Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports are prepared monthly for each department. The planning budget and flexible budget for the Production Department are based on the following formulas, where q is the number of labor-hours worked in a month: Direct labor $ 16.40 q Indirect labor $ 4,000 + $ 1.70 q Utilities $ 5,600 + $ 0.50 q Supplies $ 1,600 + $ 0.40 q Equipment depreciation $ 18,200 + $ 2.40 q Factory rent $ 8,400 Property taxes $ 2,900 Factory administration $ 13,100 + $ 0.80 q The actual costs incurred in March in the Production Department are listed below: Actual Cost Incurred in March Direct labor $ 72,120 Indirect labor $ 10,830 Utilities $ 8,240 Supplies $ 3,610 Equipment depreciation $ 28,520 Factory rent $ 8,800 Property taxes $ 2,900 Factory administration $ 15,930. Actual Labor Hours 44,300, and Budget Labor Hours 4,500

Required: 3. Complete the Production Department’s flexible budget performance report for March, including both the spending and activity variances.

Explain how duties are segregated in payroll. Specifically, who or which departments conduct the authorization, timekeeping, recording, and custody functions?

A shift in the sales mix from products with a low contribution margin ratio towards products with a high contribution margin ratio will lower the break even point in the company as a whole.

The answer is True. But why? Can this be proven with a numerical example?

You have just started a new job with a significant increase in salary above what you were earning when you originally negotiated your student loan repayment. The salary increase affords you the opportunity of increasing your monthly loan payments, thereby allowing you to retire the debt sooner than originally planned. You have six years remaining in the original payback plan on a loan of $55,000, with an interest rate of 2.4% and a monthly payment of $566.74. With your new salary, you can afford a monthly payment of $672. You also will be eligible for end-of-year bonuses. PART 1: Use the concepts and techniques that you have learned throughout the semester to create a worksheet containing a loan calculator and an amortization schedule. Determine how soon you can retire the student loan debt with the new higher monthly payments. Assuming that you earn yearly bonuses of $6,000 at the end of each year, when could you pay off the remaining balance on your student loan if you kept the lower monthly payment? PART 2: Would you opt for increasing your monthly payment, or using any earned bonus money to retire the debt early? Explain the reason for your choice. PART 3: Create a PowerPoint presentation in which you summarize the spreadsheet and your decisions based on the spreadsheet. Choose your design, layout, font size, colors, and number of slides for the presentation. Please remember that PowerPoint is a visual and NOT a Word document. Considerations: Assume this is a fixed rate loan. Most loans do not penalize for pre-payment. In order to arrive at your answers, you will need to determine the following: A.Number of years for the original loan. There is a financial function that will help you obtain this information. To locate it, select the Formulas tab, click on Insert Function in the Function Library section. In the pop-up, type a brief description of what you want to do in the box provided, and then click Go. Once you select the appropriate function, specify the required parameters. B.Amortization schedule of the original loan. You will need to provide the Principal and Interest portion for each period (month). Follow the same steps specified in A above to locate the necessary functions. Please note that, as time goes on, the principal amount paid in each period (month) will increase while the interest amount paid will decrease. The principal portion plus the interest portion will always equal the total amount paid on each period (month). C.Amount of loan still owed. You can obtain this from the amortization table of the original loan and the information provided of the current period (month) of the loan. D.Period (month) on which you will complete paying the loan, based on the new payment amount. You may either develop an adjusted amortization schedule for the remaining payments, or find a function that provides the number of periods based on the remaining amount in the loan, the fixed interest rate, and the new monthly payments. Follow the same steps specified in A above to locate any functions you may need. E.Apply the annual bonus to the loan payments. Please follow prior steps to determine the impact of using your annual bonus to accelerate the payment of your loan.

Why are some fixed assets susceptible to theft?

Prepare a bank reconciliation for Blue Moon Company dated June 30, 2011 3.) Prepare any necessary journal entries based on the following data regarding the bank reconciliation prepared by Bootlegger Company on February 28, 2011. a) Outstanding cheques amount to $650. b) The service charges for February amount to $40. c) Cheque #665 for $3,525 for the cash purchase of office equipment was erroneously recorded by the bookkeeper as $3,552 d) The bank erroneously credited Bootlegger Company’s account for $300 for a deposit made by Bootlegger Company. e) A deposit ticket correctly prepared for $975 appeared on the bank statement as a deposit for $795 f) Cheque #650 for $100 for utilities expense was erroneously recorded by the bookkeeper as $10. g) A customer’s cheque for $250 was returned with the bank statement and stamped NSF. h) Bank balance on Feb.28 was $20,671 i) Cash account showed a balance of $20,254 on Feb. 28

Calgary Paper Company produces paper for photocopiers. The company has developed standard overhead rates based on a monthly capacity of 80,000 direct-labor hours as follows:

During April, 26,000 units were scheduled for production: however, only 20,000 units were actually produced. The following data relate to April.

1. Actual direct-labor cost incurred was $1,425,000 for 75,000 actual hours of work.

2. Actual overhead incurred totaled $1,372,500, of which $472,500 was variable and $900,000 was fixed.

Required:

Prepare two exhibits similar to Exhibit 11-6 and Exhibit 11-8, which show the following variances. State whether each variance is favorable or unfavorable, where appropriate.

1. Variable-overhead spending variance.

2. Variable-overhead efficiency variance.

3. Fixed-overhead budget variance.

4. Fixed-overhead volume variance.

Variable-Overhead Spending and Efficiency Variances. (Select "None" and enter "0" for no effect (i.e., zero variance). Round "Actual Rate" and "Standard Rate" to 2 decimal places.)

How do audit committees provide balance? What issues may arise from them? What characteristics should a person on an audit committee have?

On February 1, 2018, Wolf Inc. issued 10% bonds dated February 1, 2018, with a face amount of $200,000. The bonds sold for $239,588 and mature in 20 years. The effective interest rate for these bonds was 8%. Interest is paid semiannually on July 31 and January 31. Wolf's fiscal year is the calendar year. Wolf uses the effective interest method of amortization.

Required:

1. Prepare the journal entry to record the bond issuance on February 1, 2018.

2. Prepare the entry to record interest on July 31, 2018.

3. Prepare the necessary journal entry on December 31, 2018.

4. Prepare the necessary journal entry on January 31, 2019.

Purple Company acquired 80 percent of Silver Company's outstanding common stock for $592,000 on January 1, 20X7. On the date of acquisition, the book value and fair value of Silver Company's net assets were equal. Purple Company uses the equity method to account for investments. Trial balance data for Purple and Silver as of January 1, 20X7 are as follows:

Immediately after acquisition, the consolidation worksheet was completed with all of the appropriate elimination entries (including pre-acquisition accumulated depreciation). The last column of the worksheet showing the consolidated totals has been left blank. Fill in the consolidated totals and identify the account marked with a "?" that will be included on the consolidated balance sheet.

The City of Ashville operates an internal service fund to provide garage space and repairs for all city-owned-and-operated vehicles. The Central Garage Fund’s preclosing trial balance for the current fiscal year is as follows:

The following information, not yet reflected in the preclosing figures above, applies to the current fiscal year:

1. Supplies were purchased on account for $101,300; the perpetual inventory method is used.
2. The cost of supplies used during the year was $121,100. A physical count taken as of that date showed materials and supplies on hand totaled $79,200 at cost.
3. Salaries and wages paid to employees totaled $258,400, including related costs.
4. Billings totaling $33,000 were received from the enterprise fund for utility charges. The Central Garage Fund paid $29,700 of the amount owed. (At the government-wide level, record the payable amount as Internal Balances.)
5. Depreciation of the building was recorded in the amount of $10,900; depreciation of the machinery and equipment amounted to $9,900.
6. Billings to other departments for services provided to them were as follows:

7. Unpaid interfund receivable balances were as follows:

8. Vouchers payable at year-end were $17,500.

9. Closing entries were prepared for the Central Garage Fund (ignore government-wide closing entry).

Prepare a statement of revenues, expenses, and changes in fund net position for the Central Garage Fund for the period.

Think about someone you know has thought about having a business. It does not matter a recent thing or a long time ago. The important thing is that you need to identify the following: 1. Do a SWAT analysis for the person's idea ( or your idea) 2. Define the Business Model and target market. 3. Do an analysis of the person (entrepreneur's) personality in relation to commitment, and all the qualities that may be key to take one's ideas to reality. 4. With this information do a recommendation for this idea from the view point of a "Small Business Consultant"stating first steps to follow and value proposition of your services to coach someone through grounding their ideas. Minimum 5 pages.

Analyzing, Forecasting, and Interpreting Both Income Statement and Balance Sheet
Following are the income statements and balance sheets of General Mills, Inc.

Forecast General Mill's fiscal 2012 income statement using the following relations (assume "no change" for accounts not listed). Assume that depreciation and amortization expense is included as part of selling, general and administrative expense ($ millions).

• Round answers one decimal place.

• Do not use negative signs with your answers.

Forecast General Mill's fiscal 2012 balance sheet using the following relations (assume "no change" for accounts not listed). Assume that all capital expenditures are purchases of land, building and equipment, net. ($ millions).

• Round answers one decimal place.  

• Do not use negative signs with your answers.

Following are the financial statements of Target Corporation from its FY2015 annual report.

We forecast Target's income statement using the following forecast assumptions for both years:

Instructions: Forecast Target's fiscal year ended 2016 and 2017 income statements.

• Use the same forecasting assumptions for both years.
• Round forecasts to $ millions.
• Use rounded figures for subsequent forecast calculations.
• Do not use negative signs with your answers in the income statement.

Hint: Forecasted FY2016 gain on sale is computed as proceeds from the disposal of net assets from discontinued operations minus net assets from discontinued operations ($350 million - $226 million). Forecast $0 for gain on sale in FY2017.

We forecast Target's financials using the following forecast assumptions for both year:

Instructions: Forecast Target's fiscal year ended 2016 and 2017 balance sheets.

• Use the same forecasting assumptions for both years.
• Round forecasts to $ millions.
• Use rounded figures for subsequent forecast calculations.
• Do not use negative signs with your answers in the income statement.

Question text

Reformulating Allowance for Doubtful Accounts and Bad Debt Expense

Merck & Company reported the following from its 2016 financial statements.

a. Compute accounts receivable gross for each year.

b. Determine the percentage of allowance to gross account receivables for each year.

Round answers to two decimal places (ex: 0.02345 = 2.35%).

c. Assume that we want to reformulate the balance sheet and income statement to reflect a constant percentage of allowance to gross accounts receivables for each year. Compute the four-year average and then reformulate the balance sheet and income statements for each of the four years. Follow the process shown in Analyst Adjustments 5.2 and assume a tax rate of 35%.

Four- year average of percentage of allowance to gross accounts receivables.

Round answer to two decimal places (ex: 0.02345 = 2.35%)

Answer

Correct
The correct answer is: 2.4
Mark 1.00 out of 1.00

%

Reformulate the balance sheet and income statements.

• Use rounded answer above for computations, then round answers to one decimal place.

• Use negative signs with answers to indicate the adjustment decreases an account.