What is the budgeting cycle and master budget? Why should companies use a master budget?

In 1941, President Roosevelt spoke about the “four freedoms.” For many in the country, however, these did not seem to apply to all Americans. Discuss briefly how the four freedoms were received by different groups of Americans during the war. How did the four freedoms inspire many to strive for more equality?

Journal Entries and Trial Balance

Elite Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on March 31, 2018, follows:

The following business transactions were completed by Elite Realty during April 2018:

Required:

Use the attached spreadsheet to complete parts 1 and 3. Click on the Spreadsheet icon to open and save the Excel file to your computer. Your input into the spreadsheet will not be included in your grade in CengageNOW on this problem.

1. Enter the April 1, 2018, balance of each account in the appropriate balance column of a four-column account. The word Balance has been entered in the item section and a check mark (√) has been placed in the Posting Reference column.

2. Journalize and insert the Posting References for the transactions for April in a two-column journal beginning on Page 18. For a compound transaction, if an amount box does not require an entry, leave it blank.

3. Post to the ledger, extending the account balance to the appropriate balance column after each posting.

4. Using the balances from the spreadsheet, prepare an unadjusted trial balance of the ledger as of April 30, 2018. List all accounts in the order of Assets, Liabilities, Stockholders’ equity, Revenues, and Expenses. If an amount box does not require an entry, leave it blank.

5a. Assume that the April 30 transaction for salaries and commissions should have been $5,620. As a result, the unadjusted trial balance in (4) would  

5b. Assume that the April 30 transaction for salaries and commissions should have been $5,620. Journalize the correcting entry. If an amount box does not require an entry, leave it blank.

5c. Assume that the November 30 transaction for salaries and commissions should have been $5,620. Is this error a transposition or slide?

Soto Inc. had the following utility cost with the related activity levels for the previous months. The company thinks that the utility cost is related to the activity level.

Use the high-low method to separte the cost into its fixed and variable components and answer the following questions.

A) What is the variable cost per unit? $

B) What is the total fixed cost? $

C) At an activity level of 29 what would be the expected cost? $

Journal Entries and Trial Balance

On October 1, 2018, Jay Pryor established an interior decorating business, Pioneer Designs. During the month, Jay completed the following transactions related to the business:

Enter the following transactions on Page 2 of the two-column journal:

Required:

1. Journalize and insert the posting references for each transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. For a compound transaction, if an amount box does not require an entry, leave it blank.

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.)