1) Companies prepare four primary financial statements. What are those financial statements, and what information is typically conveyed by each?

2) What are the two essential characteristics of an assets?

Record the following transactions of Lisa’s Fashion Boutique in a general journal. Lisa's Fashion Boutique operates in a state with 8% sales tax. (Round your intermediate calculations and final answers to 2 decimal places): DATE TRANSACTIONS 2019 Feb. 2 Sold merchandise for cash totaling $3,400 to customers using bank credit cards. Record the 10 percent discount on credit card sales at time of sale. 15 Sold merchandise totaling $2,100 to customers using American Express. 20 Received amount due from American Express, less their 11 percent discount, for sales made by customers using American Express on February 15

In the early part of 2018, the partners of Hugh, Jacobs, and Thomas sought assistance from a local accountant. They had begun a new business in 2017 but had never used an accountant’s services.

Hugh and Jacobs began the partnership by contributing $70,000 and $20,000 in cash, respectively. Hugh was to work occasionally at the business, and Jacobs was to be employed full-time. They decided that year-end profits and losses should be assigned as follows:

• Each partner was to be allocated 10 percent interest computed on the beginning capital balances for the period.
• A compensation allowance of $5,000 was to go to Hugh with a $15,000 amount assigned to Jacobs.
• Any remaining income would be split on a 4:6 basis to Hugh and Jacobs, respectively.

In 2017, revenues totaled $95,000, and expenses were $75,000 (not including the partners’ compensation allowance). Hugh withdrew cash of $5,000 during the year, and Jacobs took out $10,000. In addition, the business paid $5,500 for repairs made to Hugh’s home and charged it to repair expense.

On January 1, 2018, the partnership sold a 30 percent interest to Thomas for $70,000 cash. This money was contributed to the business with the bonus method used for accounting purposes.

1. What journal entries should the partnership have recorded on December 31, 2017?

2. What journal entry should the partnership have recorded on January 1, 2018?

Albert files his income tax return (showing a total tax of $23,000) 5½ months after the due date of the return without obtaining an extension from the IRS. Along with the return, he remits a check for $6,600, which is the balance of the tax he owes. Note: Assume 30 days in a month. Disregarding the interest element, enter Albert's penalty amount for each, failure to file and failure to pay.

1) Calculate the value of the ending inventory

2) Calculate and show the schedule for cost of goods sold

3) Calculate and show the schedule for gross profit

4) Calculate and show the gross profit percentage

USE    FIFO / LIFO / WEIGHTED AVERAGE FOR ALL:

Beginning Inv: 10,000 @ $20/unit

Purchased: 30,000 @ $25/unit

Purchased: 15,000 @ $30/unit

Sold: 44,000 @ $50/unit

just looking to get started! student center at school closed down

Zeui Company's material requirement for 1 year is 20,000 units. Ordering cost for each order is Rp. 500,000. Carrying cost is Rp. 20,000 / unit. The lead time is 14 days.
Question:
A. Calculate the EOQ and inventory costs when EOQ!
B. Also calculate the inventory cost for 10 and 30 orders!
C. If the average usage per day is 55 units and the maximum usage per day is 75 units, then calculate the safety stock and ROP!

Balance scorecard:

Describe the price setting process and its features of a balance scorecard.

How can managers use cost accounting information when setting prices?

Required:

1. Prepare statement of cost of goods manufactured in good form.
2. Prepare income statement in good form (ignore income tax expense).

Acme Company’s production budget for August is 18,900 units and includes the following component unit costs: direct materials, $7.2; direct labor, $11.4; variable overhead, $5.4. Budgeted fixed overhead is $46,000. Actual production in August was 21,840 units. Actual unit component costs incurred during August include direct materials, $9.60; direct labor, $10.80; variable overhead, $6.20. Actual fixed overhead was $48,900. The standard fixed overhead application rate per unit consists of $2.2 per machine hour and each unit is allowed a standard of 1 hour of machine time. Required: Calculate the fixed overhead budget variance and the fixed overhead volume variance. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).)

Discuss the elimination process of inter-company bond and lease.

What is the formula I would insert into Excel

Problem 14-9 Zero-coupon bonds [LO14-2]

On January 1, 2018, Darnell Window and Pane issued $19.2 million of 10-year, zero-coupon bonds for $6,761,942. (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:
2. Determine the effective rate of interest.
1. & 3. to 5. Prepare the necessary journal entries.

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

• Interest rate
• General Journal

Determine the effective rate of interest.

• 1

  Record the issuance of the bonds.

• 2

  Record annual interest expense at December 31, 2018.

• 3

  Record annual interest expense at December 31, 2019.

• 4

  Record the payment at the bonds' maturity.

Each of the four independent situations below describes a finance lease in which annual lease payments are payable at the beginning of each year. The lessee is aware of the lessor’s implicit rate of return. (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. & b. Determine the amount of the annual lease payments as calculated by the lessor and the amount the lessee would record as a right-of-use asset and a lease liability, for each of the above situations. (Round your answers to the nearest whole dollar amount.)