Sneider Family Orange Groves Processes A Variety Of Fresh Juices. The Company Has The

Sneider Family Orange Groves processes a variety of fresh juices. The company has the following expenses for July: Depreciation expense on bottling machines $63,900 Glass juice bottles $60,500 Commissions for salespeople $30,400 Salaries of nutrition researchers $75,100 Costs of maintaining website used for customer orders $4600 Wages of factory workers $75,300 Freshness seals/caps for juice bottles $3000 Reconfiguring the factory layout $122,400 Customer help line $5100 Costs of refrigerated trucks used to deliver juice $25,700 What is the total cost for the distribution category of the value chain?

The Following Were Selected From Among The Transactions Completed By Theisen Company During December

The following were selected from among the transactions completed by Theisen Company during December of the current year: Dec. 3. Purchased merchandise on account from Shipley Co., list price $480,000, trade discount 25%, terms FOB shipping point, 2/10, n/30, with prepaid transportation costs of $122,500 added to the invoice. 5. Purchased merchandise on account from Kirch Co., $100,250, terms FOB destination, 2/10, n/30. 6. Sold merchandise on account to Murdock Co., list price $360,000, trade discount 35%, terms 2/10, n/30. The cost of the merchandise sold was $160,250. 7. Returned $20,800 of merchandise purchased on December 5 from Kirch Co. 13. Paid Shipley Co. on account for purchase of December 3, less discount. 15. Paid Kirch Co. on account for purchase of December 5, less return of December 7 and discount. 16. Received cash on account from sale of December 6 to Murdock Co., less discount. 19. Sold merchandise on MasterCard, $780,500. The cost of the merchandise sold was $460,700. 22. Sold merchandise on account to Milk River Co., $220,300, terms 2/10, n/30. The cost of the merchandise sold was $120,700. 23. Sold merchandise for cash, $340,680. The cost of the merchandise sold was $180,100. 28. Received merchandise returned by Milk River Co. from sale on December 22, $40,000. The cost of the returned merchandise was $20,100. 31. Paid MasterCard service fee of $20,050. Journalize the transactions.

On June 15, 2018, Sanderson Construction Entered Into A Long-term Construction Contract To Build

On June 15, 2018, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington, D.C., for $400 million. The expected completion date is April 1, 2020, just in time for the 2020 baseball season. Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions): 2018 2019 2020 Costs incurred during the year $ 60 $ 130 $ 55 Estimated costs to complete as of December 31 190 60 — Required: 1. Compute the revenue and gross profit will Sanderson report in its 2018, 2019, and 2020 income statements related to this contract assuming Sanderson recognizes revenue over time according to percentage of completion. 2. Compute the revenue and gross profit will Sanderson report in its 2018, 2019, and 2020 income statements related to this contract assuming this project does not qualify for revenue recognition over time. 3. Suppose the estimated costs to complete at the end of 2019 are $190 million instead of $60 million. Compute the amount of revenue and gross profit or loss to be recognized in 2019 using the percentage of completion method.

Coast Cruiseline Offers Nightly Dinner Cruises Off The Coast Of Nanaimo And Victoria. Dinner

Coast Cruiseline offers nightly dinner cruises off the coast of Nanaimo and Victoria. Dinner cruise tickets sell for $60 per passenger. Coast ​Cruiseline’s variable cost of providing the dinner is $15 per​ passenger, and the fixed cost of operating the vessels​ (depreciation, salaries, docking​ fees, and other​ expenses) is $225,000 per month. Under these​ conditions, the​ break-even point in tickets is 5,000 and the​ break-even point in sales dollars is ​$300,000. Suppose Coast Cruiseline embarks on a​ cost-reduction drive and slashes fixed expenses from $225,000 per month to $198,000 per month . 1. Compute the new​ break-even point in units and in sales dollars. 2. Is the​ break-even point higher or lower than under the original​ conditions? Explain how changes in fixed costs generally affect the​ break-even point.

On December 31, 20 18 , Big Company Acquired All The Capital Stock Of

On December 31, 20 18 , Big Company acquired all the capital stock of Little Company. Big acquired 79.2 million shares of Little ’s shares. Big issued 59 million shares of Big stock plus $30 for each share of Little stock. Big stock, which has a par value of $0.01 per share, had a market value of $32.25 per share. The estimated fair value of Little accounts were as follows: Cash and cash equivale nts $ 105,000,000 Receivables $ 141,000,000 Capitalized film costs $ 269,000,000 Intangible assets $ 3,140,000,000 Accounts payable $ (325,000,000) Other Liabilities $ (83,000,000) Deferred income tax liability $(1,121,000,000) Required: 1. Calculate the total price paid for Little . Is there goodwill or a gain on bargain purchases ? ( 3 point s ) 2. Record the acquisition assuming Little was dissolved (3 point s ) 5 Case 1.3 Huge Corporation acquires 5% of the outstanding voting shares of Tiny Corporation on January 1, 201 6 , for $100,000 when Tiny Corporation has a book value of $1,500,000. Despite the low percentage of ownership, Huge Corporation is able to exercise significant influence over Tiny , and therefore uses the equity method to account for the investment. An additional 30% of the stock i s purchased on January 1, 201 7 , for $651,000. The following information is available for Tiny Corporation: 201 6 201 7 201 8 Net Income 700,000 750,000 900,000 Dividends 150,000 100,000 100,000 The Fair Value of Tiny Corporation’s stock at December 31, 201 6 was $2,170,000 . The book values of Tiny Corporation’s asset and liability accounts are considered as equal to fair values except for a Customer List whose value accounted for Huge Corporation’s excess cost in each purchase. The Customer List had a remaining life of 10 years at January 1, 201 6 . Required: 1. If Huge Corporation sells its entire investment in Tiny Corporation on January 1, 201 9 , for $1,300,000 cash, what is the impact on Huge Corporation’ s income? Show all your calculations ( 4 points) 2. Assume that Huge Corporation sell s inventory to Tiny Corporation during 201 7 and 201 8 as follow s: Cost to Huge Corporation Price to Tiny Corporation Year – End Balance (at transfer price) 201 7 35 ,000 50,000 20,000 (sold in following year) 201 8 33,000 60,000 40,000 (sold in following year) What amount of equity income should Huge recognize for the year 2018 ? Show all your calculations

Prepare All Of The Relevant Journal Entries From The Time Of Sale Until The

Prepare all of the relevant journal entries from the time of sale until the date indicated. (Assume that no reversing entries were made.) (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Prepare all of the relevant journal entries from the time of sale until the date indicated. Give entries through December 1, 2019. (Assume that no reversing entries were made.) (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Balance Sheet Of GeneralProducts Inc. On December 31, 2015 ASSETS Current Assets Cash

Balance Sheet of GeneralProducts Inc. on December 31, 2015 ASSETS Current Assets Cash and Cash Equivalent 11,980 Accounts Receivables 20,520 Inventory 317,060 Inventory of Premiums (@0.10 per premium) 660 Total Current Assets 350,220 LONG TERM ASSETS Investments 66,775 Property Plant and Equipment 750,000 Less Accumulated Depreciation 90,000 660,000 Total Long Term Assets 726,775 INTANGIBLE ASSETS Trade Marks 190,000 Total Assets 1,266,995 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities Accounts Payable 50,772 Liability for Premiums and Coupons 550 5% Short Term Notes Payable due on March 31, 2016 8,000 Accrued Interest on 6% Bonds Payable 3,000 Total Current Liabilities 62,272 6% Bonds Payable due 2020 100,000 Unamortized Discount on Bonds Payable 6,732 93,268 Total Liabilities 155,540 Stockholder’s Equity Common Stock 125,000 shares, par value $1 authorized 100,000 shares issued and outstanding 130,000 Paid in Capital in Excess of Par 946,000 Retained Earnings 35,455 Total Stockholders’ Equity 1,111,455 Total Liabilities and Stockholders’ Equity 1,266,995 GeneralProducts provides us financial and business related data for 2016 below. Trades Marks were acquired for $200,000 in 2015.Estimated useful at the time of acquisition was 20 years There was a litigation brought out by a competitor against the Trade Mark. GeneralProducts could successfully defend this litigation at a cost of $ 45,000. New useful life of Trade Mark is estimated to be 25 years from the date of acquisition. All sales are on credit and total $ 940,560. COGS are $780,650. Included in the total sales of $940,560 are the sales of GeneralProducts brand 6000 soap powder boxes GeneralProducts includes one coupon in every soap powder box. Customers can redeem 4 coupons for one Kitchen utensil. Based on past experience 60% of the coupons are redeemed by customers. During 2016 3,400 coupons were redeemed. Purchase of premiums during 2016 total 1,000 premiums @ $1.10 each on credit. 6% Bonds Payable are issued on Jan 1 2015 to yield 8% interest. Interest is paid semi-annualy on Jan 1st and June 30th. General Products can redeem these Bonds any time after June 30,2016 @ 101. To take advantage of lower interest rates and to finance the redemption of 6% Bonds on Sept.1st 2016, GeneralProducts issued 5%Bonds in the face value of $100,000 to yield 6% The maturity period of these 5% Bonds is 10 years and interest is paid semi-annually on 1st Jan and 30th June. The proceeds from the issue of 5% Bonds are used to redeem 6% Bonds Payable @ 101 on Sept.1st 2016. Selling Administrative Expenses excluding depreciation are $87,345. PP

Orange Company Uses A Job Order Cost System. The Following Data Summarize The Operations

Orange Company uses a job order cost system. The following data summarize the operations related to production for October: a) Purchased materials on account, $430,000 b) Materials requisitioned, $400,000, of which $60,000 was for general factory use. c) Factory labor used, $590,000, of which $80,000 was indirect. d) Other costs incurred on account for factory overhead, $120,000; selling expenses, $190,000; and administrative expenses, $22,000. e) Prepaid expenses expired for factory overhead were $15,000; for selling expenses, $12,000; and for administrative expenses, $9,000. f) Depreciation for office building was $75,000; of office equipment, $30,000; and of factory equipment, $50,000. g) Factory overhead costs applied to jobs, $250,000 h) Jobs Completed, $800,000 i) Cost of goods sold, $500,000 Instructions: Record the journal entries for the summarized operations.

Selected Financial Information For Edwards Company For 2019 Follows: Sales $ 800,000 Cost Of

Selected financial information for Edwards Company for 2019 follows: Sales $ 800,000 Cost of goods sold 500,000 Merchandise inventory Beginning of year 37,500 End of year 42,500 Required Assuming that the merchandise inventory buildup was relatively constant, how many times did the merchandise inventory turn over during 2019? (Round your answer to 2 decimal places.)

Swartz Corporation Wrote Off A $1,600 Uncollectible Account Receivable Against The $48,000 Balance In

Swartz Corporation wrote off a $1,600 uncollectible account receivable against the $48,000 balance in its allowance account. Required Explain the effect of the write-off on Swartz’s current ratio. Give your answer in the space provided below

What Is The Most Effective Way Of Ensuring That All Receipts Have Been Correctly

What is the most effective way of ensuring that all receipts have been correctly processed

Company XYZ Uses A Standard Costing To Evaluate Operational Performance Against Budget. The Following

Company XYZ uses a standard costing to evaluate operational performance against budget. The following budget and actual information is presented to you as the accountant: Budget Production and sales:                    50 000 units Material usage per unit:              7kg Price per kg:                                     R10 Labour minutes per unit:              15 min Total direct labour cost:                R2 000 000 Variable costs:                                R1 500 000 Actual Production and sales:                    47 500 units Material used:                                356 250kg Cost of material:                             R3 241 875 Labour minutes:                             703 000 min Total direct labour cost:                R1 900 000 Variable costs:                                R1 400 000 REQUIRED: Identify and apply an appropriate variance analysis to evaluate direct material, direct labour and variable overheads (where applicable, express answers to one decimal place). Please provide possible reasons for the discrepancies.                         

The Following Financial Statements Apply To Karl Company: 2019 2018 Revenues Net Sales $

The following financial statements apply to Karl Company: 2019 2018 Revenues Net sales $ 420,000 $ 350,000 Other revenues 16,000 10,000 Total revenues 436,000 360,000 Expenses Cost of goods sold 252,000 206,000 Selling expenses 42,000 38,000 General and administrative expenses 22,000 20,000 Interest expense 6,000 6,000 Income tax expense 42,000 36,000 Total expenses 364,000 306,000 Net income $ 72,000 $ 54,000 Assets Current assets Cash $ 8,000 $ 16,000 Marketable securities 2,000 2,000 Accounts receivable 70,000 64,000 Inventories 200,000 192,000 Prepaid expenses 6,000 4,000 Total current assets 286,000 278,000 Plant and equipment (net) 210,000 210,000 Intangibles 40,000 0 Total assets $ 536,000 $ 488,000 Liabilities and Stockholders’ Equity Liabilities Current liabilities Accounts payable $ 80,000 $ 108,000 Other 34,000 30,000 Total current liabilities 114,000 138,000 Bonds payable 132,000 134,000 Total liabilities 246,000 272,000 Stockholders’ equity Common stock (100,000 shares) 230,000 230,000 Retained earnings 60,000 (14,000 ) Total stockholders’ equity 290,000 216,000 Total liabilities and stockholders’ equity $ 536,000 $ 488,000 Required Calculate the following ratios for 2018 and 2019. Since 2017 numbers are not presented, do not use averages when calculating the ratios for 2018. Instead, use the number presented on the 2018 balance sheet. Price-earnings ratio (market prices at the end of 2018 and 2019 were $11.88 and $9.54, respectively). (Round your intermediate calculations and final answers to 2 decimal places.) Book value per share of common stock. (Round your answers to 2 decimal places.) Times interest earned. Exclude extraordinary income in the calculation as they cannot be expected to recur and, therefore, will not be available to satisfy future interest payments. (Round your answers to 2 decimal places.) Working capital. Current ratio. (Round your answers to 2 decimal places.) Quick (acid-test) ratio. (Round your answers to 2 decimal places.) Accounts receivable turnover. (Round your answers to 2 decimal places.) Inventory turnover. (Round your answers to 2 decimal places.) Debt to equity ratio. (Round your answers to 2 decimal places.) Debt to assets ratio. (Round your answers to the nearest whole percent.)

Balance Sheet And Statement Of Stockholders’ Equity You Are The Controller At Gander, Inc.

Balance Sheet and Statement of Stockholders’ Equity You are the Controller at Gander, Inc. and are responsible for preparing and analyzing the balance sheet for December 31, 2018, the end of the company’s fiscal year. Gander Inc. had the following balance sheet balances at December 31, 2017: GANDER, INC. Balance Sheet As of December 31, 2017. GANDER, INC. Balance Sheet As of December 31, 2017 Cash $13,596 Accounts payable $44,616 Accounts receivable $24,948 Inventories $130,360 Plant assets (net) $150,000 Common stock $250,000 Retained earnings $24,288 Total Assets $318,904 Total Liabilities

Please Read Through The Case Study Below And Answer The Questions That Follow. Company

Please read through the case study below and answer the questions that follow. Company LJIT is an organisation that specialises in the assembly and supply of a critical component in two variants (Standard and Performance) to a motor cycle manufacturer. The component is supplied on a Just-in-time (JIT) basis and it is essential that the customer is supplied on time to prevent delays in the production process. Company LJIT have been operational for the last year and there is uncertainty amongst management as to whether Company LJIT is operating at optimum capacity. There were a number of instances where supply was late and where excessive costs were incurred. They have just employed a new accountant that has suggested implementing an Activity-Based Costing (ABC) system to increase cost visibility and identify areas of improvement. The accountant was tasked to prepare a new budget for the next year (2020). The following information was presented to the accountant to assist with compiling the budget: ABC cost information Company LJIT has five main operational activities, namely purchasing, preparation, assembly, inspection and sequencing (to the customer). The five activities are to be reflected in different cost centres. The assembly of the components is mostly automated and the inspection of the goods is a manual process. Projected administrative overheads totalling R5 000 000 are not considered for the ABC evaluation. Activity cost centre Budgeted costs Cost driver Purchasing (raw material) R7 500 000 Number of purchase orders Preparation R3 250 000 Weight of parts Assembly R20 000 000 Machine time Inspection R1 250 000 Labour time Sequencing R1 500 000 Number of units sequenced Total R33 500 000 Product Standard Performance Budgeted units 30 000 10 000 Selling price per part R3 000 R5 000 Material cost per part R2 000 R3 750 Number of purchase orders 10 000 8 000 Net weight of part 50kg 65kg Cycle time per part 5 min 8 min Inspection time 1 min 1.25 min Additional budget information Company LJIT expects to obtain a long-term loan to assist them with the purchase of equipment valued at R10million on 1 January 2020. The interest payable on the loan is a nominal 15% per annum. The loan is repayable of 5 years and the first instalment plus interest is due at the end of the year. The equipment are depreciated over 5 years on the straight-line method. The company has negotiated the following payment terms: Customer                                                         30 days from the end of the month Raw material supplier                                   60 days from the end of the month All other overheads and expenses are paid for the current month. Assume sales and material purchases are distributed evenly over the 12 months of the year and that inventory is expected to be unchanged. The following balances are expected to be reflected in the books of Company LJIT as at 31 December 2019: Cash on hand                                                     R12 500 000 Machinery                                                           R15 000 000 Accumulated depreciation                              R3 000 000 Trade receivables                                              R10 000 000 Trade payables                                                 R15 000 000 Inventory                                                             R2 500 000 Capital and reserves                                         R18 000 000 Retained earnings                                               R4 000 000 Ignore any possible taxation implications. Questions: 1. Prepare an appropriate forecast of the project cash flows for the year 2020.       NB. Only one monetary column is required 2. Prepare the following: 2.1    Budgeted Income statement for the year ended 31 December 2020.    2.2    Statement of financial position as at 31 December 2020 for the year 2020.                                                                                         3. Calculate the current ratio and gross profit margin.                                                                      4. Determine the activity cost rates using ABC and advise management on any key focus areas.

I Have A Question About: How Can I Put This Journal Entry On The

I have a question about: How can I put this journal entry on the consolidation worksheet? — Journal entry recorded for Contingent Liability: BCVR                    Dr. $7,000 DTA.                      Dr. $3,000         To Contingent Liabilities                                $10,000 (This entry will be posted in consolidation worksheet) — I am not sure my answer is right, can you correct it for me?

I Can Not Figure Out Net Income I Have Tried 4266.05 And 4746 And

I can not figure out net income I have tried 4266.05 and 4746 and 4269.05.

The Inventory Footnote From Deere

The inventory footnote from Deere

You Are The Audit Senior On The Tony Pty Limited Audit. Tony Pty Is

You are the audit senior on the Tony Pty Limited audit. Tony Pty is a distributor of daily products. Tony Pty uses an on-line computer system. No goods are manufactured in-house; rather, Tony Pty maintains a stock of raw materials and sub-contracts the manufacture of its products to third parties. Approximately 50 suppliers and sub-contractors are used and all have proven to be reliable. You have made the following notes about the inventory system: Procedures for raw materials Separate systems, staff and warehouses are maintained for both raw materials and finished goods. • Purchase orders are automatically generated by the computer when stocks of any raw material fall below 70% of the prior month’s usage. The purchase orders contain the following details: date; supplier name and address; raw material needed. • Three copies of the purchase order are produced and distributed as follows: Copy 1—to warehouse to enable follow up of late orders. Copy 2—filed by accounts clerk in date order. Copy 3—sent to supplier. • When raw material stocks are received, the bar codes attached to the delivery boxes by the supplier are scanned into the system. A two-part Goods Received Note (GRN) is then produced: Copy 1—matched to warehouse copy of purchase order by stores staff. Copy 2—filed by accounts clerk. The scanning process is aborted if the codes do not match those on the masterfile. Procedures for finished goods Production orders are automatically generated when finished goods fall below 60% of the prior month’s sales. The production orders contain the following details: date; sub-contractor’s name; raw materials required; finished goods needed. Two copies of the production order are produced: Copy 1—to raw materials store for use as a picking slip, then it is packed with goods and sent to the supplier. Copy 2—filed by production controller in date order. • When the finished goods stocks are received, the bar codes attached to the delivery boxes by the supplier are scanned into the system. A two-part GRN is then produced: Copy 1—matched to production controller’s copy of production order. Copy 2—filed by accounts clerk. The scanning process is aborted if the codes to not match those on the masterfile. General notes • The computer automatically selects the supplier of both raw materials and finished goods based on: the latest price (as per their most recent invoice). their delivery times (based on the number of days between the date the purchase/ production order is raised and the date the goods are scanned by the warehouse). • Password access is as follows: Stores staff (raw materials):Purchase order printing for raw materials only. GRN printing for raw materials. Stores staff (finished goods):GRN printing for finished goods. Production controller:Production order printing, masterfile amendments. Accounts clerk:Masterfile amendments Masterfile amendments • The stock masterfile contains details of: existing stock items including codes and warehouse location; approved suppliers and sub-contractors. • Orders will only be generated to suppliers and sub-contractors recorded on the masterfile. • Masterfile changes are made by the production controller for both raw materials and finished goods inventory. A masterfile amendment form is completed by the production controller as a record of the changes made. Required: (a)Identify six (6) weaknesses in the internal controls described. Discuss the implications of each of the weaknesses you have identified. (b)Assume your IT audit division is to perform testing of controls for the inventory systems described. Identify two tests that you would recommend they perform.

Present Your Perspective On The Disadvantages And Advantages Of Rules-based And Principle Based Accounting

Present your perspective on the disadvantages and advantages of rules-based and principle based accounting standards, in relation to the expensing of goodwill

I Can Not Figure Out Dividends I Have Tried 100, -100, ,472, 327,-327,427, -427

I can not figure out dividends i have tried 100, -100, ,472, 327,-327,427, -427

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