What are two reports that can be used to reconcile a cash register? Explain (50–80 words) the distinguishing features of each.

3) Training Programs, Revisited As part of a quality improvement initiative, Consolidated Elec- tronics employees complete a three-day training program on teaming and a two-day training program on problem solving. The manager of quality improvement requested that at least 10 training programs on teaming and at least 10 training programs on problem solving be offered during the next six months. In addition, senior-level management specified that at least a total of 25 training programs must be offered during this period. Consolidated Electronics uses a consultant to teach the training programs. During the next six months, the consultant has 64 days of training time available. Each training program on teaming costs $12,000 and each training program on problem solving costs $6,000.

(a) How many training programs of each type should be offered? What would be the total cost of this? (3 points)

(b) Would the optimal number of training programs for each type change if the cost of problem solving trainings went up by $5000? Why or why not? (2 points).

(c) If management decided to relax the total number of trainings necessary by 3 to only 22 total trainings, what would you expect the reduction in cost to be? (2 points)

4. The division managers were able to provide reliable sales percentages for their product lines by geographical area.

Murphy prepared the following product-line income statement based on the data presented above.

1. Prepare a segmented income statement for Pacific Rim Industries based on the company’s geographical areas. The statement should show the operating income for each segment. (Do not round your intermediate calculations and round your final answers to the nearest dollar amount.)

Old School Publishing Inc. began printing operations on January 1. Jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $7,000 of indirect materials and $11,200 of indirect labor were used during the month. The cost sheets for the four jobs entering production during the month are as follows, in summary form: Job 301 Job 302 Direct materials $10,200 Direct materials $21,000 Direct labor 8,000 Direct labor 15,400 Factory overhead 6,080 Factory overhead 11,704 Total $24,280 Total $48,104

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JOURNAL

CHART OF ACCOUNTS Old School Publishing Inc.General Ledger

You are required to prepare a written research assignment that addresses one of the provided topics
below. The purpose of the task is for you to demonstrate high-level critical reflection and analytical
reasoning skills in the context of the application of Australian taxation law and taxation law policy. You
must undertake academic research which demonstrates the following:
1. An in-depth your understanding of how the specific tax law applies,
2. The policy context of the law and if relevant how other jurisdictions deal with similar issues,
3. Critical reflection as to whether the law achieves its stated purpose aligns with principles of
good tax policy or could be improved/amended. These critical reflections should be
supported by the research you have undertaken as well as your own independent thought.

TOPIC:

The current Liberal Government has a policy of reducing small business taxation through the reduction
in corporate tax rates for those with turnovers under a certain threshold. Provide an international
comparative analysis (choosing 1 other jurisdiction) of whether the taxation rate for small businesses
should be reduced and why.

What four questions can be asked while examining the reporting requirements of a business? Discuss in 150–180 words

Measures of liquidity, Solvency and Profitability

The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall Inc. common stock was $ 53 on December 31, 20Y2.

Required:

Determine the following measures for 20Y2, rounding to one decimal place, except for dollar amounts, which should be rounded to the nearest cent. Use the rounded answer of the requirement for subsequent requirement, if required. Assume 365 days a year.

Berne Company (lessor) enters into a lease with Fox Company to lease equipment to Fox beginning January 1, 2016. The lease terms, provisions, and related events are as follows:

Question

Assume that you are preparing Galore Ltd's yearly allowance for doubtful debts based on 2% of net credit sales,

which will potentially result in 10% growth rate. The managing director, Ms Sharon Shady (Sharon), suggested you to increase the allowance for doubtful debts to 4% in order to achieve a 5% growth rate. Sharon said to you that: "we do not want our shareholders to expect our company to sustain a 10% growth every year rather, a 5% growth rate is more sustainable for our company."

Question:

Part A

1). What are the relevant factors that should be considered when estimating yearly allowance for doubtful debts?

2). How does the allowance for doubtful debts potentially impact Galore Ltd's financial reports?

Part B

1). a. Is it ethical to follow the managing director, Sharon, to estimate the allowance for doubtful debts based on a predetermined 5% growth rate?

b. Will you follow Sharon's suggestion?

2). How does your decision about whether to follow Sharon's suggestion influence various stakeholders? You are required to provide detailed explanations.

What are the cost incurred for the benefit of several business units called?

a-Direct cost

B-variable cost

C-product cost

D-indirect cost

ABC Company employs a periodic inventory system and sells its inventory
to customers for $23 per unit. ABC Company had the following inventory
information available for the month of May:

May 1    Beginning inventory 1,500 units @ $12 cost per unit
May 8    Sold 1,100 units
May 13   Purchased 1,700 units @ $21 cost per unit
May 18   Sold 1,000 units
May 21   Purchased 1,600 units @ $18 cost per unit
May 28   Sold 800 units
May 30   Purchased 1,200 units @ $20 cost per unit

During May, ABC Company reported operating expenses of $5,000 and had
an income tax rate of 36%.

Calculate the amount of net income reported on ABC Company's income
statement for May using the LIFO method.

Explain ways to acquire ownership for gifts and non-gifts. (Ch 48)

What is the scope of Art. 2 of the UCC? Under Art 2,

what are ‘goods’ and who is a ‘merchant’? (Ch 20)

HolmesWatson (HW) is considering what the effect would be of reporting its liabilities under IFRS rather than U.S. GAAP. The following facts apply:

1. HW is defending against a lawsuit and believes it is virtually certain to lose in court. If it loses the lawsuit, management estimates it will need to pay a range of damages that falls between $5,500,000 and $10,500,000, with each amount in that range equally likely.
2. HW is defending against another lawsuit that is identical to item (a), but the relevant losses will only occur far into the future. The present values of the endpoints of the range are $3,500,000 and $8,500,000, with the timing of cash flow somewhat uncertain. HW considers these effects of the time value of money to be material.
3. HW is defending against another lawsuit for which management believes HW has a slightly worse than 50/50 chance of losing in court. If it loses the lawsuit, management estimates HW will need to pay a range of damages that falls between $3,500,000 and $9,500,000, with each amount in that range equally likely.
4. HW has $10,500,000 of short-term debt that it intends to refinance on a long-term basis. Soon after the balance sheet date, but before issuance of the financial statements, HW obtained the financing necessary to refinance the debt.

   
Required:
1. For each item, indicate how treatment of the amount would differ between U.S. GAAP and IFRS.
2. Consider the total effect of items a–d. If HW’s goal is to show the lowest total liabilities, which set of standards, U.S. GAAP or IFRS, best helps it meet that goal?

(1) Please define TWO of the following terms.

• Activity Base (Driver)
• Fixed Costs
• High-Low Method
• Mixed Costs
• Relevant Range
• Variable Costs

(2) Consider McDonald’s for a moment and list an example of each of the following costs that would be incurred by a McDonald’s restaurant: (a) a fixed cost, (b) variable cost, and (c) mixed cost. Please be specific and explain why each is a good fit in that category.

(Note: For the variable cost on your list, please identify the activity base (driver))