process inventory $ 700,000 Finished goods inventory $1,800,000 You will be recording the following transactions, which summarize the activities that occurred during the year ended December 31, 2016: 1. Raw materials were purchased for $300,000 on account 2. Raw materials totaling $420,000 were placed in production, $60,000 for indirect materials and $360,000 for direct m...

 The following income statement and balance sheets for Virtual Gaming Systems are provided. Required: Assuming that all sales were on account, calculate the following risk ratios for 2021. (Use 365 days a year. Round your final answers to 1 decimal place.) VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2021 Net sales $2,986,000 Cost of goods sold 1,940,000 Gross profit 1,046,000 Expenses: Operating expenses $848,000 Depreciation expense 22,000 Loss on sale of land 7,000 Interest expense 10,000 Income tax expense 38,000 Total expenses 925,000 Net income $ 121,000 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 $176,000 71,000 95,000 11,000 $134,000 50,000 125,000 4,800 95,000 200,000 260,000 (54,000) $854,000 230,000 200,000 (32,000) $711,800 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Cu...

 Vignana Corporation manufactures and sells hand-painted clay figurines of popular sports heroes. Shown below are some of the costs incurred by Vignana for last year: Cost of clay used in production Wages paid to the workers who paint the figurines Wages paid to the sales manager's secretary $34,000 Cost of junk mail advertising $67,000 $82,000 $51,000 What is the total of the conversion costs above?

 Big owns 90% of Little. In 2017, Little sold inventory (cost $70,000) to Big for $100,000. 40% of this inventory was not sold to third parties by Big until 2018. In 2018, Little sold inventory (cost $72,000) to Big for $120,000. Of this inventory, $50,000 was not sold to third parties by Big until 2019. In 2018, Little reports $80,000 of net income. What is the noncontrolling interest in 2018 income of Little.

 . THis shows what is correct or incorrect for the work you have completed so far It does no completion The following data were included in a recent Papaya Inc. a Net revenue Net property, plant, and equipment $70,225 $116,119 $165,500 $164,910 4,840 8,180 15,500 14,000 Required 1. Compute Papaya's fixed asset turnover ratio for 2014, 2015, and 2016. (Do not round intermediate calculat Round your answers to 1 decimal place.) Answer is complete but not entirely correct. Fixed Asset Turnover 10.83 9.88 11.2 2014 2015 2016 Ntxt 50f 51ll <Prev 23 MacBook 4% F6 8

 At the beginning of this year. The Richard Pryor Company completed an initial public offering OPOL, In that offering Pryor issued 25.000 shares of $1.00 par common stock for $2.85 per share. At the end of August. Pryor repurchased 2.500 shares of their Common Stock for $5.325 total (not per share into Treasury Stock. Show the necessary journal entry to record this event. Date 31 Aug Account Treasury Stock Debit Credit 55.325 55,325 Date 31 Aug Account Treasury Stock Reduction in paid in capital Debit Credit 57,125 $1.800 55,325 Cash Debit Credit Date 31-Aug Account cash Treasury Stock $5,325 Date 31 Aug Account Cash Reduction in Paid in capital Treasury Stock Debit Credit 57,125 $1,800 55.325

 #11 Student Number dent Name Mary Ward recently leased a new convertible. The $1600 due at signing includes 8. fee. Her monthly lease payments are $700 per month. The 8 the title and license llows 12,000 miles per year with a $0.12 per mile overage charge. If the total lease cost is $26,800, for how (A) 24 (B) 36 leasing ceonp ansal lease cost is $26.800, for how many months does the lease last? lows I (C) 48 (D) 60 Johannes Kepler has a limited payment insurance policy until age 65. His annual premium is $875. He wants to pay the premium monthly. The monthly premium is 84% of the annual premium, what are his monthly payments? (A) $56.11 (B) $69.7 (C) $7098 (D) $73.50 After consulting with his broker, Gregor Mendel purchased 100 shares of a computer company stock at $44.41 per share. He also purchased 600 shares of a second company's stock at $19.08 per share. Gregor's online broker charges $0.04 per share. What is the total cost of the stock including the commission? (A) $10,...

 5. Slippers Inc. produces and sells shoes in chain stores. Company sells 10 kinds of cheap shoes with similar costs and selling prices. Each store has a manager working for a salary. Each salesperson is paid salary plus a sales Premium. Company pays extra 2 TL premium to sales person and 2 TL to manager for each pair of shoes sold beyond BEP. Company is to decide whether to open up or not a new store. Budgeted revenue and costs are given below. Per pair (TL) 80,00 32,00 8.00 40,00 Unit variable data Price Unit manufacturing cost Sales commissions Unit variable costs Annual fixed costs Rent Salaries Advertisement Other fixed costs Total fixed costs 160.000 480.000 288.000 32.000 960.000 Required: (evaluate each item separately) 20 points a) Compute operating profit (loss) assuming 30,000 pairs of shoes are sold. b) Compute target sales in units and TL to make 240,000 TL operating loss. c) Compute target sales in units and TL to earn 180,000 TL operating profit. d) Assume Company pa...

 Budgeting Part 2 (Q 5-9) Dave’s Co. is a manufacturing firm of a computer hardware device. Its sales forecasts for the year 2020 is as follows: Quarter Sales in units Price Revenue Q1, 2020 500 $              400 $     200,000 Q2, 2020 1000                  400          400,000 Q3, 2020 1000                  400          400,000 Q4, 2020 1000                  400          400,000 Q1, 2021 2000                  400          800...

 Which of the following aliens is not exemp from counting days for the substantial present test. A. A foreign professions athlete participating in a charitable sporting event. B. An individual in transit between two foreign points in the us for more than 24 hours. C. A regular crew member of a foreign vessel engaged in transportation between the us and a foreign country. D. An individual who regularly commutes to work in Detroit Michigan and return home to Windsor Ontario the same day

 a) (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c) On January 1, 2019, Sheridan issued 10-year, $200,000 face value, 6% bonds at par. Each $1,000 bond is convertible into 30 shares of Sheridan $2 par value common stock. The company has had 10,000 shares of common stock (and no preferred stock) outstanding throughout its life. None of the bonds have been converted as of the end of 2020. (Ignore all tax effects.) Prepare the journal entry Sheridan would have made on January 1, 2019, to record the issuance of the bonds.

 On January 1, 2018, Beilich Enterprises bought 20% of the outstanding common stock of Wolfe Construction Company for $510.0 million cash. Wolfe’s net income for the year ended December 31, 2018, was $255.0 million. During 2018, Wolfe declared and paid cash dividends of $51.0 million. Beilich recorded the investment as follows: ($ in millions) Purchase Investment in Wolfe Construction shares 510.0 Cash 510.0 Net income Investment in Wolfe Construction shares (20% × $255.0 million) 51.0 Investment revenue 51.0 Dividends Cash (20% × $51.0 million) 10.2 Investment in Wolfe Construction shares. 10.2 Required: What would be the pretax amounts related to the investment that Beilich would report in its statement of cash flows for the year ended December 31, 2018? (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). Cash outflows should be indicated by a minus sign.)

 Production costs chargeable to the Finishing Department in June in Bramble Company are materials $14,626, labor $41,450, overhead $19,000. Equivalent units of production are materials 20,600 and conversion costs 19,500. Production records indicate that 18,400 units were transferred out, and 2,200 units in ending work in process were 50% complete as to conversion costs and 100% complete as to materials. Prepare a cost reconciliation schedule. (Round unit costs to 2 decimal places, e.g. 2.25 and final answers to O decimal places, e.g. 125.) Cost Reconciliation Cost accounted for Transferred out Work in process Materials Conversion costs Total cost accounted for

 Premiums. Irwin Music Shop gives its customers coupons redeemable for a poster plus a Bo Diddley CD. One coupon is issued for each dollar of sales. On the surrender of 100 coupons and $6.00 cash, the poster and CD are given to the customer. It is estimated that 80% of the coupons will be presented for redemption. Sales for the first period were $700,000, and the coupons redeemed totaled 420,000. Sales for the second period were $840,000, and the coupons redeemed totaled 750,000. Irwin Music Shop bought 20,000 posters at $2.50/poster and 20000 CDs at 7.50 dollars per cd. Prepare journal entries for period 1 and period 2. Record entry for coupons redeemed and estimated liability

 antot Required information The following information applies to the questions displayed below) Black Diamond Company produces snow skis Each ski requires 2 pounds of carbon fiber. The company's management predicts that 6.900 skis and 7.900 pounds of carbon fiber will be in inventory on June 30 of the current year and that 169.000 skis will be sold during the next third quarter. A set of two skis sells for $490. Management wants to end the third quarter with 5.400 skis and 5,000 pounds of carbon fiber in Inventory Carbon fiber can be purchased for $18 per pound Each ski requires 0.5 hours of direct labor at $23 per hour. Variable overhead is applied at the rate of $13 per direct labor hout the company budgets foxed overhead of $1301000 for the quarter Required: 1. Prepare the third-quarter production budget for skis BLACK DIAMOND COMPANY Production Budget in units) Third Quarter Required units of available production Units to be manufactured Required information The following infor...

 Lobster Trap Company is considering automating its manufacturing facility. Company information before and after the proposed automation follows: Sales revenue Less: Variable cost Contribution margin Less: Fixed cost Net operating income Before After Automation Automation $198,000 $198,000 78,000 38,000 $120,000 $160,000 15,000 58,000 $105,000 $102,000 Required: 1. Calculate Lobster Trap's break-even sales dollars before and after automation. 2. Compute Lobster Trap's degree of operating leverage before and after automation. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate Lobster Trap's break-even sales dollars before and after automation. (Round your contribution margin ratio to 4 decimal places and final answers to 2 decimal places.) Break-Even Sales Dollars Before Automation Break-Even Sales Dollars After Automation Lobster Trap Company is considering automating its manufacturing facility. Company information before and ...

 (it has 2 answers) Reporting in financial accounting is broadly divided into which of the following two categories?(2) Recording transactions Posting goods issue Generating financial statements Automatic posting of accounts Displaying account information

 The stockholders’ equity section of the balance sheet for Mann Equipment Co. at December 31, 2018, is as follows. Stockholders' Equity Paid-in capital Preferred stock,? par value, 4% cumulative, 290,000 shares authorized, 59,000 shares $590,006 1ssued and outstanding Common stock, $15 stated value, 340,000 shares authorized, 59,000?? shares issued and 885,000 49,000 outstanding Paid-in capital in excess of par-Preferred Paid-in capital in excess of stated 295,000 value-Common Total paid-in capital Retained earnings Treasury stock, 3,000 shares Total stockholders equity 1,819,000 440,000 42,000 $2,217,000 Note: The market value per share of the common stock is $38, and the market value per share of the preferred stock is $31

 Halliford Corporation expects to have earnings this coming year of $3.35 per share. Halliford plans to retain all of its earnings for the next two years. For the subsequent two years, the firm will retain 50% of its earnings. It will then retain 20% of its earnings from that point onward. Each year, retained earnings will be invested in new projects with an expected return of 24.21% per year. Any earnings that are not retained will be paid out as dividends. Assume Halliford's share count remains constant and all earnings growth comes from the investment of retained earnings. If Halliford's equity cost of capital is 9.2% what price would you estimate for Halliford stock? Note: Remember that growth rate is computed as: retention rate times ×rate of return. I need help figuring out how calculate the EPS and Growth rate. I have tried reading the many similar problems on here and the "experts" just give the spread sheet w/ these calculated w/out saying how excel calculate...

 Awtis Corporation has a margin of safety percentage of 25% based on its actual sales. The break-even point is $296,400 and the variable expenses are 45% of sales. Given this information, the actual profit is: Multiple Choice $79,040 0 $54,340 $14,820 $40,755

 Prepare journal entries to record the following transactions involving the short-term stock investments of Duke Co., all of which occurred during the current year. a. On March 22, purchased 820 shares of RPI Company stock at $25 per share. Duke's stock Investment results in it having an insignificant influence over RPI. b. On July 1, received a $2 per share cash dividend on the RPI stock purchased in part a. c. On October 8, sold 410 shares of RPI stock for $35 per share. View transaction list Journal entry worksheet On March 22, purchased 820 shares of RPI Company stock at $25 per share. Duke's stock investment results in it having an insignificant influence over RPI Note: Enter debits before credits Transaction General Journal Debit Credit View general journal Record entry Clear entry

 Problem 16-52 Profit Variance Analysis (LO 16-4) Odessa, Inc., reports the following information concerning operations for the most recent month Actual (based on actual of 495 units) $91,390 Master Budget (based on budgeted 550 units) $99,000 Sales revenue Less Manufacturing costs Direct labor Materials Variable overhead Marketing Administrative 12,430 10,120 7,570 4,486 4,950 $39,556 $51,834 13,200 12,100 9,350 5,170 4.950 $44,770 $54,230 Total variable costs Contribution margin Fixed costs Manufacturing Marketing Administrative 4,255 9,186 8,760 $22,201 4,400 8,800 8,800 $22.000 Total fixed costs Operating profits $29,633 $32,230 There are no inventories Required Prepare a profit variance analysis for Odessa, Inc. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.) ODESSA, INC. Profit Variance Analysis Actual 495 Units) Master Bud...

 Fundy Corporation issued $10 million stock options on January 1, 2013 to key executives as dcferred compensation. The options have a 5 year vesting schedulc. An option pricing model determined that the fair value of the options on the grant date was S6 per option. Other information related to the stock options included: 10. . common stock has a S2 par value the exercise price of each stock option is $25 the market price of the stock on the date of grant was $25 the options cannot be exercised before January I, 2018 . it was determined in 2014 that 1/6 of the options would not be exercised (forfeited). on January I. 2013. a non-CSU accounting graduate made the following entry in error to account for the granting of stock options: 20,000,000 Retained earnings 20,000,000 Common stock You, being a CSU accounting graduate whom has studied under Mr. McGee, noticed the recording error when you replaced the previous analyst in fiscal year 2015. Prepare the proper adjusting journal entry t...

 Concord Corporation was incorporated and began business on January 1, 2020. It has been successful and now requires a bank loan for additional capital to finance an expansion. The bank has requested an audited income statement for the year 2020 using IFRS. The accountant for Concord Corporation provides you with the following income statement, which Concord plans to submit to the bank:  Concord Corporation Income Statement Sales revenue $ 844,000  Dividend revenue 33,000  Gain on recovery of earthquake loss (unusual) 27,000  Unrealized holding gain on FV-OCI equity investments 5,000  909,000  Less:  Selling expenses $ 138,000  Cost of goods sold 507,000  Advertising expense 12,000  Loss on inventory due to decline in net realizable value 35,000  Loss on discontinued operations 46,000  Administrative expenses 72,000 810,000  Income before income tax 99,000  Income tax expense 19,800  Net income $ 79,200...

 Type your answer in the box. A company has $400,000 of debt outstanding. In the upcoming quarter, it budgets a total debt service cost associated with this obligation of $25,000. Of this amount, $15,000 applies to principal payments. The annual percentage rate associated with interest on this obligation is Do you know the answer? Read about this I know it Think so Unsure No idea

 32 C CHECK-UP from the list Fil in the blanks with the correct terms f Allotment Byfaws Common stock Distributed Dividends Founder's shares Legal entity Organisational structure Preferred shares Property 1 our company doesn't yet exist in the eyes of the law. 2 We've purchased some buildings and machinery We some 3 And we've planned the way it will be put together, we've planned the 4. We've also decide on the plan for giving out the shares. The shares has been determtod 5 The rules of the company have not been written we have no 6 A few shares for assistance in setting up the company will be issued we issue some 7. And some of the office will be issued shares which give them special rights of to both profits and to company property. They'll receive . 8 But most of the shareholders will receive the most usual type of partial ownership In a company. They'll hold 9 All of these people will of course, receive portions of the profits. They' be paid 10. ...

 The correct entry for the withholding of an employee's contribution to a pension plan is: (a) Salary Expense                 Pension Plan Payable (b) Salary Expense                Cash (c) Pension Plan Payable                 Cash (d) Salary Expense                Pension Plan Expense

 PLEASE DO IT BY TPYE NOT PICS QUESTION 1 From the following select ALL accounts that go into calculating Retained Earnings. 1. Accounts Receivable 2. Rent Expense 3. Sales Revenue 4. Dividends 5. Accounts Payable 6. Beginning Retained Earnings 7. Common Stock 8. Rent Payable QUESTION 2 Which of the following is a nominal (temporary) account? A. Unearned Service Revenue B. Inventory C. Salaries and Wages Expense D. Retained Earnings

 BR Company has a contribution margin of 8% Sales are SS65 on investment (RO? net operating income is S45200, and everage operat ng assets are Sonoo. what is ee compar s return 8.46 points Mutiple Cholce 041% 80% 325% 0.2% We were unable to transcribe this image Help Save&E Lusk Corporation produces and sells 15,100 units of Product X each month The seling pice of Product X is $21 per unit, and variable expenses are $15 per unit A study has 3 n made concerning whether Product Х shode bedscontinued The study shoe rat so oo ofte so 100 n mot tr hede pe eschred n hvik radar be avoidable even if the product was discontinued Product X is discontinued, the annual financial advantage (disadvantage) for the company of eleminating this p should be 8 46 poines Mutiple Choice 61600 $10.400 $39.400 539,400) 4 makes 44,000 motors to be used in the production of its sewing machines. The average cost per monor ar this level of activity bs: Direct materials Direct labor Variable manufacturing ...

 Bennet company uses the allowance method to account for unco Assume the Mariano Trucking Company purchased a truck to use in its business. The purchase date was January 1, and the price was $55,000. The estimated useful life of the truck was 5 years, and the estimated salvage value was $5,000. The truck was expected to last 100,000 miles, and was driven 12,000 miles the first year, 23,000 miles the second year, 35,000 miles the third year, 20,000 miles the fourth year, and 15,000 miles the fifth year. Using the straight-line method, calculate the depreciation expense for each year. 1. Using the production method, calculate the depreciation expense for each year. 2. 3. Using the double declining balance method, calculate the depreciation expense for each year. llgque 00.212

 Liability Transactions The following items were selected from among the transactions completed by Sherwood Co. during the current year: Feb. 15. Purchased merchandise on account from Kirkwood Co., $144,000, terms n/30. Mar. 17. Issued a 60-day, 8% note for $144,000 to Kirkwood Co., on account. May 16. Paid Kirkwood Co. the amount owed on the note of March 17. June 15. Borrowed $153,600 from Triple Creek Bank, issuing a 60-day, 9% note. July 21. Purchased tools by issuing a $99,000, 90-day note to Poulin Co., which discounted the note at the rate of 6%. Aug. 14. Paid Triple Creek Bank the interest due on the note of June 15 and renewed the loan by issuing a new 60-day, 10% note for $153,600. (Journalize both the debit and credit to the notes payable account.) Oct. 13. Paid Triple Creek Bank the amount due on the note of August 14. Oct. 19. Paid Poulin Co. the amount due on the note of July 21. Dec. 1. Purchased office equipment from Greenwood Co. for $120,000, paying $20,000 cash a...

 # 42 Chef Gourmet, Inc., has assembled the following data pertaining to its two most popular products. Blender Food Processor   Direct material $ 24 $ 41   Direct labor 18 31   Manufacturing overhead @ $50 per machine hour 50 100   Cost if purchased from an outside supplier 66 114   Annual demand (units) 26,000 30,000      Past experience has shown that the fixed manufacturing overhead component included in the cost per machine hour averages $36. Management has a policy of filling all sales orders, even if it means purchasing units from outside suppliers. Required: 1. If 51,000 machine hours are available, and management desires to follow an optimal strategy, how many units of each product should the firm manufacture? How many units of each product should be purchased? Blender Food Procesor Manufacture Purchase         2. With all other things constant, if management is able to reduce the direct materi...

 Horizontal Analysis of the Income Statement Income statement data for Winthrop Company for two recent years ended December 31, are as follows:     Current Year     Previous Year Sales $624,000 $480,000 Cost of goods sold 512,000 400,000 Gross profit $112,000 $80,000 Selling expenses $33,600 $28,000 Administrative expenses 30,720 24,000 Total operating expenses $64,320 $52,000 Income before income tax $47,680 $28,000 Income tax expenses 19,100 11,200 Net income $28,580 $16,800 a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for the current year when compared with the previous year. If required, round to one decimal place. Winthrop Company Comparative Income Statement For the Years Ended December 31 Current year Amount Previous year Amount Increase (Decrease) Amount Increase (Decrease) Percent Sales $624,000 $480,000 $ % Cost of goods sold 512,000 400,000 % Gross profit $112,000 $80,000 $ % Sel...

 Silven Industries, which manufactures and sells a highly successful line of summer lotions and insect repellents, has decided to diversify in order to stabilize sales throughout the year. A natural area for the company to consider is the production of winter lotions and creams to prevent dry and chapped skin. After considerable research, a winter products line has been developed. However, Silven’s president has decided to introduce only one of the new products for this coming winter. If the product is a success, further expansion in future years will be initiated. The product selected (called Chap-Off) is a lip balm that will be sold in a lipstick-type tube. The product will be sold to wholesalers in boxes of 24 tubes for $12 per box. Because of excess capacity, no additional fixed manufacturing overhead costs will be incurred to produce the product. However, a $103,500 charge for fixed manufacturing overhead will be absorbed by the product under the company’s absorption costing s...