Harrison Company maintains a checking account at the First National City Bank. The bank provides a bank statement along with canceled checks on the last day of each month. The July 2021 bank statement included the following information:

The company’s general ledger account had a balance of $40,448 at the end of July. Deposits outstanding totaled $7,200 and all checks written by the company were processed by the bank except for those totaling $8,510. In addition, a $2,900 July deposit from a credit customer was recorded as a $290 debit to cash and credit to accounts receivable, and a check correctly recorded by the company as a $75 disbursement was incorrectly processed by the bank as a $750 disbursement.

Required:
1. Prepare a bank reconciliation for the month of July.
2. Prepare the necessary journal entries at the end of July to adjust the general ledger cash account.

Prepare the necessary journal entries at the end of July to adjust the general ledger cash account. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Record the credits to cash revealed by the bank reconciliation. Use the miscellaneous expense account to record the bank service charges.

.

Pillow Corporation acquired 80 percent ownership of Sheet Company on January 1, 20X7, for $173,000. At that date, the fair value of the noncontrolling interest was $43,250. The trial balances for the two companies on December 31, 20X7, included the following amounts:

Additional Information

1. On January 1, 20X7, Sheet reported net assets with a book value of $150,000 and a fair value of $191,250. Accumulated depreciation on Buildings and Equipment was $60,000 on the acquisition date.
2. Sheet’s depreciable assets had an estimated economic life of 11 years on the date of combination. Goodwill of $25,000 was recorded at the acquisition.
3. Pillow used the equity method in accounting for its investment in Sheet.
4. Detailed analysis of receivables and payables showed that Sheet owed Pillow $16,000 on December 31, 20X7.

a. Prepare all journal entries recorded by Pillow with regard to its investment in Sheet during 20X7.Record the initial investment in Sheet Company

• Record the initial investment in Sheet Company

• B

  Record Pillow Corporation's 80% share of Sheet Company's 20X7 income.

• C

  Record Pillow Corporation's 80% share of Sheet Company's 20X7 dividend.

• D

  Record the amortization of the excess acquisition price.

A farmer has 1000 acre of land on which he can grow corn, wheat and soyabeans. Each acre of corn cost Rs. 100 for preparation, requires 7 man days of work and yields a profit of Rs. 30. An acre of wheat cost Rs. 120 for preparation, requires 10 man days of work and yields a profit of Rs. 40. An acre of soyabeans cost Rs. 70 to prepare, requires 8 man days of work and yields a profit of Rs, 200. If the farmer has Rs. 1, 00,000 for preparation and count on 8000man days of work, how many acres should be allocated to each crop to maximise profit. (Use Simplex Method) Discuss the profitability of different alternatives.

Facts: Paul Willard is a self-employed attorney. Because of erroneous advice that he gave, one of Paul’s clients incurred unnecessary costs of $20,000. The client threatened to sue Paul for malpractice, and Paul reimbursed this sum to his client. Although his malpractice insurance would have covered the payment, he chose not to file for reimbursement. Because he had two recent malpractice claims, Paul is convinced that another claim could cause him to be either uninsurable or insurable only at unaffordable rates.

Issue: May Paul deduct the $20,000 reimbursement paid to his client?

Please solve the conclusion & Analysis:

Conclusion:

Analysis:

Code Section 162

Code Section 165

Based on above Section

EXCEL CRYSTAL BALL:

Not wanting to leave his beloved alma mater, Will Anderson has come up with a scheme to stay
around for 5 more years: He has decided to bid on the fast-food concession rights at the football
stadium. He feels sure that a bid of $60,000 will win the concession, which gives him the right to sell
food at football games for the next 5 years. He estimates that annual operating costs will be 40% of sales
and annual sales will average $100,000. His Uncle Josh has agreed to lend him the $60,000 to make the
bid. He will pay Josh $15,400 at the end of each year. His tax rate is 15%.

(a) Use a spreadsheet model to answer the following question. What is Will’s average annual after-tax
profit? Assume that the yearly payments of $15,400 are tax deductible.

(b) Suppose that sales will probably vary plus or minus 40% from the average of $100,000 each year.
Will is concerned about the minimum after-tax profit he can earn in a year. He feels that he can survive
if it is at least $20,000. Model annual sales for the 5 years as five continuous uniform random variables.
Based on a sample of 7,500 five-year periods (750 periods if using Excel alone), estimate the probability
that over any five-year period the minimum after-tax profit for a year will be at least $20,000. Should
Will bid for the concession?

A company uses the manufacturing cost hierarchy to allocate costs to various activities. During the past year, it has incurred:

A. Using the manufacturing cost hierarchy, what is the total cost that would be classified as unit-level activity costs?

B. Using the manufacturing cost hierarchy, what is the total cost that would be classified as batch-level activity costs?

C. Using the manufacturing cost hierarchy, what is the total cost that would be classified as product-level activity costs?

D. Using the manufacturing cost hierarchy, what is the total cost that would be classified as facility-level activity costs?

On January 1, 2014, Fishbone Corporation sold equipment to Lost Company that cost $250,000 and that had accumulated depreciation of $100,000 on the date of sale. Fishbone received as consideration a non-interest-bearing note requiring payments of $80,000 annually for 3 years. The first note payment is to be made on January 1, 2014. The prevailing rate of interest for a note of this type on January 1, 2014, was 5%.

Record the 1/1/14 transaction for Fishbone Corporation and all necessary entries from 2014-2016.

Record the 1/1/14 transaction for Lost Company and all necessary entries from 204-2016.

There wasn't an answer for this question, I'm looking to verify my answers with another individual. This pertains to the following question:

https://www.chegg.com/homework-help/essentials-of-accounting-for-governmental-and-not-for-profit-organizations-13th-edition-chapter-1-problem-9qe-solution-9781259741012

Here is what I came up with by trying to fit the descriptions to each defined fund(s):

I haven't used this service before so I'm not sure if this is the appropriate way to use it. Any feedback would be appreciated. Thank you.

I figured out the weighted average method, but can anyone show me the FIFO and LIFO treatment of this problem????

Timekeeper Inc. manufactures clocks on a highly automated assembly line. Its costing system uses two cost categories, direct materials and conversion costs. Each product must pass through the Assembly Department and the Testing Department. Direct materials are added at the beginning of the production process. Conversion costs are allocated evenly throughout production. Timekeeper Inc. uses weighted-average costing. Data for the Assembly Department for June 2015 are: Work in process, beginning inventory 350 units Direct materials (100% complete) Conversion costs (50% complete) Units started during June 1050 units Work in process, ending inventory: 160 units Direct materials (100% complete) Conversion costs (75% complete) Costs for June 2015: Work in process, beginning inventory: Direct materials $91,000 Conversion costs $136,500 Direct materials costs added during June $603,500 Conversion costs added during June $401,500 Required: What is the conversion cost per equivalent unit in June?

Improving Decision Making: Making the Rent vs. Buy Decision for Data Storage for ABC Digital

Software skills: Spreadsheet formulas, and charts
Business skills: Technology rent vs. buy decision, TCO analysis

This project provides an opportunity for you help a real-world company make a decision about whether to rent or buy new technology for data storage. You’ll use spreadsheetsoftware to compare the total 4-year cost of ownership for two options.

Deciding whether to store data on the cloud or on-site is often the dilemma for most business owners. There are advantages and disadvantages to both options. However, in this project you are only focusing on the cost benefits of each option regardless of other aspects including the access time, privacy and scalability issues which are also critically important in making this decision.

Scenario

ABC Digital is looking for a solution for storing their data. They have approximately 100 Terabytes of data that they need to store. The followings are typical cost information associated to option 1, that is to store data on the premises:

The cost items associated to cloud-based storage (Option 2) is given below.

Note that with cloud solution, the backup and redundancies are provided by the cloud provider and the service is included in the cost.

Tasks

1. Use your spreadsheet application to calculate the cost of each option for year 1 to year 4. To get the full mark, you should use Excel formula when it is appropriate. In other words, I should be able to change the above parameters (listed in the tables) and the total cost values should be changed automatically. (30 points)

2. Use an appropriate chart type to present and compare the cost of both solutions in one graph for year 1 to year 4. (15 points)

3. Determine which cost items are considered as capital expenditure (Capex) and which ones are operational expenditures (Opex) for each solution. (15 points)

4. Calculate the total cost of ownerships for a 4-year period for each of the two solutions and suggest the best solution for the ABC Digital. (20 points)

5. One of the main advantages of spreadsheets is that you can easily change the parameters of the model and evaluate “What if...” types of scenarios. Your manager wants to see the sensitivity of the total cost for solution 1 in relation to the year-to-year increase in the “Facilities and Power Charges”. More specifically, your current solution shows the total cost when considering 8% year-to-year increase of the cost of “Facilities and Power Charges” as shown in the Table. However, she wants to see how your estimates changes with this quantity. You should evaluate the total costs over 4 years when evaluating 4%,6%,8% (your current solution), 10%,12% and 14% increase in the year-to-year cost of “Facilities and Power Charges”. The first year cost is still the same, i.e. $20,000 for all scenarios. You should create a new sheet for this. This sheet should show the total cost of solution 1 when changing the year-to-year changes in the Facilities and Power Charges as suggested above. (20 points)

The comparative balance sheets for Larkspur Corporation show the following information.

Additional data related to 2017 are as follows.

Prepare a statement of cash flows using the indirect method. Flood damage is unusual and infrequent in that part of the country.

Luzadis Company makes furniture using the latest automated technology. The company uses a job-order costing system and applies manufacturing overhead cost to products on the basis of machine-hours. The predetermined overhead rate was based on a cost formula that estimates $612,000 of total manufacturing overhead for an estimated activity level of 68,000 machine-hours.

During the year, a large quantity of furniture on the market resulted in cutting back production and a buildup of furniture in the company’s warehouse. The company’s cost records revealed the following actual cost and operating data for the year:

Required:

1. Compute the underapplied or overapplied overhead.

2. Assume that the company closes any underapplied or overapplied overhead to Cost of Goods Sold. Prepare the appropriate journal entry.

3. Assume that the company allocates any underapplied or overapplied overhead proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the appropriate journal entry.

4. How much higher or lower will net operating income be if the underapplied or overapplied overhead is allocated to Work in Process, Finished Goods, and Cost of Goods Sold rather than being closed to Cost of Goods Sold?

The following selected events and transactions were recorded by Milos County Hospital.

1. Gross charges for hospital services, all charged to accounts and notes receivable, were as follows:

2. The hospital cafeteria and gift shop had cash sales of $295,300.
3. Additional information determined subsequently to recording patient service revenues and relating to the current year is as follows:

4. A federal cost reimbursement research grant of $350,000 was awarded. As of the end of the year, $200,000 in expenses related to the grant had been made.
5. Vouchers totaling $1,326,540 were issued for the following items:

6. Collections of accounts receivable totaled $1,159,000. Accounts written off as uncollectible amounted to $11,900.
7. Cash payments on vouchers payable (paid to employers and suppliers) during the year were $1,031,200.
8. Supplies of $99,770 were issued to nursing services.
9. On December 31, accrued interest income on investments was $800.
10. Depreciation of buildings and equipment was as follows:

11. On December 31, closing entries were made in the general journal.

Required

1. Prepare closing entries in accordance with the standards for a governmental health care entity that follows proprietary fund accounting. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
2. Calculate the net patient service revenue that would be reported on the statement of revenues, expenses, and changes in net position.

Milano Pizza is a small neighborhood pizzeria that has a small area for in-store dining as well as offering take-out and free home delivery services. The pizzeria’s owner has determined that the shop has two major cost drivers—the number of pizzas sold and the number of deliveries made.

The pizzeria’s cost formulas appear below:

In November, the pizzeria budgeted for 1,860 pizzas at an average selling price of $17 per pizza and for 240 deliveries.

Data concerning the pizzeria’s actual results in November appear below:

Required:

1. Complete the flexible budget performance report that shows both revenue and spending variances and activity variances for the pizzeria for November. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)