Write an essay to compare the division of responsibilities of CRA, Service Canada and HRSDC for Payroll functions

Cost of Production Report

The debits to Work in Process—Roasting Department for Morning Brew Coffee Company for August, together with information concerning production, are as follows:

All direct materials are placed in process at the beginning of production.

a. Prepare a cost of production report, presenting the following computations:

1. Direct materials and conversion equivalent units of production for August.
2. Direct materials and conversion costs per equivalent unit for August.
3. Cost of goods finished during August.
4. Cost of work in process at August 31.

If an amount is zero, enter in "0". For the cost per equivalent unit, round your answer to two decimal places.

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a. How much more (percentage amount) needed to be done to the beginning work in process units to make the units to complete to transfer to the next department? Did these units require more material cost or more conversion cost? How much, in terms of cost, had been done to these units in the prior period? In order for units to be transferred to the next department, the units have to be complete with respect to both materials and conversion. When are materials added in the process? How complete are the units in ending inventory with respect to materials? How compete are the units in ending inventory with respect to conversion? Materials and conversion cost needs to be allocated among the equivalent units. Are the number of equivalent units the same for materials and conversion?

b. Compute and evaluate the change in cost per equivalent unit for direct materials and conversion from the previous month (July). If required, round your answers to the nearest cent.

Cost of Units Completed and in Process

The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production.

Cost per equivalent units of $1.50 for Direct Materials and $2.00 for Conversion Costs.

a. Based on the above data, determine the different costs listed below.

If required, round your interim calculations to two decimal places.

Physical Units Method

Alomar Company manufactures four products from a joint production process: barlon, selene, plicene, and corsol. The joint costs for one batch are as follows:

At the split-off point, a batch yields 1,104 barlon, 2,809 selene, 2,608 plicene, and 3,511 corsol. All products are sold at the split-off point: barlon sells for $13 per unit, selene sells for $21 per unit, plicene sells for $28 per unit, and corsol sells for $33 per unit.

Required:

1. Allocate the joint costs using the physical units method. If required, round your percentage allocation to four decimal places and round allocated costs to the nearest dollar. Note: The total of the allocated cost does not equal to the one provided in the question data due to rounding error.

2. Suppose that the products are weighted as shown below:

Allocate the joint costs using the weighted average method. If required, round your percentage allocation to four decimal places and round allocated costs to the nearest dollar.

Janie graduates from highschool in 2019 and enrolls in college in the fall. Her parents (who file a joint return) pay $12,225 for her tuition and fees.

Assuming Janie's parents have AGI of $172,600, what is the American Opportunity tax credit they can claim for Janie?

Part 1) Please indicate which section of the statement of cash flows should contain each of the following items, and whether each item would result in an inflow or outflow of cash. The sections are Operating, Investing, and Financing. (30 points) (a) Increase in accounts receivable (b) Purchase of a factory with cash (c) Depreciation of a building (d) Retirement of bonds with cash (e) Receipt of cash dividends Part 2) Explain how to calculate free cash flow and the importance of free cash flow to investors.

Financial Statements

The following amounts were taken from the accounting records of Padget Home Services, Inc., as of December 31, 20Y7. Padget Home Services began its operations on January 1, 20Y7.

2. Prepare a statement of stockholders’ equity for the year ending December 31, 20Y7. If your answer is zero enter "0".

Flip Flop Inc. (FFI) has a capacity to manufacture up to 100,000 flip flops annually in Canada. For next year, expected production and sales are 80,000 units with sale price of $10 per unit. The following costs are expected:

FFI received the following offers:

1.              Africa Imports (AI) would like to purchase 10,000 units for $8.70 $ sale price per unit.

2.              China Imports (CI) would like to purchase 20,000 units for $6.60 sale price per unit.

There will be no selling expenses on AI and CI orders. There will be no impact on regular sales in Canada.

a)              Calculate the impact on FFI operating income if AI order is accepted.

b)              Calculate the impact on FFI operating income if CI order is accepted.

c)              Which offer should FFI accept? Why?

d)              For the offer you recommend in c) above, mention and explain two qualitative factors FFI should consider before making the final decision.

1. Manufacturing Income Statement, Statement of Cost of Goods Manufactured

   Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December.

   	On Company		Off Company
   Materials inventory, December 1	$76,840		$102,970
   Materials inventory, December 31	(a)		116,360
   Materials purchased	195,170		(a)
   Cost of direct materials used in production	205,930		(b)
   Direct labor	289,690		231,680
   Factory overhead	89,900		115,330
   Total manufacturing costs incurred in December	(b)		666,220
   Total manufacturing costs	733,050		914,380
   Work in process inventory, December 1	147,530		248,160
   Work in process inventory, December 31	124,480		(c)
   Cost of goods manufactured	(c)		660,040
   Finished goods inventory, December 1	129,860		115,330
   Finished goods inventory, December 31	136,010		(d)
   Sales	1,132,620		1,029,700
   Cost of goods sold	(d)		666,220
   Gross profit	(e)		(e)
   Operating expenses	147,530		(f)
   Net income	(f)		228,590

   Required:

   1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.

   Letter	On Company	Off Company
   a.	$fill in the blank 33b330f92fb1072_1	$fill in the blank 33b330f92fb1072_2
   b.	$fill in the blank 33b330f92fb1072_3	$fill in the blank 33b330f92fb1072_4
   c.	$fill in the blank 33b330f92fb1072_5	$fill in the blank 33b330f92fb1072_6
   d.	$fill in the blank 33b330f92fb1072_7	$fill in the blank 33b330f92fb1072_8
   e.	$fill in the blank 33b330f92fb1072_9	$fill in the blank 33b330f92fb1072_10
   f.	$fill in the blank 33b330f92fb1072_11	$fill in the blank 33b330f92fb1072_12

   2. Prepare On Company's statement of cost of goods manufactured for December.

   On Company
   Statement of Cost of Goods Manufactured
   For the Month Ended December 31
   			$fill in the blank e2405308c076f99_2
   Direct materials:
   	$fill in the blank e2405308c076f99_4
   	fill in the blank e2405308c076f99_6
   	$fill in the blank e2405308c076f99_8
   	fill in the blank e2405308c076f99_10
   		$fill in the blank e2405308c076f99_12
   		fill in the blank e2405308c076f99_14
   		fill in the blank e2405308c076f99_16
   Total manufacturing costs incurred			fill in the blank e2405308c076f99_17
   Total manufacturing costs			$fill in the blank e2405308c076f99_18
   			fill in the blank e2405308c076f99_20
   			$fill in the blank e2405308c076f99_22

   3. Prepare On Company's income statement for December.

   On Company
   Income Statement
   For the Month Ended December 31
   		$fill in the blank a97bcefff044f83_2
   Cost of goods sold:
   	$fill in the blank a97bcefff044f83_4
   	fill in the blank a97bcefff044f83_6
   	$fill in the blank a97bcefff044f83_8
   	fill in the blank a97bcefff044f83_10
   		fill in the blank a97bcefff044f83_12
   		$fill in the blank a97bcefff044f83_14
   		fill in the blank a97bcefff044f83_16
   		$fill in the blank a97bcefff044f83_18

Scooters plans to sell a standard scooter for $ 120 and a chrome scooter for $ 160. Steve's purchases the standard scooter for $ 30 and the chrome scooter for $ 40. Steve's expects to sell one standard scooter for every three chrome scooters. Steve's monthly fixed costs are $ 85,500.

1. How many of each type of scooter must Steve's Scooters sell each month to break​ even?

(Fixed costs + Target profit)/ Weighted-avg. CM per unit = Required sales in units

Standard Scooter formula: ______+_____/_____= required sales in units

Chrome Scooter formula: ______+_____/_____= required sales in units

Stevie's must sell ____ standard scooters and _____ Chrome scooters to break even.

2. How many of each type of scooter must Steve's Scooters sell each month to earn $ 67,500?

Standard Scooter formula: ______+_____/_____= required sales in units

Chrome Scooter formula: ______+_____/_____= required sales in units

Stevie's must sell ____ standard scooters and _____ Chrome scooters.

3. Suppose Steve's expectation to sell one standard scooter for every three chrome scooters was incorrect and for every four scooters sold two are standard scooters and two are chrome scooters. Will the breakeven point of total scooters increase or​ decrease? Why?​ (Calculation not​ required.)

Each standard scooter contributes $____ to profits while each chrome scooter contributes$_____ to profit.Therefore, the increase in sales of standard scooters and decrease in chrome scooters woud cause the weighted average contribution margin to _______ and the break even point to _______.

I am stuck at how to find the weighted-avg. CM per unit.

Sequential Method

Jasmine Company manufactures both pesticide and liquid fertilizer, with each product manufactured in separate departments. Three support departments support the production departments: Power, General Factory, and Purchasing. Budgeted data on the five departments are as follows:

The company does not break overhead into fixed and variable components. The bases for allocation are power—machine hours; general factory—square feet; and purchasing—purchase orders.

The company has decided to use the sequential method of allocation instead of the direct method. The support departments are ranked in order of highest cost to lowest cost.

Required:

1. Allocate the overhead costs to the producing departments using the sequential method. Carry out allocation ratios to four decimal places. Use these numbers for subsequent calculations. Round allocated costs to the nearest dollar. If an amount is zero, enter "0".

Allocation ratios:

Cost allocation:

2. Using machine hours, compute departmental overhead rates. (Round the overhead rates to the nearest cent.)

Please answer the following questions:

a) What is confidentiality and privacy controls in accounting information system?

b) How to identify and classify information that to be protected and how to protect confidentiality using encryption?

c) What is privacy regulations and generally accepted privacy principles?

Service! Read through the discussion on service characteristics, service gaps and service recovery/failure in Chapter 13, then answer the following questions: Which of the four characteristics differentiating services from product do you think leads to the most service failures and why? Please be sure to briefly explain the characteristic that you select. You’ve heard the saying “the customer is always right.” Do you think that’s true? Why or why not? Provide a specific situation you (as a customer) have faced a service failure: What were your expectations going into the service situation… and how did the service provider fail to meet your expectations? Was the service failure a result of service heterogeneity/variability or was it a result of the employee not being empowered to properly assist you – please explain.

Building Your Skills Case [LO8-2, LO8-4, LO8-8, LO8-9, LO8-10] You have just been hired as a new management trainee by Earrings Unlimited, a distributor of earrings to various retail outlets located in shopping malls across the country. In the past, the company has done very little in the way of budgeting and at certain times of the year has experienced a shortage of cash. Since you are well trained in budgeting, you have decided to prepare a master budget for the upcoming second quarter. To this end, you have worked with accounting and other areas to gather the information assembled below. The company sells many styles of earrings, but all are sold for the same price—$15 per pair. Actual sales of earrings for the last three months and budgeted sales for the next six months follow (in pairs of earrings): January (actual) 21,000 June (budget) 51,000 February (actual) 27,000 July (budget) 31,000 March (actual) 41,000 August (budget) 29,000 April (budget) 66,000 September (budget) 26,000 May (budget) 101,000 The concentration of sales before and during May is due to Mother’s Day. Sufficient inventory should be on hand at the end of each month to supply 40% of the earrings sold in the following month. Suppliers are paid $4.50 for a pair of earrings. One-half of a month’s purchases is paid for in the month of purchase; the other half is paid for in the following month. All sales are on credit. Only 20% of a month’s sales are collected in the month of sale. An additional 70% is collected in the following month, and the remaining 10% is collected in the second month following sale. Bad debts have been negligible. Monthly operating expenses for the company are given below: Variable: Sales commissions 4 % of sales Fixed: Advertising $ 250,000 Rent $ 23,000 Salaries $ 116,000 Utilities $ 9,500 Insurance $ 3,500 Depreciation $ 19,000 Insurance is paid on an annual basis, in November of each year. The company plans to purchase $18,500 in new equipment during May and $45,000 in new equipment during June; both purchases will be for cash. The company declares dividends of $18,750 each quarter, payable in the first month of the following quarter. The company’s balance sheet as of March 31 is given below: Assets Cash $ 79,000 Accounts receivable ($40,500 February sales; $492,000 March sales) 532,500 Inventory 118,800 Prepaid insurance 23,500 Property and equipment (net) 1,000,000 Total assets $ 1,753,800 Liabilities and Stockholders’ Equity Accounts payable $ 105,000 Dividends payable 18,750 Common stock 900,000 Retained earnings 730,050 Total liabilities and stockholders’ equity $ 1,753,800 The company maintains a minimum cash balance of $55,000. All borrowing is done at the beginning of a month; any repayments are made at the end of a month. The company has an agreement with a bank that allows the company to borrow in increments of $1,000 at the beginning of each month. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. At the end of the quarter, the company would pay the bank all of the accumulated interest on the loan and as much of the loan as possible (in increments of $1,000), while still retaining at least $55,000 in cash. Required: Prepare a master budget for the three-month period ending June 30. Include the following detailed schedules: 1. a. A sales budget, by month and in total. b. A schedule of expected cash collections, by month and in total. c. A merchandise purchases budget in units and in dollars. Show the budget by month and in total. d. A schedule of expected cash disbursements for merchandise purchases, by month and in total. 2. A cash budget. Show the budget by month and in total. Determine any borrowing that would be needed to maintain the minimum cash balance of $55,000. 3. A budgeted income statement for the three-month period ending June 30. Use the contribution approach. 4. A budgeted balance sheet as of June 30