Osage, Inc., manufactures and sells lamps. The company produces only when it receives orders and, therefore, has no inventories. The following information is available for the current month:

Required:

Prepare a profit variance analysis for Osage, Inc., (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.)

On March 1, 2010, Packard Company purchased land for an office site by paying $600,000 cash. Packard began construction on the office building one year later on March 1, 2011. The following expenditures were incurred for construction on each of the respective dates: Date Amount March 1, 2011 $680,000 April 1, 2011 $352,000 May 1, 2011 $450,000 June 1, 2011 $520,000 The office was completed and ready for occupancy on July 1. To help pay for construction, $400,000 of common stock was issued on March 1, 2011. The only debts outstanding during 2011 was a $150,000, 11%, 6-year note payable dated January 1, 2011 and a $300,000, 13%, 10-year note payable dated July 1, 2009. Neither of these notes were paid off prior to their respective maturity dates. The amount of interest cost to be capitalized by Packard during 2011 is

Do you think organizations that have a fleet should have a replacement plan in place? Could fleet replacement plan benefit and save an organization cost and should tax implications be a part of that plan?

A donor gives the Museum, a nonprofit organization, a diary written by an important U.S. leader. The donor has the condition that the diary be used as the Museum's exhibition and that it never be sold. The diary was bought by the donor a few weeks ago at $250,000. How should the museum account for this gift? What are the options and why?

When an individual dies, their tax obligations are passed on through the estate. Also if the estate is to expensive a tax might be owed. Lets say I owned a business worth $100 million dollars and I have 25% stake in the company.

Lets say 100% of the what I own in the company will be taxable and I am married and it will be filed jointly.

Company's net income is $17.5 million.

If I was selling the company how much estate tax attributable would I be facing filing jointly?

Also any tax laws that you reccomend to ensure that what ever is owed is reduced?

What was the key control weakness in this case?

Many small businesses cannot afford to hire enough people for adequate separation of duties. What can they do to compensate for this?

Pearl Products Limited of Shenzhen, China, manufactures and distributes toys throughout Southeast Asia. Three cubic centimeters (cc) of solvent H300 are required to manufacture each unit of Supermix, one of the company’s products. The company now is planning raw materials needs for the third quarter, the quarter in which peak sales of Supermix occur. To keep production and sales moving smoothly, the company has the following inventory requirements:

1. The finished goods inventory on hand at the end of each month must equal 3,000 units of Supermix plus 25% of the next month’s sales. The finished goods inventory on June 30 is budgeted to be 13,250 units.

2. The raw materials inventory on hand at the end of each month must equal one-half of the following month’s production needs for raw materials. The raw materials inventory on June 30 is budgeted to be 63,375 cc of solvent H300.

3. The company maintains no work in process inventories.

A monthly sales budget for Supermix for the third and fourth quarters of the year follows.

Required:

1. Prepare a production budget for Supermix for the months July, August, September, and October.

3. Prepare a direct materials budget showing the quantity of solvent H300 to be purchased for July, August, and September, and for the quarter in total.

20 idea development social entrepreneurship (non profit ) for poor people

During 2017, the following transactions were recorded by the Port Hudson Community Hospital, a private sector not-for-profit institution.

1. Gross charges for patient services, all charged to Patient Accounts Receivable, amounted to $1,830,000. Contractual adjustments with third-party payers amounted to $490,000.
2. Charity services, not included in transaction 1, would amount to $72,000, had billings been made at gross amounts.
3. Other revenues, received in cash, were parking lot, $23,000; cafeteria, $39,500; gift shop, $6,500.
4. Cash gifts for cancer research amounted to $28,550 for the year. During the year, $55,400 was expended for cancer research technicians’ salaries (debit Operating Expense—Salaries and Benefits).
5. Mortgage bond payments amounted to $54,800 for principal and $31,600 for interest. Assume unrestricted resources are used.
6. During the year, the hospital received, in cash, unrestricted contributions of $46,200 and unrestricted income of $38,750 from endowment investments. (It is the hospital’s practice to treat unrestricted gifts as nonoperating income.)
7. New equipment, costing $158,000, was acquired using donor-restricted cash that was on hand at the beginning of the year. Port Hudson’s policy is to record all equipment in the unrestricted net asset class.
8. An old piece of lab equipment that originally cost $80,000 and that had an undepreciated cost of $16,000 was sold for $10,000 cash.
9. At the end of 2017, pledges received in the amount of $135,000 were intended to be paid and used for unrestricted purposes in 2018.
10. Cash contributions were received as follows: temporarily restricted for purposes other than plant, $43,750; temporarily restricted for plant acquisition, $136,000.
11. Bills totaling $225,300 were received for the following items:

12. Depreciation of plant and equipment amounted to $189,000.
13. Cash payments on vouchers payable amounted to $176,100. Another $806,900 was expended on wages and benefits. Cash collections of patient accounts receivable amounted to $1,186,000.
14. Closing entries were prepared.

Required:
a. Record the transactions in the general journal of the Port Hudson Community Hospital.
b. Prepare a Statement of Operations for the Port Hudson Community Hospital for the year ended December 31, 2017.

If you could show how you got the answers, that would be great! Thanks!

You set up your own business in merchandising sector. You lease a space of 6,000 square feet to open a luxury watch shop.

The following is minimum information regarding the business:

- Specific sub-sector: Merchandising sector.

-   Business model: buying and selling luxury watches.

-   Investment by owner: $1,000,000

- You hire a shop manager, two accounting staffs who also keep the merchandise, one security officer, and 8 full-time sales assistants.

-   Business costs/expenses should have at least the following: cost of merchandise sold, rent expense, salary, utilities expense, advertising expense, interest expense, and miscellaneous expenses.

1. 1/1/2019 : Opened the business, invested $1,000,000 cash in the business.
2. 1/1/2019; bought a building for the business purpose for 100,000 cash. The building has a useful economic life of 10 years.
3. 1/1/2019; bought store and office fixture for $20000 cash.

4. 1/1/2019: purchased 100 luxury watches (Inventory) for $200,000 with $100,000 cash payment, the remaining amount payable on 2/1/2020. ( each watch costs $2,000)
5. 3/1/2019: purchased 50 luxury watches (Inventory) for $250,000. Each watch costs $5,000.
6. 4/1/2019: purchased 40 luxury watches (Inventory) for $240,000. Each cost $6,000.

7. 6/1/2019: Sold 130 watched for $1,300,000. Of which $300,000 cash was received at the time of sale. The remaining amount to be received on 5/2/2020.

8. 7/1/2019: paid $1,200 in advance for 12 months’ property insurance
9. 8/1/2019: borrowed $500,000 from a local Chase bank. Inrerest rate is 12%/year. Interest is paid every 6 months- the first payment date is 2/1/2020. Principal is paid on 8/1/2020.
10. 9/1/2019: to expand business, you rent a showroom in the next building. Paid $24,000 cash in advance for 12 month’s rent.

11. 12/31/2019: Paid 2019 utilities expense, advertising expense, and miscellaneous expense for $5000, $15,000, and $4,000, respectively.

12. Salary is paid on the last day of each month. Each month’s salary expense is $20,000.

Notes:

13. On 12/31/2019: Physical inventory showed that there were 60 luxury watches on hand at the end of the period. The company used periodic inventory system, and used FIFO costing method.
14. Your business used straight-line depreciation method for all fixed assets.
15. Ignore tax.

16. Prepare financial statements on 12/31/2019.

identify a large company that is currently accumulating a cash hoard, evaluate how the company can use the cash flow statement to project efficient uses of the cash hoard it has accumulated. Suggest at least two (2) advantages and two (2) disadvantages of companies accumulating cash hoards. Provide a rationale for your suggestion.

What are the major advantages and disadvantages of the single-step form of income statement compared to the multiple-step income statement? Can a business incur a gross profit but incur a loss?

Straight-Line, Declining-Balance, and Sum-of-the-Years'-Digits Methods

A light truck is purchased on January 1 at a cost of $38,730. It is expected to serve for eight years and have a salvage value of $5,690. Calculate the depreciation expense for the first and third years of the truck’s life using the following methods. If required, round your answers to the nearest cent.

Cost of Production Report: Weighted average method

Sunrise Coffee Company roasts and packs coffee beans. The process begins in the Roasting Department. From the Roasting Department, the coffee beans are transferred to the Packing Department. The following is a partial work in process account of the Roasting Department at December 31:

Required:

Prepare a cost of production report, using the weighted average method, and identify the missing amounts for Work in Process—Roasting Department. Assume that direct materials are placed in process during production. If required, round your cost per equivalent unit answer to two decimal places.

Overhead Application, Activity-Based Costing, Bid Prices

Firenza Company manufactures specialty tools to customer order. Budgeted overhead for the coming year is:

Previously, Sanjay Bhatt, Firenza Company's controller, had applied overhead on the basis of machine hours. Expected machine hours for the coming year are 50,000. Sanjay has been reading about activity-based costing, and he wonders whether or not it might offer some advantages to his company. He decided that appropriate drivers for overhead activities are purchase orders for purchasing, number of setups for setup cost, engineering hours for engineering cost, and machine hours for other. Budgeted amounts for these drivers are 5,000 purchase orders, 500 setups, and 2,500 engineering hours.

Sanjay has been asked to prepare bids for two jobs with the following information:

The typical bid price includes a 40 percent markup over full manufacturing cost.

1. Calculate a plantwide rate for Firenza Company based on machine hours.
$ per machine hour

What is the bid price of each job using this rate?

2. Calculate activity rates for the four overhead activities

What is the bid price of each job using these rates?