a-

Explain securitization structure and its disclosure requirement for mortgage banks and

b-

discuss the alternatives to securitizations.

(minimum 200 words - no handwriting or photo)

Identify each of the following a feature of managerial accounting (M) or financial accounting (F):

1- Information is prepared for external users and is historically based.

2- Information prepared must follow GAAP.

3- It is important that information is prepared timely and may contain estimates.

4- Information is prepared for internal users and may report on segments or divisions of the company.

5- The prepared financial statement analyze the company as a Whole.

2- Identify the following costs as product costs (PR) or SG&A/ period costs (SGA):

a) Salaries for staff in the legal department

b) Labor Costs for factory workers.

c) Utilities paid for the corporate headquarter offices.

d) Supplies Used by the company accountant.

f) Tools used to maintain the production equipment.

Has there been a reason given by government as to why they won't fully eliminate double taxation?

SHARE-BASED PAYMENTS

Kiwi Car Direct Limited is a New Zealand company which purchases car parts from the United States. It has a balance date of 31 March.

In March 2017 Kiwi Car Direct Limited negotiated the purchase of car parts from its longstanding supplier in the US, Eagle Auto Parts Limited. In this case, Kiwi Car Direct Limited negotiated to settle the purchase of the transaction with 35,000 shares in Kiwi Car Direct Limited. The car parts were received on the 31 March 2017 and are considered to have a total fair value of $260,000. The fair value of Kiwi Car Direct Limited’s shares on the 31 March 2017 was $7.50 per share.

Furthermore, on the 1 April 2017, Kiwi Car Direct Limited granted 10,000 share options to its CEO. All services had been performed by the CEO at that date. The entity reliably estimated the fair value of each option at $6.50.

Required:

(a) Provide the journal entry to record the purchase of the car parts by Kiwi Car Direct Limited on the 31 March 2017.

(b) Calculate the remuneration expense which will be reported in the financial statements of Kiwi Car Direct Limited for the year to 31 March 2018 for services received from the CEO

as consideration for the share options granted.

(c) Discuss the extent to which you consider that the share options granted to the CEO of Kiwi Car Direct Limited are likely to align his/her interests with those of shareholders.

1. On April 1, 2018, Sukyoon registered the book store with the local government and the IRS by investing $500. Sukyoon owns 10 shares of the company. Jay also invested $2,000 for 40 shares of the company. Jay agreed that Sukyoon would be running the business.
2. To house the business, the company bought an abandoned building near Snell Park for $150 on April 1. The purchase documents allocated $100 to the land and $50 to the building. The company paid for the building with $30 cash and a $120 (5 year/10%) mortgage from the Community Bank. The company expect the building have the useful life of 4 years with the expected salvage value of $
3. On May 1, the company purchased 40 bookshelves at an average cost of $6 per unit. ($240 total). Sukyoon felt the shelves would only last for two years, at which time they would have no remaining value for sale.
4. On June 15, the book store ordered hundreds of used books from AMAZON for $800 to be delivered on the same day. The book store was able to purchase the inventory “on account”, which meant he had up to 90 days after delivery to pay the supplier.
5. On July 1, the book store signed a contract with a local advertising agency to provide various forms of advertising for a period of one year. The company paid $100 upfront for advertising through June 30, 2019
6. On June 30, the book store also hired two employees, Eugene and Sarah, to run the store. They signed employment contracts promising each salaries of $5 per month
7. On July 1, the book store recorded its first sales of used books totaling $600, most of which were paid in cash immediately. The original cost of these used books was $200. However, Sukyoon allowed a select number of students to pay later. The amount of credit sales out of the total sales was $100.
8. On July 5, Jay called to check in on the business. Upon hearing that Clarkson “The Great” Book Store only had $__________ of cash left in the bank, Jay became concerned about his investment. Thinking fast, Sukyoon stated that he was so confident of Clarkson “The Great” Book Store’s prospects that he declared and paid a $0.10 per share dividend. This dividend seemed to reassure Jay.
9. On July 10, the book store paid Amazon $200 it was owed
10. On July 15, one students who purchased a book on credit on July 1 went bankrupt and the book store decided to write off sales of $2 to him.
11. On July 31, the book store’s two employees were paid wages of $10 total during this one-month period and Sukyoon drew a salary of $10.
12. On July 31, the book store’s made a payment of $8 in principal and interest payment of $4 to the Bank.
13. On July 31, the company booked the depreciation expenses relating to the fixed assets during the 4-month period and booked the expense relating to the service provided by a local advertising agency during July.
14. On July 31, the book store booked 10% of the pretax income as an income taxes expenses.

Create an income statement, balance sheet, and cash flow statement

Job Cost Sheet

Remnant Carpet Company sells and installs commercial carpeting for office buildings. Remnant Carpet Company uses a job order cost system. When a prospective customer asks for a price quote on a job, the estimated cost data are inserted on an unnumbered job cost sheet. If the offer is accepted, a number is assigned to the job, and the costs incurred are recorded in the usual manner on the job cost sheet. After the job is completed, reasons for the variances between the estimated and actual costs are noted on the sheet. The data are then available to management in evaluating the efficiency of operations and in preparing quotes on future jobs. On October 1, Remnant Carpet Company gave Jackson Consulting an estimate of $2,520 to carpet the consulting firm’s newly leased office. The estimate was based on the following data:

On October 3, Jackson Consulting signed a purchase contract, and the delivery and installation were completed on October 10.

The related materials requisitions and time tickets are summarized as follows:

Required:

Enter amounts as positive numbers.

1. Complete that portion of the job order cost sheet that would be prepared when the estimate is given to the customer.

2. Record the costs incurred, and complete the job order cost sheet.

What is the best explanation for the variances between actual costs and estimated costs. (For this purpose, assume that the additional meters of material used in the job were spoiled, the factory overhead rate has proven to be satisfactory, and an inexperienced employee performed the work.)

1. The direct materials cost exceeded the estimate by $124 because 4 meters of materials were spoiled. The direct labor cost exceeded the estimate by $80 because an additional 4 hours of labor were used by an inexperienced employee. The factory overhead cost exceeded the estimate because an additional $60 of factory overhead was allocated because of the increase in direct labor.
2. Management didn't provide enough direction to complete tasks on budget.
3. The direct materials cost exceeded the estimate by $75 because 3 meters of materials were spoiled.
4. The direct labor cost exceeded the estimate by $120 because an additional 4 hours of labor were used by an inexperienced employee.

Select the correct answer from the above choices.

Presented below is a list of the accounts and balances of Wildcat Corporation at December 31, 2018.

Debit   Credit

Note:        
·       Assume a 30% effective tax rate on all items for the year.      
·       A preliminary estimate of accrued income taxes has been recorded and is included in the trial balance above.
If this is not the correct amount of tax expense, you will need to make an additional adjusting entry.      
·       Investments in Bonds are considered "held to maturity"; Investments in Stocks are considered "available for sale"      
      
      
Required: PREPARE THE FOLLOWING STATEMENTS IN GOOD FORM      
      
1.     Multi-step Income Statement with EPS calculations.      
2.     Statement of Stockholder's Equity (no new shares were issued during the year)      
3.     Classified Balance Sheet        
      
(All statements should be prepared according to GAAP and in "good form" (proper format, alignment, spelling, $ signs, underlines, etc.))      

Question text

FLEXIBLE BUDGET

Projections:
Units sold = 5000 units
Unit sales price = $20 per unit
Cost of goods sold = $5,000 per month and $10 per unit
Selling and administrative expense = $20,000 per month and $3 per unit

So for the month of March, create the flexible budget (select from each dropdown box):

How do I prepare a budget for a new plant being built compared to the existing plant data

Flexible Budgeting and Variance Analysis

I Love My Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa and sugar. The following planning information has been made available:

I Love My Chocolate Company does not expect there to be any beginning or ending inventories of cocoa or sugar. At the end of the budget year, I Love My Chocolate Company had the following actual results:

Required:

1. Prepare the following variance analyses for both chocolates and the total, based on the actual results and production levels at the end of the budget year:

     a. Direct materials price variance, direct materials quantity variance, and total variance.

     b. Direct labor rate variance, direct labor time variance, and total variance.

Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.

On this page of the practice set, you are asked to record all of the transactions that occurred during the month of June into the General Journal of the business. The transactions for the month of June are as follows:

Company A Ltd and Company B Ltd are both liquidated after combining to form Company C Ltd. Discuss in detail how the acquirer would be identified in this situation and why it is important.

Mayfield Company sells two products, Blue models and Plaid models. Blue models sell for $41per unit with variable costs of $40 per unit. Plaid models sell for $53

per unit with variable costs of $15 per unit. Total fixed costs for the company are $20,240. Mayfield Company typically sells three Blue models for every four

Plaid models. What is the breakeven point in total units? (Round any intermediary calculations to the nearest whole number.)

A. 12,891units

B. 133 units

C. 920 units

D. 131 units

​​​​​​When a company has positive net income, does that also mean they have positive cash flows? What is more important to a company - positive cash flow or net income? Is this true for both the long term and short term?