Which of the following are revenues? • 1. Provided a cleaning service and received $200 cash 2. Earned $400 interest on bank deposit, amount not yet paid by the bank 3. Provided management services to client. The fee for this service has been received in advance 4. Received $2000 deposit for goods to be delivered in the future

Assume you are a new manager in the Financial Analysis department and are orienting a team of new college graduates to the world of capital budgeting.

In your initial post, explain the uses of the common capital budgeting tools to them. Explain what they are, and how you use them in your daily tasks. Make sure to explain any financial terminology

In September 2019, Manson Paint Corporation began operations in a state that requires new employers of one or more individuals to pay a state unemployment tax of 3.5% of the first $7,000 of wages paid each employee.

An analysis of the company's payroll for the year shows total wages paid of $177,610. The salaries of the president and the vice president of the company were $20,000 and $15,000, respectively, for the four-month period, but there were no other employees who received wages in excess of $7,000 for the four months. Included in the total wages were $900 paid to a director who only attended director meetings during the year, $6,300 paid to the factory superintendent, and $2,000 in employee contributions to a cafeteria plan made on a pretax basis-for both federal and state.

In addition to the total wages of $177,610, a payment of $2,430 was made to Andersen Accounting Company for an audit it performed on the company's books in December 2019. Compute the following; round your answers to the nearest cent.

Betty DeRose, Inc. operates two departments, the handling department and
the packaging department. During April, the handling department reported
the following information:

                                           % complete      % complete
                                units         DM           conversion 
work in process, April 1        18,000        38%             71%
units started during April      80,000
work in process, April 30       44,000        82%             47%

The cost of beginning work in process and the costs added during April
were as follows:

                                 DM         Conversion       Total cost
work in process, April 1      $ 51,764       $152,477         $204,241
costs added during April       191,452        232,125          423,577
total costs                    243,216        384,602          627,818

Calculate the total cost of the handling department's work in process
inventory at April 30 using the weighted average process costing method.

The following financial statements and additional information are reported.

Additional Information

1. A $30,000 note payable is retired at its $30,000 carrying (book) value in exchange for cash.
2. The only changes affecting retained earnings are net income and cash dividends paid.
3. New equipment is acquired for $70,600 cash.
4. Received cash for the sale of equipment that had cost $61,600, yielding a $3,300 gain.
5. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement.
6. All purchases and sales of inventory are on credit.

Required:

(1) Prepare a statement of cash flows using the indirect method for the year ended June 30, 2019.

Riverwards Inc. is a small company that manufactures irrigation systems. The line workers earn $32/hour. The company uses job order costing and applies manufacturing overhead on the basis of labor hours. At the beginning of the month, the following estimates were made:

Estimated Manufacturing Overhead Costs -              $270,000

Estimated Direct Labor Hours -                                          900

Beginning balances for inventory accounts were as follows:

            Raw Materials -                                   $30,000

            Work in Process -                                $41,000 Job 1311

            Finished Goods -                                $150,000 Job 1310

The following transactions took place during the month (all purchases and services were acquired on account):

1. $255,000 in raw materials were purchased
2. Direct materials were requisitioned for use in Job 1312, $55,000.
3. Direct materials were requisitioned for use in Job 1313, $80,000.
4. Headquarters incurred $35,000 in utility bills.
5. The factory incurred $15,000 in utility bills.
6. The record for Job 1311 indicated that 280 labor hours were used.
7. The record for Job 1312 indicated that 375 labor hours were used.
8. The record for Job 1313 indicated that 390 labor hours were used.
9. Jobs 1311 and 1312 were completed during the month.
10. Job 1310 and 1312 were sold during the month for $800,000.
11. Factory janitor salaries for the month were $5,000.
12. The factory managers’ salaries totaled $160,000.
13. Indirect materials requisitioned totaled $35,000.
14. $100,000 of depreciation on the factory equipment was accrued this month.
15. Advertising costs for the month were $65,000.

Use MS Excel to show t-accounts or journal entries (your choice) to record the previous transactions. Also answer the following 5 questions in the spreadsheet. Then upload the file.

1. What is the ending balance for Raw Materials? __________________________
2. What is the Cost of Goods Manufactured? _______________________________
3. What is the Cost of Goods Sold on the income statement____________________
4. How much overhead was actually incurred this period? __________________________
5. What is the net income for the period? _________________________________

(Analysis of Transactions' Effect on SCF) Each of the following items must be considered in preparing a statement of cash flows for Cruz Fashions Inc. for the year ended December 31, 2020.

• 1.Fixed assets that had cost $20,000 6½ years before and were being depreciated on a 10-year basis, with no estimated scrap value, were sold for $4,750.
• 2.During the year, goodwill of $15,000 was considered impaired and was completely written off to expense.
• 3.During the year, 500 shares of common stock with a stated value of $25 a share were issued for $32 a share.
• 4.The company sustained a net loss for the year of $2,100. Depreciation amounted to $2,000 and patent amortization was $400.
• 5.Uncollectible accounts receivable in the amount of $2,000 were written off against Allowance for Doubtful Accounts.
• 6.Debt investments (available-for-sale) that cost $12,000 when purchased 4 years earlier were sold for $10,600.
• 7.Bonds payable with a par value of $24,000 on which there was an unamortized bond premium of $2,000 were redeemed at 101.

Instructions

For each item, state where it is to be shown in the statement and then how you would present the necessary information, including the amount. Consider each item to be independent of the others. Assume that correct entries were made for all transactions as they took place.

Lindsey Contractors' borrowing agreements make certain demands on the business. Lindsey's Long-Term Debt may not exceed Stockholder's Equity, and the current ratio may not fall below 1.50. If Lindsey fails to meet this requirement, the company's lenders can take over management of the corporation.
Current Liabilities have mounted faster than current assets, causing the current ratio to fall to 1.47. Before releasing financial statements, Lindsey management is scrambling to improve the current ratio. Th controller points out that an investment can be classified as either long-term or short-term, depending on management's intention. By deciding to convert an investment to cash within one year, Lindsey can classify the investment as short-term - a current asset. On the controller's recommendation, Lindsey's board of directors votes to reclassify long-term investments as short-term.

1. Do you think that the actions taken by Lindsey's controller and board of directors are ethical. Why or why not?

2. Shortly after the financial statements are released, sales improve and so does the current ratio. As a result, Lindsey management decides not o sell the investments it had reclassified as short-term. Accordingly, Lindsey reclassifies the investments as long-term. Has management behaved unethically? Why or why not?

Fast Spirit Calendars imprints calendars with college names. The company has fixed expenses of $1,125,000 each month plus variable expenses of $4.50 per carton of calendars. Of the variable​ expense, 69​% is cost of goods​ sold, while the remaining 31​% relates to variable operating expenses. The company sells each carton of calendars for $19.50

1.) The Break Even Sale is ______ Cartoons?

2.) Monthly Sales Needed to Earn $338,000 in Operating Income is ______.

3.) Prepare the Company's Contribution Margin Income Statement for June for Sales of 470,000 Cartoons

Sales Revenue:

Variable Expenses:

Cost of Goods Sold:

Operating Expenses:

Contribution Margin:

Fixed Expenses:

Operating Income:

4.) What is​ June's margin of safety​ (in dollars)? What is the operating leverage factor at this level of​ sales?

5.) By what percentage will operating income change if​ July's sales volume is 14​% higher? Prove your answer. ​(Round the percentage to two decimal​ places.

NEED PARAGRAPH NUMBERS!!!!!! This problem requires you to access PCAOB Auditing Standards (pcaobus.org) to answer each of the following questions. You can access those standards by viewing content found under the link “Standards.” For each answer, document the paragraph(s) in the relevant standard supporting your answer. Review PCAOB auditing standards related to the auditor’s consideration of fraud in a financial statement audit, to answer questions in parts a. through d. Review PCAOB Auditing Standard No. 12, Identifying and Assessing Risks of Material Misstatement, to answer parts e. and f. a. You have determined that there is a fraud risk related to the existence and accuracy of inventory. Review the guidance in PCAOB auditing standards to provide examples of auditor responses involving changes to the nature, timing, and extent of audit procedures related to this assessed fraud risk for inventory. b. What do PCAOB auditing standards say about how the auditor should assess risk related to revenue recognition? c. What examples of auditor responses to fraud risk related to revenue recognition are provided in PCAOB auditing standards? d. What kind of documentation is required for the auditor’s consideration of fraud? e. What kinds of inquiries about fraud risks are required by PCAOB Standard No. 12? f. How does PCAOB Standard No. 12 define “fraud risk factors”? Do all conditions have to be present for fraud risk to exist?

Problem 17-6 Determine the PBO; plan assets; pension expense; two years [LO17-3, 17-4, 17-6]

Stanley-Morgan Industries adopted a defined benefit pension plan on April 12, 2018. The provisions of the plan were not made retroactive to prior years. A local bank, engaged as trustee for the plan assets, expects plan assets to earn a 10% rate of return. The actual return was also 10% in 2018 and 2019.* A consulting firm, engaged as actuary, recommends 4% as the appropriate discount rate. The service cost is $150,000 for 2018 and $280,000 for 2019. Year-end funding is $160,000 for 2018 and $170,000 for 2019. No assumptions or estimates were revised during 2018.

*We assume the estimated return was based on the actual return on similar investments at the inception of the plan and that, since the estimate didn’t change, that also was the actual rate in 2019.

Required:

Calculate each of the following amounts as of both December 31, 2018, and December 31, 2019: (Enter your answers in thousands (i.e., 200,000 should be entered as 200).)

explain utility theory and apply it to decision under risk

1.

Requirement 1. Record each transaction in the journal. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.)

Requirement 1) Dec.1:Murphy Delivery Service began operations by receiving $13,000 cash and a truck with a fair value of $9,000 from Russ Murphy.The business issued Murphy

shares of common stock in exchange for this contribution.

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Requirement 2)

Record each transaction in the journal using the following chart of accounts. Explanations are not required.

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2.

Post the transactions in the T-accounts.

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3.

Prepare an unadjusted trial balance as of December 31 , 2018.

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4.

Prepare a worksheet as of December 31 ,2018.

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5.

Journalize the adjusting entries using the following adjustment data and also by reviewing the journal entries prepared in Requirement 1. Post adjusting entries to the T-accounts.

Adjustment data:

6.

Prepare an adjusted trial balance as of

December 31 ,2018

7.

Prepare Murphy Delivery Service's income statement and statement of retained earnings for the month ended December 31 2018

and the classified balance sheet on that date.On the income statement, list expenses in decreasing order by

amount—that is, the largest expense first, the smallest expense last.

8.

Journalize the closing entries and post to the T-accounts.

9.

Prepare a post-closing trial balance as of

December 31, 2018