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Get college assignment help at uniessay writers “13-70 Inventory Measures, Production Scheduling, and Evaluating Divisional Performance The Calais Company stresses competition between the heads of its various divisions, and it rewards stellar performance with year-end bonuses that vary between 5% and 10% of division net operating income (before considering the bonus or income taxes). The divisional managers have great discretion in setting production schedules. The Brittany division produces and sells a product for which there is a long-standing demand but which can have marked seasonal and year-to-year fluctuations. On November 30, 20X4, Veronique Giraud, the Brittany division manager, is preparing a production schedule for December. The following data are available for January 1 through November 30 (€ is the symbol for euro, the currency for most countries of the European Union): Beginning inventory, January 1, in units 10,000 Sales price, per unit €400 Total fixed costs incurred for manufacturing €9,350,000 Total fixed costs: other (not inventoriable) €9,350,000 Total variable costs for manufacturing €18,150,000 Total other variable costs (fluctuate with units sold) €4,000,000 Units produced 110,000 Units sold 100,000 Variances None application rate for start station activity = budgeted total factory overhead at the activity budgeted raw PC boards for the year = $ , , $ . 150 000 125 000 = 1 20 632 Part 4: Product Costing Production in October and November was 10,000 units each month. Practical capacity is 12,000 units per month. Maximum available storage space for inventory is 25,000 units. The sales outlook for December through February is 6,000 units monthly. To retain a core of key employees, monthly production cannot be scheduled at less than 4,000 units without special permission from the president. Inventory is never to be less than 10,000 units. The denominator used for applying fixed factory overhead is regarded as 120,000 units annually. The company uses a standard absorption-costing system. All variances are disposed of at year-end as an adjustment to standard cost of goods sold. 1. Given the restrictions as stated, and assuming that Giraud wants to maximize the company’s net income for 20X4, a. How many units should be scheduled for production in December? b. What net operating income will be reported in 20X4 as a whole, assuming that the implied cost-behavior patterns will continue in December as they did throughout the year to date? Show your computations. c. If December production is scheduled at 4,000 units, what would reported net income be? 2. Assume that standard variable costing is used rather than standard absorption costing. a. What would net income for 20X4 be, assuming that the December production schedule is the one in part a of number 1? b. Assuming that December production was 4,000 units? c. Reconcile the net incomes in this requirement with those in number 1. 3. From the viewpoint of the long-run interests of the company as a whole, what production schedule should the division manager set? Explain fully. Include in your explanation a comparison of the motivating influence of absorption and variable costing in this situation. 4. Assume standard absorption costing. Giraud wants to maximize her after-income-tax performance over the long run. Given the data at the beginning of the problem, assume that income tax rates will be halved in 20X5. Assume also that year-end write-offs of variances are acceptable for income tax purposes. How many units should be scheduled for production in December? Why?”

. Cardinal, LLC incurred $20,000 of startup expenses, $3,000 of organizational

. Cardinal, LLC incurred $20,000 of startup expenses, $3,000 of organizational costs, and paid $10,000 in transfer taxes to change the title (ownership) of a building contributed by one of the LLC’s members. Which of the following statements is correct regarding these three amounts? a. Cardinal can deduct $5,000 of the startup expenses. b. Cardinal can amortize $15,000 of the startup expenses over 180 months. c. Cardinal may deduct the full amount of the organizational costs. d. Cardinal can capitalize the $10,000 tax paid as a part of the depreciable basis of the building. e. All of the above statements are true.

On August 31 of the current tax year, the balance sheet

On August 31 of the current tax year, the balance sheet of the RBD General Partnership is as follows: basis FMV Cash 150,000 150000 Receivables 0 90000 Capital assets 600000 660000 Total 750000 900000 Nonrecourse debt 150000 150000 Rachel, capital 200000 250000 Barry, capital 200000 250000 Dale, capital 200000 250000 Total 750000 900000 On that date, Rachel sells her one-third partnership interest to Bill for $300,000, including cash and relief of Rachel’s share of the nonrecourse debt. The nonrecourse debt is shared equally among the partners. Rachel’s outside basis for her partnership interest is $250,000. How much capital gain and/or ordinary income will Rachel recognize on the sale?

what is value costing?

what is value costing?

“Hello!! I need help with my homework problem! its from the

“Hello!! I need help with my homework problem! its from the book Accounting: tools for business decision making, Kimmel, Weygandt and Kieso, 3rd ed. Package II Chapter 20, Problem 20-2A Please see the problem attached! Help me” YOU DENIED IT BECAUSE OF PRICE – I HAVE KNOW IDEA WHAT THE PRICE YOU ARE TALKING ABOUT IS!

The articles of partnership for Paxton-Robson partnership provide for a salary

The articles of partnership for Paxton-Robson partnership provide for a salary allowance of $5,000 per month for partner Robson, with the balance of net income to be divided equally. If Robson made an additional investment of $10,000 during the year and withdrew $4,00 per month, and net income for the year was $80,000, by what amount did Robson’s capital increase during the year?

Francis Manufacturing Company is currently preparing its cash budget for next

Francis Manufacturing Company is currently preparing its cash budget for next month and has gathered the following information: The beginning cash balance will be $6,000 and the company requires a minimum cash balance at the end of the month of $5,000. How much will Francis Manufacturing need to borrow to meet its cash needs for the month? a. $9,100 b. $14,100 c. $20,100 d. None of the above. Save Answer 3. (Points: 5) Information on the actual sales and inventory purchases of the Law Company for the first quarter follow: Collections from Law Company’s customers are normally 60% in the month of sale, 30% in the month following sale, and 8% in the second month following sale. The balance is uncollectible. Law Company takes full advantage of the 3% discount allowed on purchases paid for by the end of the following month. The company expects sales in April of $150,000 and inventory purchases of $100,000. Selling and administrative expenses for the month of April are expected to be $38,000, of which $15,000 is salaries and $8,000 is depreciation. The remaining selling and administrative expenses are variable with respect to the amount of sales in dollars. Those selling and administrative expenses requiring a cash outlay are paid for during the month incurred. Law Company’s cash balance on March 1 was $43,000, and on April 1 was $35,000. Reference: 9-4 The expected cash disbursements during April for selling and administrative expenses would be: a. $38,000 b. $30,000 c. $23,000 d. $15,000 Save Answer 4. (Points: 5) An organization’s budget program should not be used: a. to motivate employees. b. to assign blame to managers that do not meet budgetary goals. c. to help evaluate managers. d. to allocate resources to the various parts of an organization. Save Answer 5. (Points: 5) Haylock Inc. bases its manufacturing overhead budget on budgeted direct labor-hours. The direct labor budget indicates that 5,600 direct labor-hours will be required in August. The variable overhead rate is $5.40 per direct labor-hour. The company’s budgeted fixed manufacturing overhead is $69,440 per month, which includes depreciation of $15,680. All other fixed manufacturing overhead costs represent current cash flows. The August cash disbursements for manufacturing overhead on the manufacturing overhead budget should be: a. $99,680 b. $84,000 c. $53,760 d. $30,240 Save Answer 6. (Points: 5) Sarafiny Corporation is in the process of preparing its annual budget. The following beginning and ending inventory levels are planned for the year. Reference: 9-6 If the company plans to sell 270,000 units during the year, the number of units it would have to manufacture during the year would be: a. 300,000 units b. 270,000 units c. 260,000 units d. 280,000 units Save Answer 7. (Points: 5) Pitkins Company collects 20% of a month’s sales in the month of sale, 70% in the month following sale, and 6% in the second month following sale. The remainder is uncollectible. Budgeted sales for the next four months are: Cash collections in April are budgeted to be: a. $321,000 b. $313,000 c. $320,000 d. $292,000 Save Answer 8. (Points: 5) Which of the following statements is NOT correct concerning the Manufacturing Overhead Budget? a. The Manufacturing Overhead Budget provides a schedule of all costs of production other than direct materials and labor costs. b. The Manufacturing Overhead Budget shows only the variable portion of manufacturing overhead. c. The Manufacturing Overhead Budget shows the expected cash disbursements for manufacturing overhead. d. The Manufacturing Overhead Budget is prepared after the Sales Budget. Save Answer 9. (Points: 5) Bries Corporation is preparing its cash budget for January. The budgeted beginning cash balance is $18,000. Budgeted cash receipts total $183,000 and budgeted cash disbursements total $188,000. The desired ending cash balance is $30,000. Reference: 9-20 The excess (deficiency) of cash available over disbursements for January is: a. $23,000 b. $13,000 c. ($5,000) d. $201,000 Save Answer 10. (Points: 5) Which of the following benefits could an organization reasonably expect from an effective budget program? a. Better control of the organization’s costs. b. Better coordination of an organization’s activities. c. Better communication of the organization’s objectives. d. All of the above.

Which of the following statements is not true? A. Expenses increase

Which of the following statements is not true? A. Expenses increase stockholders’ equity. B. Expenses have normal debit balances. C. Expenses decrease stockholders’ equity. D. Expenses are a negative factor in the computation of net income.

10.9 Identify at least four control weaknesses at Parktown. Describe the

10.9 Identify at least four control weaknesses at Parktown. Describe the potential threat and exposure associated with each weakness, and recommended how to best correct them. 11.2 b. For each internally generated document, how many copies are needed? What is the purpose of each copy? Where does each copy go? c. Describe the application controls that should be in place if each of these paper documents we replaced by electronics? 11.9 a. Identify weaknesses in Consports expenditure cycle, explain the resulting problem, and suggest a control procedure that would best prevent or detect and correct each weakness. Use the labels next to each step to reference your answer. b. Describe how information technology can be used to improve the efficiency of ConSports accounts payable and cash disbursements processes. For each process you change, also explain how to use technology to provide strong internal controls. 11.13 a. identify weaknesses in Braden company’s expenditure cycle activities, explain the resulting problems that may occur, and recommend control procedures that should be implemented to correct those weaknesses. b. Describe how to use IT to improve the efficiency and effectiveness of Branden Company’s expenditure cycle process. Also explain how to use IT to ensure sound internal control over those redesigned processes.

Nichols Company uses the percentage of receivables method for recording bad

Nichols Company uses the percentage of receivables method for recording bad debts expense. The accounts receivable balance is $200,000 and credit sales are $1,000,000. Management estimates that 5% of accounts receivable will be uncollectible. What adjusting entry will Nichols Company make if the Allowance for Doubtful Accounts has a credit balance of $2,000 before adjustment?

A credit sale of $900 is made on July 15, terms

Get college assignment help at uniessay writers A credit sale of $900 is made on July 15, terms 2/10, net/30, on which a return of $50 is granted on July 18. What amount is received as payment in full on July 24

Q 3-15: Classify each (a:s) as a: CA Current Asset NA

Q 3-15: Classify each (a:s) as a: CA Current Asset NA Noncurrent Asset CL Current Liability NL Noncurrent Liability E Equity Account a. Supplies b. Notes receivable c. Unearned subscription revenue d. Accounts payable e. Retained earnings f. Accounts receivable g. Preferred stock h. Plant I. Prepaid rent j. Capital k. Wages payable l. Mortgage bonds payable3 m. Unearned interest n. Marketable securities o. Paid-in capital from sale of treasury stock p. Land q. Inventories r. Taxes accrued s. Cash

Sale of Assets Received as a Gift and Inherited. Daniel receives

Sale of Assets Received as a Gift and Inherited. Daniel receives 400 shares of A

i need help with form 48 of the unique global imports

i need help with form 48 of the unique global imports simulation

On June 30, 2008 Apricot Co. paid $5,000 cash for management

On June 30, 2008 Apricot Co. paid $5,000 cash for management services to be performed over a two-year period. Apricot follows policy of recording all prepaid expenses to asset accounts at the time of cash payment. The adjusting entry on December 31, 2008 for Apricot would include:

prepare a classified balance sheet for Airlines International, dated Dec 31,

prepare a classified balance sheet for Airlines International, dated Dec 31, 2010: Accounts payable 77916 Accounts receivable 67551 Accrued expenses 23952 Accumulated depreciation 220541 Allowance for doubtful accounts 248 Capital in excess of par 72913 Cash 28837 Common stock (par $0.50, unauthorized 20,000 shares, issued 14,304 shares) 7152 Current installments of long-term debt 36875 Deferred income tax liability (long term) 42070 Inventory 16643 Investments and special funds 11901 Long-term debt, less current portion 393808 Marketable securities 10042 Other assets 727 Prepaid expenses 3963 Property, plant, and equipment at cost 809980 Retained earnings 67361 Unearned transportation revenue (airline tickets expiring within one year) 6808

On September 30, 2009, Walt’s Walnuts issued $60,000 of 15-year, 6%

On September 30, 2009, Walt’s Walnuts issued $60,000 of 15-year, 6% bonds for 100.000. Interest is paid annually on September 30. Interest expense on the bond for the year ended December 31, 2009 equals:

Green Plains Supply Co. has the following transactions related to notes

Green Plains Supply Co. has the following transactions related to notes receivable during the last 2 months of the year. Nov. 1 Loaned $60,000 cash to B. Younger on a 1-year, 8% note.

Comprehensive Problem 1 Period 2 The Accounting Cycle Assets Revenues 101

Comprehensive Problem 1 Period 2 The Accounting Cycle Assets Revenues 101 Cash 401 Registration Fees 122 Accounts Receivable 404 Vending Revenue 142 Office Supplies 144 Food Supplies Expenses 145 Prepaid Insurance 511 Wages Expense 146 Prepaid Subscriptions 512 Advertising Expense 161 Land 521 Rent Expense 171 Building 523 Office Supplies Expense 171.1 Accum. Depr.–Buildings 524 Food Supplies Expense 181 Fishing Boats 525 Telephone Expense 181.1 Accum. Depr.–Fishing Boats 533 Utilities Expense 182 Surround Sound System 535 Insurance Expense 182.1 Accum. Depr.–Surround Sound Sys. 536 Postage Expense 183 Big Screen TV 537 Repair Expense 183.1 Accum. Depr.–Big Screen TV 540 Depr. Exp.–Buildings 541 Depr. Exp.–Surround Sound Sys. Liabilities 542 Depr. Exp.–Fishing Boats 202 Accounts Payable 543 Depr. Exp.–Big Screen TV 219 Wages Payable 546 Satellite Programming. Exp. 548 Subscriptions Expense Owner’s Equity 311 Bob Night, Capital 312 Bob Night, Drawing 313 Income Summary The following transactions took place during May 20– May 1 In order to provide snacks for guests on a 24 hour basis, Night signed a contract with Snack Attack. Snack Attack will install vending machines with food and drinks and pay a 10% commission on all sales. Estimated payments are made at the beginning of each month. Night received a check for $200, the estimated commission on sales for May. 2 Night purchased a surround sound system and big screen TV with a Digital Satellite System for the guest lounge. The surround sound system cost $3,600 and has an estimated useful life of 5 years, and no salvage value. The TV cost $8,000 and has an estimated useful life of 8 years, and a salvage value of $800. Night paid cash for both items. 2 Paid for May’s programming on the new Digital Satellite System, $125. 3 Night’s office manager returned $100 worth of office supplies to Gordon Office Supply. Night received a $100 reduction in our account with Gordon. 3 Deposited registration fees, $52,700 3 Paid rent for lodge and campgrounds for the month of May, $40,000. 3 In preparation for the purchase of a nearby campground, Night invested an additional $600,000. 4 Paid Gordon Office Supply on account, $400. 4 Purchased the assets of a competing business and paid cash for the following: land $100,000, lodge $530,000 and fishing boats $9,000. The lodge has a remaining useful life of 50 years and a $50,000 salvage value. The boats have remaining lives of 5 years and zero salvage value. 5 Paid May’s insurance premium for the new camp, $1,000 5 Purchased food supplies from Acme Super Market on account, $22,950. 5 Purchased office supplies from Gordon Office Supplies on account, $1,200. 7 Night paid $40 each for one-year subscriptions to Fishing Illustrated, Fishing Unlimited, and Fish Master. 10 Deposited registration fees, $62,750 13 Paid wages to fishing guides, $30,000. 14 A guest because ill and was unable to stay for the entire week. A refund was issued in the amount of $1,000. 17 Deposited registration fees, $63,000. 19 Purchased food supplies from Acme Super Market on account, $18,400. 21 Deposited registration fees, $63,400 23 Paid $2,500 for advertising spots on National Sports Talk Radio 25 Paid repair fee for damaged boat, $ 850. 27 Paid wages to fishing guides, $30,000. 28 Paid $1,800 for advertising spots on billboards in the mid-west. 29 Purchased food supplies from Acme Super Market on account, $14,325. 30 Paid utilities bill, $3,300 30 Paid telephone bill, $1,800. 30 Paid Acme Super Market on account, $47,350. 31 Bob Night withdrew cash for personal use, $7,500. Adjustment information at the end of May is provided below. a. Total vending machine sales were $2,300 for the month of May. b. Straight-line depreciation is used for the 10 boats purchased on April 2nd for $60,000. The useful life for these assets is 5 years and there is no salvage value. A full month’s depreciation was taken in April on these boats. c. Straight line depreciation is used for the 2 boats purchased in May. d. Straight line depreciation is used to depreciate the surround sound system. e. Straight line depreciation is used to depreciate the big screen TV. f. Straight line depreciation is used for the building purchased in May. g. On April 2nd Night paid $9,000 for insurance during the six-month camping season. May’s portion of this premium was used up during this month. h. Night received his May issues of Fishing Illustrated, Fishing Unlimited, and Fish Master. i. Office supplies remaining on hand, $150. j. Food supplies remaining on hand, $5,925. k. Wages earned, but not yet paid, at the end of May, $6,000. REQUIRED 1. Enter the above transactions in a general journal. Enter transactions from May 1-4 on page 5, May 5-28 on page 6, and the remaining entries on page 7. 2. Post the entries to the general ledger. (If you are not using the working papers that accompany this text, you will need to enter the account titles and account numbers in the general ledger accounts.) 3. Prepare a trial balance on a work sheet. 4. Complete the work sheet. 5. Prepare the income statement. 6. Prepare the statement of owner’s equity 7. Prepare the balance sheet. 8. Journalize the adjusting entries on page 8 of the general journal. 9. Post the adjusting entries to the general ledger. 10. Journalize the closing entries on page 9 of the general journal. 11. Post the closing entries to the general ledger. 12. Prepare a post-closing trial balance.

Harrison Company maintains a checking account at the First National City

Harrison Company maintains a checking account at the First National City Bank. The bank provides a bank statement along with canceled checks on the last day of each month. The July 2011 bank statement included the following information: Balance July 1, 2011 $55,678 Deposits 179,500 Checks Processed (192,610) Service Charges (30) NSF Checks (1200) Monthly loan payment deducted directly by the bank from the account (includes $320 in interest) (3320) Balance 38018 The company’s general ledger account had a balance of $38,918 at the end of July. Deposits outstanding totaled $6,300 and all checks written by the company were processed by the bank except for those totaling $8,420. In addition, a $2,000 July deposit from a credit customer was recorded as a $200 debit to cash and credit to accounts receivable, and a check correctly recorded by the company as a $30 disbursement was incorrectly processed by the bank as a $300 disbursement.

The Trap Corporation liquidates. One shareholder, who owned 30 percent of

The Trap Corporation liquidates. One shareholder, who owned 30 percent of the stock, receives for the stock, inventory worth $90,000 with a basis of $70,000. Trap Corporation will recognize:

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