Required:

On December 31, 2020, Berclair Inc. had 400 million shares of common stock and 7 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1, 2021, Berclair purchased 60 million shares of its common stock as treasury stock. Berclair issued a 4% common stock dividend on July 1, 2021. Four million treasury shares were sold on October 1. Net income for the year ended December 31, 2021, was $350 million.

Also outstanding at December 31 were 30 million incentive stock options granted to key executives on September 13, 2016. The options were exercisable as of September 13, 2020, for 30 million common shares at an exercise price of $35 per share. During 2021, the market price of the common shares averaged $70 per share.

The options were exercised on September 1, 2021.

Required:

Compute Berclair’s basic and diluted earnings per share for the year ended December 31, 2021. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Do not round intermediate calculations.)

You are provided with the following information for Blue Spruce Corp., effective as of its April 30, 2014, year-end.

I need to put this in a balance sheet. The first part of the balance sheet is called "income statement". The second part of the balance sheet is called "retained earning statement". The third part is a balance sheet with assets and liabilities.thanks

Changes in Accounting Principle

Gaubert Inc. decided in March 2017 to change from FIFO to weighted-average inventory pricing. The company reported 2017 income as $30,000. Gaubert’s pre-tax income, using the new weighted-average method in 2015 would have been $35,000 ($5k higher than reported).

In 2016, if the new inventory method had been used, Income would have been $27,000 ($3k higher than reported).

What is the proper disclosure of this event?

Changes in Accounting Estimate

Arcadia HS, purchased equipment for $510,000 which was estimated to have a useful life of 10 years with a salvage value of $10,000 at the end of that time. Depreciation has been recorded for 7 years on a straight-line basis. In 2017 (year 8), it is determined that the total estimated life should be 15 years with a salvage value of $5,000 at the end of that time.

Calculate the depreciation expense for 2017

Correction of Errors

In 2018, Hillsboro Co. determined that it incorrectly overstated its accounts receivable and sales revenue by $100,000 in 2017. In 2018, what is the adjusting journal entry in order to correct for this error (ignore income taxes)?

Comparative Statements of Retained Earnings for Renn-Dever Corporation were reported as follows for the fiscal years ending December 31, 2019, 2020, and 2021.

At December 31, 2018, paid-in capital consisted of the following:

No preferred stock or potential common shares were outstanding during any of the periods shown.

Required:
Compute Renn-Dever’s earnings per share as it would have appeared in income statements for the years ended December 31, 2019, 2020, and 2021. (Negative amounts should be indicated by a minus sign.)

Jarvene Corporation uses the FIFO method in its process costing system. The following data are for the most recent month of operations in one of the company’s processing departments:

The cost of beginning inventory according to the company’s costing system was $7,887 of which $4,867 was for materials and the remainder was for conversion cost. The costs added during the month amounted to $178,496. The costs per equivalent unit for the month were:

Required:

1. Compute the total cost per equivalent unit for the month.

2. Compute the equivalent units of material and conversion in the ending inventory.

3. Compute the equivalent units of material and conversion that were required to complete the beginning inventory.

4. Compute the number of units started and completed during the month.

5. Compute the cost of ending work in process inventory for materials, conversion, and in total for the month.

6. Compute the cost of the units transferred to the next department for materials, conversion, and in total for the month.

Use the income statement and balance sheets below to prepare the following ratios for Miller Corporation for the year 2020.

Jack loaned his friend Nill $29,000 three years ago. Nill signed a note and made payments on the loan. Last year, when the remaining balance was $26,100, Nill filed for bankruptcy and notified Jack that he would be unable to pay the balance on the loan. Jack treated the $26,100 as a nonbusiness bad debt. Last year, before considering the tax implications of the nonbusiness bad debt, Jack had capital gains of $10,440 and taxable income of $35,000. During the current year, Nill paid Jack $23,490 in satisfaction of the debt. Determine Jack's tax treatment for the $23,490 received in the current year. The nonbusiness bad debt of $26,100 would have been reported as a short-term capital loss, and $_________ would be included in Jack's gross income.

[The following information applies to the questions displayed below.] The following transactions apply to Ozark Sales for Year 1:

1. The business was started when the company received $48,500 from the issue of common stock.

2. Purchased equipment inventory of $175,500 on account.

3. Sold equipment for $203,000 cash (not including sales tax). Sales tax of 6 percent is collected when the merchandise is sold. The merchandise had a cost of $128,000.

4. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 5 percent of sales.

5. Paid the sales tax to the state agency on $153,000 of the sales.

6. On September 1, Year 1, borrowed $19,000 from the local bank. The note had a 5 percent interest rate and matured on March 1, Year 2.

7. Paid $5,700 for warranty repairs during the year.

8. Paid operating expenses of $55,500 for the year.

9. Paid $125,400 of accounts payable.

10. Recorded accrued interest on the note issued in transaction no. 6.

c-1. Prepare the income statement for Year 1. (Round your answers to the nearest dollar amount.)

c-2. Prepare the balance sheet for Year 1. (Round your answers to the nearest dollar amount.)

c-3. Prepare the statement of cash flows for Year 1. (Amounts to be deducted and losses should be indicated with minus sign. Round your answers to the nearest dollar amount.)

d. What is the total amount of current liabilities at December 31, Year 1? (Round your answer to the nearest dollar amount.) Total current liabilities

Please make sure answers are legible if writing by hand. I would prefer if an EXCEL spreadsheet was used for this for each requirement.

Koontz Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May. Standard Cost per Unit Actual Cost per Unit Direct materials: Standard: 1.80 feet at $1.00 per foot $ 1.80 Actual: 1.75 feet at $1.40 per foot $ 2.45 Direct labor: Standard: 0.90 hours at $15.00 per hour 13.50 Actual: 0.95 hours at $14.60 per hour 13.87 Variable overhead: Standard: 0.90 hours at $6.00 per hour 5.40 Actual: 0.95 hours at $5.60 per hour 5.32 Total cost per unit $ 20.70 $ 21.64 Excess of actual cost over standard cost per unit $ 0.94 The production superintendent was pleased when he saw this report and commented: “This $0.94 excess cost is well within the 5 percent limit management has set for acceptable variances. It's obvious that there's not much to worry about with this product." Actual production for the month was 10,000 units. Variable overhead cost is assigned to products on the basis of direct labor-hours. There were no beginning or ending inventories of materials. Required: 1. Compute the following variances for May: a. Materials price and quantity variances. b. Labor rate and efficiency variances. c. Variable overhead rate and efficiency variances. 2. How much of the $0.94 excess unit cost is traceable to each of the variances computed in (1) above. 3. How much of the $0.94 excess unit cost is traceable to apparent inefficient use of labor time?

Lubricants, Inc., produces a special kind of grease that is widely used by race car drivers. The grease is produced in two processing departments—Refining and Blending. Raw materials are introduced at various points in the Refining Department.

The following incomplete Work in Process account is available for the Refining Department for March:

The March 1 work in process inventory in the Refining Department consists of the following elements: materials, $7,100; direct labor, $3,300; and overhead, $21,300.

Costs incurred during March in the Blending Department were: materials used, $46,000; direct labor, $17,300; and overhead cost applied to production, $98,000.

Required:

1. Prepare journal entries to record the costs incurred in both the Refining Department and Blending Department during March. Key your entries to the items (a) through (g) below.

1. Raw materials used in production.
2. Direct labor costs incurred.
3. Manufacturing overhead costs incurred for the entire factory, $696,000. (Credit Accounts Payable.)
4. Manufacturing overhead was applied to production using a predetermined overhead rate.
5. Units that were complete with respect to processing in the Refining Department were transferred to the Blending Department, $672,000.
6. Units that were complete with respect to processing in the Blending Department were transferred to Finished Goods, $750,000.
7. Completed units were sold on account, $1,340,000. The Cost of Goods Sold was $640,000.

2. Post the journal entries from (1) above to T-accounts. The following account balances existed at the beginning of March. (The beginning balance in the Refining Department’s Work in Process is given in the T-account shown above.)

Vitex, Inc. manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system:

*Applied to Work in Process during the period.

The company's manufacturing overhead cost is applied to production on the basis of direct labor-hours. All of the materials purchased during the period were used in production. Work in process inventories are insignificant and can be ignored.

Required:

1. How many units were produced last period?

2. How many pounds of direct material were purchased and used in production?

3. What was the actual cost per pound of material? (Round your answer to 2 decimal places.)

4. How many actual direct labor-hours were worked during the period?

5. What was the actual rate paid per direct labor-hour? (Round your answer to 2 decimal places.)

6. How much actual variable manufacturing overhead cost was incurred during the period?