High Country, Inc., produces and sells many recreational products. The company has just opened a new plant to produce a folding camp cot that will be marketed throughout the United States. The following cost and revenue data relate to May, the first month of the plant’s operation:

Management is anxious to assess the profitability of the new camp cot during the month of May.

Required:

1. Assume that the company uses absorption costing.

a. Determine the unit product cost.

b. Prepare an income statement for May.

2. Assume that the company uses variable costing.

a. Determine the unit product cost.

b. Prepare a contribution format income statement for May.

1. The one adjusting entry that has not yet been recorded is income tax expense for the month of September.  Determine this entry and add it to the trial balance.  Assume the company has an effective tax rate of 35%.
2. Prepare each financial statement, in good form, using Excel.   Good form means you should have an appropriate three-part heading, no abbreviations, and dollar signs and underscores in appropriate places.  You should be proud to hand these financial statements to your banker.  Use the financial statements in the Accounting Cycle Review PowerPoint file from the first day of class as a guide with the following modifications:

Use the following information of Alfred Industries.

Compute the overhead spending variance and the volume variance. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance).)

Ajax Company manufactures equipment that they sell or lease. On January 1, 2019, Ajax leased equipment to Comet Company for a five-year period after which ownership of the leased asset will be transferred to Comet. The lease calls for equal annual payments of $50,000. The first payment is due on January 1, 2019. Thereafter, the payments are due on December 31st of each year with the second payment due on December 31, 2019. The equipment cost Ajax $176,000 to produce. The implicit interest rate for the lease is 5½ percent. For the year ended December 31, 2019, what amount of total income (the sum of gross profit on the sale and interest income) related to this lease transaction should Ajax report?

Question 6 options:

kj. is the lessee under a finance lease with a provision to purchase the leased asset at the end of the lease term for a bargain price. The depreciation (leased asset amortization) period used by the kj must be

1.As digital marketing and advertising gets more and more personalised, will we see less mass-market sales events such as Click Frenzy, Singles Day, or Black Friday? Discuss（600words）

Sequel Theatre, owned by Nadia Wood, is unique as it shows only movies that are part of a theme with sequels. As at April 30, 2021, the ledger of Sequel Theatre showed the following: Cash $18,900, Land $75,000, Buildings $69,800, Equipment $17,000, Accounts Payable $4,990, Mortgage Payable $106,300, and N. Wood, Capital $69,410. In May, the following events and transactions occurred:

Journalize transactions, post, and prepare trial balance.

In addition to the accounts identified above, Sequel Theatre's ledger includes the following: Accounts Receivable; Admission Revenue; Concession Revenue; Advertising Expense; Film Rental Expense; Interest Expense; and Salaries Expense.

Instructions

a. Journalize the May transactions.

b. Enter the beginning balances in the ledger as at May 1. Use the ledger format provided in Illustration 2.20.

c. Post the May journal entries to the ledger.

d. Prepare a trial balance at the end of May.

i already posted this question 2 times and getting just a) part solved from you guys that's really not appreciable please i want b) c) and d) part.

The Wells Fargo scandal began unraveling in September 2016. Federal regulators divulged that Wells Fargo employees created millions of secret bank and credit card accounts without customer approval. They received a $185 million fine and revealed that they had fired 5,300 employees because of the fraud. Fast forward to 2018, the scandals continue to mount for this company.

Regulators have fined Wells Fargo for their unethical business practices. Do you believe that regulators have done enough to deter Wells Fargo from repeating this behavior or do you believe that regulators have failed and are allowing Wells Fargo to continue the status quo? What is your proposal? Support your answers by citing research on the case.

Smoky Mountain Corporation makes two types of hiking boots—the Xtreme and the Pathfinder. Data concerning these two product lines appear below: Xtreme Pathfinder Selling price per unit $ 123.00 $ 86.00 Direct materials per unit $ 63.80 $ 50.00 Direct labor per unit $ 10.80 $ 9.00 Direct labor-hours per unit 1.2 DLHs 1.0 DLHs Estimated annual production and sales 27,000 units 74,000 units The company has a traditional costing system in which manufacturing overhead is applied to units based on direct labor-hours. Data concerning manufacturing overhead and direct labor-hours for the upcoming year appear below: Estimated total manufacturing overhead $ 2,340,800 Estimated total direct labor-hours 106,400 DLHs Required: 1. Compute the product margins for the Xtreme and the Pathfinder products under the company’s traditional costing system. 2. The company is considering replacing its traditional costing system with an activity-based costing system that would assign its manufacturing overhead to the following four activity cost pools (the Other cost pool includes organization-sustaining costs and idle capacity costs): Estimated Overhead Cost Expected Activity Activities and Activity Measures Xtreme Pathfinder Total Supporting direct labor (direct labor-hours) $ 691,600 32,400 74,000 106,400 Batch setups (setups) 900,000 270 230 500 Product sustaining (number of products) 700,000 1 1 2 Other 49,200 NA NA NA Total manufacturing overhead cost $ 2,340,800 Compute the product margins for the Xtreme and the Pathfinder products under the activity-based costing system. 3. Prepare a quantitative comparison of the traditional and activity-based cost assignments.

please solve all question

Morrigan Department Stores (The Ethics of Forced Software Upgrading)Morrigan Department Stores is a chain of department stores in Australia, New Zealand,Canada, and the United States that sells clothing, shoes, and similar consumer items in aretail setting. The top managers and their staff members meet once a year at the nationalmeeting. This year’s meeting took place in Hawaii—a geographical midpoint for them—andseveral accounting managers participated in a round-table discussion that went as follows:Roberta Gardner (United States): One of our biggest problems in our Aukland office isthe high cost and seemingly constant need to upgrade our hardware and software. Everytime our government changes the tax laws, of course, we must acquire software that reflects those changes. But why do we need new hardware too? All this discussion of‘‘64-bit machines’’ is a mystery to me, but the IT department says the hardware in the oldmachines quickly become outdated.Donalda Shadbolt (New Zealand): I’ll say! If you ask me, all these upgrades are costly,time consuming, and even counter-productive. I do a lot of work on spreadsheets, forexample, and constantly ask myself: ‘‘Why do I have to spend hours relearning how toformat a simple column of numbers in the newest version of Excel?’’ It takes time andeffort, it’s frustrating, and in the end, I’ve spent hours relearning skills that I already knowhowtodointheolderversion.Linda Vivianne (Canada): I know what you mean, but the newer hardware is faster,cheaper, and more capable than the old machines. Hard drives have moving parts in them,for example, and they eventually wear out. The newer software runs under the neweroperating systems, which are also more competent and have more built in security such asantivirus software.Ed Ghymn (Australia): I agree with you, Linda, but I think a lot of these new capabilitiesare more hype than real. If the security software was competent, we wouldn’t need allthose patches and upgrades in the first place. And why must we upgrade so often, just toget newer capabilities that most of us don’t even need?Alex McLeod (Australia): I don’t think anyone can stop the march of progress. I think thereal problem is not the upgrades to new software, but the fact that our company expects usto learn it without proper training. Personally, I don’t buy my boss’s argument that ‘‘you’rea professional and should learn it on your own.’’Linda Vivianne (Canada): I’m also beginning to realize just what advantages there arein outsourcing some of our accounting applications to cloud service providers. Thatwon’t solve all our problems because we all still need word processing and spreadsheetcapabilities, but at least we can let cloud providers deal with the software upgrades for ouraccounting software. Given how dispersed we are, that might also make it easier for us toconsolidate our financial statements at year’s end too.

Questions:

1. Do you think that Roberta Gardner’s description of “64-bit machines is accurate? Why or why not?
2. Many software vendors such as Microsoft, Adobe and Apple ship software packages with both known and unknown defects in them. Do you feel that it is ethical for them to do so? Why or why not?
3. Do you agree or disagree with the argument made in this case that many hardware and software upgrade are unnecessary? Why?

Verde Company reported operating costs of $40,000,000 as of December 31, 20x5, with the following environmental costs:

Required:

1. Prepare an environmental cost report, classifying costs by quality category and expressing each as a percentage of total operating costs. Round percentages to two decimal places, if rounding is required. For example, 5.79% would be entered as "5.79".

2. What if Verde deliberately did not include the cost of damaging the ecosystem because of solid waste disposal in its environmental cost report? What is the most likely reason?

A city government adds street lights within its boundaries at a total cost of $253,500. The lights should burn for at least 13 years but can last significantly longer if maintained properly. The city sets up a system to monitor these lights with the goal that 97 percent will be working at any one time. During the year, the city spends $42,000 to clean and repair the lights so that they are working according to the specified conditions. However, it spends another $96,600 to construct lights for several new streets in the city.

1. Prepare the entries assuming infrastructure assets are capitalized with depreciation recorded.

2. Prepare the entries assuming infrastructure assets capitalized with government using the modified approach.

A company purchased equipment at the beginning of 2021 for $500,000. The equipment is depreciated on a straight-line basis with an estimated useful life of nine years and a $50,000 residual value. At the beginning of 2024, the company revised the equipment’s useful life to a total of seven years (four more years) because of changing customer demand. The company also revised the expected residual value to $30,000. What depreciation expense would the company record for the year 2024 on this equipment? Multiple Choice $80,000. $87,500. $50,000. $75,000.

The controller of Sonoma Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: May June July Sales $107,000 $127,000 $182,000 Manufacturing costs 45,000 55,000 66,000 Selling and administrative expenses 31,000 34,000 40,000 Capital expenditures _ _ 44,000 The company expects to sell about 12% of its merchandise for cash. Of sales on account, 60% 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 $7,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in September, and the annual property taxes are paid in November. Of the remainder of the manufacturing costs, 85% are expected to be paid in the month in which they are incurred and the balance in the following month. Current assets as of May 1 include cash of $41,000, marketable securities of $58,000, and accounts receivable of $128,400 ($94,000 from April sales and $34,400 from March sales). Sales on account for March and April were $86,000 and $94,000, respectively. Current liabilities as of May 1 include $10,000 of accounts payable incurred in April 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 June. Sonoma’s regular quarterly dividend of $7,000 is expected to be declared in June and paid in July. Management wants to maintain a minimum cash balance of $32,000. Required: 1. Prepare a monthly cash budget and supporting schedules for May, June, and July. Input all amounts as positive values except overall cash decrease and deficiency which should be indicated with a minus sign.

Based on a predicted level of production and sales of 16,000 units, a company anticipates reporting operating income of $22,000 after deducting variable costs of $96,000 and fixed costs of $10,000. Based on this information, the budgeted amounts of fixed and variable costs for 18,000 units would be:

Which of the following differences between BASEL III and BASEL II are not true: I. Basel III strengthened Basel II capital requirements by increasing CET1 capital to 6% of a bank's total assets. II. Basel III established two new financial liquidity requirements, the Liquidity Coverage Ratio and the Net Stable Funding Ratio. III. Basel III established a minimum leverage ratio of Tier 1 Capital to total exposure of 3%. IV. Basel III required a new "discretionary counter-cyclical buffer" of 2.5% of RWA.