On January 1, 2014, Fishbone Corporation sold equipment to Lost Company that cost $250,000 and that had accumulated depreciation of $100,000 on the date of sale. Fishbone received as consideration a non-interest-bearing note requiring payments of $80,000 annually for 3 years. The first note payment is to be made on January 1, 2014. The prevailing rate of interest for a note of this type on January 1, 2014, was 5%.

Record the 1/1/14 transaction for Fishbone Corporation and all necessary entries from 2014-2016.

Record the 1/1/14 transaction for Lost Company and all necessary entries from 204-2016.

There wasn't an answer for this question, I'm looking to verify my answers with another individual. This pertains to the following question:

https://www.chegg.com/homework-help/essentials-of-accounting-for-governmental-and-not-for-profit-organizations-13th-edition-chapter-1-problem-9qe-solution-9781259741012

Here is what I came up with by trying to fit the descriptions to each defined fund(s):

I haven't used this service before so I'm not sure if this is the appropriate way to use it. Any feedback would be appreciated. Thank you.

I figured out the weighted average method, but can anyone show me the FIFO and LIFO treatment of this problem????

Timekeeper Inc. manufactures clocks on a highly automated assembly line. Its costing system uses two cost categories, direct materials and conversion costs. Each product must pass through the Assembly Department and the Testing Department. Direct materials are added at the beginning of the production process. Conversion costs are allocated evenly throughout production. Timekeeper Inc. uses weighted-average costing. Data for the Assembly Department for June 2015 are: Work in process, beginning inventory 350 units Direct materials (100% complete) Conversion costs (50% complete) Units started during June 1050 units Work in process, ending inventory: 160 units Direct materials (100% complete) Conversion costs (75% complete) Costs for June 2015: Work in process, beginning inventory: Direct materials $91,000 Conversion costs $136,500 Direct materials costs added during June $603,500 Conversion costs added during June $401,500 Required: What is the conversion cost per equivalent unit in June?

Improving Decision Making: Making the Rent vs. Buy Decision for Data Storage for ABC Digital

Software skills: Spreadsheet formulas, and charts
Business skills: Technology rent vs. buy decision, TCO analysis

This project provides an opportunity for you help a real-world company make a decision about whether to rent or buy new technology for data storage. You’ll use spreadsheetsoftware to compare the total 4-year cost of ownership for two options.

Deciding whether to store data on the cloud or on-site is often the dilemma for most business owners. There are advantages and disadvantages to both options. However, in this project you are only focusing on the cost benefits of each option regardless of other aspects including the access time, privacy and scalability issues which are also critically important in making this decision.

Scenario

ABC Digital is looking for a solution for storing their data. They have approximately 100 Terabytes of data that they need to store. The followings are typical cost information associated to option 1, that is to store data on the premises:

The cost items associated to cloud-based storage (Option 2) is given below.

Note that with cloud solution, the backup and redundancies are provided by the cloud provider and the service is included in the cost.

Tasks

1. Use your spreadsheet application to calculate the cost of each option for year 1 to year 4. To get the full mark, you should use Excel formula when it is appropriate. In other words, I should be able to change the above parameters (listed in the tables) and the total cost values should be changed automatically. (30 points)

2. Use an appropriate chart type to present and compare the cost of both solutions in one graph for year 1 to year 4. (15 points)

3. Determine which cost items are considered as capital expenditure (Capex) and which ones are operational expenditures (Opex) for each solution. (15 points)

4. Calculate the total cost of ownerships for a 4-year period for each of the two solutions and suggest the best solution for the ABC Digital. (20 points)

5. One of the main advantages of spreadsheets is that you can easily change the parameters of the model and evaluate “What if...” types of scenarios. Your manager wants to see the sensitivity of the total cost for solution 1 in relation to the year-to-year increase in the “Facilities and Power Charges”. More specifically, your current solution shows the total cost when considering 8% year-to-year increase of the cost of “Facilities and Power Charges” as shown in the Table. However, she wants to see how your estimates changes with this quantity. You should evaluate the total costs over 4 years when evaluating 4%,6%,8% (your current solution), 10%,12% and 14% increase in the year-to-year cost of “Facilities and Power Charges”. The first year cost is still the same, i.e. $20,000 for all scenarios. You should create a new sheet for this. This sheet should show the total cost of solution 1 when changing the year-to-year changes in the Facilities and Power Charges as suggested above. (20 points)

The comparative balance sheets for Larkspur Corporation show the following information.

Additional data related to 2017 are as follows.

Prepare a statement of cash flows using the indirect method. Flood damage is unusual and infrequent in that part of the country.

Luzadis Company makes furniture using the latest automated technology. The company uses a job-order costing system and applies manufacturing overhead cost to products on the basis of machine-hours. The predetermined overhead rate was based on a cost formula that estimates $612,000 of total manufacturing overhead for an estimated activity level of 68,000 machine-hours.

During the year, a large quantity of furniture on the market resulted in cutting back production and a buildup of furniture in the company’s warehouse. The company’s cost records revealed the following actual cost and operating data for the year:

Required:

1. Compute the underapplied or overapplied overhead.

2. Assume that the company closes any underapplied or overapplied overhead to Cost of Goods Sold. Prepare the appropriate journal entry.

3. Assume that the company allocates any underapplied or overapplied overhead proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the appropriate journal entry.

4. How much higher or lower will net operating income be if the underapplied or overapplied overhead is allocated to Work in Process, Finished Goods, and Cost of Goods Sold rather than being closed to Cost of Goods Sold?

The following selected events and transactions were recorded by Milos County Hospital.

1. Gross charges for hospital services, all charged to accounts and notes receivable, were as follows:

2. The hospital cafeteria and gift shop had cash sales of $295,300.
3. Additional information determined subsequently to recording patient service revenues and relating to the current year is as follows:

4. A federal cost reimbursement research grant of $350,000 was awarded. As of the end of the year, $200,000 in expenses related to the grant had been made.
5. Vouchers totaling $1,326,540 were issued for the following items:

6. Collections of accounts receivable totaled $1,159,000. Accounts written off as uncollectible amounted to $11,900.
7. Cash payments on vouchers payable (paid to employers and suppliers) during the year were $1,031,200.
8. Supplies of $99,770 were issued to nursing services.
9. On December 31, accrued interest income on investments was $800.
10. Depreciation of buildings and equipment was as follows:

11. On December 31, closing entries were made in the general journal.

Required

1. Prepare closing entries in accordance with the standards for a governmental health care entity that follows proprietary fund accounting. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
2. Calculate the net patient service revenue that would be reported on the statement of revenues, expenses, and changes in net position.

Milano Pizza is a small neighborhood pizzeria that has a small area for in-store dining as well as offering take-out and free home delivery services. The pizzeria’s owner has determined that the shop has two major cost drivers—the number of pizzas sold and the number of deliveries made.

The pizzeria’s cost formulas appear below:

In November, the pizzeria budgeted for 1,860 pizzas at an average selling price of $17 per pizza and for 240 deliveries.

Data concerning the pizzeria’s actual results in November appear below:

Required:

1. Complete the flexible budget performance report that shows both revenue and spending variances and activity variances for the pizzeria for November. (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.)

After reading the Graham, Campbell, and Rajgopal article, you might get the implication for the motivation of voluntary disclosure. Why does the article suggest that managers’ earnings guidance can destroy the firm’ value?

Because the preparation of the guidance is costly

The earnings guidance can increase agency cost by discouraging managers from focusing on long-term value increase

The guidance is generally not accurate, and make confusions in the market

None of the above

Baur Company has 21,000 shares of $10 par value, 8% preferred stock and 500,000 shares of $1 par value common stock outstanding. As of December 31, 2018, it had $900,000 of Retained earnings. On December 31, 2018, the Board of Directors is considering the distribution of a cash dividend to the common and preferred stockholders. No dividends were declared in 2016 and 2017 and no dividends were in arrears prior to 2016. The company is considering the following options.

Option 1 The preferred stock is noncumulative and the dividend for 2018 would be $30,000.

Option 2 The preferred stock is cumulative and the dividends would be $30,000.

Option 3 The preferred stock is cumulative and the dividends would be $75,000.

Required: For each scenario, determine the dollar amount of dividends that would be paid to each class of stockholder.

Define the following as they pertain to dividend distribution: a. Date of declaration b. Date of record c. Date of payment

On which of these dates (date of declaration, date of record or date of payment) would a company NOT make a journal entry?

Lance has two adult children from a previous marriage. He has gifted them money for the past three years from his separate bank account and his wife has consented to split the gifts each year. Lance made gifts to his children as follows:

2016: Gifts of $60,000 to each child

2017: Gifts of $40,000 to each child

2018: Gifts of $50,000 to each child

1. What is the amount of Lance’s total taxable gifts?

Exercise 2-9 (Part Level Submission) Crane, Inc., has collected the following information on its cost of electricity: Machine Hours Total Electricity Costs January 500 $230 February 540 $280 March 340 $190 April 430 $200 May 640 $260 June 690 $330 July 300 $160 August 500 $250 September 220 $100 October 730 $320 November 820 $340 December 600 $300 Collapse question part (a) Correct answer. Your answer is correct. Using the high-low method, compute the variable cost of electricity per machine hour. (Round unit cost to 2 decimal places, e.g. 52.75.) Variable cost $Entry field with correct answer 0.4 per machine hour Click if you would like to Show Work for this question: Open Show Work SHOW SOLUTION LINK TO TEXT LINK TO VIDEO Attempts: 1 of 2 used Collapse question part (b) Incorrect answer. Your answer is incorrect. Try again. Compute the total fixed cost of electricity. (Round answer to 2 decimal places, e.g. 52.75.) Fixed cost $Entry field with incorrect answer 0.40 Click if you would like to Show Work for this question: Open Show Work SHOW SOLUTION LINK TO TEXT LINK TO VIDEO Attempts: 2 of 2 used Collapse question part (c) Correct answer. Your answer is correct. Represent the electricity cost function in equation form. (Round answers to 2 decimal places, e.g. 52.75.) Total cost = $Entry field with correct answer 0.4 × MH + $Entry field with correct answer 12 Click if you would like to Show Work for this question: Open Show Work SHOW SOLUTION LINK TO TEXT LINK TO VIDEO Attempts: 2 of 2 used Collapse question part (d) What is the expected electricity cost when 730 machine hours are used? (Round answer to 2 decimal places, e.g. 52.75.) Total cost $

The following are Wildhorse Corp.’s comparative balance sheet accounts at December 31, 2017 and 2016, with a column showing the increase (decrease) from 2016 to 2017.

Additional information:

Prepare a statement of cash flows for Wildhorse Corp. for the year ended December 31, 2017, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)