A comparative statement of financial position for Sheffield Industries Inc. follows:

Additional information:

(a) Prepare a statement of cash flows using the indirect method.

E6-5 Calculating Contribution Margin and Contribution Margin Ratio; Identifying Break-Even Point, Target Profit [LO 6-1, 6-2]

Sandy Bank, Inc., makes one model of wooden canoe. Partial information for it follows:

Required:
1. Complete the following table. (Round your "Cost per Unit" answers to 2 decimal places.)

2. Suppose Sandy Bank sells its canoes for $510 each. Calculate the contribution margin per canoe and the contribution margin ratio. (Round your intermediate calculations and final answers to 2 decimal places. Round your "percentage" answer to 2 decimal places. (i.e. .1234 should be entered as 12.34%.))

3. This year Sandy Bank expects to sell 840 canoes. Prepare a contribution margin income statement for the company. (Round your intermediate calculations to 2 decimal places.)

4. Calculate Sandy Bank’s break-even point in units and in sales dollars. (Round final answers to the nearest whole number).

5. Suppose Sandy Bank wants to earn $72,000 profit this year. Calculate the number of canoes that must be sold to achieve this target. (Round Unit Contribution Margin to 2 decimal places. Round your answer to the next whole number.)

Why are tangible assets depreciated? Briefly described two or three depreciation methods and how they work.

Please consider the following, and offer three (3) responses between one (1) and three (3) sentences in length.

Scenario: You read in the local newspaper (ok, probably on your iPhone) that Genitempo-Cardoza Drilling (GC-D), the division of PEMEX specializing in light, sweet crude, has tapped another substantial deposit. This discovery and access means major profits for GC-D, and also new contracting opportunities for various support companies. Schlumberger and Morgan-Ali-Perry Corporation (MAP Corp) are competing to provide cementing field services and related support. You are a consultant to GC-D and MAP Corp and have been given a waiver (possible conflicts of interest, right?) to advise both clients in a joint meeting on three (3) issues.

If GC-D contracts with both Schlumberger and MAP Corp to provide services as independent contractors:

1) Should GC-D carry both Schlumberger and MAP Corp under its employment insurance?

2) If Schlumberger is providing only labor/people to operate and MAP Corp is providing only equipment, will Schlumberger and MAP Corp need to establish contracts with each other/between their two companies, or just GC-D independently?

3) If MAP Corp is shipping its equipment from its Texas base to Mexico, what entities (government and private) might be involved in that transfer?

Assume you are a new employee at Payroll Inc. a company which process payroll, advises small businesses on payroll issues, and remits all withheld funds to the government along with payroll forms required. Processing payroll and completing forms is a routine process which is repeated for each client and payroll period. Payroll advising is unique to each client.

In your initial post discuss the aspects of Payroll Inc.'s processes that lend themselves to process costing and which processes would more closely align with job order costing. How would you set up Payroll Inc.'s accounting system? Would you use job order or process costing? Or some other type of system? Why?

The Financial Accounting Standards Board (FASB) is responsible for the Generally Accepted Accounting Principles (GAAP). Select a Concept or Principle and explain how it impacts business.

On January 1, 2017, Windsor Corporation sold a building that cost $254,700 and that had accumulated depreciation of $105,950 on the date of sale. Windsor received as consideration a $244,700 non-interest-bearing note due on January 1, 2020. There was no established exchange price for the building, and the note had no ready market. The prevailing rate of interest for a note of this type on January 1, 2017, was 9%. At what amount should the gain from the sale of the building be reported? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)

On January 1, 2017, Windsor Corporation purchased 350 of the $1,000 face value, 9%, 10-year bonds of Walters Inc. The bonds mature on January 1, 2027, and pay interest annually beginning January 1, 2018. Windsor purchased the bonds to yield 11%. How much did Windsorpay for the bonds? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)

Windsor Corporation bought a new machine and agreed to pay for it in equal annual installments of $5,280 at the end of each of the next 10 years. Assuming that a prevailing interest rate of 6% applies to this contract, how much should Windsorrecord as the cost of the machine? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)

Windsor Corporation purchased a special tractor on December 31, 2017. The purchase agreement stipulated that Windsor should pay $19,010 at the time of purchase and $4,500 at the end of each of the next 8 years. The tractor should be recorded on December 31, 2017, at what amount, assuming an appropriate interest rate of 12%? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)

Windsor Corporation wants to withdraw $119,850 (including principal) from an investment fund at the end of each year for 9 years. What should be the required initial investment at the beginning of the first year if the fund earns 11%? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)

Marvel Parts, Inc., manufactures auto accessories. One of the company’s products is a set of seat covers that can be adjusted to fit nearly any small car. The company has a standard cost system in use for all of its products. According to the standards that have been set for the seat covers, the factory should work 1,075 hours each month to produce 2,150 sets of covers. The standard costs associated with this level of production are:

During August, the factory worked only 800 direct labor-hours and produced 2,500 sets of covers. The following actual costs were recorded during the month:

At standard, each set of covers should require 3.0 yards of material. All of the materials purchased during the month were used in production.

Required:

1. Compute the materials price and quantity variances for August.

2. Compute the labor rate and efficiency variances for August.

3. Compute the variable overhead rate and efficiency variances for August.

(Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)

You suggest that the Villige Pharmacy should use a flexible budget to assist decision making, planning and control.

The company expects to issue prescriptions 20,000 over the coming year.  

Assuming that the first 10,000 prescriptions require 0.10 direct labour hours to dispense and the remainder require 0.15 direct labour hours and that overheads are absorbed on the basis of direct labour hours.

The budgeted semi-variable costs for each of the four overhead items are split as follows:

1. Prepare an overhead budget for the expected activity level for the coming year.

2. Prepare an overhead budget that reflects activity that is 10 per cent higher than expected.

are share price always reflective of the underlying performance of a company? provide arguments for and against. at the aggregate level, does the stock market always reflect the underlying performance of all firms? provide examples if possible.

The first financial instrument was a loan. On January 1, the company borrowed 5million on a key shareholder at rate of 3%, at that time when the market rate of interest was 5%. In order to convince the shareholder to lend the money to the company at a rate lower the the market rate of interest, the company agreed that, in 5 years the shareholder would have the option of either accepting full repayment of the debt, or receiving 500,000 shares in the company. The second financial instrument was a compensatory stock option plan that was granted to 10 key management positions for the first time. The company wanted to provide these employees with additional compensation and due to financial constraints could not increase salaries. The plan allowed these management employees to purchase 5,000 options each to purchase shares at $50 each when they were actually worth $100. The options were granted on January 1, 2017 and were exercisable within a two year period. Total compensation was estimated to be $550,000. And the expected period of benefit was one year beginning on the grant date. No other management employees exercised their options during the year but you exercised all of your options on December 31st 2017. The final transaction. The company decided to enter a contract to purchase U.S currency (December 15 2017). The company agreed to buy $7 million in U.S. currency for $7,070,000 (U.S. $1 = Canadian $1.01) from foreign currency inc. using a 90 day forward contract. Any changes to the Canadian dollars will be transferred to the company. On December 31, 2017 the new value was U.S. $1 = Canadian $ 1.02. Assume fair value of contract was 50,000$ at December 31, 2017

Required:

B) determine the carrying amount of each statement of financial portion at near end, December 31, 2017

Selected comparative financial statements of Korbin Company follow:

KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015

2017 2016 2015 Sales $ 392,189 $ 300,449 $ 208,500 Cost of goods sold 236,098 189,884 133,440 Gross profit 156,091 110,565 75,060 Selling expenses 55,691 41,462 27,522 Administrative expenses 35,297 26,440 17,306 Total expenses 90,988 67,902 44,828 Income before taxes 65,103 42,663 30,232 Income taxes 12,109 8,746 6,137 Net income $ 52,994 $ 33,917 $ 24,095 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 2015 Assets Current assets $ 53,162 $ 41,593 $ 55,599 Long-term investments 0 900 3,460 Plant assets, net 100,263 106,488 64,372 Total assets $ 153,425 $ 148,981 $ 123,431 Liabilities and Equity Current liabilities $ 22,400 $ 22,198 $ 21,600 Common stock 71,000 71,000 53,000 Other paid-in capital 8,875 8,875 5,889 Retained earnings 51,150 46,908 42,942 Total liabilities and equity $ 153,425 $ 148,981 $ 123,431

2. Complete the below table to calculate income statement data in common-size percents.

3. Complete the below table to calculate the balance sheet data in trend percents with 2015 as the base year.

Sharp Company manufactures a product for which the following standards have been set:

During March, the company purchased direct materials at a cost of $43,335, all of which were used in the production of 2,425 units of product. In addition, 4,000 direct labor-hours were worked on the product during the month. The cost of this labor time was $28,000. The following variances have been computed for the month:

Required:

1. For direct materials:

a. Compute the actual cost per foot of materials for March.

b. Compute the price variance and the spending variance.

2. For direct labor:

a. Compute the standard direct labor rate per hour.

b. Compute the standard hours allowed for the month’s production.

c. Compute the standard hours allowed per unit of product.

Marvel Parts, Inc., manufactures auto accessories. One of the company’s products is a set of seat covers that can be adjusted to fit nearly any small car. The company has a standard cost system in use for all of its products. According to the standards that have been set for the seat covers, the factory should work 990 hours each month to produce 1,980 sets of covers. The standard costs associated with this level of production are:

During August, the factory worked only 1,000 direct labor-hours and produced 2,200 sets of covers. The following actual costs were recorded during the month:

At standard, each set of covers should require 3.0 yards of material. All of the materials purchased during the month were used in production.

Required:

1. Compute the materials price and quantity variances for August.

2. Compute the labor rate and efficiency variances for August.

3. Compute the variable overhead rate and efficiency variances for August.

(Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)

Tshepo and Onalenna are two graduates who were employed by a big company in Pikwe. after gaining some experience, they gace in to the temptation to go it alone. They approached a company consultant in town who advised that they could open their own company with the two as directors sharing 50:50. Their first major business was through a tender for construction of an oil pipeline from Maun to Franscis town. This tender was valued at P50 million. After receiving their first payment, they all over suddenly become spent thrift. They settled for expensive procurement of cars, houses; which they billed on the company. As a consequence taxes bagan to fall due and government pressed them to account for the monies they had received. Fearing they might be prosecuted, they withdraw all the money and migrate to South Africa. The company has been betrayed and so are the employees and the government.

required :

In relation to company law, explain the doctrine of separate legal personality and illustrate the effect of the doctrine on the liability of owners of the company