Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$20 par value, 100,000 shares authorized, 55,000 shares issued and outstanding $ 1,100,000 Paid-in capital in excess of par value, common stock 70,000 Retained earnings 400,000 Total stockholders' equity $ 1,570,000 In year 2017, the following transactions affected its stockholders’ equity accounts. Jan. 1 Purchased 4,000 shares of its own stock at $20 cash per share. Jan. 5 Directors declared a $4 per share cash dividend payable on February 28 to the February 5 stockholders of record. Feb. 28 Paid the dividend declared on January 5. July 6 Sold 1,500 of its treasury shares at $24 cash per share. Aug. 22 Sold 2,500 of its treasury shares at $17 cash per share. Sept. 5 Directors declared a $4 per share cash dividend payable on October 28 to the September 25 stockholders of record. Oct. 28 Paid the dividend declared on September 5. Dec. 31 Closed the $368,000 credit balance (from net income) in the Income Summary account to Retained Earnings.

Required: 1. Prepare journal entries to record each of these transactions for 2017.

2. Prepare a statement of retained earnings for the year ended December 31, 2017.

3. Prepare the stockholders' equity section of the company’s balance sheet as of December 31, 2017.

The required report or statements in the general purpose federal financial report that addresses forward-looking information regarding the possible effects of currently known demands, risks, and uncertainties, and trends in the federal entity is (are):

Question 7 options:

The statement of activities required by SFAS No. 117 for health care entities subject to its jurisdiction must display changes for the period in which of the following categories of net assets?

Question 10 options:

Are public and private colleges and universities required to report depreciation expense in their financial statements?

Question 25 options:

An audit of a government, conducted in accordance with generally accepted auditing standards (GAAS), includes

Question 24 options:

All of the following are examples of acts or policies that are uniform across the United Stated for not-for-profit organizations except:

Question 14 options:

1) A company has variable costs of $24.50, total fixed costs of $20,500,000 and plans to sell its product for $38.00. In 2018 it sold 2,200,000 units of product.

Required: a) breakeven in units and dollars; b) assume management wants to earn $14,000,000 in operating income, how many units must be sold; c) assume income tax rates are 22% of pre-tax income and management wants to earn $16,000,000 after tax- how many units are required; d) for 2018 what is the margin of safety in dollars and percentage; e) what is the operating leverage in 2018; f) the production manager wants to automate production and lower variable costs by $2 per unit and spend an additional $3,500,000 fixed costs per year- is this more profitable?

g) The sales manager wants to drop prices by $2 per unit and spend an added $250,000 on advertising, while volume increase by 160,000 units- is this more profitable?

Mertz Company employs a job cost system. As of January 1, 2019, its records showed the following inventory balances:

The work in process inventory consisted of two jobs:

Summarized below are the production and sales data for the company for 2019:

1.      Materials purchased $95,000
2.      Materials requisitioned: direct materials for Job No. 378, $16,000; for Job No. 379, $32,000; and Job No. 380, $36,000; supplies (indirect materials) requisitioned, $4,500.
3.      Factory payroll distributed: direct labor to Job No. 378, $30,000; to Job No. 379, $45,000; and to Job No.380, $60,000; indirect labor, $15,000
4.      Manufacturing overhead is assigned to work in process at $0.50 per dollar of direct labor (the same rate as in 2018)

5.      Job Nos. 378 and 379 were completed
6.      Factory indirect costs (other than indirect labor and indirect materials); depreciation, $7,000; heat, light, and power, $3,000; and miscellaneous, $5,000.
7.      Sales for the year amounted to $320,000; cost of goods sold, $197,000.

Required:

Use T-accounts to illustrate the journal entries for the above summarized transactions.

The outstanding share capital of Marginal Utility Corporation consists of 6,000 preferred shares with a book value of $420,000 and 22,000 common shares with a book value of $220,000. The preferred shares carry a dividend of $6 per share and have a $70 stated value.

Required:

Assuming that the company has retained earnings of $340,000 that is to be entirely paid out in dividends and that preferred dividends were not paid during the two years preceding the current year, state how much each class of shares should receive under each of the following conditions:

1. The preferred shares are non-cumulative and non-participating.
2. The preferred shares are cumulative and non-participating.
3. The preferred shares are cumulative and participating.

The Vice President for Sales and Marketing at Waterways Corporation is planning for production needs to meet sales demand in the coming year. He is also trying to determine how the company’s profits might be increased in the coming year. This problem asks you to use cost-volume-profit concepts to help Waterways understand contribution margins of some of its products and decide whether to mass-produce any of them.

Waterways markets a simple water control and timer that it mass-produces. Last year, the company sold 721,000 units at an average selling price of $3.50 per unit. The variable costs were $1,766,450, and the fixed costs were $529,935.

-Contribution of margin Ratio= 30%

-Break Even point in Units=504,700

-Break Even Point in dollars=1,766,450

(A)What is the margin of safety, both in dollars and as a ratio? (Round ratio to 0 decimal places, e.g. 25%.)

(B)If management wanted to increase its income from this product by 10%, how many additional units would have to be sold to reach this income level?

(C)If sales increase by 51,000 units and the cost behaviors do not change, how much will income increase on this product?

On January 2, 2011, Blueman Corporation was incorporated in the province of Ontario. It was authorized to issue an unlimited number of no-par value common shares, and 25,000 shares of no-par, $8, cumulative and non-participating preferred.   During 2011, the firm completed the following transactions:

Jan 8        Accepted subscriptions for 34,000 common shares at $12 per share. Down payment received on the subscribed shares was 50%.

Jan 30      Issued 10,000 preferred shares in exchange for the following assets: machinery with a fair market value of $50,000, a factory with a fair market value of $200,000, and land with an appraised value of $120,000.

Mar 15      Machinery with a fair market value of $85,000 was donated to the company.

Apr 25      Collected the balance of the subscriptions receivable on only 30,000 shares and issued common shares. A customer defaulted on the last payment on a subscription for 4,000 shares. The company policy is to issue the proportion paid up to date for customers that default.

June 30    Purchased 2,200 common shares at $18 per share. The shares were retired.

Dec 31     Declared sufficient cash dividends to allow a $1 per share dividend for outstanding common shares. The dividend is payable on January 10, 2012, to shareholders of record on January 5, 2012.

Dec 31     Closed the income summary to retained earnings. The income for the period was $225,000.

Required:

1. ( Prepare the journal entries to record the above transactions.
2. (Prepare the shareholders’ equity section of the balance sheet for Blueman Corporation at December 31, 2011.

Fore Farms reported a pretax operating loss of $210 million for financial reporting purposes in 2021. Contributing to the loss were (a) a penalty of $10 million assessed by the Environmental Protection Agency for violation of a federal law and paid in 2021 and (b) an estimated loss of $20 million from accruing a loss contingency. The loss will be tax deductible when paid in 2022.

The enacted tax rate is 25%. There were no temporary differences at the beginning of the year and none originating in 2021 other than those described above.

Required:
1. Prepare the journal entry to recognize the income tax benefit of the net operating loss in 2021.
2. What is the net operating loss reported in 2021 income statement?
3. Prepare the journal entry to record income taxes in 2022 assuming pretax accounting income is $225 million. No additional temporary differences originate in 2022.
  

[The following information applies to the questions displayed below.]
  
On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. The following transactions occur from August 1 through December 31. Also, the balances are provided for the month ended July 31.
  
The articles of incorporation state that the corporation will sell 37,000 shares of common stock for $1 each. Each share of stock represents a unit of ownership. Tony and Suzie will act as co-presidents of the company. The following business activities occur during July for Great Adventures.
  
Jul. 1 Sell $18,500 of common stock to Suzie.
Jul. 1 Sell $18,500 of common stock to Tony.
Jul. 1 Purchase a one-year insurance policy for $3,960 ($330 per month) to cover injuries to participants during outdoor clinics.
Jul. 2 Pay legal fees of $1,400 associated with incorporation.
Jul. 4 Purchase office supplies of $1,000 on account.
Jul. 7 Pay for advertising of $330 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $40 the day of the clinic.
Jul. 8 Purchase 10 mountain bikes, paying $13,800 cash.
Jul. 15 On the day of the clinic, Great Adventures receives cash of $2,400 from 60 bikers. Tony conducts the mountain biking clinic.
Jul. 22 Because of the success of the first mountain biking clinic, Tony holds another mountain biking clinic and the company receives $3,000.
Jul. 24 Pay for advertising of $910 to a local radio station for a kayaking clinic to be held on August 10. Attendees can pay $130 in advance or $180 on the day of the clinic.
Jul. 30 Great Adventures receives cash of $6,500 in advance from 50 kayakers for the upcoming kayak clinic.
Aug. 1 Great Adventures obtains a $42,000 low-interest loan for the company from the city council, which has recently passed an initiative encouraging business development related to outdoor activities. The loan is due in three years, and 6% annual interest is due each year on July 31.
Aug. 4 The company purchases 14 kayaks, paying $17,600 cash.
Aug. 10 Twenty additional kayakers pay $3,600 ($180 each), in addition to the $6,500 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak clinic.
Aug. 17 Tony conducts a second kayak clinic, and the company receives $11,300 cash.
Aug. 24 Office supplies of $1,000 purchased on July 4 are paid in full.
Sep. 1 To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed, purchasing a one-year rental policy for $3,000 ($250 per month).
Sep. 21 Tony conducts a rock-climbing clinic. The company receives $15,100 cash.
Oct. 17 Tony conducts an orienteering clinic. Participants practice how to understand a topographical map, read an altimeter, use a compass, and orient through heavily wooded areas. The company receives $18,100 cash.
Dec. 1 Tony decides to hold the company’s first adventure race on December 15. Four-person teams will race from checkpoint to checkpoint using a combination of mountain biking, kayaking, orienteering, trail running, and rock-climbing skills. The first team in each category to complete all checkpoints in order wins. The entry fee for each team is $570.Dec. 5 To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $60 in salary for each team that competes in the race. His salary will be paid after the race.Dec. 8 The company pays $1,200 to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expense.Dec. 12 The company purchases racing supplies for $2,900 on account due in 30 days. Supplies include trophies for the top-finishing teams in each category, promotional shirts, snack foods and drinks for participants, and field markers to prepare the racecourse.Dec. 15 The company receives $22,800 cash from a total of forty teams, and the race is held.Dec. 16 The company pays Victor’s salary of $2,400.
Dec. 31 The company pays a dividend of $3,600 ($1,800 to Tony and $1,800 to Suzie).
Dec. 31 Using his personal money, Tony purchases a diamond ring for $5,400. Tony surprises Suzie by proposing that they get married. Suzie accepts and they get married!

The following information relates to year-end adjusting entries as of December 31, 2018.
  
a. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $7,700.
b. Six months’ worth of insurance has expired.
c. Four months’ worth of rent has expired.
d. Of the $1,000 of office supplies purchased on July 4, $220 remains.
e. Interest expense on the $42,000 loan obtained from the city council on August 1 should be recorded.
f. Of the $2,900 of racing supplies purchased on December 12, $180 remains.
g. Suzie calculates that the company owes $13,900 in income taxes.
  
Assume the following ending balances for the month of July.

Required:
1. Record transactions from July 1 through December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

2. Record adjusting entries as of December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

3. Post transactions from August 1 through December 31 and adjusting entries on December 31 to T-accounts. (Be sure to include beginning balances in the T-accounts.)

4. Prepare an adjusted trial balance as of December 31, 2018. (The items in the Trial Balance should be grouped as follows: Assets, Contra-asset accounts, Liabilities, Equity, Dividends, Revenues, and Expenses.)

5-a. For the period July 1 to December 31, 2018, prepare an income statement.

5-b. For the period July 1 to December 31, 2018, prepare a statement of stockholders’ equity. All account balances on July 1 were zero.

5-c. Prepare a classified balance sheet as of December 31, 2018. (Amounts to be deducted should be indicated with minus sign.)

6. Record closing entries as of December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

7. Post the closing entries of retained earnings to the T-account.

8. Prepare a post-closing trial balance as of December 31, 2018.

The Austin, Texas plant of Computer Products produces disk units for personal and small business computers. Gerald Knox, the plant’s production planning director, is looking over next year’s sales forecasts for these products and will be developing an aggregate capacity plan for the plant. The quarterly sales forecasts for the disk units are as follows:

Ample machine capacity exists to produce the forecast. Each disk unit takes an average of 20 labor-hours. In addition, you have collected the following information:

1. Inventory carrying cost is $100 per disk unit per quarter. The cost is applied to all units in inventory at the end of a quarter.
2. The plant works the same number of days in each quarter, 12 five-day weeks, 6 hours per day.
3. Beginning inventory is 150 disk units. These will be used to help satisfy the 1^st Quarter demand.
4. In a backlog situation, the customer will wait for his order to be filled but will expect a price reduction each quarter he waits. The backlog costs are $300 per disk for the first quarter the customer waits, $700 for the second quarter the customer waits, and $900 for the third quarter the customer waits. In filling orders, backlogged items will always be filled before current quarter items,
5. The cost of hiring a worker is $800 while the cost of laying off a worker is $950.
6. The straight time labor rate is $20 per hour for the first quarter and increases to $22 per hour in the fourth quarter.
7. Overtime work is paid at time and a half (150%) of the straight time work.
8. Outsourcing (contract work) is paid at the rate of $475 per disk unit for the labor and Computer Products provides the material.
1. Demand during the fourth quarter of the prior year was 1,800 units and was fulfilled using a workforce working at full utilization. The demand for the first quarter of the next year (year following the year you are analyzing) is projected to be at the 2,340 unit level.

Compare the following two sales and operations plans.

i) The company will use a matching (chasing) demand strategy for the first two quarters. For quarters three and four, it will use a level production strategy with no overtime, no shortages during these quarters and no inventory leftover at the end of the fourth quarter. What is the total cost of this option, excluding the material cost?

ii) The company will establish in quarter one and then maintain a workforce capable of producing 2,160 units in a quarter. If there are more workers in a quarter than required to produce the demand for that quarter, only the units required will be produced in that quarter and there will be underutilization. If demand is greater in a quarter than can be produced by the available workforce using straight time labor, the excess units will be outsourced. What is the total cost of this option, excluding the material cost?

The Protek Company is a large manufacturer and distributor of electronic components. Because of some successful new products marketed to manufacturers of personal computers, the firm has recently undergone a period of explosive growth, more than doubling its revenues during the last two years. However, the growth has been accompanied by a marked decline in profitability and a precipitous drop in the company’s stock price.

You are a financial consultant who has been retained to analyze the company’s performance and find out what’s going wrong. Your investigative plan involves a series of in-depth interviews with management and doing some independent research on the industry. However, before starting, you want to focus your thinking to be sure you can ask the right questions. You’ll begin by analyzing the firm’s financials over the last three years, which are presented in the supplemental datasheet. Assume the company sold no property, plant, or equipment during the time periods presented. Also assume the company did not repay any long-term debt. The company’s normal credit terms extended to its customers is net 30.

Complete the following using Microsoft Excel and Word. All quantitative analysis should be done in Excel, while all qualitative analysis should be completed in Word. Construct horizontal analysis (year-over-year growth) on the financial statements for 2019 and 2020. Analyze the trend in each line; what does the trend analysis reveal? What are strengths, and areas for concern? Construct common size balance sheets for 2018 - 2020, respectively, and common size income statements for 2018 - 2020, respectively. Analyze the trend in each line. What appears to be happening? What are your significant findings? Construct Statements of Cash Flows for 2019 and 2020 using the indirect method. Also compute Free Cash Flow for each year. Where is the company’s cash going to and coming from? What are strengths, and areas for concern? Calculate all the financial ratios discussed in chapter 15 (use exhibit 15-6 as a guide) for 2019 and 2020. Analyze trends in each ratio. What can you infer from this information? Make specific statements about liquidity, asset management, debt management, profitability, and market performance. Do not simply say that ratios are higher or lower (or that they are going up or down); instead, think about what might be going on in the company and propose reasons why the ratios are acting as they are. Finally, based on all of your analysis, what two (or more) specific actionable items should the company do to improve its situation? Be specific in your response and discuss the implication of your recommendation.

[The following information applies to the questions displayed below.]

Tony and Suzie are ready to expand Great Adventures even further in 2019. Tony believes that many groups in the community (for example, Boy Scouts, church groups, civic groups, and local businesses) would like to hold one-day outings for their members. Groups would engage in outdoor activities such as rock climbing, fishing, capture the flag, paintball, treasure hunts, scavenger hunts, nature hikes, and so on. The purpose of these one-day events would be for each member of the group to learn the importance of TEAM (Together Everyone Achieves More).

Tony knows that most people are not familiar with these types of activities, so to encourage business he allows groups to participate in the event before paying. He offers a 6% quick-payment discount to those that pay within 10 days after the event. He also guarantees that at least eight hours of outdoor activities will be provided or the customer will receive a 20% discount. For the first six months of the year, the following activities occur for TEAM operations.

Jan. 24   Great Adventures purchases outdoor gear such as ropes, helmets, harnesses, compasses, and other miscellaneous equipment for $4,000 cash.
Feb. 25   Mr. Kendall’s Boy Scout troop participates in a one-day TEAM adventure. Normally, Tony would charge a group of this size $2,500, but he wants to encourage kids to exercise more and enjoy the outdoors so he charges the group only $2,000. Great Adventures provides these services on account.
Feb. 28   The Boy Scout troop pays the full amount owed, less the 6% quick-payment discount.
Mar. 19   Reynold’s Management has its employees participate in a one-day TEAM adventure. Great Adventures provides services on account for $3,000, and Reynold’s agrees to pay within 30 days
Mar. 27   Reynold’s pays the full amount owed, less the 6% quick-payment discount.
Apr. 7   Several men from the Elks Lodge decide to participate in a TEAM adventure. They pay $6,500, and the event is scheduled for the following week.
Apr. 14   The TEAM adventure is held for members of the Elks Lodge.
May. 9   Myers Manufacturing participates in a TEAM adventure. Great Adventures provides services on account for $5,000, and Myers agrees to pay within 30 days.
Jun. 1−30   Several MBA groups participate in TEAM adventures during June. Great Adventures provides services on account for $19,000 to these groups, with payment due in July.
Jun. 30   Myers Manufacturing fails to pay the amount owed within the specified period and agrees to sign a three-month, 9% note receivable to replace the existing account receivable.

Required:

1. Record TEAM adventure transactions occurring during the first six months of 2019. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

2. As of June 30, 2019, Great Adventures finishes its first 12 months of operations. If Suzie wants to prepare financial statements, part of the process would involve allowing for uncollectible accounts receivable.

a. Suppose Suzie estimates uncollectible accounts to be 5% of accounts receivable (which does not include the $5,000 note receivable from Myers Manufacturing). Record the adjustment for uncollectible accounts on June 30, 2019. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

b. Prepare a partial balance sheet showing the net accounts receivable section. (Amounts to be deducted should be indicated by a minus sign.)

XYZ manufactures seats for helicopters. The company has the capacity to produce 100,000 seats per year, but is currently produces and sells 75,000 seats per year.

If a special sales order is accepted for 2,500 seats at a price of $ 160 per unit, fixed costs increase by $ 2,500, and variable marketing and administrative costs for that order are $12.50 per unit, how would operating income be affected?

I got answer of  -($ 91,250) Please show the solution

Part A In late 2017, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance of 6,000,000 shares of common stock carrying a $1 par value, and 2,000,000 shares of $5 par value, noncumulative, nonparticipating preferred stock. On January 2, 2018, 4,000,000 shares of the common stock are issued in exchange for cash at an average price of $10 per share. Also on January 2, all 2,000,000 shares of preferred stock are issued at $25 per share. Required: 1. Prepare journal entries to record these transactions. 2. Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2018. (Assume net income for the first quarter 2018 was $1,900,000.) Part B During 2018, the Nicklaus Corporation participated in three treasury stock transactions: On June 30, 2018, the corporation reacquires 280,000 shares for the treasury at a price of $12 per share. On July 31, 2018, 40,000 treasury shares are reissued at $15 per share. On September 30, 2018, 40,000 treasury shares are reissued at $10 per share. Required: 1. Prepare journal entries to record these transactions. 2. Prepare the Nicklaus Corporation shareholders' equity section as it would appear in a balance sheet prepared at September 30, 2018. (Assume net income for the second and third quarter was $3,400,000.) Part C On October 1, 2018, Nicklaus Corporation receives permission to replace its $1 par value common stock (6,000,000 shares authorized, 4,000,000 shares issued, and 3,800,000 shares outstanding) with a new common stock issue having a $.50 par value. Since the new par value is one-half the amount of the old, this represents a 2-for-1 stock split. That is, the shareholders will receive two shares of the $.50 par stock in exchange for each share of the $1 par stock they own. The $1 par stock will be collected and destroyed by the issuing corporation. On November 1, 2018, the Nicklaus Corporation declares a $0.21 per share cash dividend on common stock and a $0.38 per share cash dividend on preferred stock. Payment is scheduled for December 1, 2018, to shareholders of record on November 15, 2018. On December 2, 2018, the Nicklaus Corporation declares a 1% stock dividend payable on December 28, 2018, to shareholders of record on December 14. At the date of declaration, the common stock was selling in the open market at $10 per share. The dividend will result in 76,000 (0.01 × 7,600,000) additional shares being issued to shareholders. Required: 1. Prepare journal entries to record the declaration and payment of these stock and cash dividends. 2. Prepare the December 31, 2018, shareholders' equity section of the balance sheet for the Nicklaus Corporation. (Assume net income for the fourth quarter was $2,900,000.) 3. Prepare a statement of shareholders' equity for Nicklaus Corporation for 2018.