125000 210000 134000 240000 5000 90000 70000 430000 2000 11000 834000 Summerborn Manufacturing, Co., completed the following transactions during 2012: Jan 16 Declared a cash dividend on the 5%, $100 per preferred stock (900 shares outstanding). Declared a $0.30 per share dividend on the 80,000 shares of common stock outstanding. The date of record is January 31, and the payment due date is February 15. Feb 15 Paid the cash dividends. Jun 10 Split common stock 2 for 1. Before the split, Summerborn had 80,000 shares of $6 par common stock outstanding. Jul 30 Distributed a 50% stock dividend on the common stock. The market value of the common stock was $9 per share. Oct 26 Purchased 1,000 shares of treasury stock at $13 per share. Nov 8 Sold 500 shares of treasury stock for $15 per share. Nov 30 Sold 300 shares of treasury stock for $8 per share. The capital structure of Blacksmith, Inc., at December 31, 2011, included 18,000 shares of $1 preferred stock and 38,000 shares of common stock. Common stock outstanding during 2012 totaled 38,000 shares. Income from continuing operations during 2012 was $108,000. The company discontinued a segment of the business at a gain of $26,000 and also had an extraordinary gain of $12,000. The Blacksmith board of directors restricts $99,000 of retained earnings for contingencies. Retained earnings at December 31, 2011, were $99,000, and the company declared preferred dividends of $18,000 during 2012. 1. Record the transactions in Summerborn’s general journal. 1. Compute Blacksmith’s earnings per share for 2012. Start with income from continuing operations. All income and loss amounts are net of income tax. 2. Show two ways of reporting Blacksmith’s retained earnings restriction. The following information was taken from the records of Clarkson Motorsports, Inc., at November 30, 2012: Selling expenses General expenses Income from discontinued operations Retained earnings, beginning Cost of goods sold Net sales…

Fin Forum due Tuesday Discuss the relationship between bond prices and interest rates. What impact do changing interest rates have on the price of long-term bonds versus short-term bonds? Quiz due Saturday Bus Forum due Tuesday Identify one global marketing strategy and using a specific organization as an example, identify how they successfully implemented the strategy to market globally. Bus assignment due Saturday Create a global human resource strategy to recruit, select, and train an expatriate for a position of your choice.   Include (but not limited): recruitment, selection, interviewing, hiring, and training. Use a specific company/industry to focus your recruitment efforts?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

Find a company that has been in the news recently.  Using the material that you read in Appendix B of “The business guide to legal literacy: what every manager should know about the law” write a 200 – 300 word essay where you identify at least two legal issues that affect the company.  Clearly list each legal topic that you are discussing.   Incorporate the required readings and support your statements.  Citations for all material used should be in APA format. Post your essay in this discussions thread.  You do not need a title page. Please do not use attachments in the discussions.   Your initial reply to the discussion question should be posted no later than Wednesday.  Your discussions with your classmates should be posted throughout the week.  You should engage in discussions with a minimum of two classmates.  Replies to classmates must be substantive, at least 75 words and incorporate concepts and materials that you have learned this week.??????????????????????????????????????

2013 2012 1000000 1200000 450000 600000 550000 600000 600000 450000 -50000 150000 2013 2012 380000 376000 -20000 -16000 360000 360000 480000 440000 3400000 3080000 1600000 1440000 780000 680000 Problem 1 Problem 2 Sales Cost of goods sold Gross margin Operating expenses Net income % Sales Comments (25 points) Accounts receivable Inventory Allowance for doubtful accounts Net accounts receivable Required: Compute (1) accounts receivable turnover for 2013, (2) the inventory turnover for 2013, and (3) the net margin for 2012. Balance sheet items Income statement items Required: Express each income statement component as a percentage of sales, and comment on the trends in each line from 2012 to 2013. ???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

120000 148000 124000 24000 310000 -46000 306000 0 0 0 0 0 Problem 1 Problem 2 (25 points) Beginning inventory, raw materials Purchases of raw materials Plus: Purchases of raw materials Raw materials available for use Less: Ending raw materials inventory Cost of direct raw materials used Manufacturing overhead Total manufacturing costs Total work in process Cost of goods manufactured Schedule of Cost of Goods Manufactured Break-even point in units Fixed Costs Break-even point in dollars Break-even point in units * selling price Required: JZ is a musician who is considering whether to independently produce and sell a CD. JZ estimates fixed costs of $10,000 and variable costs of $4.00 per unit. The expected selling price is $12 per CD. What is JZ’s break-even point in units and dollars? Required: Use the following information to complete the below schedule of cost of goods manufactured. Ending work-in-process inventory Direct labor Plus: Beginning work-in-process inventory Less: Ending work-in-process inventory Contribution margin per unit ???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

100000 -50000 50000 25000 30000 5000 8000 11000 9000 4500 4 4 36000 18000 Problem 1 Problem 2 Direct or Indirect? (20 points) (30 points) Salary of manufacturing supervisor Wages of manufacturing worker Telephone costs Rent Material used in production Old Machine Original cost Accumulated depreciation Market value (now) Book value Salvage value (in 5 years) Annual depreciation expense Times number of years New machine Required: GH Company is trying to decide whether to replace a current piece of machinery with a new machine. Using the below data, determine the relevant costs of the old machine and the new machine. Should GH Company purchase the new machine? Total operating expenses Per year Operating expenses Required: Identify each of the following as either a direct or indirect cost. ??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

Unit 4 – Assignment 2 [GB519 | Measurement and Decision Making] 1 Case Study | Part 2 Part Two of the Case Study Project (Part One was completed in Unit 02). Course Portfolio Project -Turn in Part 2 of the project The second and final part of this project is due at the end of Unit 04. Part Two of the Case Study Project is a PowerPoint (PPT) presentation with voiceover. The Voiceover will be the narrative you would be presenting as if this were a live presentation. You will, in essence, be making a presentation to the Board of Directors of your organization. Your Unit 02 Part One of the Case Study will be the basis for your PPT presentation. Begin with a brief introduction of the organization. Be sure to identify whether it is a manufacturing or a service organization. Detail briefly the products or services offered by your organization, the company’s market niche and/or customer base. Keep in mind that the members of the board may or may not have read the report you completed in Parts 1 of the project. Even though this will be a brief presentation, it should include all essential information and data. Continue with a discussion of the Balanced Scorecard (BSC). Present all 4 performance dimensions thoroughly. Discuss all Critical Success Factors CSF). You may want to include the charts, tables or graphs. Then, discuss the significant costs to your organization. Next, present and discuss the Strategy Map and how it relates to your BSC. A properly designed Strategy Map is essential to this presentation. Include a discussion of sustainability. Include a formal conclusion that discusses the key strengths and weaknesses of the organization. Also discuss your recommendations for the organizational strategy. The presentation should include 10 – 12 slides. The first slide must be a Title Slide, and the Final Slide must be your Reference List. Properly attributed sources are essential. The presentation itself (voiceover) should be 8-10 minutes long. In addition to recording…

Cost Management5 a s t r a t e g i c e m p h a s i s Fifth Edition Blocher | Stout | Cokins Cost Management A Strategic Emphasis Cost Management A Strategic Emphasis Fifth Edition Edward J. Blocher University of North Carolina at Chapel Hill Kenan-Flagler Business School David E. Stout Youngstown State University Williamson College of Business Administration Gary Cokins Strategist, Performance Management Solutions SAS/Worldwide Strategy COST MANAGEMENT: A STRATEGIC EMPHASIS Published by McGraw-Hill/Irwin, a business unit of The McGraw-Hill Companies, Inc., 1221 Avenue of the Americas, New York, NY, 10020. Copyright © 2010, 2008, 2005, 2002, 1999 by The McGraw-Hill Companies, Inc. All rights reserved. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of The McGraw-Hill Companies, Inc., including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning. Some ancillaries, including electronic and print components, may not be available to customers outside the United States. This book is printed on acid-free paper. 1 2 3 4 5 6 7 8 9 0 DOW/DOW 0 9 ISBN 978-0-07-352694-2 MHID 0-07-352694-0 Vice president and editor-in-chief: Brent Gordon Editorial director: Stewart Mattson Executive editor: Richard T. Hercher, Jr. Editorial coordinator: Rebecca Mann Marketing manager: Kathleen Klehr Senior project manager: Bruce Gin Production supervisor: Michael McCormick Designer: Matt Diamond Senior media project manager: Greg Bates Cover design: Jenny El-Shamy Interior design: Matt Diamond Typeface: 10/12 Times Roman Compositor: Laserwords Private Limited Printer: R. R. Donnelley Library of Congress Cataloging-in-Publication Data Blocher, Edward. Cost management : a strategic emphasis /Edward J. Blocher, David E. Stout, Gary Cokins.—5th ed. p. cm. Includes index. ISBN-13: 978-0-07-352694-2 (alk. paper)…

1 5/15/2012 60 7/14/2012 5/15/2012 94000 94000 7/14/2012 1880 94000 95880 94000 0.12 0.16666666666666666 1880 1 1700000 0.09 0.5 76500 2 2011 1700000 1700000 6/30/2012 76500 76500 76500 76500 3 2011 1666000 34000 1700000 1734000 34000 1700000 220000 400000 0.55000000000000004 720000 400000 1.8 2 1 144000 144000 2 144000 120000 24000 3 144000 48000 96000 1 166.6 10 16.66 2 90 9 10 3 84.5 6.5 13 4 240 40 6 2a. Cash 2b. Cash Repaid note plus interest. 60/360 Cash Notes Payable Interest Expense* Notes Payable Cash * Principal x Interest rate x Fraction of year Total interest Borrowed cash – issued note. Dr Cr Exercise 9-4 GB 518 Unit 5 Assignment Student: Part Start Date Term of Note Maturity Maturity date Computation = Description <–There is no Check Date for Part 1.. 1a. 1b. Exercise 10-16 Exercise 10-1 (15 minutes) Journal entries (a) Jan. 1 Bonds Payable Sold bonds at par. (b) Bond Interest Expense Paid semiannual interest on bonds. (c) Dec. 31 Jan. 1 Cash* Discount on Bonds Payable Sold bonds at 98. *($1,700,000 x 0.98) Premium on Bonds Payable Sold bonds at 102. *($1,700,000 x 1.02) GB 518 Unit 05 Assignments Part Value Par Semi- Annual Interest % Portion of Year Annual $ Semiannual cash interest payment = Feb. 20 Common Stock, No-Par Value Issued common stock for cash. Common Stock, $20 Par Value Contributed Capital in Excess of Par Value, Common Stock Common Stock, $8 Stated Value Contributed Capital in Excess of Stated Value, Common Stock GB 518 Unit 05 Assignment Exercise 11-2 Stock Divided by Price-Earnings Ratio ¸ = Market Value/Share EPS GB518 Unit 5 Assignment Total Liabilitites Assets Debt-to- Equity Current debt-to-equity ratio = Enter the analysis in text box. The Template is provided to help you complete your assignment successfully. Enter you Name here ======> There are hints and guidance within the…

0 1 00:00:00 5/15/2012 7/14/2012 0.12 0 1 0 2 2011 6/30/2012 3 2011 0 2 0 1 2 3 0 1 2 3 4 2a. Cash 2b. Cash Repaid note plus interest. 60/360 Cash Notes Payable Interest Expense* Notes Payable Cash * Principal x Interest rate x Fraction of year Total interest Borrowed cash – issued note. Dr Cr Exercise 9-4 GB 518 Unit 5 Assignment Student: Part Start Date Term of Note Maturity Maturity date Computation = Description <–There is no Check Date for Part 1.. 1a. 1b. Exercise 10-16 Exercise 10-1 (15 minutes) Journal entries (a) Jan. 1 Bonds Payable Sold bonds at par. (b) Bond Interest Expense Paid semiannual interest on bonds. (c) Dec. 31 Jan. 1 Cash* Discount on Bonds Payable Sold bonds at 98. *($1,700,000 x 0.98) Premium on Bonds Payable Sold bonds at 102. *($1,700,000 x 1.02) GB 518 Unit 05 Assignments Part Value Par Semi- Annual Interest % Portion of Year Annual $ Semiannual cash interest payment = Feb. 20 Common Stock, No-Par Value Issued common stock for cash. Common Stock, $20 Par Value Contributed Capital in Excess of Par Value, Common Stock Common Stock, $8 Stated Value Contributed Capital in Excess of Stated Value, Common Stock GB 518 Unit 05 Assignment Exercise 11-2 Stock Divided by Price-Earnings Ratio ¸ = Market Value/Share EPS GB518 Unit 5 Assignment Total Liabilitites Assets Debt-to- Equity Current debt-to-equity ratio = Enter the analysis in text box. The Template is provided to help you complete your assignment successfully. Enter you Name here ======> There are hints and guidance within the templates. For Example, some fields will have a note attached – as designated by the red triangle in the upper right corner of the cell. Some final cell totals or answers will give you a notice if the answer is correct. For example, if you have gotten the right answer, you may see a note “Correct”, or “Good!” appear beneath or to the side of that cell. But, not all…

33 C H A P T E R T W O Implementing Strategy: The Value Chain, the Balanced Scorecard, and the Strategy Map After studying this chapter, you should be able to . . . 1. Explain how to implement a competitive strategy by using Strengths-Weaknesses-Opportunities-Threats (SWOT) Analysis 2. Explain how to implement a competitive strategy by focusing on the execution of goals 3. Explain how to implement a competitive strategy using value-chain analysis 4. Explain how to implement a competitive strategy using the balanced scorecard 5. Explain how to expand the balanced scorecard by integrating sustainability Amazon.com typifies successful competition in the new economy far more than many firms. Some would say that Amazon invented the Internet retailing business model that all other dotcoms are struggling to copy. Amazon understands well the strategy (i.e., business model) of developing and maintaining customer loyalty, which is the key to success in retail e-business, and implements it effectively. Speaking of Jeff Bezos, the founder and CEO of Amazon.com , Robert Hof of Business-Week writes: “Jeff Bezos . . . was one of the few dot-com leaders to understand that sweating the details of Internet technologies would make all the difference. Amazon wasn’t the first store on the Web. But Bezos beat rivals in inventing or rolling out new Internet technologies that made shopping online faster, easier, and more personal than traditional retail. He offered customized recommendations based on other buyers’ purchases, let people buy an item with just one mouse click, and created personalized storefronts for each customer.” 1 The amazing thing about Amazon is that it created such a successful strategy for e-commerce at a time when there was no model to use as a guide. As Hof suggests, Amazon’s success appears to come from its ability to deliver excellent customer service with very low prices. It has differentiated itself through efficient and error-free operating systems that provide…

Req. 2 Req. 1 Name: Section: Date: Journal ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT DATE Req. 1 Req. 2 S8-3 Req. 2 Req. 1 Name: Section: Date: Journal ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT DATE Req. 1 Req. 2 S8-3 ????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

Last Name First Name Company Title of the financial position/balance sheet statement? Title of the financial performance/income statement? Fiscal year end of the statements? Name of the external auditors and date of the audit opinion? What makes you think your company is a retailer? Company Choice ACTG 201 Section ____??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

Assignment 4.1: The Value of Compound Interest for Investments In this course project assignment, you will research the value of compounding interest (or reinvesting all gains) for investments. Click on the “Project” tab on the top navigation bar for details on the course project. Procedure Assume your company has $25,000 available to invest for 10 years. The investment may be broken down into $5,000 increments. Make an assumption about the company’s risk-return trade-off tolerance. Write a statement about your assumption. Choose investments from the following list that meet the company’s risk tolerance: Cash-on-hand checking account, 0% interest Savings account at 1½% interest, compounded annually CD’s at 3%, compounded bi-annually Bonds at 7% interest, compounded bi-annually Mutual funds at 10%, compounded quarterly Stocks at 15%, compounded quarterly For example: you may choose $5,000 in Cash-on-hand; $10,000 invested in CD’s; and $10,000 invested in Bonds. Using Table 12.1 “Future Value of $1 at Compound Interest” inPractical Business Math Procedures (text), calculate the value of the investment in each account after the 10 year time period for each investment chosen. Compute the total for the investment. After you have organized your thoughts, post your recommendation for how the company should invest the $25,000 to the course Forum. Provide an argument for each investment you made, supporting your choices using the risk-return trade-off assumption you made for the company. Copy this information to the financial plan final report template. Assignment 4.3: Investment Strategy In this assignment you will create an investment plan for your project business, supporting your analysis using personal experience, website searches, and/or interviews. Click on the “Project” tab in the top navigation bar for details on the course project. Procedure Research the different types of investment strategies available to your company found online, in…

Week Three Assignment Please complete the following 5 exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document, and submit it in the appropriate week using the Assignment Submission button. 1. Overhead application: Working backward The Towson Manufacturing Corporation applies overhead on the basis of machine hours. The following divisional information is presented for your review: Division A Division B Actual machine hours 26,500 ? Estimated machine hours 20,000 ? Overhead application rate $5.00 $6.00 Actual overhead $120,000 ? Estimated overhead ? $90,000 Applied overhead ? $87,000 Over- (under-) applied overhead ? $8,500 Find the unknowns for each of the divisions. 2. Computations using a job order system Spencer Corporation employs a job order cost system. On May 1 the following balances were extracted from the general ledger; Work in process $ 36,200 Finished goods 86,900 Cost of goods sold 130,700 Work in Process consisted of two jobs, no. 101 ($22,400) and no. 103 ($13,800). During May, direct materials requisitioned from the storeroom amounted to $96,500, and direct labor incurred totaled $116,500. These figures are subdivided as follows: Direct Materials Direct Labor Job No. Amount Job No. Amount 101 $6,000 101 $7,800 117 18,500 103 20,800 116 34,200 117 44,000 Other 36,800 116 18,000 $95,500 Other 25,900 $116,500 Job no. 117 was the only job in process at the end of the month. Job no. 101 and three “other” jobs were sold during May at a profit of 20% of cost. The “other” jobs contained material and labor charges of $23,000 and $17,400, respectively. General applies overhead daily at the rate of 150% of direct…

Week Four Assignment Please complete the following 3 exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document, and submit it in the appropriate week using the Assignment Submission button. 1. Comprehensive budgeting The balance sheet of Williams Company as of December 31, 20X8, follows. WILLIAMS COMPANY ??Balance Sheet ??December 31, 12X8 ??Assets ????Cash ??$4,595 ??Accounts receivable ??10,000??Finished goods (575 units x $7.00) ??4,025??Direct materials (2,760 units x $0.50) ??1,380??Plant & equipment ?$50,000 ???Less: Accumulated depreciation ?10,000?40,000??Total assets ??$60,000 ??Liabilities & Stockholders’ Equity ????Accounts payable to suppliers ??$14,000 ??Common stock ?$25,000 ???Retained earnings ?21,000?46,000??Total liabilities &. stockholders’ equity ??$60,000 ?? The following information has been extracted from the firm’s accounting records: All sales are made on account at $20 per unit. Sixty percent of the sales are collected in the month of sale; the remaining 40% are collected in the following month. Forecasted sales for the first five months of 20X9 are: January, 1,600 units,- February, 1,700 units; March, 1,900 units; April, 2,100 units; May, 2,200 units. Management wants to maintain the finished goods inventory at 30% of the following month’s sales. Williams uses four units of direct material in each finished unit. The direct material price has been stable and is expected to remain so over the next six months. Management wants to maintain the ending direct materials inventory at 60% of the following month’s production needs. Seventy percent of all purchases are paid in the month of purchase; the remaining 30% are paid in the subsequent month. Williams’ product requires 30 minutes of direct labor time. Each hour of direct labor costs $9. Instructions: Rounding computations to the nearest dollar,…

Week Five Assignment Please complete the following 5 exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document, and submit it in the appropriate week using the Assignment Submission button. 1. Basic present value calculations Calculate the present value of the following cash flows, rounding to the nearest dollar: A single cash inflow of $12,000 in five years, discounted at an 11% rate of return. An annual receipt of $16,000 over the next 12 years, discounted at an 11% rate of return. A single receipt of $15,000 at the end of Year 1 followed by a single receipt of $10,000 at the end of Year 3. The company has a 12% rate of return. An annual receipt of $8,000 for three years followed by a single receipt of $10,000 at the end of Year 4. The company has an 11% rate of return. 2. Cash flow calculations and net present value On January 2, 20X7, Brian Rein invested $10,000 in the stock market and purchased 500 shares of Heartland Development, Inc. Heartland paid cash dividends of $2.70 per share in 20X7 and 20X8; the dividend was raised to $3.30 per share in 20X9. On December 31, 20X9, Rein sold his holdings and generated proceeds of $13,100. Rein uses the net-present- value method and desires a 16% return on investments. Prepare a chronological list of the investment’s cash flows. Note: Rein is entitled to the 20X9 dividend. Compute the investment’s net present value, rounding calculations to the nearest dollar. Given the results of part (b), should Rein have acquired the Heartland stock? Briefly explain. 3. Net present value The City of Brighton is studying a 550-acre site on Route 401 for a new landfill. The startup cost has been calculated as follows: Purchase cost: $400 per acre Site preparation: $180,000 The site can be used for 20 years before it reaches capacity. Brighton, which shares a facility in…

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.htmhttp://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-sechttp://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 document for 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…

ACC 206 Week 1 Assignment: Chapter One Problems Please complete the following 5 exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document, and submit it in the appropriate week using the Assignment Submission button. Ch 1 Critical Thinking Question 5: Answer the following questions: Why are noncash transactions, such as the exchange of common stock for a building for example, included on a statement of cash flows? How are these noncash transactions disclosed? Chapter 1 Exercise 1: 1. Classification of activities Classify each of the following transactions as arising from an operating (O), investing (I), financing (F), or noncash investing/financing (N) activity. ________ Received $80,000 from the sale of land. ________ Received $3,200 from cash sales. ________ Paid a $5,000 dividend. ________ Purchased $8,800 of merchandise for cash. ________ Received $100,000 from the issuance of common stock. ________ Paid $1,200 of interest on a note payable. ________ Acquired a new laser printer by paying $650. ________ Acquired a $400,000 building by signing a $400,000 mortgage note. Chapter 1 Exercise 4: 4. Overview of direct and indirect methods Evaluate the comments that follow as being True or False. If the comment is false, briefly explain why. Both the direct and indirect methods will produce the same cash flow from operating activities. Depreciation expense is added back to net income when the indirect method is used. One of the advantages of using the direct method rather than the indirect method is that larger cash flows from financing activities will be reported. The cash paid to suppliers is normally disclosed on the statement of cash flows when the indirect method of statement preparation is employed. The dollar change in the Merchandise Inventory account appears on the statement of cash…

You will need access to book “Survey of Accounting 2nd Edition by Thomas Edmonds. Thanks Assignment Due Date Format Grading Percent Debit/Credit Day 3 (1st post) Discussion Forum 4 Historical Concept Day 3 (1st post) Discussion Forum 4 Understanding Real World Financial Reports Day 7 Written Assignment 10 Readings Chapter 4 Chapter 5 Chapter 6 Discussions To participate in the following Discussion Forums, go to this week’s Discussion link in the left navigation: Debit/Credit — Week 2 Read and respond to question #31 from page 156. You must respond to at least two of your classmates’ postings to receive full credit. Historical Concept — Week 2 From Chapter 6, read and answer question 8 on page 232. You must respond to at least two of your classmates’ postings to receive full credit. Assignments To complete this assignment, go to this week’s Assignment link in the left navigation: Understanding Real World Financial Reports In a 1-2 page paper, respond to question ATC 4-1 on page 166. DQ-1 Debit/Credit – Dq-1 Read and respond to question #31 from page 156. You must respond to at least two of your classmates’ postings to receive full credit. DQ-2 Historical Concept – Week 2 From Chapter 6, read and answer question 8 on page 232. You must respond to at least two of your classmates’ postings to receive full credit. Assignment Understanding Real World Financial Reports In a 1-2 page paper, respond to question ATC 4-1 on page 166.???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

GLICKMAN – ACC111 End of Chapter 9 Test – (40 points) Name: _______________________________________ Please show all calculations!!! PROBLEM #1 – 25 points At the beginning of the year, Sonoran Park Equipment’s accounts receivable balance was $105,000 and the allowance for doubtful accounts had a $1,950 credit. Sonoran’s sales in the current year were $787,500, 80% of which were on credit. Collections on account during the year were $502,000. Additionally, Sonoran wrote off $3,000 of uncollectible accounts during the year. It is estimated that 6% of the year end accounts receivable are expected to be uncollectible. Using the allowance for bad debts based on accounts receivable aging method, determine the journal entry for the estimate of bad debts. What is Sonoran’s net realizable value of accounts at the end of the year? Journal Entry Show work here: B. Net Realizable Value PROBLEM #2 – 10 points Good Day Service Center received a 120 day, 6% note for $50,000, dated April 12, 20XX from a customer on account. Determine the (a) due date of the note, (b) the maturity value of the note, and (c) the journal entry to record the receipt of the payment of the note at maturity. Use a 360 day year. PROBLEM #3 – 5 points What is the difference between an account receivable and a note receivable?

Name: _____________________________________ 1. Describe and explain the three major areas of accounting? 2. What types of people or organizations are interested in financial information about a firm, and why are they interested in this information? 3. What are the three types of business entities, and how do they differ? 4. What is the function of the Securities and Exchange Commission, and what is the purpose of the Financial Accounting Standards Board? 5. John Jones owns Acme Personnel Services. At the beginning of February, his firm’s financial records showed the following assets, liabilities, and owner’s equity: Cash $14,500 Accounts Payable $12,000 Accounts Receivable $ 9,000 John Jones, Capital $16,000 Supplies $ 1,600 Revenue $ 8,500 Office Furniture $ 7,500 Expenses $ 4,250 Set up an equation using the balances given above. Record the effects of the following transactions in the equation. (Use plus, minus, and equals signs.) Record new balances after each transaction has been entered. Prove the equality of the two sides of the final equation in the space provided below. 6. Sally McMillan is opening a tax preparation service on November 1, which will be called Sally’s Tax Service. Sally plan to open the business by depositing $6,000 cash into a business checking account. The following assets will also be owned by the business: Furniture (fair market value of $2,000), and a computer and printer (fair market value of $4,400). There are no outstanding debts of the business as it is formed. Prepare a balance sheet for November 1, 2003, for Sally’s Tax Service by entering the correct balances in the appropriate accounts. (You will need to use the accounting equation to compute owner’s equity.) ) Indicate whether each of the following accounts normally has a debit balance or a credit balance: (circle the correct answer) Accounts Payable Debit…

1. Please choose and select any problem that you would like from chapter 10; the problems at the end of the chapter. Please identify and tell me which problem and complete all steps for the problem. Attach additional pages if needed. Cindy Brown works for Trinity Industries. Her pay rate is $12.70 per hour and she receives overtime pay at one and one-half times her regular hourly rate for any hours worked beyond 40 in a week. ?During the pay period that ended December 31, 2010, Cindy worked 48 hours. Cindy is married and claims three withholding allowances on her W-4 form. Cindy’s cumulative earnings prior to this pay period total $28,000. Cindy’s wages are subject to the following deductions: Social Security tax at 6.2 percent Medicare tax at 1.45 percent Federal income tax (use the withholding table shown below) Health and disability insurance premiums, $165 United Way contribution, $19 United States Savings Bond, $75 INSTRUCTIONS Compute Cindy’s regular, overtime, gross, and net pay. Journalize the payment of her wages for the week ended December 31,2010. Analyze: Based on Cindy’s cumulative earnings through December 31, how much overtime pay did she earn this year? 2. The payroll register of Acme Plumbing Repair showed total employee earnings of $4,660 for the week ended November 29, 2003. A. Compute the employer’s payroll taxes for the period. The tax rates are as follows: Social Security 6.2 percent Medicare 1.45 percent FUTA 0.8 percent SUTA 2.2 percent B. Prepare a general journal entry to record the employer’s payroll taxes for the period. C. If the FUTA tax rate had been 1.2 percent, what total employer payroll taxes would have been recorded? 3. Please choose and select any problem that you would like from chapter 12; the problems at the end of the chapter. Please identify and tell me which problem and complete all…

Although many small businesses might operate on a cash basis, most of the larger ones use the accrual basis to record business events in the general journal. In this assignment, you will apply your knowledge of various business events that require journal entries to be made. Instructions For this assignment, use the BUS3061 Assignment u04a1 Template (listed in Resources). Accounts to be used are given below: Cash. Prepaid insurance. Land. Buildings. Equipment. Accounts payable. Unearned service revenue. Owner’s capital. Owner’s drawings. Service revenue. Advertising expense. Salaries and wages expense. Each of the following business events for Magnolia Greens Frisbee Golf Course will require a journal entry: May 1: Invested $20,000 cash in the golf course business. May 3: Purchased Hampstead Golf Land for $15,000 cash. The price includes land $12,000, shed $2,000, and equipment $1,000. May 5: Paid advertising expenses of $700. May 6: Paid cash $600 for a 1-year insurance policy. May 10: Purchased golf discs and other equipment for $1,050 from Discs Are Us, payable in 30 days. May 18: Received $1,100 in cash for golf fees earned (service revenue). May 19: Sold 150 coupon books for $10 each. Each book contains four coupons that enable the holder to play one round of golf. May 25: Withdrew $800 cash for personal use. May 30: Pay salaries for part-time employees $250. May 30: Paid Discs Are Us the full amount due. May 31: Received $2,100 cash for fees earned. BUS3061 Fundamentals of Accounting Instructions Accounts to be used: Cash. Prepaid insurance. Land. Buildings. Equipment. Accounts payable. Unearned service revenue. Owner’s capital. Owner’s drawings. Service revenue. Advertising expense. Salaries and wages expense. Leave a space between each dated transaction. May 1?Invested $20,000 cash in the golf course business.??May 3?Purchased Hampstead Golf Land for $15,000 cash. The price includes land $12,000, shed $2,000, and equipment $1,000.??May 5?Paid…

SUBDOMAIN 319.1 – ACCOUNTING & FINANCE SUBDOMAIN 319.2 – INFORMATION TECHNOLOGY Competency 319.1.3 Capital Budgeting Analysis – The graduate correctly applies time value of money techniques and techniques that ignore present value for capital investment decisions. Competency 319.2.1 Technology Tools – The graduate uses information technology tools for specified business purposes. Competency 319.2.5 Information Management – The graduate selects appropriate technology applications to manage information and make decisions in given situations. Objectives: 319.1.3-01: Calculate net present value based on a given set of facts. 319.1.3-02: Apply the results of a net present value calculation to a given decision situation. 319.1.3-03: Calculate internal rate of return based on a given set of facts. 319.1.3-04: Apply the results of an internal rate of return calculation to a given decision situation. 319.1.3-05: Calculate the period of time required to recoup the money expended for new equipment in a given situation. 319.1.3-06: Calculate the accounting rate of return based on a given set of facts. 319.1.3-07: Explain the relationship of the accounting rate of return to the internal rate of return for the same capital investment alternative. 319.1.3-08: Calculate net cash flow in a given situation. 319.1.3-09: Explain the impact of depreciation on net cash flow. 319.1.3-10: Explain the role of the weighted average cost of capital in capital budgeting analysis. 319.2.1-04: Produce a computer-based presentation on a business topic. 319.2.5-05: Demonstrate the appropriate use of specified software application in a given situation. It is imperative that you enter your first initial and last name in the fields designated on the template. Your work and results will be based on an individualized dataset that will auto load in the template when you enter your first initial and last name. Your work will not be correctly graded if you fail to…

Test 3 Name _________________________ for ACC 232 with MA6e including App. A and Chap. 9, 10 and 11 Appendix A – Managerial Analysis of Financial Statements Question 1: Ratio Calculations and Interpretation (20 points) Required: Prepare a comprehensive analysis of Utica for 2014, including the following measures (round all calculations to two decimal places. Comment on the financial condition of Utica with respect to short-term solvency, long-term solvency, and performance. continued on the next two pages… Utica Company Comparative Income Statements For Years Ended December 31, 2014 and 2013 2014 2013 Sales $13,013,631 $11,016,668 Cost of goods sold 7,247,451 6,267,557 Gross profit 5,766,180 4,749,111 Selling and administrative expenses 3,937,065 3,296,448 Operating income 1,829,115 1,452,664 Other expenses (revenues): Interest revenue (95,915) (77,478) Interest expense 88,232 68,800 Total other expenses (revenues) (7,683) (8,678) Income before income taxes 1,836,798 1,461,342 Income taxes 819,775 609,517 Net income $ 1,017,023 $ 851,824 Utica Company Comparative Balance Sheets December 31, 2014 and 2013 2014 2013 Assets Cash $ 346,652 $ 254,183 Marketable securities 446,013 198,746 Accounts receivable 986,322 1,025,321 Inventory 1,631,467 1,588,061 Prepaid expenses 127,488 113,306 Total current assets 3,537,942 3,179,616 Investments and other assets 790,333 592,281 Property Plant and equipment, net 3,075,290 2,628,046 Trademarks and other intangibles 268,588 275,735 Total Assets $7,672,153 $6,675,678 Liabilities and Stockholders’ Equity Notes payable $ 182,880 $ 171,671 Current maturities of long-term debt 10,230 14,755 Accounts payable and accrued expenses 1,858,773 1,894,271 Total current liabilities 2,051,883 2,080,697 Long-term debt 567,495 528,494 Total liabilities 2,619,378 2,609,191…

Sheet3 Sheet2 BalSheet Current Assets Cash & Cash Equivalents Accounts Receivable Prepaid Expenses & Supplies Total Current Assets Carrier Operating Property (at cost) Less: Allowance for Depreciation Net Carrier Operating Property Assets of Discontinued Operations Goodwill (net) Other Assets Total Assets Current Liabilities Accounts Payable Salaries & Wages Current Portion of Long-Term Debt Freight & Casualty Claims Payable Total Current Liabilities Long-Term Liabilities Accrued Pension & Post Retirement Health Care Long-Term Debt Total Long Term Liabilities Shareholders’ Equity Common Stock ($1 par value Authorized: 20,000,000 shares) Treasury Shares Retained Earnings Total Shareholders’ Equity Total Liabilities and Shareholders’ Equity Huffman Trucking Balance Sheet (Unaudited) (In Thousands) Copyright 2007, 2012 © Apollo Group, Inc. All right…

ACC 206 Week 2 Assignment: Chapter Two and Three Problems Please complete the following exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document, and submit it in the appropriate week using the Assignment Submission button. Chapter 2 Exercise 3 1. Analysis of stockholders’ equity Star Corporation issued both common and preferred stock during 20X6. The stockholders’ equity sections of the company’s balance sheets at the end of 20X6 and 20X5 follow: 20X6 20X5 Preferred stock, $100 par value, 10% $580,000 $500,000 Common stock, $10 par value 2,350,000 1,750,000 Paid-in capital in excess of par value Preferred 24,000 — Common 4,620,000 3,600,000 Retained earnings 8,470,000 6,920,000 Total stockholders’ equity $16,044,000 $12,770,000 Compute the number of preferred shares that were issued during 20X6. Calculate the average issue price of the common stock sold in 20X6. By what amount did the company’s paid-in capital increase during 20X6? Did Star’s total legal capital increase or decrease during 20X6? By what amount? Chapter 2 Problem 1 2. Bond computations: Straight-line amortization Southlake Corporation issued $900,000 of 8% bonds on March 1, 20X1. The bonds pay interest on March 1 and September 1 and mature in 10 years. Assume the independent cases that follow. Case A—The bonds are issued at 100. Case B—The bonds are issued at 96. Case C—The bonds are issued at 105. Southlake uses the straight-line method of amortization. Instructions: Complete the following table: Case A Case B Case C Cash inflow on the issuance date _______ _______ _______ Total cash outflow through maturity _______ _______ _______ Total borrowing cost over the life of the bond issue _______ _______ _______ Interest expense for the year ended December 31, 20X1…

Name ________________________  ?POINTS?POINTS??PROBLEM?POSSIBLE?RECEIVED??1?10? ??2?20? ??3?20???4?20???TOTAL?70? ?? Problem #1 (10 points) 1. Interest expense should be recorded in the period: a. that the expense is incurred b. a note payable is recorded c. when the note is paid d. on the date that the note is issued??? 2. Which of the following deductions is a required deduction? a. Charitable contributions b. Income taxes c. Insurance premiums d. Union dues 3. Which payroll tax is “shared” by both the employer and employer? a. State unemployment tax b. Federal income tax c. Social security tax d. Federal Unemployment ?? 4. Which of the following is a characteristic of a current liability? a. A current liability is a liability that is due within 30 days. b. A current liability is a liability that is due within one year or one operating cycle, whichever is longer. c. A current liability is a liability that is due within 10 days. d. A current liability is a liability that is due in longer than a one-year period, or one operating cycle. 5. Which of the following principles requires that warranty expense be recorded in the period that revenue is recorded? a. Consistency principle b. Matching principle c. Revenue principle d. Materiality concept ???PROBLEM #2 (20 Points) Marty’s German Restaurants incurred salary expense of $70,000 for 2012. The payroll expense includes employer FICA tax of 7.65%, in addition to state unemployment tax of 5.4% and federal unemployment tax of .8%. Of the total salaries, $15,000 is subject to unemployment tax. Also, the company provides the following benefits for employees health insurance (cost to the company $3050), life insurance (cost to the company, $400), and retirement benefits (cost to the company, 5% of salary expense.) Directions: Journalize Marty’s expenses for employee benefits and for payroll taxes. Explanations are not required….

Name: ______________________________ Date: _______________ Problem?Points Possible?Points Received??1?8 Points? ??2?3 Points? ??3?3 Points???4?2 Points? ??5?2 Points???6?4 Points???7?4 Points???8?4 Points???9?10 Points???10?4 Points???11?3 Points???12?3 Points???Total?50 Points? ?? Problem #1 (8 points) JarJar Company had the following series of transactions: 11/01/11 JarJar Company borrowed $18,000 by issuing a 12%, 1 year note. 12/1/11 JarJar Company borrowed $25,000 by issuing a 8%, 6 month note. 5/1/12 JarJar paid the full payment due of Note 2. 11/01/12 JarJar paid the full payment due of Note 1 Directions: 1) Record all necessary journal entries for JarJar Company for 2011 2) Record all necessary journal entries for JarJar Company for 2012 Explanations are not required. DATE?DESCRIPTION?REF?DEBIT?CREDIT????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? Problem #2 (3 points) Tarheel Services is holding a note receivable from one of its customers and wishes to collect the cash earlier than the maturity date of the note. The note is for $1,000 and carries a rate of 4%. Tarheel sells the note to a bank for $950. Please provide the journal entry which Tarheel makes to record this transaction. (Dates and Explanations are not required.) ?????????? ?? Problem #3 (3 points) Clockwise Services is holding a note receivable from one of its customers and wishes to collect the cash earlier than the maturity date of the note. The note is for $1,000 and carries a rate of 4%. Clockwise sells the note to a bank for $1,080. Please provide the journal entry with Clockwise makes to record this transaction. (Dates and Explanations are not required.) ??This document was truncated here because it was created in the Evaluation Mode.

Name ________________________   POINTS POINTS PROBLEM POSSIBLE RECEIVED 1 5   2 15   3 50   4 30   TOTAL 100   Problem #1 (1 points each) Circle the correct answer. 1. Which of the following is not a plant asset? a. land b. furniture c. buildings d. supplies 2. Accumulated depreciation is classified as a(n) a. expense account. b. liability account. c. asset account. d. contra-asset account. 3. Book value is defined as a. depreciation expense plus accumulated depreciation. b. the cost of a plant asset less depreciation expense. c. the cost of a plant asset plus accumulated depreciation. d. the cost of a plant asset less accumulated depreciation. 4. Which statement below is false regarding the double-declining balance method of depreciation? a. Residual value is ignored entirely using the double-declining balance method. b. Many companies switch from the double-declining balance method to the straight-line method during the next-to-last year of the asset’s life c. The double-declining balance method uses a rate that is twice the straight-line rate. d. Final-year depreciation is the amount needed to bring the asset to its estimated residual value. 5. Interest expense should be recorded in the period: a. that the expense is incurred b. a note payable is recorded c. when the note is paid d. on the date that the note is issued Problem 2 Show All Calculations (15 Points) On July 1, Obi Wan Company pays $500,000 for a piece of real estate that contains Land, Building, and Equipment. The fair value of the Land is $200,000, the fair value of the Building is $250,000, and the fair value of the equipment is $150,000. Directions: Prepare the journal entry for Obi Wan to allocate the total cost of the purchase among the assets. Include an explanation. Land 200,000 200,000/600,000 =…

125000 120000 74250 93000 412250 40000 50000 31000 33000 154000 25000 20000 10000 18000 73000 11250 9000 4500 8100 32850 43750 35000 17500 31500 127750 120000 114000 63000 90600 387600 5000 6000 11250 2400 24650 0.04 0.05 0.15151515151515152 2.5806451612903226E-2 5.9793814432989693E-2 4500 5000 1500 11000 7000 3000 1500 1000 12500 23500 1150 2.7895694360218315E-3 100000 80000 45000 60000 285000 1.25 1.5 1.65 1.55 1.4464912280701754 1.2 1.425 1.4 1.51 1.36 55000 24750 5000 10000 10000 23000 127750 2011 101147 20200 121347 235000 14000 2011 115035 20099.999999999996 135135 238000 15000 2011 104787 19600 124387 240000 14400 2011 118541 19500 138041 265000 15680 2011 120031 20000 140031 266000 17000 2011 125487 20400 145887 274500 19500 2011 124555 20500 145055 275000 20000 2011 130412 20350 150762 285000 20100 2011 145030 20050 165080 287000 24000 2011 128115 19950 148065 278000 19801 2011 127150 20600 147750 275000 19999 2011 126225 20620 146845 271250 19850 2012 99450 20500 119950 232000 15000 2012 111999 20280 132279 234000 15500 2012 112568 20560 133128 233000 15500 2012 108787 20560 129347 231000 14850 2012 118050 20158 138208 266000 16500 2012 124532 20176 144708 269000 19500 2012 131254 20192 151446 284000 19999 2012 130555 20490 151045 286000 20000 2012 149001 20532 169533 290000 25000 2012 125633 20574 146207 274500 19850 2012 124131 20490 144621 273250 19787 2012 124665 20562 145227 271450 19899 REVENUE COSTS Direct Materials Direct Labor Fringe Benefits on Direct Labor TOTAL COST GROSS MARGIN Manufacturing Overhead Basic Hydration Intensity Post Workout Sales Total GROSS MARGIN RATIO Unit Price: Unit Cost: PERFORMANCE DRINKS – MONTHLY PROFIT REPORT Indirect Labor Fringe Benefits on Indirect Labor Utilities Processing Equipment – Depreciation Preventative Maintenance Information Technology Monthly Charge PERFORMANCE DRINKS – MONTHLY MFG OHD COST…

6.1 1. Korman Company has the following securities in its portfolio of trading equity securities on December 31, 2010: Cost Fair Value 5,000 shares of Thomas Corp., Common $155,000 $139,000 10,000 shares of Gant, Common 182,000 190,000 $337,000 $329,000 All of the securities had been purchased in 2010. In 2011, Korman completed the following securities transactions: March 1 Sold 5,000 shares of Thomas Corp., Common @ $31 less fees of $1,500. April 1 Bought 600 shares of Werth Stores, Common @ $45 plus fees of $550. The Korman Company portfolio of trading equity securities appeared as follows on December 31, 2011: Cost Fair Value 10,000 shares of Gant, Common $182,000 $195,500 600 shares of Werth Stores, Common 27,550 25,500 $209,550 $221,000 Instructions Prepare the general journal entries for Korman Company for: (a) the 2010 adjusting entry. (b) the sale of the Thomas Corp. stock. (c) the purchase of the Werth Stores’ stock. (d) the 2011 adjusting entry. 2. The following information is available for Irwin Company for 2010: Net Income $120,000 Realized gain on sale of available-for-sale securities 10,000 Unrealized holding gain arising during the period on available-for-sale securities 24,000 Reclassification adjustment for gains included in net income 8,000 Instructions (1) Determine other comprehensive income for 2010. (2) Compute comprehensive income for 2010. 3. Dobson Construction specializes in the construction of commercial and industrial buildings. The contractor is experienced in bidding long-term construction projects of this type, with the typical project lasting fifteen to twenty-four months. The contractor uses the percentage-of-completion method of revenue recognition since, given the characteristics of the contractor’s business and contracts, it is the most appropriate method. Progress toward completion is…

Problem 1: Benton County voted to establish an internal service fund to account for printing and copying for all its departments and agencies. The County engaged in the following activities related to the new fund. REQUIRED: Prepare transactions to record these events in the internal service fund. If no entry is required, write “No Entry Required.” The County Commission voted to transfer $200,000 from the General Fund to the internal service fund to establish the new fund. The fund entered into a capital lease for equipment to be used in printing activities. The total present value of the lease obligation is $600,000. Issued $1 million in general obligation bonds at 101. The bonds were issued to acquire additional equipment. The bonds are to be serviced from the internal service fund. Purchased equipment at a cost of $980,000. The equipment has an estimated useful life of nine years and an estimated salvage value of $80,000. Billed the General Fund for copying and printing charges, $70,000. Paid salaries to printing employees, $50,000. Problem 2: Geneva City has prepared all of the elements of its CAFR. REQUIRED: Numbering from one to ten, indicate the order in which each of these elements should appear in the City’s CAFR. ____ Auditor’s report ____ Letter of transmittal ____ Required supplementary information other than MD&A ____ Government-wide financial statements ____ Notes to financial statements ____ Combining statements for nonmajor funds ____ Combining statements for major discretely presented component units ____ Management’s Discussion and Analysis (MD&A) ____ Statistical tables ____ Governmental fund statements Problem 3: Richards College is a not-for-profit college. Record the following transactions for Richards College. The College has a June 30, 2007 fiscal year. a. Tuition revenue for the Fall semester 2006(August – December) was $4 million; tuition for the Spring semester 2007 (January – May) was $3.8 million;…

To prevent fraudulent shipments of merchandise, organizations should: Match every receiving slip to an approved purchase order. Match every outgoing shipment to a sales order. Make sure that all increases to perpetual inventory records are supported by proper source documents. All of the above Of the following, which is the best method for detecting the theft of inventory? Have the warehouse manager personally oversee bi-monthly inventory counts. Have someone from purchasing conduct inventory counts every quarter. Have a designated person in customer service follow-up with customers who have complained about short shipments. Match vendor addresses against employee addresses. Which of the following procedures would be least helpful in preventing larceny of non-cash assets? Segregating the duties of sales and accounts payable Installing surveillance cameras in the warehouse and on sales floors Creating access logs to track employees that enter restricted areas Employing security guards at the entrance of the warehouse Unexplained increases in inventory shrinkage can be a red flag that signals which type of fraud scheme? Fictitious refunds Inventory larceny Sales skimming All of the above Which of the following computer audit tests can be used to detect purchasing and receiving schemes? Identifying dormant customer accounts for the past six months that show a sale in the last two months of the year Calculating the ratio of the largest sale to the next largest sale by customer Extracting all inventory coded as obsolete and possessing reorder points within the inventory system All of the above Andy Kaplan is a foreman for JCP Enterprises, a regional construction company. He recently ordered some plumbing supplies from the company warehouse for an office building project he is overseeing. When the supplies arrived at the job site, however, he loaded them in his truck and took them home to use in remodeling his master bathroom. What kind of inventory theft…

Forum due tuesday Compare and contrast Foreign Direct Investment (FDI) and other forms of International Business. Assignment due Saturday Offer an article summary that discusses how to enter a foreign market; what are the steps needed and the essential elements for success. Compare/contrast two different entries.  Minimum 500 words.????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

20000 50000 30000 25000 15000 10 10 10 10 10 0.7 0.25 0.05 0.2 5 0.4 13000 0.1 0.5 0.5 0.05 10 20 50500 20500 0.5 70000 10000 0.16 0.04 30000 51000 0 0 0 143700 48800 Schedule 1: Sales Budget Schedule 3: Production Budget in Units Schedule 4: Direct Materials Purchases Schedule 2: Cash receipts Schedule 7: Overhead Budget Sales price per unit cost per lb Purchase on Credit Purchase on Cash cost per DLH Var Selling per unit Minimum Cash Beg Inv RM in lbs Schedule 5: Cash Purchases Budget Schedule 6: Direct Labor Budget April May June August April 1. All sales are on account. 25% are collected in the month following sale; and the remaining 5% are uncollectible. Uncollectible July 2. The accounts receivable balance on March 31 was $30,000. All of this balance was collectible. 3. The company collects 70% of these credit sales in the month of the sale; 1. The company desires to have inventory on hand at the end of each month equal to 20% of the following month’s budgeted unit sales. 2. On March 31, 4,000 units were on hand. 1. Five lbs. of material are required per unit of product 10% of the following month’s production needs. Each unit requires in lbs 2. The material costs $0.40 per lb. 3. Management desires to have materials on hand at the end of each month equal to 4. The beginning materials inventory was 13,000 lbs. 1. Half of a month’s purchases are paid for in the month of purchase; the other half is paid for in the following month. 2. There are no discounts for early payment. 3. The accounts payable balance on March 31 was $12,000. They are all collected in April. Each unit produced requires 0.05 hour of direct labor. Each hour of direct labor costs the company $10. Management fully adjusts the workforce to…

Final Exam Accounting I Mrs. C. Castle – Instructor Web Class Spring 2013 April 26, 2013 Name________________________________________________ Directions: Please print your answers or write your answers legibly. Answers that require written explanation and are less than 300 words will be marked wrong. Answers that have to be transcribed will be marked wrong. These are directions and not suggestions!!!!! How does a company identify the management issues related to current liabilities? How does a company identify, compute, and record definitely determinable and estimated current liabilities? Define long-term assets and explain the management issues a company may have as related to these assets. How does a company distinguish between capital expenditures and revenue expenditures, and account for the cost of property, plant, and equipment? How does a company account for the issuance of stock for cash and other assets? How does a company account for treasury stock? How would a company describe the features of a bond issue and the major characteristics of bonds? How would a company amortize bond discounts and bond premiums using the straight-line and effective interest methods? How would a company describe the principal purposes and uses of the statement of cash flows, and identify its components? 10. How would a company use the indirect method to determine cash flows from operating activities? 1 How would a company describe the features of a bond issue and the major characteristics of bonds? How would a company amortize bond discounts and bond premiums using the straight-line and effective interest methods? How would a company describe the principal purposes and uses of the statement of cash flows, and identify its components? 10. How would a…

150 90 13500 470 44540 27540 100 300 29200 170 15340 470 94.766000000000005 94.766000000000005 16110 55500 55500 55500 15000 15000 15000 12960 11300 12070 -5184 -4520 -4828 7776 6780 7242 55500 55500 55500 7776 6780 7242 15000 15000 15000 24276 23280 23742 39276 55500 55500 55500 31040 31040 31040 15000 15000 15000 5184 4520 4828 0 0 0 0 0 0 18000 18000 18000 200 200 4600 4300 Student Name: Class: Problem 05-33 Requirement a. CLEAR PHOTOGRAPHY, INC. Goods Available for Sale Cost Units per Unit Beginning Inventory @ = First Purchase Second Purchase Total Requirement a. (1) Cost of Goods Sold and Ending Inventory Cost FIFO – Cost of Goods Sold of Goods Sold From Beginning Inventory From First Purchase From Second Purchase Total Units Sold Ending FIFO – Ending Inventory Inventory Requirement a. (2) Cost of Goods Sold and Ending Inventory LIFO – Cost of Goods Sold of Goods sold LIFO – Ending Inventory Total Ending Inventory Requirement a. (3) Weighted Average ¸ Cost of Goods Sold Ending Inventory: Computation of Income Tax Expense and Net Income Weighted FIFO LIFO Average Sales Gross Margin Operating Expenses Net Income Before Tax Income Tax (40%) Net Income Requirement b. Financial Statements Income Statements For the Year Ended December 31, 2012 Weight. Av. Income Tax Expense Balance Sheets As of December 31, 2012 Assets Cash Merchandise Inventory Total Assets Stockholders’ Equity Common Stock Retained Earnings Total Stockholders’ Equity Statement of Cash Flows Weight Av. Cash Flows From Operating Activities: Cash Inflow from Customers Cash Outflow for Inventory Cash Outflow for Operating Expense Cash Outflow for Income Tax Net Cash Flow from Operating Activities Cash Flows from Investing Activities Cash Flows from Financing Activities Net Change in Cash Plus: Beginning Cash Balance Ending Cash Balance Problem 06-25 O’BRIAN SERVICE COMPANY Depreciation Requirement a: Straight Line Cost Delivery…

ONE POINT OF VIEW Paul N. Friga and Richard B. Chapas MAKE BETTER BUSINESS DECISIONS Decision-making in today’s environment is difficult, and Challenges Executives Face new managers in R&D and other technical positions are Three key macro-level elements that differentiate the often shocked at the lack of systematic decision-making daily decision-making of today include information they find in their interactions with upper management overload, shareholder pressure, and shortened business and their peers in other parts of the organization. cycle time: However, there is a well-tested source of insight into how to improve the decision-making in business: the scien-  The search tools in use for problem solving by execu- tific method. Although it has revolutionized our lives and tives at most companies today yield a quantity of infor- the ability to manipulate our material world, the scien- mation that can be overwhelming. This situation has tific method has not been widely adapted for business increased the importance of knowledge management executives. Nevertheless, we believe it can improve the skills to sort the data, identify what is truly relevant, and efficiency and effectiveness of decision-making for then to create value from it. executives, research managers, and business leaders in  Shareholder pressure, a result of the rise in worldwide general. capital markets, has led to a relentless drive to achieve short-term financial results, often at the expense of long- In this article, we first examine the typical decision- term considerations. A number of well-known corporate making environment in organizations, highlighting the failures may have resulted from the pressure to achieve challenges executives face in their quest for better per- consistent growth at any cost. formance. Next, we introduce some of the basic tenets from the scientific method and describe how they can  Finally, the time-to-market and overall business cycles play a role in overcoming…

MGMT640 Section 1121 Spring 2013 Final Exam 1.?A manufacturing company produces 80,000 units of product A at a total cost of $2.4 million. Total fixed costs are $1.4 million. If the company increases production by 25% and uses a 19% markup the price per unit will be:??A)?$31.54??B)?$30.80??C)?$51.80??D)?$37.10?? Use the following to answer questions 2-3: RNO Company’s market for the Model 55 has changed significantly, and RNO has had to drop the price per unit from $265 to $125. There are some units in the work in process inventory that have costs of $150 per unit associated with them. RNO could sell these units in their current state for $100 each. It will cost RNO $10 per unit to complete these units so that they can be sold for $125 each. 2.?A new employee looks at the analysis and exclaims, “We’ll lose money with either of these alternatives! Let’s just throw these units in the trash!” Suppose the alternative to trashing is choosing the more profitable of the two alternatives (that the new employee looked at and did not like). What effect will the trashing option (that the new employee wants) have on net income???A)?Net income will increase by $35 per unit for each unit discarded.??B)?Net income will decrease by $115 per unit for each unit discarded.??C)?It will have no effect on net income.??D)?Net income will decrease by $265 per unit for each unit discarded.?? 3.?When the incremental revenues and expenses are analyzed, the company is better off by??A)?$10 per unit if they sell the units in their current state.??B)?$25 per unit if they sell the units in their current state.??C)?$15 per unit if they complete the units.??D)?$125 per unit if they complete the units.?? 4.?A company using activity based pricing marks up the direct cost of goods by 43% plus charges customers for indirect costs based on the activities utilized by the customer. Indirect costs are charged as follows: $8.00 per order placed; $4.00 per separate item ordered; $30.00 per return….

Given C08-29 C08-29 class name print_rep1 print_rep2 print_rep3 print_rep4 prob R_Names R_Nbr rep1 rep2 rep3 rep4 start_rep1 start_rep2 start_rep3 start_rep4 Student Name: Cash Budget Class: Budgeted Income Statement Budgeted Balance Sheet Assets Cash Accounts receivable Inventory Total assets Liabilities and Stockholders’ Equity Accounts payable Capital stock Total liabilities and equity Cash balance, beginning Add receipts from customers Total cash available Less disbursements: Purchase of inventory Financing: Interest Cash balance, ending Sales Cost of goods sold Net operating income Net income June 30 Capital stock, no par Total liabilities and stockholders’ equity June purchases Total cash payments Total financing Total cash collections Repayments Total disbursements Minimum ending cash balance Selling price January (actual) February (actual) March (actual) April May Budgets June July Quarter August September Budgeted sales in units Purchases paid as follows: February sales March sales April sales May sales June sales Total needs Less beginning inventory Unit cost April purchases May purchases Balance sheet at March 31: Accounts receivable Accounts payable, purchases Dividends payable Retained earnings For the Three Months Ending June 30 Utilities Dividends paid Excess (deficiency) of receipts over disbursements Sales in units Commissions Contribution margin Depreciation Less interest expense Accounts receivable at June 30: May sales June sales Total Retained earnings at June 30: Balance, March 31 Add net income Less dividends declared Balance, June 30 Desired ending inventories (percentage of next month’s sales) In month of purchase In following month Collection on sales: Sales collected current month Sales collected following month Sales collected 2nd month following Dividends declared each quarter Total…

PART C PART B PART A WORKING CAPITAL NEEDS RENT CLEANING YEAR ONE YEAR TWO YEAR THREE YEAR FOUR YEAR FIVE YEAR SIX YEARS PROCEEDS LESS TAX BASIS OF EQUIPMENT: COST TAX BASIS GAIN ON SALVAGE TOTAL INITIAL INVESTMENT INTERNAL RATE OF RETURN TAX RATE COMPREHENSIVE CHAPTER 12 & 13 PROBLEMS COST OF THE EQUIPMENT NEEDED NEW WORKING CAPITAL NEEDS PROJECTED NEW REVENUES: WILL BE RECOVERED AT THE END OF THE THIRD YEAR SALES PROBABILITY COST OF GOOD SOLD OF SALES EQUIPMENT DISPOSAL PROCEEDS SALVAGE VALUE AT THE END OF YEAR 6 DEPRECIATION RATES FOR TAX PURPOSES: FIVE YEAR PROPERTY FOR TAX DEPRECIATION LESS COST OF GOODS SOLD GROSS PROFIT VARIABLE CASH COSTS ANNUAL FIXED CASH COSTS: LESS VARIABLE COSTS LESS FIXED COSTS TOTAL FIXED COSTS REQUIRED: NET PRESENT VALUE AT THE DATA FOR ANALYSIS IS PRESENTED BELOW: FIRM’S COST OF CAPITAL AND REDO THE COMPUTATIONS BY CHANGING THE ANNUAL SALES TO $250,000. AND REDO THE COMPUTATIONS BY CHANGING THE ANNUAL SALES TO $300,000. PART A AT BOTH THE FIRM’S DISCOUNT RATE AND 16%, WHICH IS A 4% PREMIUM ADDED TO THE RATE. ASSUMPTIONS: ALL CASH FLOWS IN YEARS 1-6 OCCUR AT THE END OF THE YEAR. ALL INITIAL CASH INFLOWS OR OUTFLOWS OCCUR TODAY. MGT 325 Module 6 Spreadsheet Exam Answer is in %-2 decimal places please. Answer is in $-round answer to nearest dollar. THREE METHODS OF EVALUATION: ANNUAL OPERATING RECEIPTS: B. COPY THE WHOLE WORKSHEET AND SOLUTIONS FOR PART A TO THE WORKSHEET NAMED PART B, C. COPY THE WHOLE WORKSHEET AND SOLUTIONS FOR PART A TO THE WORKSHEET NAMED PART C, MAINTENANCE & OTHER NOTE – WHEN COMPUTING TAX, A NET LOSS FOR THE YEAR MEANS A POSITIVE TAX SAVINGS IS CREATED SINCE THERE IS OTHER INCOME TAX ON OTHER INCOME TO OFFSET. A. ASSUMING SALES ARE $200,000 COMPUTE THE PAYBACK, IRR AND NPV. FOR THE NPV, COMPUTE You should place your answers in each of the boxes…

DEPARTMENT OF ACCOUNTING, FINANCE & ECONOMICS 7150AFE Business Information Systems MS ACCESS PROJECT (DATABASES) (TOTAL MARKS = 10) This project requires you to demonstrate knowledge of databases using MS Access. It covers the following database concepts: ? Use of Primary and Foreign Keys ? Understanding and using cardinalities ? Understanding and defining relationships ? Developing queries using appropriate tools ? Creating forms for data entry ? Producing reports for use by management PREPARATION Review database lectures (weeks 9 and 10) and workshop materials (weeks 10 to 13) and complete any outstanding workshop activities prior to commencing with this project. Also review all supplementary videos and/or documents (available via the Course Activity Centre). PROJECT PART ONE (8 Marks) Task Activity Mark 1 Download the VideoRental_student database file from L@G Save your database file as lastname_student_id_project_3_videorental (NOTE: Regularly SAVE your database as you complete individual tasks). -2 Familiarize yourself with the tables and data provided. The following relationships apply to the Customers, VideoRentals and Movies tables: ? A customer can rent many movies ? A movie can be rented by many customers (Take note of the one-to-many relationships.) Using this information to establish appropriate relationships amongst the Customers, VideoRentals and Movies tables. Ensure that you Enforce 0.5 Task Activity Mark Referential Integrity for all relationships. 3 Create a query saved as Expired Credit Cards that shows the ID, Name, Address, Phone Number, and Credit Card Expiration date for all customers with credit cards expiring in January, February and March 2013. Sort by month in ascending order. (Hint: cc expiration field is text). 0.5 4 Create a query saved as Best of the Best New Movies that shows the ID, Title and IMDB Rating for all movies with an IMDB rating of 8.5 or higher, and were released after 2009. Sort by Year in descending order. 0.5 5 Create…

Objectives – MS Project 2010 Change the working and non-working time on Standard Calendar Change the working and non-working time on a Resource Calendar Create new base calendars Assign different base calendars to resources With calendars, you can determine when resources on a project are working and when they are not working. If you do not indicate when resources are available, you may accidentally schedule tasks when resources are not actually available. Calendars are part of determining availability of resources. In MS Project, calendars define the working and non-working time for the project and for each resource assigned to the task. As a change is made to a calendar, MS Project automatically reschedules all tasks affected by the change. Using Calendars There are two types of calendars in Project: base calendars and resource calendars. Base calendars define the working days and working hours for a project or a set of resources. Resource calendars define the working days and working hours for a specific resource. The default base calendar (also known as the project calendar) is called Standard. This standard calendar is usually set as an 8-hour day, 40-hour week, Monday through Friday, with no holidays. However, you can modify this standard calendar, but it is not recommended. MS Project also comes with two other base calendars: a 24-hour calendar and a night shift calendar. You can also create your own base calendars. You can manipulate such options as default start time and hours per day. Note: Resource calendars are updated automatically when the base calendar assigned to the resource changes. But changes to the default calendar options are not automatically displayed in the base calendar. When we first set up this project, MS Project assumed the Standard calendar. As we entered task duration, MS Project calculated the amount of work based upon 8 hours a day, 40 hours per week, Monday through Friday. So when we entered 2 days for the…

2 2 Factor completely. 9x + 30xy + 25y 1. 2 a. (3x + 5y) b. (3x – 5y)(3x + 5y) c. (9x + 5y)(x + 5y) d. (3x + y)(3x + 25y) During rush hour, Fernando can drive 25 miles using the side roads in the same time that it takes to travel 20 miles on the freeway. If 2. Fernando’s rate on the side roads is 9 mi/h faster than his rate on the freeway, find his rate on the side roads. a. 36 b. 38 c. 45 d. 47 4 3 2 Factor the trinomial completely.. 6b – 18b – 60b 3. 2 a. 6b (b + 2)(b – 5) 2 b. 6b (b – 2)(b + 5) 2 2 c. 6(b + 2)(b – 5) 2 d. b (2b + 5)(3b + 10) 4. Solve for x. a. –2 b. 2 c. –4 d. No solution The directions on a concentrated cleaner state that 3 tablespoons of concentrate make 345 ounces of cleaning fluid. How many ounces of 5. cleaning fluid will 2 tablespoons of cleaner make? a. 190b. 210 c. 230 d. 250 2 The profit on a watch is given by P = x – 13x – 80, where x is the number of watches sold per day. How many watches were sold on a day when 6. there was a $50 loss? a. 13 b. 14 c. 15 d. 16 2 The area of a rectangle of length t is given by 12t – t . Find the width of the rectangle in terms of t. 7. a. 12 – t b. 12t c. t – 12 2 d. t 8. Write in simplest form. a. b. c. d. 2 State which method should be applied as the first step for factoring the polynomial. (x + 9y) – 1 9. a. Find the GCF. b. Group the terms. c. Factor the difference of squares.

Complete Exercises E11-15, E12-1, & E12-2. Complete Problem 11-6A. Submit as a Microsoft® Excel® or Word document. E11-15 On October 31, the stockholders’ equity section of Omar Company consists of common stock $600,000 and retained earnings $900,000. Omar is considering the following two courses of action: (1) declaring a 5% stock dividend on the 60,000, $10 par value shares outstanding, or (2) effecting a 2-for-1 stock split that will reduce par value to $5 per share. The current market price is $14 per share. Instructions Prepare a tabular summary of the effects of the alternative actions on the components of stockholders’ equity and outstanding shares. Use the following column headings: Before Action,After Stock Dividend, and After Stock Split. Format to APA GUIDELINES TIMES NEW ROMAN, 12 ______________________________________________________________________________ P11-6A Arnold Corporation has been authorized to issue 40,000 shares of $100 par value, 8%, noncumulative preferred stock and 2,000,000 shares of no-par common stock. The corporation assigned a $5 stated value to the common stock. At December 31, 2011, the ledger contained the following balances pertaining to stockholders’ equity. Preferred Stock $ 240,000 Paid-in Capital in Excess of Par Value—Preferred 56,000 Common Stock 2,000,000 Paid-in Capital in Excess of Stated Value—Common 5,700,000 Treasury Stock—Common (1,000 shares) 22,000 Paid-in Capital from Treasury Stock 3,000 Retained Earnings 560,000 The preferred stock was issued for land having a fair market value of $296,000.All common stock issued was for cash. In November, 1,500 shares of common stock were purchased for the treasury at a per share cost of $22. In December, 500 shares of treasury stock were sold for $28 per share. No dividends were declared in 2011. Instructions: (a) Prepare the journal entries for the: (1) Issuance of preferred stock for land. (2) Issuance of common stock for cash. (3) Purchase of common treasury stock…

M4: Assignment 1: Case Analysis 2 Read Case Analysis, SEE ATTACHED READING DOCUMENT: Wilcox, J. (2004, June).  http://search.proquest.com.libproxy.edmc.edu/docview/194546618Risk management: Survival of the fittest. Journal of Asset Management, 5(1), 13-24 (AN 14174003) Due by: Thursday, September 19, 2013 Was the particular solution used in each case the best solution for the problem encountered? Give reasons for your answer. Submit your essay in Microsoft Word, double-spaced, in Times New Roman 12 pt. font. Cite all sources and be sure to use the current APA standards when formatting your paper. All written assignments and responses should follow APA rules for attributing sources. Grading Criteria Maximum Points Demonstrated an understanding of the topics being discussed. 4 Met the criteria for the correct responses to the assigned questions. 4 Participation Criteria Used vocabulary relevant to the topics under discussion. 4 Participated in the discussion by asking a question, providing a statement of clarification, providing a point of view with rationale, challenging a point of discussion, or making a relationship between one or more points of the discussion. 4 Justified ideas and responses by using appropriate examples and references from texts, websites, and other references or personal experience. 4 Wrote in a clear, concise, and organized manner; demonstrated ethical scholarship in accurate representation and attribution of sources, displayed accurate spelling, grammar, and punctuation. 4 Total 24 PLEASE NOTE: Before you submit the essay for this assignment take a moment to re-read the assignment and take special note of each required item in the Grading Criteria. Be certain you have addressed in an appropriate, complete manner each assignment and Grading Criteria requirement. Also, be certain you have followed all instructions as to length, APA rules, etc stated in the assignment. DO NOT WAIT UNTIL THE LAST MINUTE BEFORE THE DUE…

M4: Assignment 2: Final Project Continue your research about Chipotle and determine its cost of capital. In your evaluation, be sure to address the following: Question: Describe how the weighted average cost of capital (WACC) is calculated in your selected organization. Evaluate the effectiveness of this approach. Answer: Question: Would it be appropriate to use WACC as a discount rate for capital budgeting analysis? Explain why or why not. Answer: Question: Keeping in mind Chipotle’s current operations, as well as trends in the national economy and the organization’s industry, what changes, if any, would you recommend in your selected organization’s approach towards determining its cost of capital? How would you adjust the discount rate for riskier projects? Justify your method. Answer: Submit your essay by Monday, September 23, 2013. It should be in Microsoft Word, double-spaced, in Times New Roman 12 pt. font. Cite all sources and be sure to use the current APA standards when formatting your paper. All written assignments and responses should follow APA rules for attributing sources. Grading Criteria Maximum Points Described how WACC is calculated in the selected organization. 4 Evaluated the effectiveness of the approach. 12 Evaluated the appropriateness of WACC as a discount rate for capital budgeting analysis. 8 Recommended changes in the organization’s approach to determining cost of capital in general and for riskier projects. 20 Wrote in a clear, concise, and organized manner; demonstrated ethical scholarship in accurate representation and attribution of sources; displayed accurate spelling, grammar, and punctuation. 4 Total 48 PLEASE NOTE: Before you submit the essay for this assignment take a moment to re-read the assignment and take special note of each required item in the Grading Criteria. Be certain you have addressed in an appropriate, complete manner each assignment and Grading Criteria requirement. Also, be certain…

M5: Assignment 1: Problem Analysis Due Thursday, September 26, 2013. In this module, you have been introduced to the capital asset pricing model (CAPM). The required return can be determined by the application of the CAPM: Expected return = Risk-free rate + Beta (Expected market return – risk-free rate) In your discussion below, fully discuss each component and its relation to the expected return calculation. In other words, how does each component impact the expected return for an investment. Next, using an investing site such as Yahoo!Finance, locate the beta for 3 companies within the same industry and calculate the expected return. For example, Pfizer, GlaxoKlineSmith ,and Johnson & Johnson are companies within the drug manufacturers industry. Discuss the meaning of the calculation including which company you would invest and why. (NOTE: For the expected return calculation use 0.08% as the risk-free rate and 8.5% for the expected market return). Submit your essay in Microsoft Word, double-spaced, in Times New Roman 12 pt. font. Cite all sources and be sure to use the current APA standards when formatting your paper. All written assignments and responses should follow APA rules for attributing sources. Grading Criteria Maximum Points Demonstrated an understanding of the topics being discussed. 4 Met the criteria for the correct responses to the assigned questions. 4 Participation Criteria Used vocabulary relevant to the topics under discussion. 4 Participated in the discussion by asking a question, providing a statement of clarification, providing a point of view with rationale, challenging a point of discussion, or making a relationship between one or more points of the discussion. 4 Justified ideas and responses by using appropriate examples and references from texts, websites, and other references or personal experience. 4 Wrote in a clear, concise, and organized manner; demonstrated ethical scholarship in accurate representation and…

#1 Milano Pizza is a small neighborhood pizzeria that has a small area for in-store dining as well as offering take-out and free home delivery services. The pizzeria’s owner has determined that the shop has two major cost drivers—the number of pizzas sold and the number of deliveries made. Data concerning the pizzeria’s costs appear below:??   ?Fixed Cost Per Month?Cost per Pizza?Cost per Delivery??  Pizza ingredients? ?$2.0? ??  Kitchen staff?$3,820? ? ??  Utilities?$540?$0.05? ??  Delivery person? ? ?$2.5??  Delivery vehicle?$340? ?$1.0??  Equipment depreciation?$190? ? ??  Rent?$1,780? ? ??  Miscellaneous?$810?$1? ???? In November, the pizzeria budgeted for 1,250 pizzas at an average selling price of $16 per pizza and for 190 deliveries.??Data concerning the pizzeria’s operations in November appear below:??   ?Actual Results??  Pizzas?1,320??  Deliveries?150??  Revenue?$18,500??  Pizza ingredients?$3,285??  Kitchen staff?$5,260??  Utilities?$1,000??  Delivery person?$375??  Delivery vehicle?$530??  Equipment depreciation?$190??  Rent?$1,780??  Miscellaneous?$910???? Required:??Prepare a flexible budget performance report that shows both activity variances and revenue and spending variances for the pizzeria for November. (Round your answers to the nearest dollar amount. Leave no cells blank – be certain to enter “0” wherever required. Indicate the effect of each variance by selecting “F” for favorable, “U” for unfavorable, and “None” for no effect (i.e., zero variance). Input all amounts as positive values. Omit the “$” sign in your response.)??  Milano Pizza Flexible Budget Performance Report For the Month Ended November 30?? ?Activity Variances?Revenue and Spending Variances??  Revenue?amount$      ?(Click to select)None Favorable Unfavorable      ?amount$      ?(Click to select)Favorable Unfavorable None      ?? ??????  Expenses:? ? ? ? ??     Pizza ingredients?     ?(Click to select)F U None      ?     ?(Click to select)FUNone      ??     Kitchen…

Notes from text One of the primary responsibilities of managers is to set goals for where the organization or department should go in the future and plan how to get it there. Walmart managers are facing a struggle that executives in every organization encounter as they try to decide what goals to pursue and how to achieve them. Lack of planning or poor planning can seriously hurt an organization. ? HYPERLINK “http://digitalbookshelf.southuniversity.edu/#/books/9781285696706/pages/68997339” ?http://digitalbookshelf.southuniversity.edu/#/books/9781285696706/pages/68997339? Goal Setting and Planning Overview A ? HYPERLINK “http://digitalbookshelf.southuniversity.edu/books/9781285696706/content/id/goal” ?goal? is a desired future circumstance or condition that the organization attempts to realize. ? HYPERLINK “http://digitalbookshelf.southuniversity.edu/books/9781285696706/content/id/ch7-fn4” ?4? Goals are important because organizations exist for a purpose, and goals define and state that purpose. A ? HYPERLINK “http://digitalbookshelf.southuniversity.edu/books/9781285696706/content/id/plan” ?plan? is a blueprint for goal achievement and specifies the necessary resource allocations, schedules, tasks, and other actions. Goals specify future ends; plans specify today’s means. The concept of ? HYPERLINK “http://digitalbookshelf.southuniversity.edu/books/9781285696706/content/id/planning” ?planning? usually incorporates both ideas; it means determining the organization’s goals and defining the means for achieving them.? HYPERLINK “http://digitalbookshelf.southuniversity.edu/books/9781285696706/content/id/ch7-fn5” ?5? LEVELS OF GOALS AND PLANS ? HYPERLINK “http://digitalbookshelf.southuniversity.edu/books/9781285696706/content/id/ex7.1” ?Exhibit 7.1? illustrates the levels of goals and plans in an organization. The planning process starts with a formal mission that defines the basic purpose of the organization, especially for external audiences. The mission is the…

MANAGERIAL ACCOUNTING Breakeven sales; sales to earn a target operating income, contribution margin income statement British Productions performs London shows. The average show sells 900 tickets at $65 per ticket. There are 155 shows a year. No additional shows can be held as the theater is also used by other production companies. The average show has a cast of 55, each earning a net average of $330 per show. The cast is paid after each show. The other variable cost is program-printing cost of $9 per guest. Annual fixed costs total $580,500. Requirements Compute revenue and variable costs for each show. Use the income statement and equation approach to compute the number of shows British Productions must perform each year to break even. Use the contribution margin approach to compute the number of shows needed each year to earn a profit of $4,128,000. Is this profit goal realistic? Give your reasoning. Prepare British Productions’ contribution margin income statement for 155 shows performed in 2012. Report only two categories of costs: variable and fixed. *PLEASE REVIEW AND ANSWER ALL REQUIREMENTS

Chapter 1 Assigned Questions 1–1?How does managerial accounting differ from financial accounting? Managerial accounting is different from financial accounting in that Managerial accounting deals more with planning, controlling, and decision making within an organized group or company. Whereas, financial accounting is data and information that is presented to a third-party or another company about that business. Also, managerial accounting deals with future decisions and timeliness. They do not comply with the GAAP/IFRS. On the other hand, financial accounting deals with past consequences and precision. Financial accounting does have to comply with GAAP/IFRS. ??1–3?If you had to decide whether to continue making a component part or to begin buying the part from an overseas supplier, what quantitative and qualitative factors would influence your decision? ??1–5?Why is managerial accounting relevant to business majors and their future careers? ??1–8?Why do management accountants need to understand their company’s strategy? ??1–13?Why do companies that implement Lean Production tend to have minimal inventories???? ??1–14?Why are leadership skills important to managers? ??1–15?Why is ethics important to business???

Justin Deneff-GOL WebAssign NS 216, section XM1, Spring 2013 Unit 11 Final Exam (Test) Instructor: Beth Schivitz Current Score : 170 / 200 Due : Thursday, December 19 2013 11:59 PM CST 1. 10/10 points | Previous Answers aufcat7 0.4.004.nva Factor out the GCF from the polynomial. 2 -9y – 81y 2. –/10 points AufCAT7 5.4.027. Use a calculator to find an approximate value of the function. Round your answer to the nearest ten-thousandth. 11p tan 13 3. 10/10 points | Previous Answers aufcat7 6.2.053.nva Verify the identity. p tan ? + 1 tan ? + = 4 1 – tan ? Use the Sum Identity for tangent functions, evaluate all possible terms, and simplify. tan ? + p tan ? + = 4 = 4. 10/10 points | Previous Answers AufCAT7 6.6.016. Solve the equation for solutions in the interval 0 = x < 2p. Round approximate solutions to the nearest ten-thousandth. (Enter your answers as a comma-separated list. Enter all answers including repetitions.) 2 2 sin x – 1 = 0 x = 5. 10/10 points | Previous Answers AufCAT7 7.2.041. Round your answer to two significant digits. A plane leaves airport A and travels 560 miles to airport B at a bearing of N32°E. The plane leaves airport B and travels to airport C 280 miles away at a bearing of S72°E. Find the distance from airport A to airport C. mi 6846. 10/10 points | Previous Answers AufCAT7 7.3.067. Find the measure of the smallest nonnegative angle between the two vectors. Round approximate measures to the nearest tenth of a degree. v = 4i – 4j; w = 4i + 4j ? = ° 90 Is the pair of vectors orthogonal? Yes No 7. –/10 points AufCAT7 7.4.058. Perform the indicated operation in trigonometric form. Write the solution in standard form. Round approximate constants to the nearest ten-thousandth. (3 + 3i)( 3 – i) 8. 10/10 points | Previous Answers AufCAT7 8.6.018. Find a rectangular equation for the given polar equation. 6 r = 5 + 4 cos ? 9. 10/10 points | Previous Answers AufCAT7 8.2.001. Examine the following four…

A company has a standard cost system in which fixed and variable manufacturing overhead costs are applied to products on the basis of direct labor-hours. The company’s choice of the denominator level of activity affects the Variable component of the predetermined overhead rate. True False The budget variance represents the difference between the actual fixed manufacturing overhead cost incurred during a period and the budgeted fixed manufacturing overhead cost. True False A volume variance and an efficiency variance are computed for fixed manufacturing overhead costs. True False At the end of the year, actual manufacturing overhead costs were $210,000 and applied manufacturing overhead costs were $146,400. If the denominator activity for the year was 20,000 machine-hours, and if 24,000 standard machine-hours were allowed for the year’s production, the predetermined overhead rate per machine-hour was: (Round your answer to 2 decimal places.) $6.65 $6.10 $9.00 $9.50 Tidd Corporation makes a product with the following standard costs:  Inputs Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit  Direct materials 4.5 grams  $5.00 per gram $22.50  Direct labor 0.7 hours  $11.00 per hour $7.70  Variable overhead 0.7 hours  $5.00 per hour $3.50 The company reported the following results concerning this product in November.  Originally budgeted output 9,600    units  Actual output 9,700    units  Raw materials used in production 44,800    grams  Purchases of raw materials 47,290    grams  Actual direct labor-hours 7,860    hours  Actual cost of raw materials purchases $132,430      Actual direct labor cost $125,123      Actual variable overhead cost $29,896     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 efficiency variance for November is: $5,350 U $5,350 F…

Final Paper Focus of the Final Paper Write a five-to seven-page financial statement analysis of a public company, formatted according to APA style as outlined in the Ashford Writing Center.   In this analysis you will discuss the financial health of this company with the ultimate goal of making a recommendation to other investors.   Your paper should consist of the following sections: introduction, company overview, horizontal analysis, ratio analysis, final recommendation, and conclusions.  Your paper needs to include a minimum of two scholarly resources in addition to the textbook as references. Here is a breakdown of the sections within the body of the assignment:   Company Overview Provide a brief overview of your company (one to two paragraphs at most).   What industry is it in?   What are its main products or services?  Who are its competitors?   Horizontal Analysis of Income Statement and Balance Sheet Prepare a three-year horizontal analysis of the income statement and balance sheet of your selected company.  Discuss the importance and meaning of horizontal analysis.  Discuss both the positive and negative trends presented in your company.   Ratio Analysis Calculate the current ratio, quick ratio, cash to current liabilities ratio, over a two-year period.   Discuss and interpret the ratios that you calculated.  Discuss potential liquidity issues based on your calculations of the current and quick ratios.  Are there any factors that could be erroneously influencing the results of the ratios?  Discuss liquidity issues of competitive companies within the same industry.   Recommendation Based on your analysis would you recommend an individual invest in this company?  What strengths do you see?  What risks do you see?  It is perfectly acceptable to state that you would recommend avoiding this company as long as you provide support for your position.  Writing the Final Paper 1.   Must be five to seven double-spaced pages in length, and formatted according to…

Given P04-AT P04-AT Given P04-17A P04-17A Given P04-15A P04-15A Student Name: Class: Materials Conversion Cost per equivalent unit Materials Conversion Total Cost to be accounted for: Total departmental costs Costs transferred in Materials cost Conversion costs Transferred Forming Department Production Report 1. Equivalent Units of Production Ending work in process: Equivalent units of production 2. Costs per Equivalent Unit Cost added during the period 4. Cost Reconciliation Costs accounted for as follows: Cost of ending work in process inventory Ending work in process inventory: Equivalent units of production Cost per equivalent unit Cost per equivalent unit 3. Cost of Ending Work in Process Inventory and Units Transferred Out Total cost Units completed and transferred out: Units transferred to the next department Cost of units completed and transferred out Pounds in process, May 1 ? Pounds in process, May 31 Cooking Department Production Report Transferred to next department Cost of beginning work in process Units Mixing Percentage Completed Mixing Cost of beginning work in process inventory Complete as to materials Complete as to conversion In Costs BRADY PRODUCTS Work in Process – Cracking Department Inventory, May 1 Inventory, May 31 Completed and transferred May 1 work in process inventory: Pounds started into production in May BOHEMIAN LINKS, INC. Work in process inventory, April 1 Work in process inventory, April 30 Cost added during April Batches completed and transferred to Packaging Department during April Units transferred to next department DURALL COMPANY Forming department costs: Work in process inventory, October 1 Conversion costs added during October Material added during October Costs transferred in from the Mixing Department In to the Blending Department 1. Equivalent Units of Production Cost per Equivalent Unit 2. …

Problem 1. The following information applies to Barnhart Company:??  ? ??Additional information: Net Credit Sales = $220,000 Beginning Accounts Receivable = $10,000 Required:??1) Compute Barnhart’s:??a) Quick ratio?b) Current ratio?c) Working capital?d) Accounts receivable turnover?e) Average days to collect receivables  Problem 2. The Jiffy Manufacturing Company started operations in 2012 when it acquired $100,000 from its owners. During the year, the company incurred the following costs:??  ??The company placed 12,000 units into production, completed 10,000 units, and sold 8,000 units. The average selling price was $17 per unit.??Required:??1) Prepare a schedule of cost of goods manufactured and sold for the year ended December 31, 2012.?2) Prepare an income statement for the year ended December 31, 2012.

4300 9000 10000 -110 2 3 -1980 -20 -2000 -1980 -710 6 -60 7 5390 -5500 -110 5390 8 0 -60 4680 -2090 -60 4/30/2012 3013 3054 3056 6605 5565 -160 Student Name: Class: Problem 03-25 Requirement a. and b. JEATER COMPANY Horizontal Statements Model – 2012 Balance Sheet Income Statement Statement of Event Accounts Merchandise Common Retained Net Cash Flows No. Type Cash + Receivable Inventory = Payable Stock Earnings Revenue – Expenses Income Bal. 1a 1b 4a 4b 5a 5b Requirement c. Financial Statements For the Year Ended December 31, 2012 Net Sales Cost of Goods Sold Gross Margin Operating Expenses Transportation-out Operating Income Statement of Changes in Stockholders’ Equity Beginning Common Stock Plus: Stock Issued Ending Common Stock Beginning Retained Earnings Plus: Net Income Ending Retained Earnings Total Stockholders’ Equity As of December 31, 2012 Assets Cash Merchandise Inventory Total Assets Liabilities Stockholders’ Equity Common Stock Retained Earnings Total Liabilities and Stockholders’ Equity Statement of Cash Flows Cash Flow from Operating Activities: Inflow from Customers Outflow for Inventory Outflow for Expenses Net Cash Flow from Operating Activities: Cash Flow from Investing Activities Cash Flow from Financing Activities Net Change in Cash Plus: Beginning Cash Balance Ending Cash Balance Problem 04-20 SUPERIOR AUTO SUPPLY, INC. Bank Reconciliation Unadjusted Bank Balance, May 31, 2012 Add: Deposits in transit Bank Error Less: Outstanding Checks: True Cash Balance, May 31, 2012 Unadjusted Book Balance, May 31, 2012 Add: Note collected by bank Error in recording payment for utilities Less: Collection Fee Bank Service Charge NSF Checks AS AU OA Enter the appropriate amount or NA for not affected. Enter the appropriate amount or NA for not affected. Enter the appropriate amount or NA for not affected. Enter the appropriate amount or NA for not affected. Enter the appropriate amount or NA for not…

Inc Stmt Balance Sheet Ratio Answer Sheet Fiscal Year Ended $ ASSETS 1) What do the liquidity, profitability, and solvency ratios reveal about the financial position of the company? 2) Which users may be interested in each type of ratio? 3) What does the collected data reveal about the performance and position of the company? SOLVENCY: Asset turnover Numerator Denominator Answer Expression LIQUIDITY: Profit Margin Current Ratio Acid Quick Ratio Receivables turnover Inventory turnover Return on Assets Return on Equity Debt to Total Assets Times Interest Earned Ratio Ratio PROFITABILITY: times % : 1 Complete the ten ratios below. Company C CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (in millions) February 3, January 28, Current assets: Cash and cash equivalents Short-term investments Accounts receivable, net Financing receivables, net Inventories Other Total current assets Property, plant, and equipment, net Investments Long-term financing receivables, net Other non-current assets Total assets LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable Accrued and other Total current liabilities Long-term debt Other non-current liabilities Total liabilities Stockholders’ equity: Preferred stock and capital in excess of $.01 par value; shares issued and outstanding: none Common stock and capital in excess of $.01 par value; shares authorized: 7,000; shares issued: 2,818 and 2,769, respectively Treasury stock, at cost; 488 and 284 shares, respectively Retained earnings Other comprehensive loss Total stockholders’ equity Total liabilities and stockholders’ equity CONSOLIDATED STATEMENTS OF INCOME (in millions, except per share amounts) January 30, Net revenue Cost of revenue Gross margin Operating expenses: Selling, general, and administrative Research, development, and engineering Total operating expenses Operating income Investment and…

Eye Openers 1. Describe the stockholders’ liability to creditors of a corporation. 2. Why are most large businesses organized as corporations? 3. Of two corporations organized at approximately the same time and engaged in competing businesses, one issued $100 par common stock, and the other issued $0.01 par common stock. Do the par designations provide any indication as to which stock is preferable as an investment? Explain. 4. A stockbroker advises a client to “buy preferred stock. . . . With that type of stock, . . . [you] will never have to worry about losing the dividends.” Is the broker right? 5. What are some of the factors that influence the market price of a corporation’s stock? 6. When a corporation issues stock at a premium, is the premium income? Explain. 7. (a) What are the three conditions for the declaration and payment of a cash dividend? (b) The dates in connection with the declaration of a cash dividend are February 16, March 18, and April 17. Identify each date. 8. A corporation with both preferred stock and common stock outstanding has a substantial credit balance in its retained earnings account at the beginning of the current fiscal year. Although net income for the current year is sufficient to pay the preferred dividend of $125,000 each quarter and a common dividend of $300,000 each quarter, the board of directors declares dividends only on the preferred stock. Suggest possible reasons for passing the dividends on the common stock. 9. An owner of 500shares of Micro shop Company common stock receives a stock dividend of 5 shares. (a) What is the effect of the stock dividend on the stockholder’s proportionate interest (equity) in the corporation? (b) How does the total equity of 505 shares compare with the total equity of 500 shares before the stock dividend? 10. a. Where should a declared but unpaid cash dividend be reported on the balance sheet? b. Where should a declared but unissued stock dividend be reported on the balance sheet? 11. a….

Eye Openers 1. What is the principal disadvantage of the direct method of reporting cash flows from operating activities? 2. What are the major advantages of the indirect method of reporting cash flows from operating activities? 3. A corporation issued $500,000 of common stock in exchange for $500,000 of fixed assets. Where would this transaction be reported on the statement of cash flows? 4. A retail business, using the accrual method of accounting, owed merchandise creditors (accounts payable) $300,000 at the beginning of the year and $340,000 at the end of the year. How would the $40,000 increase be used to adjust net income in determining the amount of cash flows from operating activities by the indirect method? Explain. 5. If salaries payable was $90,000 at the beginning of the year and $70,000 at the end of the year, should $20,000 be added to or deducted from income to determine the amount of cash flows from operating activities by the indirect method? Explain. 6. A long-term investment in bonds with a cost of $60,000 was sold for $72,000 cash. (a) What was the gain or loss on the sale? (b) What was the effect of the transaction on cash flows? (c) How should the transaction be reported in the statement of cash flows if cash flows from operating activities are reported by the indirect method? 7. A corporation issued $6,000,000 of 20-year bonds for cash at 104. How would the transaction be reported on the statement of cash flows? 8. Fully depreciated equipment costing $100,000was discarded. What was the effect of the transaction on cash flows if (a) $24,000 cash is received, (b) no cash is received? 9. For the current year, Bearings Company decided to switch from the indirect method to the direct method for reporting cash flows from operating activities on the statement of cash flows. Will the change cause the amount of net cash flow from operating activities to be (a) larger,(b) smaller, or (c) the same as if the indirect method had been used? Explain. 10….

Chapter 7 introduces accounting systems. As described at the beginning of the chapter, most companies, even small businesses use accounting software to record business information instead of using the manual systems described in the bulk of Ch. 7. Below, I have posted a link to Sage Peachtree Accounting Software’s website. I want you to watch two short segments. On the home page, click on Videos (scroll down a little, and look on the right-hand side). Under “Choosing Accounting Software for the First Time”, click on Getting Around Sage 50 Accounting, under See How Easy it is to get started.  This is a short video (under two minutes) that introduces some of the main features in the accounting software. You will hear many of the terms you have been learning about so far. Then click on any of the other four topics that you think would be interesting to you under See how easy it is to get started!, and watch that segment. Then simply comment on what you learned. This can include likes, dislikes, concerns, etc. If you are a budding entrepreneur and want to share, tell us how you might use Sage/Peachtree Accounting.  Link to Sage Peachtree Accounting Website Videos you are a budding entrepreneur and want to share, tell us how you might use Sage/Peachtree Accounting.  Link to Sage Peachtree Accounting Website Videos d business information instead of using the manual systems described in the bulk of Ch. 7. Below, I have posted a link to Sage Peachtree Accounting Software’s website. I want you to watch two short segments. On the home page, click on Videos (scroll down a little, and look on the right-hand side). Under “Choosing Accounting Software for the First Time”, click on Getting Around Sage 50 Accounting, under See How Easy it is to get started.  This is a short video (under two minutes) that introduces some of the main features in the accounting software. You will hear many of the terms you have been learning about so far. Then click on any of the other four…

In your own words please explain. NO word minimum. Please cite all sources using APA format. 1) A statement of cash flows prepared on the direct method is prepared by converting every number on the income statement to its cash amount.  How is a cash flow statement prepared using the indirect method? Which would be more useful to use if you had a choice between the annual report or the statement of cash flows? 2) Warning signs relating to cash flow issues would include not being able to pay payroll on time, continually using borrowed funds to operate, and not replacing fixed assets when sold or disposed of.  What are other examples??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

1) A consulting company that provides software and services relating to business intelligence and analytics has a library of customer success stories on its website at http://www.sas.com/success/indexByTopic.html/http://www.sas.com/success/indexByTopic.html#1000.1001.0000. Select and read one of the success stories relating to Activity-Based Management. Summarize the success story, and relate the ideas of the article to what you have learned this week in this course. 2) The State of Rhode Island publishes its budget and the supporting information at http://www.budget.state.ri.us/index.htmwww.budget.state.ri.us/index.htm. Access the budget and answer the following: What are the duties of the budget office? (Hint: Use the Primer link.) What are the six governmental functions listed in the budget? What are the major sources of Rhode Island’s revenues? What is the accounting basis used in the preparation of the budget? (Hint: Use the Primer link and scroll down until you see the Budget Basis section.) The budget mentions four categories of program performance measures. List them, and briefly describe how they are used in Rhode Island. (Hint: Use the Primer link and scroll down until you see the Program Performance Measures section.) What did you learn from reviewing the most recent budget of the State of Rhode Island? What do you think the biggest challenges are when it comes to preparing their budget? Summary of notes from readings “activity based costing” Traditional cost accounting methods suffer from several defects that can result in distorted costs for decision-making purposes. All manufacturing costs—even those that are not caused by any specific product—are allocated to products. Nonmanufacturing costs that are caused by products are not assigned to products. And finally, traditional methods tend to place too much reliance on unit-level allocation bases such as direct labor and machine-hours. This results in overcosting high-volume products and…

Name two reasons why overhead might be under-applied in a given year and how this might be able to be prevented? What is a predetermined overhead rate and how is it computed?  What do you feel is the best allocation base to use for the denominator in the predetermined overhead rate calculation and why?  What factors would you consider in choosing the allocation base? Research the history of process costing in the United States. When did it begin to be used in manufacturing companies? What type of company would use a process costing system? Investigate process costing accounting in at least one country outside of the United States. What are the reporting requirements, if any? If possible, find a company that would use process costing.

Please provide original work. Cite all sources using APA format. Name two reasons why overhead might be under-applied in a given year and how this might be able to be prevented? What is a predetermined overhead rate and how is it computed?  What do you feel is the best allocation base to use for the denominator in the predetermined overhead rate calculation and why?  What factors would you consider in choosing the allocation base????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

Print by: Sadu Singh FUNDAMENTALS OF ACCOUNTING II: 352923 / Project *Problem 13-4A The following financial information is for Cheaney Company. CHEANEY COMPANY Balance Sheets December 31 Assets 2012 2011 Cash $ 71,500 $ 65,100 Short-term investments 54,800 39,200 Receivables 103,400 89,200 Inventories 238,900 168,400 Prepaid expenses 29,800 27,500 Land 134,400 134,400 Building and equipment (net) 259,100 183,300 $891,900 $707,100 Total assets Liabilities and Stockholders’ Equity Notes payable $170,600 $107,100 Accounts payable 68,600 54,100 Accrued liabilities 39,200 39,200 Bonds payable, due 2015 249,900 171,800 Common stock, $10 par 199,800 199,800 Retained earnings 163,800 135,100 $891,900 $707,100 Total liabilities and stockholders’ equity CHEANEY COMPANY Income Statements For the Years Ended December 31 2012 2011 Sales $893,300 $797,500 Cost of goods sold 644,900 575,600 Gross profit 248,400 221,900 Operating expenses 191,400 159,700 $ 57,000 $ 62,200 Net income Additional information: 1. Inventory at the beginning of 2011 was $115,500. 2. Receivables (net) at the beginning of 2011 were $89,100. 3. Total assets at the beginning of 2011 were $638,700. 4. No common stock transactions occurred during 2011 or 2012. 5. All sales were on account. *(a)Your answer is partially correct. Try again. Compute the liquidity and profitability ratios of Cheaney Company for 2011 and 2012. (Round all answers to 2 decimal places, e.g. 1.83 or 12.61%. If % change is a decrease show the numbers as negative, e.g. -12.61% or (12.61%).) 2011 2012 % Change LIQUIDITY Current :1 :1 % 1.94 1.79 -7.73 Receivables turnover times times % 8.94 9.28 -3.80 Inventory turnover times times % 4.05 3.17 -21.73 2011 2012 % Change PROFITABILITY Profit margin % % % 7.80 6.38 17.95 Asset turnover times times % 1.19 1.12 -5.88 Return on assets % % % 9.24 7.13 -22.84 Earnings per share % 3.11 2.86 8.04 $ $ Attempts: 2 of 2 used *(b) Given below are three independent situations and a ratio that…

1) The State of Rhode Island publishes its budget and the supporting information at ? HYPERLINK “http://www.budget.state.ri.us/index.htm” ?www.budget.state.ri.us/index.htm?. Access the budget and answer the following: What are the duties of the budget office? (Hint: Use the Primer link.) What are the six governmental functions listed in the budget? What are the major sources of Rhode Island’s revenues? What is the accounting basis used in the preparation of the budget? (Hint: Use the Primer link and scroll down until you see the Budget Basis section.) The budget mentions four categories of program performance measures. List them, and briefly describe how they are used in Rhode Island. (Hint: Use the Primer link and scroll down until you see the Program Performance Measures section.) What did you learn from reviewing the most recent budget of the State of Rhode Island? What do you think the biggest challenges are when it comes to preparing their budget?

Please see the paragraph “Reducing Overhead Costs” below to help answer the following questions 1 & 2. Question 3 is related to “variances”. 1) Going paperless can save companies a lot of money. It also is better for the environment and saves trees, which also helps the company’s image. Should there be any security concerns for people going paperless with important documents now though, or are consumers relatively safe? 2) Using technology is a key way to help reduce overhead costs.  Is that necessary for a business to survive in today’s world, or are there still businesses out there that don’t incorporate modern technology in managing their operations? 3) Incorrect interpretation of favorable variances cause’s problems for a business for example a business might attempt to create a favorable material price variance by using cheaper material. This although would create favorable material variance but might lead to a sub-standard product and loss of customers. What would be an example of a favorable variance leading to a substandard product? Variances Budget variance The difference between the actual fixed overhead costs and the budgeted fixed overhead costs for the period. Denominator activity The level of activity used to compute the predetermined overhead rate. Volume variance The variance that arises whenever the standard hours allowed for the actual output of a period are different from the denominator activity level that was used to compute the predetermined overhead rate. It is computed by multiplying the fixed component of the predetermined overhead rate by the difference between the denominator hours and the standard hours allowed for the actual “Reducing Overhead Costs” The article I read discussed several methods that allow a business to reduce overhead costs and began by explaining why it is necessary to reduce overhead costs and how costs that seem necessary may not be. The second part of the article discussed a number of the ways,…

! ! ! ! DrSharonLevinACCT221FinalExamF13Ver137481 ‘! Problem 1: 10 points Caballero Manufacturing incurs unit costs of $15 ($10 variable and $5 fixed) in making a sub-assembly part for its finished product. A supplier offers to make 20,000 of the assembly part at $13.75 per unit. If the offer is accepted, Caballero will save all variable costs but no fixed costs. Instructions: Part A) Prepare an analysis showing the total cost savings, if any, Caballero will realize by buying the part. Part B) Caballero Company should _________ the part because total annual costs to make are _________ than total costs to buy. Problem 2: 10 points Ziray Corporation has the following cost records for November 2013. Indirect factory labor $ 5,107 Factory utilities $ 613 Direct materials used 24,826 Depreciation, factory equipment 1,499 Work in process, 11/1/13 3,267 Direct labor 33,052 Work in process, 11/30/13 3,633 Maintenance, factory equipment 1,958 Finished goods, 11/1/13 4,609 Indirect materials 2,749 Finished goods, 11/30/13 7,429 Factory manager’s salary 4,038 Instructions: Prepare a cost of goods manufactured schedule for November 2013. ! ! ! ! DrSharonLevinACCT221FinalExamF13Ver137481 (! Problem 3: 15 points Here are comparative balance sheets for Wilson Company. Wilson Company Comparative Balance Sheets December 31, 2013 Assets 2013 2012 Cash $ 44,550 $ 13,500 Accounts receivable 24,300 18,900 Inventories 33,750 24,300 Prepaid expenses 8,100 12,150 Long-term investments 0 24,300 Equipment 81,000 43,200 Accumulated depreciation—Equipment (27,000) (18,900) Total assets $ 164,700 $ 117,450 Liabilities and Stockholder’s Equity Accounts payable $ 22,950 $ 9,450 Bonds payable 49,950 63,450 Common stock ($1 par) 54,000 31,050 Retained earnings 37,800 13,500 Total liabilities and stockholder’s equity $ 164,700 $ 117,450 Additional information: 1. The 2013 Income Statement reported $8,100 in depreciation expense, a $5,400 loss on sale of investments and Net income of $48,600. 2….

Assignment 1: Discussion Questions Due by Thursday, September 12, 2013, read the discussion question for the week and post your responses to both of them. Responses should be submitted as a Microsoft Word document, formatted in Arial 10 point font, 1.5 spaced. Must use the current APA standards when formatting paper. All written assignments and responses should follow APA rules for attributing sources and Grading Criteria: Grading Criteria Maximum Points Demonstrated an understanding of the topics being discussed. 4 Met the criteria for the correct responses to the assigned questions. 4 Participation Criteria Used vocabulary relevant to the topics under discussion. 4 Participated in the discussion by asking a question, providing a statement of clarification, providing a point of view with rationale, challenging a point of discussion, or making a relationship between one or more points of the discussion. 4 Justified ideas and responses by using appropriate examples and references from texts, websites, and other references or personal experience. 4 Wrote in a clear, concise, and organized manner; demonstrated ethical scholarship in accurate representation and attribution of sources, displayed accurate spelling, grammar, and punctuation. 4 Total 24 Essay Format – please use following format in your response and clearly identify each question separately in BOLD font. Discussion Question For a company with several subsidiaries, would it be easier to maximize shareholder value in the face of capital constraints by shifting capital among the affiliates? If in that same company 60% of the financial manager’s time is devoted to managing working capital, how will an increase in inventory costs affect the production capacity? (Should the financial manager devote more or less time to managing working capital in this instance?) ??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

Assignment 04 Accounting for Managers Directions: Unless otherwise stated, answer in complete sentences, and be sure to use correct English spelling and grammar.  Sources must be cited in APA format.  Your response should be a minimum of one (1) single-spaced page to a maximum of two (2) pages in length; refer to the “Assignment Format” page for specific format requirements. Return on Investment and Residual Income Portia Carter is the president of a company that owns six multiplex movie theaters. Carter has delegated decision-making authority to the theater managers for all decisions except those relating to capital expenditures and film selection. The theater managers’ compensation depends on the profitability of their theaters. Max Burgman, the manager of the Park Theater, had the following master budget and actual results for the month. ?Master?Actual???Budget?Results??Tickets sold?120,000?480,000???Revenue–tickets?$ 840,000?$ 880,000???Revenue–concessions?480,000?330,000??Total revenue?$1,320,000?$1,210,000??Controllable variable costs?????Concessions?120,000?99,000???Direct labor?420,000?330,000???Variable overhead?540,000?550,000??Contribution margin?$ 240,000?$ 231,000??Controllable fixed costs?????Rent?55,000?55,000???Other administrative expenses?45,000?50,000??Theater operating income?$ 140,000?$ 126,000?? 1. Assuming that the theaters are profit centers, prepare a performance report for the Park Theater using the chart below. Include a flexible budget. Determine the variances between actual results, the flexible budget, and the master budget. (25 points) ?Actual??Flexible??Master???Results?Variance?Budget?Variance?Budget??Tickets sold?110,000?????( )?120,000???Revenue–tickets?$ 880,000??( )???( )?$ 840,000???Revenue–concessions?330,000??( )???( )?480,000??Total revenue?$1,210,000?????( )?$1,320,000??Controllable variable costs??????????Concessions?99,000??( )???( )?120,000???Direct labor?330,000??( )???( …

scanned papers-accounting.zip? scanned papers-accounting/CCF01122013_00000.jpg? scanned papers-accounting/CCF01122013_00001.jpg? scanned papers-accounting/CCF01122013_00002.jpg? scanned papers-accounting/CCF01122013_00003.jpg? scanned papers-accounting/CCF01122013_00004.jpg? scanned papers-accounting/CCF01122013_00005.jpg? scanned papers-accounting/CCF01122013_00006.jpg? scanned papers-accounting/CCF01122013_00007.jpg? scanned papers-accounting/CCF01122013_00008.jpg? scanned papers-accounting/CCF01122013_00009.jpg? scanned papers-accounting/CCF01122013_00010.jpg? scanned papers-accounting/CCF01122013_00011.jpg? scanned papers-accounting/CCF01122013_00012.jpg? scanned papers-accounting/CCF01122013_00013.jpg? scanned papers-accounting/CCF01122013_00014.jpg? scanned papers-accounting/CCF01122013_00015.jpg? scanned papers-accounting/CCF01122013_00016.jpg? Batoul-simulation.xlsx? 1 2 3 4 5 6 1000 27 1010 19055.46 1015 0 1100 1165.3800000000001 1180 5042.75 1190 459 1400 9000 1410 1333.33 1500 2973 1510 0 1700 5000 1710 375 1800 150000 1810 2500 1900 50000 2100 2674.34 2250 971 2260 1050.28 2350 532 2360 608.91 2410 458.05 2460 299.64999999999998 2470 1050.1600000000001 2500 12700 3100 220096.04 3300 0 3400 35000 4500 246092 4510 5634.81 4520 3042.76 5000 134745.60000000001 5300 32099.360000000001 5305 1283.97 5310 3231.52 5315 1310.6500000000001 5320 3711.48 5325 6759.87 5330 2870.76 5400 4000 5405 160 5410 263.64 5415 2200 5420 3600 5425 1980.65 5430 1300 5435 2238.2800000000002 5440 330 489599.85000000009 489599.85 23 78217 10/23/2004 1035.23 1035.23 11/15/2004 130.15 1165.3800000000001 78236 78249 78252 24 8750 11/27/2004 345.08 345.08 11/29/2005 86.27 258.81 124 11/22/2008 2415.5300000000002 2415.5300000000002 78694 674098 5503940685508 25 11/30/2004 32 126.5 4048 11/30/2004 23 43.25 994.75 …

Set up an amortization schedule for a $25,000 loan to be repaid in equal installments at the end of the next 5 years. The interest rate is 10% compounded annually. A. I need to set up an amortization schedule for a $25,000 loan to be repaid in equal installments at the end of the next 5 years. The interest rate is 10% compounded annually. b. How large must each annual payment be if the loan is for $50,000? Assume that the interst rate remains at 10%, compounded annually, and that the loan is paid off over 5 years. c. How large must each payment be if the loan is for $50,000, the interest rate is 10%, compounded annually, and the loan is paid off in equal installments at the end of each of the next 10 years? This loan is for the same amount as the loan in part b, but the payments are spread out over twice as many periods. Why are these payments not half as large as the payments on the loan in part b????????????????????????????????????????????????????????????????????????????????

Problems – 5 points each Greg and Justin are forming the GJ Partnership. Greg contributes $500,000 cash and Justin contributes nondepreciable property with an adjusted basis of $200,000 and a fair market value of $550,000. The property is subject to a $50,000 liability, which is also transferred into the partnership and is shared equally by the partners for basis purposes. Greg and Justin share in all partnership profits equally except for any precontribution gain, which must be allocated according to the statutory rules for built-in gain allocations. What is Justin’s adjusted tax basis for his partnership interest immediately after the partnership is formed? What is the partnership’s adjusted basis for the property contributed by Justin? If the partnership sells the property contributed by Justin for $600,000, how is the tax gain allocated between the partners? The LN partnership reported the following items of income and deduction during the current tax year: revenues, $200,000; cost of goods sold, $80,000; tax-exempt interest income, $5,000; salaries to employees, $50,000; and long-term capital gain, $5,000. In addition, the partnership distributed $10,000 of cash to 50% partner Nina and $20,000 of cash to 50% partner Len. What is Nina’s share of ordinary partnership income and separately stated items? In the current year, Derek formed an equal partnership with Cody. Derek contributed land with an adjusted basis of $110,000 and a fair market value of $200,000. Derek also contributed $50,000 cash to the partnership. Cody contributed land with an adjusted basis of $80,000 and a fair market value of $230,000. The land contributed by Derek was encumbered by a $60,000 nonrecourse debt. The land contributed by Cody was encumbered by $40,000 of nonrecourse debt. Assume the partners share debt equally. Immediately after the formation, what is the basis of Cody’s partnership interest? Janet Wang is a 50% owner of a calendar year S…

Revised Chapter 5 and 6 homework Chapter 6 homework??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

6180 6000 180 2800 2500 300 1000 1000 0 570 500 70 11740 11250 490 31540 28750 2790 2 3 The St. Lucia Blood Bank, a private charity partly supported by government grants, is located on the Caribbean island of St. Lucia. The Blood Bank has just finished its operations for September, which was a particularly busy month due to a powerful hurricane that hit neighboring islands causing many injuries. The hurricane largely bypassed St. Lucia, but residents of St. Lucia willingly donated their blood to help people on other islands. As a consequence, the Blood Bank collected and processed over 20% more blood than had been originally planned for the month. A report prepared by a government official comparing actual costs to budgeted costs for the Blood Bank appears below. (The currency on St. Lucia is the East Caribbean dollar.) Continued support from the government depends on the Blood Bank’s ability to demonstrate control over their costs. St. Lucia Blood Bank Cost Control Report For the Month Ended September 30 Actual Budget Variance Liters of blood collected        620        500      120 Variable costs: The managing director of the Blood Bank was very unhappy with this report, claiming that his costs were higher than expected due to the emergency on the neighboring islands. He also pointed out that the additional costs had been fully covered by payments from grateful recipients on the other islands. The government official who prepared the report countered that all of the figures had been submitted by the Blood Bank to the government; he was just pointing out that actual costs were a lot higher than promised in the budget. Required: 1. Prepare a new performance report for September using the flexible budget approach. (Note: Even though some of these costs might be classified as direct costs rather than as overhead, the flexible budget approach can still be used to prepare a flexible budget performance report.) 2. Do you think any of the variances in the…

Accounting Problems Problem 1:JOURNAL ENTRIES The ledger accounts given below, with an identification number for each, are used by Wynne Company. Instructions: Indicate the appropriate entries for the month of June by placing the appropriate identification number(s) in the debit and credit columns provided. Item 0 is given as an example. Write “none” if no entry is appropriate. 1. Cash 7. Salaries Payable 13. Service Revenue 2. Accounts Receivable 8. Accounts Payable 14. Equipment Expense 3. Supplies 9. Unearned Service Revenue 15. Advertising Expense 4. Prepaid Salaries 10. Notes Payable 16. Supplies Expense 5. Prepaid Advertising 11. H. Wynne, Capital 17. Rent Expense 6. Equipment 12. H. Wynne, Drawing 18. Salaries Expense ——————————————————————————————————————————— Entry Account(s) Account(s) No. Entry Information Debited Credited 0. June 1 H. Wynne invested $25,000 in the business. 1 11 ——————————————————————————————————————————— 1. June 4 Paid a supplier $2,000 cash on account. ——————————————————————————————————————————— 2. June 5 Equipment was purchased at a cost of $5,000; a three-month, 12% note payable was signed for this amount. ——————————————————————————————————————————— 3. June 8 Received $7,000 from customers for services rendered during the week. ——————————————————————————————————————————— 4. June 10 Purchased supplies for $3,500 cash. The supplies are expected to last through August. ——————————————————————————————————————————— 5. June 14 Paid $400 cash to the Daily News for advertisements run this past week. ——————————————————————————————————————————— 6. June 16 Billed customers $6,000 for services rendered. ——————————————————————————————————————————— 7. June 19 Paid $2,000 in cash to Santo Company for June rent. ——————————————————————————————————————————— 8. June 25 Additional supplies were purchased on account at a cost of $1,000 from Supply Company. These supplies will be used during…

Professional Sanctions Instructions Locate recent reports of sanctions imposed on accountants, including instances of at least one of each of the following: SEC, IRS, and AICPA. What were the nature of the offenses? What were the penalties imposed? Have any Arkansas CPAs been sanctioned recently? Limit the main body of your report to 3 pages (double spaced). Include a title page and cite sources of your information. Professional Sanctions Instructions Locate recent reports of sanctions imposed on accountants, including instances of at least one of each of the following: SEC, IRS, and AICPA. What were the nature of the offenses? What were the penalties imposed? Have any Arkansas CPAs been sanctioned recently? Limit the main body of your report to 3 pages (double spaced). Include a title page and cite sources of your information. ??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

ACCT 2200 Part I?On January 1, 2011, a company sells a 3-year bond with a face value of $48,000 and a stated interest rate of 8%. Because the market interest rate is 6%, the company receives $50,566 for the bond. The company uses the effective interest method of amortization. Fill in Table A. Fill in Table B assuming the market interest rate is 10%, and the company received only $45,613 for the bond and the company uses the effective-interest method.?? Table A?? Period?ended?Cash?paid?Interest?expense?Amortized?premium?Bonds?payable?Premium on?bonds payable?Carrying?value??01/01/11????????12/31/11????????12/31/12????????12/31/13?????????? Table B?? Period?ended?Cash?paid?Interest?expense?Amortized?discount?Bonds?payable?Discount on?bonds payable?Carrying?value??01/01/11????????12/31/11????????12/31/12????????12/31/13???????????Part II?On January 1, 2010, ABC issues $40 million of 8% bonds, due in 15 years, with interest payable semi-annually on June 30 and December 31 each year. Requirement 1:??If the market rate is 7%, will the bonds issue at face amount, a discount, or a premium? Calculate the issue price.??Requirement 2:??If the market rate is 8%, will the bonds issue at face amount, a discount, or a premium? Calculate the issue price. ??Requirement 3:??If the market rate is 9%, will the bonds issue at face amount, a discount, or a premium? Calculate the issue price.???Part III??April 1, 2009—XYZ Corp. today announced that its Board of Directors has declared a cash dividend of $1.18 per share on its 505,500 outstanding preferred shares. The dividend will be paid on May 31, 2009, to preferred shareholders of record at the close of business on May 26, 2009. The Board of Directors also announced a 100% common stock dividend will occur on May 31, 2009, on its 1,010,000 outstanding $0.01 par common stock for stockholders of record on May 26, 2009.??Requirement 1:??Prepare any journal entries that XYZ Corp. should make as the result of information in the preceding…

Brooklyn College of the City University of New York Accounting Department Intermediate Financial Accounting II Professor G. Vasquez Spring 2012 Page 1 of 1 Income Statement Project Information as of 12/31/2011 (pretax basis): Sales $3,200,000 Cost of Goods Sold 1,650,000 Interest Revenue 10,000 Loss from Abandonment of Plant Assets 40,000 Selling Expenses 340,000 Administrative Expenses 280,000 Cumulative Effect on Prior Years of Change from FIFO to Average Cost for Inventory Costing Purposes 50,000 Loss from Earthquake 40,000 Gain on Disposal of a Component Business 90,000 Additional Information: 1. Name of Firm: Kaitlin Industries 2. Headquarters: San Juan, Puerto Rico 3. Business: Sells dolls and action figures 4. Divisions: Two 5. Operating Year: Calendar Year 6. Tax Rate: 30% 7. Common Stock: 100,000 shares outstanding during year Requirements: (1) Prepare income statement (to be audited) and notes (if necessary). Good luck! ? ***************************************?????????????

Foundations of Accounting I Accounting Project Written by: Karen Pitsch David’s Entertainment is a merchandising business. Their account balances as of November 30, 2012 (unless otherwise indicated), are as follows: 110 Cash $ 73,920 112 Accounts Receivable 34,250 113 Allowance for Doubtful Accounts 11,000 115 Merchandise Inventory 123,900 116 Prepaid Insurance 3,750 117 Store Supplies 2,850 123 Store Equipment 100,800 124 Accumulated Depreciation-Store Equipment 20,160 210 Accounts Payable 21,450 211 Salaries Payable 0 218 Interest Payable 0 220 Note Payable (Due 2017) 15,000 310 D. Williams, Capital (January 1, 2012) 73,260 311 D. Williams, Drawing 50,000 312 Income Summary 0 410 Sales 853,445 411 Sales Returns and Allowances 20,020 412 Sales Discounts 13,200 510 Cost of Merchandise Sold 414,575 520 Sales Salaries Expense 74,400 521 Advertising Expense 18,000 522 Depreciation Expense 0 523 Store Supplies Expense 0 529 Miscellaneous Selling Expense 2,800 530 Office Salaries Expense 40,500 531 Rent Expense 18,600 532 Insurance Expense 0 533 Bad Debt Expense 0 539 Miscellaneous Administrative Expense 1,650 550 Interest Expense 1,100 David’s Entertainment uses the perpetual inventory system and the First-in, First-out costing method. Transportation-in and purchase discounts should be added to the Inventory Control Sheet, but since this will complicate the computation of the First-in, First-out costing method, please ignore this step in the process. They also use the Allowance Method for bad debt. The Accounts Receivable and Accounts Payable Subsidiary Ledgers along with the Inventory Control Sheet should be updated as each transaction affects them (daily). David’s…

Instructions The Objective of this Project is for you to learn to read, interpret and analyze the financial statements of a company. You will be given an opportunity to practice these skills during class and homework throughout the term. Where applicable, each answer you present should be referenced to your company’s Financial Statements, audit report and/or notes to the financial statements by page number. If your financial statements are not numbered, please number them yourself. You may use thousands or millions of dollars if that is the presentation on your Financial Statements. Student Name ________________ Student number _________________ Company name __________________________________ Selected Industry Averages for the assigned companies are as follows: Ratio Shoppers Drug Mart George Weston Groupe BMTC Inc Plaintree Systems Current ratio 1.28 to 1 1.02 to 1 1.15 to 1 0.87 to 1 Quick Ratio 0.84 to 1 0.88 to 1 0.97 to 1 0.45 to 1 Inventory Turnover 12.65 times 19.37 times 11.81 times 2.48 times Number of days sales in inventory 28.9 days 18.8 days 30.9 days 147.2 days Accounts receivable turnover 52.27 times 185.85 times 18.03 times 5.48 times Number of days sales in account receivable/average collection period 7 days 1.96 days 20.2 days 66.6 days Gross profit margin ratio 17.27% 35.54% 39.23% 32.68% Using the results for your company’s most recent year end (unless otherwise indicated), please answer the following questions: 1a. Most recent fiscal year end noted on the financial statements assigned to you (ie December 31, 2012)______________________________ 1b. What period does the company’s year end cover?/ On what dates does the company’s most recent fiscal year start and end? Start______________________________________ End ______________________________________ 1c. In your own words explain what permanent and temporary accounts are and give an example of each that is shown on your…

AC1320: Project PROJECT DESCRIPTION In order to assess your knowledge of the fundamentals of financial and managerial accounting, two projects have been included in the course. These chapters will give you an opportunity to apply your knowledge and improve your proficiency in performing routine accounting procedures and managerial tasks. The project aims at simulating the main managerial accounting concepts, principles, and procedures covered in the prescribed text and encountered in practice. Project Part 1 Introduction: You need to research two corporations using the ITT Tech Virtual Library. Once you have identified the two corporations, you will have to find the financial statements, income statement, balance sheet, and statement of cash flows. You will then identify from the statement of cash flows if the corporation uses the indirect or direct method. You will also identify how much cash was generated from operations, financing, and investing. You should also specify how much free cash flow each corporation has generated. You should then calculate the current ratio, inventory turnover, gross profit percentage days’ sales in receivables, and debt ratio. You must choose which corporation you would invest in and why. Project Part 2 Introduction: You will be given a set of transactions for a company, based on which you will have to prepare journal entries, open T-accounts, and post the journal entries to the accounts. You will then prepare a trial balance for the end of the month. Using the work-in-process T-account, you will prepare a schedule for cost of goods sold manufactured for the month. You will also prepare an income statement for the month and post any corrections that may be needed for under/over allocated manufacturing overhead. Course Objectives Tested: 1. Identify characteristics of a corporation, record issuance of stock, and illustrate retained earnings transactions. 2. Prepare and analyze the income statement,…

Project 1 & 2 Instructions, ACCT 2200, SP13 Obtain the most recent 10-K for one of the following companies: Molson Coors Brewing Company: TAP Red Robin Gourmet Burgers: RRGB? Created with an evaluation copy of Aspose.Words. To discover the full versions of our APIs please visit: https://products.aspose.com/words/ ? PAGE * MERGEFORMAT ?1? Created with an evaluation copy of Aspose.Words. To discover the full versions of our APIs please visit: https://products.aspose.com/words/ You can obtain the 10-K by going to ? HYPERLINK “http://finance.yahoo.com” ?http://finance.yahoo.com? and searching for your company. Put the ticker symbol above in the search box. Once you find your company, click the “SEC filings” link on the left and you will see all filings listed. The most recent 10-K will have been filed during 2012 or 2013, depending on when you start the project. If you start after the end of February, the 10-K will be at the top of the list and will have a date of Feb 2012. (DO NOT USE A 10-Q) Click “Full Filing at EDGAR online.” Once you are taken to the Table of Contents, click on any subtitle. Once inside the document, click “View Entire Filing” in the upper right hand corner and you will be able to see the entire 10-K. (Note: it will ask you to “purchase” for certain document types, but you do not need to do this! Follow my instructions and you will be able to obtain the document for free.) You do not need to print the entire document but you will need the Management Discussion & Analysis, the Financial statements, and the Notes to the financial statements. You will also use the company website to obtain information for the project. (Scroll down to see screenshots of the SEC filing page.) You must use the same 10-K document and company for Project 1 & 2. If you use the 2012 document for part I, use the 2012 document for part II and vice versa. Do not use 2012 for part I and then use 2013 for part II. Your project must be typed using 1.5…

ADVANCED FINANCIAL ACCOUNTING 260 SHAREHOLDERS’ EQUITY QUIZ QUESTIONS What is a share? (1 mark) Answer Shares are issued with specific rights attached. Shares are then given different names to signify differences in right. The two most common forms of shares are ordinary shares and preference shares. Identify two advantages of a private placement of shares as compared with a public issue. (1 mark) Answer Speed, price, direction and prospectus 3. The shareholders of Quinninup Ltd hold 25 000 A class ordinary shares, fully paid at $4.50 each. On 17 April 2012, the company directors voted to make a 1 for 5 rights offer to these shareholders. The additional shares were offered at $1.75 each, payable in full one month after acceptance. The offer closed on 31 May 2012 with 90% of the shareholders accepting. Shares were duly allotted on that date and all monies were received when due. Required Prepare journal entries to record these events, show all workings. (2 marks) Answer 17 Apr 2012 Dr Cash Trust ($25,000/5 * 4.5) 22,500 Cr Application 22,500 (application monies received) 4. Forrest Ltd has issued 10 000 5% cumulative preference shares. Explain the meaning of the term “cumulative”. (1 mark) Answer Cumulative gets all dividends (previous + current) 5. The share capital of Murdoch Ltd consists of: 52 000 Ordinary A shares @ $2.50, fully paid $130 000 15 000 Ordinary B shares @ $1.50, paid to 80c 11 000 On 28 June 2012, the directors declared a 7c per share final dividend. Shareholder approval is not required to pay dividends. Required Prepare the journal entries to record the dividend, show all workings. (2 marks) Answer 28 June 2012 Dr Dividend declared Ordinary A ($52,000 * 0.07) 3,640 Dr Dividend declared Ordinary B ($11,000 * 0.07) 770 Cr Dividend payable 4,410 (declaration of final dividend of the year) Dr Dividend payable 4,410 Cr Cash 4,410 (payment of final dividend declared in previous…

1)Governments use fund accounting instead of the traditional methods. What are the key differences in that system? Systems Most organizations that use activity-based costing have two costing systems—the official costing system that is used for preparing external financial reports and the activity-based costing system that is used for internal decision making and for managing activities.???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

Week Nine Capstone Discussion Question · Provide an example of a health care capital expenditure. Why is the capital expenditure budgeting process important? What concepts should be considered when evaluating a capital expenditure? What do you feel is the most important factor when considering a capital expenditure proposal??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

Ch. 6 – New Accounting Standards and LIFO An important change is coming to Accounting Standards in the United States – especially important to accounting majors  The U.S. is going through a major transition in terms of financial accounting standards. You learned in Chapter 1 that American companies follow accounting standards followed by the Financial Accounting Standards Board (FASB). Virtually every other developed country follows standards set by the International Accounting Standards Board (IASB), or a close variation of those standards. For about eight years, the FASB has been working with international standard-setters that will ultimately result in the U.S. adoption of International Financial Reporting Standards. By 2011, the United States will be the only country not using IFRS (Theobald, 2010). American companies are scheduled to be required to adopt IFRS by 2016 (Thacker, 2010). The reason these facts are relevant to the materials presented in Chapter 6 is that one of the inventory methods, LIFO, will be phased out. In fact, this is one of the issues that delayed the faster adoption of IFRS (White, 2008). Our discussion for this week will be based on a few articles on IFRS and LIFO phase-out. Those of you who plan to become CPAs should note that questions related to IFRS will begin to show up on the CPA exams, starting in 2011. Most financial accounting textbooks will need to be re-written or will need supplements to reflect changes in how standards will be applied based on the new standard-setting body’s requirements. Everyone will need to learn a little about this change in American Accounting standards. You will have some questions on your Final Exam related to IFRS.  REFERENCES   Thacker, Sam. Moving from GAAP to International Accounting Standards. 2010. Retrieved from http://www.allbusiness.com/company-activities-management/company-structures-ownership/13196001-1.htmlon 11/7/2010   Theobald, Paul. Transitioning to IFRS in SAP ERP…

HW 1 (Computation of Net Income) Presented below are changes in all the account balances of Jackson Furniture Co. during the current year, except for retained earnings. ??Increase (Decrease)???Increase (Decrease)???Cash?$83,310 ???Accounts Payable?$(59,290)????Accounts Receivable (net)?46,620 ???Bonds Payable?84,140 ????Inventory?133,170 ???Common Stock?125,350 ????Investments?(49,380)???Additional Paid-in Capital?15,800 ???Compute the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income and a dividend declaration of $24,640 which was paid in the current year. $ (Income Statement Items) Presented below are certain account balances of Paczki Products Co. ?Rental revenue?$6,810??Sales discounts?$7,980???Interest expense?12,910??Selling expenses?99,890???Beginning retained earnings?114,500??Sales?390,550???Ending retained earnings?134,230??Income tax?31,800???Dividend revenue?72,590??Cost of goods sold?185,470???Sales returns?12,550??Administrative expenses?82,980??From the foregoing, compute the following in a periodic inventory environment: (a) total net revenue, (b) net income, (c) dividends declared during the current year. (a)?Total net revenue?$?? (b)?Net income?$?? (c)?Dividends declared ?$?? (Multiple-step and Extraordinary Items) The following balances were taken from the books of Parnevik Corp. on December 31, 2012. ?Interest revenue?$92,800??Accumulated depreciation-building?28,000???Cash?51,000??Notes receivable?155,000???Sales?1,341,100??Selling expenses?201,400???Accounts receivable?150,000??Accounts payable?170,000???Prepaid insurance?20,000??Bonds payable?100,000???Sales returns and allowances?156,000??Administrative and general expenses?97,300???Allowance for doubtful accounts?7,000??Accrued liabilities?32,000???Sales discounts?52,500??Interest expense?73,100???Land?100,000??Notes payable?100,000???Equipment?200,000??Loss from earthquake damage…

intHW3 (Computation of Net Income) Presented below are changes in all the account balances of Jackson Furniture Co. during the current year, except for retained earnings. ??Increase (Decrease)???Increase (Decrease)???Cash?$85,280 ???Accounts Payable?$(59,160)????Accounts Receivable (net)?49,330 ???Bonds Payable?83,160 ????Inventory?128,180 ???Common Stock?131,870 ????Investments?(47,780)???Additional Paid-in Capital?14,610 ???Compute the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income and a dividend declaration of $22,300 which was paid in the current year. $ (Income Statement Items) Presented below are certain account balances of Paczki Products Co. ?Rental revenue?$6,540??Sales discounts?$7,870???Interest expense?12,940??Selling expenses?99,650???Beginning retained earnings?114,550??Sales?392,310???Ending retained earnings?134,450??Income tax?32,690???Dividend revenue?72,820??Cost of goods sold?184,560???Sales returns?12,990??Administrative expenses?83,500??From the foregoing, compute the following in a periodic inventory environment: (a) total net revenue, (b) net income, (c) dividends declared during the current year. (a)?Total net revenue?$?? (b)?Net income?$?? (c)?Dividends declared ?$?? (Multiple-step and Single-step) Two accountants for the firm of Allen and Wright are arguing about the merits of presenting an income statement in a multiple-step versus a single-step format. The discussion involves the following 2012 information related to Webster Company ($000 omitted). ?Administrative expense????Officer’s salaries?$ 5,580???Depreciation of office furniture and equipment?4,060???Cost of goods sold?63,100???Rental revenue?23,190???Selling expense????Transportation-out?2,690???Sales commissions?7,980???Depreciation of sales equipment?6,480???Sales?98,400???Income tax?9,070???Interest expense?1,860?? (a)?Prepare an income statement for the year 2012 using the multiple-step…

USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT (3) QUESTIONS: On January 1, 2012, ABC borrowed $1,200,000 at 10% payable annually to finance the construction of a new building.  In 2012, the company began construction on March 1 and made the following expenditures throughout the year: March 31 $260,000 June 1 $750,000 July 1 $1,300,000 Nov 1 $1,200,000 The building was completed on December 31, 2012.  Additional information is provided below: 1.  Other Debt consisted of a $4,000,000, 10-year, 12% bond with interest payable annually; and a $1,600,000, 6-year, 9% note  with interest due annually.  Both the Bond and Note were outstanding for all of 2012.  (Note:  When determining your average interest rate, round to two decimal places.  If your average interest is .14374, use 14.37%.) Required: a. Determine the original cost of the building (round your answer up to the nearest whole dollar):    $[BLANK_1] Answer 0.6667 points Question 2   Use the information presented in #1 above to answer the next question: b. Determine Interest Expense for 2012 (round your answer to the nearest whole dollar):  $[Blank_2] Answer 0.6667 points Question 3   Using the information presented in #1 above, answer the following question: c. If instead, ABC had only $200,000 of other debt outstanding inclurring interest at 12% APR, determine how much interest can be capitalized:  $[Blank_3] Answer 0.6666 points Question 4   USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT (3) QUESTIONS: Lambert Co. acquired a machine on June 30, 2013 and gave the seller $20,000 cash down and a two year non-interest bearing note calling for four semi-annual payments of $25,000 each, with the first payment beginning on December 31, 2013. The prevailing rate of interest was 12% APR. Lambert recorded the purchase as follows: Account Title Debit Credit Machine 120,000 Note Payable 100,000 Cash 20,000 Lambert uses the straight-line method to depreciate its equipment…

8000000 320000 120000 0.05 1 12000 2400 2 9000 6000 3 60000 0 4 1200 640 Auditing Chapter 9 Account Balalnce Tolerable Misstatement Expected Misstatement Risk of Incorrect Acceptance Sample Size Sampling Interval Error Number Book Value Audit Value Statistical Problem Save this spreadsheet using the naming convention “yourfirst&lastname.xlsx” You will use the spreadsheet labled “Calculation” to complete the problem. All calculations must be done using the spreadsheet You will need the tables in chapter 8 of the text. Conclusion: Requirement (a) Requirement (b) Requirement (c) Daily and Johnson, CPAs were conducting the audit of Garner Tool Supply for the year ended December 31. Cindy Steward, senior-in-charge of the audit, plans to use MUS to audit Garner’s inventory account. The balance in the inventory account at December 31 was $8,000,000. Requirements: a) Based on the information in the spreadsheet, calculate the required MUS sample size b) Steve Brents, staff accountant, used the sample items selected in part (a) and performed the audit procedures listed in the inventory audit program. He noted the misstatements show in the spreadsheet in part (b). Using the information, calculate the upper misstatement limit. c) Based on the results in part (b) What is the conclusion that Steve Brents should make concerning the inventory account balance? NOTE THAT ALL CALCULATIONS SHOULD BE ACCOMPLISHED USING THE SPREADSHEET! I WILL CHECK THE FORMULAS AND THEY WILL ACCOUNT FOR 50% OF THE POINTS. ?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

1) Lettman Corporation has provided the following partial listing of costs incurred during November:  ? ? ??  Marketing salaries?$?52,100   ??  Property taxes, factory?$?12,400   ??  Administrative travel?$?100,800   ??  Sales commissions?$?52,800   ??  Indirect labor?$?38,400   ??  Direct materials?$?173,900   ??  Advertising?$?139,900   ??  Depreciation of production equipment?$?39,100   ??  Direct labor?$?87,400   ?????Required: a.?What is the total amount of product cost listed above? (Omit the “$” sign in your response.)??   Total product cost?$  ?? b.?What is the total amount of period cost listed above? (Omit the “$” sign in your response.)??   Total period cost?$  ?? 2) Whitman Corporation, a merchandising company, reported sales of 10,600 units for May at a selling price of $750 per unit. The cost of goods sold (all variable) was $492 per unit and the variable selling expense was $55 per unit. The total fixed selling expense was $162,400. The variable administrative expense was $33 per unit and the total fixed administrative expense was $375,400.?? Required:??a.?Prepare a contribution format income statement for May. (Input all amounts as positive values. Omit the “$” sign in your response.)?? ?? Whitman Corporation?Income Statement??  ? ?$  ??  Variable expenses:? ? ??       ?$  ? ??       ? ? ??       ? ? ?? ????  ? ? ??  Fixed expenses:? ? ??       ? ? ??       ? ? ?? ? ???  ? ?$  ?? ? ? ???? b.?Prepare a traditional format income statement for May. (Input all amounts as positive values. Omit the “$” sign in your response.)??                                         Whitman Corporation?Income Statement??  ? ?$  ??  ? ? ?? ????  ? ? ??  Operating expenses:? ? ??       ?$  ? ??       ? ? ?? ? ???  ? ?$  ?? ? ? ????3) In October, Patnode Inc., a merchandising company, had sales of $373,000, selling expenses of $34,800, and administrative expenses of $42,400. The cost of merchandise purchased during the month was $268,600. The beginning balance in…

(Balance Sheet Classifications) Presented below are a number of balance sheet accounts of Cunningham, Inc. For each of the accounts below, indicate the proper balance sheet classification. (a)?Investment in Preferred Stock (readily marketable)???(b) ?Treasury Stock???(c)?Common Stock ???(d) ?Cash Dividends Payable???(e)?Accumulated Depreciation???(f)?Warehouse in Process of Construction (for use by this company)???(g)?Petty Cash???(h) ?Accrued Interest on Notes Payable???(i) ?Deficit???(j)?Trading Securities???(k)?Income Taxes Payable???(l)?Unearned Subscription Revenue???(m)?Work in Process???(n)?Accrued Vacation Pay??? (Classification of Balance Sheet Accounts) Presented below are the captions of Nikos Company’s balance sheet. (a)?Current assets.?(f) ?Current liabilities. ??(b) ?Investments.?(g) ?Non-current liabilities.??(c) ?Property, plant, and equipment. ?(h) ?Capital stock. ??(d) ?Intangible assets. ?(i) ?Additional paid-in capital.??(e) ?Other assets.?(j) ?Retained earnings.??Indicate by letter where each of the following items would be classified. 1.?Preferred stock.???2.?Goodwill.???3.?Wages payable.???4.?Trade accounts payable.???5.?Buildings. ???6.?Trading securities.???7.?Current portion of long-term debt. ???8.?Premium on bonds payable.???9.?Allowance for doubtful accounts.???10.?Accounts receivable.???11.?Cash surrender value of life insurance. ???12.?Notes payable (due next year). ???13.?Office supplies.???14.?Common stock.???15.?Land.???16.?Bond sinking fund.???17.?Merchandise inventory.???18.?Prepaid insurance.???19.?Bonds payable.???20.?Taxes payable.??? (Preparation of a Corrected Balance Sheet) Presented below and on the next page is the balance sheet of Kishwaukee Corporation as of December 31, 2012. ?KISHWAUKEE CORPORATION???Balance Sheet???December 31, 2012???Assets???Goodwill (Note 2)?$121,700???Buildings (Note 1)?1,640,000???Inventories?312,100???Land?950,000???Accounts receivable?171,700???Treasury stock (50,000 shares, no…

HW 3 #1 Buttercup Corporation issued 310 shares of $9 par value common stock for $4,185. Prepare Buttercup’ journal entry. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.) Description/Account?Debit?Credit?????????????? #2 Swarten Corporation issued 680 shares of no-par common stock for $8,580. Prepare Swarten’s journal entry if (a) the stock has no stated value, and (b) the stock has a stated value of $3 per share. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.) (a)??Description/Account?Debit?Credit??????????(b)??Description/Account?Debit?Credit?????????????? #3 Hinges Corporation issued 522 shares of $105 par value preferred stock for $71,350. Prepare Hinges’s journal entry. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.) Description/Account?Debit?Credit?????????????? #4 Woolford Inc. declared a cash dividend of $1.29 per share on its 2.14 million outstanding shares. The dividend was declared on August 1, payable on September 9 to all stockholders of record on August 15. Prepare the journal entries necessary on those three dates. (If no entry is required, enter No Entry as the Description and 0 as the amount.) Date?Description/Account?Debit?Credit??Aug. 1??????????Aug. 15??????????Sep. 9??????????

HW5 #1 Garfield Company purchased, as a held-to-maturity investment, $92,700 of the 9%, 12-year bonds of Chester Corporation for $75,474, which provides an 12% return. Prepare Garfield’s journal entries for (a) the purchase of the investment and (b) the receipt of annual interest and discount amortization. Assume effective interest amortization is used. (Round answers to zero decimal places, e.g. 25,000. List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.) Description/Account Debit Credit (a) (b) #2 Garfield Company purchased, as an available-for-sale securities, $63,100 of the 9%, 10-year bonds of Chester Corporation for $55,667, which provides an 11% return. Prepare Garfield’s journal entries for (a) the purchase of the investment, (b) the receipt of annual interest and discount amortization, and (c) the year-end fair value adjustment. The bonds have a year-end fair value of $57,167. Assume effective interest amortization is used. (Round answers to zero decimal places, e.g. 12,510. List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.) Description/Account Debit Credit (a) (b) (c) #3 Fairbanks Corporation purchased 300 shares of Sherman Inc. common stock as an available-for-sale investment for $10,440. During the year, Sherman paid a cash dividend of $2.95 per share. At year-end, Sherman stock was selling for $36.40 per share. Prepare Fairbanks’s journal entries to record (a) the purchase of the investment, (b) the dividends received, and (c) the fair value adjustment. Description/Account Debit Credit (a) (b) (c) #4 Fairbanks Corporation purchased 300 shares of Sherman Inc. common stock as an investment in Equity Investments (Trading) for $8,100. During the year, Sherman paid a cash dividend of $2.85 per share. At year-end, Sherman stock was selling for $29.10 per share. Prepare Fairbanks’s journal entries to record (a) the purchase of the investment, (b) the dividends received,…

HW 6 Petrenko Corporation has outstanding 2,010 $1,000 bonds, each convertible into 50 shares of $13 par value common stock. The bonds are converted on December 31, 2012, when the unamortized discount is $30,000 and the market price of the stock is $21 per share. Record the conversion using the book value approach. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.) Description/Account?Debit?Credit?????????????????? #2 Pechstein Corporation issued 2,160 shares of $11 par value common stock upon conversion of 1,130 shares of $50 par value preferred stock. The preferred stock was originally issued at $60 per share. The common stock is trading at $26 per share at the time of conversion. Record the conversion of the preferred stock. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.) Description/Account?Debit?Credit?????????????????? #3 Rockland Corporation earned net income of $358,500 in 2012 and had 100,000 shares of common stock outstanding throughout the year. Also outstanding all year was $956,000 of 10% bonds, which are convertible into 19,120 shares of common. Rockland’s tax rate is 40 percent. Compute Rockland’s 2012 diluted earnings per share. (Round answer to 2 decimal places, e.g. 2.13.) $ #4 DiCenta Corporation reported net income of $273,000 in 2012 and had 50,000 shares of common stock outstanding throughout the year. Also outstanding all year were 6,970 shares of cumulative preferred stock, each convertible into 2 shares of common. The preferred stock pays an annual dividend of $5 per share. DiCenta’ tax rate is 40%. Compute DiCenta’ 2012 diluted earnings per share. (Round answer to 2 decimal places, e.g. 5.23.) $ #5 Bedard Corporation reported net income of $387,000 in 2012 and had 200,000 shares of common stock outstanding throughout the year. Also outstanding all year were 46,000 options to purchase common stock at $15 per share. The average market price of the stock during the year…

HW7 #1 In 2012, Amirante Corporation had pretax financial income of $177,200 and taxable income of $130,000. The difference is due to the use of different depreciation methods for tax and accounting purposes. The effective tax rate is 40%. Compute the amount to be reported as income taxes payable at December 31, 2012. $ #2 Oxford Corporation began operations in 2012 and reported pretax financial income of $227,500 for the year. Oxford’s tax depreciation exceeded its book depreciation by $41,400. Oxford’s tax rate for 2012 and years thereafter is 30%. In its December 31, 2012 balance sheet, what amount of deferred tax liability should be reported? $ #3 At December 31, 2012, Percheron Inc. had a deferred tax asset of $32,120. At December 31, 2013, the deferred tax asset is $57,570. The corporation’s 2013 current tax expense is $63,630. What amount should Percheron report as total 2013 tax expense? $ #4 Conlin Corporation had the following tax information Year?Taxable Income?Tax Rate?Taxes Paid??2010?$300,000?35%?$105,000???2011?$325,000 ?30%?$97,500???2012?$400,000 ?30%?$120,000???In 2013 Conlin suffered a net operating loss of $460,100, which it elected to carry back. The 2013 enacted tax rate is 29%. Prepare Conlin’s entry to record the effect of the loss carryback. Description/Account?Debit?Credit?????????? #5 Rode Inc. incurred a net operating loss of $580,100 in 2012. Combined income for 2010 and 2011 was $396,100. The tax rate for all years is 40%. Rode elects the carryback option. Prepare the journal entries to record the benefits of the loss carryback and the loss carryforward. Description/Account?Debit?Credit??????????(To record carryback)????????????(To record carryforward)????

HA2042 Accounting Information Systems (T1, 2012) Group Assignment (20% of Final Mark) The assignment has two parts namely Part 1 (10 marks) & 2 (10 marks). Part 1 will require you to evaluate the payroll system for the Skip-Rope Manufacturing Company. Part 2 will involve a company called Kowal Manufacturing Company in which you are required to identify the weaknesses in their current system among others. The two (2) cases are selected form you textbook, Accounting Information Systems 12th edition by M.B. Romney and P.J. Steinbart. The assignment aims to develop the student’s understanding of an information system in the area of Human Resources Management and Payroll Cycle. The task also aims for the student to be able to analyse a case and identify the threats and weaknesses and give corresponding recommendations. This group project itself includes several assignments, each of which comprises a part of the students’ task. However, it is well encouraged to include any additional information that students may think will be useful in conducting financial statements analysis of the selected company. General Rules and Requirements: Reports must be confined to 2,000 words (+/- 5%). As a minimum, a title page, table of contents page (based on your report headings), introduction, conclusion and references should be included. Font type should be Arial (size 11), paragraph spacing should be 1.5. Note: Any additional material from external sources that you “copy and paste” into your report is NOT included in the word limit. Also, ensure it is appropriately referenced. Part 1 (5 marks) Part 2 (15 marks) Chapter 15? Skip-Rope manufacturing (page 475) Chapter 15? Kowal Manufacturing Company (page 475) Required: Identify weaknesses in current procedures, and explain the threats that they may allow to ?occur. Suggest ways to improve the Kowal Manufacturing Company’s internal control over ?hiring and payroll processing. (CPA examination, adapted.) Due Date: Friday…

MANAGER PERSUADES EMPLOYEES TO UNKNOWINGLY ALLOW EMBEZZLEMENT BY JONATHAN SPACKMAN, CPA Sandy’s initial success at embezzlement prompted him to try it again. What led Sandy to jeopardize his career and personal well-being, knowing full well that what he was doing was wrong? ABSTRACT Businesses today rely heavily on computers to cut costs, increase transaction speed, create competitive advantages and store vital information. This embrace of computer technology often means moving to large systems and networks. Although these systems and networks come with built-in controls, such as segregation of duties, they can never replace honest management. In this case, a manager under financial pressure used his influence over his employees to bypass the system controls. He was able to embezzle money until one employee courageously stood up to his questionable procedures. BACKGROUND Duarf, Inc. owned several media businesses, such as newspapers, radio stations and magazines. It operated in many of the largest markets in the United States and Canada. The company had grown primarily through acquisitions over the past ten years and still used several of the acquired business systems. Last year, the company decided to centralize all of its accounts payable processing, such as purchase orders, vendor maintenance, invoice processing and check printing. To accomplish this centralization plan, the company purchased the latest technology. Following the purchase, training sessions were held to ensure all processors and management could use all of the system’s functions. This technology included a robust database software package. The software provided internal controls, including matching invoices to purchase orders and receiving reports, signature dollar limits, segregation of processing duties and a controlled vendor list. All of the internal controls associated with the software were adequately designed. They were tested and found to be…

Assignment 1 Types of Cash Inflows and Outflows Resources Website icon Types of Cash Inflows and Outflows Scoring Guide. https://courserooma.capella.edu/bbcswebdav/institution/BUS/BUS3061/Version1013/Scoring_Guides/u03a1_scoring_guide.html Microsoft Excel icon BUS3061 Assignment u03a1 Templatehttps://courserooma.capella.edu/bbcswebdav/institution/BUS/BUS3061/Version1013/Course_Files/cf_BUS3061_assignment_u03a1_template.xls From your readings, you know that the cash flow statement classifies cash receipts and cash payments as operating, investing, and financing activities. Before preparing the cash flow statement, accounting data must be analyzed to locate transactions in both the cash account and other locations. After the transactions have been located, it should be determined whether each one affects operating, investing, or financing cash flow. Last, whether the transaction results in a cash inflow or outflow must be ascertained. Accountants consider this statement to be foundational for a business to continuously operate. In this assignment, you will classify cash inflows and outflows as one of these three activities. Instructions For this assignment, use the BUS3061 Assignment u03a1 Template (listed in Resources). Classify each of the following cash inflows and outflows as operating, investing, or financing activities: Sale of a piece of company equipment. Sale of common stock. Payment to suppliers for merchandise purchased. Payment to lenders for interest on note payable. Sale of investments in other companies. Purchase of land to expand plant size. Payment to stockholders as cash dividends. Sale of goods or services. Payment to employees for wages and salaries. Lending of money to other business entities. Payment to government for property and income taxes. Collection of principal on loans to other entities. Interest and dividends received. Issue of bonds to support company growth. Purchase of investments in debt or equity of other…

ACCT 3220 Fall 2013 Group Exercise #1 PART I Select the assumption, principle, or constraint that most appropriately justifies these procedures and practices. (Do not use qualitative characteristics.) ?(a)  ?Fair value changes are not recognized in the accounting records.????(b)  ?Lower of cost or market is used to value inventories.????(c)  ?Financial information is presented so that investors will not be misled.????(d)  ?Intangible assets are capitalized and amortized over periods benefited.????(e)  ?Repair tools are expensed when purchased.????(f)  ?Agricultural companies use fair value for purposes of valuing crops.????(g)  ?Each enterprise is kept as a unit distinct from its owner or owners.????(h)  ?All significant post-balance sheet events are reported.????(i)  ?Revenue is recorded at point of sale.????(j)  ?All important aspects of bond liabilities are presented in financial statements.????(k)  ?Rationale for (example of) accrual accounting.????(l)  ?The use of consolidated statements is justified.????(m)  ?Reporting must be done at defined time intervals.????(n)  ?An allowance for doubtful accounts is established.????(o)  ?All payments out of petty cash are charged to Miscellaneous Expense. (Do not use conservatism.)????(p)  ?Goodwill is recorded only at time of purchase of substantially another company.????(q)  ?No profits are anticipated and all possible losses are recognized.????(r)  ?A company charges its sales commission costs to expense.???? PART II ??Green Fields Miniature Golf and Driving Range Inc. was opened on March 1 by Mickey Fields. The following selected events and transactions occurred during March. ????? Mar.?1?Invested $60,000 cash in the business in exchange for common stock.?? ?3?Purchased Melissa Wie’s Golf Land for $38,000 cash. The price consists of land $10,000; building $22,000; and equipment $6,000. (Make one compound entry.)?? ?5?Advertised the opening of the driving range and miniature golf course, paying advertising…

ACCT 3220 Fall 2013 Group Exercise #4 Sapienti Co. sells $400,000 of 12% bonds on June 1, 2014, the contract date. The bonds pay interest on December 1 and June 1. The due date of the bonds is June 1, 2018. The bonds yield 10%. After the second interest payment, Sapienti buys back the bonds when the market interest rate is 8%. Required: Record the journal entry for the issuance of the bond. Record the journal entry for the first interest payment. Record the journal entry on December 31, 2014. Record the journal entry for the second interest payment. Record the journal entry for the buy back of the bonds.

CPA Licensure Instructions Compare and contrast the CPA licensure laws for Arkansas with those from two other states of your choice. Compare and contrast the CPA licensure laws and regulations for Arkansas with those from two other states of your choice. Arkansas law and Board Rules can be found online at http://www.arkansas.gov/asbpa/ Note: Board Rule 3.2 describes education requirements for taking the exam. State laws and regulations differ in many different aspects not limited to education requirements CPA Licensure Instructions Compare and contrast the CPA licensure laws for Arkansas with those from two other states of your choice. Compare and contrast the CPA licensure laws and regulations for Arkansas with those from two other states of your choice. Arkansas law and Board Rules can be found online at http://www.arkansas.gov/asbpa/ Note: Board Rule 3.2 describes education requirements for taking the exam. State laws and regulations differ in many different aspects not limited to education requirements ??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

#1 Marvel Parts, Inc., manufactures auto accessories. One of the company’s products is a set of seat covers that can be adjusted to fit nearly any small car. The company has a standard cost system in use for all of its products. According to the standards that have been set for the seat covers, the factory should work 780 hours each month to produce 2,600 sets of covers. The standard costs associated with this level of production are:?? ?Total?Per Set of Covers??  Direct materials?$59,280?$22.80??  Direct labor?$7,332?2.82??  Variable manufacturing overhead (based on direct labor-hours)?$1,560?0.60?? ? ?$26.22????  During August, the factory worked only 780 direct labor-hours and produced 2,700 sets of covers. The following actual costs were recorded during the month:??  ?Total?Per Set of Covers??  Direct materials (8,910 yards)?$62,370?$23.10??  Direct labor?$8,112?3.00??  Variable manufacturing overhead?$3,120?1.16?? ? ?27.26????  At standard, each set of covers should require 3 yards of material. All of the materials purchased during the month were used in production.?? Requirement 1:??Compute the direct materials price and quantity variances for August (Indicate the effect of each variance by selecting “F” for favorable, “U” for unfavorable, and “None” for no effect (i.e., zero variance). Input all amounts as positive values. Round your answers to the nearest dollar amount. Omit the “$” sign in your response.):?? ? ? ??  Materials price variance?$  $?  (Click to select)Favorable None Unfavorable??  Materials quantity variance?$ $   ?  (Click to select)NoneFU????Requirement 2:??Compute the direct labor rate and efficiency variances for August (Indicate the effect of each variance by selecting “F” for favorable, “U” for unfavorable, and “None” for no effect (i.e., zero variance). Input all amounts as positive values. Round your answers to the nearest dollar amount. Omit the “$” sign in your response.):?? ? ? ??  Labor rate variance? $ $ …

Accounting conventions represent the principles, assumptions, and rules that guide an accountant as he or she analyzes the effects of business events on the accounting cycle and applies them to various cycle procedures. This assignment requires you to identify which of these conventions apply to a given business scenario to enhance your understanding of the foundation of accounting procedures and processes. Instructions For this assignment, use worksheet u01a3 on the BUS3061 Unit 1 Excel Workbook Template (listed in Resources). Identify the applicable accounting convention for each of the following business scenarios. More than one convention may apply to each scenario. Please explain your choices for each scenario. Scenario 1: The Acme Company is undergoing a reorganization to improve its financial structure. As part of this process, the company is considering lowering its expense calculations to improve the bottom line net income. Scenario 2: Regal Enterprises has purchased $45,000 worth new equipment for use in its manufacturing operations and would like to write off the cost of this equipment in just a couple of years, instead of the usual 10 years for this equipment type. The company’s president fears that the economic conditions in its industry will worsen and cause the company to sell the equipment sooner than expected. Scenario 3: Bozrah Industries, a small independent retailer, wants to change its accounting system from cash-based to accrual-based, and is concerned about how this change will affect the recording of sales and expenses. Scenario 4: Randolph, Inc. has experienced major turnover in its accounting department, and the new head of accounting has been going through the current records of transactions. A couple of those transactions appear problematic. The first contains an error of $10,000 that the previous accountant decided was not large enough to adjust before the financial statements were prepared. This error would understate income and…

u03a1 Inflow Outflow Investing Financing & Operating 3. Payment to suppliers for merchandise purchased. 2. Sale of common stock. 1. Sale of a piece of company equipment. 4. Payment to lenders for interest on note payable. 5. Sale of investments in other companies. 6. Purchase of land to expand plant size. 7. Payment to stockholders as cash dividends. 8. Sale of goods or services. 9. Payment to employees for wages and salaries. 11. Payment to government for property and income taxes. 12. Collection of principal on loans to other entities. Column A BUS3061 Fundamentals of Accounting Assignment u03a1 Template 13. Interest and dividends received. 16. Payment to other entities to cover expenses incurred. Instructions: Classify each of the following cash inflows and outflows as operating, investing, or financing activities. For each item in Column A, place an “X” in the appropriate inflow/outflow cell and cash flow activitiy cell. 14. Issue of bonds to support company growth. 15. Purchase of investments in debt or equity of other entities. 17. Buyback of company stock from investors. 10. Lending of money to other business entities. u03a1 Inflow Outflow Investing Financing & Operating 3. Payment to suppliers for merchandise purchased. 2. Sale of common stock. 1. Sale of a piece of company equipment. 4. Payment to lenders for interest on note payable. 5. Sale of investments in other companies. 6. Purchase of land to expand plant size. 7. Payment to stockholders as cash dividends. 8. Sale of goods or services. 9. Payment to employees for wages and salaries. 11. Payment to government for property and income taxes. 12. Collection of principal on loans to other entities. Column A BUS3061 Fundamentals of Accounting Assignment u03a1 Template 13. Interest and dividends received. 16. Payment to other entities to cover expenses incurred. Instructions: Classify each of the following cash inflows and outflows as…

Cash Flow Statement u03a2 Info BUS3061 Fundamentals of Accounting Assignment u03a2 Template Cash Flow from Operating Activities: Cash Flow from Investing Activities: Cash Flow from Financing Activities: Assets Cash Accounts receivable Inventory Land Equipment Accum. Depreciation – Equipment Total Liabilities and Equities Accounts payable Bonds payable Common stock Retained earnings Difference Skylar Enterprises, Inc. Comparative Balance Sheets Additional Information: 1. Net income for 2012 was $103,000. 2. Cash dividends of $45,000 were paid. 3. Bonds payable amounting to $55,000 were redeemed. 4. Common stock was issued for $42,000 cash. 5. No equipment was sold during 2012. 6. Land was sold at cost during 2012. Skylar Enterprises, Inc. Statement of Cash Flows – Indirect Method For the Year Ended December 31, 2012 Instructions: Download and save a copy of this Excel file. Using the information from this worksheet and from Table 6.3 on page 77 in the McCrary textbook, Mastering Financial Accounting Essentials: The Critical Nuts and Bolts, prepare the cash flow statement on the next worksheet. ?1?/?1?/?2012 ?12?/?31?/?2012 $73,000.00 $22,000.00 $51,000.00 $85,000.00 $76,000.00 $9,000.00 $170,000.00 $189,000.00 $19,000.00 $75,000.00 $100,000.00 $25,000.00 $260,000.00 $200,000.00 $60,000.00 ($66,000.00) ($32,000.00) $34,000.00 $597,000.00 $555,000.00 $39,000.00 $47,000.00 $8,000.00 $150,000.00 $200,000.00 $50,000.00 $216,000.00 $174,000.00 $42,000.00 $192,000.00 $134,000.00 $58,000.00 $597,000.00 $555,000.00 Cash Flow Statement u03a2 Info BUS3061 Fundamentals of Accounting Assignment u03a2 Template Cash Flow from Operating Activities: Cash Flow from Investing Activities: Cash Flow from Financing Activities: Assets Cash Accounts receivable Inventory Land Equipment Accum. Depreciation – Equipment Total Liabilities and Equities Accounts payable Bonds payable Common stock Retained…

CASE #1: On May 5, 2013, Gina Ennabeortiz started a carpet cleaning business called Ennabeortiz Family Carpet Cleaning. She completed the following transactions during the month: Gina invested $16,500 cash and a small truck with a value of $8,000 to start her business. Prepaid $3,500 cash for 12 months’ rent on a small office. Purchased office supplies for cash, $575. Purchased equipment on account, $4,000. Received cash for services performed, $3,350. Performed services on credit, $2,350. Purchased truck supplies on account, $125. Received $15,350 cash in advance of providing cleaning services to a customer. Paid $2,500 cash for the premium on a 6-month insurance policy. Paid salary of employee, $1,550. Purchased $2,500 of additional equipment by paying $400 cash and signing a long-term note payable for $2,100. Paid for repairs to truck, $225. Received $1,350 for the services performed in transaction f. Paid utilities, $315. Completed cleaning services and immediately collected $10,500. Paid creditor $675 on the purchase in transaction g. Provided $2,000 of cleaning services from transaction h. Gina withdrew cash for personal use, $2,775. Paid $5,000 cash for advertisements on the local television station during May. Required: Prepare general journal entries to record these transactions (use the account titles listed in part 2). Open a set of T accounts with the following titles: Cash (101), Accounts Receivable (106); Office Supplies (124); Truck Supplies(128); Equipment (131); Prepaid Rent (140); Prepaid Insurance (150); Truck (163); Accounts Payable (201); Notes Payable (202); Unearned Cleaning Revenue (203); Gina Ennabeortiz, Capital (301); Gina Ennabeortiz, Drawing (302); Cleaning Revenue (403); Salaries Expense (620); Truck Expense (630); Utilities Expense (640) and Advertising Expense (650). Post journal entries from Part 1 to the T accounts and calculate the account balance for each account. Prepare a trial balance as of the end of this month’s…

Arab Open University B321: TMA – 1st Semester 2013-2014 Cut-Off Date: 6th of December 2013 About TMA: The TMA covers the management accounting concepts and practices in the businesses. It is marked out of 100 and is worth 20% of the overall assessment component. It is intended to assess students’ understanding of some of the learning points within Sessions 1, 3, 6, 8, and 9 beside the supplementary material. This TMA requires you to apply the course concepts. The TMA is intended to: Assess students’ understanding of key learning points within Sessions 1, 3, 6, 8, and 9. Increase the students’ knowledge about the reality of the Managerial Accounting as a profession. Develop students’ communication skills, such as memo writing, essay writing, analysis and presentation of material. Develop the ability to understand and interact with the nature of the managerial accounting tools in reality. Develop basic ICT skills such as using the internet. The TMA: This TMA is based around two cases of “Capital budgeting” and “Transfer pricing”. Marks will be awarded for blending the context of each case and with relevant theory by means of your own interpretation. In addition to this, some research is required. The TMA requires you to: Review various study sessions beside the supplementary materials. Conduct a simple information search using the internet. Present your findings in not more than 1400 words ± 10% (630 words for part A and 770 for part B). You should use a Microsoft Office Word and Times New Roman Font of 12 points. You should read and follow the instructions below carefully. Each part of the process will carry marks for the assignment. Criteria for Grade Distribution: Criteria?Content?Referencing& e-library ?Structure and Presentation of ideas?Total marks???Part A?Part B?????Marks?40?60?(10)?(10)?100?? The TMA Questions PART A: Capital Budgeting – Zenobia Case Study Zenobia is a developing country situated on the coast of Africa. Its government, now…

Although many small businesses might operate on a cash basis, most of the larger ones use the accrual basis to record business events in the general journal. In this assignment, you will apply your knowledge of various business events that require journal entries to be made. Instructions For this assignment, use the BUS3061 Assignment u04a1 Template (listed in Resources). Accounts to be used are given below: Cash. Prepaid insurance. Land. Buildings. Equipment. Accounts payable. Unearned service revenue. Owner’s capital. Owner’s drawings. Service revenue. Advertising expense. Salaries and wages expense. Each of the following business events for Magnolia Greens Frisbee Golf Course will require a journal entry: May 1: Invested $20,000 cash in the golf course business. May 3: Purchased Hampstead Golf Land for $15,000 cash. The price includes land $12,000, shed $2,000, and equipment $1,000. May 5: Paid advertising expenses of $700. May 6: Paid cash $600 for a 1-year insurance policy. May 10: Purchased golf discs and other equipment for $1,050 from Discs Are Us, payable in 30 days. May 18: Received $1,100 in cash for golf fees earned (service revenue). May 19: Sold 150 coupon books for $10 each. Each book contains four coupons that enable the holder to play one round of golf. May 25: Withdrew $800 cash for personal use. May 30: Pay salaries for part-time employees $250. May 30: Paid Discs Are Us the full amount due. May 31: Received $2,100 cash for fees earned. BUS3061 Fundamentals of Accounting Instructions Accounts to be used: Cash. Prepaid insurance. Land. Buildings. Equipment. Accounts payable. Unearned service revenue. Owner’s capital. Owner’s drawings. Service revenue. Advertising expense. Salaries and wages expense. Leave a space between each dated transaction. May 1?Invested $20,000 cash in the golf course business.??May 3?Purchased Hampstead Golf Land for $15,000 cash. The price includes land $12,000, shed $2,000, and equipment $1,000.??May 5?Paid…

Print by: Sadu Singh FUNDAMENTALS OF ACCOUNTING II: 352923 /Project *Problem 13-2A The comparative statements of Lucille Company are presented here. LUCILLE COMPANY Income Statements For the Years Ended December 31 2012 2011 Net sales $1,893,173 $1,753,133 Cost of goods sold 1,061,173 1,008,633 Gross profit 832,000 744,500 Selling and administrative expenses 502,633 481,633 Income from operations 329,367 262,867 Other expenses and losses Interest expense 23,833 21,833 Income before income taxes 305,534 241,034 Income tax expense 93,833 74,833 Net income $ 211,701 $ 166,201 LUCILLE COMPANY Balance Sheets December 31 Assets 2012 2011 Current assets Cash $ 60,100 $ 64,200 Short-term investments 74,000 50,000 Accounts receivable 120,433 105,433 Inventory 127,833 117,333 Total current assets 382,366 336,966 Plant assets (net) 660,933 532,233 Total assets $1,043,299 $869,199 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $ 162,633 $148,033 Income taxes payable 45,333 43,833 Total current liabilities 207,966 191,866 Bonds payable 231,933 211,933 Total liabilities 439,899 403,799 Stockholders’ equity Common stock ($5 par) 290,000 300,000 Retained earnings 313,400 165,400 Total stockholders’ equity 603,400 465,400 Total liabilities and stockholders’ equity $1,043,299 $869,199 All sales were on account. Net cash provided by operating activities for 2012 was $230,640. Capital expenditures Question Attempts: 0 of 2 used were $135,520, and cash dividends were $63,701. Compute the following ratios for 2012. (Round all answers to 2 decimal places, e.g. 1.83 or 12.61%.) (a) Earnings per share $ (b) Return on common stockholders’ equity % (c) Return on assets % (d) Current ratio :1 (e) Receivables turnover times (f) Average collection period days (g) Inventory turnover times (h) Days in inventory days (i) Times interest earned times (j) Asset turnover times (k) Debt to total assets % (l) Current cash debt coverage times (m) Cash debt coverage times (n)…

568 Chapter Investments After studying this chapter, you should be able to: 1 Discuss why corporations invest in debt and stock securities. 2 Explain the accounting for debt investments. 3 Explain the accounting for stock investments. 4 Describe the use of consolidated financial statements. 5 Indicate how debt and stock investments are reported in financial statements. 6 Distinguish between short-term and long-term investments. S T U D Y O B J E C T I V E S Feature Story ?The Navigator 12“IS THERE ANYTHING ELSE WE CAN BUY?” In a rapidly changing world you must change rapidly or suffer the consequences. In business, change requires investment. A case in point is found in the entertainment industry. Technology is bringing about innovations so quickly that it is nearly impossible to guess which technologies will last and which will soon fade away. For example, will both satellite TV and cable TV survive, or will just one succeed, or will both be replaced by something else? Or consider the publishing industry. Will paper newspapers and magazines be replaced by online news via the World Wide Web? If you are a publisher, you have to make your best guess about what the future holds and invest accordingly. Time Warner, Inc. (www.timewarner.com) lives at the center of this arena. It is not an environment for the timid, and Time Warner’s philosophy is anything Scan Study Objectives ¦ Read Feature Story ¦ Read Preview ¦ Read text and answer p. 573 ¦ p. 578 ¦ p. 581 ¦ p. 584 ¦ Work Comprehensive p. 587 ¦ Review Summary of Study Objectives ¦ Answer Self-Study Questions ¦ Complete Assignments ¦ ?The Navigator Do it! Do it! JWCL165_c12_568-611.qxd 8/12/09 8:29 AM Page 568 569 but that. It might be characterized as, “If we can’t beat you, we will buy you.” Its mantra is “invest, invest, invest.” A list of Time Warner’s holdings gives an idea of its reach. Magazines: People, Time, Life, Sports Illustrated, and Fortune. Book publishers: Time-Life Books, Bookof-the-Month Club,…

Homework Questions The following is a list of various cash payments and cash receipts: Cash paid to suppliers and employees $400,000 Dividends paid 18,000 Interest paid 12,000 Purchase of plant assets 45,000 Interest and dividends received 17,000 Payments to settle short-term debt 29,000 Income taxes paid 23,000 Cash received from customers 601,000 Based only on the above items, net cash flows from operating activities are: $138,000 $91,000 $183,000 $120,000 Where is the change in cash shown on the statement of cash flows? In the top part, before the operating activities section In one of the operating, investing, or financing activities sections In the bottom part, following the financing activities section None of the above On March 1, Jumper Products (a U.S. firm) purchased manufacturing inputs from a Mexican supplier for 20,000 pesos payable on June 1. The exchange rate for pesos on March 1 was $0.17. If the exchange rate increases to $0.19 on June 1, what amount of gain or loss would be reported by Jumper related to the currency exchange? $400 gain $200 loss $400 loss $200 gain Schoomer Corp. paid $200,000 to purchase 30 percent of the stock of Shape, Inc. this year. At the end of the year, Shape reported net income of $50,000 and declared and paid dividends of $20,000. If Schoomer uses the equity method to account for its investment in Shape, at what amount would the investment be reported at the end of the year? $200,000 $209,000 $215,000 $221,000 During the current year, Winter…

BUS3061 – Fundamental Accounting Principles?U02a1 Template Instructions: Using the following designations for balance sheet categories, place the designator in the column next to the account title. (CA) – Current Asset (LTA) – Long-term Asset (CL) – Current Liability (LTL) – Long-term Liability (EQ) – Equity Account Title?Balance Sheet Category??Accounts Payable???Equipment???Prepaid rent???Short-term investments???Accounts receivable???Land???Common stock???Cash???Accumulated depreciation???Goodwill???Bonds payable???Retained earnings???Preferred stock???Mortgage payable???Salaries payable???Allowance for uncollectibles???Inventories???Patent???Income tax payable???Short-term security deposits???

Your friend, Wendy Geiger, owns a small retail store that sells candies and nuts. Geiger acquires her goods from a few select vendors. She generally makes purchase orders by phone and on credit. Sales are primarily for cash. Geiger keeps her own manual accounting system using a general journal and a general ledger. At the end of each business day, she records one summary entry for cash sales. Geiger recently began offering items in creative gift packages. This has increased sales substantially, and she is now receiving orders from corporate and other clients who order large quantities and prefer to buy on credit. As a result of increased credit transactions in both purchases and sales, keeping the accounting records has become extremely time consuming. Geiger wants to continue to maintain her own manual system and calls you for advice. Required: In Microsoft Word write a memo to her advising how she might modify her current manual accounting system to accommodate the expanded business activities. Geiger is accustomed to checking her ledger by using a trial balance. Your memo should explain the advantages of what you propose and of any other verification techniques you recommend.

3.????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

Department of Business Administration and Accounting BU 216 Finance – Fall 2013 Shareholder Equity Problem (5 “Assigned Work” points) Due Date and Time Assignments are to be turned in at my office (JEM 169A) by 11:00 am on Tuesday Sept 10th. No late assignments will be accepted. Requirements This assignment is to be done individually. No two student deliverables should be the same or even highly similar. This assignment is to be written out neatly by hand (not using a computer software program, not even Word or Excel). Points will be deducted for work that is not written out by hand or not easy to follow. Only hard copy deliverables will be accepted. Electronic submissions will not be accepted. Assignments are to be stapled. Points will be deducted for assignments in binders, having paper clips or folded corners, etc. Assignment Which of the following events are consistent with a change in Shareholder Equity from $50,000 in 2011 to $80,000 in 2012? Be sure to numerically justify your answers. Net income was $30,000 and $10,000 in dividends was paid. Net income was $50,000, stock was repurchased for $10,000, and $10,000 in dividends was paid. Net loss was ($20,000) and stock was sold for $50,000. Net income was $60,000, stock was sold for $10,000 and $40,000 in dividends was paid. Net income was $0, stock was issued for $45,000, and $10,000 in dividends was paid.

NT1310: Project PROJECT DESCRIPTION As the project manager for the Cable Planning team, you will manage the creation of the cable plan for the new building that will be built, with construction set to begin in six weeks. The deliverables for the entire Cable Plan will consist of an Executive Summary, a PowerPoint Presentation and an Excel Spreadsheet. You will develop different parts of each of these in three parts. The final organization should contain these elements: The Executive Summary: o Project Introduction o Standards and Codes ? Cable Standards and Codes ? Building Standards and Codes o Project Materials o Copper Cable, Tools, and Test Equipment o Fiber-Optic Cable, Tools, and Test Equipment o Fiber-Optic Design Considerations o Basement Server Complex Design o First Floor Design o Security and Safety o Component Cost, Picture, and source The Excel Spreadsheet: Component Names Component Descriptions Component Costs Total Project Costs The PowerPoint Presentation: Introductory Slide Component Slides with Component Name, Quantity Needed, Description, Price, Picture, and Reference (where to buy the component) Description of the Basement Telecommunications and Network Server Space Network Equipment Required for the Server Farm Cable Plant Design for the Basement Page 1NT1310: Project Standard Floor Design for Computers and Network Equipment Cable Plant for the Standard Floor Course Objectives Tested: 1. Distinguish between bandwidth, frequency, and data rate in a data network 2. Explain the importance of codes, standards, and specifications. 3. Compare and contrast network topologies 4. Describe the characteristics of different copper cables 5. Explain the purpose of network tools 6. Compare and contrast fiber-optic and copper transmission 7. Differentiate between twisted-pair cable connectors, coaxial cable connectors, and fiber-optic cable connectors 8. Construct a network based on…

INDUSTRY: PHARMACEUTICAL AND MEDICAL EQUIPMENT COMPANY: JOHNSON AND JOHNSON GENERAL INFORMATION Johnson and Johnson (NYSE: JNJ) is an American multinational medical devices, pharmaceutical and consumer packaged goods manufacturer founded in 1886. Consistently ranks at the top of Harris interactive National Corporate reputation survey, ranking as the world’s most company. Headquarters is in New Brunswick, New Jersey with the consumer division being located in Skillman, New Jersey. It includes 250 subsidiary companies with operations in over 57 countries and products sold In over175 countries. Johnson and Johnson had worldwide pharmaceutical sales of $ 65 billion for the calendar of 2011. Johnson and Johnson brands include numerous household names of medications and first aid supplies. Among its well known consumer products are the Brand Aid, Brand line of bandages, Tylenol medications, Johnson baby products, Neutrogena skin and beauty products, clean and clear facial wash and Acuvue contact lenses. FINANCING AND LIQUIDITY Liabilities and shareholders Dec 30 2012 Dec 31 2011 Dec 31 2010 Dec 31 2009 Debt 32259 33753 23257 22363 Equity 64826 57080 56579 50588 The data shows that equity is the major source of financing since it has been twice the value of debt financing. Dec 30 2012 Dec 31 2011 Dec 31 2010 Dec 31 2009 Current ratio 1.90 2.38 2.05 1.82 Quick ratio 1.34 1.88 1.62 1.34 Cash ratio 0.87 1.41 1.20 0.89 Johnson and Johnson’s liquidity improved from 2010 to 2011 but then deteriorated significantly from 2011 to 2012. COMPANY’S PERFORMANCE AND PROFITABILITY Accounts receivable turnover Dec 30 2012 Dec 31 2011 Dec 31 2010 Dec 31 31 2009 Sales to customers 67224 65050 61587 61897 Accounts receivable Less allowances for bad 11309 10581 9774 9646 And doubtful debts accounts This measures how efficiently a company performs day-to-day tasks, such as the collection off receivables and management of inventory Over the past few years the…

Week Two Exercise Assignment Revenue and Expenses 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. 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? 3. 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 Artech Corporation; no billing had been made by December 31. Salaries owed to employees at year-end amounted to $1,650. The Supplies account revealed a balance of $8,800, yet only $3,300 of supplies were actually on hand at the end of the period….

Chapter Introduction to Information Systems 1 [ LEARNING OBJECTIVES ] [ CHAPTER OUTLINE ] [ WEB RESOURCES ] 1. Begin the process of becoming an informed user of your organization’s information systems. 2. Defi ne the terms data, information, and knowledge, and give examples of each. 3. Defi ne the terms information technology, information system, computer-based information system, and application. 4. Identify three ways in which you depend on information technology in your daily life. 5. Discuss three ways in which information technology can impact managers and three ways in which it can impact nonmanagerial workers. 6. List three positive and three negative societal effects of the increased use of information technology. Student Companion Site wiley.com/college/rainer • Student PowerPoints for note taking • Interactive Case: Ruby’s Club Assignments • Complete glossary WileyPlus All of the above and • E-book • Mini-lecture by author for each chapter section • Practice quizzes • Flash Cards for vocabulary review • Additional “What’s in IT for Me?” cases • Video interviews with managers • Lab Manual for Microsoft Offi ce 2010 • How-to Animations for Microsoft Offi ce 2010 1.1 Why Should I Study Information Systems? 1.2 Overview of Computer-Based Information Systems 1.3 How Does IT Impact Organizations? 1.4 Importance of Information Systems to Society ACCT FIN MKT POM HR MIS Forecast revenues Determine best sources for funds Process customer orders Hire new employees Directly support all functional areas Develop new goods and services What’s In ITFor Me? T H I S C H A P T E R W I L L H E L P P R E PA R E YO U TO . . . 3 4 CHAPTER 1 Introduction to Information Systems [ Revolution!] The Problem In January 2011, the Arab world’s fi rst successful popular uprising, called the Jasmine Revolution (after the national fl ower of Tunisia), erupted in Tunisia when a small-town policewoman slapped a fruit seller named Mohammed Bouazizi and ordered him to pack up his street…

Cogg Hill Camping Equipment Company Practice Set For Use with Fundamental Accounting Principles 20th Edition Wild, Larson & Chiappetta Prepared by Leland Mansuetti Introduction The Cogg Hill Camping Equipment Company sells and rents camping equipment from its store in Denver, Colorado. It is a sole proprietorship and is owned and operated by Samuel Stephens. The company sells camping equipment and outdoor clothing. Cogg Hill maintains a perpetual inventory system. The company also rents tents and groups of assorted camping equipment (e.g., Type A, B, and C) to trail guides. The terms of all sales and all rentals are “net 30.” The company delivers the equipment to many of its customers. Some customers pick it up at the store. Mr. Stephens makes all deposits. He removes the cash from the cash register and lists all checks received on a deposit ticket. He then gives the duplicate deposit slip to you for recording. The company’s accounting system includes: Journals?Ledgers??Sales Journal?General Ledger??Purchases Journal?Accounts Receivable Subsidiary Ledger??Cash Receipts Journal?Accounts Payable Subsidiary Ledger??Cash Disbursements Journal???General Journal???The accounting files include: Name of File?Business Papers to be Filed??Sales and Rental Invoices?Bookkeeper’s copy of sales invoices Bookkeeper’s copy of rental invoices??Purchase Invoices?Purchase invoices and credit memorandums??Interoffice Memoranda?Interoffice memoranda received from Mr. Stephens??Checks to be signed?Checks prepared for Mr. Stephens??Duplicate Deposit Tickets?Bookkeeper’s copy of deposit tickets?? The post-closing trial balance of the Cogg Hill Camping Equipment Company, as of May 31, was as follows: ?Cash?$?21,567.81?????Accounts Receivable?11,492.00?????Allowance for Doubtful Accounts???$?379.35???Interest Receivable?56.00?????Notes Receivable – Emory Co.?9,870.40?????(6-month, 8%, due August 15)??????Merchandise Inventory?174,985.00?????Office Supplies?557.05?????Store…

1 2 3 4 5 6 7 8 9 10 11 12 13 11/12/2011 125 101 9500 9500 11/17/2011 126 102 22000 22000 11/21/2011 101 -400 400 11/24/2011 127 104 3800 3800 34900 400 35300 12/3/2011 128 104 11000 11000 12/9/2011 129 101 4000 4000 12/10/2012 130 102 2400 2400 17400 0 17400 11/23/2011 21560 440 102 22000 11/29/2011 9100 101 9100 30660 440 31100 12/5/2011 3800 103 3800 12/13/2011 10780 220 104 11000 14580 220 14800 0 0 11/19/2011 24556 6500 201 6500 11/28/2011 39778 2000 202 2000 8500 8500 12/7/2011 1123 40300 350 203 350 12/9/2012 24577 3500 210 3500 12/12/2012 39804 4100 202 4100 7600 350 7950 0 11/18/2011 1055 200 40800 200 11/21/2011 1056 500 40100 500 11/23/2011 1057 130 40900 130 11/25/2011 1058 250 40900 250 11/29/2011 1059 95 40900 95 11/30/2011 1175 1175 12/3/2011 1062 6500 201 6500 12/5/2011 1063 1960 40 202 2000 12/7/2011 1064 350 203 350 8810 40 8850 0 0 10/31/2011 35500 10/31/2011 950 10/31/2011 124250 10/31/2011 5000 11/30/2011 30660 66160 11/30/2011 8500 9450 11/30/2011 35300 159550 11/30/2011 500 5500 11/30/2011 1175 64985 64985 9450 159550 5500 10/31/2011 3500 10/31/2011 0 10/31/2011 4100 10/31/2011 7900 11/30/2011 34900 38400 11/30/2011 400 4500 11/30/2011 31100 7300 7300 0 4500 7900 10/31/2011 4300 10/31/2011 335 10/31/2011 6300 10/31/2011 7800 11/30/2011 11/30/2011 440 6740 4300 335 6740 7800 10/31/2011 69000 10/31/2011 289 10/31/2011 0 10/31/2011 0 11/30/2011 275 564 69000 564 0 0 10/31/2011 100000 10/31/2011 45000 10/31/2011 66000 10/31/2011 19900 11/30/2011 8500 74500 11/30/2011 16000 35900 100000 45000 74500 35900 10/31/2011 0 10/31/2011 0 10/31/2011 3300 10/31/2011 4400 0 3300 4400 10/31/2011 39326 10/31/2011 6600 10/31/2011 0 39326 6600 0 10/31/2011 2900 10/31/2011 2000 11/30/2011 200 2200 2900 2200 10/31/2011 4800 11/30/2011 475 5275 5275 201 10/31/2011 950 950 11/19/2012 6500 7450 12/9/2012 35…

Foundations of Accounting I Accounting Project Karen Pitsch Alli Co. is a merchandising business. The account balances for Alli Co. as of November 30, 2012 (unless otherwise indicated), are as follows: 110 Cash $ 73,920 112 Accounts Receivable 37,875 113 Allowance for Doubtful Accounts 3,500 115 Merchandise Inventory 133,900 116 Prepaid Insurance 3,750 117 Store Supplies 2,850 123 Store Equipment 100,800 124 Accumulated Depreciation-Store Equipment 20,160 210 Accounts Payable 21,450 211 Salaries Payable 0 218 Interest Payable 0 220 Note Payable (Due 2017) 10,000 310 P. Williams, Capital (January 1, 2012) 89,510 311 P. Williams, Drawing 40,000 312 Income Summary 0 410 Sales 853,040 411 Sales Returns and Allowances 20,600 412 Sales Discounts 13,200 510 Cost of Merchandise Sold 414,575 520 Sales Salaries Expense 74,400 521 Advertising Expense 18,000 522 Depreciation Expense 0 523 Store Supplies Expense 0 529 Miscellaneous Selling Expense 2,800 530 Office Salaries Expense 40,500 531 Rent Expense 18,600 532 Insurance Expense 0 533 Bad Debt Expense 0 539 Miscellaneous Administrative Expense 1,650 550 Interest Expense 240 Alli Co. uses the perpetual inventory system and the last-in, first-out costing method. Transportation-in and purchase discounts should be added to the Inventory Control Sheet, but since this will complicate the computation of the Last-in, first-out costing method, please ignore this step in the process. They also use the Allowance Method for bad debt. The Accounts Receivable and Accounts Payable Subsidiary Ledgers along with the Inventory Control Sheet should be updated as each transaction affects them (daily). Alli Co. sells four types of television…

Course Syllabus Axia College/School of Business XACC/280 Version 2 Financial Accounting Concepts and Principles Copyright © 2010, 2009 by University of Phoenix. All rights reserved. Course Description This course covers the fundamentals of financial accounting as well as the identification, measurement, and reporting of the financial effects of economic events on the enterprise. Financial information is examined from the perspective of effective management decision making with special emphasis on the planning and controlling responsibilities of practicing managers. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: University https://ecampus.phoenix.edu/secure/aapd/policies/policies: You must be logged into the student website to view this document. Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality. Course Materials Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial accounting (6th ed.). Hoboken, NJ: Wiley. All electronic materials are available on the student website. Week One: Basic Accounting Principles and Concepts Details Due Points Objectives Describe financial accounting and the users of accounting data. Identify the basic assumptions, principles, and constraints of accounting. Explain the purposes of the four types of financial statements. Explain the function of each element in the accounting equation. For all due dates see calendar at end of syllabus Course Preparation Read the course description and objectives. Read the instructor’s biography and post your own. Readings Read Appendix A regarding…

1. The cash budget is especially important to a firm when: ?A. there is not a lot of confidence in the sales forecast.?B. it has a relatively large amount of operating cash.?C. the P/E ratio has been trending downwards.?D. it may have to negotiate a short-term bank loan.   2. Which of the following costs are included in the cost classification that is based on the relationship between total cost and volume of activity? ?A. Variable cost and fixed cost.?B. Direct cost and indirect cost.?C. Product cost and period cost.?D. Committed cost and discretionary cost.   3. Which of the following costs are included in the cost classification that is based on the time frame perspective? ?A. Variable cost and fixed cost.?B. Direct cost and indirect cost.?C. Product cost and period cost.?D. Committed cost and discretionary cost.   4. A cost that is incurred because of a long-range policy decision is known as a: ?A. discretionary cost.?B. committed cost.?C. continuous cost.?D. standard cost.   ?5. Which of the following is not an important factor to consider when preparing a sales forecast? ?A. The state of the economy.?B. Seasonal demand variations.?C. A change in the management team.?D. Competitors’ actions.   ?6. Which of the following is a plan for acquiring the resources needed to complete the manufacturing activities that will satisfy the organization’s sales forecast? ?A. Sales budget?B. Raw materials budget?C. Production budget?D. Direct labor budget     7. Which of the following lists the components of the master budget in correct chronological order? ?A. Direct labor budget, production budget, cost of goods sold budget.?B. Sales budget, production budget, cash budget.?C. Sales budget, raw materials budget, production budget.?D. Cash budget, production budget, manufacturing overhead budget.   8. The raw materials budgeted to be purchased for the period is equal to: ?A. ending inventory + raw material used – beginning inventory.?B. ending inventory + ending inventory -…

1 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 9 10 10 11 11 12 12 13 13 14 14 15 15 16 16 17 17 18 18 19 19 20 20 21 21 22 22 23 23 24 24 25 25 26 26 27 27 28 28 29 29 30 30 31 31 32 32 33 33 34 34 35 35 36 36 37 37 38 38 39 39 40 40 000000 000000 1 1 2 2 3 12/31/2012 3 4 4 5 5 12/31/2012 6 6 7 7 41310 8 8 162457 9 9 8845 10 10 5578 11 11 208880 12 12 336870 13 13 84750 14 14 141000 15 15 40500 16 16 401250 17 17 241150 18 18 19860 19 19 150314 20 20 47754 21 21 93300 22 22 198600 23 23 488000 24 24 43920 25 25 170572 26 26 1442455 1442455 27 27 28 28 29 29 30 30 31 31 32 32 33 33 34 34 35 35 36 36 37 37 38 38 39 39 40 40 41 41 42 42 43 43 44 44 45 45 46 46 47 47 48 48 49 49 50 50 51 51 000000 000000 1 1 2 2 2012 2011 3 3 4 4 28820 21310 5 5 74890 57740 6 6 220020 252520 7 7 8996 7006 8 8 332726 338576 9 9 10 10 598430 501650 11 11 12 12 152200 124780 13 13 446230 376870 14 14 778956 715446 15 15 16 16 123900 116000 17 17 46640 71650 18 18 27120 25990 19 19 197660 213640 20 20 21 21 70300 101650 22 22 267960 315290 23 23 24 24 370000 280000 25 25 140996 120156 510996 400156 778956 715446 1268450 715460 552990 251460 71450 27420 8824 359154 193836 48459 145377 1 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 9 10 10 11 11 12 12 13 13 14 14 000000 000000 Balance Sheet Assets Liabilities and Stockholders’ Equity Statement of Cash Flows For the Year Ended May 31, 2012 Computations: Partial Statement of Cash Flows Income Statement (Partial) For the Year Ended December 31, 2012 Computation of income from cont. operations before taxes: Computation of income tax: Income Statement Debits Credits Cash Accounts Receivable Allowance for Doubtful Accounts Prepaid Insurance Inventory Equity Investments…

Arab Open University B321: TMA – 1st Semester 2013-2014 Cut-Off Date: 6th of December 2013 About TMA: .The TMA covers the management accounting concepts and practices in the businesses. It is marked out of 100 and is worth 20% of the overall assessment component. It is intended to assess students’ understanding of some of the learning points within Sessions 1, 3, 6, 8, and 9 beside the supplementary material. This TMA requires you to apply the course concepts. The TMA is intended to: Assess students’ understanding of key learning points within Sessions 1, 3, 6, 8, and 9. Increase the students’ knowledge about the reality of the Managerial Accounting as a profession. Develop students’ communication skills, such as memo writing, essay writing, analysis and presentation of material. Develop the ability to understand and interact with the nature of the managerial accounting tools in reality. Develop basic ICT skills such as using the internet. The TMA: This TMA is based around two cases of “Capital budgeting” and “Transfer pricing”. Marks will be awarded for blending the context of each case and with relevant theory by means of your own interpretation. In addition to this, some research is required. The TMA requires you to: Review various study sessions beside the supplementary materials. Conduct a simple information search using the internet. Present your findings in not more than 1400 words ± 10% (630 words for part A and 770 for part B). You should use a Microsoft Office Word and Times New Roman Font of 12 points. You should read and follow the instructions below carefully. Each part of the process will carry marks for the assignment. Criteria for Grade Distribution: Criteria?Content?Referencing& e-library ?Structure and Presentation of ideas?Total marks???Part A?Part B?????Marks?40?60?(10)?(10)?100?? The TMA Questions PART A: Capital Budgeting – Zenobia Case Study Zenobia is a developing country situated on the coast of Africa. Its government, now…

Project Part 1: The Accounting Cycle Karen Harris starts her own scooter retail business, City Rides, on December 1, 20×2. The business operates as a proprietorship from a rented space near a busy downtown area. Harris hires Jim Waters as the sales associate and assistant manager of the business. The following transactions take place during December 20×2. Transactions ??Dec. 1?Harris deposits $45,000 into the business bank account. In exchange, she receives capital in the proprietorship.?? FORMCHECKBOX ????1?Harris writes and mails check #001 for $2,400 for rent. The rent payment covers rent for the three months ended February 28, 20×2. ?? FORMCHECKBOX ????2?Harris purchases office equipment for $1,800 by check #002.?? FORMCHECKBOX ????2?Harris purchases office supplies for $420 by check #003. ?? FORMCHECKBOX ????2?Harris purchases 20 Model X mopeds at $500 each and 15 Model L mopeds at $800 each, costing a total of $22,000, on account from a supplier, Fun Brands: Harris elects to use the first-in-first-out (FIFO) method to account for inventory. Fun Brands provides an invoice with the following terms: 2/10 net 30.?? FORMCHECKBOX ????9?In the first week of operation, City Rides sells 16 Model X mopeds at $750 each: 10 are sold on account, and the rest are sold for cash.?? FORMCHECKBOX ????12?City Rides makes payment to Fun Brands in full settlement of accounts payable by check #004. Payment is net of the purchase discount. Hint: The terms are 2/10 net 30, and any purchase discount received reduces the cost of inventory.?? FORMCHECKBOX ????13?City Rides purchases 10 Model X mopeds from Fun Brands on account at a cost of $520 each.?? FORMCHECKBOX ????16?The sales for the week are as follows: 6 Model X mopeds sold on account for $750 each—inventory cost accounted using the FIFO method.?? FORMCHECKBOX ????18?Cash receipts from customers on accounts receivable are $7,100.?? FORMCHECKBOX ????30?Sales for the rest of December are as follows: 2 Model L mopeds sold for…

Assignment Shareholders’ Investment Cash Flows Financial Position Operations Instructions __PR1 __PR2 _1QFDEPS _1QPEPS _1QSTCKPRI _2QFDEPS _2QPEPS _2QSTCKPRI _3QFDEPS _3QPEPS _3QSTCKPRI _4QFDEPS _4QPEPS _4QSTCKPRI _PR1 _PR2 _PR3 _PR4 _PR5 _SCH3 _SCH5 _SCH6 _SCH7 _SO1 _SS1 Act_Tot ALLOC allocated_shares aprcs aprps augcs augps BORDER CFCST com_stk_equiv comments COVER_SHEET CSE deccs decps DET1Q DET2Q DET2QYTD DET3Q DET3QYTD DET4Q DET4QYTD EssLatest FEB EssOptions A1100000000131000000101100020_01000 fd_eps FDEPS febcs febps fut_grant_rec GOAL grant GRANTREC jan_cs jan_ps jancs janps julcs julps juncs junps LY marcs marps maycs mayps ni_adj novcs novps octcs octps Op_Exp PA_Depr PERFSHRS PFCST PR1_stamped PR1_stamped PR2_stamped PR2_stamped PR3_stamped PR4_stamped PR5_stamped QFRCOND QFRSUM SCH7_2Q schedule_3 sepcs sepps stock_opt_rec TRAIL12 VAR1Q VAR2Q VAR2QYTD VAR3Q VAR3QYTD VAR4Q VAR4QYTD wa_shrs wkly_prices 46. Compute the return on assets ratio (use net income rather than EBIT in the numerator) for fiscal years 2010 and 2009. 47. Compute the return on equity ratio for fiscal years 2010 and 2009. 49. What were Target’s basic earnings per share (EPS) for fiscal 2010 and 2009? Identify what caused the ratio to change. 50. What was your favorite lesson from ACCT 201? 48. For fiscal 2010, was the return on equity ratio greater than the return on assets ratio? 40. How many shares of treasury stock did the company have at the end of fiscal 2010 and 2009? Notes to the Financial Statements 41. How much is the estimated allowance for discounts and doubtful accounts for fiscal 2010? 42. What is the net realizable value of receivables at the end of fiscal 2010? 43. What inventory cost flow method does Target use? 44. What are the estimated useful lives of the company’s depreciable assets? 45. What method of depreciation does Target use? Performance…

Instructions to Students: Please complete the 3 problems below in Excel Each question is worth 50 points. 1. Roadmaster Tire Co. manufactures automobile tires. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 5,500 tires were as follows: Standard Costs Actual Costs Direct Materials 82,000 lbs. at $5.10 82,600 lbs. at $5.25 Direct Labor 1,650 hrs. at $17.50 1,620 hrs. at $17.40 Factory Overhead Rates per direct labor hr., based on 100% of normal capacity of 1,500 direct labor hrs.: Variable cost, $3.10 $5,000 variable cost Fixed cost, $4.90 $7,350 fixed cost Each tire requires 0.30 hours of direct labor. Determine a) The Direct materials price variance b) The Direct materials quantity variance c) Total direct materials cost variance d) The Direct Labor rate variance e) The Direct Labor time variance f) Total direct labor cost variance g) Variable Factory Overhead Controllable variance h) Fixed Factory Overhead volume variance i) Total Factory Overhead cost variance 2. The budget director of Hi Performance Athletic Co., with the assistance of the controller, treasurer, production manager, and sales manager, has gathered the following data for use in developing the budgeted income statement for January 2012: a. Estimated sales for January: Batting helmet 305 units at $70 per unit Football helmet 630 units at $135 per unit b. Estimated inventories at January 1: Direct Materials: Finished products: Plastic 80 lbs Batting helmet 35 units at $40 per unit Foam lining 60 lbs Football helmet 40 units at $60 per unit c. Desired inventories at January 31: Direct Materials: Finished products: Plastic 90 lbs Batting helmet 30 units at $40 per unit Foam lining 55 lbs Football helmet 50 units at $58 per unit d. Direct materials used in production: In manufacture of batting helmet: Plastic 1.20 lbs. per unit of product Foam lining 0.50 lb. per unit of product In manufacture of football helmet: …

3008100 770000 2238100 3008100 770000 3.9 1843000 770000 2.4 9000000 572560 15.7 572560 24657.534246575342 23.2 4500000 961350 4.7 961350 12328.767123287671 78 6450020 2700000 2.4 3470000 6813120 0.5 1396000 309000 4.5 847000 30000 28.2 9000000 8346745 1.1000000000000001 1156000 9077995 0.127 847000 6479620 0.13100000000000001 817000 4979620 0.16400000000000001 817000 600000 1.36 25 1.36 18.399999999999999 150000 600000 0.25 0.25 25 0.01 Current Assets – Current Liabilities = Calculated Value 1. Working capital: Ratio Numerator ÷ Denominator 2. Current ratio 3. Quick ratio 4. Accounts receivable turnover 5. Number of days’ sales in receivables 6. Inventory turnover 7. sales in inventory 8. Ratio of fixed assets to long-term liabilities 9. Ratio of liabilities to stockholders’ equity 10. Number of times interest charges earned 11. preferred dividends earned 12. Ratio of net sales to assets 13. Rate earned on total 14. Rate earned on stock- holders’ equity 15. Rate earned on common 16. Earnings per share on common stock 17. Price-earnings ratio 18. Dividends per share of common stock 19. Dividend yield Enter a formula that averages the beginning and ending balances. Enter a formula that averages the beginning and ending balances. Enter a formula of net sales divided by 365 Enter a formula that averages the beginning and ending balances. Enter a formula that averages the beginning and ending balances. Enter a formula of cost of goods sold divided by 365 Enter a formula of income before income tax + interest charges. Enter a formula that determines average total assets (excluding long-term investments). Enter a formula of net income + interest charges. Enter a formula that determines average total assets. Enter a formula that determines average stockholders’ equity. Enter a formula of net income less preferred dividends. Enter a formula that determines average stockholders’ equity excluding preferred stock. Enter a…

Accounting Basics for Managers Problem 1: Listed below are a number of financial statement captions. Indicate in the spaces to the right of each caption (1) the category of each item, and (2) the financial statement(s) on which the item can usually be found. ?    ?    Problem 2: At the beginning of the current fiscal year, the balance sheet of Arches Co. showed liabilities of $380,000. During the year liabilities increased by $10,000, assets increased by $55,000, and paid-in capital increased $20,000 to $165,000. Dividends declared and paid during the year were $60,000. At the end of the year, owners’ equity totaled $402,000. Calculate net income or loss for the year.    Problem 3: Using the column headings provided below, show the effect, if any, of the transaction entry or adjusting entry on the appropriate balance sheet category or on the income statement by entering the account name, amount, and indicating whether it is an addition (+) or subtraction (-). Column headings reflect the expanded balance sheet equation; items that affect net income should not be shown as affecting owners’ equity. ?(1.) The firm borrowed $2,000 from the bank; a short-term note was signed.?(2.) Merchandise inventory costing $750 was purchased; cash of $200 was paid and the balance is due in 30 days.?(3.) Employee wages of $1,000 were accrued at the end of the month.?(4.) Merchandise that cost $350 was sold for $450 in cash.?(5.) This month’s rent of $700 was paid.?(6.) Revenues from services during month totaled $6,500. Of this amount, $2,000 was received in cash and the balance is expected to be received within 30 days.?(7.) During the month, supplies were purchased at a cost of $520, and debited into the Supplies (asset) account. A total of $400 of supplies were used during the month.?(8.) Interest of $240 has been earned on a note receivable, but has not yet been received.     Problem 4: The following is a portion of the current assets section of the balance sheets…

Case 2 – Financial Statement Analysis Case 20 points This case is designed to show you how the items we have discussed this semester would actually be reported in a company’s financial statements filed with the SEC. Use the 10-K Report for Hewlett Packard (you can locate the report at: ? HYPERLINK “http://h30261.www3.hp.com/phoenix.zhtml?c=71087&p=irol-irhome” ?http://h30261.www3.hp.com/phoenix.zhtml?c=71087&p=irol-irhome?) to answer the questions below. You will need to use the entire report, including the Management Discussion and Analysis section as well as the footnotes and related disclosures. NOTE: DO NOT PRINT THE ENTIRE 10-K. The document is too big. Search through the document by reading in the appropriate locations for each question to be answered. Use the table of contents and associated links to help you access this information more quickly. (You can also use the search/find feature) Required: Copy and paste the 16 questions listed below into a word document. You can then answer the questions directly on the word document by simply adding lines in between each question. Your final paper should be typed and include a cover sheet (or you can use a memo format) that includes each of the names of your group participants. Only one member of your group needs to submit the final copy of your report. Questions: Who was the Auditor and what type of opinion did they render? Did HP have any changes in or disagreements with accountants on their accounting and financial disclosures? In accordance with Sarbanes-Oxley, to what did management attest in the Management Report on Internal Control over Financial Reporting? In the section, “Qualitative and Quantitative Disclosure About Market Risk” of MD&A the company should discuss several risks they face. What risks does HP face? What could negatively impact your company? Does the company have any discontinued operations, change in accounting principles or extraordinary items? What caused…

Take Test: Q9-CH10   https://myasucourses.asu.edu/webapps/assessment/take/launch.jsp?course_assessment_id=_511859_1&course_id=_262710_1&content_id=_8013066_1&step=nullSKIP TO COURSE MENU https://myasucourses.asu.edu/webapps/assessment/take/launch.jsp?course_assessment_id=_511859_1&course_id=_262710_1&content_id=_8013066_1&step=nullSKIP TO TOP FRAME TABS Content https://myasucourses.asu.edu/webapps/assessment/accessibility.jspAssistive Technology Tips [opens in new window] Instructions Description Non-Monetary Exchanges.  This quiz will close at 11:00 PM on Friday, June 21st.  You will be given (2) attempts to complete this quiz and your highest grade will be reported in the grade book.  The solutions will become available on Blackboard at 11:00 PM after the assessment closes. Instructions Multiple Attempts This Test allows 2 attempts. This is attempt number 1. Force Completion This Test can be saved and resumed later.  Question Completion Status:   Question 1   Use the following information to answer the next (6) questions: Turkey Inc. is trading a machine which had cost $70,000 and had accumulated depreciation of $40,000 for another fixed asset. For each of the following independent situations, determine the amount to be capitalized for the new fixed asset that Turkey is acquiring and the gain or loss to be recognized at the time of the exchange.  *If there is a gain record your answer as a positive number; if there is a loss, record your answer in parenthesis ().  If there is NO gain or loss, type in NE.   Capitalized Cost of New Asset $ Gain/Loss 1. Turkey traded the old machine for a newer machine with a fair value of $45,000 and received $5,000 on the exchange.  The exchange has commercial substance.  $_blank 1 __ $_blank_2__ 2.  Same as #1, except the exchange lacks commercial substance. $_blank_3__ $__blank_4_ 3.  Same as #1 except the exchange lacks commercial substance; and instead of receiving cash, Turkey paid $4,000…

20000 10000 5000 3000 50000 30000 10000 15000 25000 28000 7000 1 2 3 50000 4 127000 20000 6000 65000 40000 36000 5 6 Conway Asset Book value Market value Lawrence Book Value Cash Accounts receivable Note payable Inventory Equipmnet Accumulated Depreciation Accounts Payable Equipment Capital, Lawrence Conway Korman Net Income Capital, Conway Note Payable Capital,Korman The equipment is sold for $8,000 Debit Credit Requirements: Journalize the formation of the partnership. Accounts Journal Journalize Korman’s admission to the partnership. Half way through the first year of operations Conway and Lawrence admit Korman to the partnership. Korman buys a 1/2 share for $37,000 in cash. The net income for the first year of oprations was $50,000. After giving Conway a salary of $20,000, the rest of the net income is split evenly among the partners. Journalize the closing of the income summary accounts to the capital accounts. Prepare an income distribution worksheet. Income Distribution Complete the liquidating worksheet. Journalize each step of the closing. After 5 years of operation Conway, Korma, and Lawrence decide to dissolve their partnership. The following are the account balances before liquidation begins: Liquidation Conway and Lawrence form a partnership by combining the assets and liabilities of their respective sole proprietorships. The following are the assets and liabilities of each partner and their market values. Module 9 Assignment: ?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

Accounting Basics for Managers Final Exam Problem 1: The balance sheet presents the following common stock information: Common stock, $10 par value, 7,000,000 shares authorized, 5,700,000 shares issued, 5,500,000 shares outstanding. (a.) Calculate the dollar amount that will be presented as Common stock. (b.) Calculate the total amount of a cash dividend of $1.00 per share. (c.) What accounts for the difference between issued shares and outstanding shares?  Problem 2: Presented below is the income statement for Smith Food Center for the month of July:    Based on an analysis of cost behavior patterns, it has been determined that the company’s contribution margin ratio is 15 percent. (a.) Rearrange the above income statement to the contribution margin format. Problem 2 (continued): (b.) If sales increase by 10 percent, what will be the firm’s operating income? (c.) Calculate the amount of revenue required for Smith’s Food Center to break even.  Problem 3: The cost formula for the maintenance department of the Eifel Co. is $6,500 per month plus $3.50 per machine hour used by the production department. a. Calculate the maintenance cost that would be budgeted for the month of May in which 5,700 machine hours are planned to be used. b. Prepare an appropriate performance report (contains columns for the original budget, flex budget, actual cost, variance) for the maintenance department assuming that 5,860 machine hours were actually used in the month of May, and the total maintenance cost incurred was $28,010.  Problem 4: Danzi, Inc., has budgeted sales for the month of July and estimated cost behavior patterns for a number of its expense items listed below. From this information prepare an operating expense budget for the month of July.  ?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

Organizational forms

1) 2) 3) 4) 5) 6) 7) 8) 8A)???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

Management Accounting Videos Please discuss on the following video: http://video.wileyaccountingupdates.com/ Management Accounting Videos Please discuss on the following video: http://video.wileyaccountingupdates.com/ ??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

1) Select one of the following companies: Southwest Airlines?Delta Airlines?United Airlines?AirTran?Continental Airlines Go to ? HYPERLINK “http://money.com/” ?http://money.com? or ? HYPERLINK “http://finance.yahoo.com/” ?http://finance.yahoo.com? and enter the company symbol and then find the financial statements. For your company, analyze the liability section of the balance sheet. For each liability, write a short description. Use information from the notes to help you. Then, calculate the debt-to-equity ratio for the current year with the available information. What tentative conclusions can you draw about the debt position of your airline? Do owners or creditors have more claims on the company’s assets? How can you tell? What types of financial risks apply to your company? 2) When the stock market is going up over a long period of time, investors can become complacent about the risks of being a stockholder. After the significant decline of the stock market in 2008, people have begun to rethink the risk involved in owning stock. What kinds of risks do the owners of publicly-traded companies face? What could you do, as an investor, to continue to invest in the market but minimize your risk? Select two companies that you would invest in if you had the money. Find their financial statements on the Internet and examine the shareholders’ equity section of their balance sheets. What does your analysis tell you about each firm? Is this a good investment? Explain your findings and conclusion.

1) 2) 3) 4) 5) 6) 7)????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

In your own words please respond to the following. No word minimum. Please cite all sources using APA format. 1) To be successful, a company must anticipate its cash flows. What evidence would help you evaluate whether or not a company does adequate cash planning? Is there any information not available in the company’s annual report that would help you make this evaluation? 2) Upon studying its statement of cash flows, you note that over the last three years a firm has consistently reported negative cash flow from operating activities, positive cash flow from investing activities, and negative cash flow from financing activities. What does this combination of cash flows suggest to you about the firm? Is there any additional information that you would like to see? If so, what? Notes from class The statement of cash flows depicts how a company’s operating, investing, and financing activities have affected cash during an accounting period. It explains the net increase/decrease in cash during an accounting period. The main purpose of this statement is to provide information about a company’s cash receipts and cash payments during an accounting period. It also provides information about a company’s operating, investing, and financing activities during the period. While some information may be gathered from other financial statements, the statement of cash flows summarizes all transactions that affect cash. The statement of cash flows is a useful decision-making tool for managers, investors, and creditors. Managers can use this statement to determine the company’s liquidity and to assess the effects of major policy decisions, such as the dividend policy. Investors and creditors might use the statement to establish a company’s ability to manage cash flows, to generate positive future cash flows, to pay liabilities, dividends, and/or interest. There are two methods used for preparing the statement of cash flows: the direct method and the indirect method. The…

1) 2) 3) 4) 5) 6) 7) 8) 9) 10) 11) 12) 13) 14)???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

1) how do you use financial ratios to analyze the performance of a company?  What do we mean when we refer to horizontal and vertical analysis? 2) Are CPA firms impacted in the way they deal with public and private companies?  Why or why not??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

1) 2) 3) 4) 5) 6) 7) 8) 9)????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

600000 0 600000 Jennie April 23 Test Your Knowledge Student Name Course Name Student ID: Date: Requirements 1. Students please fill-in areas that are shaded Req. 1 DEBIT CREDIT Journal DATE ACCOUNTS AND EXPLANATIONS E9-24 Acquisition of patent, amortization, and change in useful life LO 5 [10-15 minutes] Miracle Printers (MP) manufactures printers. Assume that MP recently paid $600,000 for a patent on a new laser printer. Although it gives legal protection for 20 years, the patent is expected to provide a competitive advantage for only eight years. Assuming the straight-line method of amortization, make journal entries to record (a) the purchase of the patent and (b) amortization for year 1. 2. After using the patent for four years, MP learns at an industry trade show that another company is designing a more efficient printer. On the basis of this new information, MP decides, starting with year 5, to amortize the remaining cost of the patent over two remaining years, giving the patent a total useful life of six years. Record amortization for year 5. (a) Purchase of patent (b) Amortization for one year: Req. 2 Amortization for year 5: Calculate book value Orginal cost Accm Depreciation: Year 1 Year 2 Year 3 Year 4 Book value at beg of Yr 5 New estimated useful life remaining New annual amortization Accounting, 9e ????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

1) Do you feel that many companies are starting to use ABA now because technology has improved the software that handles it? I can see how important it can be for complex, large companies. Activity based costing (ABA) Notes from text This type of costing method has grown in popularity over the years and is believed to be a more accurate way to cost a product in many situations.  By having accurate costs, a company can better plan their strategy going forward. Under traditional costing, manufacturing overhead was assigned using usually one type of activity such as direct labor hours, machine hours, or direct labor costs. Under ABC costing, numerous cost pools are used and each pool will have its own measure of activity in order to get the assigned rate. An example of a cost pool could be purchasing costs and an activity measure could be number of purchase orders. Under ABC, we define five different levels of activities as follows: Unit-level activities – These activities occur each time a unit is produced so direct labor would be an example of this. Batch-level activities – These activities happen each time a group or batch is processed.  A machine setup is one of the most common examples of this because it won’t matter how many units pass through, we just set up 1 time per process. Product-level activities – These activities are unique to the specific product.  Research and development would be an example of this. Customer-level activities – These activities are customer driven and relate to specific customers in helping keep the customer satisfied and interested in our products. Organization-sustaining activities – These activities are done regardless of the number of products or customers a company has.  The janitor cleaning the building would be an example of this.?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

960000 770000 132000 462000 162000 145000 220000 32000 93000 160000 11000 2.7 77 16 0.7 0.4 The budgets of four companies yield the following information: Sales revenue Fixed costs Operating income (loss) Units sold Contribution margin per unit Contribution margin ratio Blue Red Green Yellow Company Variable costs (1) (2) (3) $(5) $(6) $(7) (8) (9) (12) (11) $(10) Requirements: 1. Fill in the blanks for each missing value. (Round the contribution margin per unit to the nearest cent.) 2. Which company has the lowest break-even point in sales dollars? 3. What causes the low break-even point? $(4) Kincaid Company sells flags with team logos. Kincaid has fixed costs of $583,200 per year plus variable costs of $4.80 per flag. Each flag sells for $12.00. 1. Use the income statement equation approach to compute the number of flags Kincaid must sell each year to break even. 3. Prepare Kincaid’s contribution margin income statement for the year ended December 31, 2012, for sales of 72,000 flags. Cost of goods sold is 70% of variable costs. Operating costs make up the rest of variable costs and all of fixed costs. (Round your final answers to the nearest whole number.) 4. The company is considering an expansion that will increase fixed costs by 21% and variable costs by $0.60 per flag. Compute the new break-even point in units and in dollars. Should Kincaid undertake the expansion? Give your reasoning. Round your final answers to the nearest whole number. 2. Use the contribution margin ratio CVP formula to compute the dollar sales Kincaid needs to earn $33,000 in operating income for 2012. (Round the contribution margin to two decimal places.) ????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

Template for Course Project Assignment #2-INDIVIDUAL due 12/10/13 Learning about your Company, its Financial Statements & tracking its Stock Price Your name Other team member(s) Section # Again, use your Company’s most recent SEC Form 10-K to answer the questions below in the space provided. You will need to complete one template for each company. [Search hint: every item you want may not be where you expect it type in what you are looking for (e.g., “preferred stock”) into the upper right hand search window in the 10-K pdf file.] Part 1: Basic data on your company Company name BRINKER INTERNATIONAL, INC Industry name Restaurant brands Part 2: Understanding the financial statements (continued from Assignment #1-IND) Part 2A: Inventories Using your Company’s financial statements, answer the questions below: Insert numbers and compute financial ratios Most recent year available 1st Prior Year Does the Company report Inventories on the balance sheet? (Yes or No) Yes Yes Do they appear to be manufacturing, retail or some other inventory accounts? Retail Retail What is the dollar amount of total inventories at yearend? 24,628 25,360 What is the major inventory method (cost-flow assumption), e.g., FIFO, LIFO, weighted-average? FIFO FIFO If they use LIFO, what would have been the ending balance under FIFO? n/a n/a Compute inventory turnover for the most recent year. (Inventory turnover = CGS ÷ Average Inventory) — see textbook p. 300 30.34 n/a Compute days in inventory for the most recent year. (Days in inventory = 365 ÷ Inventory turnover ratio) — see textbook p. 300 12 days n/a Part 2B: Accounts Receivable Using your Company’s financial statements, answer the questions below: Insert numbers and compute financial ratios Most recent year available 1st Prior Year Does the Company report Accounts Receivable? (Yes or No) Yes Yes What is the dollar amount of Accounts Receivable, net, at yearend? (i.e., net of Allowance…

ACC 206 Week Two Assignment Angel Katrice Jackson ACC 206 Principles of Accounting II?Instructor: Jennifer Bolden 12/7/2013 ACC 206 Week Two Assignment Please complete the following exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document, and submit it in the appropriate week using the Assignment Submission button. 1. Analysis of stockholders’ equity Star Corporation issued both common and preferred stock during 20X6. The stockholders’ equity sections of the company’s balance sheets at the end of 20X6 and 20X5 follow: 20X6 20X5 Preferred stock, $100 par value, 10% $580,000 $500,000 Common stock, $10 par value 2,350,000 1,750,000 Paid-in capital in excess of par value Preferred 24,000 — Common 4,620,000 3,600,000 Retained earnings 8,470,000 6,920,000 Total stockholders’ equity $16,044,000 $12,770,000 Compute the number of preferred shares that were issued during 20X6. Calculate the average issue price of the common stock sold in 20X6. By what amount did the company’s paid-in capital increase during 20X6? Did Star’s total legal capital increase or decrease during 20X6? By what amount? 2. Bond computations: Straight-line amortization Southlake Corporation issued $900,000 of 8% bonds on March 1, 20X1. The bonds pay interest on March 1 and September 1 and mature in 10 years. Assume the independent cases that follow. Case A—The bonds are issued at 100. Case B—The bonds are issued at 96. Case C—The bonds are issued at 105. Southlake uses the straight-line method of amortization. Instructions: Complete the following table: Case A Case B Case C Cash inflow on the issuance date _______ _______ _______ Total cash outflow through maturity _______ _______ _______ Total borrowing cost over the life of…

14000 155000 5700 39400 20400 200000 72000 127000 1700 142000 91800 434500 434500 Howie Stars produces starts for elementary teachers to reward their students. Howie Stars’ trial balance on June 1 follows: HOWIE STARS Trial Balance June 1, 2012 Account Title Balance Debit Credit Cash Accounts receivable Inventories: Materials Work in process Finished goods Plant assets Accumulated depreciation Accounts payable Wages payable Common stock Retained earnings Sales revenue Cost of goods sold Manufacturing overhead Marketing and general expenses Total — June 1 balances in the subsidiary ledgers were as follows: – Materials subledger: Paper, $4,700; indirect materials, $1,000 June transactions are summarized as follows: a. Collections on account, $152,000. b. Marketing and general expenses incurred and paid, $28,000. d. Materials purchases on credit: Paper, $22,900; indirect materials, $3,800. e. Materials used in production (requisitioned): – Job 120: paper , $850 – Job 121: paper, $7,650 – Indirect materials, $1,000 – Finished goods subledger: Large Stars, $9,400; Small Stars, $11,000 f. Wages incurred and assigned during June, $35,000. Labor time records for the month: Job 120, $3,500; Job 121, $16,600; indirect labor, $14,900. g. Wages paid in June include the balance in the Wages payable account at May 31 and $32,200 of wages incurred during June. i. Manufacturing overhead was allocated at the predetermined rate of 50% of direct labor cost. j. Jobs completed during the month: Job 120, 300,000 Large Stars at total cost of $45,500. k. Credit sales on account: all of Job 120 for $111,000. l. Closed the Manufacturing overhead account to Cost of goods sold. Requirements: 1. Journalize the transactions for the company. Howie uses a perpetual inventory system. 2. Open T-accounts for the general ledger, the Materials ledger, the Work in process ledger, and the Finished goods ledger. Insert each account balance as given, and use the reference…

ACC 206 Week Three Assignment Please complete the following five exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document, and submit it in the appropriate week using the Assignment Submission button. Overhead application: Working backward The Towson Manufacturing Corporation applies overhead on the basis of machine hours. The following divisional information is presented for your review: Division A Division B Actual machine hours 22,500 ? Estimated machine hours 20,000 ? Overhead application rate $4.50 $5.00 Actual overhead $110,000 ? Estimated overhead ? $90,000 Applied overhead ? $86,000 Over- (under-) applied overhead ? $6,500 Find the unknowns for each of the divisions. Computations using a job order system General Corporation employs a job order cost system. On May 1 the following balances were extracted from the general ledger; Work in process $ 35,200 Finished goods 86,900 Cost of goods sold 128,700 Work in Process consisted of two jobs, no. 101 ($20,400) and no. 103 ($14,800). During May, direct materials requisitioned from the storeroom amounted to $96,500, and direct labor incurred totaled $114,500. These figures are subdivided as follows: Direct Materials Direct Labor Job No. Amount Job No. Amount 101 $5,000 101 $7,800 115 19,500 103 20,800 116 36,200 115 42,000 Other 35,800 116 18,000 $96,500 Other 25,900 $114,500 Job no. 115 was the only job in process at the end of the month. Job no. 101 and three “other” jobs were sold during May at a profit of 20% of cost. The “other” jobs contained material and labor charges of $21,000 and $17,400, respectively. General applies overhead daily at the rate of…

Calculating Net Asset Value. Given the information below, calculate the net asset value for the Boston Equity mutual fund. Total assets $225,000,000 Total liabilities 5,000,000 Total number of shares 4,400,000 2. Calculating the Rate of Return of Investment Using Financial Leverage. Suppose Shaan invested just $10,000 of his own money and had a $90,000 mortgage with an interest rate of 8.5 percent. If after three years he sold the property for $120,000. a. What is his gross profit? b. What is his net profit/loss? c. What is the rate of return on investment? 3. Shelly’s assets include money in the checking and savings accounts, investments in stocks and mutual funds, personal property, such as furniture, appliances, an automobile, coin collection and jewelry. Shelly calculates that her total assets are $108,800. Her current unpaid bills, including an auto loan, credit card balances, and taxes total $16,300. Calculate Shelly’s net worth. 4. Barry and his wife Mary have accumulated over $4 million during their 45 years of marriage. They have three children and five grandchildren. A- How much money can Barry and Mary gift to their children in 2008 without any gift tax liability? B- How much money can Barry and Mary gift to their grandchildren? C- What is the total amount of estate removed from Barry and Mary’s estate? Amswer – 5. Dave bought a rental property for $200,000 cash. One year later, he sold it for $240,000. A- What was the return on his $200,000 investment? B- Suppose Dave invested only $20,000 of his own money and borrowed $180,000 (interest free from his rich father). What was his return on investment??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

Part 1 100-200 words Please respond to this Discussion question using the information from the personal budget you calculate using the http://threadcontent.next.ecollege.com/CurrentCourse/expense_dq.xlsxcriteria provided Questions: What surprised you, if anything, in the budget(s) that you prepared? What changes, if any, would you make in the personal activities that are under your control, based on the budget(s) that you prepared? Do you think it is more important for a business to have a budget than it is for an individual to have a budget? Why or why not? Monthly Income: Income total (monthly) from all household members: Any Interest that can defray monthly expenses: Monthly loan/grant living expenses: Pension Income (if pertinent): All other sources of monthly income: Total Monthly Income 0 Monthly Fixed Expenses: Housing: Food: Transportation: (Car payments, car insurance, gas, average monthly maintenance) Education: Childcare/Daycare: Medical expenses: Additional: Total fixed expenses: 0 Monthly Extra Expenses: Entertainment: (average) Movies, events, etc. Vacations: Credit Cards: Childcare: Total monthly extra expenses: 0 Money Remaining 0 Part 2 Performance Evaluation Using Variances from Standard Costs Performance Evaluation Using Variances from Standard Costs Students’ scores on exams may be equated to financial measures used to evaluate employee performance in a business. Should college professors limit their evaluation of students to these “financial” measures? Do you see any potential benefits or disadvantages of including other measures of student performance in assigning course grades? (SITE References) ?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

Calculating Tax Cost Microtech Software Corporation (MSC) was founded in 2001. The founder, Chan Li, studied at MIT and worked for a large software corporation before returning to his hometown, Centervale, to set up his own company. The corporate tax rate structure applicable in Centervale is as follows:   Taxable Income?Tax Rate??  Up to $50,000?15 percent??  From $50,001 through $150,000?22 percent??  Income in excess of $150,000?30 percent??MSC has an opportunity to invest in a project that is expected to generate an additional $55,000 of taxable income. Compute the tax cost of this additional income for the following three scenarios: MSC’s taxable income before the additional income is $45,000. MSC’s taxable income before the additional income is $300,000. MSC has a loss of $5,000 before considering the additional income. Show all the steps of the calculation and the final answer for each scenario. Compare the results for the three scenarios and comment on any differences. Write a one- to two-page paper in MS Word format. Apply APA standards for writing style to your work due on Wednesday 10/09/2013

Multiple Choice, Question 83????Sierra Company allocates the estimated $200,000 of its accounting department costs to its production and sales departments since the accounting department supports the other two departments particularly with regard to payroll and accounts payable functions. The costs will be allocated based on the number of employees using the direct method. Information regarding costs and employees follows: Department?Employees??Accounting?4??Production?36??Sales?12??How much of the accounting department costs will be allocated to the production and sales departments?  ?Employees?Department?? ?$180,000?$60,000???? ?$1,800,000?$600,000???? ?$22,222?$66,667???? ?$150,000?$50,000???? Multiple Choice, Question 115????Velvet Company allocates costs from the payroll department (S1) and the maintenance department (S2) to the molding (P1), finishing (P2), and packaging (P3) departments. Payroll department costs are allocated based on the number of employees in the department and maintenance department costs are allocated based on the number of square feet which the production department occupies within the factory. ?Information about the departments is presented below:  ? ?Number of?Number of Square??Department?Costs?Employees?Feet Occupied??Payroll (S1)?$150,000?2?2,000??Maintenance (S2)?$220,000?8?64,000??Molding (P1)? ?75?100,000??Finishing (P2)? ?50?60,000??Packaging (P3)? ?25?40,000??Velvet uses the direct method to allocate costs. Round all answers to the nearest dollar. ??What amount of the payroll department costs will be allocated to the molding department? ?$185,000?? ?$132,353?? ?$70,313?? ?$75,000?? ?? ?? ?Multiple Choice, Question 126????Rand Company sells fine collectible statues and has implemented activity-based costing. Costs in the shipping department have been divided into three cost pools. The first cost pool contains costs that are related to packaging and shipping and Rand has determined that the number of boxes shipped is an…

UMUC – ACCT 220 EXAM 1 – Part 2 This is Part 2 of Exam 1. Part 1 is a multiple choice exam is located on WileyPlus. Part 1 is a timed exam. You should treat Part 2 (this part) like a Take-home Exam. You can open it, save the document with your filename, work through the problems, add your answers to your saved document and then submit it via the Webtycho Assignments location for Exam 1 Part 2. Part 2 of the Exam is worth 40 points. Each part is based on Chapters 2 and 3. Directions: Please complete the following 4 parts. You can use the answer sheets at the end of this document to complete this Exam. Part 1.Writing journal entries (Chapter 2).2 points per JE – 16 points. Please write a journal entry for the following 8 transactions, for Lillian’s Cooking School. All of the events listed below occurred in October, 2012. On the answer sheet, be sure to number your journal entries. Write the debit entry first and the credit entry second. Lillian purchased $700 in cooking supplies for Cash Lillian’s accountant paid $550 of the balance due in Accounts Payable Lillian sent out bills to three new clients who signed up for cooking class. The customers owe $1,200 for classes they took last week. After getting an unexpected check from her favorite aunt, Lillian invested $5,000 in her business. A new industrial-quality stove (Cooking Equipment) was purchased for the business, for $3,200. Lillian signed a promissory note for the stove. Employees were paid $2,800 for work done during October. Payday was October 14th. Maxwell paid for his wife to attend cooking classes in November. On October 16th, he paid the Cooking School $1,000, for classes that were scheduled to begin on November 7th. Lillian pays for her liability insurance 6 months in advance. On October 20th, she paid $3,000 for October through March of the following year. Part 2. Prepare 6 adjusting journal entries (Chapter 3)2 points per JE – 12 points. Use the below answer sheets to prepare 6 adjusting journal…

1) Nic Saybin Enterprises Accounting Department collects all pertinent monthly operating data. Selected data are presented below for the current month. From the data provided, please provide Saybin Enterprises Management with a flexible budget analysis to see how costs were controlled. ?Actual Costs Incurred Static Budget ?Activity level (in units) 754,009 746,500 ?Variable Costs: ?Indirect materials $328,897 $325,640 ?Utilities $174,332 $171,890 ?Fixed Costs: ?General and administrative $237,985 $244,908 ?Rent $135,500 $135,000?? 2) (TCO D) McMullen Co. manufactures automatic door openers. The company uses 15,000 electronic hinges per year as a component in the assembly of the openers. You have been engaged by McMullen to assist with an evaluation of whether the company should continue producing the hinges or purchase them from an outside vendor. ??The Accounting Department provided the following detail regarding the annual cost to produce electronic hinges: ??Direct materials $54,000 ?Direct labor 60,000 ?Variable manufacturing overhead 36,000 ?Fixed manufacturing overhead 90,000 ?Total costs $240,000 ???The Procurement Department provided the following supplier pricing: ?Supplier A price per hinge $11.00 ?Supplier B price per hinge $10.75 ?Supplier C price per hinge $10.50 ??The supplier pricing was obtained in response to a formal request for proposal (RFP). Procurement has determined these suppliers meet McMullen’s technical specifications and quality requirements.??If McMullen stops producing the part internally, 10% of the fixed manufacturing overhead would be eliminated.??Required: Prepare a make-or-buy analysis showing the annual advantage or disadvantage of accepting an outside supplier’s offer. ? 3) (TCO E) Topple Company produces a single product. Operating data for the company and its absorption costing income statement for the last year are presented below: ???Units in beginning inventory 2,000 ?Units produced 9,000 ?Units sold 10,000 ?Sales…

800000 900000 100000 90000 80000 80000 100000 113000 20000 23000 20000 20500 520000 614500 700000 1100000 520000 614500 120000 120000 1100000 1594500 225000 648000 200000 284500 75000 92000 900000 900000 900000 820000 600000 600000 2900000 3344500 900000 850000 900000 900000 1100000 1594500 2900000 3344500 Cost of Goods Sold Depreciation Expense Investment Income Net Income Dividends Paid Land Total Assets Liabilities Common Stock Retained Earnings Foxx Corporation Financial Statements Income Statement Statement of Changes in Retained Earnings For Year Ended December 31, 2011 and 2012 Balance Sheet Total Liabilities and Stockholder’s Equity Common Size Sales Expected Cash Accounts Receivable Buildings and Equipment (net) Investments Administrative Expenses Miscellaneous Expenses Retained Earnings, Beginning Retained Earnings, Ending Prior Yr. Current Yr. Actual Inventory Actual/Expected $ Difference Between (a) (b) Requirement: ( c ) Requirement d: Name: You should name this spreadsheet using the naming convention “yourname.xlsx” This Assignment requires that you prepare an Excel Spreadsheet – similar to one that would be used in practice in the planning phase of the audit. The auditor must first develop an expectation, usually based on the performance in the prior period (taking into consideration any unusual circumstances in the current period). We will assume no unusual circumstances in the current period. This company is a new and growing company, and we would expect sales to increase in the current period (compared to the previous period). Requirements: (a) Prepare common size Income Statements and Balance Sheets for the prior and current periods. (b) Based on the relationships in the prior period Income Statements and assuming Sales of $900,000, calculate the expected amounts (dollar amounts) for the various expense accounts (including COGS). All calculations should be completed in the Excel…

Twelve months ago, David opened a coffee shop, The the first year of operations. Fringe benefits for David, Daily Grind, in Mercy Hospital’s former gift shop. including health insurance and payroll taxes, accounted David was confident that he had the knowledge ro for an additional -“k. $10,000 of cosrs for th. company. a success of this new business. He produced a quality Part-time employees work an average of 24 hours product that people needed, had priced the product each week and are paid payroll per $9 hour. taxes and to be very competitive, and had a gteat location in a other costs average about pu, $1.00 Lorr for part_ high-traffic area of the hospital. time employees. As shown in the following table, part_ time employees worked from 656 ho.r., to 727 hours each month: Material Gosts Part-time Employee t3-n. Month Labor Hours o”il, *i;; ;;;;;; ;;”;;-l A January coffee beans costing l22hours $B per pound. Each pound I of coffee beans produces February 256 ounces of coffee. boff”” I 656 hours is soid in three sizes: g j a small cup holding March ourl…, 727 hours medium ” cup holding 12 ounces, and a large .,rp hoid_ l April 705 hours ing 16 ounces. I -/27 May hours The cups needed to serve the coffee cost $.0-5 for I June the small 705 hours cup, $.06 for the g.07 j medium cup, and for the large July cup. Lids cost 727 hours per $.03 cup-and are the i same regardless of cup size. August Sleeves cost an additional 727 I hours per $.04 cup. On average, sugar and cream cost September $.02 oer I 705 hours cup for small cups, $.03 for medium j cups, and fo. $.0+ October , 721 hours large j cups. November 705 hours I _l December lll nours lahor Gosts ” -t j he Daily Grind is open 12 hours each d,ay,7 days : 0uerhead a week (365 days per Gosts year), and is staffed with , !,’i.il-“- three i1:l employees during the morning shift…

P08-01A Given P08-01A Problem 7-4A Instructions Student Name: Class: Cash price for all assets purchased Estimated market values: Building Land Land improvements Schedule Appraised Percentage Apportioned Useful life in years Value of Total Cost Salvage value Building Land Land Improvements Vehicles Totals General Journal Trans. Date Account Titles no. Debit Credit Cash Straight-line depreciation on building = Double-declining-balance depreciation on land improvements = Building: Land improvements useful life in years Part 2: Part 3: Vehicles (4) Check figures: (2) (3) Part 4: Defend or refute this statement: Accelerated depreciation results in payment of less taxes of the asset’s life. Jan. 1 XAVIER CONSTRUCTION To record asset purchases. Given Data P08-01A: Problem 08-01A Part 1 Calculation of the estimated balance of the allowance for uncollectibles Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: Part 2 Dec. 31 Part 3 To record estimated bad debts.* Bad Debts Expense Allowance for Doubtful Accounts Unadjusted balance Required adjustment Problem 7-4A Category A/R Amount Uncollectible GB 518 Unit 04 Assignment Student: Estimated balance * Computations –> The Template is provided to help you complete your assignment successfully. Enter you Name here ======> There are hints and guidance within the templates. For Example, some fields will have a note attached – as designated by the red triangle in the upper right corner of the cell. Some final cell totals or answers will give you a notice if the answer is correct. For example, if you have gotten the right answer, you may see a note “Correct”, or “Good!” appear beneath or to the side of that cell. But, not all exercises or problems will provide feedback. So, be sure you do your best on all of the assignments. And, if you have any questions, please do not hesitate to bring your questions to…

P08-01A Given P08-01A Problem 7-4A Instructions Student Name: Class: Cash price for all assets purchased Estimated market values: Building Land Land improvements Schedule Appraised Percentage Apportioned Useful life in years Value of Total Cost Salvage value Building Land Land Improvements Vehicles Totals General Journal Trans. Date Account Titles no. Debit Credit Cash Straight-line depreciation on building = Double-declining-balance depreciation on land improvements = Building: Land improvements useful life in years Part 2: Part 3: Vehicles (4) Check figures: (2) (3) Part 4: Defend or refute this statement: Accelerated depreciation results in payment of less taxes of the asset’s life. Jan. 1 XAVIER CONSTRUCTION To record asset purchases. Given Data P08-01A: Problem 08-01A Part 1 Calculation of the estimated balance of the allowance for uncollectibles Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: Part 2 Dec. 31 Part 3 To record estimated bad debts.* Bad Debts Expense Allowance for Doubtful Accounts Unadjusted balance Required adjustment Problem 7-4A Category A/R Amount Uncollectible GB 518 Unit 04 Assignment Student: Estimated balance * Computations –> The Template is provided to help you complete your assignment successfully. Enter you Name here ======> There are hints and guidance within the templates. For Example, some fields will have a note attached – as designated by the red triangle in the upper right corner of the cell. Some final cell totals or answers will give you a notice if the answer is correct. For example, if you have gotten the right answer, you may see a note “Correct”, or “Good!” appear beneath or to the side of that cell. But, not all exercises or problems will provide feedback. So, be sure you do your best on all of the assignments. And, if you have any questions, please do not hesitate to bring your questions to…

Maga Company, which has only one product, has provided the following data concerning its most recent month of operations:??  ? ? ??  Selling price?$?173  ?? ? ? ??  Units in beginning inventory? ?0  ??  Units produced? ?3,510  ??  Units sold? ?3,240  ??  Units in ending inventory? ?270  ?? ? ? ??  Variable cost per unit:? ? ??  Direct materials?$?47  ??  Direct labor?$?56  ??  Variable manufacturing overhead?$?12  ??  Variable selling and administrative?$?14  ??  Fixed costs:? ? ??  Fixed manufacturing overhead?$?108,810  ??  Fixed selling and administrative?$?9,720  ???? Required:?? a.?What is the unit product cost for the month under variable costing? (Do not round intermediate calculations. Omit the “$” sign in your response.)??  ?Cost per unit??  Variable costing?$   ???? b.?What is the unit product cost for the month under absorption costing? (Omit the “$” sign in your response.)??  ?Cost per unit??  Absorption costing?$   ???? c.?Prepare a contribution format income statement for the month using variable costing. (Input all amounts as positive values except losses which should be indicated by a minus sign. Omit the “$” sign in your response.)?? Variable Costing Income Statement??  ? ?$  ??  Variable expenses:? ? ??       ?$   ? ??       ? ? ?? ????  ? ? ??  Fixed expenses:? ? ??       ? ? ??       ? ? ?? ????  ? ?$  ?? ? ? ???? d.?Prepare an income statement for the month using absorption costing. (Input all amounts as positive values except losses which should be indicated by a minus sign. Omit the “$” sign in your response.)?? Absorption Costing Income Statement??  ? ?$  ??  ? ? ?? ? ???  ? ? ??  Selling and administrative expenses:? ? ??  ?$  ? ??  ? ? ?? ????  ? ?$  ?? ? ? ???? e.?Reconcile the variable costing and absorption costing net operating incomes for the month. (Omit the “$” sign in your response.)?? Reconciliation of Variable Costing and Absorption Costing Net Operating Incomes??  Variable costing net operating income?$  ??  :…

Silmon Corporation makes a product with the following standard costs:??   Inputs?Standard Quantity?or Hours?Standard Price?or Rate??  Direct materials?6.0  ?grams?$?9.00  ?per gram??  Direct labor?0.5  ?hours?$?16.00  ?per hour??  Variable overhead?0.5  ?hours?$?3.00  ?per hour????  In June the company produced 5,300 units using 32,530 grams of the direct material and 2,690 direct labor-hours. During the month the company purchased 25,200 grams of the direct material at a price of $8.80 per gram. The actual direct labor rate was $16.60 per hour and the actual variable overhead rate was $2.90 per hour. The materials price variance is computed when materials are purchased. Variable overhead is applied on the basis of direct labor-hours.?? Required:??Compute the following variances for raw materials, direct labor, and variable overhead, assuming that the price variance for materials is recognized at point of purchase: (Input all amounts as positive values. Do not round intermediate calculations. Leave no cells blank – be certain to enter “0” wherever required. Indicate the effect of each variance by selecting “F” for favorable, “U” for unfavorable, and “None” for no effect (i.e., zero variance). Omit the “$” sign in your response.)??  ? ? ? (Choices: F, U, None)?? a.? Direct materials quantity variance?$  ??? b.? Direct materials price variance?$  ??? c.? Direct labor efficiency variance?$  ??? e.? Direct labor rate variance?$  ??? d.? Variable overhead efficiency variance?$  ??? f.? Variable overhead rate variance?$  ??? 2) Gilde Industries is a division of a major corporation. Last year the division had total sales of $23,826,400, net operating income of $2,835,342, and average operating assets of $9,164,000. The company’s minimum required rate of return is 19%.?? Required:??a.?What is the division’s margin? (Round your answer to 2 decimal places. Omit the “%” sign in your response.)??   Margin?%  ?? b.?What is the division’s turnover? (Round your answer to…

Exercise 12-5 Evaluate risk ratios [LO3] The 2012 income statement of Adrian Express reports sales of $16 million, cost of goods sold of $9.6 million, and net income of $1.6 million. Balance sheet information is provided in the following table. All amounts are in thousands.??   ADRIAN EXPRESS?Balance Sheets?December 31, 2012 and 2011??  ($ in 000s)?  2012?  2011??  Assets? ? ? ? ??  Current assets:? ? ? ? ??       Cash?$?600  ?$?760  ??       Accounts receivable? ?1,400  ? ?1,000  ??       Inventory? ?1,800  ? ?1,400  ??  Long-term assets? ?4,800  ? ?4,240  ??  ??????          Total assets?$?8,600  ?$?7,400  ??  ? ? ? ? ??  Liabilities and Stockholders’ Equity? ? ? ? ??  Current liabilities?$?2,020  ?$?1,660  ??  Long-term liabilities? ?2,300  ? ?2,400  ??  Common stock? ?2,000  ? ?2,000  ??  Retained earnings? ?2,280  ? ?1,340  ??  ??????          Total liabilities and stockholders’ equity?$?8,600  ?$?7,400  ??  ? ? ? ? ????   Industry averages for the following four risk ratios are as follows:??     ??  Average collection period?25 days  ???  Average days in inventory?60 days  ???  Current ratio?2 to 1  ???  Debt to equity ratio?50%  ??????   Required:?? 1.?Calculate the four risk ratios listed above for Adrian Express in 2012. (Use 365 days in a year. Round your answers to 1 decimal place. Omit the “%” sign in your response.)??       Risk Ratios??  Average collection period?? days??  Average days in inventory?? days??  Current ratio?? to 1??  Debt to equity ratio?? %????   2.?Do you think the company is more risky or less risky than the industry averages??? ?  ?? ??? The 2012 income statement of Adrian Express reports sales of $16 million, cost of goods sold of $9.6 million, and net income of $1.6 million. Balance sheet information is provided in the following table. All amounts are in thousands.??   ADRIAN EXPRESS?Balance Sheet?December 31, 2012 and 2011??  ($ in 000s)?   2012?   2011??  Assets? ? ? ? ??  Current…

2012 2011 431000 372350 200000 187550 99000 91050 8350 6850 307350 285450 123650 86900 2012 2011 1 1 0.46403712296983757 1 1 good student April Test Your Knowledge Student Name Course Name Student ID: Date: Requirements 1. Students please fill-in areas that are shaded Req. 1 Expenses: Cost of goods sold Net income MARINER DESIGNS, INC. Comparative Income Statement Year Ended December 31, 2012 and 2011 Net sales revenue Selling and general expenses Other expense Total expense 2. Selling and general expense Total expenses Req. 2 E15-16 Preparing common-size income statements LO 3 [10-15 minutes] Consider the data presented in Exercise 15-13. Data from Exercise 15-13 presented here for your convenience. Prepare a comparative common-size income statement for Mariner Designs, Inc., using the 2012 and 2011 data. Round percentages to one-tenth percent (three decimal places). To an investor, how does 2012 compare with 2011? Explain your reasoning. Accounting, 9e ????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

ACCT 2101 Financial Accounting Extra Credit Assignment Please read the material provided and answer the required question. Please submit a computer printed hard copy of your work for grading. Do not forget to write your full name on the copy you submit. This assignment will be due in class on Wednesday, December 4, 2013. Late submission will not be accepted. 1* Scanlon Technologies, Inc. Anne Scanlon founded Scanlon Technologies, Inc., in 1993. The company designed and manufactured high-tech products that were used in various industries ranging from semiconductor to aviation. Over the years, Scanlon Technologies reported a compound annual growth rate in revenues of over 20% due to high demand for the company’s products and Anne’s superior management skills. By the end of 1996, it was clear that any further growth would have to come from international expansion. However, establishing manufacturing operations and opening up sales and marketing offices abroad required a significant amount of capital. Anne considered investing more of her own money into the business; however, given that she already had most of her wealth tied up in the company, she decided against the idea. Moreover, she believed that the amount of funds Scanlon Technologies needed to raise for expansion was in the tens of millions. In her mind, there was only one clear solution—go public. In September 1996, Anne hired J.P. Suisse, a top tier investment bank, to take Scanlon Technologies public. On January 1, 1997, the company, which was authorized by the State of Delaware to sell 20 million common stock and 10 million preferred stock, issued one million shares of common stock in an Initial Public Offering (IPO) and began trading on the New York Stock Exchange under the ticker symbol STI. The stock, which had a par value of $1, was sold for $20 per share and climbed to $26 a share by the end of its first trading day. As expected, the…

BUS 615 Fall, 2013 Final Exam Answer any three (3) of the following questions. Submit your answer in an Excel file, with a separate, labelled tab for each question chosen. Format your spreadsheets so that they are easy to follow and calculations are readily apparent. Verbal answers should be concise and clearly stated. Each question counts 30 points. XYZ Corporation operates a Marketing Research department. This department compiles information from published sources, and from its own consumer studies, to assist marketing personnel in forecasting product demand and making pricing and promotion decisions. A large marketing research firm has bid $280,000 per year for a three-year contract to perform the same services. For the most recent year, XYZ’s controller determined the cost of operating the Marketing Research department to be $346,000: Salary and fringes: Senior researcher $68,000 Staff researcher 48,000 Clerical staff 70,000 VP Marketing (1) 62,000 Occupancy (2) 31,000 Subscriptions and travel (3) 67,000 Represents 30% of cost of the VP, who is estimated to spend 30% of his time on marketing research issues Occupancy costs are $31/sq ft: depreciation, $14; utilities, $11; maintenance, $6. Utilities are 70% variable; maintenance is an allocation of fixed costs. There are no plans for alternate use of the space. Subscriptions and travel costs would be borne by outside research firm. Required: Determine the cost differential to XYZ of outsourcing versus retaining this function. Discuss the factors that XYZ management should consider in making this decision. Lewiston, Inc. is a manufacturer with a calendar accounting year. A physical inventory is taken on January 1, and any items not in inventory are charged to cost of goods sold. a. In late March, Lewiston signed a $3,600,000 contract with Hawthorn, Inc. for production and installation of custom machinery at Hawthorn’s plant. On December 22, Lewiston shipped Hawthorn the…