Camden Biotechnology began operations in September 2018. The following selected transactions relate to liabilities of the company for September 2018 through March 2019. Camden’s fiscal year ends on December 31. Its financial statements are issued in April.

2018

1. On September 5, opened checking accounts at Second Commercial Bank and negotiated a short-term line of credit of up to $19,000,000 at the bank’s prime rate (12.5% at the time). The company will pay no commitment fees.
2. On October 1, borrowed $16 million cash from Second Commercial Bank under the line of credit and issued a five-month promissory note. Interest at the prime rate of 12% was payable at maturity. Management planned to issue 10-year bonds in February to repay the note.
3. Received $3,500 of refundable deposits in December for reusable containers used to transport and store chemical-based products.
4. For the September–December period, sales on account totaled $4,140,000. The state sales tax rate is 3% and the local sales tax rate is 3%. (This is a summary journal entry for the many individual sales transactions for the period.)
5. Recorded the adjusting entry for accrued interest.

2019

6. In February, issued $12.4 million of 10-year bonds at face value and paid the bank loan on the March 1 due date.
7. Half of the storage containers covered by refundable deposits were returned in March. The remaining containers are expected to be returned during the next six months.

Required:

2. Prepare the current and long-term liability sections of the December 31, 2018, balance sheet. Trade accounts payable on that date were $347,000.

Complete this question by entering your answers in the tabs below.

• Required 1
• Required 2

Prepare the current and long-term liability sections of the December 31, 2018, balance sheet. Trade accounts payable on that date were $347,000. (Enter your answers in whole dollars.)

Taxpayer places in service new equipment for $800,000 (7 year property) on August 15, and elects immediate expensing of the maximum amount:

2016 2018

Cost of equipment

179 deduction

additional first year depreciation

amount subject to MACRS (MACRS rate .1429)

Total cost recovery allowed in 2016

What is same facts but under 2018 law?

Create a simple Chart of Accounts for an owner/ operator business such as a lawn mowing round and also mention how the opening balance for each cost centre/ account can be established? Discuss in 80–100 words.

The Stryker Baseball Bat Company manufactures wooden and aluminum baseball bats at its plant in New England. Wooden bats produced for the mass market are turned on a lathe, where a piece of wood is shaped into a bat with a handle and barrel. The bat is cut to its specified length and then finished in subsequent processes. A specific style of wooden bat is supposed to have a mean barrel circumference of 9 inches with ±0.5 inches tolerance at its thickest point.

The company is trying to buy a new machine to cut the bats due to a projected increase in sales. There are three different candidate machines that the company is trying to buy at different costs. The following table summarizes the process average, process standard deviation (SD), and purchase cost of each machine. Which machine, if any, should the company purchase (they are trying to buy the cheapest machine that can get the job done)?

1. Determine the Upper Specification Limit.
2. Determine the Lower Specification Limit.
3. Calculate the process capability index of machine 1.
4. Based on process capability index of machine 1, is machine 1 capable?
   1. Yes
   2. No
5. Calculate the process capability index of machine 2.
6. Based on process capability index of machine 2, is machine 2 capable?
   1. Yes
   2. No
7. Calculate the process capability index of machine 3.
8. Based on process capability index of machine 3, is machine 3 capable?
   1. Yes
   2. No
9. Which machine should the company purchase?
   1. Machine 1
   2. Machine 2
   3. Machine 3
   4. None of these

WRITE A RESPONSE TO THE FOLLOWING !

The primary objective of financial accounting is to provide accurate financial information. Accounting supplies managers and owners with significant financial data that is useful for decision making. The accounting professional must take the time to carefully access and balance the company or enterprise financial aspects. They must be willing to learn about the resources available while understanding ways to grow based off of past company performance. Internal users: are individuals who use accounting information from within an Organization. An example of an internal user is a store manager. Some of the ways internal users employ accounting information include: Assessing how management has discharged its responsibility for protecting and managing the company’s resources · Shaping decisions about when to borrow or invest company resources · Shaping decisions about expansion or downsizing External users: are individuals that have a financial interest in the reporting aspect of the business. However, they are not involved in the day to day operations. An example of an external user is a supplier or a customer. The external users of accounting information fall into six groups: Owners and prospective owners Creditors and lenders : banks and lending institutions Employees and their unions. Governmental units: tax returns, and other documents General public The integrity of financial reporting is the most important trait to have as a professional in any field. There is heavy reliance on integrity by the people who want to be sure that their information and finances will be handled with confidentially. There are a few Christian valuesthat promote integrity in internal financial reporting: Proverbs 16:8 “Better is a little with righteous than great revenues with injustice." Exodus 20:15 You shall not steal."

What are two reports that can be used to reconcile a cash register? Explain (50–80 words) the distinguishing features of each.

3) Training Programs, Revisited As part of a quality improvement initiative, Consolidated Elec- tronics employees complete a three-day training program on teaming and a two-day training program on problem solving. The manager of quality improvement requested that at least 10 training programs on teaming and at least 10 training programs on problem solving be offered during the next six months. In addition, senior-level management specified that at least a total of 25 training programs must be offered during this period. Consolidated Electronics uses a consultant to teach the training programs. During the next six months, the consultant has 64 days of training time available. Each training program on teaming costs $12,000 and each training program on problem solving costs $6,000.

(a) How many training programs of each type should be offered? What would be the total cost of this? (3 points)

(b) Would the optimal number of training programs for each type change if the cost of problem solving trainings went up by $5000? Why or why not? (2 points).

(c) If management decided to relax the total number of trainings necessary by 3 to only 22 total trainings, what would you expect the reduction in cost to be? (2 points)

4. The division managers were able to provide reliable sales percentages for their product lines by geographical area.

Murphy prepared the following product-line income statement based on the data presented above.

1. Prepare a segmented income statement for Pacific Rim Industries based on the company’s geographical areas. The statement should show the operating income for each segment. (Do not round your intermediate calculations and round your final answers to the nearest dollar amount.)

Old School Publishing Inc. began printing operations on January 1. Jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $7,000 of indirect materials and $11,200 of indirect labor were used during the month. The cost sheets for the four jobs entering production during the month are as follows, in summary form: Job 301 Job 302 Direct materials $10,200 Direct materials $21,000 Direct labor 8,000 Direct labor 15,400 Factory overhead 6,080 Factory overhead 11,704 Total $24,280 Total $48,104

PAGE 10

JOURNAL

CHART OF ACCOUNTS Old School Publishing Inc.General Ledger

You are required to prepare a written research assignment that addresses one of the provided topics
below. The purpose of the task is for you to demonstrate high-level critical reflection and analytical
reasoning skills in the context of the application of Australian taxation law and taxation law policy. You
must undertake academic research which demonstrates the following:
1. An in-depth your understanding of how the specific tax law applies,
2. The policy context of the law and if relevant how other jurisdictions deal with similar issues,
3. Critical reflection as to whether the law achieves its stated purpose aligns with principles of
good tax policy or could be improved/amended. These critical reflections should be
supported by the research you have undertaken as well as your own independent thought.

TOPIC:

The current Liberal Government has a policy of reducing small business taxation through the reduction
in corporate tax rates for those with turnovers under a certain threshold. Provide an international
comparative analysis (choosing 1 other jurisdiction) of whether the taxation rate for small businesses
should be reduced and why.

What four questions can be asked while examining the reporting requirements of a business? Discuss in 150–180 words

Measures of liquidity, Solvency and Profitability

The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall Inc. common stock was $ 53 on December 31, 20Y2.

Required:

Determine the following measures for 20Y2, rounding to one decimal place, except for dollar amounts, which should be rounded to the nearest cent. Use the rounded answer of the requirement for subsequent requirement, if required. Assume 365 days a year.

Berne Company (lessor) enters into a lease with Fox Company to lease equipment to Fox beginning January 1, 2016. The lease terms, provisions, and related events are as follows:

Question

Assume that you are preparing Galore Ltd's yearly allowance for doubtful debts based on 2% of net credit sales,

which will potentially result in 10% growth rate. The managing director, Ms Sharon Shady (Sharon), suggested you to increase the allowance for doubtful debts to 4% in order to achieve a 5% growth rate. Sharon said to you that: "we do not want our shareholders to expect our company to sustain a 10% growth every year rather, a 5% growth rate is more sustainable for our company."

Question:

Part A

1). What are the relevant factors that should be considered when estimating yearly allowance for doubtful debts?

2). How does the allowance for doubtful debts potentially impact Galore Ltd's financial reports?

Part B

1). a. Is it ethical to follow the managing director, Sharon, to estimate the allowance for doubtful debts based on a predetermined 5% growth rate?

b. Will you follow Sharon's suggestion?

2). How does your decision about whether to follow Sharon's suggestion influence various stakeholders? You are required to provide detailed explanations.