Sandra’s Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system.

1. Calculate ending inventory and cost of goods sold at October 31, using the specific identification method. The October 4 sale consists of purses from beginning inventory, the October 13 sale consists of one purse from beginning inventory and two purses from the October 10 purchase, and the October 28 sale consists of three purses from the October 10 purchase and four purses from the October 20 purchase.

2. Using FIFO, calculate ending inventory and cost of goods sold at October 31.

3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.
4. Using weighted-average cost, calculate ending inventory and cost of goods sold at October 31. (Do not round intermediate calculations. Round your final answers to 2 decimal places.)

On January 1, 20X1, Porta Corporation purchased Swick Company’s net assets and assigned goodwill of $80,900 to Reporting Division K. The following assets and liabilities are assigned to Reporting Division K on the acquisition date: Carrying Amount Fair Value Cash $ 14,900 $ 14,900 Inventory 56,900 71,900 Equipment 179,000 199,000 Goodwill 80,900 Accounts Payable 30,900 30,900 Required: On December 31, 20X3, Porta must test goodwill for impairment. Determine the amount of goodwill to be reported for Division K and the amount of goodwill impairment to be recognized, if any, if Division K’s fair value is determined to be $349,000. $289,000. $269,000.

Both Maytag and Whirlpool are listed SIC 3630 Household Appliances. They have comparable products yet their financial results are significantly different. Read both 10-K filings and then compare, contrast and comment on their differences. Give your opinion as to the reason for the difference in results and, collectively, attempt to arrive a consensus of which company would be better to work for and invest in. Give an original comparative comment on each different aspect listed above as well as a relevant response to at least two other students comments.

What is the purpose of Accounting?

Identify and describe the four user groups normally interested in financial information. What kind of information is needed by each of these groups?

There are several professional certifications available to accountants. Explain the roles of the Certified Public Accountant (CPA), Certified Management Accountant (CMA), and Certified Internal Auditor (CIA).

If you were planning a career in accounting which of these certifications would you be interested in earning? Why?

What are the different journals used in accounting and why use different journals?

During 2018, Mr. Franz Schlitz receives $23,500 in eligible dividends from Canadian public corporations. Calculate how much Franz will include in his net income for tax purposes. Explain to him why this is not the $23,500 he received, and the purpose of the dividend tax credit. Please note a full calculation of the dividend tax credit, and after tax cash retention is not required.

During Heaton Company’s first two years of operations, it reported absorption costing net operating income as follows:

* $3 per unit variable; $253,000 fixed each year.

The company’s $39 unit product cost is computed as follows:

Forty percent of fixed manufacturing overhead consists of wages and salaries; the remainder consists of depreciation charges on production equipment and buildings.

Production and cost data for the first two years of operations are:

Required:

1. Using variable costing, what is the unit product cost for both years?

2. What is the variable costing net operating income in Year 1 and in Year 2?

3. Reconcile the absorption costing and the variable costing net operating income figures for each year.

During the current year, KB has the following costs:

Utility Costs for Home $2,500

Maintenance and Repairs for Home 3,100

Property Taxes for Home 5,400

House Insurance 1,300

Interest on Mortgage 4,600

Home Telephone Monthly Charge 600

Separate Line to Home-Work-Space Monthly Charge 480

Employment Related Long Distance Charges 560

Home Internet Service Fees 720

KB estimates that he/she uses 18 percent of his residence and 30 percent of his home internet service for employment/business related purposes. Maximum CCA on 100 percent of the house would be $12,000. Determine the maximum deduction that would be available to Mr. Beasley assuming:

A. He is an employee with $72,000 in income (no commissions).

B. He is an employee with $72,000 in commission income.

Why cash conversion cycle is important to measure company’s liquidity?

At the beginning of the current season on April 1, the ledger of Granite Hills Pro Shop showed Cash $3,075; Inventory $4,075; and Common Stock $7,150. The following transactions occurred during April 2017.

1) Journalize the April transactions using a periodic inventory system. (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 amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Round answers to 0 decimal places, e.g. 5,275.)

2) Using T accounts, enter the beginning balances in the ledger accounts and post the April transactions. (Post entries in the order of journal entries posted in part a. Round answers to 0 decimal places, e.g. 5,275. For accounts that have a zero balance select "4/30 Bal." from the list and enter 0 for the amount.)

3) Prepare a trial balance on April 30, 2017. (Do not list those accounts that have zero ending balance.)

4) Prepare an income statement through gross profit, assuming inventory on hand at April 30 is $4,902.

1)

Suburbia Company manufactures a product through a continuous single-step process. All materials are added at the beginning of processing. Production and cost data for the company for February 2016 are as follows:

Required:
Calculate the Following using the weighted average method:

2)

Daosta Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a recent month.

Required:

Using the FIFO method:

On Jan 1, 2012, Roger Company issued $2,000,000, 9%, 5-year bonds dated Jan 1, 2012, at 97. The bonds pay semiannual interest on Jan 1 and July 1. The company uses the straight-line method of amortization and has a calendar year-end.

Prepare all the journal entries on the dates Jan 1 and July 1.

Skysong, Inc. began the year with retained earnings of $308000. During the year, the company issued $417000 of common stock, recorded expenses of $1193000, and paid dividends of $80400. If Skysong ending retained earnings was $328000, what was the company’s revenue for the year? $1293400 $1213000 $1630000 $1710400

Part 1: Record the following transactions for Classic Canine Cuts for the month of December in the General Journal.

Transaction Date Description
1 12/1 Issued 100,000 shares of common stock for $100,000.
2 12/2
A retail space is rented. Paid for one year of rent in advance totaling $24,000. (rent is $2,000 per month)
3 12/4 Purchased equipment for the business totaling $36,000.
4 12/5 Purchased $1,500 of supplies on account.
5 12/7 Provided services to customers for cash totaling $5,000.
6 12/9
Purchased an ad in the local newspaper to run during December for $400.
7 12/12
Customers purchased $1,000 of gift certificates for services to be provided in the future (pre-paid for future services).
8 12/15
Paid employee salaries for the first half of December totaling $1,200.
9 12/17 Paid $1,000 for the supplies that were purchased on December 5th.
10 12/20 Provided $2,500 of services to customers on account.
11 12/25 Paid a cash dividend of $800 to the shareholders.
12 12/30 Received $1,500 on account for services provided on 12/20.

Part 2: Post all of the transactions for the month of December from the General Journal to the General Ledger

General Journal – Adjusting Entries Part 4

Ref # Date Account Debit Credit
A 1
  
  
A 2
  
  
A 3
  
  
A. 4
  
  
A. 5