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Get college assignment help at uniessay writers During the year ended December 31, 2009, Kelly’s Camera Shop had sales revenue of $170,000, of which $85,000 was on credit. At the start of 2009, Accounts Receivable showed a $10,000 debit balance, and the Allowance for Doubtful Accounts showed an $800 credit balance. Collections of accounts receivable during 2009 amounted to $68,000. Data during 2009 follow: a. On December 10, 2009, a customer balance of $1,500 from a prior year was determined to be uncollectible, so it was written off. b. On December 31, 2009, a decision was made to continue the accounting policy of basing estimated bad debt losses on 2 percent of credit sales for the year.

30. Hazelton Manufacturing prepares a bank reconciliation at the end of

30. Hazelton Manufacturing prepares a bank reconciliation at the end of every month. At the end of May, the general ledger checking account showed a balance of $1,360 and the bank statement showed a bank balance of $1,445. Outstanding checks totaled $350 and deposits in transit were $150. The bank statement listed service charges of $30 and NSF checks totaling $85. The corrected cash balance is: (Points : 3) $1,130. $1,160. $1,245. $1,445. 31. Brockton Carpet Cleaning prepares a bank reconciliation at the end of every month. At the end of July, the balance in the general ledger checking account was $2,750 and the bank balance on the bank statement was $2,980. Outstanding checks totaled $680 and deposits in transited were $400. The bank statement revealed that a check written for $120 was incorrectly recorded by Brockton as a $220 disbursement. The bank statement listed service charges and NSF check charges totaling $150. The corrected cash balance is: (Points : 3) $2,270. $2,550. $2,470. $2,700.

select a company examine the balance sheet and notes for information

select a company examine the balance sheet and notes for information regarding cash and receivables. Please address one of the following: 1. What items are included in cash and cash equivalents? Does the company have a sinking fund for debt? Is this listed as restricted cash? Is any cash listed as a long term asset? 2. Note the percentage of A/R that is set aside as a reserve for bad debts. What does the company say about how they estimate the uncollectible accounts. 3. If you have an interest in banks, you can examine the loan portfolio (the receivables for banks). One of the most difficult estimates for banks is the allowance for loan losses. Auditors have to examine the loan portfolio to determine if borrowers will repay the bank. The auditor does this to determine if the allowance for loan losses is adequate. In the late 80’s when the real estate market was tanking, this was a BIG deal as many of the assets used to secure loans fell in value as the real estate market declined. Many banks failed as their loan receivable assets lost value. Please Cite Sources

Phelps Company manufactures one product that requires 3 hours of machining

Phelps Company manufactures one product that requires 3 hours of machining direct labor and 2 hours of assembly direct labor. The standard labor rate is $18.00 per direct labor hour in the Machining Department and $15.00 per direct labor hour in the Assembly Department. The product has forecasted sales of 2,000 units in May. The estimated finished goods inventory at May 1 is 250 units and the desired ending inventory at May 31 is 450 units. (1) Prepare a production budget for the month of May. (2) Prepare a direct labor budget for the month of May.

Howard Poster Incorporated had 12,000 units of work in process in

Howard Poster Incorporated had 12,000 units of work in process in Department A on October 1. These units were 60 percent complete as to conversion costs. Materials are added in the beginning of the process. During the month of October, 38,000 units were started and 40,000 units were completed. Howard had 10,000 units of work in process on October 31. These units were 75 percent complete as to conversion costs. 1) Compute the equivalent units for materials and conversion costs for the month of October using the FIFO method.

14. Canoe company uses a job order cost accounting system and

14. Canoe company uses a job order cost accounting system and allocates its overhead on the basis of direct labor costs. Canoe company production costs for the year were: direct labor, $30000; direct materials, $50000; and factory overhead applied $6000. The over head application rate

A depreciable asset currently has a $30,000 book value. The company

A depreciable asset currently has a $30,000 book value. The company owning the asset uses straight-line depreciation. They paid $43,500 for this asset and consider it to have a $1,700 salvage value with a seven year useful life. How long has the company owned this asset?

At the beginning of the current period, Huang Corp. had balances

At the beginning of the current period, Huang Corp. had balances in Accounts Receivable of $200,000 and in Allowance for Doubtful Accounts of $9,000 (credit). During the period, it had net credit sales of $800,000 and collections of $743,000. It wrote off as uncollectible accounts receivable of $7,000. However, a $4,000 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $25,000 at the end of the period. Instructions (a) Prepare the entries to record sales and collections during the period. (b) Prepare the entry to record the write-off of uncollectible accounts during the period. (c) Prepare the entries to record the recovery of the uncollectible account during the period. (d) Prepare the entry to record bad debts expense for the period. (e) Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts. (f) What is the net realizable value of the receivables at the end of the period?

Sammy Soso runs a Baseball Camp. Campers register for one month

Sammy Soso runs a Baseball Camp. Campers register for one month of either July or August. The following is the Chart of Accounts for this service business: Assets Owners Equity Revenue Expenses 101 Cash 511 Wages Expense 140 Supplies 310 Retained Earnings 401 Fees 512 Advertising Expense 150 Equipment 311 Sammy Soso, Capital 402 Interest Revenue 524 Food Expense 160 Baseball Facilities 312 Sammy Soso, Drawing 525 Telephone Expense Liabilities 533 Utilities Expense 201 Accounts Payable 536 Postage Expense 202 Notes Payable 538 Auto Expenses The Following transactions took place in the month of July: July 1 Soso invested $500,000 into the business July2 Purchased athletic equipment $70,000 July 3 Paid Fleet Advertising for advertising and flyers $22,000 July 5, Collected Registration fees of $180,000 July 6, Received bill from Zambrano Construction for the Baseball facilities. Total cost is $90,000. Paid 30% of Zambrano bill and signed note for remainder. July 7, Purchased Office Supplies from Tommy Office Supplies, $2,000 July 8, Received bill from Danny catering for food for first half of July, $16,000. The bill is on account and will be paid at end of July. July 9, Collected additional Registration fees $70,000. July 10, Paid Wages $14,000 July 16, Received bill from Danny catering for food for second half of July, $16,000. The bill is on account and will be paid in August. July 17, Paid Wages, $10,000 July 22, Paid utility Bill $23,000 July 23, Paid Telephone bill $19,000 July 25, Sammy withdrew $9,000 for personal use July 26, Paid Postage $3,000 July 28, Paid first Catering bill of $16,000 July 29, Paid Auto expenses of $5,000 REQUIRED: Using Peachtree Software: Follow the Instructions below: Start Peachtree Software; Set up New Company in Peachtree; Name the Company: (YOUR LAST NAME) Baseball Camp Step 2: Set up the Chart of Accounts Step 3: Enter the transactions in the General Journal Step 4: Print the General Journal Report Step 5: Print a Trial balance Report Step 6: Print an Income Statement Step 7: Print a Statement of Retained Earnings (Owners Equity) report Step 8: Print a Balance Sheet

Complete the ICQ for Apollo. For “yes” answers, add a comment

Complete the ICQ for Apollo. For “yes” answers, add a comment stating which department and clerk performs the function. For “no” answers, describe the possible “errors” or “frauds” that could occur because of the control weakness.

Mr. Z, who is in the 33 percent marginal tax bracket

Get college assignment help at uniessay writers Mr. Z, who is in the 33 percent marginal tax bracket and itemizes deductions, recently inherited $30,000. He is considering three alternative options for this windfall. which alternative is best? ● He could buy shares in a mutual fund paying 11 percent interest a year. ● He could pay off a $30,000 personal debt to a local bank on which he pays $2,350 interest each year. ● He could pay off $30,000 of the mortgage incurred to buy his home. This principal repayment would decrease his annual home mortgage interest expense by $2,900.

1 point) The following information applied to Howe, Inc. for 2010:

1 point) The following information applied to Howe, Inc. for 2010: Merchandise purchased for resale $300,000 Freight-in 5,000 Freight-out 8,000 Purchase returns 12,000 What were Howe’s 2010 inventoriable, i.e., capitalizable, costs?

35. (4 points) Presented below is information related to T Company.

35. (4 points) Presented below is information related to T Company. Ending inventory at most recent costs Cost index 12-31-05 $5,000,000 100.0 12-31-06 $5,252,000 101.0 12-31-07 $5,406,000 102.0 12-31-08 $5,252,000 104.0 12-31-09 $5,538,500 104.5 12-31-10 $5,088,000 106.0 a. Compute the ending inventory for T for 12-31-06 through 12-31-10 using the dollar-value LIFO method. b. Assume that net purchases during 2010 totaled $71,000,000. Compute COGS for the year ended 12-31-10.

18. Firm Value Young Corporation expects an EBIT of $16,000 every

18. Firm Value Young Corporation expects an EBIT of $16,000 every year forever. The company currently has no debt, and its cost of equity is 15 percent. a. What is the current value of the company?

Your question: DVD4LESS.com is one of the many new firms that

Your question: DVD4LESS.com is one of the many new firms that have a presence on the web. It specializes in manufacturing and selling high-end DVD players. Buy Purchasing large volumes form small number of suppliers, receives a significant quantity discount. This reduced cost is passed on its customer. DVD4less.com manages to sell it DVD player $200 less then all of its high-end competitors, thereby creating its competitive advantage. DVD4LESS.com receives 112,000 orders for DVD player annually. Each DVD Player sells for $500, of which $200 is retained as gross profit. Last year it filled 97 percent of all orders correctly. Of the orders filled incorrectly, DVD4LESS.COM estimates that 20 percent of the customers cancel the order and the remainder will accept a second shipment, which results in a re-handling cost of $20 per order. To maintain customer goodwill, the firm gives a $35 invoice reduction for all units re-handled. DVD4LESS.com pays $1,950,000 annually for the transportation of its materials and delivery of its products. Its warehousing costs average $1,460,000 annually for the storage of its materials. DVD4LESS.com has 30 million if debt outstanding at an annual interest rate of 10 percent. The total cost selling and general administrative expenses (other operating costs) cost to $750,000 and $50,000 is held in cash at all times. DVD4LESS.com has an average inventory of $5 million. This large inventory is partially attributed to its purchasing policy and also to its inventory management system. The inventory is partially attributed to its purchasing policy and also to its inventory management systems. The inventory carrying cost rate is estimated at 25 percent of the average inventory value per year. It accounts receivable averages $250,000 throughout the primarily due to sales to medium sized retailers. DVD4LESS.com has a large fixed asset base. It is comprised of land, the manufacturing facility, machinery, and various administrative offices that are valued at $64 million. DVD4LESS.com has explored a variety of options to improve its correct order fill rate. It is also interested in lowering its average inventory to improve its overall profitability. After weeks of presentations and heated debates, the decisions are made to outsource its warehousing operations and inventory management. Many third party logistics providers bid for the contract: in the end it is Awarded to Basilea Logistics for an annual cost of $500,000(this is classified as other operating cost). By outsourcing DVD4LESS.com manages to save $760,000 in warehousing expenses, reduces its average inventory by 30 percent and now meets its 99 percent correct order to fill rate, Alll other cost remain the same. The Tax rate is 40 percent. Calculate the net savings of the outsourcing of the warehousing and inventory management Basileo Logistics. Develop a strategic profit model if both the old system and the modified system of reflecting the required adjustments. DVD4Less.com Net worth is $30 million.

Loom, Inc. has outstanding a $1,000 face value bond with a

Loom, Inc. has outstanding a $1,000 face value bond with a 5% contract interest rate. The bond has 10 years remaining until maturity. If interest is paid annually, what is the value of the bond if the required rate of return is 6%?

Intermediate Accounting 13th edition Kieso Weygandt Warfield Chapter 23 Statement of

Intermediate Accounting 13th edition Kieso Weygandt Warfield Chapter 23 Statement of Cash Flows. I have attached 3 questions and cut and pasted them here too. The following accounts increased during 2011: accounts receivable $12,000; inventory $11,000; accounts payable $13,000. Complete the cash flows from operating activities section of Bloom’s 2011 statement of cash flows using the indirect method. Indicate in general journal form how the items below would be entered in a worksheet for the preparation of the statement of cash flows. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2. If no entry is required enter “No Entry” for the account and 0 for the amount.) (a) Net income is $317,000. (b) Cash dividends declared and paid totaled $120,000. (c) Equipment was purchased for $114,000. (d) Equipment that originally cost $40,000 and had accumulated depreciation of $32,000 was sold for $10,000. Preparation of Operating Activities Section-Direct Method)

The following preliminary trial balance of Escalade Co., a sports ticket

The following preliminary trial balance of Escalade Co., a sports ticket agency, does not balance: Escalade Co. Trial Balance December 31, 2006 Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,350 Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,100 Prepaid Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,000 Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,980 Unearned Rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,520 Erin Capelli, Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,420 Erin Capelli, Drawing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000 Service Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83,750 Wages Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,000 Advertising Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,200 Miscellaneous Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,425 226,070 152,675 When the ledger and other records are reviewed, you discover the following: (1) the debits and credits in the cash account total $47,350 and $33,975, respectively; (2) a billing of $2,500 to a customer on account was not posted to the accounts receivable account; (3) a payment of $1,800 made to a creditor on account was not posted to the accounts payable account; (4) the balance of the unearned rent account is $4,250; (5) the correct balance of the equi

The following facts pertain to the cost of a product carried

The following facts pertain to the cost of a product carried in the merchandise inventory of the H Store: • Inventory on hand, January 1 1,500 units @ $160.00 per unit • Purchases, January 8 1,200 units @ $162.00 • Purchases, January 14 900 units @ $162.00 • Purchases, January 19 600 units @ $166.00 • Purchases, January 20 700 units @ $167.00 • Purchases, January 23 100 units @ $168.00 • Purchases, January 26 1,000 units @ $170.00 • Purchases, January 31 500 units @ $172.00 • Sales, January 5 1,000 units @ $325.00 per unit • Sales, January 13 900 units @ $325.00 • Sales, January 15 800 units @ $325.00 • Sales, January 18 300 units @ $325.00 • Sales, January 24 800 units @ $325.00 • Sales, January 27 200 units @ $325.00 • Sales January 30 900 units @ $325.00 Calculate COGS AND Gross Profit for the month of January AND EI as of 01-31 under each of the following assumptions:  H uses periodic FIFO  H uses a periodic average cost system (if necessary, round to the nearest penny)  H uses perpetual LIFO  Assuming H uses perpetual LIFO, as of January 31, what would be H’s LIFO reserve amount (assuming the comparison is with the FIFO method)?

John’s Sporting Goods is preparing its annual cash budget, showing quarterly

John’s Sporting Goods is preparing its annual cash budget, showing quarterly data, for 2008. A $20,000 cash balance is desired at the end of each quarter. Borrowings and repayments are in $1,000 increments ar 12% annual interest. The company borrows at the beginning of a quarter based on the estimated deficiency. Interest is paid only when principal is repaid at teh end of a quarter with excess cash. The maximum amount of principal was repaid in the second quarter. The cash balance on December 31, 2007 is $21,000. Total receipts and disbursements, other than borrowings and principal or interest payments, are estimated at: Disbursements: $226,000 (Quarter 1) $226,000 (Q2) $244,000 (Q3) $260,000 (Q4) Receipts: $216,000 (Quarter 1) $230,000 (Q2) $245,000 (Q3) $253,000 (Q4) *Prepare a schedule of estimated borrowings and repayments of principal and interest for 2008 and its quarters.

Problem 1 – John’s Sporting Goods is preparing its annual cash

Problem 1 – John’s Sporting Goods is preparing its annual cash budget, showing quarterly data, for 2008. A $20,000 cash balance is desired at the end of each quarter. Borrowings and repayments are in $1,000 increments ar 12% annual interest. The company borrows at the beginning of a quarter based on the estimated deficiency. Interest is paid only when principal is repaid at teh end of a quarter with excess cash. The maximum amount of principal was repaid in the second quarter. The cash balance on December 31, 2007 is $21,000. Total receipts and disbursements, other than borrowings and principal or interest payments, are estimated at: Disbursements: $226,000 (Quarter 1) $226,000 (Q2) $244,000 (Q3) $260,000 (Q4) Receipts: $216,000 (Quarter 1) $230,000 (Q2) $245,000 (Q3) $253,000 (Q4) *Prepare a schedule of estimated borrowings and repayments of principal and interest for 2008 and its quarters. Problem 2 – Carson’s Widget Works makes 70% of its sales on credit. Experince shows that 60% of the credit customers pay in the month of sale, 30% within the following month, and the rest in the next month. Total sales for May, June, July, and August are estimated at $280,000; $320,000; $400,000; and $340,000, respectively. *Determine budgeted cash receipts for July and August.

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