Get college assignment help at uniessay writers Problem 125 Selected financial statement information and additional data for Johnston Enterprises is presented below: Johnston Enterprises Balance Sheet and Income Statement Data December 31, 2017 December 31, 2016 Current Assets: Cash $149,500 $115,700 Accounts Receivable 237,700 309,400 396,400 341,900 Inventory Total Current Assets 783,600 767,000 Property, Plant, and Equipment 1,267,900 1,137,000 (478,400) (444,900) Less: Accumulated Depreciation 1,573,100 1,459,100 Total Assets Current Liabilities: Accounts Payable $189,500 $100,200 Notes Payable 51,300 66,500 75,900 84,000 Income Taxes Payable Total Current Liabilities 324,800 242,600 350,000 390,600 Bonds Payable 674,800 633,200 Total Liabilities Total Liabilities 674,800 633,200 Stockholders’ Equity Common Stock 510,000 467,500 388,300 Retained Earnings 358,400 898,300 825,900 Total Stockholders’ Equity 1,573,100 1,459,100 Total Liabilities
The following information is available for IBM Inc. 2017 2016 Current assets $ 88,000 60,800 Total assets 400,000 341,000 Current liabilities 40,000 38,000 Total liabilities 120,000 150,000 Net income 100,000 50,000 Net cash provided by operating activities 110,000 70,000 Preferred dividends 10,000 10,000 5,000 Common dividends 2,500 Expenditures on PP
ome ust complered year are taken trom the accounting recom $524,000 $70,000 cords of Mason uestion wo(IS points wing Sata Conpany Direct labor cost Raw material purchases. Selling expenses ….STI8,000 ve expenses A….$63,000 Manufacturing overhead applied to work in process。. … … Actual manufacturing overhead costs.. _. . $80,000 Inventories End of Year Beginning of Year Raw materials $15,000 $5,000 $35,000 .$7,000 Finished goods.. I. Prepare direet maet schedule or a schedule of of cost of goods manufactured. Assume all raw materials used in production were 2 rypure a schedule of cost of goods cost of goods sold Prepare an income statement. Any sold. Any underapplied or overapplied overhead was closed out to
We Love Waste Inc. (WLW) is a large, diversified Canadian company with several subsidiaries operating mainly in the waste management and disposal industry. WLW was incorporated in 1980 and has grown to become one of the top four waste management firms in Canada. The business was started by the Love family, but currently no family members are actively involved in the management of the company Family members, family trusts, and a limited number of friends own the common shares. In 2019, the Love family decided that they would begin the process of selling the company over the next two or three years. In preparation for the sale, the company has engaged your firm, Passey and Partners, to audit the company’s financial statements. WLW has an August 31 year-end. It is now September 22, 2021, and your firm is partway through the audit of WLW for the year-ended August 31, 2021. The materiality for the engagement has been set at $6.5 million. You are reviewing the files that your junior auditors have prepared, and you note the following events: 1. On June 23,2021, WLW received a wire transfer of 20 million Guinean francs (GNF) to its general Canadian dollar bank account in payment of an outstanding customer invoice. WLW’s bank converted the funds to $10 million Canadian, incorrectly assuming that the transfer was in the currency of Papua New Guinea, the kina (PGK). On that day, 8,000 Guinean francs bought one Canadian dollar. WLW has not in-formed the bank of the error and has taken the difference into income.
Question B8 The company PDR Ltd is listed on the Australian Securities Exchange (ASX). The company conducted an off-market share buyback on October 21, 2011. This share buyback was under tax determination TD 2004/22. The relevant corporate tax rate is 30%. Shareholders were invited to tender their shares between $7.50 and $9.20. PDR’s Volume Weighted Average Price over the five days before the first announcement of the buy-back was $8.60. PDR’s opening share price on the day of the announcement was $8.57, and its closing share price on the day of the announcement was $8.66. Over the period from the announcement to the close of the buyback, the market index rose 1.25%. PDR announced the buyback price to be $7.50. The fully franked dividend component of the buyback was $4.00. John is an Australian resident shareholder of PDR Ltd who bought one share for $5.20 in 2008. Assume that John’s personal income tax rate is 50%. What were the total after-tax proceeds that John received from the buyback? Show all your work.
exce Midwest Manufacturing Statement of Income 2018 2017 2016 s 5,645,357 5,814,718 6,163,601 Sales Cost of Goods Sold 1,467,793 1,395,532 1,787,444 523,325 Variable Costs 369,816 395,175 Fixed Costs 1,862,968 1,918,857 2,157,260 Total Cost of Goods Sold 3,782,389 3,895,861 4,006,341 Gross Profit Administrative
Use the information below to answer questions Q10-Q13. Hancock Company has the following balances in selected accounts of its adjusted trial balance. Accounts Payable $27,000 Dividends $25,000 Retained Earnings 42,000 Service Revenue 96,000 Rent Expense2,000 Accounts Receivable38,000 8,000 Supplies Expense 41,000 Salaries and Wages Expense Q10 Prepare the entries to close the revenue to income summary. A. Service Revenue 96,000 Income Summary B. Income Summary 96,000 96,000 Service Revenue C. Accounts Receivable 38,000 38,000 Income Summary D. None of the above entries are correct. Q11 Prepare the entries to close the expenses to income summary. A. Salaries and Wages Expense 41,000 Rent Expense 12,000 Supplies Expense 8,000 Income Summary 61,000 . B. Income Summary 61,000 41,000 Salaries and Wages Expense 12,000 Rent Expense 8,000 Supplies Expense C. Income Summary 80,000 41,000 Salaries and Wages Expense 12,000 Rent Expense B. Income Summary 61,000 Salaries and Wages Expense 41,000 Rent Expense 12,000 Supplies Expense 8,000 C. Income Summary 80,000 Salaries and Wages Expense 41,000 Rent Expense 12,000 Account payable 27,000 D. None of the above entries are correct. Q12 Prepare the entries to close the net income summary to retained earnings. A. Account receivable 38,000 Retained Earnings 38,000 B. Income Summary 18,000 Retained Earnings18,000 C. Income Summary 35,000 35,000 Retained Earnings D. Retained Earnings 35,000 35,000 Income Summary Q13 Prepare the entries to close the dividend to retained earnings A. Retained Earnings 25,000 25,000 Dividends B. Dividends 25,000 Retained Earnings 25,000 C. 25,000 Net income 25,000 Dividends D. None of the above entries are correct.
İKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets $99,700 57,00e Cash Accounts receivable, net Inventory Prepaid expenses 84,500 76,800 106,000 5,700 266,700 235,000 137,000 128,000 (33,500)(15, 50e) $370,200 $347,500 64,000 8,000 Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities 38,000 49,500 7,300 4,700 50,000 17,600 6,400 73,500 Notes payable (long term) 43,000 22973,000 93,000 146, 500 Total liabilities Equity Common stock, $5 par value Retained earnings 246,000 173,000 31,200 28,000 Total liabilities and equity $370, 200 $347,500 Income Statement For Year Ended June 3e, 2017 $743,000 424,000 319,000 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Total operating expenses $71,600 80,000 151,600 167,400 Other gains (losses) Gain on sale of equipment 3,300 Income before taxes 170,700 45,190 Income taxes expense $125,518 Net income Additional Information a. A $30,000 note payable is retired at its $30,000 carrying (book) value in exchange for cash. b. The only changes affecting retained earnings are net income and cash dividends paid. c. New equipment is acquired for $70,600 cash. d. Received cash for the sale of equipment that had cost $61,600, yielding a $3,300 gain. e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement f. All purchases and sales of inventory are on credit Depreciation expense 71,600 Gain on sale of plant assets (3,300) Changes in current operating assets and liabilities Increase in accounts receivable (20,500) Decrease in inventory 29,200 Decrease in prepaid expenses 2,300 Decrease in accounts payable (11,500) Decrease in income taxes payable (1,700) Decrease in wages payable (10,300) 181,310 Net cash provided by operating activities Cash flows from investing activities (70,600) Cash paid for equipment Cash received from sale of equipment Cash paid for income taxes Net cash used in investing activities (70,600) Cash flows from financing activities Cash paid to retire notes (30,000)
Exercise 4-1 Presented below are changes in all the account balances of Vaughn Funiture Co. during the current year, except for retained earnings Increase Increase (Decrease) (Decrease) Cash $71,130 Accounts Payable $(51,500) Accounts Receivable (net) 54,700 Bonds Payable 84,040 Inventory 134,300 Common Stock 134,300 Investments (48,460) Paid-In Capital in Excess of Par- Common Stock 14,390 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 $28,050 which was paid in the current year. Net income
Exercise 4-6 The following balances were taken from the books of Concord Corp. on December 31, 2017 $87,050 Interest revenue Accumulated depreciation-equipment $41,050 Cash 52,050 Accumulated depreciation-buildings 29,050 Sales revenue 1,381,050 Notes receivable 156,050 151,050 195,050 Accounts receivable Selling expenses Prepaid insurance 21,050 Accounts payable 171,050 151,050 101,050 Sales returns and allowances Bonds payable 8,050 Allowance for doubtful accounts Administrative and general expenses 98,050 Sales discounts 46,050 Accrued liabilities 33,050 101,050 Interest expense 61,050 Land 201,050 101,050 Equipment Notes payable Loss from earthquake damage Buildings 141,050 151,050 501,050 Cost of goods sold 622,050 Common stock Retained earnings 22,050 Assume the total effective tax rate on all items is 34%. Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round earnings per share to 2 decimal places, e.g. 1.48.) CONCORD CORP Income Statement SHOW LIST OF ACCOUNTS
Get college assignment help at uniessay writers Exercise 4-13 At December 31, 2016, Teal Corporation had the following stock outstanding 10% cumulative preferred stock, $100 par, 108,710 shares $10,871,000 Common stock, $5 par, 4,044,000 shares 20,220,000 During 2017, Teal did not issue any additional common stock. The following also occurred during 2017 Income from continuing operations before taxes $22,850,000 Discontinued operations (loss before taxes) $3,235,000 Preferred dividends declared $1,087,100 Common dividends declared $2,300,000 Effective tax rate 35 % Compute earnings per share data as it should appear in the 2017 income statement of Teal Corporation. (Round answers to 2 declmal places, e.g. 1.48.) Earnings Per Share
Exercise 4-15 (Part Level Submission) Splish Corporation reported the following for 2017: net sales $1,237,500, cost of goods sold $734,000, selling and administrative expenses $326,300, and an unrealized holding gain on available-for- sale securities $21,600. ▼ (a) Prepare a statement of comprehensive income using one statement format. (Ignore income taxes and earnings per share.) SPLISH CORPORATION Statement of Comprehensive Income
Exercise 4-16 Bridgeport Co. reports the following information for 2017: sales revenue $751,300, cost of goods sold $529,700, operating expenses $82,200, and an unrealized holding loss on available-for-sale securities for 2017 of $59,200. It declared and paid a cash dividend of $11,080 in 2017 Bridgeport Co, has January 1, 2017, balances in common stock $353,600 accumulated other comprehensive income $89,000; and retained earnings $91,130. It issued no stock during 2017. Prepare a statement of stockholders’ equity. BRIDGEPORT CO. Statement of Stockholders’ Equity Accumulated Other Retained Earnings Comprehensive Income Common Stock Total
Brief Exercise 22-5 Blossom Company purchased a computer system for $78,800 on January 1, 2016. It was depreciated based on a 8-year life and an $16,800 salvage value. On January 1, 2018, Blossom revised these estimates to a total useful life of 4 years and a salvage value of $10,200. Blossom uses straight-line depreciation. Prepare Blossom’s entry to record 2018 depreciation expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.) Account Titles and Explanation Credit Debit
Brief Exercise 22-6 In 2017, Novak Corporation discovered that equipment purchased on January 1, 2015, for $45,000 was expensed at that time. The equipment should have been depreciated over 5 years, with no salvage value. The effective tax rate is 30%. Novak uses straight-line depreciation Prepare Novak’s 2017 journal entry to correct the error. (Credit account tities are automatically Indented when amount is entered. Do not Indent manually. If no entry Is required, select “No Entry” for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit
Discussions What is a standard cost and what are its purposes? 2. Assume variable manufacturing overhead is allocated using machine hours. Give three possible reasons for a favourable overhead efficiency variance. 1.
l uaval vernead erniciency vanance Exercises 1. The Monroe Corporation manufactures lamps. It has set up the following standards per finished unit for direct materials and direct labour: Direct material: 10kg @ $4.50 per kg Direct labour: 0.5 hour @S30 per hour S45.00 15.00 The number of finished units budgeted for January 2019 was 10,000, 9.850 units were actually produced. Actual results in January 2019 were: Direct materials: 100,000kg purchased @ $4.65 per kg Direct materials: 98,055 kg used Direct labour: 4,900 hours $154,350 Required: a) Calculate the January 2019 price and quantity variance of direct materials b) Calculate the January 2019 rate and efficiency variance of direet labour c) Comment on the January 2019 direct materials and direct labour variances
Problems 1. Monoclean Company manufactures a single product, Glamour. The standard cost specification sheet shows the following standards for one unit of Glamour 8 kg of material M a S6.5 per kg 4 hours of direct labour @$7 per hour Fixed Overhead-S6 per direct labour hour Variable Overhead – S3 per direct labour hour The fixed overhead allocation rate is based on normal monthly capacity of 1,350 direct labour hours. Fixed overhead and production are expected to be spread evenly throughout the year. $52 $28 $24 S12 A total of 420 Glamours were produced during July. Actual costs incurred during July were: 3,200 kg of material M were purchased @ S7.50 per kg 2,000 kg of material M were used. 1,550 direct labour hours were worked at an average wage rate of S9 per hour Actual overhead costs incurred: Fixed Variable$4,200 $7,500 Required: a) Compute the following variances: Direct material price variance Direct material quantity variance Direct labour rate variance Direct labour efficiency variance Variable overhead spending variance Fixed overhead budget variance b) The company’s production manager stated that ‘Favourable variances are good news and therefore, require no investigation’. Do you agree? Explain your position.
On 13 January 2016, Brain entered into a non-cancellable lease agreement to finance the acquisition of a motor vehicle. that will be used exclusively in the business. Details of the finance lease agreement are ‘ $38,000e Fair value of motor vehicle (GST-exclusive) ” Present value of the minimum lease payments (including the present value of the guaranteed residual) Amount financed under the lease agreement $38,000e $38,000e Lease term 4 years ” Number of monthly lease payments Monthly lease payments (GST-inclusive) due on the 13th day of each month $693 The first lease payment of $693 is made in advance on 13 January 2016. As the payment is made in advance, there is no interest on the first lease payment. Thereafter, 47 monthly lease payments are due on the 14th day of eache month. The 48th and final lease payment is due on 13th December 2019. .Under the lease agreement, on 13th December 2019 (being the same date as the final $693 lease payment), the company is also required to make the guaranteed lease residual payment of $16,000 (GST-inclusive). The company intends to pay out the guaranteed lease residual in 4 years time and take full legal possession of the motor vehicle.e Total GST-inclusive lease payments (including the guaranteed residual) $49,264- Total GST-exclusive lease payments (including the guaranteed residual) $44,785e Useful/(effective) life of the car (same for accounting and taxation) Depreciation policy: the company uses the straight line method 8 yearse for accounting purposes and the SBE simplified depreciation regime for small business entities for taxation purposes (if applicable). The residual value of the motor vehicle at the end of the eighth year $Nile Note: There are 169 days from 13 January 2016 to 30 June 2016. Brain has provided with the original finance lease agreement. All of the above information is contained in the lease agreement. Unfortunately, the lease agreement does not stipulate the implicit interest rate. Hence, you will need to calculate the implicit interest rate when preparing your EXCEL lease spreadsheet.
Exercise 5-8 Windsor Corporation is preparingtsDecember 31, 2017, balance sheet. The following items may be reported as either a current or long-term liability. 1 On December 15, 2017, Windsor declared a cash dividend of $2.4 per share to stockholders of record on December 3. The dividend is payable on January issued 1,000,000 shares of common stock, of which 50,000 shares are held in treasury ǎ01 Windsor has 2. At December 31, bonds payable of $111,299,000 are outstanding. The bonds pay 12% interest every September 30 and mature in installments of $27,824,750 every September 30, beginning September 30, 2018. 3. At December 31, 2016, customer advances (Unearned Revenue) were $13,603,000. During 2017, Windsor collected $30,634,000 of customer advances; advances of $26,948,000 should be recognized in income For each item above, indicate the dollar amounts to be reported as a current liability and as a long-term liability, if any. Reported as 1. Dividends payable 2. Bonds payable (September 30, 2018 installment) Bonds payable (Other than September 30, 2018 installment)s Interest payable 3. Customer advances Click if you would like to Show Work for this question: Open Show Work
Given the following account information for Leong Corporation 60,890 Equipment Interest Expense 2,410 Interest Payable 570 Retained Earnings Dividends 36,020 Land 139,640 Accounts Receivable 102,320 79,140 Bonds Payable Notes Payable (due in 6 months) 28,030 Common Stock 68,890 Accumulated Depreciation Equipment. 10,680 4,910 Prepaid Advertising Service Revenue 333,650 Buildings 80,070 Supplies 1,870 Income Taxes Payable 3,180 Utilities Expense 1,450 Advertising Expense 1,460 Salaries and Wages Expense 53,500 Salaries and Wages Payable 950 Accumulated Depr. – Building 13,650 46,180 Cash Accumulated Depr Building. 13,650 Cash 46,180 8,020 Depreciation Expense Prepare a balance sheet in report form for the company as of December 31, 2017. All accounts have normal balances. (List Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.) Leong Corporation Balance Sheet Assets Balance Sheet Assets Liabilities
The post Question: Problem 125 Selected Financial Statement Information And Additional Data For Johnston Enterprises Is Presented Below: Johnston Enterprises Balance Sheet And Income Statement Data December 31, 2017 December 31, 2016 Current Assets: Cash $149,500 $115,700 Accounts Receivable 237,700 309,400 396,400 341,900 Inventory Total Current Assets 783,600 767,000 … appeared first on uniessay writers.