Entries and Schedules for Unfinished Jobs and Completed Jobs

Hildreth Company uses a job order cost system. The following data summarize the operations related to production for April, the first month of operations:

1. Materials purchased on account, $3,050.
2. Materials requisitioned and factory labor used:
   

   Job No.	Materials		Factory Labor
   101	$1,990		$3,140
   102	2,430		4,240
   103	1,610		2,070
   104	5,450		7,790
   105	3,460		5,930
   106	2,530		3,770
   For general factory use	680		4,650

3. Factory overhead costs incurred on account, $3,800.
4. Depreciation of machinery and equipment, $2,230.
5. The factory overhead rate is $55 per machine hour. Machine hours used:
   

   Job No.	Machine Hours
   101		37
   102		33
   103		32
   104		65
   105		19
   106		33
   Total		219

6. Jobs completed: 101, 102, 103, and 105.
7. Jobs were shipped and customers were billed as follows: Job 101, $8,600; Job 102, $10,180; Job 105, $15,780.

Required:

1. Journalize the entries to record the summarized operations. For a compound transaction, if an amount box does not require an entry, leave it blank.

2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes. Insert memo account balances as of the end of the month.

3. Prepare a schedule of unfinished jobs to support the balance in the work in process account.

4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.

The Walton Toy Company manufactures a line of dolls and a sewing kit. Demand for the company’s products is increasing, and management requests assistance from you in determining an economical sales and production mix for the coming year. The company has provided the following data:

The following additional information is available:  

1. The company’s plant has a capacity of 115,730 direct labor-hours per year on a single-shift basis. The company’s present employees and equipment can produce all five products.

2. The direct labor rate of $7 per hour is expected to remain unchanged during the coming year.

3. Fixed manufacturing costs total $545,000 per year. Variable overhead costs are $3 per direct labor-hour.

4. All of the company’s nonmanufacturing costs are fixed.

5. The company’s finished goods inventory is negligible and can be ignored.

Required:

1. How many direct labor hours are used to manufacture one unit of each of the company’s five products?

2. How much variable overhead cost is incurred to manufacture one unit of each of the company’s five products?

3. What is the contribution margin per direct labor-hour for each of the company’s five products?

4. Assuming that direct labor-hours is the company’s constraining resource, what is the highest total contribution margin that the company can earn if it makes optimal use of its constrained resource?

5. Assuming that the company has made optimal use of its 115,730 direct labor-hours, what is the highest direct labor rate per hour that Walton Toy Company would be willing to pay for additional capacity (that is, for added direct labor time)?

Intangible assets are
a.listed directly under current assets on the balance sheet.
b not listed on the balance sheet because they do not have physical substance
c listed after property, plant and equipment
d listed as a long term investment on the balance sheet
Which answer is correct?

violet corporation has the following data for the past 2 years

the sales margin in year 2 is half of the margin in year 1, what is the required rate of return in year 1

Explain Please!!

Eximco Corporation (based in Champaign, Illinois) has a number of transactions with companies in the country of Mongagua, where the currency is the mong. On November 30, 2017, Eximco sold equipment at a price of 500,000 mongs to a Mongaguan customer that will make payment on January 31, 2018. In addition, on November 30, 2017, Eximco purchased raw materials from a Mongaguan supplier at a price of 300,000 mongs; it will make payment on January 31, 2018. To hedge its net exposure in mongs, Eximco entered into a two-month forward contract on November 30, 2017, to deliver 200,000 mongs to the foreign currency broker in exchange for $104,000. Eximco properly designates its forward contract as a fair value hedge of a foreign currency receivable. The following rates for the mong apply:

Date Spot Rate Forward Rate (to January 31, 2018)

November 30, 2017 $ 0.53 $ 0.52

December 31, 2017 0.50 0.48

January 31, 2018 0.49 N/A

Eximco's incremental borrowing rate is 12 percent. The present value factor for one month at an annual interest rate of 12 percent (1 percent per month) is 0.9901.

a. Prepare all journal entries, including December 31 adjusting entries, to record these transactions and the forward contract.

b. What is the impact on net income in 2017?

c. What is the impact on net income in 2018?

Based on past experience, Leickner Company expects to purchase raw materials from a foreign supplier at a cost of 1,100,000 marks on March 15, 2018. To hedge this forecasted transaction, the company acquires a three-month call option to purchase 1,100,000 marks on December 15, 2017. Leickner selects a strike price of $0.81 per mark, paying a premium of $0.002 per unit, when the spot rate is $0.81. The spot rate increases to $0.817 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 $0.83, resulting in a fair value for the option of $22,000.

a. 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.

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

c. What is the net cash outflow to acquire the raw materials

Perform a horizontal analysis for Mazzic Inc. Use 2010 as the base year.

Do not enter dollar signs or commas in the input boxes.
Round your answers to 2 decimal places.

I have calculated everything but the something with the roundup must be wrong. Thank you!

Brandlin Company of Anaheim, California, sells parts to a foreign customer on December 1, 2017, with payment of 26,000 korunas to be received on March 1, 2018. Brandlin enters into a forward contract on December 1, 2017, to sell 26,000 korunas on March 1, 2018. Relevant exchange rates for the koruna on various dates are as follows:

Date Spot Rate Forward Rate (to March 1, 2018)

December 1, 2017 $ 4.40 $ 4.475

December 31, 2017 4.50 4.600

March 1, 2018 4.65 N/A

Brandlin's incremental borrowing rate is 15 percent. The present value factor for two months at an annual interest rate of 15 percent (1.25 percent per month) is 0.9755. Brandlin must close its books and prepare financial statements at December 31.

a-1. Assuming that Brandlin designates the forward contract as a cash flow hedge of a foreign currency receivable and recognizes any premium or discount using the straight-line method, prepare journal entries for these transactions in U.S. dollars.

a-2. What is the impact on 2017 net income?

a-3. What is the impact on 2018 net income?

a-4. What is the impact on net income over the two accounting periods?

b-1. Assuming that Brandlin designates the forward contract as a fair value hedge of a foreign currency receivable, prepare journal entries for these transactions in U.S. dollars.

b-2. What is the impact on 2017 net income?

b-3. What is the impact on 2018 net income?

b-4. What is the impact on net income over the two accounting periods?

The Kingbird, Inc. opened on April 1. All facilities were completed on March 31. At this time, the ledger showed No. 101 Cash $7,360, No. 140 Land $10,640, No. 145 Buildings (concession stand, projection room, ticket booth, and screen) $6,640, No. 157 Equipment $7,360, No. 201 Accounts Payable $3,360, No. 275 Mortgage Payable $8,640, and No. 311 Common Stock $20,000. During April, the following events and transactions occurred.

In addition to the accounts identified above, the chart of accounts shows No. 112 Accounts Receivable, No. 136 Prepaid Rent, No. 400 Service Revenue, No. 429 Rent Revenue, No. 610 Advertising Expense, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense.

a. Enter the beginning balances in the ledger as of April 1.

b. Journalize the April transactions. Kingbird, Inc. records admission revenue as service revenue, rental of the concession stand as rent revenue, and film rental expense as rent expense. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

c. Post the April journal entries to the ledger. (Post entries in the order of journal entries presented in the previous part.)

d. Prepare a trial balance on April 30, 2019.

Department G had 2,040 units 25% completed at the beginning of the period, 12,800 units were completed during the period, 1,700 units were 20% completed at the end of the period, and the following manufacturing costs debited to the departmental work in process account during the period: Work in process, beginning of period $30,000 Costs added during period: Direct materials (12,460 units at $9) 112,140 Direct labor 76,800 Factory overhead 25,600 All direct materials are placed in process at the beginning of production and the first-in, first-out method of inventory costing is used. What is the total cost of the departmental work in process inventory at the end of the period (round unit cost calculations to four decimal places and round your final answer to the nearest dollar)? a. $17,367 b. $23,473 c. $18,056 d. $15,300

On January 1, 20X7, Pepper Company acquired 90 percent of the outstanding common stock of Salt Corporation for $1,242,000. On that date, the fair value of noncontrolling interest was equal to $138,000. The entire differential was related to land held by Salt. At the date of acquisition, Salt had common stock outstanding of $520,000, additional paid-in capital of $200,000, and retained earnings of $540,000. During 20X7, Salt sold inventory to Pepper for $440,000. The inventory originally cost Salt $360,000. By year-end, 30 percent was still in Pepper's ending inventory. During 20X8, the remaining inventory was resold to an unrelated customer. Both Pepper and Salt use perpetual inventory systems.

Income and dividend information for both Pepper and Salt for 20X7 and 20X8 are as follows:

Assume Pepper uses the fully adjusted equity method to account for its investment in Salt.

Required:
a. Present the worksheet consolidation entries necessary to prepare consolidated financial statements for 20X7.
b. Present the worksheet consolidation entries necessary to prepare consolidated financial statements for 20X8.

1. Billy McMahon is interested in buying a waterfront condo and has saved $100,000 for the down payment. His plans call for making additional monthly deposits into an investment account over the next 36 months. Billy McMahon wants to make the purchase 48 months from today and wants to have $180,000 saved up for the down payment.
   1. What is the amount of each of the additional payments he must make for his plan to work out?   Assume Billy can earn 2% annual return in his investment account.
   2. If Billy takes out a 30-year, $720,000 mortgage at 4%, what will his mortgage payments be?
   3. Prepare an amortization schedule to prove that your answer is right and his mortgage will be paid off in 30 years.
   4. Assume he pays an additional $800 towards his mortgage each month. How much sooner will he be able to pay off her mortgage?
   5. Prepare an amortization schedule proving your answer in