[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?

Record the transactions in a journal, transfer the journal entries to T-accounts, compute closing amounts for the T-accounts, and construct a balance sheet to answer the question.

Jan 25. Purchase equipment for $43,000 in cash
Jan 26. Receive payment of $11,000 owed by a customer
Jan 27. Buy $14,000 worth of manufacturing supplies on credit

What is the final amount in Total Equity?

Please specify your answer in the same units as the balance sheet.

The sales staff of Central Media (a locally owned radio and cable television station) consists of two salespeople, Derek and Lawanna. During March, the following salaries and commissions were paid: Derek Lawanna Salaries $23,100 $29,100 Commissions 6,300 1,000 Derek spends 100% of his time selling advertising. Lawanna spends two-thirds of her time selling advertising and the remaining one-third on administrative work. Commissions are paid only on sales. Required: 1. Accumulate these costs by account by filling in the table provided. 2. Assign the costs of salaries and commissions to selling expense and administrative expense by filling in the table provided.

1. Mark Welsch deposits $7,100 in an account that earns interest at an annual rate of 8%, compounded quarterly. The $7,100 plus earned interest must remain in the account 5 years before it can be withdrawn. How much money will be in the account at the end of 5 years? (PV of $1, FV of $1, PVA of $1, and FVA of $1)

2. Dave Krug finances a new automobile by paying $6,800 cash and agreeing to make 10 monthly payments of $500 each, the first payment to be made one month after the purchase. The loan bears interest at an annual rate of 12%. What is the cost of the automobile? (PV of $1, FV of $1, PVA of $1, and FVA of $1

3. Otto Co. borrows money on April 30, 2016, by promising to make four payments of $22,000 each on November 1, 2016; May 1, 2017; November 1, 2017; and May 1, 2018. (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided. Round "Table Factor" to 4 decimal places.)
How much money is Otto able to borrow if the interest rate is 4%, compounded semiannually?

4.

Compute the amount that can be borrowed under each of the following circumstances: (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided. Round your "Table value" to 4 decimal places.)

1. A promise to repay $90,000 five years from now at an interest rate of 7%.
2. An agreement made on February 1, 2016, to make three separate payments of $17,000 on February 1 of 2017, 2018, and 2019. The annual interest rate is 3%

5. Kelly Malone plans to have $43 withheld from her monthly paycheck and deposited in a savings account that earns 12% annually, compounded monthly. If Malone continues with her plan for two and one-half years, how much will be accumulated in the account on the date of the last deposit? (PV of $1, FV of $1, PVA of $1, and FVA of $1)

6. Starr Company decides to establish a fund that it will use 2 years from now to replace an aging production facility. The company will make a $105,000 initial contribution to the fund and plans to make quarterly contributions of $45,000 beginning in three months. The fund earns 8%, compounded quarterly. (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided. Round your "Table Factor" to 4 decimal places and final answer to the nearest whole dollar.)

What will be the value of the fund 2 years from now?

*can someone please explain/show me the process of this problem? Thanks in advance!

Scott Company uses an absorption costing system based on standard costs. Total variable manufacturing costs, including direct materials, are $3.00 per unit. The standard production rate is 10 units per machine hour. Total budgeted and actual fixed manufacturing overhead costs are $420,000. Fixed manufacturing overhead is allocated at $6.00 per machine hour ($420,000 / 70,000 machine hours of denominator level). Selling price is $6.00 per unit. Variable operating costs, which are driven by units sold, are $1.25 per unit. Fixed operating costs are $140,000. Beginning inventory is 24,000 units; ending inventory is 43,000. Sales are 541,000 units. The same standard unit costs persisted throughout last year and this year. For simplicity, assume that there are no price, spending, and efficiency variances. Required: Compute

a. Operating income under absorption costing

Answer: $398,150

b. Operating income under variable costing

Answer: $386,750

c. The breakeven point under absorption costing

Answer: $194,783

d. The breakeven point under variable costing

Answer: $320,000

Financing Deficit

Stevens Textile Corporation's 2019 financial statements are shown below:

Balance Sheet as of December 31, 2019 (Thousands of Dollars)

Income Statement for December 31, 2019 (Thousands of Dollars)

Stevens grew rapidly in 2019 and financed the growth with notes payable and long-term bonds. Stevens expects sales to grow by 25% in the next year but will finance the growth with a line of credit, not notes payable or long-term bonds. Use the forecasted financial statement method to forecast a balance sheet and income statement for December 31, 2020. The interest rate on all debt is 7%, and cash earns no interest income. The line of credit is added at the end of the year, which means that you should base the forecasted interest expense on the balance of debt at the beginning of the year. Use the forecasted income statement to determine the addition to retained earnings. Assume that the company was operating at full capacity in 2019, that it cannot sell off any of its fixed assets, and that assets, spontaneous liabilities, and operating costs are expected to increase by the same percentage as sales. Determine the required line of credit. Do not round intermediate calculations. Round your answers to the nearest dollar.

Total assets: $ --------------

LOC: $ ---------------

Answer : Total assets : $ 36,450.

I need the LOC: $-----------------

Prepare journal entries to record each of the following PURCHASES transactions for Pink Pagoda Co. Please include the date of the entry in your answer and indent any credits.

1. April 17- Pink Pagoda purchases 500 units of product at a price of $15 per unit on an invoice dated April 17. Terms of the purchase are 2%/10, n/60.

2. April 20- Pink Pagoda returns merchandise from the April 17purchase and receives a credit for $500 to their account.

3. April 27- Pink Pagoda pays the balance due from the April 17 purchase less the return on April 20.

Prepare journal entries to record each of the following SALES transactions by Black Hat LLC. Include the date of the entry and indent any credits.

1. May 1 Black Hat sells merchandise for $5,000 with terms of 2%/10,net/60. The cost of the merchandise is $2,000.

2. May 3 The customer in the May 1 sale returns merchandise to Black Hat and receives credit for $500. The merchandise which had cost $200, was returned to Black Hat's inventory.

3. May 10 Black hat receives payment for the amount due from the May 1 sale less the return of May 3.

Assignment

Star Company has been manufacturing 10,000 units of Part 13 per month.  At this level of production, the company’s costs (expressed on a per-unit basis) follow:

Variable cost................................................................................................... $20.00

Fixed cost........................................................................................................... 7.50

            Total cost per part............................................................................... $27.50

Star can outsource the manufacture of 10,000 units of Part 13 to Huron Company at a cost of $24 per unit to Star.  Star has determined that if it does outsource the part, it can rent for $5,000 per month the facilities it presently uses to produce Part 13.  Star also has determined that fixed costs can drop by one-third if it outsources Part 13 to Huron.

2.   Assume, for this part only, that Star is considering using the facilities for Part 13 to make   Product MR5 instead of renting the facilities out, if it does decide to outsource Part 13.  What is the minimum amount of profit that new product MR5 must generate to justify the decision for Star to outsource Part 13?

1. Which of the following is true about property rights?

1. You don’t need property rights for real estate to have some value.
2. The right of use cannot be transferred.
3. They are the same in different states.
4. They give value to real estate.

2. What is the order of the Capital Stack in the order of first claims priority?

a. Senior Debt, Mezzanine, Junior Debt, Common Equity, Preferred Equity

b. Preferred Equity, Common Equity, Junior Debt, Mezzanine, Senior Debt

c. Senior Debt, Junior Debt, Mezzanine, Preferred Equity, Common Equity

d. Mezzanine, Common Equity, Senior Debt, Preferred Debt, Junior Equity

3. What type of lien can become senior to all other claims to a property?

1. Mechanics lien
2. Tax lien
3. Specific lien
4. General lien

4. Real Estate is the single largest component of wealth in society

True/False

A consulting firm has two departments, Corporate and Government. Computer support is common to both departments. The cost of computer support is $6 million. The following information is given: Gigabytes of Storage Number of Consultants Corporate 85,000 180 Government 35,000 230

Required: a. What is the cost charged to each department if the allocation is based on the number of gigabytes of storage? (Do not round intermediate calculations. Enter your answers in thousands of dollars.)

b. What is the cost charged to each department if number of consultants is the allocation basis? (Do not round intermediate calculations. Enter your answers in thousands of dollars.)

Magnolia Manufacturing makes wing components for large aircraft. Kevin Choi is the production manager, responsible for manufacturing, and Michelle Michaels is the marketing manager. Both managers are paid a flat salary and are eligible for a bonus. The bonus is equal to 1 percent of their base salary for every 10 percent profit that exceeds a target. The maximum bonus is 6 percent of salary. Kevin’s base salary is $280,000 and Michelle’s is $340,000. The target profit for this year is $5 million. Kevin has read about a new manufacturing technique that would increase annual profit by 20 percent. He is unsure whether to employ the new technique this year, wait, or not employ it at all. Using the new technique will not affect the target.

Required: a. Suppose that profit without using the technique this year will be $5 million. By how much will Kevin’s and Michelle’s bonus change if Kevin decides to employ the new technique? (Enter your answers in dollars, not in millions.)

b. Suppose that profit without using the technique this year will be $7.5 million. By how much will Kevin’s and Michelle’s bonus change if Kevin decides to employ the new technique? (Round your intermediate percentage answers to nearest whole percent. Enter your answers in dollars, not in millions.)

1.

Vertical Analysis of Income Statement

Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows:

a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers.

b. The vertical analysis indicates that the cost of goods sold as a percent of sales __________ by 5 percentage points, while selling expenses ____________ by 2 percentage points, and administrative expenses ___________ by 1 percentage points. Thus, net income as a percent of sales ________ by 2 percentage points.

2.

Vertical Analysis of Balance Sheet

Balance sheet data for Alvarez Company on December 31, the end of two recent fiscal years, follows:

Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets and each liability and stockholders' equity item as a percent of the total liabilities and stockholders' equity. If required, round percentages to one decimal place.

2.

Horizontal Analysis of the Income Statement

Income statement data for Winthrop Company for two recent years ended December 31, are as follows:

a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for the current year when compared with the previous year. If required, round to one decimal place.

b. The net income for Winthrop Company increased between years. This increase was the combined result of an ______ in sales and _____ percentage _____ in cost of goods sold. The cost of goods sold increased at a ______ rate than the increase in sales, thus causing the percentage increase in gross profit to be ______ than the percentage increase in sales.

Cost Classifications (Algo)

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

Kubin Company’s relevant range of production is 24,000 to 31,000 units. When it produces and sells 27,500 units, its average costs per unit are as follows:

Exercise 1-10 (Algo) Differential Costs and Sunk Costs [LO1-5]

Required:

1. What is the incremental manufacturing cost incurred if the company increases production from 27,500 to 27,501 units?

2. What is the incremental cost incurred if the company increases production and sales from 27,500 to 27,501 units?

3. Assume that Kubin Company produced 27,500 units and expects to sell 27,160 of them. If a new customer unexpectedly emerges and expresses interest in buying the 340 extra units that have been produced by the company and that would otherwise remain unsold, what is the incremental manufacturing cost per unit incurred to sell these units to the customer?

4. Assume that Kubin Company produced 27,500 units and expects to sell 27,160 of them. If a new customer unexpectedly emerges and expresses interest in buying the 340 extra units that have been produced by the company and that would otherwise remain unsold, what incremental selling and administrative cost per unit is incurred to sell these units to the customer?