Accounting Questions and Answers March 02, 2023

Sheridan Industries began the year with 4,600 stocking hats in WIP Inventory, 20 complete overall. Both conversion costs and DM resources are added to hats evenly throughout the process. Throughout the year, the company started 76,500 more hats, and it had completed 77,200 in total by yearend. Units in ending WIP Inventory were 70 complete

Alpha Company manufactures video players. The costing system uses two cost categories, direct materials and conversion costs. Each product must pass through the Assembly Department, the Programming Department, and the Testing Department. Direct materials are added at the beginning of the production process. Conversion costs are allocated evenly

Fly Company uses a perpetual inventory system. Beginning inventory is 2,500 T-shirts at a cost $2.50 per shirt. During the year Fly had the following inventory transactions: Jan 12 Purchased 500 units @ $2.15 per unit Feb 18 Sold 1,350 units @ $6.50 per unit Jul 1 Purchased 1,000 units @ $2.65 per unit Aug 29 Sold 1,475 units @ $7.50 per unit Dec

There are 3 parts that make up a small toy car. Assembly takes 5 minutes. One in every 50 motors is defective and one in every 100 wheels is defective. You can determine if a part is defective before assembly and defective parts are thrown away. Each assembly worker gets paid 15.00hour. The employees get no benefits. You can assume that the

In its processing of peanuts this month, Whispering added 3,275 of DM from its warehouse directly into the roasting process, where there was an existing beginning WIP Inventory balance of 1,475. Whispering also incurred and accrued new DL costs of 2,875, while it applied MOH cost of 1,025 this month as well. (a1) Record the journal entries to

The cutting process of Blue Designs started the year with 5,985 in beginning inventory. By yearend, Blue determined equivalent units of work done this period (from beginning to end of year) under the FIFO method as follows. Units in beginning WIP Inventory completed this period Units started and completed this period Units in ending WIP Inventory

You have been offered a job this summer at a small startup. The pay is 50hour for 40 hours each week for the 13 weeks of summer. You will have Fourth of July off with pay. If you will contribute 5 of your income to a retirement account and health insurance is 300month, what will your take home pay be over the entire summer Make sure you include

One of the many types of sugar The Bonita Company produces is granulated sugar.with its most popular package being the 4pound bag. In August, the company reported the following equivalent units and total cost information for the sweet 4pound bags. Step 2 Determine physical status of units and convert into equivalent units Equivalent Units Units in

The cutting process of Nash Designs started the year with 6,585 in beginning inventory. By yearend, Nash determined equivalent units of work done under the weightedaverage method as follows. Units completed this period Units in ending WIP Inventory DM 705 110 Conversion Costs Total cost of units completed this period Cost of units in ending WIP

The Delta IRR between machines A and B is? 2. The Delta IRR between machines B and C is? 3. The Delta IRR between machines A and C is? 4. The Delta IRR between machines C and D is? Year Project A Project B Project C Project D 0 $ (48,500) $ (51,900) $ (65,500) $ (85,000) 1 $ 4,200 $ 6,325 $ 2,000 $ 8,200 2 $ 6,200 $ 8,325 $ 4,000 $ 18,200 3 $

For Machines X and Y shown, what is the difference between the EUAW for the HICP and the LICP? Machine X Machine Y Initial cost $547,000 $985,000 Life 4 6 Inflation (for costs and benefit increase) 4.5% p. y. MARR 12% p. y. c. y. Project life 14 years First year estimated costs $191,450 $384,150 First year estimated benefits $393,840 $640,250

Bulk PVC manufactures PVC pipes for plumbing. The company's standard unituses 1.3 pounds of PVC, and 1 pound of PVC is expected to cost Bulk $1.89 to purchase.In June, Bulk PVC made 50,000 units and used 65,400 pounds of PVC. This cost thecompany $123,500. What was the difference in price of the PVC compared to what thecompany should have spent

The stream of costs and benefits associated with two proposed natural resource projects in Prince Edward Island are presented in the tables below: Project PEI-Sweet Beach Year 0 Year 1 Year 2 Year 3 Costs $4,000,000 $2,000,000 $1,000,000 $0 Benefits $7,000,000 $8,000,000 $8,000,000 $8,000,000 Project PEI-Recreational Watershed Year 0 Year 1 Year 2

As the managing partner of Splish Accounting Services (HAS), Adam is trying to compare the profitability results of the firms three different business lines Audit, Tax, and Advisory Services. These three operating divisions are supported by three support departments Billing, Human Resources, and IT. The cost drivers (or allocation bases) for each

(2 points) Given their current operating income, by what percentage will Arnolds profits increase if sales increase by 1.50 (Round final answer in percentages to 2 decimal places),Arnold, Inc. sells only two products, Product X and Product Y. The following data relate to expected sales for the coming period Sales units Sales revenue Variable costs

Comparative Income statement and Comparative balance sheet of Manfield, Inc. for the year ended December 31, 2024 and 2023 are given

Manfield, Inc. Comparative Income Statement Years Ended December 31, 2024 and 2023 2024 Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Income From Operations Interest Expense Income Before Income Tax Income Tax Expense Net Income 465,000 427,000 237,000 217,000 2023 228,000 210,000 139,000 137,000 89,000 14,000 75,000

Buildz Manufacturing is currently producing 2.000 monthly charts. Data per unit below The tables apply to sales to regular customers: Direct materials $5 Direct manufacturing labor 12 Variable production load 16 Fixed production load 32 Total production costs 115$ What is the cost per unit when producing?

On March 1, 2018, a firm issued $200,000 of 9% bonds. The bonds are dated 1 January 2018. Interest is paid annually on 12/31. A total of $210,500 in cash was received, including accrued interest. How many premiums or discounts are associated with these bonds?

Selected accounts with a credit amount omitted are as follows Work in Process 6,900 Apr. 30 65,600 190,300 57,090 Apr. 1 30 30 30 Balance Direct materials Direct labor Factory overhead Finished Goods Balance 15,000 Goods finished 308,300 What was the balance of Work in Process as of April 30 Apr. 1 30 Goods finished,Selected accounts with some

Amanda Manufacturing Company prepared the following static budget income statement Revenues Variable Costs Contribution Margin Fixed Costs Net Income 206,250 (131,250) 75,000 (40,000) 35,000 The budgeted costs were based on a planned sales volume of 7,500 units. Actual production was 6,500 units. The amount of net income based on a flexible

Prepare a profit variance analysis for the Superior Plant for July. (Do not round intermediate calculations. Indicate the effect of each variance by selecting F for favorable, or U for unfavorable. If there is no effect, do not select either option.) Quantity Revenue Variable manufacturing cost Variable Selling, General and Administrative cost

Brian is the operating manager of Oriole, a company that manufactures three different types of allterrain vehicles fourwheelers, personal watercraft, and snowmobiles. Naturally, Brian has the opportunity to test all of these products for qualitycontrol purposes. At the end of the year, Brian needs to perform a profitability analysis for each

You are (again) asked to evaluate a new tractor project for Deere. The engineers and marketing and accounting folks have pooled their efforts to generate the following expectations about the projects cash flows (FCFF). The WACC 10. 1 10 CF 200 2 3 5 6 7 8 30 40 50 40 50 50 30 30 What is the IRR of the project What is the profitability index (PI)

Alpha places 900 units in production during the year. All 900 units are completed during the year. It had no beginning WIP inventory. Direct material costs added during the year were $81,000 and conversion costs were $9,000. What is the Direct Material cost per equivalent unit for the year? What is the Conversion Cost per equivalent unit for the

A company that sells batteries to other manufacturers, would like to reduce its inventory cost by determining the optimal number of batteries to obtain per order. The annual demand is 600 units, the ordering cost is 10.00 per order, the average carrying cost per unit per year is 0.30 and the price per unit is 15.00. Using these values and

What is expected output? What is predicted units direct labor hours of cheese cake and Pie? Predicted units DL hours Cream Cheeses Cherries Flour Eggs Cheese cake ? ? ? ? ? Pie ? ? ? ? ? Per Unit Information, predicted Predicted Actual Finished Good DL Hours Cream Cheese Cherries Flour Eggs Cakes per Month Cakes per Month cheese cake 0.08 12 5 3 6

Lacorte wants to know their cost of operation per product since the main products is shoes. for the month, the company has produced three types of shoes: Product A, B and C. The total direct materials cost is 250,000, and the total number of units produced is 50,000. A and B have finished products of 10,000 and 20,000, while B and C have a direct

Wal-Mart Stores, Inc., a retailer. Analyze the firm's short-term liquidity and operating efficiency as of January 31, 2014, using the ratios and information provided. Financial ratios for the years ended 31 January, 2014 2013 Liquidity Valid (once) 0.88 0.83 fast (times) 0.24 0.22 Cash flow liquidity (times) 0.44 0.46 Average collection time 6

A factory has just received an order for 95 units of an end item, which are to be shipped at the start of week 8. Relevant information of the end item and the components is as follows. Item End item A B C D Lead Time On Hand Scheduled Inventory receipts 15 10 20 (weeks) 2 2 2 1 1 100 15 44 at week 3 69 at week 4 Order Policy lot for lot lot for

How many units did the client produce last year?

Linda is studying the working papers from her clients 2025 income statement because her manager wants her to reconstruct that same income statement without the benefit of first seeing the finished product. She knows the client uses standard costing within its accounting system, but she has to figure out which inventory costing method it uses. The

The unadjusted trial balance for Sandhill Designs at its year end, April 30, 2024, is as follows Cash Accounts receivable Prepaid rent SANDHILL DESIGNS Trial Balance April 30, 2024 Equipment Debit 12,000 8.200 5.500 24.000 Credit,Accumulated depreciationequipment Accounts payable Notes payable Unearned revenue T. Walker, capital T. Walker,

What order quantity will minimize the total inventory? 2. What is the oder quantity? 3. What are the holding costs? 4. What is the order cost? 5. What are the unit costs? 6. What is the total cost? Order Quantity, Q Unit Cost Setup Cost Holding Cost Total Unit Cost Total Costs 333 $ 5.00 $ 735.00 $ 166.67 $ 25,000.00 $ 25,901.67 417 $ 5.00 $

KAAF Co. Ltd deals in fashion clothing. The budget for clothing manufacturing for the year ended 31 December 2016 had been Sales 600,000 units 14.00 Less costs Direct materials 2kgs per unit 1 per kg Direct labour 450,000 hours 7 per hour Fixed overheads Profit 2,250,000 Less costs Direct materials 1,045,000 kgs 1.10 per kg Direct labour

Let's assume the wooden window shutters are made from 3/4" x 4" trim boards. For the 3 windows that have shutters in the Front Elevation let's assume the average length for the left windows are 6' tall and the window on the right the average length is 8'. Calculate how much wood in linear feet you will have to buy.

If the interior main basement slab is 4" thick and the square footage is 1,365 SF. The slab has a 6" layer of gravel underneath. Calculate the cubic feet of Gravel and Concrete.

Sweet Inc. reported the following information at the end of its 2022 fiscal year. Sweet Inc. Statement of Financial Position As at April 30 Assets Cash Accounts receivable Inventory Prepaid operating expenses Long term investments Equipment Less Accumulated depreciation 2023 205,000 114,000 108,000 20,000 184,000 1,235,000 2022 150,000 96,000

Ken Companys inventory records for its retail division show the following at May 31 (Click the icon to view the accounting records.) At May 31, 8 of these units are on hand. Read the requirements.,Requirements Ken Companys inventory records for its retail 1. Compute cost of goods sold and ending inventory, using each of the following methods a.

Refer to the following transactions. a. Sold 4,900 previously unissued shares of 1 par value common stock for 17 per share. b. Issued 1,200 shares of previously unissued 6 cumulative preferred stock, 50 par value, in exchange for land and a building appraised at 74,000. c. Declared and paid the annual cash dividend on the preferred stock issued in

The following are budgeted data Sales in units Production in units January February March 16,100 22,200 19,100 19,100 20,100 18,600 One pound of material is required for each finished unit. The inventory of materials at the end of each month should equal 30 of the following months production needs. Purchases of raw materials for February would be

8. During June 2019, Atahar Products had the following transactions June 3 Paid Tk. 792 on account to Helen Production net of Tk 8 discount. Purchased inventory for cash, Tk 817 6 13 Paid Tk. 375 for supplies. 15 Purchased inventory on credit from Musa supply, Tk. 774. 16 Paid Tk 8,062 on account to Laltu Associates there was no discount. 21

The following information is available for LockTite Company, which produces specialorder security products and uses a job order costing system. Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials

Linda works at the cranberry plant in town, which uses a common process of cleaning, sorting, flash freezing, and crushing the berries. At the end of this process, which costs 36,000, cranberry juice and cranberry puree are available. The cranberry puree is then made into sauce, at an additional cost of 1.50 per pound, while the cranberry juice is

Laura has turned her hobby of grinding her own corn into a small business. After grinding the corn into cornmeal, she has two identifiable products the cornmeal and the grits. She sells the grits to another local business, which uses them as an input for its own products, while she turns the cornmeal into cornbread muffin mixes. In a normal month,

The Golden Shades Corporation disposes a capital asset with an original cost of $280,000 andaccumulated depreciation of $160,000 for a salvage price of $50,000. Golden Shades' tax rate is 40%. Calculate the after-tax cash inflow from the disposal of the capital asset. The Venoid Corporation has an annual cash inflow from operations from its

The units of an item available for sale during the year were as follows: Date Line Item Description Value Jan. 1 Inventory 2,300 units at $5 Feb. 17 Purchase 3,200 units at $6 Jul. 21 Purchase 3,300 units at $7 Nov. 23 Purchase 1,200 units at $8 There are 1,700 units of the item in the physical inventory at December 31. The periodic inventory

Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct laborhours and its standard cost card per unit is as follows Direct material 4 pounds at 8.00 per pound Direct labor 2 hours at 16 per hour Variable overhead 2 hours at 6 per hour Total standard variable cost per unit The company

If the garage area is 477 SF of floor area. Assume the height of the garage is 12'. The garage door opening is for a 8' x 16' door. If sheet rock costs $0.25 / SF and sales tax is 6% what would be the cost of sheet rock for the walls and ceiling? The two doors are 3'x8' doors.

TEB, Inc., which manufactures video games, consists of two divisions, each operating as a profit center Division A makes a component that is needed by Division B however, if the price from Division A is too high, Division B has indicated it would purchase the component from an outside supplier. Additional information related to the divisions is

On January 1, 2019, X Inc. purchased 12% of the voting shares of Y Inc. for $100,000. The investment is reported at cost. X does not have significant influence over Y. Y's net income and declared dividends for the following three years are as follows: Net Income Dividends 2019 $50,000 $20,000 2020 $70,000 $80,000 2021 $30,000 $60,000 Required a-

Use the dollarvalue LIFO method to compute the ending inventory for Walker Company for 2021 through 2025.,The following information relates to the Anthony Walker Company. Ending Inventory Date December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 (EndofYear Prices) 66,100 119.210 129,050 145.200 134,316 Price

M ences The Rosa model of Mohave Corporation is currently manufactured as a very plain umbrella with no decoration. The company is considering changing this product to a much more decorative model by adding a silkscreened design and embellishments. A summary of the expected costs and revenues for Mohaves two options follows Estimated demand

The management for Crane Corp. has asked the companys cost accountant Paul to compile some data about their process costing. Crane Corp. is a regional factory that manufactures peachscented soy candles that are sold in glass mason jars. During their most recent year, Crane started 50700 candles and completed a total of 38950 by the end of the

In this problem, find the TWO break-even points. This scenario is commonplace in major events such as Football matches. The two break-even points occur because there are two possible levels of fixed expenditure depending on whether the spectator crowd is smaller or greater than 20.000. If the crowd exceeds 20,000, the stadium manager has to open

1. The following crew is normally capable of completing 22 squares (1 square100 S.F.) per day of a builtup roofing systems composed of 3 plies of 15 asphalt felt, mopped asphalt flood coat, and covered with gravelslag surfacing. This crew is hired to install a builtup roofing system for a 14,200 S.F. roof. The crew productivity should be adjusted

BesualemPleis an importer of reinforcement bars from Belgium. The company has been engaged in buying and selling activities. At the end of November 2014, the company paid net amount of 3,000.00 ETB to ERCA for VAT. During the month of November it earns birr 1,541,000 VAT inclusive sales of reinforcement bars. In addition Besualem Ple paid an

Sundial, Inc., produces two models of sunglassesAU and NZ. The sunglasses have the following characteristics. Selling price per unit Variable cost per unit Expected units sold per year AU 360 68 50,000 NZ 368 180 75,000 The total fixed costs per year for the company are 5,244,000. Required a. What is the anticipated level of profits for the

Sarahs Kreations just completed its best year, generating income of 24,000 from selling decadent wedding cakes and desserts. For a business that is only two years old and run from Sarahs own kitchen, this is quite an accomplishment. She has been asked to provide a specialevent cake for one event per month at the local convention center, but at a

Whispering Inc. has been producing basketballs, volleyballs, soccer balls, and footballs for many years. Its manager, Jake, just came up with the idea to sell products in a bundle to provide more options for buyers. Jakes suggestion is to sell a bundle of balls (one of each of the four types listed, above) for 59. This represents a savings to the

A force F with a magnitude of 100 N is applied at the origin O of the axes xyz as shown. The line of action of F passes through a point A whose coordinates are 3 m, 4 m, 5 m. Determine F100 N (a) the x, y, and z scalar components of F, (b) the projection Fry of F on the xy plane, and (c) the projection Fos of F along the line OB. 5 m 4 m 6m 2 m

The attached is a Balance Sheet retrieved from the latest SEC-10K, Tyson Foods. Please write a brief report of at least one page in whole paragraphs; and should include the following: Sections or line items of the Balance Sheet include but are not limited to: 1. Fiscal Year End Date for the two years presented 2. Definition of Fiscal Year if not

Assets Current Assets Cash and cash equivalents Accounts receivable, net Inventories Other current assets Total Current Assets Net Property, Plant and Equipment Goodwill Intangible Assets, net Other Assets Total Assets Liabilities and Shareholders Equity Current Liabilities Current debt Accounts payable Other current liabilities Total Current

Record the impairment on patent purchased for 520,000 with an estimated life of 10 years if estimated future cash flows is 270,000. The patents estimated fair value on December 31, 2025 was 220,000.

Step 2 Compute equivalent units of production Step 3 Compute unit production costs Step 4 Prepare a cost reconciliation schedule and the Production Cost Report, Four steps to prepare a production cost report MIXING DEPARTMENT Units Work in process, June 1 Direct materials 100 complete Conversion costs 70 complete Units started into production

Can you calculate for year 2016 and comment if this company is profitable. If yes, why. If no, also why? : 1. Total Revenue 2. Total Expenses 3. Net Profit 4. Net Profit Margin

Orpea (in EUR Thousands) Total Sales Depreciation Operating Profit Net Interest Charges PreTax Profit Published AfterTax Profit Earned for Ordinary EBIT EBITDA Equity Capital and Reserves Total Capital Employed Total Fixed AssetsNet Total Intangibles Total Stock and WIP Trade Debtors Total Cash Equivalents Total Assets Total Current Assets Net

In evaluating the selling prices for products at her parttime retail job, Susan asked her supervisor how the company sets its prices. Her supervisor told her it applies a steady markup percentage on each products cost. She selected a lightweight jacket off the rack and noted its selling price of 51. Her supervisor looked at the selling price and

Assume that the City of Fort Smith maintains its books and records in a manner that facilitates the preparation of the financial statements of the funds. For each of the following events, indicate in which fund(s) the event would be registered and justify your choice of fund. a. The city collected property taxes collected for the general

Use the following information to answer the question below Depreciation Exports Imports Government Purchases Personal Consumption Expenditures Net Private Domestic Investment 27 21 10 72 245 33 Capital Stock at the beginning of the year is 200. What is capital stock at the end of the year

A young Thomas Edison produces and sells 20 light bulbs a week in his dorm room. The parts for each light bulb cost 2.00. He sells each light bulb for 5.00. General Electric offers Thomas an executive job that pays 50.00 a week. Thomass weekly economic profit from making light bulbs is equal to

Cheyenne Repair Shop had the following transactions during the first month of business as a property. August 2 Invested $11,290 in cash and $2,740 in equipment in the business. 7 He bought supplies on account for $450. (Asset debit account.) 12 Performing services to customers, for which $1,303 was collected in cash and $689 was billed to

The following are the current assets and current liabilities sections of the balance sheets of Freedom, Inc., as of January 31, 2017 and 2016 (in millions): January 31, 2017 January 31, 2016 Current assets Money ps 12 ps 9 accounts receivable 5 8 inventories 7 11 Total current assets ps 24 ps 28 current liabilities Pay ps 6 ps 6 Accounts payable 5

Bertie Corporation has two divisions: the Retail Division and the Wholesale Division. The following data refer to the most recent operating period: Total Company Retail Division Wholesale Department Sales $ 693.100 $ 427.500 $ 265.600 variable expenses $ 195.560 $ 102.600 $ 92.960 Traceable fixed expenses $ 331.100 $ 247.400 $ 83.700 The company's

1) Record all transactions for week 3 in the appropriate journals. Please note that special journals must be used where applicable.Any transaction that cannot be recorded in a special journal must be recorded in the general journal. 2) Post journal entries to the appropriate ledger accounts in accordance with company accounting policies and

At the beginning of the year, Young Company purchased three used machines from Vince, Inc. The machines were immediately overhauled, installed and started working. Since the machines were different, each was recorded in separate accounts. machine a Machine B Machine C The amount paid for the asset $ 7,600 $ 25,600 $ 9,300 Installation costs 200

Consider a discshaft assembly shown as below. Initially, a torque is applied to the disc and suddenly it is released. The torsional oscillation occurs during the dynamic movement and the amplitude decrement for the sequential cycles are observed to happen 40 of the initial value. Assume that polar moment of inertia of the disc is J0.06 kgm, shear

Joe is shopping for a new TV at Big Screen City Ltd. The company's return policy applies to regularly priced products, only. The salesperson who is new to the job, mistakenly tells Joe he may return any TV within seven days if he returns the bx and packaging materials as well. Joe relies on this representation when he chooses a very large plasma

Examine the income source rules and suggest at least two current tax rules that can prevent the manipulation of the source rules to eliminate taxes. As the Chief Financial Officer (CFO) of a U.S. multinational corporation, create a plan to reduce the tax impact on foreign-sourced income. Provide at least one example to support your plan.

Amaya Leasing acquires equipment and leases it to customers under long-term sales-type leases. Amaya earns interest under these arrangements at a 8% annual rate. Amaya leased a machine it purchased for $800,000 under an arrangement that specified annual payments beginning at the commencement of the lease for four years. The lessee had the option

10 points eBook Print References Mc Graw Hill Alayd ising acqu ases it LO stype leases. Amaya earns interest under these arrangements at a 8 annual rate. Amaya leased a machine it purchased for 800,000 under an arrangement that specified annual payments beginning at the commencement of the lease for four years. The lessee had the option to

On January 1, 2024, NathLangstrom Services, Incorporated, a computer software training firm, leased several computers under a twoyear operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual interest rate of 4. The contract calls for four rent payments of 12,500 each, payable

On January 1, James Industries leased equipment to a customer for a five-year period, at which time possession of the leased asset will revert back to James. The equipment cost James $750,000 and has an expected useful life of seven years. Its normal sales price is $750,000. The residual value after five years is $150,000. Lease payments are due

10 points eBook Print References Mc Graw Hill Brief Exercise 1514 (Algo) Residual value salestype lease LO152, 153, 156 On January 1, James Industries leased equipment to a customer for a fiveyear period, at which time possession of the leased asset will revert back to James. The equipment cost James 750,000 and has an expected useful life of

On January 1 of the current year, Townsend Co. began operations. It operated its plant at 100% capacity during January. The following data summarizes the results for January Units Production 50,000 Sales ($18 per unit) 42,000 Inventory, January 31 8,000 Manufacturing costs: Variable $ 575,000 Fixed 80.000 Total $655,000 Selling and administration

Determining Cost of Goods Sold In a recent year, Best Buy reports sales of $50.705 million. Its gross profit was $12,573 million. What was the amount of Best Buy's cost of merchandise sold?

On January 1, 2017, Tara Corporation issued 60,000 shares of common stock of $1 par value and outstanding. The following transactions took place during the year: March 15 Issued 40,000 common shares for $400,000. May 24 Declared a cash dividend of $1.50 per share to shareholders of record on June 15. June 30 Paid cash dividend of $1.50 per share.

In its 2014 income statement, Cohen Corp. reported depreciation of $1,850,000 and interest income on municipal bonds of $350,000. Cohen reported a depreciation of $2,750,000 on his 2014 income tax return. The difference in depreciation is the only temporary difference and will reverse equally over the next three years. The income tax rates

Best Plumbing Company offers plumbing services. Selected transactions of Best Plumbing Company are as follows: a) Received $9,000 cash contribution from owner June Sharon. b) Paid $6,000 in cash for equipment to be used in plumbing repairs. c) Borrowed $9,000 from a local bank and deposited the money in a checking account. d) Paid $800 in rent for

In January 2013, Findley Corporation purchased a patent for a new consumer product for $960,000. At the time of purchase, the patent was valid for 15 years. However, due to the competitive nature of the product, the patent was estimated to have a useful life of only 10 years. During 2018, the product was determined to be obsolete due to a new

Schlictor Company sells cordless razors for $50. Variable costs are 40% of sales, and total fixed costs are $40,000. What is the company's operating leverage if 2,000 units are sold?

The following data refers to product no. La Quinta Corporation 33: Direct labor standard: 6 hours at $15 per hour Direct labor used in production: 55,000 hours at a cost of $830,500 Manufacturing activity: 9,100 units completed . what is The rate variance of direct labor what is the variance in labor efficiency.

Insiteful Instruments produces two models of binoculars. The information for each model is as follows: Model 100 Model 101 unit selling price $ 200 $ $ 215 Cost and expenses per unit: Direct materials $ 51 $ 38 direct labor 33 30 Manufacturing overhead (1/3 fixed and 2/3 variable, applied at the rate of $18 per machine-hour) 36 72 variable selling

Delleate, Inc. has prepared the following direct materials purchase budget: Month DM Budget Purchases June $67,000 July 77,000 August 76,300 September 78,000 October 70,200 All purchases are paid as follows: 40% in the month of purchase, 50% in the following month, and 10% two months after the purchase. Calculate the total cash payments made in

Examine the liabilities on Coca-Cola's balance sheet. a. Based on the balance sheet, how much interest-bear ing debt does Coca-Cola have outstanding? (You can assume that other short-term liabilities represent sundry payables and that other long-term liabilities represent health care and pension obligations.) b. Based on the balance sheet, how

CocaColas balance sheet for December 1998 is summarized below (in millions of dollars) for Problems 1 through 9 1,648 Accounts Payable 159 Shortterm Borrowings Cash and Near Cash Marketable Securities Accounts Receivable Other Current Assets Current Assets 1,666 Other Shortterm Liabilities Current Liabilities 2,017 6,380 Longterm investments

Assume that Sally sells 10,400 pogo-sticks per month, for a net operating income of $50,000. The CM per pogo-stick is $14. What will be Sally's monthly net operating income if she sells 8,000 pogo-sticks?

a. An investment will pay you $4944.17 in 3 years if you pay $1299.58 today. What is the implied rate of return? b. Your goal is to have $76386. If you can earn 10.78% per year and you invest $19812 today, how many years until you reach your goal?

Shuja Co. Ltd. issued ordinary shares (Rs.10 par) during 1992, as noted below (a) 10,000 shares of Rs.14 each for cash. (b) 4,000 shares of Rs.9 each for cash. (c) 5,000 shares for the purchase of machine (market price of share being Rs.13 each). (d) 4,000 shares at par to the promoters, for services rendered. (e) 3,000 shares for purchase of

Company G has a total capital turnover of .9 times and Company H has a total capital turnover of .6 times. Looking at only this ratio, which company is more efficient is its operations? Explain your reasoning.

Company E has a debt to total assets ratio of 50% and Company F has a debt to total assets ratio of 20%. Looking at only this ratio, which company is using less financial leverage? explain with the help of a formula.

Refer to the data below.,Retained earnings, December 31, 2021 Cost of buildings purchased during 2022 Net loss for the year ended December 31, 2022 Dividends declared and paid in 2022 Increase in cash balance from January 1, 2022 to December 31, 2022 Increase in longterm debt in 2022 309,200 44,000 4,200 15,900 10,400 12,900 Required From the

Bryant Company has a factory machine with a book value of 87,400 and a remaining useful life of 7 years. It can be sold for 29,200. A new machine is available at a cost of 346,000. This machine will have a 7year useful life with no salvage value. The new machine will lower annual variable manufacturing costs from 622,000 to 565,000. Prepare an

PR Company pays 15,000 in cash and issues nopar stock with a fair value of 45,000 to acquire all of SX Corporations net assets. SXs balance sheet at the date of acquisition is as follows Current assets Property, plant equipment, net Identifiable intangible assets Total assets Current liabilities Longterm debt Capital stock Retained earnings

. The matrix below shows the stock ownership in four corporations by four unrelated individuals Shareholder 2 3 4 Percentages of Stock Owned in Corporations A 10 30 30 30 B 5 40 15 40 10 30 10 50 D 20 10 20 50 Which of the above corporations, if any, are members of a brothersister controlled group Explain why each corporation is included or not.

Holmes Cleaning Service began operation on January 1, Year 1. The company experienced the following events for its first year of operations Events Affecting Year 1 1. Provided 210,000 of cleaning services on account. 2. Collected 157,500 cash from accounts receivable. 3. Paid salaries of 28.000 for the year. 4. Adjusted the accounts to reflect

Selected transactions for Pharoah Ltd. during its first month of operations are presented below Issued common shares for 16,000 cash. Purchased used car for 1,200 cash and 8,000 on account, for use in the business. Billed customers 2,300 for services performed. Mar. 2 4 10 13 25 27 30 31 Paid 250 cash to advertise business opening. Received 1,200