What is Corporate Governance? Identify the objectives of the good corporate governance.

Alexa owns a condo near Cocoa Beach in Flordia. This year, she incurs the following expenses in connection with her condo:

Insurance $3,500

Mortage interest $10,800

Property Taxes $3,700

Repairs and maintance $1,150

Ulitites $2,900

Depreciation $22,000

During the year, Alexa rented out the condo for 132 days. Alexa's AGI from all sources other than the rental properrty is $200,000. Unless otherwise specifies, Alexa has no sources of passive income.

Assume that in addition to renting the condo for 132 days, Alexa uses the condo for 8 days of personal use. Also assume that Alexa receives $44,500 of gross rental receipts and her itemized deductions exceed the standard deduction before considering expenses associated with the condo. Answer the following questions:

A) What is the total amount of for AGi deductions relating to the condo that Alexa may deduct in the current year? Assume shes uses the IRS method of allocating expenses between rental and personal days.

Gross rental income

Expenses:

Insurace

Mortage Interest

Property Taxes

Repairs and Maintenance

Utilities

Depreciation

Total Expenses

Balance-net rental income

Total for AGI deductions

B) What is the total amount of for AGI deductions relating to the condo that Alexa may deduct in the current year? Assume she uses the IRS method of allocating expenses between rental and personal days.

(Recording the budget and a budget revision)

            The council of the Town of Tulia approved the 2013 budget as follows:

            Budgeted 2013 revenues from:

               Property taxes                                             $5,000,000

               Sales taxes                                                  $1,000,000

            Appropriations for 2013:

               Salaries                                                       $4,600,000

               Materials                                                     $1,200,000

               Equipment                                                      $100,000

During 2013, the town’s mayor presented the council with a budget revision to increase the amount of appropriation for salaries by $10,000. The council approved this budget revision.

            a.         Prepare the general journal entry necessary to initially record the budget.

            b.         Prepare the general journal entry necessary to record the budget revision.

Problem 5.4 (LO1, 2) Variable and Full Costing: Earnings Management with Full Costing; Changes in Production and Sales Sampson Steel produces high-quality worktables. The company has been in operation for three years, and sales have declined each year due to increased competition. The following information is available:

Required

1. Calculate profit and the value of ending inventory for each year under full costing.
2. Calculate profit and the value of ending inventory for each year under variable costing.
3. Explain how management of Sampson could manipulate earnings in 2021 by producing more units than are actually needed to meet demand. Could this approach to earnings management be repeated year after year?

Cost of Production Report

Hana Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Department. From the Roasting Department, coffee beans are then transferred to the Packing Department. The following is a partial work in process account of the Roasting Department at July 31:

Required:

1. Prepare a cost of production report, and identify the missing amounts for Work in Process—Roasting Department. If an amount is zero, enter "0". When computing cost per equivalent units, round to two decimal places.

Feedback

1. Calculate equivalent units for materials and conversion costs. Calculate the cost per equivalent unit for materials and conversion costs. Calculate the costs assigned to the beginning inventory, the units started and completed, and the ending inventory.

2. Assuming that the July 1 work in process inventory includes $16,060 of direct materials, determine the increase or decrease in the cost per equivalent unit for direct materials and conversion between February and July. If required, round your answers to the nearest cent.

Red Red Wine is a wine bar that has been incorporated by Amie. It operates as a closelyheld corporation. The other shareholders are Amie’s brother and sister-in-law. Amie runs the day-to-day management of the wine bar, including managing the books and records. Amie’s brother and sister-in-law handle distribution, sales and marketing. After a few years, Amie starts to feel like she is doing the majority of the work and becomes bitter about the business relationship. She feels like she should be earning more money for the amount of work she does for the bar. Without discussing it with her brother and sister-in-law, Amie starts taking an additional draw from the wine bar every month in the amount of $1,000. She deposits the money into a business account for an LLC she created. On the books and records of the wine bar, Amie records this amount to the LLC as a “consultation fee.” Can Amie be held personally liable in this situation? If so, why?

Exercise 1-8 Product Costs and Period Costs; Variable and Fixed Costs [LO1-3, LO1-4]

Kubin Company’s relevant range of production is 21,000 to 25,000 units. When it produces and sells 23,000 units, its average costs per unit are as follows:

Required:

1. For financial accounting purposes, what is the total amount of product costs incurred to make 23,000 units?

2. For financial accounting purposes, what is the total amount of period costs incurred to sell 23,000 units?

3. For financial accounting purposes, what is the total amount of product costs incurred to make 25,000 units?

4. For financial accounting purposes, what is the total amount of period costs incurred to sell 21,000 units?

(For all requirements, do not round intermediate calculations.)

PLEASE TELL ME HOW TO GET TO THESE ANSWERS AND SHOW WORK.

Below is the shareholders’ equity section of Matt Co.’s balance sheet for December 31, 2018 and December 31, 2017. Matt uses the treasury stock method to account for repurchases. During 2017, Matt repurchased 1,000 shares at $10 per share.

During 2018, the following events took place:

On January 17, Matt issued new common shares of stock to new investors for $20 per share.

On September 12, Matt reissued 400 of the shares it had in treasury.

On December 18, the company declared dividends of to be paid to shareholders. The dividend will be paid on January 6, 2019.

For the year 2018, Matt reported net income of $6,000.

1. How many shares were issued on January 17, 2018? (5 points)

2,000 new shares

Cash                             40,000

            Common Stock                                     20

            Paid-in Capital, in excess of par        39,980

2. When Matt reissued its own shares on September 12, 2018, how much did the company receive per share? (5 points)

$18 per share

Cash                             7,200

            Treasury Stock                                      4,000

            Paid-in Capital, share repurchase           3,200

3. How much dividends did Matt declare on December 18, 2018? (5 points)

53,000 + 6,000 – Dividends = 54,000

Dividends = $5,000

Acquisition Cost and Depreciation Reveille, Inc., purchased Machine #204 on April 1, 2016, and placed the machine into production on April 3, 2016. The following information is relevant to Machine #204: Price $60,000 Freight-in costs 2,500 Preparation and installation costs 3,900 Labor costs during regular production operation 10,200 Credit terms 2/10, n/30 Total productive output 138,500 units The company expects that the machine could be used for 10 years, after which the salvage value would be zero. However, Reveille intends to use the machine only 8 years, after which it expects to be able to sell it for $9,800. The invoice for Machine #204 was paid April 10, 2016. The number of units produced in 2016 and 2017 was 23,200 and 29,000, respectively. Reveille computes depreciation expense to the nearest whole month. Required: Compute the depreciation expense for 2016 and 2017, using the following methods. Round your answer to the nearest dollar. Straight-line method: 2016 depreciation = $ 2017 depreciation = $ Sum-of-the-years'-digits method: 2016 depreciation = $ 2017 depreciation = $ Double-declining-balance method: 2016 depreciation = $ 2017 depreciation = $ Activity method (units of production): 2016 depreciation = $ 2017 depreciation = $

Equity Accounts.

1. Rework the table. Suppose that Fedex now issues 2 million shares at $250 a share. Which of the figures would change?

2. What would happen to table if instead FedEx bought back 2 million shares at $150 per share?

Chiplist is a​ fast-growing manufacturer of computer chips. Direct materials are added at the start of the production process. Conversion costs are added evenly during the process. Some units of this product are spoiled as a result of defects not detectable before inspection of finished goods. Spoiled units are disposed of at zero net disposal value. Chiplist uses the FIFO method of process costing. Summary data and​ weighted-average data for September 2017 are as​ follows:

. Company B, manufactures a unique device that is used by internet users to boost internet signals. The following data relates to the first month of operation: Beginning inventory: 0 units Units produced: 40,000 units Units sold: 35,000 units Selling price: $120 per unit Marketing and administrative expenses: Variable marketing and administrative expenses per unit: $4 Fixed marketing and administrative expenses per month: $1,120,000 Manufacturing costs: Direct materials cost per unit: $30 Direct labor cost per unit: $14 Variable manufacturing overhead cost per unit: $4 Fixed manufacturing overhead cost per month: $1,280,000 Management is anxious to see the success as well as profitability of newly designed unique booster. 1. Calculate unit product cost and prepare income statement under variable costing system and absorption costing system. 2. Prepare income statement under two costing system. 3. Prepare a schedule to reconcile the net operating income under variable and absorption costing system.

(b) Discuss the purpose and limitation of a balance sheet.

The Delcarmen Company uses standard costing in its manufacturing plant for auto parts. The standard cost of a particular auto​ part, based on a denominator level of 4,500 output units per​ year, included 5 ​machine-hours of variable manufacturing overhead at $7 per hour and 5 ​machine-hours of fixed manufacturing overhead at $14 per hour. Actual output produced was 5,100 units. Variable manufacturing overhead incurred was $255,000. Fixed manufacturing overhead incurred was $380,000. Actual ​machine-hours were 28,500.

requirements