July 31, 2016, the end of the quarter, is on a Wednesday. Employees get paid each Friday for the week just worked. The company has five employees who earn $100 each per day. Make the Accrued Salaries Expense journal entry for Wednesday, July 31, 2016. Enter the date, accounts, debit and credit, and be sure to indent the credit line.

Robert buys a $20,000 bond that pays $1,200 interest annually on January 1st. How much does he pay on March 1st?

A. $20,000

B. $21,200

C. $1,200

D. $20,200

There is a woman, she is married, but her husband abandoned her. It has been a year but never divorced. They have two children. She has a job, she lives with her parents during work, her parents There is a big house, her parents didn’t charge her any rent, and most of her money is spent on food and children.
Question 1: will she qualify for a household
Question 2: preparing her tax return what should you say to her? whats her status?

The supervisor of the county Department of Transportation (DOT) is considering the replacement of some machinery. This machinery has zero book value but its current market value is $840. One possible alternative is to invest in new machinery, which has a cost of $39,400. This new machinery would produce estimated annual operating cash savings of $12,700. The estimated useful life of the new machinery is four years. The DOT uses straight-line depreciation. The new machinery has an estimated salvage value of $2,040 at the end of four years. The investment in the new machinery would require an additional investment in working capital of $3,000, which would be recovered after four years. If the DOT accepts this investment proposal, disposal of the old machinery and investment in the new equipment will take place on December 31, 20x1. The cash flows from the investment will occur during the calendar years 20x2 through 20x5. Use Appendix A for your reference. (Use appropriate factor(s) from the tables provided.) Required: Prepare a net-present-value analysis of the county DOT’s machinery replacement decision. The county has a 10 percent hurdle rate. (Round your "Discount factors" to 3 decimal places and final dollar amounts to whole dollars. Negative amounts should be indicated by a minus sign.)

Required information [The following information applies to the questions displayed below.] Washington County’s Board of Representatives is considering the construction of a longer runway at the county airport. Currently, the airport can handle only private aircraft and small commuter jets. A new, long runway would enable the airport to handle the midsize jets used on many domestic flights. Data pertinent to the board’s decision appear below. Cost of acquiring additional land for runway $ 82,500 Cost of runway construction 280,000 Cost of extending perimeter fence 19,908 Cost of runway lights 45,000 Annual cost of maintaining new runway 22,500 Annual incremental revenue from landing fees 57,500 In addition to the preceding data, two other facts are relevant to the decision. First, a longer runway will require a new snowplow, which will cost $180,000. The old snowplow could be sold now for $18,000. The new, larger plow will cost $16,000 more in annual operating costs. Second, the County Board of Representatives believes that the proposed long runway, and the major jet service it will bring to the county, will increase economic activity in the community. The board projects that the increased economic activity will result in $94,000 per year in additional tax revenue for the county. In analyzing the runway proposal, the board has decided to use a 10-year time horizon. The county’s hurdle rate for capital projects is 18 percent. Use Appendix A for your reference. (Use appropriate factor(s) from the tables provided.) Required: 1. Compute the initial cost of the investment in the long runway. 2. Compute the annual net cost or benefit from the runway. 3-a. Determine the IRR on the proposed long runway. (Round your answer to the nearest whole percent.) 3-b. Should it be built considering IRR?

The chief ranger of the state’s Department of Natural Resources is considering a new plan for fighting forest fires in the state’s forest lands. The current plan uses eight fire-control stations, which are scattered throughout the interior of the state forest. Each station has a four-person staff, whose annual compensation totals $320,000. Other costs of operating each base amount to $220,000 per year. The equipment at each base has a current salvage value of $240,000. The buildings at these interior stations have no other use. To demolish them would cost $22,000 each. The chief ranger is considering an alternative plan, which involves four fire-control stations located on the perimeter of the state forest. Each station would require a six-person staff, with annual compensation costs of $420,000. Other operating costs would be $230,000 per base. Building each perimeter station would cost $320,000. The perimeter bases would need helicopters and other equipment costing $620,000 per station. Half of the equipment from the interior stations could be used at the perimeter stations. Therefore, only half of the equipment at the interior stations would be sold if the perimeter stations were built. The state uses a 10 percent hurdle rate for all capital projects. The chief ranger has decided to use a 10-year time period for the analysis. Use Appendix A for your reference. (Use appropriate factor(s) from the tables provided.) Required: Use the incremental-cost approach to prepare a net-present-value analysis of the chief ranger’s decision between the interior fire-control plan and the perimeter fire-control plan. (Round your "Discount factors" to 3 decimal places. Negative amounts should be indicated by a minus sign.)

Snap on damage started business January 1st 2019 after receiving a loan of $10,000 from equity bank. The company also received $10,000 from an investor in return to be paid dividends at the end of the year. The company purchased a piece of land for $ 8000 to serve as a parking space for university students who go to the university across the street. The company incurred $ 2500 expenses during the year to repair the road which leads to the parking lot. The company leased the Parking lot to the university and received $3000 to cover the whole year. At the end of the year they paid dividends of $800 to the investor. REQUIRED: A. INCOME STATEMENT (NET INCOME). B. Cash flow statement C. Retained earnings statement D. Balance sheet

ales, Production, Direct Materials Purchases, and Direct Labor Cost Budgets

The budget director of Gourmet Grill Company requests estimates of sales, production, and other operating data from the various administrative units every month. Selected information concerning sales and production for July is summarized as follows:

a. Estimated sales for July by sales territory:

b. Estimated inventories at July 1:

c. Desired inventories at July 31:

d. Direct materials used in production:

e. Anticipated purchase price for direct materials:

f. Direct labor requirements:

Required:

1. Prepare a sales budget for July.

2. Prepare a production budget for July. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

3. Prepare a direct materials purchases budget for July. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

4. Prepare a direct labor cost budget for July.

Feedback

Remember to take into account expected units to be sold, desired units in ending inventory and estimated units in beginning inventory when calculating total units to be produced.

Once sales quantities are estimated, the expected sales revenue can be determined.

Remember to take into account materials required for production, desired ending materials inventory and estimated beginning materials inventory when calculating direct materials to be purchased.

Learning Objective 4.

For the following terms find the correct definition below and place the letter of that response in the blank space next to the term. Each definition is used only once – there are four terms that are not used.

E20-22

Englehart Co. provides the following information about its postretirement benefit plan for the year 2017.

Service Cost $90,000

Prior service cost and amortization 3,000

Contribution to the plan 56,000

Actual and expected return on plan assets 62,000

Benefits paid 40,000

Plan assets at January 1, 2017 710,000

Accumulated postretirement benefit obligation

at January 1, 2017 760,000

Accumulated OCI (PSC) at January 1, 2017 100,000 Dr.

Discount rate 9%

Instructions

Compute the postretirement benefit expense for 2017.

E20-23

Using the information in E20-22, prepare a worksheet inserting January 1, 2017, balances, showing December 31,2017, balances, and the journal entry recording postretirement benefit expense.

A prospective client comes to you for some more expert planning advice. He has a high deductible health insurance plan with an HSA. What are the tax advantages to saving money in an HSA account and what benefits may be available if he chooses not to use the funds until the future? The client is also thinking about starting his own accounting business on the side and wants to know what self‐employment tax is. He is also want to know what advantages are associated with setting up an educational assistance program. The prospective client is also trying to figure out if he can contribute to an IRA, a SEP‐IRA, and his employer‐sponsored 401k plan. What factors should he be considering or aware of from a tax planning perspective?

Blossom Company shows the following balances in selected accounts of its adjusted trial balance.

Supplies $37,760

Supplies Expense 7,080

Accounts Receivable 14,160

Dividends 25,960

Retained Earnings 82,600

Service Revenue 127,440

Salaries and Wages Expense 47,200

Utilities Expense 9,440

Rent Expense 21,240

Prepare the remaining closing entries at December 31. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

1)Describe some consequences to a company that makes a poor decision when selecting an ERP system.

2)One major difference between financial accounting and managerial accounting is that financial accountants prepare financial statements for external investors while managerial accountants prepare financial statements for internal managers.

True

False

3)Define descriptive, predictive and prescriptive analytics. Give an example of each.

The following data is provided MCGA Ltd:

Direct Labour $30,100
Purchase of raw materials $52,890
Factory Management monthly salary        $ 12,900
Repair for factory (50%) and office (50%) $ 5,160
Advertising expense $38,700
Factory Insurance $387
Sales person, salaries $ 21,500
Rent for factory machinery $   9,890
Factory supplies $ 1,978
Depreciation, office equipment $ 1,505
Depreciation, factory equipment $ 9,030
Beg, Raw Materials $ 3,440
Ending, Raw Materials $ 7,095
Beg, Work-in-Process $ 4,300
Ending, Work-in-Process $ 2,215
Beg, Finished Goods $ 9,998
Ending, Finished Goods $ 16,383
Sales Revenue $1,075,000

  Please calculate the Net Income

Would a client's valuation be negatively impacted by inconsistencies between short-term and long-term strategies?