Why is it critical to reconcile the bank statement on a timely basis each month?

Corp. had 468,000 shares of common stock outstanding. During 2021, it had the following transactions that affected the Common Stock account.

Natalie has prepared the balance sheet and income statement of Cookie & Coffee Creations Inc. and would like you to prepare the cash flow statement. The comparative balance sheet of Cookie & Coffee Creations Inc. at October 31, 2020 for the years 2020 and 2019 and the income statement for the year ended October 31, 2020, are presented below.

Additional information:

1.   Equipment (cost $4,500 and book value $3,000) was disposed of at the beginning of the year for $500 cash and replaced with new equipment purchased for $4,000 cash.

2.   Additional equipment was bought for $14,000 on November 1, 2019. A $12,000 note payable was signed. The terms provide for equal semi-annual installment payments of $2,000 on May 1 and November 1 of each year, plus interest of 5% on the outstanding principal balance.

3.   Other equipment was bought for $13,000 cash.

4.   Dividends were declared on the preferred and common stock on October 15, 2020, to be paid on November 15, 2018.

5.   Accounts payable relate only to merchandise creditors.

6.   Prepaid expenses relate only to other operating expenses.

Instructions:

(a) Prepare a statement of cash flows for Cookie & Coffee Creations Inc. for the year ended October 31, 2020, using the indirect method.

*(b)            Prepare a statement of cash flows for Cookie & Coffee Creations Inc. for the year ended October 31, 2020, using the direct method.

COOKIE & COFFEE CREATIONS INC.

Balance Sheet

October 31,

COOKIE & COFFEE CREATIONS INC.

Balance Sheet

October 31,

COOKIE & COFFEE CREATIONS INC.

Income Statement

Year Ended October 31, 2020

What does liquidity mean for accounting purposes?

In what order should assets be listed on the balance sheet?

Can an account that is not listed in the chart of accounts be used to prepare journal entries? Why or why not?

What does posting to the general ledger mean?

What is the purpose of the trial balance?

IceCap Hotels operates a series of northern European hotels and reports under IFRS. On June 30, 2016, IceCap purchased land for €3,000,000. IceCap reports land values on the balance sheet under Property, plant, and equipment. The appraisal value for the land (which you can assume is the same as the recoverable amount) was reported as:

Required:

1. Prepare the journal entries at the end of 2016, 2017, and 2018 to record any changes in value to this land asset if IceCap chooses the IFRS cost model to value this property.
2. Prepare the journal entries at the end of 2016, 2017, and 2018 to record any changes in value to this land asset if IceCap chooses the IFRS revaluation model to value this property.

Branif Leasing leases mechanical equipment to industrial consumers under sales-type leases that earn Branif a 10% rate of return for providing long-term financing. A lease agreement with Branson Construction specified 20 annual payments beginning December 31, 2018, the beginning of the lease. The estimated useful life of the leased equipment is 20 years with no residual value. Its cost to Branif was $936,492. The lease qualifies as a finance lease to Branson. Maintenance of the equipment was contracted for through a 20-year service agreement with Midway Service Company requiring 20 annual payments of $3,000 beginning December 31, 2018. Progressive Insurance Company charges Branif $3,000 annually for hazard insurance coverage on the equipment. Both companies use straightline depreciation or amortization. (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:

Prepare the appropriate entries for both the lessee and lessor to record the second lease payment and depreciation on December 31, 2019, under each of three independent assumptions:

1. The lessee pays maintenance costs as incurred. The lessor pays insurance premiums as incurred. The lease agreement requires annual payments of $100,000.
2. The contract specifies that the lessor pays maintenance costs as incurred. The lessee’s lease payments were increased to $103,000 to include an amount sufficient to reimburse these costs.
3. The lessee’s lease payments of $103,000 included $3,000 for hazard insurance on the equipment rather than maintenance.

Write a paragraph explaining the income statement and the balance sheet, write how the company is doing, and anything to note or watch for. Note any differences from the previous quarter's balance sheet.

PLEASE POST EXCEL SPREADSHEET

1. Please show all computation and underline your final answer in your submission.

6. Income statements and balance sheets follow for Microsoft Corporation. Refer to these financial statements to answer the requirements. (non-operating items are red-marked)

Required:

2015. (8 points) Compute net operating profit after tax (NOPAT) for 2016 and 2015. Assume that combined federal and state statutory tax rates are 37% for both years.

2015. (8 points) Compute net operating assets (NOA) for 2016 and 2015. Assume Equity and other investments are operating assets.

2015. (8 points) Compute return on net operating assets (RNOA) for 2016 and 2015. Net operating assets are $26,720 million in 2014.

2015. (4 points) Compute return on equity (ROE) for 2016 and 2015. (Stockholders’ equity in 2014 is $89,784 million.)

1. (4 points) What is nonoperating return component of ROE for 2016 and 2015?

1. (4 points)Comment on the difference between ROE and RNOA. What inference do you draw from this comparison?

PLEASE POST EXCEL SPREADSHEET

The

Gold Plus

Company manufactures windows. Its manufacturing plant has the capacity to produce

6,000

windows each month. Current production and sales are

5,000

windows per month. The company normally charges

$200

per window.

Gold Plus

has just received a special​ one-time-only order for

1,000

windows at

$175

per window. Accepting the special order would not affect the​ company's regular business or its fixed costs.

Gold Plus

makes windows for its existing customers in batch sizes of

25

windows

​(200

batches​ ×

25

windows per batch​ =

5,000

​windows). The special order requires

Gold Plus

to make the windows in

10

batches of

100

windows.

20. Comfort realty purchases 3,000 shares of its $50 par value common stock for $180,000 cash on July 1. It will hold the shares in the treasury until resold. On November 1, the corporation sells 1,000 shares of treasury stock for cash at $70 per share. Journalize the treasury stock transactions

Identify and explain the types of employer payroll taxes.

Define coupon and market interest rates as they determine bond pricing at par, premium, or discount values.

Kubin Company’s relevant range of production is 22,000 to 27,000 units. When it produces and sells 24,500 units, its average costs per unit are as follows:

Required:

1. What is the incremental manufacturing cost incurred if the company increases production from 24,500 to 24,501 units?

2. What is the incremental cost incurred if the company increases production and sales from 24,500 to 24,501 units?

3. Assume that Kubin Company produced 24,500 units and expects to sell 24,180 of them. If a new customer unexpectedly emerges and expresses interest in buying the 320 extra units that have been produced by the company and that would otherwise remain unsold, what is the incremental manufacturing cost per unit incurred to sell these units to the customer?

4. Assume that Kubin Company produced 24,500 units and expects to sell 24,180 of them. If a new customer unexpectedly emerges and expresses interest in buying the 320 extra units that have been produced by the company and that would otherwise remain unsold, what incremental selling and administrative cost per unit is incurred to sell these units to the customer?

Simon Company's year-end balance sheets At December 31 2017 2016 2015 Assets Cash $34,248 $41,667 $44,275 Accounts receivable, net 99,261 71,487 58,461 Merchandise inventory 127,348 94,465 61,040 Prepaid expenses 11,367 10,937 4,872 Plant assets, net 320,094 292,063 265,552 Total assets $592,318 $510,619 $434,200 Liabilities and Equity Accounts payable $147,487 $87,158 $57,314 Long-term notes payable secured by mortgages on plant assets 113,583 120,966 98,837 Common stock, $10 par value 163,500 163,500 163,500 Retained earnings 167,748 138,995 114,549 Total liabilities and equity $592,318 $510,619 $434,200 Express the balance sheets in common-size percents. (Do not round intermediate calculations and round your final percentage answers to 1 decimal place.)

Complete the following worksheet for Appliance Repair for the year ended 30 June 2020.

Additional information to complete the worksheet:

1. The equipment of $67,500 was purchased on 1 March 2020. The straight-line depreciation method is used with a useful life of 3 years and a scrap value of $2,700. No depreciation is ever recorded.
2. The $75,000 bank loan was borrowed on 1 May 2020. It is an interest only loan. The interest rate is 0.8% per month. No interest is ever paid or recorded.
3. The supplies on hand at 30 June 2020 were $650.
4. The prepaid insurance balance represents the annual premium paid on 1 April 2020.
5. $2,500 of unearned revenue has been earned by 30 June 2020.

   	trial balance (unadjusted)		adjustments		trial balance(adjusted)		Incomestatement
   account title	debit	credit	debit	credit	debit	credit	debit	credit
   cash at bank	37,500
   account payable	127,500
   prepaid insurance	1,800
   suppliers	900
   equipment	67,500
   accumulated depreciation -equipmeny
   accounts payable		2,700
   unearned revenue		3,150
   interest payable
   bank loan (due in 2028)		75,000
   capital		49,950
   service revenue		157,500
   wages expense	52,500
   supplies expense	600
   depreciation expense - equipment
   insurance expense
   interest expense
   	288,300	288,300