Portsmouth Company makes upholstered furniture. Its only variable cost is direct materials. The demand for the company's products far exceeds its manufacturing capacity. The bottleneck (or constriant) in the production process is upholstery labor-hours. Information concerning three of Portsmouth's upholstered chairs appears below:

Required:

1. Portsmouth is considering paying its upholstery laborers additional compensation to work overtime. Assuming that this extra time would be used to produce sofas, up to how much of an overtime premium per hour should the company be willing to pay to keep the upholstery shop open after normal working hours?

2. A small nearby upholstering company has offered to upholster furniture for Portsmouth at a price of $42 per hour. The management of Portsmouth is confident that this upholstering company’s work is high quality and their craftsmen can work as quickly as Portsmouth’s own craftsmen on the simpler upholstering jobs such as the Love Seat. How much additional contribution margin per hour can Portsmouth earn if if it hires the nearby upholstering company to make Love Seats?

3. Should Portsmouth hire the nearby upholstering company?

Landen Corporation uses a job-order costing system. At the beginning of the year, the company made the following estimates:

During the year, Job 550 was started and completed. The following information is available with respect to this job:

Required:

1. Assume that Landen has historically used a plantwide predetermined overhead rate with direct labor-hours as the allocation base. Under this approach:

a. Compute the plantwide predetermined overhead rate.

b. Compute the total manufacturing cost of Job 550.

c. If Landen uses a markup percentage of 200% of its total manufacturing cost, what selling price would it establish for Job 550?

2. Assume that Landen’s controller believes that machine-hours is a better allocation base than direct labor-hours. Under this approach:

a. Compute the plantwide predetermined overhead rate.

b. Compute the total manufacturing cost of Job 550.

c. If Landen uses a markup percentage of 200% of its total manufacturing cost, what selling price would it establish for Job 550?

(Round your intermediate calculations to 2 decimal places. Round your Predetermined Overhead Rate answers to 2 decimal places and all other answers to the nearest whole dollar.)

Instructions:

Prepare an income statement, retained earnings statement, balance sheet, and statement of cash flows for the year ended May 31, 2019 in good form. See examples on 3-14, 3-15, and 11-20 of the textbook. Be sure to include subtotals like current assets, current liabilities, and gross profit. I already answered the income statement, retained earnings statement and balnce sheet. I just need help on the statement of cash flows please?

Corrigan Enterprises is studying the acquisition of two electrical component insertion systems for producing its sole product, the universal gismo. Data relevant to the systems follow.

Corrigan’s selling price is $60 per unit for the universal gismo, which is subject to a 10 percent sales commission. (In the following requirements, ignore income taxes.)

1.) How many units must the company sell to break even if Model 6754 is selected? (Do not round intermediate calculations and round your final answer up to nearest whole number.)

2.) 2-a. Calculate the net income of the two systems if sales and production are expected to average 46,000 units per year.

2-b. Which of the two systems would be more profitable?

Model No. 6754 or Model No. 4399

3.) Assume Model 4399 requires the purchase of additional equipment that is not reflected in the preceding figures. The equipment will cost $420,000 and will be depreciated over a five-year life by the straight-line method. How many units must Corrigan sell to earn $964,000 of income if Model 4399 is selected? As in requirement (2), sales and production are expected to average 46,000 units per year. (Do not round intermediate calculations and round your final answer up to nearest whole number.)

4.) Ignoring the information presented in part (3), at what volume level will the annual total cost of each system be equal? (Do not round intermediate calculations and round your final answer up to nearest whole number.)

The Parties: Kara & Karl Kelsey – owners of Karacal Kitchens Nia Netsuke – home owner in Battery Point Barry Brickle – Karl’s cousin and employee of Karacal Kitchens Mark Smith – 15-year-old worker The Facts: Kara and Karl Kelsey own and operate Karacal Kitchens, a small business operating from premises at Coleman Street in Moonah. The business custom designs, manufactures and installs bespoke kitchens. The business began operating in 2010 and by the end of 2018 it employed two cabinet makers and two designers. One of these designers is Barry Brickle, he has worked for Karacal Kitchens since the partnership was established in 2010. He is Karl’s cousin and he lent the partnership $100 000 when it commenced business. He has not been repaid these funds but receives interest from the partnership. He works for a salary, designing kitchens and on occasion he assists in the manufacture and installation of kitchens. Nia Netsuke owns a home in Battery Point in Hobart. Barry Brickle lives next door to Nia and in December 2018 she asks Barry for a quote to design, manufacture and install a new kitchen in her home. Barry is thinking about retiring from his work with Karacal Kitchens so decides to provide the quote to his neighbour without informing the partnership. He has his own large shed at his home in Battery Point and believes he will be able to create the kitchen and install it without informing Karacal Kitchens. Barry provides drawings and design specifications to Nia. He quotes $45 000 for the work. This quote is not written up using the standard form used by Karacal Kitchens. Barry prepares the design while on site at the Karacal Kitchens business premises in Moonah. Nia accepts the quote and Barry commences work on the kitchen on the 20 January 2019. He believes that it will take between three to four weeks of work to construct and install the new kitchen. Barry books three weeks leave with Karacal Kitchen. He approaches his friend’s grandson Mark Smith who is fifteen years old and looking for work. Barry offers Mark 20 hours a week work, assisting in the construction of Nia’s kitchen. He agrees to pay him $20 per hour. At the end of February Nia’s kitchen is not complete, Barry has been too sick to work, and Mark has little ability to work unsupervised. Rather than disappoint his neighbour, Barry approaches Kara Kelsey and lets her know he has started work on a kitchen for his neighbour. Kara is annoyed but agrees to have the partly assembled kitchen moved to the factory in Coleman Street, Moonah. The kitchen is then finished and installed by Karl into Nia’s home in the first week in March. Karacal Kitchens sends Nia an invoice for $50 000 for the kitchen. Nia objects to paying this amount, saying she had been quoted $45000. Barry also sends an invoice to Karacal Kitchens for $12 000 saying he had purchased a lot of material himself that he used to construct Nia’s kitchen. Mark also sent an invoice for his work to Karacal Kitchens – (60 hours X $20 per hour) = $1200. He says he is owed this for working in Barry’s shed on Nia’s kitchen. QUESTION:Questions on Contracts: Formation and Contents 1. Are there any enforceable agreements between any of the parties? If so who are the parties to the agreement and what are the terms? 2. Can either Barry, Karl and Kelsey argue that there is no contract with Mark because he is a minor? 3. Can Nia use the legal principle ‘privity of contract’ to argue that she does not have to pay Karacal Kitchens for the kitchen? Question on Contracts: Validity and Ending 4. Can Karl and Kara use the legal principle of ’termination by subsequent agreement’ to make the contract between Karacal Kitchens and Nia fully enforceable? Questions on Competition and Consumer Law and Law of Agency 5. Would the Australian Consumer Law apply to any of agreements? Why/why not? 6. What legal relationship do you believe Barry has with Karacal Kitchens? Is he an employee or an agent and why does it matter?

Comparing Three The systematic periodic transfer of the cost of a fixed asset to an expense account during its expected useful life.Depreciation Methods

Waylander Coatings Company purchased waterproofing equipment on January 6 for $661,800. The equipment was expected to have a useful life of four years, or 8,800 operating hours, and a The estimated value of a fixed asset at the end of its useful life.residual value of $54,600. The equipment was used for 3,300 hours during Year 1, 2,700 hours in Year 2, 1,600 hours in Year 3, and 1,200 hours in Year 4.

Required:

1. Determine the amount of depreciation expense for the years ended December 31, Year 1, Year 2, Year 3, and Year 4, by (a) the A method of depreciation that provides for equal periodic depreciation expense over the estimated life of a fixed asset.straight-line method, (b) the A method of depreciation that provides for depreciation expense based on the expected productive capacity of a fixed asset.units-of-output method, and (c) the A method of depreciation that provides periodic depreciation expense based on the declining book value of a fixed asset over its estimated life.double-declining-balance method. Also determine the total depreciation expense for the four years by each method.

Note: FOR DECLINING BALANCE ONLY, round the multiplier to four decimal places. Then round the answer for each year to the nearest whole dollar.

a) For the last 3 years, the JCR corporation has averaged annual gross receipts of $27 million. This year, JCR has EBITDA of $6,000,000, and it has incurred $2,100,000 in business interest expense. What can JCR deduct as business interest in the current year?

b) Assume that in the following year, JCR has EBITDA of $7,000,000, and it has incurred $1,500,000 in business interest expense. What can JCR deduct as business interest?

explain distributed leadership, include why it has garnered scholars' attention. Does the theory merit the attention it has received? what value might it provide beyond what other leadership theories already provide

The accounting record for St. Louis Cardinals, baseball club in St. Louis, MO, reported the following selected information: Account Amount Cost of Tickets Sold 97,000 Depreciation Expense 36,000 Furniture and Equipment 72,000 Income Tax Expense 13,800 Insurance Expense 29,000 Interest Expense 15,900 Investment Expense 4,600 Marketing Expense 62,000 Prepaid Expense 16,800 Salaries Expense 78,000 Supplies Expense 35,000 Utilities Expense 41,000 Determine St. Louis Cardinal's selling, general and administrative expenses. (a.k.a. Operating Expenses.)

Hannah Ortega is considering expanding her business. She plans to hire a salesperson to cover trade shows. Because of compensation, travel expenses, and booth rental, fixed costs for a trade show are expected to be $11,400. The booth will be open 30 hours during the trade show. Ms. Ortega also plans to add a new product line, ProOffice, which will cost $175 per package. She will continue to sell the existing product, EZRecords, which costs $96 per package. Ms. Garcia believes that the salesperson will spend approximately 20 hours selling EZRecords and 10 hours marketing ProOffice.

Required

1. Determine the estimated total cost and cost per unit of each product, assuming that the salesperson is able to sell 82 units of EZRecords and 45 units of ProOffice.

2. Determine the estimated total cost and cost per unit of each product, assuming that the salesperson is able to sell 194 units of EZRecords and 109 units of ProOffice.

(For all requirements, round "Cost per unit" to 2 decimal places.)

How are absorption costing and variable costing the​ same? How are they​ different? Give one example on how management uses either absorption costing or variable costing to make a decision. Your answer should be in complete sentences with proper grammar and spelling. no handwriting

In this course, we have examined the importance of setting financial goals and strategies to achieve these goals. For this assignment students will research the practical aspects of financial planning. Assume you have graduated from UOIT and now work in your desired field. You are now 40 years old, have paid off your student loans, you have a life partner and 1 child. You just purchased your first home and are now ready to start saving for retirement which you are planning to start at age 65.

2. Which types of accounts will you be opening and why? What are the fees involved with each type of account?

Ethics Case

What should he do?

Tobias Ivanov, a senior accountant, has just completed his third year at a large accounting firm. During this time, Tobias has been consistently evaluated as an above average performer and a “team player.” Lately Tobias has been concerned about the heavy work load in this firm and has decided to enroll in an MBA program. He recently applied for admission to several of the nation's top business schools. The school in which Tobias is most interested had an October 1 deadline for a trial financial aid package, designed to attract top candidates, which covers all costs and pays $10,000 per year. This is the first year for the program and there is no guarantee that the program will be available in future years. Based on his conversations with university officials, Tobias is quite optimistic about being admitted and receiving the funding, even though a final decision will not be made until February. Tobias plans to enter an MBA program, even without the special funding, beginning in August of the following years, but he has told no one at the firm of his plans.

Janice Conrad, a partner in charge of training and development for the local office, has just received information from the national office of the firm related to a five-month accounting internship-exchange program the firm has arranged with offices in Europe, Australia, and Russia. Applicants must have three to five years with the firm, be above-average performers, have long-term career potential with the firm, and be fluent in the host country’s language. Janice immediately thinks of Tobias, who is a first-generation American with strong family connections in Russia. Janice arranges to have lunch with Tobias the next day.

At lunch Janice confirms that Tobias is fluent in Russian and then presents to him the information on the five-month internship in the Moscow office, from January through May of the following year. Tobias and Janice talk with excitement about the personal and professional benefits of five other relatives who live in Russia. The firm would benefit by having someone with experience in the Moscow office. Janice thinks Tobias has an excellent chance of being selected for the program and offers to write a recommendation letter for him. She gives Tobias an application and encourages him to complete it immediately, since it is now mid-October and the application deadline is November 1.

That night, Tobias sits down to consider his career plans. Although he is very excited about the opportunity to go to Moscow, he is also convinced that he would love to enroll in a full-time MBA program in the fall. He realizes that it is possible to intern in the Moscow office from January through May, return to his current office for June and July, and then begin the MBA program in August. Tobias wonders if he should talk to Janice about his MBA plans, but he hesitates. He knows that firm policy requires only a two-week notice prior to leaving the firm. Tobias decides that there is no harm in applying, but he questions his long-term intentions with the firm and wonders what to do.

Address the following Questions using complete sentences/paragraphs. Your write up should be a minimum of 1.5 pages, and could be more.

1. Identify the relevant facts of the case.
2. Identify the ethical issues within this case.
3. Identify and list the primary stakeholders in this case.
4. Identify and discuss the possible alternatives for the dilemma and the ethics of each alternative.
5. What, if any, are the constraints to the alternatives?
6. What action should be taken by Tobias and Janice depending on the alternative taken?

Single Plantwide Factory Overhead Rate

Spotted Cow Dairy Company manufactures three products—whole milk, skim milk, and cream—in two production departments, Blending and Packing. The factory overhead for Spotted Cow Dairy is $288,600.

The three products consume both machine hours and direct labor hours in the two production departments as follows:

Required:

1. Determine the single plantwide factory overhead rate, using each of the following allocation bases: (a) direct labor hours and (b) machine hours. If required, round all amounts to the nearest dollar.

2. Determine the product factory overhead costs, using (a) the direct labor hour plantwide factory overhead rate and (b) the machine hour plantwide factory overhead rate.