On January 1, 2021, Sikie Shoe Manufacturing Corporation had 60,000 shares of $5 par value common stock issued and outstanding and 10,000 6% $50 cumulative preferred stock issued and outstanding. During the year, the following transactions occurred:

3/1/2021 Declared a 20% stock dividend on outstanding common stock to stock holders of record March 15. The market price per share as of March 1 is $18

4/1/2021 The 20% stock dividend declared on March 1 was issued to the common stockholders.   

4/10/2021 Declared cash dividend to preferred stockholders of record on April 20

4/30/2021 Paid preferred stockholders' dividend declared on April 10.

5/10/2021 Declared a 35% stock dividend on outstanding common stock to stockholders of record May 20. The market price per share as of May 10 is $25

5/30/2021 The 35% stock dividend declared on May 10 was issued to the common stockholders.

9/30/2021 A 3 for 1 stock split was announced for common stock holders on record as of October 15. The market price of the share was $90 on Sept 30

12/1/2021 Declared a cash dividend of $1.00 per share to common stockholders of record on Dec. 10

12/20/2021 Paid the $1.00 cash dividend to the common shareholders.

instructions:

a. Prepare journal entries to record each of the above transactions. If no entry is required, indicate so.

b. Prepare all closing entries at year-end.

Diego Company manufactures one product that is sold for $71 per unit in two geographic regions—the East and West regions. The following information pertains to the company’s first year of operations in which it produced 54,000 units and sold 49,000 units.

The company sold 36,000 units in the East region and 13,000 units in the West region. It determined that $280,000 of its fixed selling and administrative expenses is traceable to the West region, $230,000 is traceable to the East region, and the remaining $76,000 is a common fixed cost. The company will continue to incur the total amount of its fixed manufacturing overhead costs as long as it continues to produce any amount of its only product.   

1.) Diego is considering eliminating the West region because an internally generated report suggests the region’s total gross margin in the first year of operations was $46,000 less than its traceable fixed selling and administrative expenses. Diego believes that if it drops the West region, the East region's sales will grow by 5% in Year 2. Using the contribution approach for analyzing segment profitability and assuming all else remains constant in Year 2, what would be the profit impact of dropping the West region in Year 2?

2.) Assume the West region invests $44,000 in a new advertising campaign in Year 2 that increases its unit sales by 20%. If all else remains constant, what would be the profit impact of pursuing the advertising campaign?

The Matsui Lubricants plant uses the weighted-average method to account for its work-in-process inventories. The accounting records show the following information for a particular day:

Quantity information is obtained from the manufacturing records and includes the following:

Compute the cost of goods transferred out and the ending inventory using the weighted-average method. (Do not round intermediate calculations.)

COST OF GOODS TRANFERRED OUT ???????
COSTS IN ENDING INVENTORY    ??????

An audit firm must evaluate the client and the engagement according to professional standards. Do you feel that the full evaluation must be done on both new and existing clients? Do you think this evaluation is an effective method to assess clients

Miller Outdoor Equipment (MOE) makes four models of tents. The model names are Rookie, Novice, Hiker, and Expert. MOE manufactures the tents in two departments: Stitching and Customizing. All four models are processed initially in Stitching where all material is assembled and sewn into a basic tent. The Rookie model is then transferred to finished goods. After processing in Stitching, the other three models are transferred to Customizing for additional add-ons, and then transferred to finished goods.

There were no beginning work-in-process inventories on August 1. Data for August are shown in the following table. Ending work in process is 30 percent complete in Stitching and 30 percent complete in Customizing. Conversion costs are allocated based on the number of equivalent units processed in each department.

Required:

a. What is the unit cost of each model transferred to finished goods in August? (Round intermediate calculations to nearest whole number.)
PROUCT UNIT COST
ROOKIE ????
NOVICE    ?????
HIKER ?????
EXPERT ??????

What is the balance of the Work-in-Process Inventory on August 31 for Stitching? For Customizing? (Round intermediate calculations to nearest whole number.)
WORK IN PROCESS INVENTORY
STITCHING    ?????
CUSTOMIZING    ???????????

I AM REUESTING HELP WITH THE ONES WITH QUESTION MARKS I AM LOST ON THIS

Ratios from Comparative and Common-Size Data
Consider the following financial statements for Waverly Company. During 2013, management obtained additional bond financing to enlarge its production facilities. The company faced higher production costs during the year for such things as fuel, materials, and freight. Because of temporary government price controls, a planned price increase on products was delayed several months.
As a holder of both common and preferred stock, you decide to analyze the financial statements:

Required
a. Calculate the following for each year: current ratio, quick ratio, operating-cash-flow-to-current liabilities ratio (current liabilities were $78,000,000 at January 1, 2012), inventory turnover (inventory was $87,000,000 at January 1, 2012), debt-to-equity ratio, times-interest-earned ratio, return on assets (total assets were $493,000,000 at January 1, 2012), and return on common stockholders' equity (common stockholders' equity was $236,000,000 at January 1, 2012).
b. Calculate common-size percentages for each year's income statement.

a. Round answers to two decimal places.

b. Round answers to one decimal place.

Assume that instead of using its current accounting policy for warranties, Tesla instead expensed all warranty costs as costs were incurred. Estimate the Income (Loss) from operations that Tesla would have reported for 2014 ?

In the case of Kimbrell’s of Sanford, Inc. v. KPS, Inc.:

a. Kimbrell’s was required to file a financing statement to perfect it security interest.

b. Burns signed a security agreement granting Kimbrell’s a purchase money security interest in the VCR.

c. Kimbrell’s was not entitled to recover possession of the VCR when it filed its cause of action.

d. Kimbrell’s filed a financial statement to perfect its purchase money security interest in the VCR.

Problem 7-25A Schedule of Expected Cash Collections; Cash Budget [LO7-2, LO7-8]

Please explain the difference between a deduction and a credit.Which are the refundable credits?Why do you think we have refundable credits?

Problem 6.11 (LO2) Activity-Based Costing Summit Surfboard produces two surfboards. One is a recreational model made from polyurethane foam covered with fiberglass cloth and epoxy resin. The other is a high performance competition board that uses carbon fiber instead of fiberglass. The carbon fiber boards are custom-made and require more hand finishing and setup time.

Most of the company’s sales come from the recreational model, but recently sales of the competition boards have been increasing. The following information is related to the products for the most recent year:

Vikki Mason, the president of Summit, is concerned that the traditional cost system used by Summit may not be providing accurate cost information and that the sales price of the competition surfboard might not be enough to cover its true cost.

Required

1. The traditional system that Summit is using assigns 83 percent of the $336,000 total overhead to the recreational surfboard because 83 percent of the direct labor dollars are spent on the recreational surfboards. Discuss why this might not be an accurate way to assign overhead to surfboards.
2. Discuss how Summit might be able to improve cost allocation by using an ABC system.
3. Assume that Summit retains a consultant to create an activity-based costing system, and the consultant develops the following data:

5. Determine the overhead allocation to each line of surfboards using an activity-based costing approach, and compute the total unit costs for each model surfboard. Round to two decimal places.
6. Discuss why activity-based allocations are different from those generated by the traditional allocation method used by Summit.

Problem 13-4A Calculation of financial statement ratios LO P3 Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31, 2016, were inventory, $50,900; total assets, $169,400; common stock, $89,000; and retained earnings, $44,555.)

(Do not round intermediate calculations.)

Compute the current ratio and acid-test ratio.

Compute the days' sales uncollected.

Compute the inventory turnover.

Compute the days' sales in inventory.

Compute the debt-to-equity ratio.

Compute the times interest earned.

At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts:

The following events apply to Oak Consulting for Year 2:

1. Provided $68,100 of services on account.
2. Incurred $3,300 of operating expenses on account.
3. Collected $45,800 of accounts receivable.
4. Paid $36,100 cash for salaries expense.
5. Paid $13,140 cash as a partial payment on accounts payable.
6. Paid a $8,700 cash dividend to the stockholders.

Required
a. Record these events in a general journal. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

b & d. Post the beginning balances and the transactions from Parts a&d to the appropriate accounts.

d-1. Record the closing entries in the general journal. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

e. What is the amount of change in retained earnings for the year?

f. Prepare a post-closing trial balance.

Raymond opened the Muscles Fitness Gym in August. The Following transactions occurred during the first month of the business: a) Raymond invested P100,000 in cash and 30,000 in gym equipment in the business. b) Paid P10,000 for the first month’s rent. c) Purchased supplies costing P4,000 on credit. d) Purchased exercise equipment costing P25,000 for 15,000 cash and the rest on account. e) Recorded income for the first half of the month of P6,500 in cash and P3,500 on account. f) Paid P2,750 to a creditor on account. g) Received payment from a customer on account for P1600. h) Raymond withdrew P500 for a graduation gift. i) Paid aerobics instructor her salary, P3,000. j) Paid miscellaneous expense P1,500 k) Recorded income for the second half of the month of P5,600 in cash. Prepare a new accounting equation every time a transaction occurs.