Get college assignment help at uniessay writers No effect 9. Victory Co, was organized January 2, 2018, with 100,000 authorized shares of $10 par value common stock. During 2018 Victory had the following equity transactions: on January 5- issued 75,000 shares at $14 per share. December 27-purchased 5,000 of its shares at $11 per share Victory uses the cost method to record the purchase of treasury stock. What would the balance in the “Paid in Capital Treasury Stock” account be at December 31, 2018? a. $0 b. $5,000 c. $15,000 d. $55,000
l Fido LTE 2:41 AM 7 4% ontariolearn.desire2learn.com ACCTI350 S18 Assignment #1 Assignment is to be submitted using the Excel Template located in the Assignment dropbox. This document is for reference only. Do not complete the assignment in Word. QI. (12 Marks) The following is Jordon Manufacturing’s contribution format income statement for last month: Sales Less: Variable Expenses Contribution Margin Less: Fixed Expenses Operating Income $1.400,000 $900.000 $500,000 $300,000 $200.000 The company has no beginning or ending inventories and produced and sold 10,000 units during the month Required: a) What is the company’s contribution margin ratio? (2 marks) b) What is the company’s break-even in units? (2 marks) c) If sales increase by 100 units, by how much should operating income increase? (4 marks) d) How many units would the company have to sell to attain target operating income of $225,000? (2 marks) e) What is the company’s margin of safety in dollars? (2 marks) What is the company’s degree of operating leverage? (2 marks) Q2. (12 Marks) The following monthly data are available for the LaFille Company and its only product, Product SW Total Per Unit
22. Action Travel has 10 employees each working 40 hours per week and earning $20 an hour. Federal income taxes are withheld at 15% and state income taxes at 6%. FICA taxes are 7.65 % and unemployment taxes are 3.8 % of the first $7,000 earned per employee. What is the actual direct deposit of payroll for the first week of January? a. $5,404. b. $5.708. c. $4,792.
contracts are used for hedging D) None of the above Answer: D 10) A company due to pay a certain amount of a foreign currency in the future decides to hedge with futures contracts. Which of the following best describes the advantage of hedging? A) It leads to a better exchange rate being paid B) It leads to a more predictable exchange rate being paid C) It caps the exchange rate that will be paid D) It provides a floor for the exchange rate that will be paid Answer: B 1) Which of the following best describes the capital asset pricing model? A) Determines the amount of capital that is needed in particular situations B) Is used to determine the price of futures contracts C) Relates the return on an asset to the return on a stock index D) Is used to determine the volatility of a stock index Answer: C 12) Which of the following best describes “stack and roll”? A) Creates long-term hedges from short term futures contracts B) Can avoid losses on futures contracts by entering into further futures contracts C) Involves buying a futures contract with one maturity and selling a futures contract with a different maturity D) Involves two different exposures simultaneously Answer: A 13) Which of the following increases basis risk? A) A large difference between the futures prices when the hedge is put in place and when it is closed out B) Dissimilarity between the underlying asset of the futures contract and the hedger’s exposure C) A reduction in the time between the date when the futures contract is closed and its delivery month D) None of the above Answer: B 14) Which of the following is a reason for hedging a portfolio with an index futures? A) The investor believes the stocks in the portfolio will perform better than the market but is uncertain about the future performance of the market B) The investor believes the stocks in the portfolio will perform better than the market and the market is expected to do well C) The portfolio is not well diversified and so its return is uncertain D) All of the above Answer: A 15) Which of the following does NOT describe beta? A) A measure of the sensitivity of the return on an asset to the return on an index B) The slope of the best fit line when the return on an asset is regressed against the return on the market C) The hedge ratio necessary to remove market risk from a portfolio D) Measures correlation between futures prices and spot prices Answer: D 16) Which of the Tolowing is trugy
Gesbi Ctical thinking 9-Word DESIGN REFERENCES MAILINGS REVIEW VIEW mes New AA Aa 21 AaBbCcDd AalbceDd AaBbC AaßbCct AaB U x A-7- A- AaBbCcD AaBbCcDd AaBbCDd AoßbCrDd AalbCeDo 1 Normal 1 No Spac Heading 1 Heading 2 Tele Sabtie Em Subtitle Intee Emphasis Son Font Paragraph syles Argosy Gaming Argosy Gaming Company is the owner and operator of six riverboat gambling casinos and hotels in the United States. Argosy has developed a centralized enterprise data warehouse to capture the data generated at each property. As part of this effort, Argosy selected an extract-transform-load (ETL) tool to data warehouse. The plan is to use the data to help Argosy management make quicker, well-informed decisions based on patrons’ behaviors, purchases, and preferences. Argosy hopes to pack value into each patron’s visit by better understanding their gambling preferences and favorite services. The data will also be used to develop targeted direct mail campaigns, customize offers for specific customer segments, and adapt programs for individual casinos. gather and integrate the data from six different operational databases to create its more entertainment Review Questions What complications covering six riverboat gambling can arise from gathering data from six different operational databases casinos and hotels?
Gerbi Cribical thinking 9-Word DESIGN OUT REFERENCES MAILINGS REVIEW VIEW AAAa Ne – AaBbCcDd AaBbCcDd AaBbC AaBbCct AaB AaBbCcD AaibCcDd AgBbCcDd AaßbCeDd A rU X x A-7- A- t- -. INormal 1 No Spac Heading 1 Heading 2 Title Subbitle Sabtle Em Intense E Emphasis font Paragraph Styles Argosy Gaming Argosy Gaming Company is the owner and operator of six riverboat gambling casinos and hotels in the United States. Argosy has developed a centralized enterprise data warehouse to capture the data generated at each property. As part of this effort, Argosy selected an extract-transform-load (ETL) tool to gather and integrate the data from six different operational databases to create its data warehouse. The plan is to use the data to help Argosy management make quicker, well-informed decisions based on patrons’ behaviors, purchases, and preferences. Argosy hopes to pack value into each patron’s visit by better understanding their gambling preferences and favorite services. The data will also be used to develop targeted direct mail campaigns, customize offers for specific customer segments, and adapt programs for individual casinos. more entertainment Critical Thinking Questions 1. The Argosy BI and analytics program do you think this is so? reducing costs. Why is aimed at boosting revenue not at
This Question: 1 pt This Quiz: 12 pts possibl 6 of 12 Question Help Harry Kensington operates a roller skating center, Whirl Around USA He has just received the company’s monthly bank statement at October 31 from Whittier National Bank, and the statement shows an ending balance of $720. Listed on the statement are an EFT rent collection of $290, a service charge of $7, two NSF checks totaling $115, and an $8 charge for printed checks. In reviewing his cash records, Kensington identiies outstanding checks totaling $612 and an October 31 deposit in transit of $1,805, During October, he recorded a $250 check for the salary of a part-time employee as $25. Kensington’s Cash account shows an October 31 cash balance of $1,978. Read the requirement uupoaww Subtotal
On September 1, 2017, Blossom Company sold at 104 (plus accrued interest) 3,120 of its 9%, 10-year, $1,000 face value, nonconvertible bonds with detachable stock warrants. Each bond carried two detachable warrants. Each warrant was for one share of common stock at a specified option price of $14 per share. Shortly after issuance, the warrants were quoted on the market for $3 each. No fair value can be determined for the Blossom Company bonds. Interest is payable on December 1 and June 1. Bond issue costs of $23,900 were incurred. Prepare in general journal format the entry to record the issuance not indent manually. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.) f the bonds. (Credit account titles are automatically indented when amount is entered. Do Account Titles and Explanation Debit Credit x Cash 3,220,900 x Unamortized Bond Issue Costs 23,900 3,120,000 Bonds Payable 106,080 Premium on Bonds Payable 18,720 Paid-in Capital-Stock Warrants Open Show Work Click if you would like to Show Work for this question:
Teddy, Inc., is a manufacturer of high-tech industrial parts that was started in 2003 by two talented engineers with little business training. In 2016, the company was acquired by one of its major customers. As part of an internal audit, the following facts were discovered. The audit occurred during 2016 before any adjusting entries or closing entries were prepared. The income tax rate is 40% for all years 1. A five-year casualty insurance policy was purchased at the beginning of 2014 for $45,000. The full amount was debited to insurance expense at the time 2. Effective January 1, 2016, the company changed the salvage values used in calculating depreciation for its office building. The building cost was S900,000 on December 29, 2005, and has been depreciated on a straight-line basis assuming a useful life of 40 years and a salvage value of $100,000. Declining real estate values in the area indicate that the salvage value will be no more than $40,000. On December 31, 2015, merchandise inventory was overstated by $30,000 due to a mistake in the 3. physical inventory count using the periodic inventory system. Assume that Teddy already prepared the joumal entries record COGS before any adjustments The company changed inventory cost methods to FIFO from LIFO at the end of 2016 for both financial statement and income tax purposes. The change will cause a $900,000 increase in the beginning inventory at January 1, 2017. Assume that Teddy already prepared the journal entries to record COGS 4. before any adjustments. At the end of 2015, the company failed to accrue $25,000 of sales commissions earned by employees during 2015. The expense was recorded when the commissions were paid in early 2016 At the beginning of 2014, the company purchased a machine at a cost of $690,000. Its useful life was estimated to be ten years with no salvage value. The machine has been depreciated by the double declining balance method. Its carrying amount on December 31, 2015, was $441,600. On January 1, 2016, the company changed to the straight-line method. 5. 6. 7. Warranty expense is determined each year as 2% of sales. Actual payment experience of recent years indicates that 1.5% is a better indication of the actual cost. Management effects the change in 2016. Credit sales for 2016 are $5,000,000; in 2015, they were $4,000,000 Net income before tax and before any of the above adjustments is $3 million for 2016. Required s needed for each of the above transactions. Any tax effects should be adjusted 1. Provide journal entries for through Income tax payable or Refund receivable -income tax. For each transaction, explain why you made certain adjustments (or corrections). Compute the net income (after tax) after the above adjustments for 2016. You do not have to prepare an income tax provision for 2016 2. Compute the retained earnings after the above adjustments for 2016. In 2015, Teddy reported retained earnings (before any of the adjustments) of $5,000,000. 3. 4. Using Excel spreadsheet posted to LEARN, post your adjusting (correcting) journal entries and prepare the adjusted trial balance
REED COMPANY Comparative Income Statements For the Years Ended December 31 2021 2020 Sales revenue $4,000,000 3,000,000 Cost of goods sold 2,570,000 1,680,000 Gross profit (loss) Operating expenses: 1,430,000 1,320,000 Administrative expense 750,000 635,000 Selling expense 340,000 282,000 Loss on building (fire damage) 50,000 Loss on inventory write-down 35,000 Total operating expenses 1,175,000 917,000 Operating income Other income (expense) 255,000 403,000 Interest revenue 150,000 140,000 Interest expense (200,000) (200,000) Total other income, net (50,000) (60,000) Income from continuing operations before income taxes 343,000 205,000 Income tax expense 51,250 85,750 Income from continuing operations Discontinued operations: 257,250 153,750 Income from operations of discontinued component (8,000) 120,000 Income tax benefit 2,000 (30,000) Income (loss) on discontinued operations Net income Earnings per share Income from continuing operations Income on discontinued operations Net income (6,000) 90,000 $ 347,250 $ 147,750
Get college assignment help at uniessay writers The primary purpose of a trial balance is to debits and credits after posting prove the mathematical equality of the A debit to an account will always increase it; a eredit to an account will always 2. decrease it. 3. The collection of an account receivable will cause total assets to remain the same. 4 The purchase of office equipment on credit increases total assets and total liabilities S. Transactions are entered in the ledger accounts and then transferred to journals. The debits and credits in an entry must always equal. 6. 7. The normal balance of an account is usually found on the side which decreases the account balance. 8. The accounting cycle is a series of steps, all performed at the end of the accounting period, to analyze record, classify, summarize, and report useful financial information for the purpose of preparing financial statements. A trial balance is one of the financial statements usually published by a company. 9. 10. An adjusting entry is a journal entry made to record economic activity that has transpired buthas not been reflected in a transaction by the end of the period for which financial statements are to be prepared. The owners of a corporation are called stockholders. 11. The balance sheet can be described as a statement that shows a company’s at a given moment and the sources of these resources. s resources 12. 13. The term “revenues” means the amount of money earned by a business from the sm of goods and services after the deduction of expenses 4. The payment of a liability causes an increase in stockholder’s equity. 5. The statement of retained earnings shows the change in the value of the assets owned by a corporation at the end of a business year.
2.Office Supplies on hand for the XYZ Company totaled $854 at the beginning of the year. Additional purchases of supplies during the year totaled $1,540. At the end of the year a physical count showed $1,347 worth of supplies remaining on hand. Record the adjusting entry at December 31.
3. Payday for the Cross Co. falls on Fridays. Payroll for the salaried employees totals S64,500 for the week (5 days). a. Record the adjusting entry at year-end if December 31 falls on Wednesday. b. Record the general journal entry for the payment of the week’s payroll on Friday, January 2nd.
as income tax expense- current 5. In its 2018 income statement, what amount should Jeff report portion? a. $26,000 b. $28,000 c. $31,000 d. $32,000 6. In its December 31, 2018 balance sheet, what should Jeff report as deferred tax liability? a. $1,000 b. $2,000 c. $3,000 d. $5,000
The inventory of Bramble Company on December 31, 2017, consists of the following items. Quantity Part No. Cost per Unit NRV 680 $110 110 $80 111 890 70 46 420 112 80 56 113 180 160 180 195 120 590 208 121 * 1,400 15 0.2 350 122 250 225 Part no. 121 is obsolete and has a realizable value of $0.2 each as scrap. at December 31, 2017, by the lower of cost and net realizable value method, applying this method directly to each item (a) Determine the ry Inventory as at December 31, 2017 (b) Determine the inventory as at December 31, 2017, by the lower of cost and net realizable value method, applying the method to the total of the inventory. Inventory as at December 31, 2017
Exercise 8-19 (Part Level Submission) The following information is for the inventory of mini-kettles at Concord Company Limited for the month of May. Units Unit Units Unit Transaction Cost Total Sold Price Total Date In Balance 100 $4.2 $420 May 1 Purchase 800 6 4.3 3,440 Sale $7 $2,100 7 300 Sale 7,3 2,190 10 300 Purchase 12. 400 4.6 1,840 Sale 15 200 7.4 1,480 Purchase 18 300 4.7 1,410 Sale 22 400 7,4 2,960 Purchase 25 500 4.68 2,340 Sale 200 7.5 30 1,500 2,100 $9,450 1,400 $10,230 Totals (a1) Assuming that the perpetual inventory method is used, calculate the inventory cost at May 31 under FIFO Ending inventory $ oNO
a https://newconnect.mheducation.com/flow/connect.html st 1G In the Company section of the Home Page, you can: Multiple Choice Pay bills Record deposits View the Chart of Accounts Enter invoices RA UI 2016 Prey 1 of 3C arch
Sara’s Salsa Company produces its condiments in two types: Extra Fine for restaurant customers and Family Style for home use. Salsa is prepared in department 1 and packaged in department 2. The activities, overhead costs, and drivers associated with these two manufacturing processes and the company’s production support activities follow. Activity Quantity Process Overhead cost 6,200 12,000 114,200 Driver Machine hours Machine hours Department 1 Mixing Cooking Product testing 2,600 2,600 Batches 1,000 132,400 335,000 Department 2 Production runs Cases of output Machine calibration 800 Labeling 17,000 7,000 160,000 160,000 Defects Cases of outout 359,000 Recipe formulation Heat, lights, and water Materials handling 86,000 52,000 82,000 Support Focus groups 80 Machine hours Container types 2,600 10 $ 220,000 Additional production information about its two product lines follows. Extra Fine Family Style 123.000 cases 630 batches 1,500 MH 18 groups 1 containers 520 runs 37,000 cases 370 batches Units produced Batches Machine hours 1,100 MH 62 groups 9 containers 280 runs Focus groups Container types Production runs Required: 1. Using a plantwide,overhead rate based on cases, compute the overhead cost that is assigned to each case of Extra Fine Salsa and each case of Family Style Salsa. 2. Using the plantwide.overhead rate, determine the total cost per case for the two products if the direct materials and direct labor cost is $9 per case of Extra Fine and $8 per case of Family Style. 3.a. If the market price of Extra Fine Salsa is $17 per case and the market price of Family Style Salsa is $12 per case, determine the gross profit per case for each product. 3.b. What might management conclude about the Family Style Salsa product line? Req 1 Req 2 Req 3A Req 3B Using a plantvwide overhead rate based on cases, compute the overhead cost that is assigned to each case of Extra Fine Salsa and each case of Family Style Salsa. (Round your intermediate calculations and final answers to 2 decimal places.) Plantwide overhead per case rate Req 38 Req 1 Req 2 Req 3A Using the plantwide overhead rate, determine the total cost per case for the two products if the direct materials and direct labor cost is $9 per case of Extra Fine and $8 per case of Family Style. (Round your intermediate calculations and final answers to 2 decimal places.) Total cost per unit unit Extra Fine unit Family Style Reg 1 Reg 2 Req 3A Req 3B If the market price of Extra Fine Salsa is $17 per case and the market price of Family Style Salsa is $12 per case, determine the gross profit per case for each product. (Round your intermediate calculations and final answers to 2 decimal places.) Extra Fine Famly Style Req 2 Req 38 Req 1 Req 3A What might management conclude about the Family Style Salsa product line? Conclude about the Family Style Saisa product line 4. Using ABC, compute the total cost per case for each product type if the direct labor and direct materials cost is $9 per case of Extra Fine and $8 per case of Family Style. (Round your intermediate calculations to 2 decimal places. Round “Activity Rate” and “Overhead cost per unit” answers to 2 decimal places.) Extra fine Family Style Overhead assigned Overhead Activity Drivers Activity Rate Acvity Overhead Cost Activity Drivers Activity Drivers assigned Moing
Your answer is incorrect. Try again. In an annual audit of Ayayai Company Limited, you find that a physical inventory count on December 31, 2017, showed merchandise of $446,000. You also discover that the following items were xcluded from the $446,000. 1. Merchandise of $60,100 is held by Ayayai on consignment from BonBon Corporation. 2. Merchandise costing $33,400 was shipped by Ayayai f.o.b. destination to XYZ Ltd. on December 31, 2017. This merchandise was accepted by XYZ on January 2018. 3. Merchandise costing $45, 100 was shipped f.o.b. shipping point to ABC Company on December 29, 2017. This merchandise was received by ABC on January 10, 2018 4. Merchandise costing $72,800 was shipped f.o.b. destination from Wholesaler Inc. to Ayayai on December 30, 2017. Ayayai received the items on January 3, 2018. 5. Merchandise costing $50,900 was shipped by Distributor Ltd. f.o.b. shipping point on December 30, 2017, and received at Ayayai’s office on January 2, 2018 6. Ayayai had excess inventory and incurred an additional $1,400 in storage costs due to delayed shipment in transaction (3) above. 7. Ayayai incurred $2,050 for interest expense on inventory it purchased through delayed payment plans in fiscal 20177 (a) Based on the information provided above, calculate the amount of inventory that should appear on Ayayai’s December 31, 2017 balance sheet. 482850 Amount of inventory $
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 440 units. Ending inventory at January 31 totals 170 units. Units Unit Cost Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 3.90 400 90 4.10 120 4.20 Required: Assume the perpetual inventory system is used and then determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Perpetual FIFO: Cost of Goods Sold Inventory Balance Goods purchased #of units sold Cost per Cost of Goods unit # of units Cost per unit Cost per unit Inventory Balance #of units Date Sold 400@ $ 3.90 $1,560.00 January 1 90@ 90 $ 3.90 January 9 4.10 351.00 $ 4.10 351.00 400 @ January 25 S 120 S 4.20 3.90 $1,560.00 90@ 4.10 369.00 $ 4.20= 504.00 120 $2,433.00 3.90 $ 3.90 400@ 0@ January 26 $1,560.00 0@ 90@ $ 4.10= $ 4.10 369.00 $ 4.20 $ 4.20= 120@ 504.00 $2,433.00 Totals
a. S27,000 8. How would total stockholders’ equity be effected by the declaration of each of the following? Stock Split Stock dividend a. No effect b. Decrease c. Decrease d. No effect Increase Decrease No effect No effect
The post Question: No Effect 9. Victory Co, Was Organized January 2, 2018, With 100,000 Authorized Shares Of $10 Par Value Common Stock. During 2018 Victory Had The Following Equity Transactions: On January 5- Issued 75,000 Shares At $14 Per Share. December 27-purchased 5,000 Of Its Shares At $11 Per Share Victory Uses The Cost Method To Record The Purchase Of Treasury … appeared first on uniessay writers.