Simon Company’s year-end balance sheets follow.

The company’s income statements for the Current Year and 1 Year Ago, follow. Assume that all sales are on credit:

(2-a) Compute accounts receivable turnover.
(2-b) For each ratio, determine if it improved or worsened in the current year.

Simon Company’s year-end balance sheets follow.

The company’s income statements for the Current Year and 1 Year Ago, follow. Assume that all sales are on credit:

(2-a) Compute accounts receivable turnover.
(2-b) For each ratio, determine if it improved or worsened in the current year.

During March, Hanks Manufacturing started and completed 30,000 units. In beginning work in process, there were 5,000 units 60 percent complete with respect to conversion costs. Materials are added at the beginning of the process. In EWIP there were 10,000 units 40 percent complete for conversion costs. Using FIFO, the equivalent units of materials and conversion costs are, respectively:

Golden Corp.'s current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes.

Additional Information on Current Year Transactions

1. Purchased equipment for $56,300 cash.
2. Issued 13,200 shares of common stock for $5 cash per share.
3. Declared and paid $101,000 in cash dividends.

Sirius Company has the following securities in its portfolio on December 31:

Additional information:

Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses.

Additional Information on Current Year Transactions

1. The loss on the cash sale of equipment was $12,125 (details in b).
2. Sold equipment costing $67,875, with accumulated depreciation of $37,125, for $18,625 cash.
3. Purchased equipment costing $103,375 by paying $44,000 cash and signing a long-term note payable for the balance.
4. Borrowed $4,700 cash by signing a short-term note payable.
5. Paid $53,625 cash to reduce the long-term notes payable.
6. Issued 3,200 shares of common stock for $20 cash per share.
7. Declared and paid cash dividends of $51,500.

Required:
1. Prepare a complete statement of cash flows using the indirect method for the current year. (Amounts to be deducted should be indicated with a minus sign.)

Sarasota Company purchased, on January 1, 2017, as a held-to-maturity investment, $79,000 of the 9%, 5-year bonds of Chester Corporation for $73,161, which provides an 11% return. Prepare Sarasota’s journal entries for (a) the purchase of the investment, and (b) the receipt of annual interest and discount amortization. Assume effective-interest amortization is used

Lansing Company’s current-year income statement and selected balance sheet data at December 31 of the current and prior years follow.

Required:
Prepare the operating activities section of the statement of cash flows using the indirect method for the current year. (Amounts to be

(Just need the answer, thank you.)

FIFO and LIFO Costs Under Perpetual Inventory System

The following units of an item were available for sale during the year:

The firm uses the perpetual inventory system, and there are 51 units of the item on hand at the end of the year.

a. What is the total cost of the ending inventory according to FIFO?

b. What is the total cost of the ending inventory according to LIFO?

Ramsey Company produces speakers (Model A and Model B). Both products pass through two producing departments. Model A's production is much more labor-intensive than that of Model B. Model B is also the more popular of the two speakers. The following data has been gathered for the two products:

Plantwide Rate

1. Compute the overhead cost per unit for each product by using a plantwide rate based on direct labor hours. (Round to two decimal places.)

Plantwide rate:  per DLH

Activity Rates

2. Compute the overhead cost per unit for each product by using ABC. (Round rates and unit overhead costs to two decimal places.)

Note: Be sure to complete both tables below.

Departmental Rates

3. Suppose that Ramsey decides to use departmental overhead rates. There are two departments: Department 1: (machine intensive) with a rate of $3.50 per machine hour and Department 2: (labor intensive) with a rate of $0.90 per direct labor hour. The consumption of these two drivers is as follows:

Compute the overhead cost per unit for each product by using departmental rates. (Round to two decimal places.)

Sharp Motor Company has two operating divisions—an Auto Division and a Truck Division. The company has a cafeteria that serves the employees of both divisions. The costs of operating the cafeteria are budgeted at $76,000 per month plus $0.50 per meal served. The company pays all the cost of the meals.

The fixed costs of the cafeteria are determined by peak-period requirements. The Auto Division is responsible for 71% of the peak-period requirements, and the Truck Division is responsible for the other 29%.

For June, the Auto Division estimated it would need 86,000 meals served, and the Truck Division estimated it would need 56,000 meals served. However, due to unexpected layoffs of employees during the month, only 56,000 meals were served to the Auto Division. Another 56,000 meals were served to the Truck Division as planned.

Cost records in the cafeteria show that actual fixed costs for June totaled $85,000 and actual meal costs totaled $76,000.

Required:

1. How much cafeteria cost should be charged to each division for June?

2. Assume the company follows the practice of allocating all cafeteria costs incurred each month to the divisions in proportion to the number of meals served to each division during the month. On this basis, how much cost would be allocated to each division for June? (Round your intermediate calculations to 2 decimal places.)

Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $130,200 of manufacturing overhead for an estimated allocation base of $93,000 direct material dollars to be used in production. The company has provided the following data for the just completed year:

Required:

1. Compute the predetermined overhead rate for the year.

2. Compute the amount of underapplied or overapplied overhead for the year.

3. Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are used in production as direct materials.

4. Compute the unadjusted cost of goods sold for the year. Do not include any underapplied or overapplied overhead in your answer.

5. Assume that the $38,000 ending balance in Work in Process includes $8,500 of direct materials. Given this assumption, supply the information missing below:

Direct Materials

Direct Labor

Manufacturing Overhead

Work in Process Inventory

1.

Khorab Ltd manufactures chocolate candy. The company's management accounts are drawn up on a monthly basis as per the financial manager's (FM) recommendation. Ms Nghitewa, who is the company;s FM provided the following information in respect of January 2019:

$

Purchases(direct and indirect material) 460 000

Office salaries 45 000

freight on sale 1 2 000

Rent 30 000

Freight on purchases 8 000

Property rates and taxes 55 000

Insurance 20 000

Depreciation 55 000

Balances on 1 January 2019:

Raw material 35 000

Work-in-progress 106 000

Finished goods ( 7000 kg) 136 500

Balances on 31 January 2019:

Raw materials 42 000

Work-in-progress 90 000

Finished goods (2000 kg) 40 400

Additional information

1. The payroll of the factory workers for January 20019 is as follows:

Manufacturing staff are paid at $ 40 per hour. Overtime is paid at 1.5 times the normal rate. Khorab Ltd contributes 150% for all employees to the pension fund and in equal to the medical fund. Leave is provided for at $ 12 000 per month.

2. The manufacturing overhead is allocated on the basis of direct labour hours. Budgeted manufacturing overhead amounted to $ 252 000 while budgeted direct labour hours amounted to 6 000 for the month under review.

3. The rental expenses include rent for both the factory and administration buildings. The factory;s rent expenses is double the rental of the administrative buildings.

4. All completed chocolates sweets are painted different colours. The paints is only indirect materials used in the manufacturing process. The factory's records show that 500 litres of paint were used during the month. The cost of the paint is $ 82 per litre.

5. Property rates and taxes are only charged on the factory premises.

6. The following breakdown of the insurance was obtained from the insurance schedule:

Factory 40%

Office building 30%

Shop 30%

7. Depreciation expense consists of the following:

Factory equipment $ 34 000

Office equipment $ 16 000

Shop equipment $ 5 000

8. The company produced 50 000 kg of chocolate candy in January 2019( probably you meant January). The current selling price of chocolate is $ 46 per kg.

Required:

Prepare a schedule of cost of goods sold manufactured and sold for Khorab Ltd for January 2019. Khorab Ltd closes off all over-or under -allocated manufacturing overhead to cost of goods sold at the end of each month.