Respond to the following in a minimum of 175 words:

As the full-time bookkeeper, your job is to make any corrections to the general ledger accounts. Each correction needs the reason for the change and the effect on each account, whether it is an increase or decrease.

For the third time this month, a co-worker has recorded a cash receipt twice and wants you to record a correcting entry that will reverse the mistakes. The correcting entry will record a credit to the Cash account and a debit to the Sales account. Your co-worker has offered to buy you dinner for fixing this mistake.

What should you investigate before making a decision about the correcting entry? What is happening to the Cash account? Would you accept a dinner offer from your co-worker for fixing the mistake?

JC Penny produces high quality formal dresses. In January 2019 they produced 17,000 dresses. For the month of January, the following standard and actual cost data are available. The normal monthly capacity of the company is 30,000 direct labor hours. All material purchased in January was used in January production.

Overhead is applied on the basis of direct labor hours. At normal capacity, budgeted fixed overhead costs are $102,000 per month and budgeted variable overhead costs are $63,000 per month.

Required

1. Which of the variances should be investigated if management considers a variance of more than 5% from standard to be significant?
2. Provide a discussion of the tradeoffs that are most likely to exist between the direct material and direct labor variances.

Marvel Parts, Inc., manufactures auto accessories. One of the company’s products is a set of seat covers that can be adjusted to fit nearly any small car. The company has a standard cost system in use for all of its products. According to the standards that have been set for the seat covers, the factory should work 995 hours each month to produce 1,990 sets of covers. The standard costs associated with this level of production are:

During August, the factory worked only 1,000 direct labor-hours and produced 2,300 sets of covers. The following actual costs were recorded during the month:

At standard, each set of covers should require 3.5 yards of material. All of the materials purchased during the month were used in production.

Required:

1. Compute the materials price and quantity variances for August.

2. Compute the labor rate and efficiency variances for August.

3. Compute the variable overhead rate and efficiency variances for August.

(Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)

Recent legislation requires CEOs of public corporations to sign an affidavit, a sworn statement, stating that all accountings put forth by the company are accurate and not misleading; not to the best of their knowledge, but that they are accurate and not misleading. Obviously, the CEO of most public corporations can't personally perform all aspects of these accountings. Instead, they must rely on the accuracy of employees assigned to perform such tasks at various levels. The legislation makes the CEO PERSONALLY liable, even criminally liable, for inaccurate accountings. Considering this, is it fair or equitable to find a CEO liable if a subordinate has committed fraud or a mistake in the preparation of the accounting?

Shadee Corp. expects to sell 620 sun visors in May and 430 in June. Each visor sells for $16. Shadee’s beginning and ending finished goods inventories for May are 65 and 45 units, respectively. Ending finished goods inventory for June will be 70 units.

Required information

Required:
1. Determine Shadee's budgeted total sales for May and June.



2. Determine Shadee's budgeted production in units for May and June.

Each visor requires a total of $4.50 in direct materials that includes an adjustable closure that the company purchases from a supplier at a cost of $2.00 each. Shadee wants to have 26 closures on hand on May 1, 21 closures on May 31, and 22 closures on June 30. Additionally, Shadee’s fixed manufacturing overhead is $1,200 per month, and variable manufacturing overhead is $2.75 per unit produced.

Required:
1. Determine Shadee's budgeted cost of closures purchased for May and June. (Round your answers to 2 decimal places.)



2. Determine Shadee's budget manufacturing overhead for May and June. (Do not round your intermediate values. Round your answers to 2 decimal places.)

Suppose that each visor takes 0.20 direct labor hours to produce and Shadee pays its workers $8 per hour.

Required:
Determine Shadee's budgeted direct labor cost for May and June. (Do not round your intermediate values. Round your answers to 2 decimal places.)

Bridgeport Company had the following stockholders’ equity as of January 1, 2017.

During 2017, the following transactions occurred.

Prepare the journal entries to record the treasury stock transactions in 2017, assuming Bridgeport uses the cost method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Prepare the stockholders’ equity section as of April 30, 2017. Net income for the first 4 months of 2017 was $126,200. (Enter account name only and do not provide descriptive information.)

A company manufactures three products using the same production process. The costs incurred up to the slit-off point are $200,000. These costs are allocated to the products on the basis of their sales value at the slit-off point. The number of units produced, the selling prices per unit of the three products at the split-off point and after further processing, and the additional processing costs are as follows: Product Number of Units Produced Selling Price at Split-Off Selling price after processing additional processing cost D 4,000 $10.00 $15.00 $14,000 E 6,000 11.60 16.20 20,000 F 2,000 19.40 22.60 9,000

Instructions (a) Which information is relevant to the decision on whether or not to process the products further? Explain why this information is relevant. (b) Which product(s) should be processed further and which should be sold at the spli-off point? (c) Would your decision be different is the company was using the quantity of output to allocate joint costs? Explain.

Question 1: You are required to produce an amortisation table for a home loan and a diagram demonstrating the link between loan repayments and principal outstanding. Please see slide 31 from Topic 2 (or p146 from text) for an example of the layout of the table. The home loan is for $200,000 and is to be amortised over a time period of 30 years requiring annual payments. All calculations should be executed in excel. From your table produce a diagram that demonstrates the relationship between the outstanding principal and the number of years into the loan.

The interest rate to be used is 12% plus the last digit of your student number. Assume that interest rates do not change over the life of the laon.

Alexandra Bay Ltd has five employees. According to their particular employment award, long-service leave can be taken after 12 years, at which time the employee is entitled to 10 weeks’ leave. If an employee were to leave before the completion of 12 years’ service, no entitlement would be paid.

High-quality corporate bond rates exist with periods to maturity that exactly match the various periods that must still be served by the employees before LSL entitlements vest with them.

The projected inflation rate for the foreseeable future is 2 per cent. The projected probabilities that the employees will stay long enough for the LSL to vest—that is, for a total of 12 years—are as follows:

REQUIRED

(a)Calculate Alexandra Bay’s current obligation for long-service leave.

(b)If the opening provision for long-service leave is $12 500, provide the journal entry to record Alexandra Bay’s long-service leave expense

Is the President correct about the increase in overall company profits?

What classification of cost is most likely to be able to be increased on the cost-plus jobs? Why?

Is what the President proposes ethical? Why or why not?

What would you do if you were Sally? Why?

If Sally does go along with this proposal, are there risks to the company? What are they?

Job Costs At the end of August, Ingram Company had completed Jobs 40 and 42. Job 40 is for 1,000 units, and Job 42 is for 500 units. The following data relate to these two jobs: On August 4, raw materials were requisitioned for production as follows: 800 units for Job 40 at $10 per unit and 1,500 units for Job 42 at $20 per unit. During August, Ingram Company accumulated 800 hours of direct labor costs on Job 40 and 500 hours on Job 42. The total direct labor was incurred at a rate of $12 per direct labor hour for Job 40 and $20 per direct labor hour for Job 42. The predetermined factory overhead rate is $6.00 per direct labor hour.

a. Determine the balance on the job cost sheets for Jobs 40 and 42 at the end of August.

Job 40 $_______- Job 42 $_________

b. Determine the cost per unit for Jobs 40 and 42 at the end of August. If required, round your answers to the nearest cent.

Job 40 $ _________- Job 42 $__________

A company is considering two mutually exclusive projects requiring an initial cash outlay of $100 each and with a useful life of 5 years. The company required rate of return is 10% and the appropriate corporate tax rate is 40%. The projects will be depreciated on a straight line basis. The before depreciation and taxes cash flows expected to b generated by the projects are as follows.

Required
a) Determine the cashflow associated with the projects?

b) Which project should be accepted by using the appraisal method below;

1. Payback period
2. Net present value

Required

You are asked to provide the shareholders with an assessment of the firm's asset management ,profitability,efficiency,solvency and leverage .Be as complete as possible given the above information ,but do not use any irrelevant information

Calculate the project cash flow generated for Project A and Project B using the NPV method.

• Which project would you select, and why?
• Which project would you select under the payback method? The discount rate is 10% for both projects.
• Use Microsoft^® Excel^® to prepare your answer.
• Note that a similar problem is in the textbook in Section 5.1.

Sample Template for Project A and Project B:

“Table showing investments and returns for Project A and Project B. Project A has $10,000 initial investment with $5,000 returns in each of the first 3 years. Project B has $55,000 initial investment with $20,000 in each of the first 3 years.”

I am looking for the formulas to use. I believe I am using them incorrectly. Thanks!