The trial balance of Swifty Ltd. at December 31, 2020, follows:

^* The investment income or loss relates to the FV-NI investments.

(a)

Prepare a classified statement of financial position as at December 31, 2020. Ignore income taxes. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.)

**please provide breakdown of how you got the answer. thanks

The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production.

a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent.

b. Assuming that the direct materials cost is the same for February and March, did the conversion cost per equivalent unit increase, decrease, or remain the same in March?

Garcia Home Improvement Company installs replacement siding, windows, and louvred glass doors for single-family homes and condominium complexes in northern New Jersey and southern New York. The company is in the process of preparing its annual financial statements for the fiscal year ended May 31, 2019, and Jim Alcide, a controller for Garcia, has gathered the following data concerning inventory.

At May 31, 2019, the balance in Garcia’s Raw Material Inventory account was $268,000

and the Allowance to Reduce Inventory to NRV had a credit balance of $10,700

Alcide summarized the relevant inventory cost and market data on May 31, 2019, in the schedule below.

Alcide assigned Patricia Devereaux, an intern from a local college, the task of calculating the amount that should appear on Garcia’s May 31, 2019, financial statements for inventory under the lower-of-cost-or-NRV rule as applied to each item in inventory. Devereaux expressed concern over departing from the cost principle.

Rotorua Products, Ltd., of New Zealand markets agricultural products for the burgeoning Asian consumer market. The company’s current assets, current liabilities, and sales over the last five years (Year 5 is the most recent year) are as follows:

Required:

1. Express all of the asset, liability, and sales data in trend percentages. Use Year 1 as the base year. (Round your percentage answers to 1 decimal place (i.e., 0.1234 should be entered as 12.3).)

Following is a list of financial statement items and amounts for Vantage Service as of 12/31/Year 1, the end of its first year in operation.

Accounts Receivable $ 41,300

Accounts Payable 31,300

Cash 10,130

Common Stock 21,300

Notes Payable 10,260

Equipment 50,650

Sales Revenue 106,500

Fuel Expense 10,130

Rent Expense 11,200

Advertising Expense 5,130

Salaries and Wages Expense 21,300

Retained Earnings ?

Dividends 19,520

Required: Prepare the Income Statement for the year ended December 31, Year 1.    Prepare the statement of retained earnings for the year ended December 31, Year 1.    Prepare the balance sheet for the year ended December 31, Year 1.

What amount does a company expect to collect from Accounts Receivable?

A) gross amount of Accounts Receivable

B) net realizable value of Accounts Receivable

C) gross amount of Accounts Receivable minus Allowance for Uncollectible Accounts

D) B and C

Emma Jones Company has the following information available:

Did the quick ratio improve from 2018 to 2019?

A) No.

B) Yes.

C) It stayed the same.

D) There is not enough information.

The partnership of Ace, Jack, and Spade has been in business for 25 years. On December 31, 20X5, Spade decided to retire. The partnership balance sheet reported the following capital balances for each partner at December 31, 20X5:

The partners allocate partnership income and loss in the ratio 20:30:50, respectively.

Required:
Record Spade’s withdrawal under each of the following independent situations.

g. Because of limited cash in the partnership, Spade received land with a fair value of $100,200 and a partnership note payable for $51,500. The land’s carrying amount on the partnership books was $61,800. Capital of the partnership after Spade’s retirement was $361,300. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

A.

Land

Ace capital

Jack capital

spade capital

B

Spade capital

ace capital

jack capital

land credit: 100,200

Notes payable: 51, 500

2. Ronald Zoller is planning to retire at the end of the current year. He estimates that he will need $18,000 a year for the next 15 years to meet his needs. Assuming the appropriate interest rate is $8%, how much should Zoller deposit on December 31 of the current year in order to be able to withdraw $18,000 at the end of each of the next 15 years.

Table I used to solve this problem

Table factor I used to solve this problem

Final answer

Peace Company issued common shares with a par value of $59,000 and a market value of $165,900 in exchange for 30 percent ownership of Symbol Corporation on January 1, 20X2. Symbol reported the following balances on that date:

The estimated economic life of the patents held by Symbol is 4 years. The buildings and equipment are expected to last 6 more years on average. Symbol paid dividends of $10,000 during 20X2 and reported net income of $81,000 for the year.

Required:
Compute the amount of investment income (loss) reported by Peace from its investment in Symbol for 20X2 and the balance in the investment account on December 31, 20X2, assuming the equity method is used in accounting for the investment.

Make sure to scroll left and right to see full question and please show work. Waterway makes two products, Simple and Complex. As their names suggest, Simple is the more basic product, and Complex comes with all the bells and whistles. The company has always allocated overhead costs to products based on machine hours. Last year, the company implemented an activity-based costing system, and managers determined the following activity pools and rates based on total overhead of $1,592,000:

Only the Complex product requires bonding, so all the costs of bonding should be allocated to Complex. The following data relate to both products.

Using the traditional method of allocating overhead costs,

(Round overhead rate and overhead per unit answers to 2 decimal places, e.g. 15.25.)

Using the activity-based costing rates,

(Round per unit answers to 2 decimal places, e.g. 15.25)

Excel Manufacturing, a corporation, hired a private investigator to conduct surveillance of DeJuan, the Chief Financial Officer, because he was suspected of committing corporate espionage. Without DeJuan’s consent, the private investigator approached DeJuan and demanded to be allowed to search him and his cell phone without either a warrant or probable cause. Which of the following does this action violate?

Multiple Choice

• The action violates no constitutional amendment.

• Fourth Amendment search and seizure.

• Fourteenth Amendment substantive due process.

• Fourteenth Amendment procedural due process.

Management bookkeeper/accountant can contribute in following manners towards cost transformaton of an organisation :

-By causing a cost-conscious culture .

-By dealing with the risks inherent in driving cost competitiveness.

-By associating items with profitability .

-By generating greatest value through new items.

-By incorporating sustainability to streamline or optimise profits.

-By understanding cost drivers, cost bookkeeping frameworks and processes.

Explain how this six ways can contribute towards cost transformation in an organisation.

No need to show working.

Due Co. manufactures two bicycles, the Mountain Bike and the Street Racer, and anticipates producing 8,000 Mountain Bikes and 4,000 Street Racers.

The direct material cost and direct labor cost for each bike are:

Due’s budgeted overhead cost of $2,140,000 is based on the following:

• Set-up procedures                      $   400,000
• Assembling stations        $1,200,000
• Finishing                        $   240,000
• Shipping                        $   300,000

The following activities are needed to manufacture the bikes:

For Questions 32 – 35, assume Due uses activity-based costing.

1. What is the cost driver rate for finishing?

2. What is the cost driver rate for shipping?

3. What is the manufacturing overhead cost per bike for the Mountain Bike?

4. What is the total cost per bike of the Mountain Bike?

Discuss

Consider the roles and responsibilities of each of these parties with corporate governance responsibilities. Which party do you think is most responsible for preventing fraud? Which party do you think is most responsible for detecting fraud?

Provide formal discussion.

Larry Nelson holds 1,000 shares of General Electric common stock. As a shareholder, he has the right to be involved in the election of its directors. These directors are responsible for managing the company and achieving the company’s objectives.

True or False: Larry can invest in another company that is selling class A shares to the public, and class B shares will be retained by company insiders. This will help the founders maintain control in the company.

True

False

Larry also holds 2,000 shares of common stock in a company that only has 20,000 shares outstanding. Currently, the company’s stock is valued at $47.00 per share. The company needs to raise new capital to invest in its future production activities. The company is anticipating issuing 5,000 new shares at a price of $37.60 per share. Larry worries about the value of his investment.

Larry’s current investment in the company is worth $ __________________

. If the company issues its new shares and Larry makes no additional investments in the company, then his investment will be worth $ _______________

.

This scenario is an example of _____________ . Larry could be protected if the firm’s corporate charter includes a _____________ provision.

If Larry exercises the provisions in the corporate charter to protect his stake, his investment value in the firm will become $ _________________