Fuqua Company’s sales budget projects unit sales of part 198Z of 10,400 units in January, 13,000 units in February, and 13,400 units in March. Each unit of part 198Z requires 4 pounds of materials, which cost $3 per pound. Fuqua Company desires its ending raw materials inventory to equal 40% of the next month’s production requirements, and its ending finished goods inventory to equal 20% of the next month’s expected unit sales. These goals were met at December 31, 2019.

Prepare a production budget for January and February 2020.

Prepare a direct materials budget for January 2020.

Crown Co. can produce two types of lamps, the Enlightner and Foglighter. The data on the two lamp models are as follows:

It takes one machine hour to produce each product. Total fixed costs for the manufacture of both products are $90,000. Demand is high enough for either product to keep the plant operating at maximum capacity.

Assuming that sales mix in terms of dollars remains constant, what is the breakeven point in dollars? (Round intermediate calculations to 4 decimal places and final answer up to the nearest whole number.)

Multiple Choice

• $306,513.

• $118,365.

• $288,735.

• $945,667.

• $244,765.

Please describe the sections of the statement of stockholders equity. Search for an example of such a statement and include this in your post.

Bianca has the following inventory, purchases, and sales data for the month of March. The physical inventory count on March 31 shows 500 units on hand. Inventory: March 1 200 units @ $4.00 $ 800 Purchases: March 10 500 units @ $4.50 2,250 March 20 400 units @ $4.75 1,900 March 30 300 units @ $5.00 1,500 Sales: March 15 500 units March 25 400 units Required: 1. Under a periodic inventory system, determine the cost of inventory on hand at March 31 and the cost of goods sold for March under (a) FIFO and (b) average-cost. 2. Under a perpetual inventory system, determine the cost of inventory on hand at March 31 and the cost of goods sold for March under (a) FIFO and (b) average-cost

Iguana, Inc., manufactures bamboo picture frames that sell for Tk. 25 each. Each frame requires 4 feet of bamboo, which costs Tk. 2.00 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages Tk. 12.00 per hour. Iguana has the following inventory policies: 1) Ending finished goods inventory should be 40 percent of next month’s sales. 2) Ending direct materials inventory should be 30 percent of next month’s production. Expected unit sales (frames) for the upcoming months follow: March: 275, April:250, May: 300, June: 400, July: 375, August: 425 Variable manufacturing overhead is incurred at a rate of Tk. 0.30 per unit produced. Annual fixed manufacturing overhead is estimated to be Tk. 7,200 (Tk. 600 per month) for expected production of 4,000 units for the year. Selling and administrative expenses are estimated at Tk. 650 per month plus Tk. 0.60 per unit sold. Iguana, Inc., had Tk. 10,800 cash on hand on April 1. Of its sales, 80 percent is in cash. Of the credit sales, 50 percent is collected during the month of the sale, and 50 percent is collected during the month following the sale. Of direct materials purchases, 80 percent is paid for during the month purchased and 20 percent is paid in the following month. Direct materials purchase for March 1 totaled Tk. 2,000. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes Tk. 150 in depreciation. During April, Iguana plans to pay Tk. 3,000 for a piece of equipment. Prepare the following for Iguana, Inc., for the second quarter (April, May, and June). Include each month as well as the quarter 2 total for each budget. 1. Sales budget. 2. Production budget. 3. Direct materials purchase budget. 4. Direct labor budget. 5. Manufacturing overhead budget. 6. Budgeted cost of goods sold. 7. Selling and administrative expenses budget

Pool Industries paid $540,000 to purchase 75% of the outstanding stock of Swimmin Corporation, on December 31, 2014. Any excess fair value over the identified assets and liabilities is attributed to goodwill. The following year-end information was available just before the purchase:

                                                                                  Pool            Swimmin            Swimmin

                                                                                 Book                     Book                       Fair

                                                                                Value                   Value                   Value

Cash                                                                  $756,000                 $80,000                $80,000

Accounts Receivable                                       260,000                 152,000                152,000

Inventory                                                           480,000                 100,000                120,000

Land                                                                    440,000                 160,000                140,000

Plant and equipment-net                            1,320,000                 400,000                430,000

                                                                        $3,256,000              $892,000              $922,000

Accounts Payable                                          $880,000                 $22,000                $22,000

Bonds Payable                                                  936,000                 200,000                180,000

Capital stock, $10 par value                          400,000

Capital stock, $15 par value                                                        450,000

Additional paid-in capital                             400,000                160,000

Retained earnings                                            640,000                  60,000

                                                                        $3,256,000              $892,000

Using the data provided above, assume that Pool decided rather than paying $540,000 cash, Pool issued 10,000 shares of their own stock to the owners of Swimmin. At the time of issue, the $10 par value stock had a market value of $60 per share.

Required: Prepare Pool's consolidated balance sheet on December 31, 2014.

The following were selected from among the transactions completed by Babcock Company during November of the current year. Babcock uses the net method under a perpetual inventory system.

Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles.

Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles.

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JOURNAL

ACCOUNTING EQUATION

In early January 2017, NewTech purchases computer equipment for $273,000 to use in operating activities for the next four years. It estimates the equipment’s salvage value at $26,000.

rev: 07_27_2017_QC_CS-94103

Exercise 8-7 Straight-line depreciation LO P1

Prepare a table showing depreciation and book value for each of the four years assuming straight-line depreciation.

Prepare a table showing depreciation and book value for each of the four years assuming double-declining-balance depreciation.

PLEASE USE THE BA 11 PLUS CALCULATOR FUNCTIONS. NO FORMULA METHODS PLEASE. I'M BEING GRADED ON MY FINAL USING CALCULATOR FUNCTIONS ONLY. ALSO PLEASE SHOW WORK IN THE TABLE AS WELL. THANK YOU.

2. LO 1 Angelo Lemay borrowed $8000 from his credit union. He agreed to repay the loan by making equal monthly payments for five years. Interest is 9% compounded monthly.

1. What is the size of the monthly payments?

2. How much will the loan cost him?

3. How much will Angelo owe after 18 months?

4. How much interest will he pay in his 36th payment?

5. How much of the principal will be repaid by the 48th payment?

6. Prepare a partial amortization schedule showing details of the first three payments, Payments 24, 25, 26, the last three payments, and totals.

Outline the rules associated with asset revaluations under the fair value model of AASB116, describing (i) what movements are recorded, (ii) what happens to the accumulated depreciation account, and (iii) the impact on depreciation expense in subsequent years.

On January 1, 2016, Apple granted 80,000 stock options to key members of its executive team. Each option grants the executives the ability to purchase one share of Apples common stock ($10 par value) at a price of $40 per share. The options were exercisable within a 2-year period beginning on January 1, 2018, as long as the executives remain an employee at Apple until that date. It is assumed that the options were for services performed equally in 2016 and 2017. The Black-Scholes option pricing model determines total compensation expense to be $1,300,000. On January 1, 2018, the Apple executives exercised 48,000 of their stock options. On that date, Apples stock had a market price of $50 per share. The remaining 32,000 stock options lapsed on January 1, 2020 because of the decision not to exercise their options.

Required

1. Prepare the necessary journal entries related to the stock option plan for the years 2016 through 2020.
2. Over what period of time should compensation cost be allocated?

The following is the receipts and payments account for the year ended 31 December 2018:

(2) On 31 December 2017 the club held investments which cost $10000. During the year ended 31 December 2018, these were sold for $15000.
(3) Equipment was valued at $6000 on 31 December 2017. On 30 June 2018, the club purchased additional equipment at a cost of $ 10400. Depreciation is to be provided for at the rate of 10% per annum.

(a) Prepare the trading section of the income statement for the year ended 31 December 2018.
(b) Prepare the income and expenditure account for the year ended 31 December 2018.

High-Low method - Calculation of variable cost per unitHigh-Low method - Calculation of fixed costsTotal cost at the high pointVariable costs at the high point:Volume at the high point:Variable cost per unitTotal variable costs at the high pointTotal fixed costsTotal cost at the low pointVariable costs at the low point:Volume at the low point:Variable cost per unitTotal variable costs at the low pointTotal fixed costs

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:

The Production Department planned to work 4,100 labor-hours in March; however, it actually worked 3,900 labor-hours during the month. Its actual costs incurred in March are listed below:

1.  Prepare the Production Department’s flexible budget performance report for March, including both the spending and activity variances.