Auto Lavage is a Canadian company that owns and operates a large automatic carwash facility near Quebec. The following table provides data concerning the company’s expected costs:

For example, electricity costs are $3,450 per month plus $0.30 per car washed. The company expects to wash 9,900 cars in October and to collect an average of $7.80 per car washed.

Auto Lavage’s actual level of activity was 10,000 cars. The actual revenues and expenses for October are given below:

Prepare a flexible budget performance report for October. (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).)

2. Prepare a comprehensive performance report for October. Assume that the static budget for October was based on an activity level of 9,900 cars. (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).)

Lansing, Inc. provides the following information for one of its department’s operations for June (no new material is added in Department T):

The ending inventory has 3,500 units, which are 60 percent complete with respect to Department T costs and 100 percent complete for prior department costs.

Required:

Complete the production cost report using FIFO. (Round "Cost per equivalent unit" to 2 decimal places.)

do the report for Accounting for issuance of convertible securities

The production department of Zan Corporation has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Units to be produced 10,000 13,000 12,000 11,000 In addition, 20,000 grams of raw materials inventory is on hand at the start of the 1st Quarter and the beginning accounts payable for the 1st Quarter is $5,800. Each unit requires 8 grams of raw material that costs $1.40 per gram. Management desires to end each quarter with an inventory of raw materials equal to 25% of the following quarter’s production needs. The desired ending inventory for the 4th Quarter is 7,000 grams. Management plans to pay for 60% of raw material purchases in the quarter acquired and 40% in the following quarter. Each unit requires 0.40 direct labor-hours and direct laborers are paid $11.50 per hour. Required: 1.&2. Calculate the estimated grams of raw material that need to be purchased and the cost of raw material purchases for each quarter and for the year as a whole. 3. Calculate the expected cash disbursements for purchases of materials for each quarter and for the year as a whole. 4. Calculate the estimated direct labor cost for each quarter and for the year as a whole. Assume that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the estimated number of units produced.

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Vincent Fairfield, CEO of MetroAir, sat at his desk, examining the company's latest financial statements. “This just doesn't make sense to me,” Vincent thought. “We're reporting $1,662,015 in net income, yet our Cash balance decreased by over $350,000. With these results, I would think the Cash balance should go up by at least $1,000,000.”

Required

(a)  

Prepare MetroAir's statement of cash flows using either the indirect or the direct method, as specified by your professor. During the year, the company purchased equipment, issued short-term debt, and retired long-term debt.

(b)  

Prepare a memo to Vincent explaining why he should not necessarily expect an increase in cash when the company reports net income. Be specific and include any issues that should cause Vincent concern.

Ross Company had the following adjusted trial balance:

Additional Resources

The president of Ross Company has asked you to close the books (prepare and process the closing entries).

Required:

After the closing process has been completed, answer the following questions:

What is meant by due professional care? What is sufficient appropriate audit evidence?

What are Pepsi Company's products and operations? Also, what are 5 costs that the company would probably incur and their cost behavior?

1. Multiple-Step Income Statement

   On March 31, 2018, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture wholesaler, are as follows:

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   Accounts Receivable	$170,000		Inventory	980,000
   Accumulated Depreciation—Building	$750,000		Notes Payable	250,000
   Administrative Expenses	435,000		Office Supplies	20,000
   Building	3,500,000		Retained Earnings	1,987,000
   Cash	80,000		Salaries Payable	8,000
   Common Stock	300,000		Sales	8,245,000
   Cost of Goods Sold	5,500,000		Selling Expenses	575,000
   Dividends	175,000		Store Supplies	90,000
   Interest Expense	15,000

   a. Prepare a multiple-step income statement for the year ended March 31, 2018.

   Royal Furnishings Company
   Income Statement
   For the Year Ended March 31, 2018
   		$
   Gross profit		$
   Expenses:
   	$
   Total expenses
   		$
   Other revenue and expense:
   		$

   b. What is a major advantage of the multiple-step income statement over the single-step income statement?

lizabeth, David and Ethan form a new partnership (EDE) to which Elizabeth and David each contribute assets worth $50,000 and basis of $20,000, and Ethan contributes his technical services worth $50,000. The value of the services is based upon what Ethan regularly charges unrelated parties for similar services. Elizabeth, David and Ethan each receive in exchange a one-third interest in the partnership. The transferors are tax-free to all three partners. Question 5 options: 1) True. 2) False.

Complete the balance sheet and sales information using the following financial data:

Total assets turnover: 1.4×
Days sales outstanding: 36.5 days^a
Inventory turnover ratio: 5×
Fixed assets turnover: 2.5×
Current ratio: 2.0×
Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 35%
^aCalculation is based on a 365-day year.

Do not round intermediate calculations. Round your answers to the nearest dollar.

Sales-Related Transactions, Including the Use of Credit Cards

Journalize the entries for the following transactions:

a. Sold merchandise for cash, $25,000. The cost of the goods sold was $17,500. (Record the sale first.)

b. Sold merchandise on account, $98,000. The cost of the goods sold was $58,800. (Record the sale first.)

c. Sold merchandise to customers who used MasterCard and VISA, $475,000. The cost of the goods sold was $280,000. (Record the sale first.)

d. Sold merchandise to customers who used American Express, $63,000. The cost of the goods sold was $39,000. (Record the sale first.)

e. Received and paid an invoice from National Clearing House Credit Co. for $13,450, representing a service fee paid for processing MasterCard, VISA, and American Express sales.

Fish Fillet Incorporated obtains fish and then processes them into frozen fillets and then prepares the frozen fish fillets for distribution to its retail sales department. Direct materials are added at the initiation of the cycle. Conversion costs are incurred evenly throughout the production cycle. Before​ inspection, some fillets are spoiled due to undetectable defects. Inspection occurs when units are​ 40% converted. Spoiled fillets generally constitute​ 6% of the good fillets. Data for April 2017 are as​ follows: ​WIP, beginning inventory​ 4/1/2017 ​ 85,000 fillets         Direct materials​ (100% complete)         Conversion costs​ (50% complete) Started during April ​134,000 fillets Completed and transferred out​ 4/30/2017 ​183,000 fillets ​WIP, ending inventory​ 4/30/2017 ​24,000 fillets         Direct materials​ (100% complete)         Conversion costs​ (25% complete) Costs for​ April:    ​ WIP, beginning​ Inventory:         Direct materials ​$140,000         Conversion costs ​105,910     Direct materials added ​309,000     Conversion costs added ​390,130 What cost is allocated to abnormal spoilage using the weightedaverage processcosting ​method? (Round any cost per unit calculations to the nearest​ cent.)