The Rose Williams Company has a C/M ratio of 36%. Breakeven sales are Rs. 160,000. The company earned a profit of Rs. 28,800 during the year.

Required:                                       

(a)   Fixed expense.           (b)   Variable expense for the year
(b)   Sales for year            (d)   Margin of safety ratio.

The Village of Parry reported the following for its Print Shop Fund for the year ended April 30, 2017.

The Print Shop Fund records also revealed the following:

The following balances were observed in current asset and current liability accounts. ( ) denote credit balances:

Prepare a Statement of Cash Flows for the Village of Parry Print Shop Fund for the year ended April 30, 2017. Include the reconciliation of operating income to net cash provided by operating activities.

ABC Grocers, Inc. has an investment in debt securities of $200,000 from Keller Company, a privately-held corporation. The debt security was purchased on 1/1/15 and the terms were as follows: 5-year loan, annual interest rate 9% with interest payments each December 31, beginning 12/31/15, and principal payment at maturity on 12/31/19. ABC Grocers" intends to hold the investment to maturity. They classified the investment as HTM (held-to-maturity) for U.S. GAAP and as amortized cost for IFRS according to IFRS No. 9. At the end of 2015, ABC received the first interest payment of $18,000 but objective evidence indicated to ABC's management that Keller was experiencing signaficant financial difficulty due to sales projections not being realized. Based on the financial difficulty of Keller, ABC's management revised the discounted future cash flows estimate to $170,000 using the original interest rate og9%, thus concluding that they had suffered credit losses of $30,000. The Company handles impairments according to IAS No. 39. On 12/31/15, ABC recorded the following for IFRS: Debit Credit Other-than-temporary (OTT) - impairment loss-I/S 30,000 Investment in Debt Securities - Keller 30,000 On 12/31/15, ABC Grocers recorded the following for U.S. GAAP: Debit Credit Other-than-temporary (OTT) - Impairment loss - I/S 30,000 Discount on Investment in Debt Securities - Keller 30,000 At 12/31/16, Keller's Financial difficulties have significantly improved and therefore, ABC's management decided the investment is no longer impaired. Required: Assuming ABC has already recorded the receipt of the second interest payment, record necessary adjusting journal entries in their own adjusting journal entry workpaper and also in the respective trial balance worksheet for 12/31/16.

Caro Manufacturing has two production departments, Machining and Assembly, and two service departments, Maintenance and Cafeteria. Direct costs for each department and the proportion of service costs used by the various departments for the month of August follow:

1)

Compute the allocation of service department costs to producing departments using the direct method. (Do not round intermediate calculations.)

Machining

Assembly

2) Assume that both Machining and Assembly work on just two jobs during the month of August: CM-22 and CM-23. Costs are allocated to jobs based on machine-hours in Machining and labor-hours in Assembly. The number of labor- and machine-hours worked in each department are as follows:

How much of the service department costs allocated to Machining and Assembly in the direct method should be allocated to Job CM-22? How much should be allocated to Job CM-23? (Round "Department rate" to 2 decimal places.)
CM-22 CM-23

Machining:

Assembly:

Q2.                                      
International Brands Ltd. Is operating at 60% capacity and producing 2,700 pieces of product A. The cost of production for the month of August 2012 was:
                       Rs.
Direct Material                54,000
Direct wages                   8,100
Variable Overheads               9,900
Fixed Overheads               18,000

The products are currently sold at an average price of Rs. 72.

A tender for supply of 900 pieces per month has been received. To submit tender the following information has been ascertained.

•   Variable Overheads attributable to various activity level is:

   %                   Per month Rs.  
   50                       8,280
   60                       9,900
   70                       11,520
   80                       13,500
   90                       15,300
   100                       16,920

Required:                                       (Mark 5)

(a)   Calculate the bidding price which will yield a 10% profit.
(b)   Prepare a statement showing the effect on the monthly profit if the company’s tender is    accepted.

At the beginning of 2018, Ace Company had the following portfolio of investments in available-for-sale debt securities (all of which were acquired at par value):

During 2018, the following transactions occurred:

Required:

how to solve this question step by step.

Calculate the number of workers that should have been available to process the July claims, and show all work.

Standard time for processing per claim (simple claim)=36 minutes

Standard time for processing per claim (complex claim)=1.25 hours

Expected work hours per day 7.5 hours

Compensation cost per employee= $135 per day

Total working days=20

The number of July processed claims (simple)=3000

The number of July processed claims (complex)=960

Mott Company has a line of credit with Bay Bank. Mott can borrow up to $570,000 at any time over the course of the calendar year. The following table shows the prime rate expressed as an annual percentage along with the amounts borrowed and repaid during the year. Mott agreed to pay interest at an annual rate equal to 1 percent above the bank’s prime rate. Funds are borrowed or repaid on the first day of each month. Interest is payable in cash on the last day of the month. The interest rate is applied to the outstanding monthly balance. For example, Mott pays 8 percent (7 percent + 1 percent) annual interest on $75,000 for the month of January. Month Amount Borrowed or (Repaid) Prime Rate for the Month, % January $ 75,000 7 February 57,000 7 March (50,000 ) 8 April through October No change No change November (36,000 ) 8 December (22,000 ) 7 Mott earned $42,000 of cash revenue during the year.

b.Prepare an income statement, balance sheet, and statement of cash flows for the year.

Complete this question by entering your answers in the tabs below.

• Income Statement
• Balance Sheet
• Stmt of Cash Flows

Prepare the income statement for the year.

Hellier Contractors paints interiors of residences and commercial structures. The firm's management has established cost standards per 100 square feet of area to be painted.

Management has determined that 400 square feet can be painted by the average worker each hour. During May, the company painted 600,000 square feet of space and incurred the following costs:

Answer the following questions related to the Manufacturing Overhead Variances.

Note: for the Variable overhead variances, use DLH as the allocation base.

21. Determine the Fixed overhead spending variance (do not include a negative sign or words in your answer)

22. Determine the Volume variance (do not include a negative sign or words in your answer)

23. Determine the Total Fixed Overhead Variance (do not include a negative sign or words in your answer)

24. Was the Total Fixed Overhead Variance favorable or unfavorable?

25. Identify other cost drivers (other than SF) that could be used as a basis for measuring activity and computing variances for this company. Check all that could apply to this company.

1. Per the information in Chapter One, _________________ is(are) important skill(s) to develop

                                                                for a career in the finance area.

1. critical thinking.
2. communication.
3. collaboration.
4. financial computing skills.
5. A and B and C.
6. A and B and C and D.

2 The overall goal of a corporation can be summarized as

1. maximizing shareholder wealth.
2. maximizing the firm’s “Net Income.”
3. maximizing the firm’s “Earnings Per Share” (EPS).
4. maximizing the number of common stock shares outstanding.

3. The “stakeholders” of a toy manufacturing corporation headquartered in Boston and doing business

                                                                domestically within the U.S. may include the following EXCEPT

1. the firm’s shareholders.
2. vendors of the firm’s packaging materials.

C. members of the Board of Directors of the Bank of England.

D. residents of Boston, the community in which the firm’s corporate headquarters is located.

4. The system of rules, processes, and laws that is used to direct and control a corporation is

                                                                known as

1. the “agency” issue.
2. corporate governance.
3. the Board of Directors.
4. the prospectus.

5. Corporate ethics programs seek to

1. reduce litigation and judgment costs.
2. maintain a positive corporate image.
3. build shareholder confidence.
4. gain the loyalty and respect of stakeholders.
5. A and B and C and D.
6. A and B and D.

The Polaris Company uses a job-order costing system. The following transactions occurred in October:

1. Raw materials purchased on account, $210,000.
2. Raw materials used in production, $190,000 ($152,000 direct materials and $38,000 indirect materials).
3. Accrued direct labor cost of $49,000 and indirect labor cost of $21,000.
4. Depreciation recorded on factory equipment, $105,000.
5. Other manufacturing overhead costs accrued during October, $131,000.
6. The company applies manufacturing overhead cost to production using a predetermined rate of $5 per machine-hour. A total of 76,200 machine-hours were used in October.
7. Jobs costing $512,000 according to their job cost sheets were completed during October and transferred to Finished Goods.
8. Jobs that had cost $452,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 22% above cost.

Required:

1. Prepare journal entries to record the transactions given above.

2. Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant transactions from above to each account. Compute the ending balance in each account, assuming that Work in Process has a beginning balance of $34,000.

Have recent tax law changes increased or decreased the double tax on C corporation income? Explain.

Material, Labor, and Variable Overhead Variances The following summarized manufacturing data relate to Kiosse Corporation’s May operations, during which 2,000 finished units of product were produced. Normal monthly capacity is 1,100 direct labor hours.

Assume that the 6,200 lb. of materials purchased were all used in producing the 2,000 completed units. Determine the materials price and efficiency variances, labor rate and efficiency variances, and variable overhead spending and efficiency variances.

Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable.

The Town of Weston has a Water Utility Fund with the following trial balance as of July 1, 2016, the first day of the fiscal year:

During the year ended June 30, 2017, the following transactions and events occurred in the Town of Weston Water Utility Fund:

1. Accrued expenses at July 1 were paid in cash.
2. Billings to nongovernmental customers for water usage for the year amounted to $1,383,000; billings to the General Fund amounted to $110,000.
3. Liabilities for the following were recorded during the year:

4. Materials and supplies were used in the amount of $278,000 all for costs of sale and services.
5. $14,200 of old accounts receivable were written off.
6. Accounts receivable collections totaled $1,482,800 from nongovernmental customers and $49,000 from the General Fund.
7. $1,047,800 of accounts payable were paid in cash.
8. One year’s interest in the amount of $177,200 was paid.
9. Construction was completed on plant assets costing $253,000; that amount was transferred to Utility Plant in Service.
10. Depreciation was recorded in the amount of $263,100.
11. Interest in the amount of $25,300 was reclassified to Construction Work in Progress. (This was previously paid in item 8).
12. The Allowance for Uncollectible Accounts was increased by $10,000.
13. As required by the loan agreement, cash in the amount of $103,000 was transferred to Restricted Assets for eventual redemption of the bonds.
14. Accrued expenses, all related to costs of sales and services, amounted to $92,000.
15. Nominal accounts for the year were closed.

Required:

1. Record the transactions for the year in general journal form.
2. Prepare a Statement of Revenues, Expenses, and Changes in Fund Net Position.
3. Prepare a Statement of Net Position as of June 30, 2017.
4. Prepare a Statement of Cash Flows for the year ended June 30, 2017. Assume all debt and interest are related to capital outlay. Assume the entire construction work in progress liability (see item 3) was paid in entry 7. Include restricted assets as cash and cash equivalents.

Specter Co. combines cash and cash equivalents on the balance sheet. Using the following information, determine the amount reported on the year-end balance sheet for cash and cash equivalents.

• $7,000 cash deposit in checking account.
• $28,000 bond investment due in 20 years.
• $7,000 U.S. Treasury bill due in 1 month.
• $400, 3-year loan to an employee.
• $1,800 of currency and coins.
• $700 of accounts receivable.