Starfish Corporation, in preparation of its December 31, 2020, financial statements, is attempting to determine the proper accounting treatment for each of the following situations. 1. As a result of uninsured accidents during the year, personal injury suits for $261,000 and $697,000 have been filed against the company. It is the judgment of Starfish‘s legal counsel that an unfavorable outcome is unlikely in the $261,000 case but that an unfavorable verdict approximating $410,000 will probably result in the $697,000 case. 2. Starfish‘s deep sea exploration division consisting of operations in the Marina Trench is uninsurable because of the special risk of injury to employees and losses due to high pressure. The year 2020 is considered one of tinesafest (luckiest) in the division’s history because no loss due to injury or casualty was suffered. Having suffered an average of two casualties a year during the rest of the past decade (ranging from $25,000 to $1,000,000), management is certain that next year the company will probably not be so fortunate. 3. Starfish Corporation owns a subsidiary in a foreign country that has a book value of $21,600,000 and an estimated fair value of $30,890,000. The foreign government has communicated to Starfish its intention to expropriate the assets and business of all foreign investors. On the basis of settlements other firms have received from this same country, Starfish expects to receive 60% of the fair value of its properties as final settlement.

Exercise 5-10 Lower of cost or market LO P2

Martinez Company's ending inventory includes the following items.

  
Compute the lower of cost or market for ending inventory applied separately to each product.
  

Required information

Use the following information for the Exercises below.

[The following information applies to the questions displayed below.]
  
Hemming Co. reported the following current-year purchases and sales for its only product.
    

Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1

Required:
Hemming uses a perpetual inventory system.
  
1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.
3. Compute the gross margin for FIFO method and LIFO method.

Required information

Use the following information for the Exercises below.

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

Laker Company reported the following January purchases and sales data for its only product.

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 245 units, where 210 are from the January 30 purchase, 5 are from the January 20 purchase, and 30 are from beginning inventory.

Exercise 5-4 Perpetual: Income effects of inventory methods LO A1

Required:
1. Complete comparative income statements for the month of January for Laker Company for the four inventory methods. Assume expenses are $1,400 and that the applicable income tax rate is 40%. (Round your Intermediate calculations to 2 decimal places.)

8) Our company did a stock dividend. Dave says there is no effect on our comprehensive stockholders' equity at all. Barbara disagrees and says it does have an effect on equity but isn't sure exactly what. She just knows there is an impact. Verna has absolutely no clue on this one. So she just cannot decide who's right and is completely lost.

• Exactly what effect(s) would there be on the comprehensive stockholders' equity? Make sure you explain why.

Worldcom accounting fraud case. Identify how each element of the fraud triangle was present in the fraud. In addition, discuss internal controls that could have been in place to prevent the fraud from occurring.

ABC Corporation has three support departments with the following costs and cost drivers: Support Department Cost Cost Driver Graphics Production $200,000 number of copies made Accounting 500,000 number of invoices processed Personnel 400,000 number of employees ABC has three operating divisions, Micro, Macro, and Super. Their revenue, cost, and activity information are as follows: Micro Macro Super Revenues $700,000 $850,000 $650,000 Direct operating expenses 50,000 70,000 100,000 Number of copies made 20,000 30,000 50,000 Number of invoices processed 700 800 500 Number of employees 130 145 125 The support department allocation rate for the Accounting Department is a.$714 b.$250 c.$625 d.$0.004

ABC Corporation has three support departments with the following costs and cost drivers:

ABC has three operating divisions, Micro, Macro, and Super. Their revenue, cost, and activity information are as follows:

The support department allocation rate for the Personnel Department is

a.$2,758

b.$1,000

c.$3,200

d.$3,077

ABC Corporation has three support departments with the following costs and cost drivers:

ABC has three operating divisions, Micro, Macro, and Super. Their revenue, cost, and activity information are as follows:

The support department cost that will be allocated to the Micro Division is

a.$145,000

b.$345,000

c.$60,000

d.$200,000

ABC Corporation has three support departments with the following costs and cost drivers:

ABC has three operating divisions, Micro, Macro, and Super. Their revenue, cost, and activity information are as follows:

The support department cost that will be allocated to the Macro Division is

a.$305,000

b.$405,000

c.$130,000

d.$175,000

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Item 1

Item 1 Part 1 of 2 1.66 points

Required information

Use the following information for the Exercises below.

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

Laker Company reported the following January purchases and sales data for its only product.

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 245 units, where 210 are from the January 30 purchase, 5 are from the January 20 purchase, and 30 are from beginning inventory.

Exercise 5-3 Perpetual: Inventory costing methods LO P1

Required:
1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.
2. Determine the cost assigned to ending inventory and to cost of goods sold using a weighted average.
3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.
4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.

imagine you are a business consultant to ExxonMobil and you have been asked to analyze, advise,and create recommendations on how the firm can ensure its future success in it's current market.
prepare a minimum of 1050 word analysis of economic data and business data to explain how the core economic principles impact the sustainability of the firm and what actions the firm can take to ensure success. address the following:
•identify the market structure of ExxonMobil operates in, analyze its market share, and identify the firms local and global competitors. Analyze the barriers to entry in this market to illustrate the potential for new competition and its impact on ExxonMobil future in the market.
•identify and explain trends in current macroeconomic indicators for last three years including:
1. current stage of business cycle
2. real gross domestic product
3. inflation as measured by the consumer price index
4. unemployment rate
5. federal funds rate
6. current rate for borrowing funds such as the so called prime rate.
7. evaluate trend in demand over last three years and explain their impacts on industry and the firm.include quarterly (last two quarters) and annual sales (last three years) figures for the product that ExxonMobil sells. create business strategies by analyzing information and data related to the demand for supply of ExxonMobil products to support your recommendation for the firms actions. include graphical representation of the data and information.
8. examine available current data and information such as pricing and the available of substitutes and explain how you can determine the price of elasticity of demand for ExxonMobil products. assess how the price of elasticity of demand impacts ExxonMobil pricing decisions and revenue growth.
9. apply the concepts of variable and fixed costs to ExxonMobil for informing its output decisions, for instance analyze how different kinds costs,( labor, research and development, raw materials) affect the firms level of output.
10. based on the data gathered and analysis performed for this report write a conclusion in which you:
• create business strategies includingprice and non price strategies based on your market structure to ensure the market share and potential market expansions and explore global opportunities for your business in dynamic business environment and provide reccomendations.
•develop a recommendation for how ExxonMobil can manage its future by synthesizing the macroeconomic and microeconomic data presented.
•propose how the firms position within the market and among its competitors will allow it to take your recommended action.
•reccomend strategies for ExxonMobil to sustain its success going forward by evaluating the findings from demand trends,price elasticity,current stage of business cycle, and government policies.

cited three peer reviewed references and a minimum of two government economic data sources/references

What are the five subsidiary objectives from accounting information system?

Sabre is considering opening a new online storefront to support the launch of their 'Pyramid' tablet. The severs required to support the store will cost $622,000, are expected to have a five year life, and have no salvage value; depreciation is straight-line to zero. There are no expected NWC requirements.

Sales are projected at 14,000 units per year, price per unit will be $255.00, variable cost per unit will be $186.00, and fixed costs will be $200,000 per year. The required return is 11 percent and the relevant tax rate is 34 percent.

Based on your experience, you think the unit sales price and quantity, variable cost, and fixed cost projections given here are probably accurate to within +/- 9 percent. What is the worst case NPV? Round your answer to the nearest dollar.

How is the allowance method of accounting for bad debts different from the direct write off method? Which is the preferred method? Why? In what ways are accounts receivable similar to a note receivable? How are they different? Why might a company choose to issue a note receivable over an account receivable?

For each of the following, state whether True or False:

If you repurchase stock at an amount less than its original issue price, you can record a gain.

If you repurchase stock and then reissue it at a higher price, you can record a gain.

Interest expense is computed using the effective rate of interest, not the stated rate.

Cash interest paid is computed using the stated rate of interest, not the effective rate.

Non-interest-bearing notes payable have no interest expense.