Fickel Company has two manufacturing departments—Assembly and Testing & Packaging. The predetermined overhead rates in Assembly and Testing & Packaging are $27.00 per direct labor-hour and $23.00 per direct labor-hour, respectively. The company’s direct labor wage rate is $29.00 per hour. The following information pertains to Job N-60:

Required:

1. What is the total manufacturing cost assigned to Job N-60? (Do not round intermediate calculations.)

2. If Job N-60 consists of 10 units, what is the unit product cost for this job? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Discuss the pricing basis on which divisions should offer to transfer goods in order that corporate profit-maximizing decisions should take place.

Word count for this discussion response - 150 words maximum

Kick and Swing Inc. is a wholesaler of sporting goods equipment for retailers in a local metropolitan area. The company buys sporting goods equipment direct from manufacturers and then resells them to individual retail stores in the regional area. The raw data in Figure 14-20 illustrate some of the information required for the company’s purchase order system. As you can see, this information is characteristic of accounting purchase order systems but is not well organized. In fact, because of the repeating groups in the right-most columns, it cannot even be stored in a database.

FIGURE 14-20 Some purchasing data for Kick and Swing.

Requirements

Store this data in a spreadsheet to make it easy to manipulate. Then perform each of the following tasks in turn:

1. Reorganize the data in first normal form. Why is your data in first normal form?
2. Reorganize the data from part 1 into second normal form. Why is your data in second normal form?
3. Reorganize the data from part 2 into third normal form. Why is your data in third normal form?

write a journal article on financial accounting

BE9-1 Bali Corp. has $10,000 in surplus funds to invest and is considering investing in either Company A or Company B. Company A promises to return the $10,000 original amount invested in three years’ time and pay a 2% annual return on the principal amount. Company B does not promise to repay the original amount invested, but indicates that it is likely that the $10,000 investment will be worth more than $10,000 if Company B is profitable. Whether Bali will receive an annual return on the investment depends on Company B’s cash flows and whether Company B’s board of directors votes to distribute the cash. (a) Identify whether the potential investments are investments in debt or in equity securities. (b) Explain how you determined your answer.

Presented below is an income statement for Crane Company for the year ended December 31, 2020.

Additional information:

Using the single-step format, prepare a corrected income statement, including the appropriate per share disclosures.

Generally Accepted Accounting Principles: This question post with a minimum 100-word count requirement.This week we have learned about four of the generally accepted accounting principles – revenue recognition, expense recognition, the matching principle, and the historical cost principle. Briefly explain what is meant by each of these and how they are applied to accrual accounting.

Please answer the following question in 175 word response:

Can you explain the gross profit ratio and why it is so important to organizations?

Required:

Record the following transactions of J. Min Designs in a general journal:

The accountant for Eva’s Laundry prepared the following unadjusted and adjusted trial balances. Assume that all balances in the unadjusted trial balance and the amounts of the adjustments are correct.

* $3,295 of insurance expired during the year.

Identify the errors in the accountant's adjusting entries by preparing a corrected adjusted trial balance. Assume that none of the accounts were affected by more than one adjusting entry. If an amount box does not require an entry, leave it blank

Identify the errors in the accountant's adjusting entries by preparing a corrected adjusted trial balance. Assume that none of the accounts were affected by more than one adjusting entry. If an amount box does not require an entry, leave it blank.

Eva's Laundry

ADJUSTED TRIAL BALANCE

May 31, 2018

* $3,295 of insurance expired during the year.

Effect of Proposals on Divisional Performance A condensed income statement for the Electronics Division of Gihbli Industries Inc. for the year ended December 31 is as follows: Sales $4,290,000 Cost of goods sold 2,771,500 Gross profit $ 1,518,500 Operating expenses 875,000 Income from operations $ 643,500 Invested assets $3,300,000 Assume that the Electronics Division received no charges from service departments. The president of Gihbli Industries Inc. has indicated that the division’s return on a $3,300,000 investment must be increased to at least 22.5% by the end of the next year if operations are to continue. The division manager is considering the following three proposals: Proposal 1: Transfer equipment with a book value of $660,000 to other divisions at no gain or loss and lease similar equipment. The annual lease payments would be less than the amount of depreciation expense on the old equipment by $118,800. This decrease in expense would be included as part of the cost of goods sold. Sales would remain unchanged. Proposal 2: Reduce invested assets by discontinuing a product line. This action would eliminate sales of $701,300, reduce cost of goods sold by $468,600, and reduce operating expenses by $206,300. Assets of $1,670,800 would be transferred to other divisions at no gain or loss. Proposal 3: Purchase new and more efficient machinery and thereby reduce the cost of goods sold by $435,600 after considering the effects of depreciation expense on the new equipment. Sales would remain unchanged, and the old machinery, which has no remaining book value, would be scrapped at no gain or loss. The new machinery would increase invested assets by $1,650,000 for the year.

Required:

1. Using the DuPont formula for return on investment, determine the profit margin, investment turnover, and return on investment for the Electronics Division for the past year. Round your answers to one decimal place.

2. Prepare condensed estimated income statements and compute the invested assets for each proposal.

3. Using the DuPont formula for return on investment, determine the profit margin, investment turnover, and return on investment for each proposal. Round your answers to one decimal place.

4. Which of the three proposals would meet the required 22.5% return on investment.

5. If the Golf Division were in an industry where the profit margin could not be increased, how much would the investment turnover have to increase to meet the president's required 22.5% return on investment? Enter your increase in investment turnover answer as a percentage of current investment turnover. If required, round your answer to one decimal place.
%

A lease agreement that qualifies as a finance lease calls for annual lease payments of $40,000 over a eight-year lease term (also the asset’s useful life), with the first payment at January 1, the beginning of the lease. The interest rate is 4%. (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:
a. Determine the present value of the lease upon the lease's inception.
b. Create a partial amortization through the first payment on January 1, 2017.
c. If the lessee’s fiscal year is the calendar year, what would be the pretax amounts related to the lease that the lessee would report in its income statement for the first year ended December 31?