Simmons Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Michael Short, Capital; Michael Short, Drawing; Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense.

Journalize the selected transactions for October 20Y3. If an amount box does not require an entry, leave it blank.

Based on past experience, Leickner Company expects to purchase raw materials from a foreign supplier at a cost of 1,400,000 marks on March 15, 2018. To hedge this forecasted transaction, the company acquires a three-month call option to purchase 1,400,000 marks on December 15, 2017. Leickner selects a strike price of $0.62 per mark, paying a premium of $0.004 per unit, when the spot rate is $0.62. The spot rate increases to $0.624 at December 31, 2017, causing the fair value of the option to increase to $9,000. By March 15, 2018, when the raw materials are purchased, the spot rate has climbed to $0.64, resulting in a fair value for the option of $28,000.

1. Prepare all journal entries for the option hedge of a forecasted transaction and for the purchase of raw materials, assuming that December 31 is Leickner's year-end and that the raw materials are included in the cost of goods sold in 2018.

2. What is the overall impact on net income over the two accounting periods?

3. What is the net cash outflow to acquire the raw materials?

Smith Electronic Company’s chip-mounting production department had 300 units of unfinished product, each 50% completed on September 30. During October of the same year, this department put another 800 units into production and completed 900 units and transferred them to the next production department. At the end of October, 200 units of unfinished product, 70% completed, were recorded in the ending Work-in-Process Inventory. Smith Electronic introduces all direct materials when the production process is 50% complete. Direct labor and factory overhead (i.e., conversion) costs are added uniformly throughout the process.

Following is a summary of production costs incurred during October:

Required:

1. Calculate each of the following amounts using weighted-average process costing:
a. Equivalent units of direct materials and conversion.
b. Equivalent unit costs of direct materials and conversion.
c. Cost of goods completed and transferred out during the period.
d. Cost of Work-in-Process Inventory at the end of the period.

2. Prepare a production cost report for October using the weighted-average method.

3. Repeat requirement 1 using the FIFO method.

4. Repeat requirement 2 using the FIFO method.

Wonderland Post Office: Mail sorting time variance One of the operations in the Wonderland Post Office is a mechanical mail sorting operation. In this operation, handwritten letter mail is sorted at a rate of one letter per second. An operator sitting at a keyboard mechanically sorts the letter from a three-digit code. The manager of the mechanical sorting operation wishes to determine the number of temporary employees to hire for December. The manager estimates that there will be an additional 27,000,000 pieces of mail in December, due to the upcoming holiday season. Assume that the sorting operators are temporary employees. The union contract requires that temporary employees be hired for one month at a time. Each temporary employee is hired to work 125 hours in the month. a. How many temporary employees should the manager hire for December? 57 employees b. If each temporary employee earns a standard $13 per hour, what would be the direct labor time variance if the actual number of additional letters sorted in December was 26,208,000? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. $ 4,300 Unfavorable

Greenmount Ltd, an ASX listed consumer goods corporation aims to acquire a fashion business to generate new growth opportunities. Following a formal search process, external advisors have identified the following two businesses as best matching entitiesfor a potential take-over: Tallows Ltd and Bilgola Ltd. Only one will be selected. To move forward with the selection process, the external advisor has estimated that both firms have the same entity value of $2m based on a Discounted Cash Flow (DCF) model, i.e. acquisition price of $2 million (excluding advisor fees), which will be paid as cash consideration. The external advisor will charge $5,000 finder’s fee and $3,000 legal fees paid in cash to prepare all required due diligence.

You have been given access to the following information about the assets, liabilities, and shareholders’ equity for both potential target firms:

Tallows Ltd:

Additional information for Tallows Ltd: Taking into account current market information and historical data of the firm, you determine the following fair values: Accounts receivables: $18,000, Inventory: $180,000, Property Plant and Equipment: $1,000,000.

Additional information for Bilgola Ltd:

Considering current market prices and further historical information from the company, you determine the following fair values: Accounts receivable $200,000, Inventory $500,000, Property Plant and Equipment $2,000,000.

Nicholas Less, the CFO of Greenmount Ltd has been under pressure to increase the companies’earnings as soon as possible. He has to provide a recommendation on which firm to acquire at the next board of directors meeting in two weeks. In preparation for the meeting, Nicholas has asked you to prepare a fact sheet that evaluates the acquisition of the two potential target firms, Tallows Ltd and Bilgola Ltd from an accounting perspective.

1. You remember an in-class discussion from your studies about the use of fair value accounting versus historical cost accounting. Provide arguments for and against the use of both methods and explain the trade-off between the two methods in the context of the objective and fundamental characteristics of financial reporting.

Carlson Enterprises manufactures tires for the Formula 1 motor racing circuit. For August 2017​, it budgeted to manufacture and sell 3,300 tires at a variable cost of $70 per tire and total fixed costs of $53,500. The budgeted selling price was $107 per tire. Actual results in August 2017 were 3,200 tires manufactured and sold at a selling price of $109 per tire. The actual total variable costs were $249,600​, and the actual total fixed costs were $50,500.

Requirements

Begin with the actual​ results, then complete the flexible budget columns and the static budget columns. Label each variance as favorable or unfavorable.​ (For variances with a​ $0 balance, make sure to enter​ "0" in the appropriate field. If the variance is​ zero, do not select a​ label.)

Carla Vista Co. had a beginning inventory balance on July 1 of 410 units at a cost of $3.00 each. During the month, the following inventory transactions took place:

(a)

Correct answer iconYour answer is correct.

Calculate the cost of goods available for sale and the number of units of ending inventory.

eTextbook and Media

Attempts: 2 of 5 used

Using multiple attempts will impact your score.

20% score reduction after attempt 3

(b)

Correct answer iconYour answer is correct.

Assume Carla Vista uses FIFO periodic. Calculate the cost of ending inventory, cost of the goods sold, and gross profit.

eTextbook and Media

Attempts: 1 of 5 used

Using multiple attempts will impact your score.

20% score reduction after attempt 3

(c)

Correct answer iconYour answer is correct.

Assume Carla Vista uses FIFO perpetual. Calculate the cost of ending inventory, cost of goods sold, and gross profit.

eTextbook and Media

Attempts: 1 of 5 used

Using multiple attempts will impact your score.

20% score reduction after attempt 3

(d)

New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct.

Prepare journal entries to record the July 10 purchase and the July 11 sale using (1) FIFO periodic and (2) FIFO perpetual. Assume both the sale and purchase were for cash. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

(1) FIFO periodic

(2) FIFO perpetual

1. Cash Budget

   The controller of Mercury Shoes Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following An accounting device used to plan and control resources of operational departments and divisions budget information:

   	June		July		August
   Sales	$160,000		$185,000		$200,000
   Manufacturing costs	66,000		82,000		105,000
   Selling and administrative expenses	40,000		46,000		51,000
   Capital expenditures	_		_		120,000

   The company expects to sell about 10% of its merchandise for cash. Of sales on account, 60% are expected to be collected in the month following the sale and the remainder the following month (second month after sale). Depreciation, insurance, and property tax expense represent $12,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in February, and the annual property taxes are paid in November. Of the remainder of the manufacturing costs, 80% are expected to be paid in the month in which they are incurred and the balance in the following month.

   Current assets as of June 1 include cash of $42,000, marketable securities of $25,000, and accounts receivable of $198,000 ($150,000 from May sales and $48,000 from April sales). Sales on account in April and May were $120,000 and $150,000, respectively. Current liabilities as of June 1 include $13,000 of accounts payable incurred in May for manufacturing costs. All selling and administrative expenses are paid in cash in the period they are incurred. An estimated income tax payment of $24,000 will be made in July. Mercury Shoes' regular quarterly dividend of $15,000 is expected to be declared in July and paid in August. Management wants to maintain a minimum cash balance of $40,000.

   Required:

   1. Prepare a monthly cash budget and supporting schedules for June, July, and August. Enter all amounts as positive numbers except for Cash (decrease) and (deficiency). Use the minus sign to indicate an overall cash decrease and deficiency.

   Mercury Shoes Inc.
   Cash Budget
   For the Three Months Ending August 31
   	June	July	August
   Estimated cash receipts from:
   Cash sales	$	$	$
   Collection of accounts receivable
   Total cash receipts	$	$	$
   Estimated cash payments for:
   Manufacturing costs	$	$	$
   Selling and administrative expenses
   Capital expenditures
   Other purposes:
   Income tax
   Dividends
   Total cash payments	$	$	$
   Cash increase or (decrease)	$	$	$
   Cash balance at beginning of month
   Cash balance at end of month	$	$	$
   Minimum cash balance
   Excess or (deficiency)	$	$	$

A company manufactures 2 core trade items, A and B. Both products need manufacturing time in 3 stages which is shown below:

The chief plant officer (CPO) says that product A has a profit contribution (Price sold minus Variable Cost) of 20000 USD and product B of 16000 USD. The production capability is defined by the capacity of each stage. Questions: 1. If somebody could produce only product A, which could be the official contribution in the profits? 2. If the added time was used for production of product B, which could the total profit be? 3. Could you suggest to the CPO another production mix in order to achieve higher total profit and if yes which would be the percentage for each stage?

1. Budgeted Income Statement and Supporting Budgets

   The budget director of Gold Medal Athletic Co., with the assistance of the controller, treasurer, production manager, and sales manager, has gathered the following data for use in developing the budgeted income statement for March:

   1. Estimated sales for March:

      Batting helmet	1,200 units at $40 per unit
      Football helmet	6,500 units at $160 per unit

   2. Estimated inventories at March 1:

      Direct materials:
      Plastic	90 lbs.
      Foam lining	80 lbs.
      Finished products:
      Batting helmet	40 units at $25 per unit
      Football helmet	240 units at $77 per unit

   3. Desired inventories at March 31:

      Direct materials:
      Plastic	50 lbs.
      Foam lining	65 lbs.
      Finished products:
      Batting helmet	50 units at $25 per unit
      Football helmet	220 units at $78 per unit

   4. Direct materials used in production:

      In manufacture of batting helmet:
      Plastic	1.2 lbs. per unit of product
      Foam lining	0.5 lb. per unit of product
      In manufacture of football helmet:
      Plastic	3.5 lbs. per unit of product
      Foam lining	1.5 lbs. per unit of product

   5. Anticipated cost of purchases and beginning and ending inventory of direct materials:

      Plastic	$6 per lb.
      Foam lining	$4 per lb.

   6. Direct labor requirements:

      Batting helmet:
      Molding Department	0.2 hr. at $20 per hr.
      Assembly Department	0.5 hr. at $14 per hr.
      Football helmet:
      Molding Department	0.5 hr. at $20 per hr.
      Assembly Department	1.8 hrs. at $14 per hr.

   7. Estimated factory overhead costs for March:

      Indirect factory wages	$86,000
      Depreciation of plant and equipment	12,000
      Power and light	4,000
      Insurance and property tax	2,300

   8. Estimated operating expenses for March:

      Sales salaries expense	$184,300
      Advertising expense	87,200
      Office salaries expense	32,400
      Depreciation expense—office equipment	3,800
      Telephone expense—selling	5,800
      Telephone expense—administrative	1,200
      Travel expense—selling	9,000
      Office supplies expense	1,100
      Miscellaneous administrative expense	1,000

   9. Estimated other income and expense for March:

      Interest revenue	$940
      Interest expense	872

   10. Estimated tax rate: 30%

   Required:

   1. Prepare a sales budget for March. Enter all amounts as positive numbers.

   Gold Medal Athletic Co. Sales Budget For the Month Ending March 31
   	Unit Sales Volume	Unit Selling Price			Total Sales
   Batting helmet		$			$
   Football helmet
   Total revenue from sales					$

   2. Prepare a production budget for March. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

   Gold Medal Athletic Co. Production Budget For the Month Ending March 31
   	Units
   	Batting helmet	Football helmet

   3. Prepare a direct materials purchases budget for March. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

   Gold Medal Athletic Co. Direct Materials Purchases Budget For the Month Ending March 31
   		Plastic		Foam Lining		Total
   Units required for production:
   Batting helmet
   Football helmet
   Desired units of inventory, March 31
   Total units available
   Estimated units of inventory, March 1
   Total units to be purchased
   Unit price	$		$
   Total direct materials to be purchased	$		$		$

   4. Prepare a direct labor cost budget for March. Enter all amounts as positive numbers.

   Gold Medal Athletic Co. Direct Labor Cost Budget For the Month Ending March 31
   		Molding Department		Assembly Department		Total
   Hours required for production:
   Batting helmet
   Football helmet
   Total
   Hourly rate	$		$
   Total direct labor cost	$		$		$

   5. Prepare a factory overhead cost budget for March.

   Gold Medal Athletic Co. Factory Overhead Cost Budget For the Month Ending March 31
   	$
   Total	$

   6. Prepare a cost of goods sold budget for March. Work in process at the beginning of March is estimated to be $15,300, and work in process at the end of March is desired to be $14,800. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

   Gold Medal Athletic Co. Cost of Goods Sold Budget For the Month Ending March 31
   			$
   		$
   Direct materials:
   	$
   Cost of direct materials available for use	$
   Cost of direct materials placed in production	$
   Total manufacturing costs
   Total work in process during period		$
   Cost of goods manufactured
   Cost of finished goods available for sale			$
   Cost of goods sold			$

   7. Prepare a selling and administrative expenses budget for March.

   Gold Medal Athletic Co. Selling and Administrative Expenses Budget For the Month Ending March 31
   Selling expenses:
   		$
   Total selling expenses			$
   Administrative expenses:
   		$
   Total administrative expenses
   Total operating expenses			$

   8. Prepare a budgeted income statement for March.

   Gold Medal Athletic Co. Budgeted Income Statement For the Month Ending March 31
   			$
   			$
   Operating expenses:
   		$
   Total operating expenses
   Income from operations			$
   Other revenue and expense:
   		$
   Income before income tax			$
   Net income			$

Whitley has recently completed work for three clients: Harrison, Barnes, and Tyler. The cost data for each of the three jobs are summarized below:

Budgeted direct materials cost and direct labor cost for the year are estimated at $515,000 and $730,000, respectively. Direct labor hours are budgeted at 29,000 hours, and total overhead is budgeted at $493,000.

Required:

1. Calculate the total cost of each of the three jobs.

2. Suppose that for the entire year, Whitley used 30,300 labor hours and total actual overhead was $512,000. What is the amount of underapplied or overapplied overhead?

Complete this question by entering your answers in the tabs below.

• Required 1
• Required 2

Calculate the total cost of each of the three jobs.

Polaski Company manufactures and sells a single product called a Ret. Operating at capacity, the company can produce and sell 40,000 Rets per year. Costs associated with this level of production and sales are given below: Unit Total Direct materials $ 25 $ 1,000,000 Direct labor 10 400,000 Variable manufacturing overhead 3 120,000 Fixed manufacturing overhead 7 280,000 Variable selling expense 2 80,000 Fixed selling expense 6 240,000 Total cost $ 53 $ 2,120,000 The Rets normally sell for $58 each. Fixed manufacturing overhead is $280,000 per year within the range of 35,000 through 40,000 Rets per year. Required: 1. Assume that due to a recession, Polaski Company expects to sell only 35,000 Rets through regular channels next year. A large retail chain has offered to purchase 5,000 Rets if Polaski is willing to accept a 16% discount off the regular price. There would be no sales commissions on this order; thus, variable selling expenses would be slashed by 75%. However, Polaski Company would have to purchase a special machine to engrave the retail chain’s name on the 5,000 units. This machine would cost $10,000. Polaski Company has no assurance that the retail chain will purchase additional units in the future. What is the financial advantage (disadvantage) of accepting the special order? (Round your intermediate calculations to 2 decimal places.) 2. Refer to the original data. Assume again that Polaski Company expects to sell only 35,000 Rets through regular channels next year. The U.S. Army would like to make a one-time-only purchase of 5,000 Rets. The Army would pay a fixed fee of $1.20 per Ret, and it would reimburse Polaski Company for all costs of production (variable and fixed) associated with the units. Because the army would pick up the Rets with its own trucks, there would be no variable selling expenses associated with this order. What is the financial advantage (disadvantage) of accepting the U.S. Army's special order? 3. Assume the same situation as described in (2) above, except that the company expects to sell 40,000 Rets through regular channels next year. Thus, accepting the U.S. Army’s order would require giving up regular sales of 5,000 Rets. Given this new information, what is the financial advantage (disadvantage) of accepting the U.S. Army's special order?

Mohr Company purchases a machine at the beginning of the year at a cost of $30,000. The machine is depreciated using the straight-line method. The machine’s useful life is estimated to be 8 years with a $4,000 salvage value. The book value of the machine at the end of year 2 is:

PLEASE HELP!!

foursquare technology corporation establish foreign operations in lithuania and taiwan in the current year corporate management has decided to evaluate the foreign operations and their managers on the basis of earnings before tax discuss the issues the foursquares corporate management should consider in determining exactly how its foreign operations earnings before tax will be measured for performance evaluation purposes

(Accountant Trainee Position)

QUESTIONS

1. Please explain why you are interested in this position, including what you can contribute to the team and what you hope to gain from this experience.
2. This position involves communication with other staff, management, other agencies and vendors. Please describe your oral and written communication abilities.
3. Please describe your knowledge, skills, and experience using accounting software/systems