Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below: Flexible Budget Actual Sales (8,000 pools) $ 240,000 $ 240,000 Variable expenses: Variable cost of goods sold* 94,000 112,470 Variable selling expenses 10,000 10,000 Total variable expenses 104,000 122,470 Contribution margin 136,000 117,530 Fixed expenses: Manufacturing overhead 55,000 55,000 Selling and administrative 70,000 70,000 Total fixed expenses 125,000 125,000 Net operating income (loss) $ 11,000 $ (7,470 ) *Contains direct materials, direct labor, and variable manufacturing overhead. Janet Dunn, who has just been appointed general manager of the Westwood Plant, has been given instructions to “get things under control.” Upon reviewing the plant’s income statement, Ms. Dunn has concluded that the major problem lies in the variable cost of goods sold. She has been provided with the following standard cost per swimming pool: Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials 3.5 pounds $ 2.50 per pound $ 8.75 Direct labor 0.4 hours $ 6.50 per hour 2.60 Variable manufacturing overhead 0.2 hours* $ 2.00 per hour 0.40 Total standard cost per unit $ 11.75 *Based on machine-hours. During June, the plant produced 8,000 pools and incurred the following costs: Purchased 33,000 pounds of materials at a cost of $2.95 per pound. Used 27,800 pounds of materials in production. (Finished goods and work in process inventories are insignificant and can be ignored.) Worked 3,800 direct labor-hours at a cost of $6.20 per hour. Incurred variable manufacturing overhead cost totaling $4,560 for the month. A total of 1,900 machine-hours was recorded. It is the company’s policy to close all variances to cost of goods sold on a monthly basis. Required: 1. Compute the following variances for June: a. Materials price and quantity variances. b. Labor rate and efficiency variances. c. Variable overhead rate and efficiency variances. 2. Summarize the variances that you computed in (1) above by showing the net overall favorable or unfavorable variance for the month.

Cash Payback Period, Net Present Value Method, and Analysis

Elite Apparel Inc. is considering two investment projects. The estimated net cash flows from each project are as follows:

Each project requires an investment of $237,000. A rate of 10% has been selected for the net present value analysis.

Required:

1a. Compute the cash payback period for each project.

1b. Compute the net present value. Use the present value of $1 table above. If required, round to the nearest dollar.

Compute Cash Provided by Operating Activities

Prepare a partial statement of cash flows reporting cash provided by operating activities for the year ended December 31, 20-2. Use a minus to indicate any decreases in cash or cash outflows.

Horn Company's condensed income statement for the year ended December 31, 20-2, was as follows:

Additional information obtained from Horn's comparative balance sheet and auxiliary records as of December 31, 20-2 and 20-1, was as follows:

Depreciation expense for 20-2, included in operating expenses on the income statement, was $32,900.

Prepare a partial statement of cash flows reporting cash provided by operating activities for the year ended December 31, 20-2. Use a minus to indicate any decreases in cash or cash outflows.

On January 1, 2018, Bradley recreational Products issued $150,000, 9%, 4 year bonds. Interest is paid semi-annually on June 30 and December 31. The bonds were issued at $136,028 to yield an annual return of 12%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1, and PVAD of $1)( Use appropriate factor(s) from the tables provided.) Required: 1. Prepare an amortization schedule that determines interest at the effective interest rate. (Enter your answer in whole dollars) 2. Prepare an amortization schedule by the straight-line method. 3. Prepare the journal entries to record interest expense on June 30, 2020, by each of the two approaches. 4. Assuming the market rate is still 12%, what price would a second investor pay the first investor on June 30, 2020, for $18,000 of the bonds? (Round intermediate calculation and final answer to nearest whole dollar)

PART A

Indicate whether each of the following items should be classified as an operating, investing, or financing activity on the statement of cash flows. If an item does not belong on the statement, indicate as "NA" (Not applicable).

PART B

Classify each of the following transactions as increasing, decreasing, or having no effect on cash flows:

1. How does the structure of accounting and reporting for a state or local government differ from that of a business?
2. List the types of funds that organize the financial affairs of a government. Look up your state, city, county, or school financial statement and identify two to three funds that fall under each of the categories you listed before. Include a link to the document that you used to answer this question along with stating whether you used a state, city, or school to answer the question.
3. How are the activities of the general fund reported?
4. Does the state, city or county statement you are reviewing this week include general fund balance sheet? If so, what are some of the categories where fund is balanced, like restricted, assigned, committed, etc.?

Capital Asset Maintenance Programs: Road Maintenance - Describe the objectives of an audit of the effectiveness of the city's pothole repair program and what steps would you take to accomplish those objectives.

QUESTION 1

1. (a) List down the 5 threats to Auditor’s Independence and explain each threat.

2. (b) What are the Types of Audit Evidence? Explain each type.

3. (c) What are the three main Types of Substantive Procedures? Explain each type.

4. (d) List down the Financial Statement Assertions relating to Account Balances and explain each

   assertion.

5. (e) List down the Financial Statement Assertions relating to Classes of Transactions and explain

   each assertion.

Atkins Farms makes two products from their apples: apple pies and apple donuts. From a standard batch of 50,000 pounds of apples, Atkins produces 10,000 pounds of apple pies and 40,000 pounds of apple donuts. Producing a standard batch costs $18,000. The sales price per pound are $5 for pies and $2 for apple donuts.

1. Allocate the joint product cost to the two products using weight as the allocation base.

2. Allocate the joint product cost to the two products using market value as the allocation base.

Label and place your final answer for 1 and 2 at the top of the answer box. Then after the answer to 2, label and show your work for each part of the question. Just show me numbers - that is usually enough for me to follow your logic.

Which of the following is true of variable costing?

1. It expenses administrative costs as costs of goods sold
2. It is required for external reporting to shareholders
3. It treats direct manufacturing costs as a product cost
4. It includes fixed manufacturing overhead as an inventoriable cost

Tauton Company uses the high low to estimates its cost function. The information for 2017 is provided below:

Machine hour’s                costs

Highest observation of cost driver                            4000                                      332000

Lowest observation of cost driver                            3000                                       312000

What is the estimated total cost when 1900 machine hours are used?

1. 509600
2. 290000
3. 157700
4. 489700

Quantum Company uses the high low method to estimate the cost function the information for 2017 is provided below:

Machine hour’s                                costs

Highest observation of cost driver                            1000                                      32000

Lowest observation of cost driver                            200                                        16000

What is the constant for the estimated cost equation?

1. 12000
2. 32000
3. 16000
4. 20000

Which cost estimating method uses time and motion studies to reveal that to make a high quality men’s suit jacket it takes of 3 hours of direct labor effort per jacket and 5 minutes of a salaried manager to perform quality control?

A. the accrual accounting method

B .the industrial engineering method

C .the cash accounting method

D .the high low method

Question A:

The costs per equivalent unit of direct materials and conversion in the Bottling Department of Rocky Springs Beverage Company are $1.25 and $0.65, respectively. The equivalent units to be assigned costs are as follows:

The beginning work in process inventory had a cost of $1,550. Determine the cost of completed and transferred-out production and the ending work in process inventory. If required, round to the nearest dollar.

Question B:

Dividing Partnership Net Income

Required:

Steve Conyers and Chelsy Poodle formed a partnership, dividing income as follows:

1. Annual salary allowance to Poodle of $170,500.
2. Interest of 6% on each partner's capital balance on January 1.
3. Any remaining net income divided to Conyers and Poodle, 1:2.

Conyers and Poodle had $77,600 and $75,000, respectively, in their January 1 capital balances. Net income for the year was $310,000. How much is distributed to Conyers and Poodle?

Note: Compute partnership share to two decimal places. Round final answers to the nearest whole dollar.
Conyers: $
Poodle: $

PS: 48144(Conyers) and 261896(Poodle) - are not the correct answer and I need the correct answer. thank you

Cost of Units Completed and in Process

The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production.

a. Based on the above data, determine the different costs listed below.

If required, round your interim calculations to two decimal places.

b. Did the production costs change from the preceding period?
Yes

c. Assuming that the direct materials cost per unit did not change from the preceding period, did the conversion costs per equivalent unit increase, decrease, or remain the same for the current period?
Increase

Riverbed Company provides the following information about its defined benefit pension plan for the year 2017.

Prepare a pension worksheet inserting January 1, 2017, balances, showing December 31, 2017. (Enter all amounts as positive.)

Prepare the journal entry recording pension expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.

Dr. Jun bought a $330000 house 7 years ago. The house is now worth $627000. Originally, the house was financed by paying 35% down with the rest financed through a 20-year mortgage at 6% interest. After making 84 monthly house payments, he is now in need of cash, and would like to refinance the house. The finance company is willing to loan 85% of the current value of the house amortized over 25 years at 4% interest.

How much cash will Dr. Jun receive after paying the balance of the original loan?

Amount of cash obtained = $__________

If he uses all of the available cash for something other than investing in his home, by how much will his monthly payment increase?

Increase in monthly payment = $__________