Baden Company has gathered the following information. Units in beginning work in process 0 Units started into production 43,900 Units in ending work in process 8,500 Percent complete in ending work in process: Conversion costs 40 % Materials 100 % Costs incurred: Direct materials $80,500 Direct labor $68,700 Overhead $103,800

Speedy Pty Ltd operates a suburban delivery business. It is considering the replacement of a 2-ton van with a 3-ton van. Detail of the respective vehicles are as follows:

The after-tax cost of capital 10%pa and the tax rate is 30%. Management is considering the following alternatives: replace now or Replace in three years which alternative should be accepted? Explain your decision.

1. Please describe the difference between an accounts receivable and a notes receivable.

2. There are times when businesses cannot collect the money that is owed to them by their customers. When this happens, businesses incur an expense. There are two methods for recording uncollectible receivables. They are the allowance method and the direct write off method. Please explain the difference between these two methods.

*****Please post your answer as a typing or text, not as a photo!!!

Topic = Strategy

defination (100 words )

explain (150 words )

and give two examples ( eg. how it works , steps involved use and limitations and specific products organisations or issues and etc ) around 150 words

plagiarism free

. The following information pertains to Feyenoord, Inc.:

1. Net income for the year 2019 equals $ 360,000.
2. Since the beginning of year, $200,000 of convertible bonds (issued at par) were outstanding. Each of the 200, $1,000 bonds can be converted into 50 shares of common stock for the next 10 years. None of these bonds were converted during the year.
3. Since the beginning of the year, stock warrants were outstanding to buy 16,000 shares of common stock at $10 per share. None of these warrants were exercised during the year.
4. During the entire year, 200,000 shares of $5 par common stock were outstanding.
5. Feyenoord's income tax rate for the year is 30%.
6. The average market price for common stock during 2019 was $16.

Compute basic and diluted earnings per share for the year 2019.

MicroMem is a​ fast-growing manufacturer of computer chips. Direct materials are added at the start of the production process. Conversion costs are added evenly during the process. Some units of this product are spoiled as a result of defects not detectable before inspection of finished goods. Spoiled units are disposed of at zero net disposal value. MicroMem uses the​ weighted-average method of process costing. Summary data for September 2017 are as​ follows:

Question: Finally, assign total costs to units completed and transferred out​ (including normal​ spoilage), to abnormal​ spoilage, and to units in ending work in process. ​(Round your answers to the nearest whole dollar. Note that the total costs account for direct materials and conversion costs may not equal the total production costs due to​ rounding.)

Answer:

1. Please describe the difference between an accounts receivable and a notes receivable.

2. There are times when businesses cannot collect the money that is owed to them by their customers. When this happens, businesses incur an expense. There are two methods for recording uncollectible receivables. They are the allowance method and the direct write off method. Please explain the difference between these two methods.

*****Please post your answer as a typing or text, not as a photo!!!

Assignment #3 – The Accounting Cycle in Review This assignment is out of 101 marks and is weighted 15% of your final grade.

Comprehensive Question- Jerry’s Mobile Car Wash Jerry Fish opened Jerry’s Mobile Car Wash on Sept 1, 2017.

In Sept, the following transactions were completed.

Sept 1 Invested $14,000 cash in the business

1 Purchased a used truck for $26,400, paying $6,400 cash and signing a note payable for the balance

1 Collected $3,000 from XYZ for their car cleaning needs for Sept, Oct, and Nov.

3 Purchased cleaning supplies on account for $850

5 Paid $1,800 on a one-year insurance policy, effective Sept 1

12 Billed customers $3,800 for cleaning services

18 Paid $400 of amount owed on cleaning supplies

20 Paid $1,600 for employee's salaries

21 Collected $1,400 from customers billed on Sept 12

25 Billed customers for $3,000 for cleaning services

30 Paid gas and oil for the month on the truck $350

30 Withdrew $1,600 to pay personal property taxes

Additional Information:

1. Annual payments of $2,000 are required on the note.

Required:

1. Journalize and post the Sept transactions. Jerry;s Mobile Car Wash records all prepaid expenses and unearned revenues as assets and liabilities

2. Prepare an unadjusted trial balance at Sept 30, 2017.

3. Journalize and post the following adjustments

a. Earned and unbilled fees at Sept 30, 2017 were $1,500.

b. The truck has an estimated useful life of four years and no residual value.

c. The insurance policy is effective Sept 1, 2017 and expires on August 31, 2018

d. An inventory count shows $375 of cleaning supplies on hand at Sept 30, 2017

e. At Sept 30, 2017, $1,000 of the fees collected in advance have been earned.

f. Accrued but unpaid employee salaries were $400.

g. The note payable has a 6% annual interest rate.

4. Prepare an adjusted trial balance at Sept 30, 2017.

5. Prepare in good form an Income Statement, Statement of Owner’s Equity and a Classified Balance Sheet for the month ended Sept 30, 2017.

6. Journalize and post the closing entries.

7. Prepare a post closing trial balance at Sept 30, 2017.

8. Jerry’s Mobile Car Wash has chosen to prepare reversing entries. Prepare necessary reversing entries in October 2017. They do not need to be posted.

Important Note:

Templates can be found on the blackboard under the tab “Activities and Assignments. Use of these templates is highly recommended.

The following template In Excel are available

 General Journal, General Ledger and Trial Balances

Check Figures:

 The balance in the cash ledger account is $6,250 on the debit side

 The closing balance in Jerry Fish, Capital at September 30, 2017 is $18,075 on the credit side.

Tips

 Posting references are required

 All entries should be posted into one general ledger (not 3

)  In the general ledger, the particulars column can be left blank

 You must number each page of the general journal

 There are plenty more hints and tips on the discussion board

QUESTION 3 21 MARKS Beetroots (Pty) Ltd is a company that buys fresh veggies in bulk, and sells it direct to the public after packaging it in smaller quantities. The following cost data is available for six months: Month Kg Veggies Total cost January 200kg R3,800 February 500kg R8,600 March 900kg R14,300 April 350kg R5,950 May 780kg R12,800 June 800kg R13,200 The Financial Manager is of the opinion that the total cost for the month is related to the quantity of veggies that is packaged (measured in kilograms). REQUIRED: MARKS 3.1 Compile a cost formula (cost function) by making use of the High-Lowmethod. 5 3.2 Compile a cost formula (cost function) by making use of the Least Squares-method (Simple Regression Analysis). Show all calculations. 8 3.3 Explain why there is a difference between the cost formula according to the High-Low-method and the cost formula according to the Least Squares-method, and advise the best method to use. 4 3.4 Calculate the budgeted cost for July and August according to both cost formulas if the expected quantity of veggies that will be packaged is 950kg and 1,020kg respectively. 4

Intermediate Accounting II

   Teri Inc., in its first year of operations, has the following differences between the book basis and tax basis of its assets and liabilities at the end of 20x0.

Book Basis                   Tax Basis

Equipment (net)                        $400,000                      $340,000

Estimated warranty liability      $200,000                      $ -0-

It is estimated that the warranty liability will be settled in 20x1. The difference in equipment (net) will result in taxable amounts of $20,000 in 20x1, $30,000 in 20x2, and $10,000 in 20x3. The company has taxable income of $520,000 in 20x0. As of the beginning of 20x0, its enacted tax rate is 34% for 20x0-20x2, and 30% for 20x3. Teri expects to report taxable income through 20x3.

Prepare the journal entry to record income tax expense, deferred income taxes, and income tax payable for 20x0.

Sales Mix and Break-Even Sales

Data related to the expected sales of laptops and tablets for Tech Products Inc. for the current year, which is typical of recent years, are as follows:

The estimated fixed costs for the current year are $3,894,000.

Required:

1. Determine the estimated units of sales of the overall (total) product, E, necessary to reach the break-even point for the current year.
units

2. Based on the break-even sales (units) in part (1), determine the unit sales of both laptops and tablets for the current year.

3. Assume that the sales mix was 60% laptops and 40% tablets. Compare the breakeven point with that in part (1). Why is it so different?
units

The break-even point is   in this scenario than in part (1) because the sales mix is   toward the product with the higher   of product.

1. Compute regular depreciation for the following qualified assets. Ignore bonus depreciation and section 179.

• a.) Business equipment purchased in February for $40,000 which has salvage value of $4,000.
• b.) Business car purchased in May for 22,000 which has a salvage value of $3,000.
• c.) Business equipment purchased in May for $150,000 has a salvage value of $15,000.
• d.) Business car purchased in April for $42,000 with a salvage value of $5,000.
• e.) Compute depreciation for residential real estate purchased in January for $390,000 with a salvage value of $50,000.

23. On January 1, 2019, Mancunian Corp. purchased 10% bonds, with a $200,000 face value, for $218,492.52. This price implies an 8% yield to Mancunian. The bonds pay interest on December 31 of each year. Mancunian uses the effective-interest method and classifies the bonds as available for sale securities.

The fair value of the bonds on December 31, 2019 equals $217,200. The fair value of the bonds on December 31, 2020 equals $208,340.

Prepare the journal entries to:

1. Record the purchase of the bonds on January 1, 2019.

2. Record receipt of interest on December 31, 2019.

3. Record the fair value adjustment on December 31, 2019.

4. Record receipt of interest on December 31, 2020.

5. Record the fair value adjustment on December 31, 2020.

6. Record the sale of these bonds on January 1, 2021 for $209,000. cash.

Valentine Accessories Plus produces brass handles for the furniture industry in a four-stage process –Mixing, Moulding, Polishing and Packaging. Costs incurred in the Polishing Department during January are summarized as follows: WIP - Polishing Process A/C January 1 Bal. Transfer from Moulding Direct Materials Added Direct Labour Manufacturing Overhead 20,000 $ 0 1,310,000 391,600 638,000 307,400 Normal losses are estimated to be 2½% of input during the period. Inspection takes place during the processing operation, at which point damaged handles are separated from good handles and sold as scrap to local furniture manufacturers at $85 each. At inspection, 2,000 handles were rejected as scrap. These units had reached the following degree of completion: Transfer from Moulding 100% Direct material added 40% Conversion costs 20% Work-in-progress at the end of January was 4,000 handles and had reached the following degree of completion: Transfer from Moulding 100% Direct material added 80% Conversion costs 50% Direct materials added and conversion costs are incurred uniformly throughout the process. Required: (a) Compute the equivalent units and cost per equivalent units for direct materials (From Moulding & Direct materials added) and conversion costs. (b) Compute the:  cost of the unexpected losses  total cost of the handles completed and transferred out of the Packaging Department  cost of ending work in process inventory in the Polishing Department (c) Complete the Work in Process Inventory – Polishing Process T-account, clearly showing the ending balance. (d) Prepare the journal entries for the:  assignment of direct materials, direct labour incurred and the manufacturing overhead applied to the Polishing Process  cost of the units completed and transferred out to the Packaging Process (e) Given that 30% of the unexpected losses were as a result of pilferage, calculate Valentine Accessories true loss for the Polishing Department.

On July 1, 2016, Killearn Company acquired 142,000 of the outstanding shares of Shaun Company for $15 per share. This acquisition gave Killearn a 40 percent ownership of Shaun and allowed Killearn to significantly influence the investee's decisions.

As of July 1, 2016, the investee had assets with a book value of $5 million and liabilities of $890,000. At the time, Shaun held equipment appraised at $245,000 above book value; it was considered to have a seven-year remaining life with no salvage value. Shaun also held a copyright with a five-year remaining life on its books that was undervalued by $800,000. Any remaining excess cost was attributable to goodwill. Depreciation and amortization are computed using the straight-line method. Killearn applies the equity method for its investment in Shaun.

Shaun's policy is to declare and pay a $1 per share cash dividend every April 1 and October 1. Shaun's income, earned evenly throughout each year, was $614,000 in 2016, $654,600 in 2017, and $704,200 in 2018.

In addition, Killearn sold inventory costing $145,800 to Shaun for $243,000 during 2017. Shaun resold $102,000 of this inventory during 2017 and the remaining $141,000 during 2018.

1. Determine the equity income to be recognized by Killearn during each of these years.

2. Compute Killearn's investment in Shaun Company's balance as of December 31, 2018.

(For all requirements, enter your answers in whole dollars and not in millions.)