Golding Bank provided the following data about its resources and activities for its checking account process:

• Computers are used only by the issuing (40 percent) and processing transaction (60 percent) activities.
• Phone and supplies are 70 percent customer inquiries with the other 30 percent divided equally among the remaining activities, including supervising the checking operation.
• The supervisor spends 100 percent of his time on supervision. In addition to the 28,000 clerical hours, there are 4,000 hours of supervision used (the hours used by the supervising clerks activity, which is not listed above).

Required:

Calculate the cost of each activity. If required, round your answers to the nearest dollar.

3. If the cost of the supervising activity is assigned to the other four activities, what is the final cost of these four primary activities? If required, round your answers to the nearest dollar.

Oliver Corporation decided on January 1, 2020, that its Canadian subsidiary’s functional currency is the Canadian dollar rather than the U.S. dollar. On that date, the net assets of its Canadian subsidiary amounted to C$20,000,000 and to $11,000,000 when remeasured; the exchange rate was $0.75/C$. During 2020, the Canadian subsidiary reported net income of C$2,500,000 and declared and paid dividends of C$1,000,000. No other changes in owners’ equity occurred.

Required

Calculate the translation gain or loss for 2020, and the cumulative translation gain or loss at December 31, 2020. Relevant exchange rates were $0.78/C$ (average); $0.77/C$ (dividend declaration date); $0.79/C$ (December 31, 2020).

Instructions for Translation Gain or Loss table:

1. Use negative signs with answers to indicate a negative exposed position balance.
2. Use negative signs with answers to indicate an amount that reduces the exposed position balance.
3. Using the drop-down menu, select the appropriate answer to indicate a translation gain or loss and a cumulative translation gain or loss.
4. Do not use a negative sign with your translation gain or loss and cumulative gain or loss answers.
5. Enter answers using all zeros (do not abbreviate to millions or thousands).

An article entitled "Changes to the Creole Menu" written by Carla Méndez Martí was recently published. It summarizes the new dietary guidelines issued by the United States Department of Agriculture and the Department of Health. These guidelines prohibit excess sugar and salt, suggest limiting fat intake, and increasing consumption of fruits and vegetables, fiber, and low-fat dairy products. It is also recommended to eat whole wheat and not white bread, and exercise regularly. The new guidelines attempt to tackle the increase in obesity in our population, including young adults and the elderly.

Some researchers have associated a healthy diet with fewer health problems and greater longevity. Suppose that Puerto Ricans change our lifestyle and diet to follow the recommendations of the United States Department of Agriculture and the Department of Health.

Under current accounting standards, how could the new lifestyle of Puerto Rican society affect the accounting of a defined benefit pension plan of a local company? Specifically, which components of pension expense could be affected?

Units Costs Beginning work in process (22% complete) 63,900 Direct materials $ 99,000 Conversion cost 175,000 Total cost of beginning work in process $ 274,000 Number of units started 121,500 Number of units completed and transferred to finished goods 161,400 Ending work in process (67% complete) ? Current period costs Direct materials $ 246,700 Conversion cost 332,000 Total current period costs $ 578,700

Required: 1 & 2. Using the weighted-average method of process costing, complete each of the following steps:

a. Reconcile the number of physical units worked on during the period.

b. Calculate the number of equivalent units.

c. Calculate the cost per equivalent unit. (Round cost per Equivalent Unit to 5 decimal places.)

d. Reconcile the total cost of work in process. (Use Cost per Equivalent Unit rounded to 5 decimal places and round your final answers to the nearest whole dollar amount.)

Use the following information for the Exercises below.

[The following information applies to the questions displayed below.]
  
Hemming Co. reported the following current-year purchases and sales for its only product.
    

Exercise 5-9A Perpetual: Inventory costing system LO P3

Required:
Hemming uses a perpetual inventory system.
  
1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.
3. Compute the gross margin for FIFO method and LIFO method.

Custom Designs

Please use the following data to determine the value of cost of goods sold that should be included within Custom Design’s income statement.

Inventories Beginning Ending

Work in Process $120,000 $97,000

Finished Goods $118,000 $140,000

Additional Information

Direct Materials $310,000

Direct Labor $270,000

Labor Hours Worked 6,800 DLH

Estimated Labor Hours Worked 7,000 DLH

Manufacturing Overhead Incurred $254,000

Estimated Manufacturing Overhead $224,000

Mr. Massey, who is in the 32 percent marginal tax bracket and itemizes deductions, recently inherited $30,000. He is considering three alternative uses for this windfall: He could buy shares in a mutual bond fund paying 6 percent interest a year. He could pay off a $30,000 personal debt to a local bank on which he pays $2,350 interest each year. He could pay off $30,000 of the mortgage incurred to buy his home. This principal repayment would decrease his annual home mortgage interest expense by $2,900. Compute the annual increase in Mr. Massey's after-tax cash flow for each of these three alternatives. Which alternative would you recommend and why? Can you show the break down of all 3 parts?

Goods purchased were shipped Dec. 31, 2018, and received as of 12/31/2018. The invoice was not received until January 10, 2019. FOB shipping. The company’s practice is not to record liability until the receipt of the invoice. Is this an unrecorded liability as of 12/31/18? Was 2018 net income misstated?

Acme, LLC produces three models of paint sprayers. A limitation of only 2,000 machine hours available per year for the equipment required to make components for the pump unit and components for the motor and gasoline engines used on all of the sprayers prevents Acme from meeting the sales demand for its paint sprayers. The three models are Residential, Commercial Electric and Commercial gas.

Give the following Data:

Residential Commercial Electric Commercial Gas

Unit Selling price: $400 $900 $1,200

Unit Variable Price: $200 $650 $850

Machine Hours per Unit: .8 1.25 1.5

Maximum annual Demand: 1000 units 1,500 units 300 units

1.) What is the recommended product mix to maximize profit in the short run?

2.) What is the total contribution margin at the recommended product mix?

Venus Cellular Limited (“Venus”) is the leading, worldwide provider of a wide variety of telecommunications equipment and services. Its telecommunications equipment and services enable its customers to send or receive virtually any type of voice or data transmission. Its customers include fixed line and wireless telecommunication operators, Internet service providers, governments, and businesses. Venus prepares its financial statements in accordance with International Financial Reporting Standards (IFRSs).

• Question — Discuss any additional issues you have identified or other observations.

• Question 1 — Identify whether the analysis of expenses in profit or loss is presented by nature or function.

Transactions

On June 1 of the current year, Chad Wilson established a business to manage rental property. He completed the following transactions during June:

1. Opened a business bank account with a deposit of $28,000 from personal funds.
2. Purchased office supplies on account, $3,450.
3. Received cash from fees earned for managing rental property, $9,680.
4. Paid rent on office and equipment for the month, $4,230.
5. Paid creditors on account, $1,570.
6. Billed customers for fees earned for managing rental property, $7,840.
7. Paid automobile expenses (including rental charges) for the month, $940, and miscellaneous expenses, $470.
8. Paid office salaries, $2,980.
9. Determined that the cost of supplies on hand was $2,040; therefore, the cost of supplies used was $1,410.
10. Withdrew cash for personal use, $2,820.

Required:

1. Indicate the effect of each transaction and the balances after each transaction:
For those boxes in which no entry is required, leave the box blank.
For those boxes in which you must enter subtractive or negative numbers use a minus sign. (Example: -300)

2. Owner's equity is the right of owners to the assets of the business. These rights are   by owner's investments and revenues and   by owner's withdrawals and expenses.

3. Determine the net income for June.
$

4. June's transactions (a-j) increased or decreased Chad Wilson's capital to?

Financial Statements

Jose Loder established Bronco Consulting on August 1, 2019. The effect of each transaction and the balances after each transaction for August follow:

Required:

1. Prepare an income statement for the month ended August 31, 2019.

2. Prepare a statement of owner's equity for the month ended August 31, 2019. If an answer is zero, enter "0".

3. Prepare a balance sheet as of August 31, 2019. When entering assets, enter them in order of liquidity.

4. Prepare a statement of cash flows for the month ending August 31, 2019. For those boxes in which no entry is required, enter "0". Use the minus sign to indicate cash outflows, cash payments, and decreases in cash.

A company is considering the purchase of a new piece of equipment for $91,600. Predicted annual cash inflows from this investment are $37,000 (year 1), $29,500 (year 2), $18,500 (year 3), $12,500 (year 4) and $7,000 (year 5). The payback period is:

multiple choice:

3.00 years.

• 4.47 years.

• 2.53 years.

• 4.22 years.

• 3.53 years