Cost of Production and Journal Entries

Lighthouse Paper Company manufactures newsprint. The product is manufactured in two departments, Papermaking and Converting. Pulp is first placed into a vessel at the beginning of papermaking production. The following information concerns production in the Papermaking Department for March.

a1. Prepare the March journal entry for the Papermaking Department for the materials charged to production.

a2. Prepare the March journal entry for the Papermaking Department for the conversion costs charged to production. If an amount box does not require an entry, leave it blank.

a3. Prepare the March journal entry for the Papermaking Department for the completed production transferred to the Converting Department. If required, round your interim calculations to two decimal places and your final answer to the nearest dollar.

b. Determine the Work in Process—Papermaking Department March 31 balance. If required, round your interim calculations to two decimal places and your final answer to the nearest dollar.
$

Please answer the following Question in 300 word count Please answer in your own Count. if citing source please add reference at the end of question.

You are the chief financial officer (CFO) at a community hospital. One of the comments that has come back from patient surveys is the need for a commercial 24-hour pharmacy within the hospital. In this way, patients or their families will be able to fill prescriptions and begin taking ordered medication right away instead of waiting until the following day. The chief executive officer (CEO) wants you to create a proposal for the first 3 months of operation utilizing time value of money tools for the development of this new revenue-generating department. The following points must be covered in your proposal:

• Include and discuss the need for working capital to include 2 months of startup drug inventory, vendor financing arrangements, personnel costs including salaries and benefits, renovations, disposable supplies, and cost of equipment

In determining the meaning of a contract under the UCC, which of the following will have first priority?

A. Course of Performance

B. Course of Dealing

C. Usage of Trade

D. Express Terms

1. Net Income:
2. Ending Balance Retained Earnings:
3. Total Assets or Total Liabilities and Owners’ Equity:

Hirsch Company buys inventory for $10,000 on terms of 1/10, n/30. It pays within the discount period.

Last year Strimmenos Inc. budgeted for production and sales of 9,000 units. The company actually produced and sold 8,640 units. Each units has a standard requiring 0.5 pounds of materials at a budgeted cost of $2.33 per pound and 1.36 hours of assembly time at a cost of $8.95 per hour. The items sell for $165 each. Actual cost for the production of 8,640 units included 4,538 pounds of materials at $2.3 per pound and $109,400 for labor at $9.24 per hour.

Required:

Calculate the following (label each result as favorable or unfavorable )

A. Material price variance

B. Material quantity variance

C. Material cost variance

D. Labor rate variance

E. Labor efficiency variance

F. Labor cost variance

Senior management has asked you, as a department manager, to evaluate 2 potential products for implementation at JCC Hospital. The hospital has provided $10,000 funding for the project and, in compliance with the board of director’s direction for a minimum return of 12%, will only accept a project meeting, or exceeding, this requirement. You best friend, the hospital controller, has helped to develop the projected cash flows for both the addition of a new patient service (option A) and a refurbishment of an existing CT scanner:

1. Addresses at least 3 capital budget measures (payback period, NPV, IRR, etc.) based on the hurdle rate.
2. Present what you believe to be the major advantages and potential risks for implementing a new service or refurbishing an existing asset.

suppose, your company typically charges $150 per pair of shoes sold. You have received an order from a foreign distributor to buy 10,000 pairs at $95 per pair. Should you accept this new order? How do you decide? What is the decision rule to follow?

What are some quantitative and qualitative factors that should be considered?

At the end of 2020, Payne Industries had a deferred tax asset account with a balance of $25 million attributable to a temporary book-tax difference of $100 million in a liability for estimated expenses. At the end of 2021, the temporary difference is $64 million. Payne has no other temporary differences. Taxable income for 2021 is $180 million and the tax rate is 25%. Payne has a valuation allowance of $10 million for the deferred tax asset at the beginning of 2021.

Required:1. Prepare the journal entry(s) to record Payne’s income taxes for 2021, assuming it is more likely than not that the deferred tax asset will be realized.2. Prepare the journal entry(s) to record Payne’s income taxes for 2021, assuming it is more likely than not that only one-fourth of the deferred tax asset ultimately will be realized.

.

.Need Answer ASAP

E14-19 (LO4) (Fair Value Option) Fallen Company commonly issues long-term notes payable to its various lenders. Fallen has had a pretty good credit rating such that its effective borrowing rate is quite low (less than 8% on an annual basis). Fallen has elected to use the fair value option for the long-term notes issued to Barclay’s Bank and has the following data related to the carrying and fair value for these notes. Any changes in fair value are due to changes in market rates, not credit risk.

Instructions

(a)Prepare the journal entry at December 31 (Fallen’s year-end) for 2017, 2018, and 2019, to record the fair value option for these notes.

(b)At what amount will the note be reported on Fallen’s 2018 balance sheet?

(c)What is the effect of recording the fair value option on these notes on Fallen’s 2019 income?

(d)Assuming that general market interest rates have been stable over the period, does the fair value data for the notes indicate that Fallen’s creditworthiness has improved or declined in 2019? Explain.

Please copy and paste answer not attachment.

Problem 11-14 Measures of Internal Business Process Performance [LO11-3]

For its first year if operations, Altitude Inc. reports pretax GAAP income of $100,000 in 2020. Assume pretax income in 2021 and 2022 of $125,000 and $90,000 respectively. The enacted income tax rate in all years is 25%. The following additional information is available for the first three years of operation (with the exception of the one item in the 4th year).

• Prepaid rent in the amount of $20,000 was recorded on December 21, 2020 for 2021 rent.
• A warranty accrual of 30,000 was recorded on December 31, 2020. The warranty was paid evenly over the years 2021-2023.
• The company recorded interest revenue of $500 each of the three years on municipal bonds.

1. Compute the income tax payable each year for 202, 2021, 2022
2. Determined the balance of any deferred tax assets or deferred tax liabilities at the end of each year (2020, 2021, 2022)
3. Record the journal entry related to taxes in 2020, 2021, 20222

Following are selected transactions of Danica Company for 2016 and 2017.

2016

2017

Complete the table to calculate the interest amounts and use those calculated values to prepare your journal entries

• M Lee Note

Complete the table to calculate the interest amounts.

• Tomas Co Note

First, complete the table below to calculate the interest amounts.

• H Cheng Note

First, complete the table below to calculate the interest amounts.

• General Journal

Use those calculated values to prepare your journal entries.

Journal entry worksheet

• Received Lee’s payment for principal and interest on the note dated December 13. Assume no reversing entries were prepared.

Note: Enter debits before credits.

• Accepted a $8,000, 8%, 90-day note dated March 3 in granting a time extension on the past-due account receivable of Tomas Company.

Note: Enter debits before credits.

• Accepted a $6,000, 30-day, 8% note dated March 17 in granting H. Cheng a time extension on his past-due account receivable.

Note: Enter debits before credits.

• H. Cheng dishonored his note when presented for payment.

Note: Enter debits before credits.

• Wrote off the H. Cheng account against the Allowance for Doubtful Accounts.

Note: Enter debits before credits.

• Received the Tomas payment for principal and interest on the note dated March 3.

Note: Enter debits before credits.

Unit 2 Assignment - Simulation Strategic Plan

Before you start making decisions in NewShoes, it is important to develop a strategic plan. Start by writing a mission statement, in which you communicate a vision for the company. Then identify measurable goals that your company should achieve to support your mission. Finally, plan the strategy you will use to meet those goals. Your strategy should spell out plans to enter markets, marketing mix for each market, and product development budgets. Use the following outline for successful completion of the assignment. Please keep in mind that you are writing an APA formatted paper with a Title page, body, and Reference page. Think of this as research paper. You should take time to research your target market, the athletic shoe industry, and key business concepts in order to address the specific questions asked in this assignment.

Mission Statement Who Does Your Company Serve?

How Large is the Target Market?

What is the Scope of the Product Line and Services Offered?

What Effect Does your Business Have on the Consumers?

How do you want the world to think of you?

Measurable Goals

Profit

Return on Sales in a Period of Time

Market Share Objective

Customer Satisfaction

Strategy to Complete the Goals

How do you plan to enter each marketplace?

Share the Marketing Mix (Product, Price, Place, Promotion) for each of the markets?

What is the product development budget for each market?

Assignment Parameters

Accurate description and reference of all concepts and theories learned from course material.

Practical examples of concepts that lead to continuing interest in the topic.

Synthesis of concepts and theories from other course activities.

Well-organized, clearly presented work ( free from excessive spelling and grammatical errors)

Properly cited sources using APA 6th edition.

Ensure use of the assignment rubric.

Assignment Objectives

Construct a strategic marketing plan

Develop an understanding of the steps involved in creating a strategic Marketing plan, including a viable mission statement, measurable goals, and a strategy to successfully attain the goals

Financial data for Beaker Company for last year appear below:

The company paid dividends of $200,000 last year. The "Investment in Cedar Company" on the statement of financial position represents an investment in the stock of another company.

Required:

a. Compute the company's margin, turnover, and return on investment for last year.

b. The Board of Directors of Beaker Company has set a minimum required return of 25%. What was the company's residual income last year?

Given the following data:

Return on investment (ROI) is:

Multiple Choice

• 16.0%

• 8.0%

• 55.0%

• 27.5%