Summary Payroll Data

In the following summary of data for a payroll period, some amounts have been intentionally omitted:

a. Calculate the amounts omitted in lines (1), (3), (8), and (12).

b. Journalize the entry to record the payroll accrual. If an amount box does not require an entry, leave it blank.

c. Journalize the entry to record the payment of the payroll.

Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units Sold at Retail Mar. 1 Beginning inventory 210 units @ $53.20 per unit Mar. 5 Purchase 280 units @ $58.20 per unit Mar. 9 Sales 370 units @ $88.20 per unit Mar. 18 Purchase 140 units @ $63.20 per unit Mar. 25 Purchase 260 units @ $65.20 per unit Mar. 29 Sales 240 units @ $98.20 per unit Totals 890 units 610 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 120 units from beginning inventory and 250 units from the March 5 purchase; the March 29 sale consisted of 100 units from the March 18 purchase and 140 units fr

I am sorry. I thought I posted everything. My requirement is below.

Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 120 units from beginning inventory and 250 units from the March 5 purchase; the March 29 sale consisted of 100 units from the March 18 purchase and 140 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.)

Give examples of three depreciation methods and their formulas. Explain why each would be used over the others.

1. Straight‐line
2. Declining‐balance
3. Units‐of‐activity

The following is the current balance sheet for a local partnership of doctors:

The following questions represent independent situations:

1. E is going to invest enough money in this partnership to receive a 20 percent interest. No goodwill or bonus is to be recorded. How much should E invest?

2. E contributes $60,000 in cash to the business to receive a 10 percent interest in the partnership. Goodwill is to be recorded. Profits and losses have previously been split according to the following percentages: A, 30 percent; B, 10 percent; C, 40 percent; and D, 20 percent. After E makes this investment, what are the individual capital balances?

3. E contributes $60,000 in cash to the business to receive a 20 percent interest in the partnership. Goodwill is to be recorded. The four original partners share all profits and losses equally. After E makes this investment, what are the individual capital balances?

4. E contributes $84,000 in cash to the business to receive a 20 percent interest in the partnership. No goodwill or other asset revaluation is to be recorded. Profits and losses have previously been split according to the following percentages: A, 10 percent; B, 30 percent; C, 20 percent; and D, 40 percent. After E makes this investment, what are the individual capital balances?

5. C retires from the partnership and, as per the original partnership agreement, is to receive cash equal to 115 percent of her final capital balance. No goodwill or other asset revaluation is to be recognized. All partners share profits and losses equally. After the withdrawal, what are the individual capital balances of the remaining partners?

Grady received $8,800 of Social Security benefits this year. Grady also reported salary and interest income this year.

What amount of the benefits must Grady include in his gross income under the following five independent situations? (Leave no answer blank. Enter zero if applicable.)

a. Grady files single and reports salary of $13,600 and interest income of $400.

b. Grady files single and reports salary of $23,650 and interest income of $750.

c. Grady files married joint and reports salary of $78,000 and interest income of $650.

d. Grady files married joint and reports salary of $44,000 and interest income of $850.

e. Grady files married separate and reports salary of $23,650 and interest income of $750.

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

• Required 1

Fill in the missing amounts in the following schedules.

Half of each month’s sales are on account. March sales amounted to $60,000.

†60% of credit sales is collected in the month of sale; 40% is collected in the following month.

‡Yen is the Japanese national currency.

2.

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• Required 2

Fill in the missing amounts in the following schedules.

3.

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• Required 3

Fill in the missing amounts in the following schedules.

4.

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• Required 4

Fill in the missing amounts in the following schedules.

5.

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

• Required 1
• Required 2
• Required 3
• Required 4
• Required 5

Fill in the missing amounts in the following schedules.

Scenario: Green Pastures is a 400-acre farm on the outskirts of the Kentucky Bluegrass, specializing in the boarding of broodmares and their foals. A recent economic downturn in the thoroughbred industry has led to a decline in breeding activities, and it has made the boarding business extremely competitive. To meet the competition, Green Pastures planned in 2017 to entertain clients, advertise more extensively, and absorb expenses formerly paid by clients such as veterinary and blacksmith fees.

The budget report for 2017 is presented as an attachment. As shown, the static income statement budget for the year is based on an expected 21,900 boarding days at $25 per mare. The variable expenses per mare per day were budgeted: feed $5, veterinary fees $3, blacksmith fees $0.25, and supplies $0.55. All other budgeted expenses were either semifixed or fixed.

During the year, management decided not to replace a worker who quit in March, but it did issue a new advertising brochure and did more entertaining of clients.

Develop a minimum 700-word examination of the financial statements and include the following:

Based on the static budget report:

• What was the primary cause(s) of the loss in net income?
• Did management do a good, average, or poor job of controlling expenses?
• Were management's decisions to stay competitive sound?
• Prepare a flexible budget report for the year.
• Based on the flexible budget report:
• What was the primary cause(s) of the loss in net income?
• Did management do a good, average, or poor job of controlling expenses?
• Were management's decisions to stay competitive sound?
• What course of action do you recommend for the management of Green Pastures?

Show your work in Microsoft Word or Excel.

Complete calculations/computations using Microsoft^®Word or Excel.   

1. In late 2018, NCS Corporation was formed. The corporate charter authorized the issuance of 40 million shares of common stock carrying a $1 par value, and 10 million shares of $50 par value, 10% cumulative, nonparticipating preferred stock. On Dec 23, 2018, 6 million shares of the common stock were issued in exchange for cash at an average price of $35 per share. Also on Dec 23, 3 million shares of preferred stock were issued at $55 per share.

During 2019, NCS Corporation participated in the following transactions:

• On January 30, NCS reacquired 500,000 shares for the treasury at a price of $34 per share.
• On May 31, 100,000 treasury shares were sold at $36 per share.
• On July 20, NCS reacquired and retired 1 million common shares at a price of $39 per share.
• On August 31, 100,000 treasury shares were sold at $36 per share.
• On November 15, the board of directors of NCS declared cash dividends of $1 million. Payment was scheduled for December 15, to common and preferred shareholders of record on November 15.
• On December 18, NCS declared a 5% stock dividend, payable on December 22, to common shareholders of record on December 20. At the date of declaration, the common stock was selling in the open market at $37 per share.
• On December 25, 200,000 treasury shares were sold at $35 per share.
• On December 30, NCS replaced its $1 par value common stock (all the authorized shares) with a new common stock having a $.50 par value. This represents a 2-for-1 stock split. That is, the shareholders received two shares of the $.50 par stock in exchange for each share of the $0.5 par stock they own. The $1 par stocks were collected and destroyed.
• Net income for 2019 was $15,000,000.

**Note: Dividends are not paid on shares held in the treasury. Dividends are paid only on the shares outstanding.

**Enter your answers in Thousands.

1. Prepare journal entries to record these transactions in 2019.
2. Determine the amount of dividends to be paid to preferred and common shareholders, and the amount of dividend in arrears for 2019.

On January 3, 2104 a business received a $40,000 non-interest bearing note in payment for the sale of a piece of used equipment. The cost of the equipment was $100,000 and its book value at the date of the sale was $20,000. The note will be settled with one payment due January 3, 2018. No interest rate is stated on the note but 8% is considered realistic for this kind of transaction.

1)Compute the discount for this note and determine the gain or loss to be recorded at the sale of the asset.

2) Journalize the sale of the equipment on the books of the business selling the equipment on Jan 3, 2014

3) Prepare an amortization schedule for the discount and prepare any entry or entries required for this note for the remainder of 2014 and 2015

4) Show how this note would be presented in the financial statement at 12/31/14

5) How would your answer to part 1 change if this note was to be settled in 4 even payments of $10,000 each iwth the first payment due 1/3/14

The new revenue recognition is likely to have a significant accounting and reporting impact particularly for the manufacturing industry. Use this section to articulate why this assertion might be accurate. Justify your rationale with an accounting example supported with figures.

note: Please provide a reference

Use the following information to prepare a multi-step income statement and a balance sheet for Sherman Equipment Co. for Year 2. (Hint: Some of the items will not appear on either statement, and ending retained earnings must be calculated.) (Balance Sheet only: Items to be deducted must be indicated with a minus sign.)

Grichuk Power leased high-tech electronic equipment from Kolten Leasing on January 1, 2018. Kolten purchased the equipment from Wong Machines at a cost of $250,500, its fair value. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

Required:
Prepare a lease amortization schedule and appropriate entries for Grichuk Power from the commencement of the lease through December 31, 2018. December 31 is the fiscal year end for each company. Appropriate adjusting entries are recorded at the end of each quarter.
  

9717  shares of common stock outstanding at the beginning of the year. Net income was $384,717 . No dividends were paid this year nor last year. On july, the company purchased 2,000 shares of its common stock and held it in treasury. There was a 2 for 1 stock split that occurred on common stock on Dec. 1. The tax rate is 30%. A $1,500,000, 5% nonconvertible bond was issued June 30 of the current year at par value. The company has 2,000 shares outstanding of $100 par value 5% convertible Preferred stock (cumulative and non-participating). The stock was issued at $125 a share on April 1 this year and has current market price of $145 at year-end. One share of preferred stock can convert into 2 shares of common stock, none were converted.

1 Calculate Basic EPS.

2, Calculate fully diluted EPS Is Fully Dilutes EPS a required?

Cash Budget

The controller of Bridgeport Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information:

The company expects to sell about 10% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month following the sale and the remainder the following month (second month following sale). Depreciation, insurance, and property tax expense represent $6,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in January, and the annual property taxes are paid in December. Of the remainder of the manufacturing costs, 80% are expected to be paid in the month in which they are incurred and the balance in the following month.

Current assets as of September 1 include cash of $37,000, marketable securities of $52,000, and accounts receivable of $108,400 ($85,000 from July sales and $23,400 from August sales). Sales on account for July and August were $78,000 and $85,000, respectively. Current liabilities as of September 1 include $6,000 of accounts payable incurred in August for manufacturing costs. All selling and administrative expenses are paid in cash in the period they are incurred. An estimated income tax payment of $15,000 will be made in October. Bridgeport’s regular quarterly dividend of $6,000 is expected to be declared in October and paid in November. Management desires to maintain a minimum cash balance of $36,000.

Required:

1. Prepare a monthly cash budget and supporting schedules for September, October, and November. Input all amounts as positive values except overall cash decrease and deficiency which should be indicated with a minus sign. Assume 360 days per year for interest calculations.