Required information

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

A six-column table for JKL Company follows. The first two columns contain the unadjusted trial balance for the company as of July 31, 2017. The last two columns contain the adjusted trial balance as of the same date.

Prepare JKL Company's statement of retained earnings for the year ended July 31, 2017. Note: Retained earnings at July 31, 2016, was $22,400, and the current-year dividends were $5,000.

Prepare JKL Company's the balance sheet as of July 31, 2017.

A Boca Raton Company, Purchased $35,000 shares of common stock of Polo for (Long-Term) Investment $ 700,000 during the year for Polo Corp. Corp reported net income of $300,000 and paid $100,000 of dividends.

a.) assuming that $ 35,000 shares represent a 10% interest in the Polo Corp.

b.) Prepare what entries in Acct. that Boca Raton Company should make for it's in Investment Polo Stock that Year.

C.) What is the balance of stock accounts for Polo Investment on Polo Company's Books for that Year.

2. Assuming that the 35,000 Shares represent 20% of Interest in Polo Corp.

a.) Prepare the Journal Entry to reflect the entry in Polo stock.

b,) Prepare what entries in Acct. that Boca Raton Company should make for it's in Investment Polo Stock that Year.

c.) What is the balance of stock accounts for Polo Investment on Polo Company's Books for that Year.

Mr. Briggs purchased an apartment complex on January 10, 2016 for $2 million with 10% of the price allocated to land. He sells the complex on October 22, 2018 for $2.5 million. Assume that 10% of the $2.5 million selling price is allocated to land and 90% is allocated to the building. \

a. How much depreciation was allowed for 2016?

b. How much depreciation is allowed for 2018?

c. Will any of the gain be ordinary income?

d. What is the amount of gain and the character of the gain on the sale of the building?

e. What is the amount of gain and the character of the gain on the sale of the land?

f. Will any of the gain be taxed at 25%?

On April 1, 2018, Windel Corporation issued bonds with detachable warrants.

Information related to these bonds is shown below:

Face value of bonds $325,000

Stated rate of interest 8%

Bonds issued at 106%

Each $1,000 bond was sold with 20 detachable warrants

Each warrant allowed the investor to purchase one share of common stock for $16

The par value of the common stock is $4.00

On April 1, 2018 the market values were:

Common stock $12

Warrants $7

In February 2023, some of the warrants were exercised. The percentage of warrants exercised was 20%

Bond #2: On January 1, 2016, Windel sold the following bonds:

Maturity value $850,000

Stated rate of interest 9%

Effective rate of interest 8%

Interest is paid each December 31

Maturity date January 1, 2021

On December 31, 2018, Windel redeemed (called) some of the bonds:

Call premium 105%

Percentage of bonds redeemed 40%

Required:

a. With respect to Bond #2:

1. Prepare an amortization schedule for the bonds.

The segmented income statement for XYZ Company for the year ended December 31, 2016, follows: XYZ COMPANY Segmented Income Statement For the Year Ended December 31, 2016

Total Company Product A Product B Product C

Sales $ 610,000 $ 305,000   $ 118,000 $ 187,000

Vari. expenses 273,000 146,000 53,000 74,000

Cont. margin $ 337,000 $ 159,000 $ 65,000 $ 113,000

Fixed expenses 283,000 164,000 49,000 70,000

Oper. income $ 54,000 $ (5,000 ) $ 16,000 $ 43,000

The company is concerned about the performance of product A, and you have been asked to analyze the situation and recommend to the president whether to continue or discontinue the product. During your investigation, you discover that certain fixed expenses are traceable directly to each product line as indicated here:

Total Company Product A Product B Product C

Direct fixed expenses $102,000 $75,000 $10,000 $17,000

The remaining fixed expenses are considered to be corporate-wide expenses that have been allocated to each product line based on sales revenue.

Required: a. What will be the effect of the decision to discontinue product A on operating income?

b. Assume that product A is discontinued. Prepare a segmented income statement for the remaining products. Allocate corporate-wide fixed expenses as described. (Round intermediate calculations to 2 decimal places.)

c. Starting with the segmented income statement, use the information you discovered during your investigation to present a more appropriately designed segmented income statement.

Lansing Company’s 2017 income statement and selected balance sheet data (for current assets and current liabilities) at December 31, 2016 and 2017, follow.

Required:
Prepare the cash flows from operating activities section only of the company’s 2017 statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)

Lansing Company’s 2017 income statement and selected balance sheet data (for current assets and current liabilities) at December 31, 2016 and 2017, follow.

Required:
Prepare the cash flows from operating activities section only of the company’s 2017 statement of cash flows using the direct method. (Amounts to be deducted should be indicated with a minus sign.)
  

Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30).
  

Required:

1-a. Review the transactions of Wiset Company and enter those that should be journalized in the sales journal.
1-b. Review the transactions of Wiset Company and enter those that should be journalized in the cash receipts journal. The terms of all credit sales are 2/10, n/30. Prepare a general ledger

2 & 3. Enter the March 31 balances for Cash ($85,000), Inventory ($125,000), Long-Term Notes Payable ($110,000), and B. Wiset, Capital ($100,000). Post the total amounts from the journal in the following general ledger accounts and in the accounts receivable subsidiary ledger accounts for Paula Kohr, Page Alistair, and Nic Nelson.

4-a. Prepare a trial balance of the general ledger.
4-b. Prepare a schedule of accounts receivable.

One year ago Lerner and Luckmann Co. issued 15-year, noncallable, 5.2% annual coupon bonds at their par value of $1,000. Today, the market interest rate on these bonds is 5.5%. What is the current price of the bonds, given that they now have 14 years to maturity?

John and Jessica are married and have one dependent child, Liz. Liz is currently in college at State University. John works as a design engineer for a manufacturing firm while Jessie runs a craft business from their home. Jessica’s craft business consists of making craft items for sale at craft shows that are held periodically at various locations. Jessica spends considerable time and effort on her craft business and it has been consistently profitable over the years. John and Jessica own a home and pay interest on their home loan (balance of $220,000) and a personal loan to pay for Lizzie’s college expenses (balance of $35,000).

Neither John and Jessica is blind or over age 65, and they plan to file as married-joint. Based on their estimates, determine John and Jessica’s AGI and taxable income for the year and complete pages 1 and 2 of Form 1040 (through taxable income, line 43) and Schedule A. Assume that the employer portion of the self-employment tax on Jessie’s income is $808. Joe and Jessie have summarized the income and expenses they expect to report this year as follows:

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

On January 1, 2018, the general ledger of 3D Family Fireworks includes the following account balances:

During January 2018, the following transactions occur:
  

January 2 Provide services to customers for cash, $49,100.
January 6 Provide services to customers on account, $86,400.
January 15 Write off accounts receivable as uncollectible, $3,300.
January 20 Pay cash for salaries, $32,800.
January 22 Receive cash on accounts receivable, $84,000.
January 25 Pay cash on accounts payable, $6,900.
January 30 Pay cash for utilities during January, $15,100.

Record each of the transactions listed above.

a. The company estimates future uncollectible accounts. The company determines $4,300 of accounts receivable on January 31 are past due, and 20% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 5% of these accounts are estimated to be uncollectible.
b. Supplies at the end of January total $950.
c. Accrued interest revenue on notes receivable for January. Interest is expected to be received each December 31.
d. Unpaid salaries at the end of January are $34,900.

2. Record adjusting entries on January 31 for the above transactions.

3. Prepare an adjusted trial balance as of January 31, 2018.

Do you think there are situations when insurances companies should not spread the risk of loss?

1. Discuss the reasons for the accounting profession to adopt a code of professional conduct.
2. Explain the difference between an adverse and a qualified audit report
3. Is it ethical for an auditor to work extended hours on an audit and not charge it to the client? Explain your answer.
4. Do interim financial statement reports give management opportunities to manipulate results of operations for a quarter? Explain the reasons for your answer or give an example.

1. Explain the difference between debt and equity
2. What factors affect the return on common stockholder’s equity?
3. Discuss the entity theory rationale for making no distinction between debt and equity
4. Explain the term “treasury stock” and why the companies acquire them

what is the Background of emigration from Rheinhessen,  and Chain migration process