___When Created The COGM Statement, How Is Total Manufacturing Cost Incurred Computed?

___When created the COGM statement, how is total manufacturing cost incurred computed?

The Company Paid Dividends Of $377,500 Last Year. The “Investment In Buisson, S.A.,” On

The company paid dividends of $377,500 last year. The “Investment in Buisson, S.A.,” on the balance sheet represents an investment in the stock of another company. The company’s minimum required rate of return of 15%. Required: 1. Compute the company’s average operating assets for last year. 2. Compute the company’s margin, turnover, and return on investment (ROI) for last year. (Do not round intermediate calculations and round your final answers to 2 decimal places.) 3. What was the company’s residual income last year?

JC Penny Produces High-quality Formal Dresses. In January 2019 They Produced 17,000 Dresses. For

JC Penny produces high-quality formal dresses. In January 2019 they produced 17,000 dresses. For the month of January, the following standard and actual cost data are available. The normal monthly capacity of the company is 30,000 direct labor hours. All material purchased in January was used in January production. Standard per Dress Actual Direct materials 5.0 yards @ $8.00 per yard $660,000 for 80,000 yards Direct labor 1.5 hours @ $15.00 per hour $384,000 for 24,000 hours Overhead 1.5 hours @ $5.50 per hour (fixed $3.40; variable $2.10) $110,000 fixed overhead $52,000 variable overhead Overhead is applied on the basis of direct labor hours. At normal capacity, budgeted fixed overhead costs are $102,000 per month and budgeted variable overhead costs are $63,000 per month. Required Calculate the direct materials price variance for January. Label the variance as favorable or unfavorable. Calculate the direct materials quantity variance for January. Label the variance as favorable or unfavorable. Calculate the direct labor rate variance for January. Label the variance as favorable or unfavorable. Calculate the direct labor efficiency variance for January. Label the variance as favorable or unfavorable. Calculate the variable overhead spending variance for January. Label the variance as favorable or unfavorable. Calculate the variable overhead efficiency variance for January. Label the variance as favorable or unfavorable. Calculate the fixed overhead spending variance for January. Label the variance as favorable or unfavorable. Calculate the fixed overhead production volume variance for January. Label the variance as favorable or unfavorable. Which of the variances should be investigated if management considers a variance of more than 5% from standard to be significant? Provide a discussion of the tradeoffs that are most likely to exist between the direct material and direct labor variances.

Wingate Company, A Wholesale Distributor Of Electronic Equipment, Has Been Experiencing Losses For Some

Wingate Company, a wholesale distributor of electronic equipment, has been experiencing losses for some time, as shown by its most recent monthly contribution format income statement: Sales $ 1,649,000 Variable expenses 678,640 Contribution margin 970,360 Fixed expenses 1,067,000 Net operating income (loss) $ (96,640) In an effort to resolve the problem, the company would like to prepare an income statement segmented by division. Accordingly, the Accounting Department has developed the following information: Required: 1. Prepare a contribution format income statement segmented by divisions. 2-a. The Marketing Department has proposed increasing the West Division’s monthly advertising by $25,000 based on the belief that it would increase that division’s sales by 10%. Assuming these estimates are accurate, how much would the company’s net operating income increase (decrease) if the proposal is implemented? 2-b. Would you recommend the increased advertising?

Delta Company Produces A Single Product. The Cost Of Producing And Selling A Single

Delta Company produces a single product. The cost of producing and selling a single unit of this product at the company’s normal activity level of 94,800 units per year is: Direct materials $ 2.00 Direct labor $ 3.00 Variable manufacturing overhead $ 0.70 Fixed manufacturing overhead $ 3.75 Variable selling and administrative expenses $ 2.00 Fixed selling and administrative expenses $ 2.00 The normal selling price is $25.00 per unit. The company’s capacity is 130,800 units per year. An order has been received from a mail-order house for 3,000 units at a special price of $22.00 per unit. This order would not affect regular sales or the company’s total fixed costs. 1. What is the financial advantage (disadvantage) of accepting the special order? 2. As a separate matter from the special order, assume the company’s inventory includes 1,000 units of this product that were produced last year and that are inferior to the current model. The units must be sold through regular channels at reduced prices. The company does not expect the selling of these inferior units to have any effect on the sales of its current model. What unit cost is relevant for establishing a minimum selling price for these units?

Better Fitness Gear Applies Overhead On The Basis Of Direct Labor Hours. Five Direct

Better Fitness Gear applies overhead on the basis of direct labor hours. Five direct labor hours are required for each unit produced. Planned production for the period was set at 8,000 units. Budgeted fixed manufacturing overhead for the period is budgeted at $20,000 and variable manufacturing overhead is budgeted at $100,000. The 48,500 hours worked during the period resulted in production of 9,500 units. Actual manufacturing overhead cost incurred was $156,000. Required: Calculate the three overhead variances: a. Total Spending Variance b. Total Efficiency Variance c. Total Volume Variance d. Proof: Total Factory Overhead Variances e. Interpret your variances

The President Of The Retailer Prime Products Has Just Approached The Company’s Bank With

The president of the retailer Prime Products has just approached the company’s bank with a request for a $55,000, 90-day loan. The purpose of the loan is to assist the company in acquiring inventories. Because the company has had some difficulty in paying off its loans in the past, the loan officer has asked for a cash budget to help determine whether the loan should be made. The following data are available for the months April through June, during which the loan will be used: a. On April 1, the start of the loan period, the cash balance will be $26,000. Accounts receivable on April 1 will total $156,800, of which $134,400 will be collected during April and $17,920 will be collected during May. The remainder will be uncollectible. b.Past experience shows that 30% of a month’s sales are collected in the month of sale, 60% in the month following sale, and 8% in the second month following sale. The other 2% is bad debts that are never collected. Budgeted sales and expenses for the three-month period follow: Merchandise purchases are paid in full during the month following purchase. Accounts payable for merchandise purchases during March, which will be paid in April, total $166,500. In preparing the cash budget, assume that the $55,000 loan will be made in April and repaid in June. Interest on the loan will total $900. 1. Calculate the expected cash collections for April, May, and June, and for the three months in total. 2. Prepare a cash budget, by month and in total, for the three-month period.

On January 1, 2017, Shamrock Co. Purchased 22,000 Shares (a 10% Interest) In Elton

On January 1, 2017, Shamrock Co. purchased 22,000 shares (a 10% interest) in Elton John Corp. for $1,400,000. At the time, the book value and the fair value of John’s net assets were $12,000,000. On July 1, 2018, Shamrock paid $3,100,000 for 44,000 additional shares of John common stock, which represented a 20% investment in John. The fair value of John’s identifiable assets net of liabilities was equal to their carrying amount of $13,200,000. As a result of this transaction, Shamrock owns 30% of John and can exercise significant influence over John’s operating and financial policies. (Any excess fair value is attributed to goodwill.) John reported the following net income and declared and paid the following dividends. Net Income Dividend per Share Year ended 12/31/17 $740,000 None Six months ended 6/30/18 530,000 None Six months ended 12/31/18 792,000 $1.70

QUESTION 1 BANK RECONCILIATION (20 MARKS) The Information Given Below Was Extracted From The

QUESTION 1 BANK RECONCILIATION (20 MARKS) The information given below was extracted from the accounting records of Mika Stores. REQUIRED 1.1 Complete the Cash Receipts Journal and Cash Payments Journal of Mika Stores for March 2018 after taking the information provided into account. Use only the columns illustrated below. In the details column write down the name of the contra account e.g. Rent income. (11) Cash Receipts Journal Details Bank Total b/f Cash Payments Journal Details Bank Total b/f MODULE FUNDAMENTALS OF FINANCIAL ACCOUNTING TOTAL MARKS 60 MARKS 1.2 Post to the Bank account in the General ledger of Mika Stores. Balance the account. (3) 1.3 Prepare the Bank Reconciliation Statement as at 31 March 2018. Use the following format: (6) Bank Reconciliation Statement as at 31 March 2018 Debit Credit INFORMATION R 1. The bank column of each of the cash journals showed the following totals before the March 2018 bank statement was received: Cash Receipts Journal Cash Payments Journal 300 000 350 000 2. A comparison of the cash journals of Mika Stores for March 2018 and the Bank Reconciliation Statement for February 2018 with the bank statement from Key Bank for March 2018 revealed the following differences: 2.1 Entries that appeared on the bank statement but not in the cash journals: R 2.1.1 A cheque previously received from the lessee for rent was dishonoured because of insufficient funds. 6 800 2.1.2 A debit order in favour of Telkom for the personal telephone account of the proprietor. 3 800 2.1.3 Charges levied by Key Bank: Service fees Cash deposit fee Interest on overdraft 1 500 1 000 100 2.1.4 A deposit by a debtor to settle his account of R6 200 6 000 2.1.5 A deposit by Key Bank for a successful loan application 50 000 2.2 Entries in the cash journals that did not appear in the bank statement: R 2.2.1 A deposit made on 31 March 2018 102 400 2.2.2 The following cheque issued during March 2018: Cheque no. 520 8 700 3. Additional information R 3.1 Cheque no. 490 (dated 23 February 2018) which appeared in the Bank Reconciliation Statement for February 2018 did not appear in the bank statement for March 2018. 16 140 3.2 Cheque no. 460 issued to Rix Soccer Club during January 2018 as a donation must be cancelled as the club no longer exists. 4 800 3.3 A deposit made by Rika Stores was erroneously reflected on the bank statement of Mika Stores. 4 000 3.4 An entry was made in the Cash Payments Journal for a cheque to a creditor MS Suppliers for R10 000. The bank statement reflected the correct amount of the cheque, R11 000. 3.5 The bank account in the ledger of Mika Stores reflected a debit balance on 01 March 2018. 38 800 3.6 The bank statement showed an unfavourable

2 Questions. Please Answer Both. Question 6 (i) PHC 1 Was Sold In Cash

2 questions. please answer both. Question 6 (i) PHC 1 was sold in cash terms. please keep then in mind. please answer q6 and ignore q7 thanks. just answer the q6 and ignore q7

Wellness Corporation Reports The Following Results In The Current Year: Gross Income From Operations

Wellness Corporation reports the following results in the current year: Gross income from operations $150,000 Dividends from 15%-owned Domestic Corporation $50,000 Expenses $155,000 What is Wellness’s taxable income?

Tax Advantages Of A Merger Discuss Why Two Different Types Of Firms, Such

Tax Advantages of a Merger Discuss why two different types of firms, such as a national marketing firm and a national accounting firm, would want to combine. In your discussion, include how influence or control of one firm may be an issue along with what those terms imply. Also, provide some insight on the type of accounting methodology that might be used for such a business combination. Reminder: Your initial posting should be 250-500 words

Cara Company Purchased A Vehicle For $23,000, And Estimated Its Useful Life To Be

Cara Company purchased a vehicle for $23,000, and estimated its useful life to be 8 years and its salvage value to be $4,000. After 6 years of straight -line depreciation, Cara decided to do a major overhaul at a cost of $9,500, which are expected to extend the life of the vehicle by 5 years beyond the original estimate. The new estimated salvage value is $2,000. The depreciation expense in year 7 equals:

On April 1, 2017, Jiro Nozomi Created A New Travel Agency, Adventure Travel. The

On April 1, 2017, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company’s first month. April 1 Nozomi invested $41,000 cash and computer equipment worth $25,000 in the company in exchange for common stock. 2 The company rented furnished office space by paying $1,700 cash for the first month’s (April) rent. 3 The company purchased $1,900 of office supplies for cash. 10 The company paid $2,300 cash for the premium on a 12-month insurance policy. Coverage begins on April 11. 14 The company paid $1,500 cash for two weeks’ salaries earned by employees. 24 The company collected $22,000 cash on commissions from airlines on tickets obtained for customers. 28 The company paid $1,500 cash for two weeks’ salaries earned by employees. 29 The company paid $350 cash for minor repairs to the company’s computer. 30 The company paid $1,350 cash for this month’s telephone bill. 30 The company paid $1,800 cash in dividends.

The Following Information Was Taken From The Payroll Records Of Katie’s Kitty Palace For

The following information was taken from the payroll records of Katie’s Kitty Palace for the pay period ended January 31, 2012: Gross Wages- Delivery Personnel: $12,541.00 Gross Wages-Sales Personnel: $6,758.00 Gross Wages-Administrative Personnel: $8,541 Federal Income taxes withheld: $6,960 State Income taxes withheld: $835.20 Social Security taxes withheld: $1,726.08 Medicare taxes withheld: $403.68 Retirement contributions withheld: $2,784.00 INSTRUCTIONS (show steps how you got the answers): 1. Prepare a schedule calculating net pay for the pay period ended January 31, 2012 2. Prepare a journal entry to record the payroll for the period dated January 31, 2012 3. Prepare a journal entry to record the employer taxes for the pay period ended January 31, 2012. All wages are subject to unemployment taxes at the rate of .8% for Federal and 3.5% for State.

1. Define Cash Accounting, Fund Accounting And Accrual Accounting And Discuss The Advantages And

1. Define cash accounting, fund accounting and accrual accounting and discuss the advantages and disadvantages of each type of accounting system used in Fiji.

2. Find Out The Type(s) Of Accounting System(s) Currently Used By The Fiji Government

2. Find out the type(s) of accounting system(s) currently used by the Fiji Government and the advantages and disadvantages experienced by them.

3. Conclude By Stating The Type(s) Of Accounting System(s) That Should Be Used By

3. Conclude by stating the type(s) of accounting system(s) that should be used by Fiji Government and recommend any change that needs to be made.

Transition From Cash Based Accounting To Modified Accrual Accounting Has Imperatively Been Slow But

Transition from cash based accounting to modified accrual accounting has imperatively been slow but a gradually evolving global movement across the nation which is being undertaken by majority state and local governments over past two decades. This migration from cash to modified accrual accounting was being called from increased demand for accountability and transparency in the public sector which only the use of cash accounting was not able to suffice. Therefore, the Public Service Committee [PSC] of International Federation of Accountants [IFAC] has been continually putting forward words of encouragement to adopt the International Public Sector Accounting Standards [IPSAS] to all developing nations. Fiji has made several attempts to achieve this on two previous occasions back in the years 1994 and 1998, however the project of migration was put aside on both occasions. Besides that, in the year 2005 a similar attempt was made, yet Fiji’s public service ended up adopting a different approach which was used in the previous unsuccessful attempts. Despite of many years of attempts, Fiji is still in the process of this migration. It was noted that overall unstable government and regular coups created hindrance in the progress of fast migration towards modified accrual accounting. Therefore, modified accrual accounting is yet to be effectively blended into the accounting systems of Fiji’s public service. IFAC has signified that there may have been certain “factors” that has influenced the migration of cash based accounting to modified accrual accounting and made it a slow progress. DISCUSSION POINT 1: From your viewpoint what could have been these factors that IFAC is placing emphasis on?

A Great Value Of Effort And Expense Had Been Considered When The First Two

A great value of effort and expense had been considered when the first two attempts of migration to modified accrual accounting in Fiji’s public service had failed. As a result, in the election of the year 1999, the Permanent Secretary had given an advice to the Public Accountants T Committee: “the failure of the project in the year 1994 was driven by a major contributing factor of the absence of an appropriate manager to oversee and guide the operations when accrual accounting project was in the process of being implemented”. Furthermore, the Auditor General [AG] supported this notion by saying that these additional expenses of migration were borne by the government due to lack of accounting expertise in Fiji’s public service who could have understood the concepts of accrual budgeting better. If referred back to a past literature, Fellow and Kelaher [1991] argued that the concepts of cash accounting are simple to understand and so is the case for accrual accounting, however, accrual accounting is complex to implement. On this note, the Public Sector Committee [from the treasury board of Canada] has examined some lessons which are claimed, that it has been experienced by the nations that has already converted to modified accrual accounting systems. One of these lessons was that “Professional development training for staffs serve to be the best when actual data is used, either trained locally or internationally, because it becomes more appropriate and meaningful to those personnel who are being trained to serve back their public sector” DISCUSSION POINT 2: From your viewpoint do you agree/disagree with this statement? If Yes, then explain “why” and if No then explain “why not”. Use relevant examples where appropriate to support your justifications. Now it has been evidently known that the project of migration from cash to modified accrual basis accounting was at a very slow pace in Fiji. Obviously, the scale of this migration project has been reduced or downsized over the years from what it was when it was being implemented initially. From the above underlined statement, it can be concluded that professional training should be more structured and focused in public sector. The reason being that the trained expertise will oversee the operation of the whole project of migration from cash to modified accrual accounting instead of only providing consultations as to how to manage a software for example. Since accountants are now more engaged into managerial roles rather than bookkeeping, they appreciate the fact that the budge to modified accrual accounting comprise of more aspects than just getting an expensive software. DISCUSSION POINT 3: When it comes to providing professional trainings to public sector officials, there are always vital questions that perhaps remains in the minds of the public sector. From your viewpoint, discuss some of these questions that would come to your mind if you have to represent yourself as the “Government of Fiji”. Once you attempt discussion points one to three, it will be rectified that there are potential difficulties for Fiji as being a developing nation to completely shift from cash to accrual accounting, it surely will take some more years. DISCUSSION POINT 4: However, to you as students for Public Sector Accounting, questions that should be coming up to your minds are: Is it wise for Fiji and other developing countries to adopt accrual accounting or IPSAS? Whether cost vs. benefit analysis will be favorable? Will modified accrual accounting reports prove to be a better measure of decision making and assessing financial performance? To be fair from my perspective, these are unanswered questions in accounting literature. Critically present your contentions on these questions from your viewpoint.

A Medical Center Needs 876,000 In 5 Years For A New Lab And Equipment

A medical center needs 876,000 in 5 years for a new lab and equipment (a) Find the amount each payment are made info a sinking fund the end of each semiannual period with interest at 8% per year compounded semiannually. (b) Find the total amount of interest earned

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