The accounts receivable listing of Houmans Inc. shows the following on December 31, 2018. The general ledger showed a $350 credit balance in Allowance for Doubtful Accounts before adjustment Name of customer Invoice date Amount Cycles Inc. May 5, 2018 $950 First Corporation August 12, 2018 500 First Corporation December 10, 2018 550 Garron Inc. December 15, 2018 200 Heartwell Inc. September 15, 2018 480 Heartwell Inc. July 5, 2018 915 Leash Inc. March 5, 2018 575 Sign Corporation November 15, 2018 825 Spares Inc. November 18, 2018 325 Summer Corporation October 10, 2018 650 Required: 1. Prepare an aging of accounts receivable at December 31, 2018 2. Compute estimated loss based on the following: Age (days) Estimated Loss Percentage 1-30 2% 31-60 3% 61-90 5% 91-120 12% 121-150 15% Over 150 50% 3. Prepare journal entry to record the bad debt expense for the year.

Activity Rates and Activity-Based Product Costing

Hammer Company produces a variety of electronic equipment. One of its plants produces two laser printers: the deluxe and the regular. At the beginning of the year, the following data were prepared for this plant:

In addition, the following information was provided so that overhead costs could be assigned to each product:

Required:

1. Calculate the overhead rates for each activity. If required, carry your answers out to the nearest cent.

2. Calculate the per-unit product cost for each product. Round your answers to the nearest whole dollar.

Please answer these questions and give an explanation as to the answer:

Question 1

Question 2

Gaston Co. reports the following cash activities for the year:

Question 3

Question 4

Question #1. The comparative balance sheets of Sloan Company reveal that the accounts receivable (before deducting allowances) increased by $25,040 in 2013. During the same time period, the allowances for uncollectible accounts increased by $3,200. If Sloan wrote off $420 in 2013 and bad debts expense was 1.6% of sales, how much cash was collected from customers during the year? Show all your work.

Question #2. Peugeot spent €3,775,000 or research and development for a new transmission on its newest models. €1,200,000 was research expenses, and the rest was development costs, with 60% of that being incurred after technological feasibility was reached in August 1. Peugeot’s fiscal year begins on February 1. Assume that the new transmission has an economic life of 8 years, at which time it will be replaced by a newer transmission. Give me the journal entries for the 1st and 2nd year for this transmission R&D under IFRS. Show your work.  

Question #3. Monkey Business, an import business, builds special-order yachts. They decide to build one for a customer for at a cost $2,500,000. It will take 2 years (they start building in June 1, 2007) to build with total costs of $1,900,000: costs of $320,000 in 2007; $1,200,000 in 2008; and the remainder in 2009 (assume they stick to budget). The customer puts a deposit down of $500,000 and pays the remainder in 4 installments, each due every 6 months. For each year (2007, 2008, and 2009) compute the revenue expense, and gross profits reported for this construction project. Assume they do not have a written contract but based on this customer having purchased several yachts in the past, they believe he will pay for the boat in a timely manner. Show all your work.

Question #4. SAS Computers owns a patent on a computer processor. The processor was developed and capitalized at a cost of €2,100,000 in the beginning of 2015. It was expected to be economically useful for 7 years and have no residual value. At the beginning of 2018, a new processor was developed, making the old processor worth €900,000 (independent appraiser) with €200,000 total cost to sell. The present value of the processor’s future cash flows, given the development of the newer processor, is estimated to be €870,000. At this point, it is expected to have a useful life of 4 years with no residual value. Is the processor impaired in 2018? If it is impaired, prepare the to record the loss. Also prepare the journal entry for amortization in 2018. Show your work.  

Question #5. Paris Cosmetics wishes to secure a reliable source of a key component in its eyeshadows and its management is considering two alternative investments. Melonine produces 3 times the supply Paris Cosmetics needs but the only way to guarantee the supply it needs is to purchase the entire ordinary shares of Melonine. They can sell the rest to other manufacturers. JeanPaul produces twice as much of the component that Paris Cosmetics needs and Paris Cosmetics would only have to buy 40% of JeanPaul ordinary shares to insure it could buy 50% of JeanPaul’s output. The table that follows gives the balance sheet information for all 3 companies, prior to the investment by Paris Cosmetics. For the questions below, assume Paris Cosmetics would be able to buy Melonine’s shares at €830,000 and JeanPaul at $240,000. Melonine’s plant assets were appraised at €200,000, with all of its remaining assets and liabilities being appraised at values approximating their book values. Produce consolidated balance sheet for Paris Cosmetics immediately after the acquisition of Melonine and JeanPaul (use the equity method).

Purchase of Melonine

Purchase JeanPaul

Question #6. On January 1, 2015, Paris Cosmetics buys a shop in London for £350,000. They only intend on owning it 5 years because they hope to move to a larger building which is currently being designed and built. They believe the shop they currently own will be worth £250,000 in 5 years. Every year, they reappraise the building. The building is determined to be worth £310,000 on Jan.1, 2016, £305,000 on Jan. 1, 2017, £300,000 on Jan. 1, 2018, £270,000 on Jan. 1, 2019, and is sold for £250,000 on Jan. 1, 2020. The estimates of the residual value and useful life have never changed over the life of the building. Show the effects of the building on both the balance sheet and income statement using the Reevaluation. Method Model.

Statement of Financial Position

Net Income

Overall Effects

Depreciation Expense:

Gain (Loss):

Net Income:

OCI:

Comprehensive Income:

Matheson Electronics has just developed a new electronic device it believes will have broad market appeal. The company has performed marketing and cost studies that revealed the following information:

1. New equipment would have to be acquired to produce the device. The equipment would cost $315,000 and have a six-year useful life. After six years, it would have a salvage value of about $15,000.
2. Sales in units over the next six years are projected to be as follows:

3. Production and sales of the device would require working capital of $60,000 to finance accounts receivable, inventories, and day-to-day cash needs. This working capital would be released at the end of the project’s life.
4. The devices would sell for $35 each; variable costs for production, administration, and sales would be $15 per unit.
5. Fixed costs for salaries, maintenance, property taxes, insurance, and straight-line depreciation on the equipment would total $135,000 per year. (Depreciation is based on cost less salvage value.)
6. To gain rapid entry into the market, the company would have to advertise heavily. The advertising costs would be:

7. The company’s required rate of return is 14%.

Click here to view Exhibit 12B-1 and Exhibit 12B-2, to determine the appropriate discount factor(s) using tables.

Required:

1. Compute the net cash inflow (incremental contribution margin minus incremental fixed expenses) anticipated from sale of the device for each year over the next six years.

2-a. Using the data computed in (1) above and other data provided in the problem, determine the net present value of the proposed investment.

2-b. Would you recommend that Matheson accept the device as a new product?

Entries for Factory Costs and Jobs Completed

Old School Publishing Inc. began printing operations on January 1. Jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $2,910 of indirect materials and $35,210 of indirect labor were used during the month. The cost sheets for the four jobs entering production during the month are as follows, in summary form:

Journalize the summary entry to record each of the following operations for January (one entry for each operation):

A. Direct and indirect materials used. For a compound transaction, if an amount box does not require an entry, leave it blank.

B. Direct and indirect labor used. For a compound transaction, if an amount box does not require an entry, leave it blank.

C. Factory overhead applied to all four jobs ( a single overhead rate is used based on direct labor cost)

D. Completion of Jobs 301 and 302.

Syed & Zhang Customized Manufacturing Ltd. produces several different alternators for over 10 different auto manufacturers that currently have manufacturing operations located in Southwestern Ontario. Each one of these customers have very different specifications.

Syed & Zhang also has several departments. The first is the moulding department, followed by the customization department and then finally the finishing department. In the first department that being the moulding department they create a very specific template for the alternators. This component is called an Altitude Alternator which is the starting point for all the different types of alternators that are manufactured at Syed & Zhang. The following relates to the production of these alternators during the month of June in the moulding department:

Please keep in mind that their previous controller recommended they use process costing. Base your calculations on the assumption that Syed & Zhang continue to use process costing for allocating and tracking costs.

Required

Using the weighted-average method, calculate the following:

1-a. Costs per equivalent unit. (Round your answers to 4 decimal places.)

1-b. Cost of goods completed and transferred out. (Round "Cost per EU" to 4 decimal places. Round final answer to nearest whole dollars.)

1-c. Costs remaining in the Work-in-Process Inventory account. (Round "Cost per EU" to 4 decimal places. Do not round other intermediate calculations. Round final answer to nearest whole dollars.)

2. Assume that you are the company’s controller. The production department’s June equivalent unit cost is higher than expected. If the manager of the first department asks you to do him a favor by increasing the ending inventory completion percentage from 30 to 50% to lower the unit costs, how much would unit cost be affected by this request? (Round your answer to 4 decimal places.)

The president of the retailer Prime Products has just approached the company’s bank with a request for a $67,000, 90-day loan. The purpose of the loan is to assist the company in acquiring inventories. Because the company has had some difficulty in paying off its loans in the past, the loan officer has asked for a cash budget to help determine whether the loan should be made. The following data are available for the months April through June, during which the loan will be used:

1. On April 1, the start of the loan period, the cash balance will be $18,000. Accounts receivable on April 1 will total $173,600, of which $148,800 will be collected during April and $19,840 will be collected during May. The remainder will be uncollectible.

2. Past experience shows that 30% of a month’s sales are collected in the month of sale, 60% in the month following sale, and 8% in the second month following sale. The other 2% is bad debts that are never collected. Budgeted sales and expenses for the three-month period follow:

3. Merchandise purchases are paid in full during the month following purchase. Accounts payable for merchandise purchases during March, which will be paid in April, total $170,500.

4. In preparing the cash budget, assume that the $67,000 loan will be made in April and repaid in June. Interest on the loan will total $1,020.

Required:

1. Calculate the expected cash collections for April, May, and June, and for the three months in total.

2. Prepare a cash budget, by month and in total, for the three-month period.

The purpose of the task is for you to demonstrate high-level critical reflection and analytical reasoning skills in the context of the application of Australian taxation law and taxation law policy. You must undertake academic research which demonstrates the following:
1. An in-depth your understanding of how the specific tax law applies,
2. The policy context of the law and if relevant how other jurisdictions deal with similar issues,
3. Critical reflection as to whether the law achieves its stated purpose aligns with principles of good tax policy or could be improved/amended. These critical reflections should be supported by the research you have undertaken as well as your own independent thought.

Topic:

International Tax Avoidance – The avoidance and/or minimization of tax by large multi-national corporations are of great concern to Governments and tax administrators. Identify and discuss at least one common method multi-national corporations might use to avoid tax in Australia. Then identify and critically evaluate at least one current strategy implemented by the Government and/or the ATO that is used to prevent this.

Determine the price of a $300,000 bond issue under each of the following three independent assumptions:

Explain each answer.

hello Could I get the answers for Question 5 here's the question: QUESTION5 You are the Chief Technology Officer of Vegas Girl's Pizza involved as part of the IT overnance team to provide your opinion and solutions for the following questions Consider the following additional paragraph s and answer the question that follows: Back at his desk, Peter Greyton is thinking of the day's developments. He reflects uporn his meeting with Jim Saxton and Elaine Black. He considers where the company has been and where it is heading, and ponders the current issues regarding Vegas Girl's Pizza accounting information systems. Overall, Peter feels that he needs help aligning Vegas Girl's Pizza business strategy with its IT systems. In addition, he is concerned about the limitations of the current accounting information system. Are internal controls strong enough? Would a new, integrated IT system yield improvements? As he contemplates the integration of the POS systems at the restaurant locations with the GL software at the home office, he wonders about the requirements for developing and implementing such a system, and how to best utilize the system to support Vegas Girl's Pizza business strategy. Peter realizes that his ability to address these issues will be critical not only to the success of the company, but also to his career. He asks himself, "What should I do now?" Required: Assume that you are Jim Saxton preparing a report for Peter Greyton, the CIO. Address the following: Do you think Vegas Girl's Pizza business strategy is driving the development of its information systems, or vice versa? Use points from the case to support your answer 2. Describe the steps Vegas Girl's Pizza should take (according to the systems development life cycle stages) to ensure that its IT systems are aligned with its business strategy Consider the following issues that relate to Vegas Girl's Pizza purchases of ingredients and supplies, and then answer the questions pertaining to its expenditure processes. As mentioned in the opening part of the Vegas Girl's Pizza case, there are now 49 locations throughout the greater Pittsburgh area. Each one of those restaurant locations needs an ongoing supply of the many ingredients of pizzas and the other foods served. The raw materials each restaurant needs to make and sell pizzas and other menu items are things such as flour, salt, sugar, tomatoes, potatoes, lettuce, tomato paste, spices, meat, cheeses, and buns, as well as supplies such as napkins, take-out packages and doggy-bag containers Each restaurant must maintain an inventory of all of these items in order to properly serve customers. However, it is a difficult balance to maintain the right amount of each of these items. As you know from your experience in eating at restaurants, t can leave a negativ impression in your mind if the restaurant has run out of the food you intended to order Thus, there must always be enough ingredients and supplies to meet customers' desires Two factors make it difficult to maintain enough inventory of food can supplies: predicting demand, and time or space limitations. First, t can be difficult to predict customer demand for any particular day or week. The less predictable the stream of customers eating at the restaurant, the harder it can be to know how much inventory of food and supplies to keep. Secondly, time and space limit the amount of inventory a restaurant can keep. Food inventory is perishable, and much of it has a very short shelf life. For example, lettuce and tomatoes may remain fresh for only a couple of days. Other food items, such as flour and salt, may remain usable for months. But even for items with a long shelf life, it is hard to keep a large inventory at a restaurant because of limited storage space. Most of the space in a restaurant is for customer dining and the kitchen. Vegas Girl's Pizza uses a central commissary to prepare some of the ingredients before they are shipped to the restaurant. For example, the individual restaurant locations do not make dough on the premises. The flour, salt, yeast, and other ingredients are maintained, mixed, and prepared at the commissary, and this premade dough is then shipped by truck to restaurants daily. The pizza sauce and many ingredients for sandwiches and salads are also premade at the commissary. All of these factors taken together mean that Vegas Girl's Pizza must continually be purchasing the ingredients for pizzas and other foods, and supplies. These inventory items must be delivered to the commissary and then to each of the 49 Vegas Girl's Pizza locations to ensure that they never run out of the items needed to serve customers. Since there is a short shelf life for much of the inventory, the purchasing takes place on a daily basis to keep the commissary and each restaurant location properly stocked. Required: 3. Describe how you believe an efficient and effective purchasing system should be organized at Vegas Girl's Pizza. Consider details such as the following: a) How many purchasing agents should be employed? b) Where will these purchasing agents be located? c) How will the necessary information for purchasing flow between restaurants and these purchasing agents? How will IT systems be used in purchasing? How and when will purchased items be delivered to the restaurants? (Remember that all 49 locations are within the Pittsburgh area and none would d) e) be more than a one-hour drive from the corporate Headquarters.) 4. Draw a process map of your proposed purchasing system. 5. Describe any IT controls that would be necessary or desirable in your purchasing system 6. Briefly describe Vegas Girl's Pizza conversion processes; that is, what gets converted, how is it done, and where are the underlying processes performed [at which Vegas Girl's Pizza location(s)]? 7. What procedures and internal controls would you recommend to Vegas Girl's Pizza to minimize the risk of lost sales due to stock-outs (i.e., running out of ingredients) and the resulting idle time that may be incurred while employees are awaiting delivery from the commissa|
IT IS A FOLLOWUP QUESTION
THANKS

Assume a selling price of $95,000, a down payment of $20,000, and a mortgage at 10% for 30 years. If the loan was for 25 years, what would be the difference in the total interest cost of the loan?

what is like to be authority in business and personal level?

Required information

Problem 9-31 Production and Direct-Labor Budgets; Activity-Based Overhead Budget (LO 9-3, 9-4, 9-5, 9-6)

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

Spiffy Shades Corporation manufactures artistic frames for sunglasses. Talia Demarest, controller, is responsible for preparing the company’s master budget. In compiling the budget data for 20x1, Demarest has learned that new automated production equipment will be installed on March 1. This will reduce the direct labor per frame from 1.0 hour to 0.75 hour.

Labor-related costs include pension contributions of $1.30 per hour, workers’ compensation insurance of $1.00 per hour, employee medical insurance of $4 per hour, and employer contributions to Social Security equal to 7.00 percent of direct-labor wages. The cost of employee benefits paid by the company on its employees is treated as a direct-labor cost. Spiffy Shades Corporation has a labor contract that calls for a wage increase to $15.00 per hour on April 1, 20x1. Management expects to have 16,200 frames on hand at December 31, 20x0, and has a policy of carrying an end-of-month inventory of 100 percent of the following month’s sales plus 40 percent of the second following month’s sales.

These and other data compiled by Demarest are summarized in the following table.

1. Prepare a production budget and a direct-labor budget for Spiffy Shades Corporation by month and for the first quarter of 20x1. (Round "Direct-labor hours per unit" to 2 decimal places.)

2. For each item used in the firm’s production budget and direct-labor budget, select the other components of the master budget (except for financial statement budgets) that also, directly or indirectly, would use these data. (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer.)

1. Sales data:

• Selling and administrative expense budgetunanswered
• Production-overhead budgetunanswered
• Direct-material budgetunanswered
• Cash budgetunanswered
• Cost-of-goods-sold budgetunanswered
• Sales budgetunanswered
• Cash disbursements budgetunanswered

2. Production data:

• Selling and administrative expense budgetunanswered
• Direct-material budgetunanswered
• Cost-of-goods-sold budgetunanswered
• Production-overhead budgetunanswered
• Cash budgetunanswered
• Cash disbursements budgetunanswered
• Sales budgetunanswered

3. Direct-labor-hour data:

• Selling and administrative expense budgetunanswered
• Production-overhead budgetunanswered
• Direct-material budgetunanswered
• Cash budgetunanswered
• Cost-of-goods-sold budgetunanswered
• Sales budgetunanswered
• Cash disbursements budgetunanswered

4. Direct-labor cost data:

• Selling and administrative expense budgetunanswered
• Production-overhead budgetunanswered
• Direct-material budgetunanswered
• Cash budgetunanswered
• Sales budgetunanswered
• Cost-of-goods-sold budgetunanswered
• Cash disbursements budget

3. Prepare a production overhead budget for each month and for the first quarter.

Milano Pizza is a small neighborhood pizzeria that has a small area for in-store dining as well as offering take-out and free home delivery services. The pizzeria’s owner has determined that the shop has two major cost drivers—the number of pizzas sold and the number of deliveries made.

Data concerning the pizzeria’s costs appear below:

In November, the pizzeria budgeted for 1,680 pizzas at an average selling price of $19 per pizza and for 180 deliveries.

Data concerning the pizzeria’s operations in November appear below:

Required:

1. Complete the flexible budget performance report that shows both revenue and spending variances and activity variances for the pizzeria for November. (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.