[The following information applies to the questions displayed below.]

Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March.

4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 50 units from beginning inventory and 180 units from the March 5 purchase; the March 29 sale consisted of 30 units from the March 18 purchase and 70 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.)

1. Saguaro Inc. owns 80% of Sequoia Inc. On January 1, 2018, Sequoia sign a note and took a loan from Saguaro for the amount of $1,000,000 with an annual interest rate of 8%. No interest payment has been made. To prepare the consolidated financial statement for 2018 which of the following consolidating entry should be made?

a. debit to note payable in amount of $1,000,000

b. credit to note payable in the amount of $1,000,000

c. debit to note receivable in the amount of $1,000,000

d. credit to note receivable in the amount of $800,000

e. debit to note payable in the amount of $800,000

2. Saguaro Inc. owns 80% of Sequoia Inc. On January 1, 2018, Sequoia sign a note and took a loan from Saguaro for the amount of $1,000,000 with an annual interest rate of 8%. No interest payment has been made. To prepare the consolidated financial statement for 2018 which of the following consolidating entry should be made?

a. debit to interest receivable and credit to interest payable in amount of $80,000

b. debit to interest expense and credit to interest income in amount of $80,000

c. no consolidating entry needed in regard to interest payable and interest receivable

d. debit to interest income and credit to interest expense in amount of $80,000

e. no consolidating entry needed with regard to interest income and expense

The following information applies to the questions displayed below.]

Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March.

3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 50 units from beginning inventory and 180 units from the March 5 purchase; the March 29 sale consisted of 30 units from the March 18 purchase and 70 units from the March 25 purchase.

Endless Mountain Company manufactures a single product that is popular with outdoor recreation enthusiasts. The company sells its product to retailers throughout the northeastern quadrant of the United States. It is in the process of creating a master budget for 2017 and reports a balance sheet at December 31, 2016 as follows:

The company’s chief financial officer (CFO), in consultation with various managers across the organization has developed the following set of assumptions to help create the 2017 budget:

1. The budgeted unit sales are 12,000 units, 37,000 units, 15,000 units, and 25,000 units for quarters 1-4, respectively. Notice that the company experiences peak sales in the second and fourth quarters. The budgeted selling price for the year is $32 per unit. The budgeted unit sales for the first quarter of 2018 is 13,000 units.
2. All sales are on credit. Uncollectible accounts are negligible and can be ignored. Seventy-five percent of all credit sales are collected in the quarter of the sale and 25% are collected in the subsequent quarter.
3. Each quarter’s ending finished goods inventory should equal 15% of the next quarter’s unit sales.
4. Each unit of finished goods requires 3.5 yards of raw material that costs $3.00 per yard. Each quarter’s ending raw materials inventory should equal 10% of the next quarter’s production needs. The estimated ending raw materials inventory on December 31, 2017 is 5,000 yards.
5. Seventy percent of each quarter’s purchases are paid for in the quarter of purchase. The remaining 30% of each quarter’s purchases are paid in the following quarter.
6. Direct laborers are paid $18 an hour and each unit of finished goods requires 0.25 direct labor-hours to complete. All direct labor costs are paid in the quarter incurred.
7. The budgeted variable manufacturing overhead per direct labor-hour is $3.00. The quarterly fixed manufacturing overhead is $150,000 including $20,000 of depreciation on equipment. The number of direct labor-hours is used as the allocation base for the budgeted plantwide overhead rate. All overhead costs (excluding depreciation) are paid in the quarter incurred.
8. The budgeted variable selling and administrative expense is $1.25 per unit sold. The fixed selling and administrative expenses per quarter include advertising ($25,000), executive salaries ($64,000), insurance ($12,000), property tax ($8,000), and depreciation expense ($8,000). All selling and administrative expenses (excluding depreciation) are paid in the quarter incurred.
9. The company plans to maintain a minimum cash balance at the end of each quarter of $30,000. Assume that any borrowings take place on the first day of the quarter. To the extent possible, the company will repay principal and interest on any borrowings on the last day of the fourth quarter. The company’s lender imposes a simple interest rate of 3% per quarter on any borrowings.
10. Dividends of $15,000 will be declared and paid in each quarter.
11. The company uses a last-in, first-out (LIFO) inventory flow assumption. This means that the most recently purchased raw materials are the “first-out” to production and the most recently completed finished goods are the “first-out” to customers.

ALL I NEED HELP WITH IS FILLING OUT THE CHART BELOW :)

Prepare the ending finished goods inventory budget at December 31, 2017. (Round your answers to 2 decimal places.)

Match each example with the correct input control.

For each of the following indicate whether the statement is TRUE or FALSE.

a. ____ A resident alien may be a shareholder of an S-Corporation.

b. ____ An LLC can be taxed as an S-Corporation.

c. ____ A shareholder’s basis in the stock of an S-Corporation can be increased when the corporation borrows money from a bank.

d. ____ A calendar-year C-Corporation which is in its third year of operations can make an S-corporation election on May 15 which will be effective for a partial year beginning June 1st.

e. ____ Section 1245 recapture income of an S-Corporation is reported as a separately stated item shareholders via the K-1

Match each phrase with the appropriate term.

Discuss three industries in which Job-order costing and Process costing can be used.

Trace a evolution of money

The following items were selected from among the transactions completed by O’Donnel Co. during the current year: Jan. 10. Purchased merchandise on account from Laine Co., $366,000, terms n/30. Feb. 9. Issued a 30-day, 6% note for $366,000 to Laine Co., on account. Mar. 11. Paid Laine Co. the amount owed on the note of February 9. May 1. Borrowed $198,000 from Tabata Bank, issuing a 45-day, 8% note. June 1. Purchased tools by issuing a $270,000, 60-day note to Gibala Co., which discounted the note at the rate of 6%. 15. Paid Tabata Bank the interest due on the note of May 1 and renewed the loan by issuing a new 45-day, 6.5% note for $198,000. (Journalize both the debit and credit to the notes payable account.) July 30. Paid Tabata Bank the amount due on the note of June 15. 30. Paid Gibala Co. the amount due on the note of June 1. Dec. 1. Purchased office equipment from Warick Co. for $400,000, paying $108,000 and issuing a series of ten 8% notes for $29,200 each, coming due at 30-day intervals. 15. Settled a product liability lawsuit with a customer for 320,000, payable in January. O’Donnel accrued the loss in a litigation claims payable account. 31. Paid the amount due Warick Co. on the first note in the series issued on December 1. Required: 1. Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year. Round your answers to the nearest dollar. 2. Journalize the adjusting entry for each of the following accrued expenses at the end of the current year: A. Product warranty cost, $29,000. B. Interest on the nine remaining notes owed to Warick Co. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year. Round your answers to the nearest dollar. 1. Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year. Scroll down to access page 12 of the journal. Round your answers to the nearest dollar. How does grading work? PAGE 11 JOURNALACCOUNTING EQUATION Score: 316/360 DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 ✔ ✔ ✔ 2 ✔ ✔ 3 ✔ ✔ ✔ 4 ✔ ✔ 5 ✔ ✔ ✔ 6 ✔ ✔ 7 ✔ ✔ 8 ✔ ✔ ✔ 9 ✔ ✔ 10 ✔ ✔ ✔ 11 ✔ ✔ 12 ✔ ✔ 13 ✔ ✔ ✔ 14 ✔ ✔ 15 ✔ ✔ 16 ✔ ✔ 17 ✔ ✔ ✔ 18 ✔ ✔ 19 ✔ ✔ 20 ✔ ✔ 21 ✔ 22 ✔ ✔ 23 ✔ 24 ✔ 25 ✔ ✔ 26 ✔ 27 ✔ ✔ 28 ✔ 29 ✔ Points: 60.57 / 69 2. Journalize the adjusting entry for each of the following accrued expenses at the end of the current year (refer to the Chart of Accounts for exact wording of account titles): A. Product warranty cost, $29,000. B. Interest on the nine remaining notes owed to Warick Co. Assume a 360-day year. How does grading work? PAGE 12 JOURNALACCOUNTING EQUATION Score: 28/51 DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Adjusting Entries 2 ✔ 3 ✔ 4 ✔ 5 ✔ Points: 5.49 / 10 Feedback Check My Work If you were the borrower how much would you be leaving with in proceeds? What does the liability always have to be recorded at? As the lender what have you earned by doing business with O’Donnel Co.? As the lender what will you be receiving on the maturity date?

Creative Ideas Company has decided to introduce a new product. The new product can be manufactured by either a capital-intensive method or a labor-intensive method. The manufacturing method will not affect the quality of the product. The estimated manufacturing costs by the two methods are as follows.

Capital- Intensive:

Direct materials $5 per unit

Direct labor $6 per unit

Variable overhead $3 per unit

Fixed manufacturing costs $2,524,000

Labor- Intensive:

Direct materials $5.50 per unit

Direct labor $8.00 per unit

Variable overhead $4.50 per unit

Fixed manufacturing costs $1,550,000.

Creative Ideas’ market research department has recommended an introductory unit sales price of $32. The incremental selling expenses are estimated to be $502,000 annually plus $2 for each unit sold, regardless of manufacturing method. Assume that the annual unit sales volume at which Creative Ideas would be indifferent between the two manufacturing models is 243,500 units. Explain the circumstance under which Creative Ideas should employ each of the two manufacturing methods.

Pete Morton is planning to go to graduate school in a program of study that will take three years. Pete wants to have $11,000 available each year for various school and living expenses. Use Exhibit 1-D.

If he earns 5 percent on his money, how much must he deposit at the start of his studies to be able to withdraw $11,000 a year for three years? (Round PVA factor to 3 decimal places and final answer to the nearest whole dollar.)

Understand you can only answer 1 question, but I guarantee a thumps up if you give the extra effort.

Question refers to this data

Variable production costs         $480,000

Variable S and A costs              $55,000

Fixed S and A costs                  $100,000

Fixed production costs              $270,000

Unit sales price                         $           8

production in units                    $120,000

Sales in units                            110,000

Under full costing, the value of the ending inventory is:

A. $80,000

B. 62,500

C. $40,000

D. $210,000

Under variable costing, the cost per unit is

A. $2.25

B. $6.25

C. $4.36

D $210,000

under full costing, net income (loss) is:

A. $37,500

B. $15,000

C $(25,000)

D. none of the above

under variable costing, the contribution margin is:

A. 192,000

B. 345,000

c. 385,000

D. 400,000

Under full costing, the amount of deferred overhead is

A. $0

B. $22, 500

C $270,000

D. None of the above

Question refers to this data

Unit sales price            $20

Variable production cost per unit        $8

Variable S and A cost per unit            $2

Fixed overhead cost                           $150,000

Fixed selling and admin, cost             $200,000

Units produced                                   $50,000

Units sold                                            $48,000

Using full costing, the cost per unit is

A. $8

B. $11

C. $12

D. $9.05

Using variable costing, the cost of the ending inventory is:

A. $40,000

b. $22,000

C. $16,000

D. $24,000

Using variable costing, the contribution margin is

A. $576,000

B. 432,000

C. $336,000

d. $480,000

Using full costing, the gross margin is

A. $576,000

B. 432,000

C.336,000

D. $480,000

Total period costs under variable costing are

A. $350,000

B. $296,000

C.$446,000

D.$200,000

Dividing Partnership Income Morrison and Greene have decided to form a partnership. They have agreed that Morrison is to invest $204,000 and that Greene is to invest $68,000. Morrison is to devote one-half time to the business, and Greene is to devote full time. The following plans for the division of income are being considered: Equal division. In the ratio of original investments. In the ratio of time devoted to the business. Interest of 5% on original investments and the remainder equally Interest of 5% on original investments, salary allowances of $40,000 to Morrison and $80,000 to Greene, and the remainder equally Plan (e), except that Greene is also to be allowed a bonus equal to 20% of the amount by which net income exceeds the total salary allowances Required: For each plan, determine the division of the net income under each of the following assumptions: (1) net income of $118,000 and (2) net income of $210,000. Round answers to the nearest whole dollar.