1. A new operating system for an existing machine is expected to cost $680,000 and have a useful life of six years. The system yields an incremental after-tax income of $155,000 each year after deducting its straight-line depreciation. The predicted salvage value of the system is $26,000.
2. A machine costs $530,000, has a $24,200 salvage value, is expected to last eight years, and will generate an after-tax income of $76,000 per year after straight-line depreciation.

Assume the company requires a 10% rate of return on its investments. Compute the net present value of each potential investment. (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided.)

A new operating system for an existing machine is expected to cost $680,000 and have a useful life of six years. The system yields an incremental after-tax income of $155,000 each year after deducting its straight-line depreciation. The predicted salvage value of the system is $26,000. (Round your answers to the nearest whole dollar.)

A machine costs $530,000, has a $24,200 salvage value, is expected to last eight years, and will generate an after-tax income of $76,000 per year after straight-line depreciation. (Round your answers to the nearest whole dollar.)

AirQual Test Corporation provides on-site air quality testing services. The company has provided the following cost formulas and actual results for the month of February:

The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $4,700 plus $31 per job, and the actual mobile lab operating expenses for February were $8,880. The company expected to work 140 jobs in February, but actually worked 144 jobs.

Required:

Prepare a flexible budget performance report showing AirQual Test Corporation’s revenue and spending variances and activity variances for February. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)

Baird County maintains an investment trust fund for the School District and the Town of Bairdville (separate governments). Presented below is the preclosing trial balance for the investment trust fund, a private-purpose trust fund.

  
Investment earnings are distributed among the School District and Town in proportion to the amounts contributed (two-thirds to the School District and one-third to the Town).

Required:
Prepare the year-end closing entries and a Statement of Changes in Fiduciary Net Position for the year ended December 31, 2017.

LJE Ltd undertakes jobs for its clients who are billed when the jobs are completed.

Additional information about the three jobs are as follows:

1. Direct material is introduced into jobs at the start of the jobs. Thus, material for Job 101 was introduced in May 2019, for jobs 102 and 103 direct material was introduced in June 2019
2. Material are bought in the month in which they are required and issued to jobs directly. Materials purchased in June 2019 cost K23,000. (See table above for more insights about jobs 102 and 103).
3. Direct labour at 31 May 2019 and 30 June 2019 was just half of the total labour cost in the respective jobs
4. The labour cost incurred in June was K160,000 (Note the direct labour for May and July 2019 for jobs 101 and 103)
5. Overhead is absorbed into jobs on the basis of direct labour cost at the rate ofK0.5 per Kwacha in all the months
6. Jobs 101 (cost K154,000) and Job 102 were completed in June 2019. The cost of these completed jobs constituted cost of goods sold in June 2019 for LJE Ltd. Job 103 was still in progress at the end of July 2019.
7. The overheads incurred in June 2019 were K95,000

Required

For Job 101 calculate:

1. The direct labour cost incurred in June 2019 and the total direct labour cost on the whole job.

2. The overhead cost absorbed into the job on its completion in June 2019

For Job 102 calculate:

1. The direct material cost

2. The direct labour cost

3. The overhead absorbed into the job

For job 103 Calculate the overhead cost absorbed into the job in July 2019 and the cost of work in progress as at 31July 2019

Monkey Business, an import business, builds special-order yachts. They decide to build one for a customer for at a cost $2,500,000. It will take 2 years (they start building in June 1, 2007) to build with total costs of $1,900,000: costs of $320,000 in 2007; $1,200,000 in 2008; and the remainder in 2009 (assume they stick to budget). The customer puts a deposit down of $500,000 and pays the remainder in 4 installments, each due every 6 months. For each year (2007, 2008, and 2009) compute the revenue expense, and gross profits reported for this construction project. Assume they do not have a written contract but based on this customer having purchased several yachts in the past, they believe he will pay for the boat in a timely manner. Show all your work.

SAS Computers owns a patent on a computer processor. The processor was developed and capitalized at a cost of €2,100,000 in the beginning of 2015. It was expected to be economically useful for 7 years and have no residual value. At the beginning of 2018, a new processor was developed, making the old processor worth €900,000 (independent appraiser) with €200,000 total cost to sell. The present value of the processor’s future cash flows, given the development of the newer processor, is estimated to be €870,000. At this point, it is expected to have a useful life of 4 years with no residual value. Is the processor impaired in 2018? If it is impaired, prepare the to record the loss. Also prepare the journal entry for amortization in 2018. Show your work.

discuss issues relating to ethical considerations for budgetary forecasting and projections. Expand your answer to explain measures of how you would give strength to your budgetary assumptions and provide reliable forecasts

A government is the recipient of a bequest of a multi-story office building that the government intends to use as a new city hall. The building has a historical cost of $850,000; a book value in the hands of the benefactor of $700,000; and a fair value of $1,050,000. The city should recognize on its governmental fund financial statements donations revenue of

1. $-0-.
2. $700,000.
3. $850,000.
4. $1,050,000

Explanation to the answer please

Explain how the evidence developed and collected by the internal auditor.

Explain the use of audit sampling methods that work for internal auditor within an organization.

Which of the following statement is true in regards to accounting?

Required information

Problem 17-2A Ratios, common-size statements, and trend percents LO P1, P2, P3

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

Selected comparative financial statements of Korbin Company follow:

1. Complete the below table to calculate each year's current ratio.

2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.)

3. Complete the below table to calculate the balance sheet data in trend percents with 2015 as the base year. (Round your percentage answers to 2 decimal places.)

The law firm of Furlan and Benson accumulates costs associated with individual cases, using a job order cost system. The following transactions occurred during July:

a. Provide the journal entries for each of these transactions. If an amount box does not require an entry, leave it blank.

b. How much office overhead is over- or underapplied? Enter your answer as a positive number.
$ Underapplied

c. Determine the gross profit on the Obsidian case, assuming that over- or underapplied office overhead is closed monthly to cost of services.
$

Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt works as a history professor at a local university and earns a salary of $64,950. Meg works part-time at the same university. She earns $34,250 a year. The couple does not itemize deductions. Other than salary, the Comers’ only other source of income is from the disposition of various capital assets (mostly stocks). (Use the tax rate schedules,Dividends and Capital Gains Tax Rates.) (Round your final answers to the nearest whole dollar amount.)

a. What is the Comers’ tax liability for 2019 if they report the following capital gains and losses for the year?

b. What is the Comers’ tax liability for 2019 if they report the following capital gains and losses for the year?

Assume there is an understanding of what GRC is. Also, providing examples is always good to illustrate your application of knowledge.
Why is GRC important to them? What role should they be performing? What do you believe is likely of concern or interest to them in the GRC done at their company, and why? How can they benefit from GRC? What concerns might you have related to the accounting executive and GRC, and why?