United Motors specializes in producing one specialty vehicle. It is called Surfer and is styled to easily fit multiple surfboards in its back area and​ top-mounted storage racks.

United has the following manufacturing​ costs:

United currently produces 180 vehicles per month

Requirements

PLEASE SOLVE THIS QUESTION IN AN EXCEL SHEET ?

1 a. Given that food sales are $450,000 for the year and beverages sales are 80,000, prepare   a statement of income for Mavericks Restaurant using the expenses below. (Use Figure 1.1 on pg 5 as a guide). Hint: Remember “controllable fixed” costs fall under Other Controllable Expenses. (round to two decimal points)

Administrative Expenses     $4,000

Employee Benefits $27,550

Cost of food sold $140,000

Salaries and wages $120,000

Utilities $26,000

Depreciation on equipment $14,100

Cost of beverages sold $16,230

Interest expense     $3,100

Occupancy costs $33,200

Advertising     $5,000

b. Based on the figures above, calculate:

Prime cost percent

Overhead cost percent

Profit percent

(Remember to ensure they equal up to 100%)

Labor cost percent

Food cost percent

1. Atkinson Building Supplies had the following transactions during August. Atkinson uses a perpetual inventory system. Using the accounts listed below and the journal paper provided, journalize the transactions in proper form. Indicate no entry if appropriate. Omit explanations.

.                Cash                                                                Dividends

                  Supplies                                                           Sales

                  Prepaid Insurance                                           Sales Returns and Allowances

                  Prepaid Rent                                                   Sales Discounts

                  Merchandise Inventory                                   Cost of Goods Sold

                  Accounts Receivable                                      Wages Expense

                  Allowance for Uncollectible Accounts          Insurance Expense     

                  Equipment                                                       Supplies Expense

                  Accumulated Depreciation Equipment           Utilities Expense                    

                  Accounts Payable                                            Interest Expense

                  Notes Payable                                                             Depreciation Expense

                  Unearned Revenue                                          Bad Debt Expense

                  Interest Payable                                               Discount Expense

                  Common Stock                                               Rent Expense

                  Paid in Capital in Excess of Par Value           Income Summary                               

                  Retained Earnings                                                                  

Aug. 1 Borrowed $8,000 on a 6 month note payable at 3% interest.

Aug. 2 Paid $1,500 for a one-year insurance policy.

Aug. 3 Rented office space and paid the August rent of $800.

Aug. 4 Purchased equipment costing $15,000 for $4,000 cash and the remainder on

             credit

Aug. 5 Purchased supplies on account for $400.

1. What justifies the markedly different accounting and financial reporting practices of governments as compared with business organizations?
2. What are the differences that distinguish governments from business organizations?
3. What are some of the differences in accounting standards between governments and business organizations?

Required information

Exercise 3-31 Manufacturing Cost Flows (LO 3-2, 3-5, 3-6)

[The following information applies to the questions displayed below.]

Reimel Furniture Company, Inc. incurred the following costs during 20x2.

During 20x2, products costing $120,000 were finished, and products costing $132,000 were sold on account for $195,000. There were no purchases of raw material during the year. The beginning balances in the firm’s inventory accounts are as follows:

Exercise 3-31 Part 1

Required:

1. Prepare T-accounts to show the flow of costs through the company’s manufacturing accounts during 20x2.

Raw material inventory

work in process inventory

wages payable

manufacturing overehad

finished goods inventory

sales revenue

accounts receivable

Cost of goods sold

2. Prepare a partial balance sheet and a partial income statement to reflect the information given above.

For each of the unrelated transactions described below, present the entries required to record each transaction.

(Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

FKG Inc. carries the following debt investments on its books at December 31, 2017, and December 31, 2018. All securities were purchased during 2017. Trading Securities: Company Cost Value, Dec. 31, 2017 Value, Dec. 31, 2018 A Company $25,000 $13,000 $20,000 B Company $13,000 $20,000 $20,000 C Company $35,000 $30,000 $25,000 Available for Sale Securities: Company Cost Value, Dec. 31, 2017 Value, Dec. 31, 2018 X Company $210,000 $130,000 $50,000 Y Company $ 50,000 $ 60,000 $70,000

Required:

(1.) Prepare the necessary journal entries for FKG on December 31, 2017, and December 31, 2018.

(2.) What net effect would the valuation of these debt investments have on 2017 net income?

(3.) What net effect would the valuation of these debt investments have on 2018 net income?

chapman Company obtains 100 percent of Abernethy Company’s stock on January 1, 2017. As of that date, Abernethy has the following trial balance:

During 2017, Abernethy reported net income of $99,000 while declaring and paying dividends of $12,000. During 2018, Abernethy reported net income of $151,250 while declaring and paying dividends of $53,000.

Assume that Chapman Company acquired Abernethy’s common stock for $855,330 in cash. Assume that the equipment and long-term liabilities had fair values of $464,600 and $134,620, respectively, on the acquisition date. Chapman uses the initial value method to account for its investment.

Prepare consolidation worksheet entries for December 31, 2017, and December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

a) Prepare entry S to eliminate stockholders' equity accounts of subsidiary

(b) Prepare entry A to recognize allocations determined above in connection with acquisition date fair values
(c) prepare entry I to eliminate intra-entity dividend declarations recorded by parent as income
(d) Prepare entry E to recognize current year amortization expense
e) prepare entry C* to convert parent company figures to equity method by recognizing subsidiary increase in book value for prior year (99,000 net income less 12,000 dividend declaration) and excess amortizations for that period 12,390)
(f) Prepare entry S to eliminate beginning stockholders' equity of subsidiary - the retained earnings account has been adjusted for 2017 income and dividends. Entry *C is not needed because equity method was applied.

(g) Prepare entry A to recognize allocations relating to investment - balances shown here are as of beginning current year (original allocation less excess amortizations for the prior period).

(h) Prepare entry I to eliminate intra-entity dividend declarations by parent as income

(i) Prepare entry E to recognize 2018 amortization expenses

(j) Prepare entry E to recognize current year amortization expense

Q)What is normal spoilage and how is it dealt with in process costing

Q)Explain the importance of opportunity costs for decision making.

David’s basis in the Jimsoo Partnership is $57,000. In a proportionate liquidating distribution, David receives cash of $7,800 and two capital assets: (1) land 1 with a fair market value of $21,600 and a basis to Jimsoo of $17,200, and (2) land 2 with a fair market value of $10,600 and a basis to Jimsoo of $17,200. Jimsoo has no liabilities.

c1. If the two parcels of land had been inventory to Jimsoo, what are the tax consequences to David (amount and character of gain or loss)?

c2. What is David's basis in distributed assets?

1.) Littlefield Industries purchased a bond on September 1 of the current year for​ $200,000 and classified the investment as trading debt. The market value of the trading debt investment at​ year-end is​ $196,000. The adjustment is​ ______.

2.) On January​ 1, 2019, Commercial Equipment Sales issued $36,000 in bonds for $19,700. These are six−year bonds with a stated interest rate of 9​%, and pay semiannual interest on June 30 and December 31. Commercial Equipment Sales uses the straight-line method to amortize the Bond Discount. What amount is debited to Interest Expense on June​ 30, 2019?

3.) A $$33,000​, three- ​month, 1212​% note payable was issued on December​ 1, 2018. What is the amount of accrued interest on December​ 31, 2018?​ (Do not round any intermediate​ calculations, and round your final answer to the nearest​ dollar.)

1. Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis

   Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 70,000 units of product were as follows:

   	Standard Costs		Actual Costs
   Direct materials	238,000 lbs. at $5.20		235,600 lbs. at $5.00
   Direct labor	17,500 hrs. at $18.10		17,900 hrs. at $18.50
   Factory overhead	Rates per direct labor hr.,
   	based on 100% of normal
   	capacity of 18,260 direct
   	labor hrs.:
   		Variable cost, $2.90	$50,240 variable cost
   		Fixed cost, $4.60	$83,996 fixed cost

   Each unit requires 0.25 hour of direct labor.

   Required:

   a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.

   Direct Materials Price Variance	$fill in the blank 1
   Direct Materials Quantity Variance	$fill in the blank 3
   Total Direct Materials Cost Variance	$fill in the blank 5

   b. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.

   Direct Labor Rate Variance	$fill in the blank 7
   Direct Labor Time Variance	$fill in the blank 9
   Total Direct Labor Cost Variance	$fill in the blank 11

   c. Determine the variable factory overhead controllable variance, fixed factory overhead volume variance, and total factory overhead cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.

   Variable factory overhead controllable variance	$fill in the blank 13
   Fixed factory overhead volume variance	$fill in the blank 15
   Total factory overhead cost variance	$fill in the blank 17

Financial Accounting 10th Edition, Weygandt - Problem CT9-1

The financial statements of Apple Inc. are presented in Appendix A. Instructions for accessing and using the company's complete annual report, including the notes to the financial statements, are also provided in Appendix A.

Refer to Apple's financial statements and answer the following questions:

a) What was the total cost and book value of property, plant, and equipment at September 26, 2015?

b) What was the amount of depreciation and amortization expense for each of the three years 2013-2015?

c) Using the statement of cash flows, what is the amount of capital spending in 2015 and 2014? (Ignore business acquisitions and intangible assets)

d) Where does the company disclose its intangible assets, and what types of intangibles did it have at September 26, 2015?

Problem 5-4A (Part Level Submission) Wolford Department Store is located in midtown Metropolis. During the past several years, net income has been declining because suburban shopping centers have been attracting business away from city areas. At the end of the company’s fiscal year on November 30, 2017, these accounts appeared in its adjusted trial balance. Accounts Payable $ 38,056 Accounts Receivable 24,424 Accumulated Depreciation—Equipment 96,560 Cash 11,360 Common Stock 49,700 Cost of Goods Sold 872,306 Freight-Out 8,804 Equipment 222,940 Depreciation Expense 19,170 Dividends 17,040 Gain on Disposal of Plant Assets 2,840 Income Tax Expense 14,200 Insurance Expense 12,780 Interest Expense 7,100 Inventory 37,204 Notes Payable 61,770 Prepaid Insurance 8,520 Advertising Expense 47,570 Rent Expense 48,280 Retained Earnings 20,164 Salaries and Wages Expense 166,140 Sales Revenue 1,283,680 Salaries and Wages Payable 8,520 Sales Returns and Allowances 28,400 Utilities Expense 15,052 Additional data: Notes payable are due in 2021. Collapse question part (a1) Correct answer. Your answer is correct. Prepare a multiple-step income statement. (List other revenues before other expenses.) WOLFORD DEPARTMENT STORE Income Statement Entry field with correct answer Entry field with correct answer Entry field with correct answer Sales Revenue $Entry field with correct answer 1,283,680 Entry field with correct answer: Entry field with correct answer Sales Returns and Allowances Entry field with correct answer 28,400 Entry field with correct answer Entry field with correct answer 1,255,280 Entry field with correct answer Cost of Goods Sold Entry field with correct answer 872,306 Entry field with correct answer Entry field with correct answer 382,974 Entry field with correct answer Entry field with correct answer Advertising Expense $Entry field with correct answer 47,570 Entry field with correct answer Freight-Out Entry field with correct answer 8,804 Entry field with correct answer Depreciation Expense Entry field with correct answer 19,170 Entry field with correct answer Utilities Expense Entry field with correct answer 15,052 Entry field with correct answer Salaries and Wages Expense Entry field with correct answer 166,140 Entry field with correct answer Rent Expense Entry field with correct answer 48,280 Entry field with correct answer Insurance Expense Entry field with correct answer 12,780 Entry field with correct answer Entry field with correct answer 317796 Entry field with correct answer Entry field with correct answer 65178 Entry field with correct answer Entry field with correct answer Gain on Disposal of Plant Assets Entry field with correct answer 2,840 Entry field with correct answer Entry field with correct answer Interest Expense Entry field with correct answer 7,100 Entry field with correct answer Entry field with correct answer 60,918 Entry field with correct answer Income Tax Expense Entry field with correct answer 14,200 Entry field with correct answer $Entry field with correct answer 46,718 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT LINK TO TEXT Attempts: 1 of 3 used Collapse question part (a2) Prepare a retained earnings statement. (List items that increase retained earnings first.) WOLFORD DEPARTMENT STORE Retained Earnings Statement $ : : $