Required

Using the weighted-average method, calculate the following:

1-a. Costs per equivalent unit. (Round your answers to 4 decimal places.)

1-b. Cost of goods completed and transferred out. (Round "Cost per EU" to 4 decimal places. Round final answer to nearest whole dollars.)

1-c. Costs remaining in the Work-in-Process Inventory account. (Round "Cost per EU" to 4 decimal places. Do not round other intermediate calculations. Round final answer to nearest whole dollars.)

2. Assume that you are the company’s controller. The production department’s June equivalent unit cost is higher than expected. If the manager of the first department asks you to do him a favor by increasing the ending inventory completion percentage from 20 to 40% to lower the unit costs, how much would unit cost be affected by this request? (Round your answer to 4 decimal places.)

One of your clients in India, a government employee, would like to reduce his taxes . He is trying to decide whether he should contribute 50,000 to a Retirement Savings Plan this year. He has life insurance policy to which he pays a monthly premium of 8500.

a. What advice would you give to your client regarding Retirement Savings Plan contribution? Explain your conclusion.

b. What are the other alternative methods through he can plan his income and tax.

Choctaw Co. completed the following transactions in Year 1, the first year of operation.

1. Issued 27,000 shares of $12 par common stock for $12 per share.
2. Issued 3,700 shares of $20 stated value preferred stock for $20 per share.
3. Purchased 1,700 shares of common stock as treasury stock for $14 per share.
4. Declared a $2,700 cash dividend on preferred stock.
5. Sold 1,100 shares of treasury stock for $16 per share.
6. Paid $2,700 cash for the preferred dividend declared in Event 4.
7. Earned cash revenues of $92,000 and incurred cash expenses of $48,000.
8. Appropriated $8,700 of retained earnings.

Required

a. Organize the transaction in accounts under an accounting equation.
b. Prepare a balance sheet as of December 31, Year 1.

• Required A

Organize the transaction in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. Not all cells in the "Accounts Titles for Retained Earnings" column may require an input - leave cells blank if there is no corresponding input needed.)

Required B

Indiana Co. began a construction project in 2021 with a contract price of $161 million to be received when the project is completed in 2023. During 2021, Indiana incurred $37 million of costs and estimates an additional $81 million of costs to complete the project. Indiana recognizes revenue over time and for this project recognizes revenue over time according to the percentage of the project that has been completed.

In 2022, Indiana incurred additional costs of $57 million and estimated an additional $40 million in costs to complete the project. Indiana (Do not round your percentage calculated):

A. Recognized $25.50 million gross profit on the project in 2022.

B. Recognized $6.00 million gross profit on the project in 2022.

C. Recognized $27.00 million gross profit on the project in 2022.

D. Recognized $5.46 million gross profit on the project in 2022.

Equipment acquired on January 8 at a cost of $212,000 has an estimated useful life of 15 years, has an estimated residual value of $14,000, and is depreciated by the straight-line method.

a. What was the book value of the equipment at December 31 the end of the fifth year?

Assume that the equipment was sold on April 1 of the sixth year for $105,800.

1. Journalize the entry to record depreciation for the three months until the sale date. If an amount box does not require an entry, leave it blank.

Depreciation expense-equipment

Accumulated depreciation-equipment

2. Journalize the entry to record the sale of the equipment. If an amount box does not require an entry, leave it blank.

Cash

Accumulated Depreciation-equipment

Loss on Sale of Equipment

Equipment

Identify at least three risks that auditors need to consider for companies that process Web-based sales transactions, including credit card payments. For each risk identified, develop a mitigation risk strategy. Provide specific examples.

Golden Corp., a merchandiser, recently completed its 2017 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. The company’s balance sheets and income statement follow.

Additional Information on Year 2017 Transactions

1. Purchased equipment for $61,400 cash.
2. Issued 13,500 shares of common stock for $5 cash per share.
3. Declared and paid $104,000 in cash dividends.

Required:
Prepare a complete statement of cash flows; report its cash flows from operating activities according to the direct method. (Amounts to be deducted should be indicated with a minus sign.)

Explain why a supervisor needs to understand their company's financial statements. What information can be gathered from each financial statement?

What audit procedures would you use for the measurement and completeness of depreciation expense objective?

1. ABC company issued $800,000 11, 10 year bond on December 31, 2017 when the market rate for this type of bond is 12%. Interest is payable annually on December 31.ABC uses the straight-line method to amortize bond premium or discount.

a. How much will you receive? prepare the entry to issue the bond.

b. Record the entry to show the interest expense and the bond premium or discount amortization on December 31, 2019?

c. what entry is made at the end of the 10 years to redeem (pay) the bonds at maturity after the last interest payment and amortization has been done?

2. You borrow $2000 and gave a note discounted for 5% for 5 months. The note was discounted up front. Prepare the journal entry to issue the note.

Quality Brick Company produces bricks in two processing departments—Molding and Firing. Information relating to the company’s operations in March follows:

1. Raw materials used in production: Molding Department, $29,000; and Firing Department, $5,600.
2. Direct labor costs incurred: Molding Department, $17,600; and Firing Department, $5,600.
3. Manufacturing overhead was applied: Molding Department, $25,700; and Firing Department, $35,700.
4. Unfired, molded bricks were transferred from the Molding Department to the Firing Department. According to the company’s process costing system, the cost of the unfired, molded bricks was $70,000.
5. Finished bricks were transferred from the Firing Department to the finished goods warehouse. According to the company’s process costing system, the cost of the finished bricks was $108,000.
6. Finished bricks were sold to customers. According to the company’s process costing system, the cost of the finished bricks sold was $104,000.

Sales Budget

XYZ Company 2018 sales forecast is as follows:

Quarter 1: 7,000 Product Ace units. Quarter 2: 9,000 Product Ace units. Quarter 3: 10,000 Product Ace units. Quarter 4: 12,000 Product Ace units

Each unit sells for $60

Production Budget

The January 1, 2018 beginning inventory of Product Ace is 4,000 units. Management desires an ending inventory each quarter equal to 30% of the next Quarter's sales. Sales in the first and second quarter of 2019 are expected to be 10% higher than sales in the same quarter in 2018.

Direct Materials Budget

Each unit requires 3 pounds of raw materials costing $1 per pound. On December 31, 2017 the ending raw materials inventory was 1,000 pounds. Management wants to have raw materials inventory at the end of each quarter equal to 15% of the next quarter's production requirements.

Direct Labor Budget

Each unit requires 2.5 hours of direct labor. Wage rates are expected to be $10 per hour for the year.

Manufacturing overhead budget

Relevant data consists of the following:

Variable overhead costs per direct labor hour: indirect materials: $0.90; indirect labor: $1.40; and maintenance: $0.60.

Fixed overhead costs per quarter: supervisory salaries: $30,000; depreciation: $10,000 and property taxes on factory: $15,000.

Round the predetermined overhead rate to two decimal places.

Selling and administrative expense budget

Variable costs per dollar of sales: sales commission 4%; delivery expense 1%; advertising 55; fixed costs per quarter: sales salaries $11,000; depreciation $3,000; insurance $1,500

Prepare each budget listed above by quarter and then prepare a budgeted income statement for the year 2018. Round the cost per unit to two decimal places. Round cost of goods sold to the nearest dollar assume interest expense to be $210,000. Assume the income tax rate to be 25%.

what are the advantages and disadvantages for providing a 401 k match from the employer's perspective?