Get college assignment help at uniessay writers 1. The substitutability of a particular good/service can play havoc on a company’s sales. This is formally defined as elasticity of a good/service. The elasticity/substitutability changes for 4 reasons. The 4 reasons are stated below, briefly describe/explain them. a) The larger the time interval – b) Broader definition – c) Depends on the size relative to a person’s budget – d) The more the good/service is a necessity –
You are given the following information for transactions by Schwinghamer Co. All transactions are set Record P6-6B in cash. Schwinghamer uses a perpetual inventory system and the FIFO cost formula. Unit Cost/ Units Selling Price perpet LCNR Date Transaction Oct. 1Beginning inventory 5 Purchase 8 Sale 15 Purchase 20 Sale 25 Purchase 60 110 (140) 52 (70) 15 $14 13 20 12 16 Instructions e) Prepare the required journal entries for the month of October for Schwinghamer Co. b) Determine the ending inventory for Schwinghamer. ) On October 31, Schwinghamer determines that the product has a net realizable value of $10 per unit. What amount should the inventory be valued at on the October 31 balance sheet? Prepare any required journal entries
Bjerg Corporation incurred several costs. Prepare entries for manufacturing costs. Journalize the following transactions. 1. Purchased raw materials on account $46,300 2. Raw Materials of $36,000 were requisitioned to the factory. An analysis of the materials requisition slips indicates that $6,800 was classified as indirect materials. 3. Factory labor costs incurred were $53,900, of which $49,000 pertained to factory wages payable and $4,900 pertained to employer payroll taxes payable. 4. Time tickets indicated that $48,000 was direct labor and $5,900 was indirect labor. 5. Overhead costs incurred on account were $80,500. 6. Manufacturing overhead was applied at the rate of 150% of direct labor cost. 7. Goods costing $88,000 were completed and transferred to finished goods. 8. Finished goods costing $75,000 to manufacture were sold on account for $103,000.
5-7 The Village of Harris issued $5,000,000 in 6 percent general obligation, tax-supported bonds on July 1, 2008, at 101. A fiscal agent is not used. Resources for principal and interest payments are to come from the General Fund. Interest payment dates are December 31 and June 30. The first of 20 annual principal payments is to be made June 30, 2009. Harris has a calendar fiscal year. 1. A capital projects fund transferred the premium ($50,000) to the debt service fund. 2. On December 31, 2008, funds in the amount of $150,000 were received from the General Fund and the first interest payment was made. 3. The books were closed for 2008. 4. On June 30, 2009, funds in the amount of $350,000 were received from the General Fund, and the second interest payment was made along with the first principal payment ($250,000). 5. On December 31, 2009, funds in the amount of $142,500 were received from the General Fund and the first interest payment was made. 6. The books were closed for 2009. a. Prepare journal entries to record the events above in the debt service fund. b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the debt service fund for the year ended December 31, 2008. 5-10 On July 1, 2008, a five-year agreement is signed between the City of Genoa and the Computer Leasing Corporation for the use of computer equipment not associated with proprietary funds activity. The cost of the lease, excluding executory costs, is $15,000 per year. The first payment is to be made by a capital projects fund at the inception of the lease. Subsequent payments, beginning July 1, 2009, are to be made by a debt service fund. The present value of the lease payments, including the first payment, is $68,189. The interest rate implicit in the lease is 5 percent. a. Assuming the agreement meets the criteria for a capital lease under the provisions of SFAS No. 13, make the entries required in (1) the capital projects fund and (2) the debt service fund on July 1, 2008, and July 1, 2009. b. Comment on where the fixed asset and long-term liability associated with this capital lease would be recorded and the impact of the journal entries recorded for a. 6-3 Why might it be desirable to operate enterprise funds at a profit? 6-10 The Village of Parry reported the following for its Print Shop Fund for the year ended April 30, 2009. VILLAGE OF PARRY—PRINT SHOP FUNDStatement of Revenues, Expenses, and Changes in Net Assets For the Year Ended April 30, 2009 Operating revenues: Â Â Â Charges for services Â $1,000,000 Operating expenses: Â Â Â Salaries and benefits $500,000 Â Â Depreciation 200,000 Â Â Supplies used 200,000 Â Â Utilities 70,000 970,000 Income from operations Â 30,000 Nonoperating income (expenses): Â Â Â Interest revenue 30,000 Â Â Interest expense (50,000) (20,000) Net income before transfers Â 10,000 Transfers in Â 180,000 Â Changes in net assets Â 190,000 Â Net assets—beginning Â 1,120,000 Â Net assets—ending Â $1,310,000 The Print Shop Fund records also revealed the following: 1. Contribution from Water Utility Fund for working capital needs Â $ 80,000 2. Contribution from General Fund for purchase of equipment Â 100,000 3. Loan from Water Utility Fund for purchase of equipment Â 300,000 4. Purchase of equipment Â (450,000) 5. Purchase of one-year investments Â (100,000) 6. Paid off a bank loan outstanding at May 1, 2008 Â $50,000 Â Paid interest Â $1,000 Â The loan was for short-term operating purposes. Â Â 7. Signed a capital lease on April 30, 2009 Â $42,180 The following balances were observed in current asset and current liability accounts. ( ) denote credit balances: Â 5/1/08 4/30/09 Cash $151,000 $233,000 Accrued interest receivable 5,000 10,000 Due from other funds 40,000 50,000 Accrued salaries and benefits (20,000) (30,000) Utility bills payable (4,000) (5,000) Accounts payable (30,000) (25,000) Accrued interest payable (5,000) (7,000) Prepare a Statement of Cash Flows for the Village of Parry Print Shop Fund for the Year Ended April 30, 2009. Include the reconciliation of operating income to net cash provided by operating activities. 7-6 On July 1, 2008, the City of Belvedere accepted a gift of cash in the amount of $3,000,000 from a number of individuals and foundations and signed an agreement to establish a private-purpose trust. The $3,000,000 and any additional gifts are to be invested and retained as principal. Income from the trust is to be distributed to community nonprofit groups as directed by a Board consisting of city officials and other community leaders. The agreement provides that any increases in the market value of the principal investments are to be held in trust; if the investments fall below the gift amounts, then earnings are to be withheld until the principal amount is reestablished. a. The following events and transactions occurred during the fiscal year ended June 30, 2009. Record them in the Belvedere Community Trust Fund. a. On July 1, the original gift of cash was received. b. On July 1, $2,000,000 in XYZ Company bonds were purchased at par plus accrued interest. The bonds pay an annual rate of 6 percent interest semiannually on April 1 and October 1. c. On July 2, $950,000 in ABC Company common stock was purchased. ABC normally declares and pays dividends semiannually, on January 31 and July 31. d. On October 1, the first semiannual interest payment was received from XYZ Company. Note that part of this is for accrued interest due at the time of purchase; the remaining part is an addition that may be used for distribution. e. On January 31, 2009, a cash dividend was received from ABC Company in the amount of $19,000. f. On March 1, the ABC stock was sold for $960,000. On the same day, DEF Company stock was purchased for $965,000. g. On April 1, the second semiannual interest payment was received from XYZ Company. h. During the month of June, distributions were approved by the Board and paid in cash in the amount of $95,000. i. Administrative expenses were recorded and paid in the amount of $12,000. j. An accrual for interest on the XYZ bonds was made as of June 30, 2009. k. As of June 30, 2009, the fair value of the XYZ bonds, exclusive of accrued interest, was determined to be $2,002,000. The fair value of the DEF stock was determined to be $960,000. l. Closing entries were prepared. b. Prepare, in good form, (1) a Statement of Fiduciary Net Assets and (2) a Statement of Changes in Fiduciary Net Assets for the Belvedere Community Trust Fund.
Chapter 4, Problem 32: Determining Consolidated Balances. The given information
Employees earn $5,000 per day, work five days per week, Monday through Friday, and get paid every Friday. If the previous payday was January 26 and the accounting period ends on January 31, what amount is the ending balance in the wages payable account?
I am uploading the problems I need answer to… ACCT 2302 NAME Problem 18-2A (a) (1) Compute the contribution margin. (2) Compute the total fixed costs. (b) You must first determine the number of units that were sold, which you can do from the information given. You are then able to compute the variable cost and contribution margin per unit by dividing the total variable cost and contribution margin by the number of units sold. (1) Compute the break-even point in units. (2) Compute the break-even point in dollars. (c) Compute the contribution margin ratio. Compute the margin of safety ratio. (d) Determine the sales dollars required to earn net income of $240,000 per year.
January 1, 2010, Sands Company had Accounts Receivable $55,000 and Allowance for Doubtful Accounts $4,400. Sands Company prepares financial statements annually and uses a perpetual inventory system. During the year the following selected transactions occurred. Jan. 5 Sold $9,000 of merchandise to Norris Company, terms n/30. Cost of the merchandise sold was $4,510. Feb. 2 Accepted a $9,000, 4-month, 9% promissory note from Norris Company for balance due. Feb. 12 Sold $9,120 of merchandise costing $6,490 to Loflin Company and accepted Loflin’s $9,120, 2-month, 10% note for the balance due. Feb. 26 Sold $5,890 of merchandise costing $4,950 to Hossfeld Co., terms n/10. Apr. 5 Accepted a $5,890, 3-month, 8% note from Hossfeld Co. for balance due. Apr. 12 Collected Loflin Company note in full. June 2 Collected Norris Company note in full. June 15 Sold $2,610 of merchandise costing $2,000 to Madrid Inc. and accepted a $2,610, 6-month, 12% note for the amount due.
Francisco Company has 20 employees, each of whom earns $2,500 per month and is paid on the last day of each month. All 20 have been employed continuously at this amount since January 1. Francisco uses a payroll bank account and special payroll checks to pay its employees. On March 1, the following accounts and balances exist in its general ledger: a. FICA—Social Security Taxes Payable, $6,200; FICA—Medicare Taxes Payable, $1,450. (The balances of these accounts represent total liabilities for both the employer’s and employees’ FICA taxes for the February payroll only.) b. Employees’ Federal Income Taxes Payable, $4,450 (liability for February only). c. Federal Unemployment Taxes Payable, $800 (liability for January and February together). d. State Unemployment Taxes Payable, $4,000 (liability for January and February together). During March and April, the company had the following payroll transactions. Mar. 15 Issued check payable to Swift Bank, a federal depository bank authorized to accept employers’ payments of FICA taxes and employee income tax withholdings. The $12,100 check is in payment of the February FICA and employee income taxes. 31 Recorded the March payroll and transferred funds from the regular bank account to the payroll bank account. Issued checks payable to each employee in payment of the March payroll. The payroll register shows the following summary totals for the March pay period. Salaries and Wages ——————————————————————————– Office Salaries Shop Wages Gross Pay FICA Taxes* Federal Income Taxes Net Pay $ 20,000 $ 30,000 $ 50,000 $ 3,100 $ 4,450 $ 41,725 $ 725 ——————————————————————————– * FICA taxes are Social Security and Medicare, respectively. 31 Recorded the employer’s payroll taxes resulting from the March payroll. The company has a merit rating that reduces its state unemployment tax rate to 4.00% of the first $7,000 paid each employee. The federal rate is 0.80%. Apr. 15 Issued check to Swift Bank in payment of the March FICA and employee income taxes. 15 Issued check to the State Tax Commission for the January, February, and March state unemployment taxes. Mailed the check and the first quarter tax return to the Commission. 30 Issued check payable to Swift Bank in payment of the employer’s FUTA taxes for the first quarter of the year. 30 Mailed Form 941 to the IRS, reporting the FICA taxes and the employees’ federal income tax withholdings for the first quarter. FUTA AND SUTA???? Cash Payroll Bank Account?? Accrued Wages Payable???
1. A company acquires a rather large investment in another corporation. What criteria determine whether the investor should apply the equity method of accounting to his investment? 2. What indicates an investor’s ability to significantly influence the decision-making process of an investee? 3. When the inventory is sold in the following year the following activity occurs to the investor: a. The investor’s income account is increased by the amount deferred from the prior year. b. The investor’s investment account is increased by the amount deferred from the prior year. c. The investor’s Retained Earnings account is decreased by the amount deferred in the prior year. d. The investor’s Equity account is increased by the amount deferred from the prior year.
Get college assignment help at uniessay writers WHEN YOU PURCHASED YOUR HOUSE , YOU TOO OUT A 30 YEAR ANNUAL MORTGAGE WITH AN INTEREST RATE OF 6% PER YEAR. THE ANNUAL PAYMENT ON THE MORTGAGE IS $12,000. YOU HAVE JUST MADE A PAYMENT AND HAVE NOW DECIDED TO PAY THE MORTGAGE OFF BY REPAYING THE OUTSTANDING BALANCE.WHAT IS THE PAY- OFF AMOUNT IF A)YOU HAVE LIVED IN THE HOUSE FOR 12 YEARS( SO YOU HAVE 18 YEARS LEFT ON THE MORTGAGE). B)YOU HAVE LIVED IN THE HOUSE FOR 20 YEARS (SO YOU HAVE 10 YEARS LEFT ON THE MORTGAGE). C) YOU HAVE LIVED IN THE HOUSE IN HOUSE FOR 12 YEARS( SO YOU HAVE 18 YEARS LEFT ON THE MORTGAGE). AND YOU DECIDE TO PAY OFF THE MORTGAGE IMMEDIATELY BEFORE THE TWELFTH PAYMENT IS DUE? P/S SHOW WORKINGS
23. Neal, single and age 37, has the following items for 2010: Salary $50,000 Casualty loss on business property (8,000) Casualty loss on rental property (5,000) Personal casualty gains 3,000 Personal casualty losses (after $100 floor) (12,000) Interest expense on personal residence (7,000) Determine Neal’s taxable income for 2010.
SE 8. Assume that the step in SE 6 is depreciated using the double-declining-balance method. How much would depreciation expense be in each year?
Will Company reports the following: 2009 2008 Retained Earnings $2,000,000 $ 1,300,000 Common Stock $ 500,000 $ 500,000 Paid-in Capital $3,000,000 $ 3,000,000 Net Income for year $ 900,000 $ 400,000 Dividend payout ratio for 2009 was:
if sixty 1000 convertible bonds with a carrying value of 69,000 are converted into 9000 shares of 5 par value common stock the journal entry to record the conversion is
$73,426 and the 90 day past due accounts are $18,261. What % of the total accounts receivable is over 90 days?
1. When the investor sells inventory to the investee it is known as a a. Upstream sale b. Downstream sale c. Side sale d. Intercompany transfer of assets 2. When the investee sells inventory to the investor it is known as a a. Upstream sale b. Downstream sale c. Side sale d. Intercompany transfer of assets 3. An investor sales $100,000 of inventory to the investee and uses a mark-up of 100%. At year-end the investee still has $40,000 in inventory unsold. Thus there is an adjustment to the investor’s investment account of the following amount: a. $100,000 b. $50,000 c. $40,000 d. $20,000
John, the sole owner of LV Co., transfers equipment to LV Co. in return for 100 shares of its stock and $10,000. The stock is worth $70,000. John bought the machine several years ago for $60,000 and its adjusted basis at the time of the transfer was $28,000. John’s recognized gain on the transfer is?
Absent any special provision (e.g., Code Sec. 351), a transfer of property from a shareholder to a corporation in return for its shares would result in: a. full gain or loss recognition b. partial gain or loss recognition c. no gain or loss recognition d. none of the above
Fred Farmer and his two sons owned 100 percent of Fruits and Nuts, Inc. Fred owned 50 percent of the stock, but he had 25 percent redeemed by the corporation for a building with a basis of $10,000 and a value of $50,000. If E
Assignment is attached. Can you help with the questions? Carl
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