The following transactions were completed by Wild Trout Gallery during the current fiscal year ended December 31:

Jan. 19.	Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Journalize the receipt of $2,130 cash in full payment of Arlene’s account.
Apr. 3.	Wrote off the $12,200 balance owed by Premier GS Co., which is bankrupt.
July 16.	Received 40% of the $21,900 balance owed by Hayden Co., a bankrupt business, and wrote off the remainder as uncollectible.
Nov. 23.	Reinstated the account of Harry Carr, which had been written off two years earlier as uncollectible. Recorded the receipt of $3,470 cash in full payment.
Dec. 31.	Wrote off the following accounts as uncollectible (compound entry): Cavey Co., $9,180 ; Fogle Co., $2,725 ; Lake Furniture, $ 7,010 ; Melinda Shryer, $1,980.
Dec. 31.	Based on an analysis of the $1,078,700 of accounts receivable, it was estimated that $46,900 will be uncollectible. Journalize the adjusting entry.

Required:

1. Record the January 1 credit balance of $44,700 in a T account presented below in requirement 2b for Allowance for Doubtful Accounts.

2. a. Journalize the transactions. If an amount box does not require an entry, leave it blank. Note: For the December 31 adjusting entry, assume the $1,078,700 balance in accounts receivable reflects the adjustments made during the year.

Jan. 19-reinstate
Jan. 19-collection
Apr. 3
July 16
Nov. 23-reinstate
Nov. 23-collection
Dec. 31-write-off
Dec. 31-adjusting

2. b. Post each entry that affects the following T accounts and determine the new balances:

Allowance for Doubtful Accounts
		Jan. 1 Balance
		Dec. 31 Adjusted Balance

Bad Debt Expense

3. Determine the expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry).
$

4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of receivables, the adjusting entry on December 31 had been based on an estimated expense of ½ of 1% of the sales of $6,660,000 for the year, determine the following:

a. Bad debt expense for the year.
$

b. Balance in the allowance account after the adjustment of December 31.
$

c. Expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry).
$

Topic = Sales promotion defination (100 words ) explain (150 words ) and give two examples ( eg. how it works , steps involved use and limitations and specific products organisations or issues and etc ) around 150 words plagiarism free

what does a recommendations worksheet look like in a Master Budget created in Excel? I have already created the Assumptions tab, Sales Budget, Collections, Production Budget tabs and now need to provide my impressions and recommendations based on that information. I'm looking for an example of layout and type of content to include in that.

PLEASE ANSWER IN A 500 WORD RESPONSE!

If you were the controller CFO, or VP of finance at a larger organization, what actions would you take as a result of the changing lease standards?

--------Fatima Hopkins, the CEO of Central Adventures, is having difficulties with all three of her top management level employees. With one manager making questionable decisions, another threatening to leave, and the third likely ‘in the red’, Fatima is hoping there is a simple answer to all her difficulties, and needs some advice from her accountant on how to proceed.

Central Adventures owns and operates three amusement parks in Michigan: Central Funland, Central Waterworld, and Central Treetops. Central Adventures has a decentralized organizational structure, where each park is run as an investment center. Each park manager meets with the CEO at least once annually to review their performance, as measured by their park’s ROI. The park manager then receives a bonus equal to 10% of their base salary for every ROI percentage point above the required rate.

Central Funland is an outdoor theme park, with twelve roller coaster rides and several other attractions. This park has first opened 1965, and most of the rides have been in operation for 20+ years. Attendance at this park has been relatively stable over the past ten years. The park manager of Funland, Janet Lieberman, recently shared with Fatima a proposal to replace one of their older rides with a new roller coaster, a hybrid steel and wood rollercoaster with a 90 degree, 200 foot drop and three inversions. The proposal indicated that the ride would cost $8,000,000 with an estimated life of 20 years. In addition, this new style of coaster would require additional maintenance, costing $125,000 each year. However, it projected that this new attraction would boost attendance, earning the park an additional $1,190,000 per year in revenues. Janet ultimately decided not to invest in this new attraction.

Central Waterworld is an indoor water park, operating year-round. Run by park manager David Copperfield, Waterworld was built in 2016 and has increased attendance by 20% every year since. David recently sent you an email complaining that, based on the current bonus payout schedule, Janet Lieberman’s bonus last year was significantly higher than his. He points to the increasing attendance, and says that his park is being punished for having opened so recently (his park assets are much more recent than the roller coasters at Funland). He currently has an employment offer from another company at the same pay rate, which he says he will accept if his performance is not appropriately acknowledged.

Central Treetops includes a high ropes course and has a series of ziplines that criss-cross over the Chippewa River. For many years, it was a popular venue for corporate team-building activities, so it is equipped with a main indoor facility with cafeteria and overnight guest rooms. This park has lost popularity in recent years, and has been ‘in the red’ for the past two years. If the park is not profitable this year, you will need to decide whether to close it - permanently. Central Adventures has a $86,000 mortgage payment on the land and buildings for Treetops, which would still need to be paid if the park is closed. Incidentally, you recently had a conversation with the regional head of the YMCA, who would like to open a summer camp in the central Michigan region. If you decided to close Treetops, you are fairly certain that you could lease that land to the YMCA for $250,000 annually.

A partial report of this year’s financial results for Central Adventures shows the following:

	Funland	Waterworld	Treetops
Sales	$59,460,690	$10,913,500	$1,965,600
# of tickets sold	1,564,755	419,750	30,240
# of employees	540	200	32
Average net operating assets	$21,065,000	$13,452,000	$420,000
Gross margin	$18,135,510	$3,601,455	$1,022,112
Selling and administrative costs	$13,259,520	$944,620	$231,900

In addition to the information above, there are $2,542,920 in corporate costs, which are currently allocated evenly between the three parks. These costs are primarily due to employee benefits costs, which are billed at the corporate level. If the Treetops park is closed, the allocated corporate costs would decrease by $12,000. Central Adventures has a required rate of return of 12 percent (set at the company’s weighted-average cost of capital) and are subject to 18% income taxes.  

Fatima needs to see this year’s performance results before she can make any decisions. Is David’s complaint about the performance evaluation metrics valid? Is that also affecting management decisions in the form of Janet’s rejection of the proposed new rollercoaster? And is the company better off without Treetops? She sets off to the company accountant’s office to help get some answers.

Required:

a.   Create a multilevel income statement for Central Adventures.

b.   Calculate the current annual ROI, residual income and EVA for the three parks.

c.   Did Janet Lieberman (the Funland park manager) make the ‘right’ decision (i.e., was it in Central Adventure’s overall best interest for Funland to reject the new rollercoaster)? Explain your answer. Provide the appropriate financial analysis(es) to support your conclusion.

d.   Is David Copperfield’s (the Waterworld park manager) complaint valid? Or would a different performance metric tell the same story?

e.   Provide a recommendation on whether to close Treetops. Provide the appropriate financial analysis to support your conclusion.

f.    Provide a recommendation on a different allocation base for corporate overhead.  

During fiscal year 2019, the voters of the City of Bingham approved the issuance of 3 percent tax-supported serial bonds in the face amount of $7,500,000 to construct and equip an annex to the City Hall. The bonds are to mature in blocks of $312,500 every six months over a 12-year period commencing January 1, 2021.

Required

1. Prepare general journal entries as necessary to record the following transactions in the general journals of the City Hall Annex Construction Fund and, if applicable, in the governmental activities general journal at the government-wide level. Do not record entries at this time in any other affected funds; those entries will be made in later chapters of this cumulative problem that cover those funds. Use account titles listed under the drop-down [Account] menu. Be sure the year 2020 is selected from the dropdown [Year] menu and the appropriate paragraph number shown in bold-face font below is in the [Description] field.

1. [Para. 5a-1] On the first day of the 2020 fiscal year (January 1, 2020), the bond issue was sold at 101. Cash in the face amount of the bonds, $7,500,000, was deposited in the City Hall Annex Construction Fund; the premium was deposited in the debt service fund, as required by state law.  

Required: Record these transactions in the City Hall Annex Construction Fund and governmental activities journals. (Hint: In addition to recording the liability for 3% serial bonds payable in the governmental activities journal, you should record the premium on the bonds payable [credit Premium on Serial Bonds Payable] in the governmental activities general journal.) Wait until instructed in Chapter 6 to make the corresponding entry in the debt service fund.

2. [Para. 5a-2] The city invested $5,000,000 of the bond proceeds in 90-day notes.

Required: Record this transaction in both the City Hall Annex Construction Fund and governmental activities general journals.

3. [Para. 5a-3] The City Hall Annex Construction Fund purchased land for the annex for $450,000. This amount was vouchered.

Required: Record this transaction in both the City Hall Annex Construction Fund and governmental activities general journals. In the governmental activities general journal at the government-wide level, this purchase should be debited to Land. (Note: This transaction was not encumbered.)

4. [Para. 5a-4] A contract for architectural services was signed at an estimated amount of $350,000 for the design of the City Hall Annex.

Required: Record the encumbrance in the City Hall Annex Construction. This transaction has no effect at the government-wide level.

5. [Para. 5a-5] Legal and other capitalizable costs of the bond issue were vouchered in the amount of $165,000.

Required: Record this transaction in both the City Hall Annex Construction Fund and governmental activities general journals. (Note: This transaction was not encumbered.)

6. [Para. 5a-6] Preliminary plans were received (related to the contract signed in paragraph 5a-4) for which architectural fees of $103,000 were vouchered.

Required: Eliminate the encumbrance and record a Vouchers Payable liability in the City Hall Annex Construction Fund and governmental activities journals, as appropriate.

7. [Para. 5a-7] Construction bids were opened and analyzed. A contract was signed with the firm that submitted the winning bid of $6,000,000. A provision of the contract permits the city to withhold 5 percent of payment pending final acceptance of the completed project.

Required: Record the signing of the contract in the City Hall Annex Construction Fund general journal. This transaction has no effect at the government-wide level.

8. [Para. 5a-8] Vouchers payable were recorded in the amount of $240,000 for the final architectural plans and specifications for the construction project (see para. 5a-4).

Required: Eliminate the remaining encumbrance for the architectural services and record a Vouchers Payable liability in the City Hall Annex Construction Fund and governmental activities journals, as appropriate.

9. [Para. 5a-9] The 90-day notes matured, paying $37,500 in interest (see para. 5a-2).

Required: Record this transaction in both the City Hall Annex Construction Fund and governmental activities general journals. The interest should be recorded as general revenue in the governmental activities journal.

10. [Para. 5a-10] The contractor submitted a billing for $3,000,000. This amount was recorded as a contract payable.

You own a convertible bond that has a 6% yield, 4.5% coupon rate, pays semiannually, and has 3 years to maturity. The conversion rate is 8. The current stock price is 127.3. Calculate your gain or loss if you decide to convert. Answer is 59.03 Please show steps. - no excel

The following transactions relate to bond investments of Livermore Laboratories. The company’s fiscal year ends on December 31. Livermore uses the straight-line method to determine interest.

2018

July		1		Purchased $16 million of Bracecourt Corporation 10% debentures, due in 20 years (June 30, 2038), for $15.7 million. Interest is payable on January 1 and July 1 of each year.
Oct.		1		Purchased $30 million of 12% Framm Pharmaceuticals debentures, due May 31, 2028, for $31,160,000 plus accrued interest. Interest is payable on June 1 and December 1 of each year.
Dec.		1		Received interest on the Framm bonds.
Dec.		31		Accrued interest.

2019

Jan.		1		Received interest on the Bracecourt bonds.
June		1		Received interest on the Framm bonds.
July		1		Received interest on the Bracecourt bonds.
Sept.		1		Sold $15 million of the Framm bonds at 101 plus accrued interest.
Dec.		1		Received interest on the remaining Framm bonds.
Dec.		31		Accrued interest.

2020  

Jan.		1		Received interest on the Bracecourt bonds.
Feb.		28		Sold the remainder of the Framm bonds at 102 plus accrued interest.
Dec.		31		Accrued interest.

Required:

1. Prepare the appropriate journal entries for these long-term bond investments.
2. By how much will Livermore Labs’ earnings increase in each of the three years as a result of these investments? (Ignore income taxes.)

How much of temporarily restricted funds did the college expend during the year? Is this the money released from Temporarily restricted assets to unrestricted?

Identify the internal control procedures classified per (SAS78/COSO) that could prevent or detect this fraud.

DP M9

Excel workbook: Give an example of when you may be asked to put a workbook together that would involve multiple peoples input. Think about what edits you may only want certain groups/people to make. Further explain why you may be selective to let modifications be made.

A transport company is studying the total cost of operations. It is assumed that the costs are driven mainly by the kilometres covered. Data for the past four months is shown here:

Month	Kilometres	Total Cost ($)
January	8,000	144,000
February	5,000	120,000
March	7,000	141,000
April	9,000	195,000

a) What is the relevant range for the company operations?

b) Using the high-low method, estimate the company's variable cost per kilometre

Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter:

1. As of December 31 (the end of the prior quarter), the company’s general ledger showed the following account balances:

Cash	$	62,000
Accounts receivable		217,600
Inventory		61,050
Buildings and equipment (net)		372,000
Accounts payable			$	91,725
Common stock				500,000
Retained earnings				120,925
	$	712,650	$	712,650

2. Actual sales for December and budgeted sales for the next four months are as follows:

December(actual)	$	272,000
January	$	407,000
February	$	604,000
March	$	319,000
April	$	215,000

3. Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following sale. The accounts receivable at December 31 are a result of December credit sales.

4. The company’s gross margin is 40% of sales. (In other words, cost of goods sold is 60% of sales.)

5. Monthly expenses are budgeted as follows: salaries and wages, $37,000 per month: advertising, $59,000 per month; shipping, 5% of sales; other expenses, 3% of sales. Depreciation, including depreciation on new assets acquired during the quarter, will be $45,620 for the quarter.

6. Each month’s ending inventory should equal 25% of the following month’s cost of goods sold.

7. One-half of a month’s inventory purchases is paid for in the month of purchase; the other half is paid in the following month.

8. During February, the company will purchase a new copy machine for $3,200 cash. During March, other equipment will be purchased for cash at a cost of $81,000.

9. During January, the company will declare and pay $45,000 in cash dividends.

10. Management wants to maintain a minimum cash balance of $30,000. The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. The company would, as far as it is able, repay the loan plus accumulated interest at the end of the quarter.

Complete the cash budget. (Cash deficiency, repayments and interest should be indicated by a minus sign.)

Hillyard Company Cash Budget January February March Quarter Beginning cash balance $62,000 Add cash collections 299,000 Total cash available 361,000 0 0 0 Less cash disbursements: Inventory purchases 228,600 Selling and administrative expenses 128,560 Equipment purchases Cash dividends 45,000 0 0 Total cash disbursements 402,160 0 0 0 Excess (deficiency) of cash (41,160) 0 0 0 Financing: Borrowings Repayments Interest Total financing 0 0 0 Ending cash balance $(41,160) $0 $0 $0

Cost Accounting II

Assignment III

(LO 7)

McLynn, Inc. is considering the purchase of a new machine that will cost $ Plug in the last 6 digits of your ID. The machine has an estimated useful life of 3 years. Assume that the company uses the straight-line method. The new machine will have a $10,000 salvage value at the end of its estimated useful life. The machine is expected to save the company $85,000 per year in operating expenses excluding depreciation expense. Cash flow from terminal disposal of motor $8,000.   McLynn uses a 40% estimated income tax rate and a 16% required rate of return to evaluate capital projects.

Discount rates for a 16% rate are as follows:

                                         Present Value of an

Present Value of $1          Ordinary Annuity of $1

Year 1 .862                                       .862

Year 2 .743                                      1.605

Year 3 .641                                      2.246

Instructions: Using excel

Calculate (a) net present value, (b) payback period, (c) discounted payback period

ID# 170022

This year Jack intends to file a married-joint return. Jack received $172500 of salary and paid $5000 of interest on loans used to pay qualified tuition costs for his dependent daughter, Deb. This year Jack has also paid qualified moving expenses of $4300 and $28300 of alimony. (Do not round intermediate calculations.)

A.what is jack adjusted gross income

B.Suppose that jack also reported income of $8800 from a half share of profits from a partnership. Disregard any potential self employment taxes on this income. What AGI would jack report under these circumstances?