Problem 4-3A Computing merchandising amounts and formatting income statements LO C2, P4

Valley Company’s adjusted trial balance on August 31, 2018, its fiscal year-end, follows.

On August 31, 2017, merchandise inventory was $24,614. Supplementary records of merchandising activities for the year ended August 31, 2018, reveal the following itemized costs.

  
Required:

1. Compute the company’s net sales for the year.
2. Compute the company’s total cost of merchandise purchased for the year.
3. Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses.
4. Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, and general and administrative expenses.

(1)        The standard costs of wooden ducks on wheels, for the CURRENT year, for 5 mm board and for cutting are as follows:-

            5 mm board: 0.2 sq. metre at £4.50 per sq. metre.

            Cutters: 1.5 minutes at £7.20 per hour.

In the most recent period, 120 wooden ducks on wheels were produced.

25 sq. metres of 5 mm board were requisitioned from stores at a total cost of £110.

            2.75 hours were recorded for cutters at a total cost of £22.

            Required

(a)        Calculate the material price variance and material usage variance for 5 mm board

(ii)        Calculate the wage rate variance and labour efficiency variance for cutters

Suggest possible reasons for the variances calculated.

(2)        Given standard cost per unit:

            Direct materials (4 kg. @ 75p per kg)

            Direct labour (2 hrs @ £1.60 per hr)

            Actual details are:

            Calculate:         Material and labour variances.

Becher Industries has three suppliers for its raw materials for manufacturing. The firm purchases $210 million per year from Johnson Corp. and normally takes 30 days to pay these bills. Becher also purchases $150 million per year from Jensen, Inc., and normally pays Jensen in 45 days. Becher's third supplier, Docking Distributors, offers 2/10, n.30 terms. Becher takes advantage of the discount on the $90 million per year that it typically purchases from Docking. Calculate Becher's expected accounts payable balance. Assume that all purchases are made evenly across the year. (Use a 360-day year for your calculations; for example, calculate Johnson's accounts as $180 million × 30/360.) An answer of $1.2 million should be entered as 1,200,000. Do not round your intermediate calculations. Round your answer to two decimal places.

Can I see the solution for Excel applications for accounting principles P9 ticklers(optional) DEPECT?

What are the challenges a US based hotel may face in the Greece because of its accounting standards?

In January 20X3, Elliott Industries recorded the following transactions:

1. Paid bills from 20X2 totaling $120,000 and collected $150,000 for sales that were made in 20X2.
2. Purchased inventory on credit totaling $500,000, 30% of which remained unpaid at the end of January.
3. Sold $375,000 of inventory on credit for $550,000, 20% of which remained uncollected at the end of the month.
4. Accruals increased by $12,000 during the month.
5. Made additional cash payments for expenses incurred during the month totaling $90,000.

Compute the change in Elliott's working capital for the month of January 20X3. (Hint: Each transaction has offsetting entries that sum to zero. If all of the entries are to current accounts, there's no impact on working capital. But if one side is somewhere else, working capital will change.)

Riley incorporated reports the following amounts at the end of the year:

Cash 3200, Building 60,000, account payable 8500, interest expense 4000, Adverting expense 11,300, Service revenue 92,500, Salaries expense 72,800, Equipment 72,000, Supplies 6,400, Notes payable 40,000.

IN addition the company had common stock of $65,000 at the beginning of the year and issued an additional $5,000 during the year the company also had retained earnings of $20,700 at the beginning of the year and paid dividends of $2,000 during the year. Prepare the income statement of stockholder's equity and balance sheet:

Net income _______________________

Ending balance of common stock __________________

Ending balance of retained earning__________________

Ending total stockholder's equity__________________

Total assets__________

Total current assets____________

Total liabilities___________________

Total liabilities and shareholders equity ________________

On March 1, 2021, Bearcat lends an employee $11,500. The employee signs a note requiring principal and interest at 12% to be paid on February 28, 2022. Record the adjusting entry for interest at its year-end of December 31.

A- FOR THE FOLLOWING MANGEMENT ASSSERTION IDENTIFY WHETHER IT IS ABOUT CLASSES OF TRANSACTIONS AND EVENTS, ABOUT ACCOUNT BALANCES OR MANGEMENT ASSERTIONS ABOUT PRESENTATION AND DISCLOSURES B- ALSO INDICATE THE NAME OF THE ASSERTION MADE BY MANAGEMENT a) All sales transactions have been recorded b) Receivables are appropriately classified as to trade and other receivables in the financial statements and are clearly described c) Accounts receivable are recorded at the correct amounts d) Sales transactions have been recorded in the proper period e) Sales transactions have been recorded int eh appropriate accounts f) All required disclosures about sales and receivables have been made g) All accounts receivable have been recorded

The following incomplete balance sheet for the Sanderson Manufacturing Company was prepared by the company’s controller. As accounting manager for Sanderson, you are attempting to reconstruct and revise the balance sheet.

Additional information ($ in 000s):

1. Certain records that included the account balances for the patent and shareholders’ equity items were lost. However, the controller told you that a complete, preliminary balance sheet prepared before the records were lost showed a debt to equity ratio of 1.1. That is, total liabilities are 110% of total shareholders’ equity. Retained earnings at the beginning of the year was $6,400. Net income for 2021 was $2,150 and $450 in cash dividends were declared and paid to shareholders.
2. Management intends to sell the investments in the next six months.
3. Interest on both the notes and the bonds is payable annually.
4. The notes payable are due in annual installments of $1,600 each.
5. Deferred revenue will be recognized as revenue equally over the next two fiscal years.
6. The common stock represents 600,000 shares of no par stock authorized, 370,000 shares issued and outstanding.

Required:
Prepare a complete, corrected, classified balance sheet. (Amounts to be deducted should be indicated by a minus sign.)

Rolfe Company (a U.S.-based company) has a subsidiary in Nigeria where the local currency unit is the naira (NGN). On December 31, 2016, the subsidiary had the following balance sheet (amounts are in thousands (000's)):

The subsidiary acquired the inventory on August 1, 2016, and the land and building in 2010. It issued the common stock in 2008. During 2017, the following transactions took place:

The U.S dollar ($) exchange rates for 1 NGN are as follows:

1. Assuming the NGN is the subsidiary's functional currency, what is the translation adjustment determined solely for 2017?

2. Assuming the U.S.$ is the subsidiary's functional currency, what is the remeasurement gain or loss determined solely for 2017?

Riley incorporated reports the following amounts at the end of the year:

Cash 3200, Building 60,000, account payable 8500, interest expense 4000, Adverting expense 11,300, Service revenue 92,500, Salaries expense 72,800, Equipment 72,000, Supplies 6,400, Notes payable 40,000.

IN addition the company had common stock of $65,000 at the beginning of the year and issued an additional $5,000 during the year the company also had retained earnings of $20,700 at the beginning of the year and paid dividends of $2,000 during the year. Prepare the income statement of stockholder's equity and balance sheet:

Net income _______________________

Ending balance of common stock __________________

Ending balance of retained earning__________________

Ending total stockholder's equity__________________

Total assets__________

Total current assets____________

Total liabilities___________________

Total liabilities and shareholders equity ________________

[The following information applies to the questions displayed below.]

The following financial statements and additional information are reported.

Additional Information

1. A $30,000 note payable is retired at its $30,000 carrying (book) value in exchange for cash.
2. The only changes affecting retained earnings are net income and cash dividends paid.
3. New equipment is acquired for $64,600 cash.
4. Received cash for the sale of equipment that had cost $55,600, yielding a $2,700 gain.
5. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement.
6. All purchases and sales of inventory are on credit.

rev: 12_05_2017_QC_CS-111198Using the direct method, prepare the statement of cash flows for the year ended June 30, 2017. (Amounts to be deducted should be indicated with a minus sign.)

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Imagine you are the HR manager at a company, and a female employee came to you upset because she felt a male coworker was creating a hostile work environment by repeatedly asking her out on dates even after she said “no”. What would you do?

Write a plan for how would you approach your conversation with each employee, including the most essential topics to cover. As you write your plan, think about what your goals are for this situation, and how each conversation will help you achieve those goals.

What are the objectives of budgeting? What are some of the advantages of an effective budgeting process?