Get college assignment help at uniessay writers XYZ, Inc Long Term Bonds: Prepare journal entries for purchase, interest, amortization Prepare journal entries to record the following transactions relating to long-term bonds of XYZ, Inc. (Show computations.) (a) On June 1, 2010, XYZ, Inc. issued $600,000, 6% bonds for $587,640, which includes accrued interest. Interest is payable semiannually on February 1 and August 1 with the bonds maturing on February 1, 2020. The bonds are callable at 102. (b) On August 1, 2010, XYZ, Inc. paid interest on the bonds and recorded amortization. XYZ, Inc. uses straight-line amortization. (c) On February 1, 2011, XYZ, Inc. paid interest and recorded amortization on all of the bonds, and purchased $360,000 of the bonds at the call price.
) Plant and equipment to be depreciated are composed of the following: Assets Date Acquired Cost Estimated usage or Life Salvage Value Depreciation Method Building 7/1/06 $306,000 25 years $20,000 sum-of-the-years? digits Truck No. 1 4/1/07 28,000 60,000 miles 3,100 miles driven Truck No. 2 9/1/09 33,000 60,000 miles 4,200 miles driven Lift No. 1 8/17/03 7,900 10 years 900 straight-line (Sold 12/31/10) Lift No. 2 3/29/07 4,500 10 years 500 straight-line Lift No. 3 9/16/08 5,000 10 years 500 straight-line Office All prior to 32,800 7 years 2,000 straight-line Equipment 1/1/10 Computer 12/22/10 6,100 5 years 1,300 Double-decling balance Truck No. 1 has been driven 45,000 miles prior to 1/1/10 and truck No. 2 has been driven 30,500 miles prior to 1/1/10. During 2010 truck No. 1 was driven 12,000 miles and truck No. 2 was driven 14,000 miles. Remember that the Rockford Company takes a half-year?s depreciation in the year of acquisition and a half-year in the year of sale.
Liabilities are defined as: 1. Resources owed by an entity as a result of past transactions. 2. Resources owned by an entity as a result of past transactions. 3. Selling products and services to customers in the current period. 4. Costs of running the business in the current period.
dell co. issues bonds dated january 1, 2009 with a par value of 45,000. the bonds’ annuak contract rate is 9%, and interest is paid semiannualy on june 30 and december 31. the bonds mature in three years. the annual market rate at the date of issuance is 8%,and the bonds are sold for $461,795 1.what is the amount of the premium on these bondsat issuance? 2.how much total bond interest expense will be recognized over the life of the bonds? 3.prepare an amortization table like the one in exhibit 14.11 for these bonds; use the straight line method to amortize the problem.
Olin Packett is a CGA-CPA and has been employed for over 5 years by a Canadian private corporation and recently promoted to a management position. He works in their Victoria, BC office. For 2018, his gross salary was $150,000. While he does not receive commissions, he was awarded a bonus of $10,000 for 2018 based on the performance of the business. One-half of this was paid in December 2018, with the balance paid in March 2019. The following amounts were withheld from his gross salary in 2018: Federal Income Tax $25,000 Employment Insurance Premiums 858 Canada Pension Plan Contributions 2,594 Registered Pension Plan Contributions 5,000 Charitable contributions (Centraide) 1,000 Other Information: 1. During 2018, Olin was provided with an automobile that the corporation bought at a cost of $82,500, including all taxes. The total operating costs of the car were $0.50/km for the year and they were all paid by the corporation. The car was available to Olin the entire year, except that he didn’t use the car for a 3-month period while he was on disability leave. Olin drove the car a total of 30,000kms during the year, all but 9,700kms were employment related (fully documented). Olin reimbursed his employer $950 for his personal use of the automobile for the year. 2. During 2015, Olin was granted the option to buy 1,000 shares of his employer’s common shares at a price of $31.00 per share. At that time, the shares were worth $33.00 each. On June 1, 2016, Olin exercised his option and acquired 1,000 shares at $31 each. At that time, the shares were worth $40.00 each. Olin sold all the 1,000 shares on May 1, 2018, for proceeds of $50.00 per share. 3. In order to assist Olin in purchasing a new luxury boat, his employer granted him a 3-year, interest-free loan of $100,000. The loan was granted on July 1, 2018. At that time, the interest rate on an open 5-year loan was 5%. The prescribed interest rate for 2018 was 2.5% for the period of July to September and 3% for the period of October to December 2018. 4. Olin has been a member of his employer’s defined benefits Registered Pension Plan (“RPP”) for the last 3 years. For 2018, his employer made a $5,000 matching contribution to the RPP on his behalf. 5. Other disbursements made by Olin during 2018 include the following: Tuition fees for a business management course $1,500 Tuition fees for a sailing course $1,000 Professional dues paid to CPA association $1,600 Premiums paid on life insurance policy $720 Mortgage payments on home $24,000 Olin’s employer reimbursed the tuition fees for both the business management and the sailing courses but none of the other costs paid personally by Olin, given his recent promotion to a manager’s position. Required: Calculate Olin’s net employment income for tax purposes for the year 2018. Explain your answer, including detailed calculations, and provide reasons for omitting items that you have not included in your calculations. Ignore all GST/HST considerations. Assume all applicable elections were made.
you are 35 years old, and you decide to save$5000 each tear( with first deposit one year from now), in an account paying 8% interest per year. you will make your last deposit 30 years from now when you retire at the age 65.During retirement,you plan to withdraw funds from the account at the end of each year(so your first withdrawal is at age of 66) What constant amount will you be able to withdraw each year if you want the fund to last until you are 90
• Submit a 200- to 300-word response in a Microsoft Word document to the Assignments section of eCampus that includes the following information: o Three strengths and three weaknesses in the financial statements o Trends in net profit, debt ratio as a percentage of total assets, and debt as a percentage of total equity o A review of 2- to 3-year trends and an analysis of positive and negative trends o A confirmation of whether or not the company is discussing what it intends to do to correct negative trends
1. The costs that are easiest to trace directly to products are A) direct materials and direct labor. B) direct labor and overhead. C) direct materials and overhead. D) none of the above; all three costs are equally easy to trace to the product. 2. Globe Company produces two products, A1 and B2. A1 is a high-volume item totaling 20,000 units annually. B2 is a low-volume item totaling only 6,000 units per year. A1 requires one hour of direct labor for completion, while each unit of B2 requires 2 hours. Therefore, total annual direct labor hours are 32,000 (20,000 12,000). Expected annual manufacturing overhead costs are $640,000. Globe uses a traditional costing system and assigns overhead based on direct labor hours. Each unit of B2 would be assigned overhead of A) $20.00. B) $24.61. C) $40.00. D) need more information to compute. 3. R-Ball Corporation manufactures deluxe and standard racquetball racquets. R-Ball’s total overhead costs consist of assembly costs and inspection costs. The following information is available: Cost Deluxe Standard Total Cost Assembly 500 mach. hours 500 mach. hours $30,000 Inspections 350 150 $50,000 2,100 labor hours 1,900 labor hours R-Ball is considering switching from one overhead rate based on labor hours to activity-based costing. Using activity-based costing, how much assembly cost is assigned to deluxe racquets? A) $10,500. B) $15,000. C) $15,750. D) $21,000. 4. Gee-Tar Company manufactures two models of its guitar, the Beginner and the Pro. The Beginner model requires 10,000 direct labor hours and the Pro requires 30,000 direct labor hours. The company produces 3,400 units of the Beginner model and 600 units of the Pro model each year. The company inspects one Beginner for every 100 produced, and inspects one Pro for every 10 produced. The company expects to incur $56,400 of total inspecting costs this year. How much of the inspecting costs should be allocated to the Beginner model using ABC costing? A) $14,100 B) $20,400 C) $28,200 D) $47,940 5. A company incurs $1,350,000 of overhead each year in three departments: Ordering and Receiving, Mixing, and Testing. The company prepares 2,000 purchase orders, works 50,000 mixing hours, and performs 1,500 tests per year in producing 200,000 drums of Goo and 600,000 drums of Slime. The following data are available: Department Expected use of Driver Cost Ordering and Receiving 2,000 $400,000 Mixing 50,000 500,000 Testing 1,500 450,000 Production information for Goo is as follows: Department Expected use of Driver Ordering and Receiving 400 Mixing 20,000 Testing 500 Compute the amount of overhead assigned to Goo. A) $337,500 B) $430,000 C) $527,382 D) $675,000 6. An important element of just-in-time processing is A) dependable suppliers who are willing to deliver on short notice. B) a specialized workforce. C) less emphasis on a quality control system. D) all of the above. 7. In the pull approach A) subassembly parts are manufactured and stored just in case they are needed later in the manufacturing process. B) Finished goods are completed and stored just in case unexpected and rush customer orders are received. C) the manufacturing process begins with a customer placing an order. D) None of the above. 8. Two costs at Watson, Inc. appear below for specific months of operation. Month Amount Units Produced Delivery costs January $ 40,000 40,000 February 55,000 60,000 Utilities January $ 84,000 40,000 February 126,000 60,000 Which type of costs are these? A) Delivery costs and utilities are both variable. B) Delivery costs and utilities are both mixed. C) Utilities are mixed and delivery costs are variable. D) Delivery costs are mixed and utilities are variable. 9. If the activity level increases 10%, total variable costs will A) remain the same. B) increase by more than 10%. C) decrease by less than 10%. D) increase 10%. 10. At the high level of activity in November, 7,000 machine hours were run and power costs were $12,000. In April, a month of low activity, 2,000 machine hours were run and power costs amounted to $6,000. Using the high-low method, the estimated fixed cost element of power costs is A) $12,000. B) $6,000. C) $3,600. D) $8,400. 11. Wynne Company’s high and low level of activity last year was 60,000 units of product produced in May and 20,000 units produced in November. Machine maintenance costs were $78,000 in May and $30,000 in November. Using the high-low method, determine an estimate of total maintenance cost for a month in which production is expected to be 45,000 units. A) $67,500 B) $72,000 C) $58,500 D) $60,000 12. A company has contribution margin per unit of $45 and a contribution margin ratio of 40%. What is the unit selling price? A) $75.00. B) $112.50. C) $18.00. D) Cannot be determined. 13. Disney’s variable costs are 30% of sales. The company is contemplating an advertising campaign that will cost $22,000. If sales are expected to increase $40,000, by how much will the company’s net income increase? A) $18,000. B) $28,000. C) $12,000. D) $6,000. 14. At the break-even point of 2,000 units, variable costs are $55,000, and fixed costs are $32,000. How much is the selling price per unit? A) $43.50. B) $11.50. C) $16.00. D) Not enough information 15. Fallow-Hawke is a nonprofit organization that captures stray deer from residential communities. Fixed costs are $10,000. The variable cost of capturing each deer is $10.00 each. Fallow-Hawke is funded by a local philanthropy in the amount of $32,000 for 2008. How many deer can Fallow-Hawke capture during 2008? A) 2,200. B) 3,200. C) 4,200. D) 2,000. 16. Reese Company requires sales of $2,000,000 to cover its fixed costs of $700,000 and to earn net income of $500,000. What percent are variable costs of sales? A) 25%. B) 40%. C) 35%. D) 60%. 17. Dodge Company produces flash drives for computers, which it sells for $20 each. Each flash drive costs $6 of variable costs to make. During March, 1,000 drives were sold. Fixed costs for March were $4.20 per unit for a total of $4,200 for the month. If variable costs decrease by 10%, what happens to the break-even level of units per month for Dodge Company? A) It is 10% higher than the original break-even point. B) It decreases about 12 units. C) It decreases about 30 units. D) It depends on the number of units the company expects to produce and sell. 18. How much sales are required to earn a target net income of $128,000 if total fixed costs are $160,000 and the contribution margin ratio is 40%? A) $400,000. B) $648,000. C) $720,000. D) $320,000. 19. Sutton Company produces flash drives for computers, which it sells for $20 each. Each flash drive costs $6 of variable costs to make. During April, 700 drives were sold. Fixed costs for April were $4 per unit for a total of $2,800 for the month. How much does Sutton’s operating income increase for each $1,000 increase in revenue per month? A) $700. B) $500. C) $14,000. D) Not enough information to determine the answer. 20. The following monthly data are available for Tugg, Inc. which produces only one product: Selling price per unit, $42; Unit variable expenses, $14; Total fixed expenses, $70,000; Actual sales for the month of June, 4,000 units. How much is the margin of safety for the company for June? A) $42,000. B) $63,000. C) $37,800. D) $1,500. 21. Lagerfield Company reported the following results from the sale of 5,000 hammers in May: sales $200,000, variable costs $120,000, fixed costs $60,000, and net income $20,000. Assume that Lagerfield increases the selling price of hammers by 10% on June 1. How many hammers will have to be sold in June to maintain the same level of net income? A) 4,000. B) 4,300. C) 4,500. D) 5,000. 22. In 2010, Logan sold 1,000 units at $500 each, and earned net income of $40,000. Variable expenses were $300 per unit, and fixed expenses were $160,000. The same selling price is expected for 2011. Logan’s variable cost per unit will rise by 10% in 2011 due to increasing material costs, so they are tentatively planning to cut fixed costs by $10,000. How many units must Logan sell in 2011 to maintain the same income level as 2010? A) 882 B) 1,000 C) 1,056 D) 1,118 23. Konerko Company sells two types of computer chips. The sales mix is 30% (Q-Chip) and 70% (Q-Chip Plus). Q-Chip has variable costs per unit of $30 and a selling price of $50. Q-Chip Plus has variable costs per unit of $35 and a selling price of $65. The weighted-average unit contribution margin for Konerko is: A) $23. B) $25. C) $27. D) $50. 24. Konerko Company sells two types of computer chips. The sales mix is 30% (Q-Chip) and 70% (Q-Chip Plus). Q-Chip has variable costs per unit of $30 and a selling price of $50. Q-Chip Plus has variable costs per unit of $35 and a selling price of $65. Konerko’s fixed costs are $540,000. How many units of Q-Chip would be sold at the break-even point? A) 6,000 B) 7,043 C) 10,000 D) 14,000 25. Fields Corporation has two divisions; Sporting Goods and Sports Gear. The sales mix is 65% for Sporting Goods and 35% for Sports Gear. Fields incurs $2,220,000 in fixed costs. The contribution margin ratio for Sporting Goods is 30%, while for Sports Gear it is 50%. The weighted-average contribution margin ratio is A) 37%. B) 40%. C) 43%. D) 50%. 26. Fields Corporation has two divisions; Sporting Goods and Sports Gear. The sales mix is 65% for Sporting Goods and 35% for Sports Gear. Fields incurs $2,220,000 in fixed costs. The contribution margin ratio for Sporting Goods is 30%, while for Sports Gear it is 50%. The break-even point in dollars is A) $821,400. B) $5,162,791. C) $5,550,000. D) $6,000,000. 27. A company can sell all the units it can produce of either Product A or Product B but not both. Product A has a unit contribution margin of $16 and takes two machine hours to make and Product B has a unit contribution margin of $30 and takes three machine hours to make. If there are 1,000 machine hours available to manufacture a product, income will be A) $2,000 more if Product A is made. B) $2,000 less if Product B is made. C) $2,000 less if Product A is made. D) the same if either product is made. 28. Small Fry Company has sales of $1,000,000, variable costs of $400,000, and fixed costs of $450,000. Small Fry’s degree of operating leverage is: A) 0.80. B) 1.50. C) 1.67 D) 4.00. 29. A cost structure which relies more heavily on fixed costs makes the company: A) more sensitive to changes in sales revenue. B) less sensitive to changes in sales revenue. C) either more or less sensitive to changes in sales revenue, depending on other factors. D) have a lower break-even point. 30. A company with a higher contribution margin ratio is: A) more sensitive to changes in sales revenue. B) less sensitive to changes in sales revenue. C) either more or less sensitive to changes in sales revenue, depending on other factors. D) likely to have a lower breakeven point.
What is the best cost management system (like job order costing, process costing, etc) for a retail business? Explain the reason.
I’m sending the attachment again; I need both of them please. Thank you
Get college assignment help at uniessay writers Please see attached document, this is a list of manufacturing activities, please identify the cost driver of each. Example: Activity – Administer Mortgages, Cost Driver – Number of Mortgages Maintained.
“The AICPA sets standards and rules for the CPA profession in five major areas, of these five which is the most important and why? has to be 200-300 words hint-the 5 major areas AICP has authority to set standardsand make rules are-Aauditing standards, compilment adn review standards, other attestation standards, consulting standards and code of prefessional conduct. I think that the most important is the code of professional conduct because conduct is the grass roots of behavior and it directs what/how an individual will operate.
Exercise 2-19 Closing the accounts The following information was drawn from the accounting records of Spartan Company as of December 31, 2010, before the temporary accounts had been closed. The cash balance was $3,000, and Notes Payable amounted to $1,300. The company had revenues of $4,500 and expenses of $2,000. The company’s Land account had $5,000 balance. Dividends amounted to $300. There was $1,000 of common stock issued. a. Identify which accounts would be classified as permanent and which accounts would be classified as temporay. b. Assuming that Spartan’s beginning balance (as of January 1, 2010) in the Retained Earnings account was $3,500, determine its balance after the nominal accounts were closed at the end of 2010. c. What amount of net income would Spartan Company report on its 2010 income statement? d. Explain why the amount of net income differs from the amount of the ending Retained Earnings balance. e. What are the balances in the revenue, expense, and dividend accounts on January 1, 2011?
What liability to Thaxton, if any, does Mitchell
The following transactions of a company occurred: (a) Reacquired 8,000 of its own $10 par value common stock at $40 cash per share. The stock was originally issued at $15 per share. (b) Sold 2,000 shares of the stock reacquired under part (a) at $43 cash per share. (c) Sold 3,000 shares of the stock reacquired under part (a) at $39 cash per share. 1) Prepare the journal entries required to record these transactions. 2) Calculate the balance in Paid-in Capital, Treasury Stock, on September 1 assuming its
(Mt. Hood Furniture—PPS sampling problem) You have been assigned the task of testing the accuracy of the final inventory compilation for Mt. Hood Furniture. You may assume that you have separately observed the inventory and that you are satisfied that the inventory was accurately counted. However, you need to test that quantities were accurately transcribed to the final accumulation and valuation of inventory and that the inventory is correctly priced and accumulated. The table beginning on page 617 presents the audited values associated with Mt. Hood’s pricing and accumulation of all items in inventory. The book values will be given to you by your professor. You may assume that you have performed the tests to determine the proper pricing for raw materials, work in process, and finished goods. The student should understand that the auditor will normally obtain this information only for the items included in the sample. Required 1. Identify the audit objectives that are accomplished by this test. 2. Determine sample size based on the following audit judgments. a. Tolerable misstatement is assessed at $325,000. b. The risk of incorrect acceptance is assessed at 37 percent. c. Anticipated misstatement is assessed at $100,000. 3. Develop a scenario that is consistent with setting the risk of incorrect acceptance at 37 percent. 4. Select a PPS sample of the above inventory population using the sample size determined in (2) above. 5. Explain the tests that you would perform to test the correctness of pricing of raw materials, work in progress, and finished goods. (The student may wish to consult Chapter 16.) 6. Determine the amount of projected population misstatement based on your sample. 7. Considering your quantitative and qualitative results, develop a statistical conclusion and an audit conclusion based on your sample.
Suppose the balance of the allowance for uncollectible accounts at the end of the current year is $800 (debit) before any adjusting entry. The company estimates future uncollectible accounts to be $5,600. At what amount would bad debt expense be reported in the current year’s income statement?
Annual depreciation expense on equipment purchased a few years ago (using the straight-line method) is $5,000. The cost of the equipment was 100,000. The current book value of the equipment (January 1, 2009)) is 85,000. At the time of the purchase, the asset was estimated to have a zero salvage value. On January 1, 2009, the company decided to reduce the original useful life by 25% and to establish the salvage value of $5,000. The firm also decided double-decling blance depreciation was more apporipriate. Ignore tax effects. Required: 1. Record the journal entry, if any, to report the accounting change. 2. Record the annual depreciation for 2009.
ten payments of $3000 are due at annual intervals beginning June 30, 2011. What amount will be accepted in cancellation of this series of payments on June 30, 2010, assuming a discount rate of 14% compounded annually?
• Explain whether the ratios are leverage or profitability ratios. If a leverage ratio, is it coverage or capital structure? What is the difference between the two? If a profitability ratio, discuss why it is not completely satisfactory for measuring an organization’s profitability. What can these ratios tell us about Arcadia?
Problem 4-21 Using internal control to restrict illegal or unethical behavior Required For each of the following fraudulent acts, describe one or more internal control procedures that could have prevented (or helped prevent) the problems. Required a. Paula Wissel, the administrative assistant in charge of payroll, created a fictional employee, wrote weekly checks to the fictional employee, and then personally cashed the checks for her own benefit. b. Larry Kent, the receiving manager of Southern Lumber, created a fictitious supplier named F
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