Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department. The company uses the weighted-average method of process costing. Its Work in Process T-account for the Mixing Department for June follows (all forthcoming questions pertain to June):

The June 1 work in process inventory consisted of 5,000 units with $16,000 in materials cost and $12,000 in conversion cost. The June 1 work in process inventory was 100% complete with respect to materials and 50% complete with respect to conversion. During June, 37,500 units were started into production. The June 30 work in process inventory consisted of 8,000 units that were 100% complete with respect to materials and 40% complete with respect to conversion.

1. Prepare the journal entries to record the raw materials used in production and the direct labor cost incurred. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

2. Prepare the journal entry to record the overhead cost applied to production. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

3. How many units were completed and transferred to finished goods during the period?

4. Compute the equivalent units of production for materials.

5. Compute the equivalent units of production for conversion.

6. What is the cost of beginning work in process inventory plus the cost added during the period for materials?

7. What is the cost of beginning work in process inventory plus the cost added during the period for conversion?

8. What is the cost per equivalent unit for materials? (Round your answer to 2 decimal places.)

9. What is the cost per equivalent unit for conversion? (Round your answer to 2 decimal places.)

10. What is the cost of ending work in process inventory for materials? (Round your intermediate calculations to 2 places.)

11. What is the cost of ending work in process inventory for conversion?

12. What is the cost of materials transferred to finished goods? (Round your intermediate calculations to 2 places.)

13. What is the amount of conversion cost transferred to finished goods?

14. Prepare the journal entry to record the transfer of costs from Work in Process to Finished Goods. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

15-a. What is the total cost to be accounted for?

15-b. What is the total cost accounted for?

Haynes, Inc., obtained 100 percent of Turner Company’s common stock on January 1, 2017, by issuing 11,200 shares of $10 par value common stock. Haynes’s shares had a $15 per share fair value. On that date, Turner reported a net book value of $120,200. However, its equipment (with a five-year remaining life) was undervalued by $8,700 in the company’s accounting records. Also, Turner had developed a customer list with an assessed value of $39,100, although no value had been recorded on Turner’s books. The customer list had an estimated remaining useful life of 10 years.The following balances come from the individual accounting records of these two companies as of December 31, 2017:HaynesTurnerRevenues$(638,000)$(351,000)Expenses465,000191,000Investment incomeNot given0Dividends declared90,00080,000The following balances come from the individual accounting records of these two companies as of December 31, 2018:HaynesTurnerRevenues$(776,000)$(407,500)Expenses486,500222,900Investment incomeNot given0Dividends declared110,00060,000Equipment510,000311,000 What balance does Haynes’s Investment in Turner account show on December 31, 2018, when the equity method is applied?b. What is the consolidated net income for the year ending December 31, 2018?c-1. What is the consolidated equipment balance as of December 31, 2018?c-2. Would this answer be affected by the investment method applied by the parent?d. Prepare entry *C for the beginning of the Retained Earnings account on a December 31, 2018 by using initial value, partial equity and equity method.What balance does Haynes’s Investment in Turner account show on December 31, 2018, when the equity method is applied?b. What is the consolidated net income for the year ending December 31, 2018?c-1. What is the consolidated equipment balance as of December 31, 2018?c-2. Would this answer be affected by the investment method applied by the parent?a.Investment in Turner accountb.Consolidated net incomec-1.Consolidated equipmentc-2.Would this answer be affected by the investment method applied by the parent?Prepare entry *C for the beginning of the Retained Earnings account on a December 31, 2018 by using initial value, partial equity and equity method. (If no entry is required for a transaction/event,

select "No journal entry required" in the first account field.)

Hakara Company has been using direct labor costs as the basis for assigning overhead to its many products. Under this allocation system, product A has been assigned overhead of $26.98 per unit, while product B has been assigned $15.22 per unit. Management feels that an ABC system will provide a more accurate allocation of the overhead costs and has collected the following cost pool and cost driver information:

The following cost information pertains to the production of A and B, just two of Hakara's many products:

Required:

1. Use activity-based costing to determine a unit cost for each product. (Round your final answers to 2 decimal places.)

b. Ben took up a loan to purchase a farm machine. The terms of his loan require him to make quarterly payments of $3,434 over 7 years. The relevant rate of interest is 7.2% per year, compounded quarterly. For the same amount of loan and interest rate, will Ben pay off the loan sooner if he makes quarterly payments of $3,876 instead? Show all relevant calculations to support your answer.

Agua Ole is a distributor of bottled water. For each of the​ items, compute the amount of cash receipts or payments Agua Ole will budget for September. The solution to one item may depend on the answer to an earlier item. ​

a. Management expects to sell equipment that cost $ 21,000 at a gain of $4,000. Accumulated depreciation on this equipment is $4,000.

b. Management expects to sell 7,700 cases of water in August and 9,400 cases in September. Each case sells for $15. Cash sales average 10​% of total​ sales, and credit sales make up the rest.​ Three-fourths of credit sales are collected in the month of​ sale, with the balance collected the following month.

c. The company pays rent and property taxes of $4,200 each month. Commissions and other selling expenses average 10​% of sales. Agua Ole pays​ one-half of commissions and other selling expenses in the month​ incurred, with the balance paid the following month.

REQUIRED: Prepare a bank reconciliation in good form for the month:

Strand Corp had the following info for the month of July 2018:

1. Cash balance per bank- $7,293

2. Bank services charges not recorded by company $28

3. Cash balance per books $7,384

4. Deposits in transit $1,500

5. Bank collected a $800 note on Strand Corp’s behalf, plus interest $36, less collection fee $20

6. Outstanding checks for the month $621

Apples & Oranges Inc. is trying to become more efficient in shipping goods. It is experimenting with two new shipping procedure initiatives aimed at achieving this strategic objective. The company has provided the following data regarding the two procedures after one month of implementation:

a. Compute the following performance metrics for each program:

(1) Average number of shipping errors per shipment, rounded to two decimal places.

Procedure A:  error per shipment

Procedure B:  error per shipment

(2) Hours from ordered to delivered, rounded to one decimal place.

Procedure A:  hours from ordered to delivered

Procedure B:  hours from ordered to delivered

(3) Average pounds of goods per shipment.

Procedure A:  lbs. of goods per shipment

Procedure B:  lbs. of goods per shipment

b. Which program should the company implement moving forward?

DataSpan, Inc., automated its plant at the start of the current year and installed a flexible manufacturing system. The company is also evaluating its suppliers and moving toward Lean Production. Many adjustment problems have been encountered, including problems relating to performance measurement. After much study, the company has decided to use the performance measures below, and it has gathered data relating to these measures for the first four months of operations.

Management has asked for your help in computing throughput time, delivery cycle time, and MCE. The following average times have been logged over the last four months:

Required:

1-a. Compute the throughput time for each month.

1-b. Compute the delivery cycle time for each month.

1-c. Compute the manufacturing cycle efficiency (MCE) for each month.

2. Evaluate the company’s performance over the last four months.

3-a. Refer to the move time, process time, and so forth, given for month 4. Assume that in month 5 the move time, process time, and so forth, are the same as in month 4, except that through the use of Lean Production the company is able to completely eliminate the queue time during production. Compute the new throughput time and MCE.

3-b. Refer to the move time, process time, and so forth, given for month 4. Assume in month 6 that the move time, process time, and so forth, are again the same as in month 4, except that the company is able to completely eliminate both the queue time during production and the inspection time. Compute the new throughput time and MCE.

1-a. Compute the throughput time for each month.
1-b. Compute the delivery cycle time for each month.
1-c. Compute the manufacturing cycle efficiency (MCE) for each month.

(Round your answers to 1 decimal place.)

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Evaluate the company’s performance over the last four months. (Indicate the effect of each trend by selecting "Favorable" or  "Unfavorable" or "None" for no effect (i.e., zero variance).

3-a. (Month 5) Refer to the move time, process time, and so forth, given for month 4. Assume that in month 5 the move time, process time, and so forth, are the same as in month 4, except that through the use of Lean Production the company is able to completely eliminate the queue time during production. Compute the new throughput time and MCE.

3-b. (Month 6) Refer to the move time, process time, and so forth, given for month 4. Assume in month 6 that the move time, process time, and so forth, are again the same as in month 4, except that the company is able to completely eliminate both the queue time during production and the inspection time. Compute the new throughput time and MCE.

(Round your answers to 1 decimal place.)

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Oct 1 Tom invested cash in the business, $40,000 2 Prepaid 6 months rent in advance, $4,800 3 Purchased Stage Equipment for $3,000. Paid $1,500 immediately but put the rest on account. 5 Purchased supplies for cash, $1,500 7 Purchased a one year insurance policy for $1,200 31 Paid the part-time worker, $450 Nov 2 Tom withdrew $180 so he could relax at the health spa 3 Tuition revenue for the month was, $3,500. Received $1,000 immediately from students the rest is due in 20 days. 8 Paid the telephone bill, $95 11 Paid the electric bill, $320 21 Received payment for tuition from students billed on November 3 23 Received the newspaper advertising bill, $160, it is due in 30 days. 27 Paid the part-time worker, $450 Dec 3 Tuition revenue for the month was, $5,500. Received $2,500 immediately from students, the rest is due in 20 days. 21 Paid the advertising bill which was received last month, $160 22 Received payment for tuition from students billed on December 3 24 Paid an additional $500 on the stage equipment purchased earlier in the year. 29 Purchased additional supplies on account, $300

Explain why corporations invest in stocks and debt securities.

Question 18 (1 point)

Which of the following items is excluded from an engagement letter?

Question 18 options:

Question 19 (1 point)

In which step of the audit do auditors conduct tests of controls?

Question 19 options:

Question 20 (1 point)

How long do auditors have after the report release date to complete the audit file by assembling the final set of audit documentation?

Question 20 options:

Question 21 (1 point)

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In which audit procedure to gather evidence does the auditor obtain a written representation letter?

Question 21 options:

You are an accountant of GSM company ltd., a clothing store. After you have prepared the financial statements as at December 2011, you noticed the following items occurring before accounts are approved by the directors: The sale of Tshs.1,000,000 was made during the period from 31stDecember 2011 to the date the statements are approved by the directors. The purchase of Tshs.750,800 was done during the period from 31stDecember 2011 to the date the statements are approved by the directors. Expenses amounting to Tshs.180,000 was incurred during the period from 31stDecember 2011 to the date the statements are approved by the directors. A notification is received that a customer who owes the company Tshs.3,700,000 has been declared bankrupt on 17thJanuary 2012. A fire on 4thJanuary 2012 destroys all the inventories in the warehouse. A letter is received from the insurance company stating that it is unclear whether our company was actually insured for the loss of inventories in the warehouse. Which of the above items are relevant for adjusting and non-adjusting events?

A convertible bond has the following terms:  Principal of $1000, coupon interest of 7%, maturity in 10 years, callable after five years at 1070.  The conversion price is $40 (25 shares).  The current price of the common stock is $41.  Similar risk bonds have a yield to maturity of 8%.  Would it make sense to convert the bond today, not convert it, or wait a while to decide whether to convert? Why (you should use some numbers in your answer)?

I need help solving this problem.

Required information

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Comparative financial statements for Weaver Company follow:

During this year, Weaver sold some equipment for $18 that had cost $31 and on which there was accumulated depreciation of $10. In addition, the company sold long-term investments for $12 that had cost $7 when purchased several years ago. Weaver paid a cash dividend this year and the company repurchased $37 of its own stock. This year Weaver did not retire any bonds.

2. Using the information in (1) above, along with an analysis of the remaining balance sheet accounts, prepare a statement of cash flows for this year. (List any deduction in cash and cash outflows as negative amounts.)