Identify the following as an asset, liability, or equity by writing the letter of the correct classification in the space provided.

Under normal conditions, Sarah spends $8.40 per unit of materials, and it will take 3.6 units of material per pair of shoes. During July, Sole Purpose Shoe Company incurred actual direct materials costs of $63,810 for 7,090 units of direct materials in the production of 2,175 pairs of shoes.

Complete the following table, showing the direct materials variance relationships for July for Sole Purpose Shoe Company. If required, round your answers to two decimal places. When entering variances, use a negative number for a favorable cost variance

A variance that occurs when the actual cost is less than standard cost.

, and a positive number for an unfavorable cost variance

A variance that occurs when the actual cost exceeds the standard cost.

.

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Direct Labor

Under normal conditions, Sarah pays her employees $8.50 per hour, and it will take 2.8 hours of labor per pair of shoes. During August, Sole Purpose Shoe Company incurred actual direct labor costs of $65,340 for 7,260 hours of direct labor in the production of 2,100 pairs of shoes.

Complete the following table, showing the direct labor variance relationships for August for Sole Purpose Shoe Company. If required, round your answers to two decimal places. When entering variances, use a negative number for a favorable variance, and a positive number for an unfavorable variance.

The following units and costs of lawnmower Model 200 were available for sale during the year for Craftsman Hardware:

Craftsman has 35 units on hand at the end of the year. What is the dollar amount of cost of goods sold for the year according to the first-in, first-out method?

Prepare journal entries to record the following merchandising transactions of Cabela’s, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable—Boden.)

You are part of a team responsible for implementing an activity-based costing system. Some of the members do not understand the steps involved in implementing such a system. Prepare a summary showing your team members the steps involved and a brief description of each step that are completed in the process.

INDIANA CORPORATION

…… is a bakery that is known for its strawberry cheesecake. It also makes 12 different kinds of cheesecake as well as many other types of bakery items. The company uses normal costing with direct-labor dollars as their base for allocating overhead to its various bakery products.

The company estimates overhead for the upcoming year of $421,000 and estimates direct labor of $2,000,000.

The following estimated information is available for their Strawberry Cheesecake product:

Required:

1. Compute the predetermined rate (overhead per dollar of labor) – Round this to TWO decimal places

2. Determine the amount of estimated overhead applied to one unit of strawberry cheesecake (one cake) AND the estimated amount of overhead to be applied to that product line for the year

3. What is the total estimated unit cost of the strawberry cheesecake?

NOW consider the following additional information about the estimated overhead of $421,000. You have analyzed this amount, and determined that the following breakdown and have identified appropriate activities that appear to cause, or drive these costs, as follows:

ASSUME that the following amounts of various cost drivers will be used for all products and for the Strawberry Cheesecake product:

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

Markus Company’s common stock sold for $3.25 per share at the end of this year. The company paid a common stock dividend of $0.65 per share this year. It also provided the following data excerpts from this year’s financial statements:     

9. What is the accounts receivable turnover and the average collection period? (Use 365 days in a year. Round your intermediate and final answers to 2 decimal places.)

10. What is the inventory turnover and the average sale period? (Use 365 days in a year. Round your intermediate and final answers to 2 decimal places.)

11. What is the company’s operating cycle? (Round your intermediate and final answers to 2 decimal places.)      

12. What is the total asset turnover? (Round your answer to 2 decimal places.)      

Q4-2 This simulation question available sources is based upon a true set of facts. The information contained in the simulation question was What is the Relationship Between the Fraud Triangle and Financial Statement Fraud? -

Required First, search the Internet or refer to textbooks to learn as much as you can about the Fraud Triangle. Then, answer the following:

1. What is the Fraud Triangle? Discuss your understanding of the Fraud Triangle and give examples of financial statement fraud for each of the Triangle: (a) Opportunity-give real or hypothetical examples in financial statement fraud. (b) Pressure-give real or hypothetical examples in financial statement fraud. (c) Rationalization -give real or hypothetical examples in financial statement fraud. e: Remember to cite references/sources from the Internet or textbooks.
2. How can the Fraud Triangle detect/prevent financial statement fraud? Discuss how each of the three elements of the Fraud Triangle can detect/prevent financial statement fraud (a) Opportunity- explain how this element can detect/prevent financial statement fraud. b) Pressure- explain how this element can detect/prevent financial statement fraud how this element can detect/prevent financial statement fraud

Dylan Products has a budget of $1,200,000 in 2015 for prevention costs. If it decides to automate a portion of its prevention activities, it will save $90,000 in variable costs. The new method will require $40,000 in training costs and $150,000 in annual equipment costs. Management is willing to adjust the budget for an amount up to the cost of the new equipment. The budgeted production level is 210,000 units.

Appraisal costs for the year are budgeted at $500,000. The new prevention procedures will save appraisal costs of $50,000. Internal failure costs average $20 per failed unit of finished goods. The internal failure rate is expected to be 4% of all completed items. The proposed changes will cut the internal failure rate by one-half. Internal failure units are destroyed. External failure costs average $48 per failed unit. The company's average external failures average 2.5% of units sold. The new proposal will reduce this rate to 1%. Assume all units produced are sold and there are no ending inventories.


How much will appraisal costs change assuming that the new prevention methods reduce material failures by 30% in the appraisal phase?

Select one:

A. $84,000 decrease

B. $150,000 decrease

C. $50,000 decrease

D. $229,000 decrease

E. $50,000 increase

2 .The Taranto Company uses the high-low method to estimate it's cost function. The information for the current year is provided below:

What is the constant for the estimating cost equation?

Select one:

A. $12,500

B. $125,000

C. $25,000

D. $225,000

E. $0

Hello,

Are you able to show the work for both questions?

Thanks,

Question: Jefferson County’s General Fund began the year 2017 with the following account balances: Deb... (4 bookmarks) Jefferson County’s General Fund began the year 2017 with the following account balances: Debits Credits Cash $132,348 Taxes Receivable 47,220 Allowance for Uncollectible Taxes $ 1,570 Supplies 660 Deferred Inflows—Property Taxes 21,000 Wages Payable 900 Fund Balance 156,758 Totals $180,228 $180,228 During 2017, Jefferson experienced the following transactions: The budget was passed by the County Commission, providing estimated revenues of $285,000 and appropriations of $235,000 and estimated other financing uses of $40,000. Encumbrances totaling $4,800 outstanding at December 31, 2016, were re-established. The Deferred Inflows—Property Taxes at December 31, 2016, is recognized as revenue in the current period. Property taxes in the amount of $290,000 were levied by the County. It is estimated 0.5 percent (1/2 of 1 percent) will be uncollectible. Property tax collections totaled $263,400. Accounts totaling $1,020 were written off as uncollectible. Encumbrances were issued for supplies in the amount of $37,100. Supplies in the amount of $40,500 were received. Jefferson County records supplies as an asset when acquired. The related encumbrances for these items totaled $41,000 and included the $4,800 encumbered last year. The County paid $37,800 on accounts payable during the year. The County contracted to have alarm systems (capital assets) installed in the administration building at a cost of $46,000. The systems were installed and the amount was paid.page 115 Paid wages totaling $135,900, including the amount payable at the end of 2016. (These were for general government operations.) Paid other general government operating items of $7,600. The General Fund transferred $43,000 to the debt service fund in anticipation of bond interest and principal payments. Additional Information Wages earned but unpaid at the end of the year amounted to $1,050. Supplies of $350 were on hand at the end of the year. (Supplies are used for general government operations.) A review of property taxes receivable indicates that $22,000 of the outstanding balances would likely be collected more than 60 days after year-end and should be deferred. Required: Use the Excel template provided on the textbook website to complete the following requirements. A separate tab is provided in Excel for the following items: Prepare journal entries to record the information described in items 1 to 14. Classify expenditures in the General Fund as either General Government or Capital Outlay. Make entries directly to these and the individual revenue accounts; do not use subsidiary ledgers. Post these entries to T-accounts. Prepare closing journal entries; post to the T-account provided. Classify fund balances assuming there are no restricted or committed net resources and the only assigned net resources are the outstanding encumbrances. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund for the year ending 2017. Use Excel formulas to calculate the cells shaded in blue. Prepare a Balance Sheet for the General Fund as of December 31, 2017.

Oriole Company was organized on July 1, 2019. Quarterly financial statements are prepared. The unadjusted and adjusted trial balances as of September 30 are shown as follows. Journalize the adjusting entries that were made AND create an income statement, retained earnings, and balance sheet.

The following information applies to the questions displayed below.]

Markus Company’s common stock sold for $3.25 per share at the end of this year. The company paid a common stock dividend of $0.65 per share this year. It also provided the following data excerpts from this year’s financial statements:     

2. What is the price-earnings ratio? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

4. What is the return on total assets (assuming a 30% tax rate)? (Round your percentage answer to 1 decimal place (i.e., 0.1234 should be entered as 12.3).)

6. What is the book value per share at the end of this year? (Round your answer to 2 decimal places.)      

8. What is the acid-test ratio at the end of this year? (Round your answer to 2 decimal places.)

TOPIC: MANAGEMENT ACCOUNTING IN PUBLIC SECTOR

Explain the rational for the administrative changes in budget examination and review from yearly basis to once in every two years basis

--An organization has just received a Qualified Auditor report. Auditors have reported the contravention about the director’s superannuation not being paid for the past 2 years. Prepare a list of suggestions to management to rectify this contravention; your answer should focus on the rectification to the internal control system to prevent this contravention in future.

The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31.

1. Prepare the December 31, closing entries for Cruz Company. Assume the account number for Income Summary is 901.
2. Prepare the December 31, post-closing trial balance for Cruz Company. Note: A. Cruz, Capital was $42,739 on December 31 of the prior year.