Bill has just returned from a duck hunting trip. He brought home eight ducks. Bill’s friend, John, disapproves of duck hunting, and to discourage Bill from further hunting, John presented him with the following cost estimate per duck:

Required:

1. Assuming the duck hunting trip Bill has just completed is typical, what costs are relevant to a decision as to whether Bill should go duck hunting again this season?

2. Suppose Bill gets lucky on his next hunting trip and shoots 10 ducks using the same amount of shotgun shells he used on his previous hunting trip to bag 8 ducks. How much would it have cost him to shoot the last two ducks?

What is GAAP's guidance on reporting results from EPS, DEPS and ADEPS?

Come-Clean Corporation produces a variety of cleaning compounds and solutions for both industrial and household use. While most of its products are processed independently, a few are related, such as the company’s Grit 337 and its Sparkle silver polish.

Grit 337 is a coarse cleaning powder with many industrial uses. It costs $1.60 a pound to make, and it has a selling price of $7.80 a pound. A small portion of the annual production of Grit 337 is retained in the factory for further processing. It is combined with several other ingredients to form a paste that is marketed as Sparkle silver polish. The silver polish sells for $5.00 per jar.

This further processing requires one-fourth pound of Grit 337 per jar of silver polish. The additional direct variable costs involved in the processing of a jar of silver polish are:

Overhead costs associated with processing the silver polish are:

The production supervisor has no duties other than to oversee production of the silver polish. The mixing equipment is special-purpose equipment acquired specifically to produce the silver polish. It can produce up to 2,500 jars of polish per month. Its resale value is negligible and it does not wear out through use.

Advertising costs for the silver polish total $2,700 per month. Variable selling costs associated with the silver polish are 5% of sales.

Due to a recent decline in the demand for silver polish, the company is wondering whether its continued production is advisable. The sales manager feels that it would be more profitable to sell all of the Grit 337 as a cleaning powder.

Required:

1. How much incremental revenue does the company earn per jar of polish by further processing Grit 337 rather than selling it as a cleaning powder? (Round your answer to 2 decimal places.)

2. How much incremental contribution margin does the company earn per jar of polish by further processing Grit 337 rather than selling it as a cleaning powder? (Round your intermediate calculations and final answer to 2 decimal places.)

3. How many jars of silver polish must be sold each month to exactly offset the avoidable fixed costs incurred to produce and sell the polish? (Round your intermediate calculations to 2 decimal places.)

4. If the company sells 8,700 jars of polish, what is the financial advantage (disadvantage) of choosing to further process Grit 337 rather than selling is as a cleaning powder? (Enter any "disadvantages" as a negative value. Round your intermediate calculations to 2 decimal places.)

5. If the company sells 11,000 jars of polish, what is the financial advantage (disadvantage) of choosing to further process Grit 337 rather than selling is as a cleaning powder? (Enter any "disadvantages" as a negative value. Round your intermediate calculations to 2 decimal places.)

Outdoor Luggage, Inc., makes high-end hard-sided luggage for sports equipment. Data concerning three of the company’s most popular models appear below.

Required:

1. If we assume that the total time available on the plastic injection molding machine is the constraint in the production process, how much contribution margin per minute of the constrained resource is earned by each product?

2. Which product offers the most profitable use of the plastic injection molding machine?

3. If we assume that a severe shortage of plastic pellets has required the company to cut back its production so much that its new constraint has become the total available pounds of plastic pellets, how much contribution margin per pound of the constrained resource is earned by each product?

4. Which product offers the most profitable use of the plastic pellets?

5. Which product has the largest contribution margin per unit?

Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 4,800 units of product were as follows: Standard Costs Actual Costs Direct materials 6,200 lb. at $5.00 6,100 lb. at $4.80 Direct labor 1,200 hrs. at $17.70 1,230 hrs. at $18.10 Factory overhead Rates per direct labor hr., based on 100% of normal capacity of 1,250 direct labor hrs.: Variable cost, $3.90 $4,630 variable cost Fixed cost, $6.20 $7,750 fixed cost Each unit requires 0.25 hour of direct labor. Required: a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct materials price variance $ Direct materials quantity variance Total direct materials cost variance $ b. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct labor rate variance $ Direct labor time variance Total direct labor cost variance $ c. Determine variable factory overhead controllable variance, the fixed factory overhead volume variance, and total factory overhead cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Variable factory overhead controllable variance $ Fixed factory overhead volume variance Total factory overhead cost variance $

Brown County operates a solid waste landfill for the citizens of the county. The following events occurred during the county’s fiscal year ended September 30.

1. The county paid interest costs of $6,879,000; of this amount, $222,000 was required to be capitalized to construction work in progress. Amortization of bond premiums was $173,400.
2. The county is self-insured through an internal service fund for workers’ compensation, automotive, and general liability insurance. The Solid Waste Enterprise Fund participates in the county-run program, and the amount paid for the year was $1,109,800.
3. The county’s recorded value of investments as of September 30 was $134,586,000. Fair market value was determined to be $138,689,100.
4. The fund bills franchise haulers, and at September 30, the balance in Accounts Receivable was $4,866,100. The Allowance for Uncollectible Accounts showed a balance of $138,900, but an aging of accounts determined that the balance should be $185,500.
5. The county’s landfill has a total space of 55,600 cubic yards (cy). The county has projected that future closure and postclosure care costs will be $60,608,000. The county’s estimate of cubic yards consumed as of September 30 is 13,900 cy. The balance in the liability account for closure and postclosure costs as of September 30 of the previous year was $14,042,300. (Hint: The current liability account balance should be subtracted from the total proportion of landfill cubic yards used to arrive at the current year’s expense.)

Required

a. Prepare general journal entries to record the Solid Waste Disposal Fund’s activities.

Can you please create me an income statement and balance sheet as the example below. Thank you

Think about a business, movie, story, etc. that interests you and put together an Income Statement and Balance sheet for that entity. As an example I used The Three Bears from Goldilocks and .. Since we do not know what business the Bears were in, I'm going with Salmon Farming. If you remember the story, Goldilocks breaks into the bears' home, eats porridge, breaks the chair and sleeps in the beds.

Posts should include at least one revenue, and 2 each of expenses, assets, and liabilities. Don’t worry about dates and amounts unless they are relevant to your entity.

Define present value vs future value.  In what scenarios would each method be used?

The Elberta Fruit Farm of Ontario always has hired transient workers to pick its annual cherry crop. Janessa Wright, the farm manager, just received information on a cherry picking machine that is being purchased by many fruit farms. The machine is a motorized device that shakes the cherry tree, causing the cherries to fall onto plastic tarps that funnel the cherries into bins. Ms. Wright has gathered the following information to decide whether a cherry picker would be a profitable investment for the Elberta Fruit Farm:

1. Currently, the farm is paying an average of $230,000 per year to transient workers to pick the cherries.
2. The cherry picker would cost $620,000. It would be depreciated using the straight-line method and it would have no salvage value at the end of its 8-year useful life.
3. Annual out-of-pocket costs associated with the cherry picker would be: cost of an operator and an assistant, $91,000; insurance, $5,000; fuel, $13,000; and a maintenance contract, $16,000.

Click here to view Exhibit 13B-1 and Exhibit 13B-2, to determine the appropriate discount factor using tables.

Required:

1. Determine the annual savings in cash operating costs that would be realized if the cherry picker were purchased.

2a. Compute the simple rate of return expected from the cherry picker.

2b. Would the cherry picker be purchased if Elberta Fruit Farm’s required rate of return is 11%?

3a. Compute the payback period on the cherry picker.

3b. The Elberta Fruit Farm will not purchase equipment unless it has a payback period of six years or less. Would the cherry picker be purchased?

4a. Compute the internal rate of return promised by the cherry picker.

4b. Based on this computation, does it appear that the simple rate of return is an accurate guide in investment decisions?

Which of ollow indi tax return? Should any of these individuals file a return even if filing is no t required? Why or why not? a. Patricia, age 19, is a self-employed single individual with gross income of $5,200 from an unincorporated business. Business expenses amot1nted to $4,900. b. Mike is single and is 67 years old. His gross income from wages was $10,800. c. Ronald is a dependent child under age 19 who received $6,800 in wages from a part-time job. d. Sam is married and files a joint return with his spouse, Lana. Both Sam and Lana are 67 years old. Their combined gross income was $24,250. e . Quinn, age 20, is a full-time college student who is claimed as a dependent by his parents. Quinn reports taxable interest and dividends of $2,500.

Absorption and Variable Costing Income Statements

During the first month of operations ended July 31, YoSan Inc. manufactured 9,900 flat panel televisions, of which 9,200 were sold. Operating data for the month are summarized as follows:

Required:

1. Prepare an income statement based on the absorption costing concept.

2. Prepare an income statement based on the variable costing concept.

Salespersons' Report and Analysis

Walthman Industries Inc. employs seven salespersons to sell and distribute its product throughout the state. Data taken from reports received from the salespersons during the year ended December 31 are as follows:

Required:

1. Prepare a table indicating contribution margin, variable cost of goods sold as a percent of sales, variable selling expenses as a percent of sales, and contribution margin ratio by salesperson. Round percents to the nearest whole number. Enter all amounts as positive numbers.

The City of Ashville operates an internal service fund to provide garage space and repairs for all city-owned-and-operated vehicles. The Central Garage Fund’s preclosing trial balance for the current fiscal year is as follows:

The following information, not yet reflected in the preclosing figures above, applies to the current fiscal year:

1. Supplies were purchased on account for $92,000; the perpetual inventory method is used.
2. The cost of supplies used during the year was $110,000. A physical count taken as of that date showed materials and supplies on hand totaled $72,000 at cost.
3. Salaries and wages paid to employees totaled $235,000, including related costs.
4. Billings totaling $30,000 were received from the enterprise fund for utility charges. The Central Garage Fund paid $27,000 of the amount owed. (At the government-wide level, record the payable amount as Internal Balances.)
5. Depreciation of the building was recorded in the amount of $10,000; depreciation of the machinery and equipment amounted to $9,000.
6. Billings to other departments for services provided to them were as follows:

7. Unpaid interfund receivable balances were as follows:

8. Vouchers payable at year-end were $16,000.
9. Closing entries were Prepared for the Central Garage Fund (ignore government-wide closing entry).

Assume all expenses at the government-wide level are charged to the General Government function. Prepare journal entries to record all of the transactions for this period in the Central Garage Fund accounts and in the governmental activities accounts.

Prepare closing entries for the Central Garage Fund (ignore government-wide closing entry).

Prepare a statement of net position for the Central Garage Fund as of year-end.

Predetermined Overhead Rate, Application of Overhead to Jobs, Job Cost

On April 1, Sangvikar Company had the following balances in its inventory accounts:

Work-in-process inventory is made up of three jobs with the following costs:

During April, Sangvikar experienced the transactions listed below.

1. Materials purchased on account, $28,670.
2. Materials requisitioned: Job 114, $16,270; Job 115, $12,370; and Job 116, $5,000.
3. Job tickets were collected and summarized: Job 114, 160 hours at $11 per hour; Job 115, 220 hours at $14 per hour; and Job 116, 70 hours at $19 per hour.
4. Overhead is applied on the basis of direct labor cost.
5. Actual overhead was $4,280.
6. Job 115 was completed and transferred to the finished goods warehouse.
7. Job 115 was shipped, and the customer was billed for 125 percent of the cost.

Required: (Can you please show detail calculations for solution for the answer)

1. Calculate the predetermined overhead rate based on direct labor cost.

% of direct labor cost

2. Calculate the ending balance for each job as of April 30. When required, round your answers to the nearest dollar. Use your rounded answers in subsequent computations, if necessary.

3. Calculate the ending balance of Work in Process as of April 30. When required, round your answer to the nearest dollar. (Can you please show detail calculations for solution for the answer)

$ _________

4. Calculate the cost of goods sold for April. When required, round your answer to the nearest dollar. (Can you please show detail calculations for solution)

$ __________

5. Assuming that Sangvikar prices its jobs at cost plus 25 percent, calculate the price of the one job that was sold during April. Round to the nearest dollar. (Can you please show detail calculations for solution)

$________

Please answer all three questions with a total of 1,000 words and no plagarism!

1. What is a good working definition of blockchain and cryptocurrencies?

2. How could these technologies drive change in the accounting and finance fields?

3. What are some of the obstacles facing firms trying to implement blockchain solutions?