Atlantic Imports, a U.S. company, acquired a wholly-owned subsidiary, located in Portugal, on January 1, 2018 for €200,000,000. The subsidiary’s functional currency is the euro. The balance sheet of the subsidiary at the date of acquisition was as follows: Assets Current assets € 30,000,000 Noncurrent assets, net 150,000,000 Total assets €180,000,000 Liabilities and Stockholders' Equity Liabilities € 60,000,000 Capital stock 80,000,000 Retained earnings 40,000,000 Total liabilities and stockholders' equity €180,000,000 Appropriate revaluations of the subsidiary’s assets at the date of acquisition are as follows: Inventories are undervalued by €500,000. The subsidiary uses FIFO. Noncurrent assets are undervalued by €10,000,000. The noncurrent assets have a 10-year remaining life, straight-line. Identifiable indefinite life intangible assets, previously unreported, have a fair value of €5,000,000. During 2018 there was no impairment of either identifiable intangible assets or goodwill. The exchange rate on January 1, 2018 was $1.10/€. The average rate for 2018 was $1.12/€, and the rate at the end of 2018 was $1.15/€. The excess of acquisition cost over book value for this acquisition, in U.S. dollars, is: The entries required to consolidate the balance sheets of Atlantic Imports and its subsidiary at the date of acquisition include recognition of goodwill of: The entries required to consolidate the balance sheets of Atlantic Imports and its subsidiary at the date of acquisition include an increase in the subsidiary's noncurrent assets in the amount of: At the end of 2018, consolidation eliminating entry (R) includes a debit to current assets in the amount of: At the end of 2018, consolidation eliminating entry (O) includes a debit to depreciation expense in the amount of: At the end of 2018, consolidation eliminating entries (R) and (O) together will have what effect on consolidated other comprehensive income (increase or decrease)?

1. Match with the proper definition

A. CFO

B. Fixed Cost

C. Indirect Cost

D. Management by exception

E. Non - Controllable Cost

F. Opportunity Cost

G. Sunk Cost

H. Supply Chain Management Systems

I. Value Chain

J. Variable Cost

_____The benefits forgone when one alternative is selected over another

_____Organize the activities between a company and its suppliers

_____A cost that does not change, in total, with changes in the level of business activity

_____investigating departures from the plan that are significant

_____ A cost that was incurred in the past

_____A cost that cannot be easily traced to a particular cost object

_____A cost that does not change on per unit basis with changes in the level of business activity

_____The senior executive responsible for accounting and financial operations

_____ A company internal operations and its relationships and interactions with suppliers and customers

_____ A cost that a manager cannot Influence

The Director of Annie Smith Dance Center is asking for assistance with the financial aspects of running a professional group of performers. She wants financial information presented in an easy to read format and a better understanding of the profitability of the concerts and the organization as a whole.

The Annie Smith professional group features three styles of dance concerts each year. Two of the dance concerts showcase a different genre. The third performance is a Christmas Spectacular, which is the most popular and is therefore scheduled every year. The table below provides information about expected ticket sales for the performances.

Ms. Smith has prepared a tentative schedule for the coming season. The table below also shows the type and number of performances and direct cost per type of concert.

*Examples of direct fixed costs are costumes, rehearsals, royalties, guest artist fees, choreography, and salaries of production staff, music, and wardrobe for each of the concerts. This amount does not change with the number of performances.

Additional costs:

Variable costs associated with each performance are shown below.

Annual general administrative and operating costs for the dance center are:

Ms. Smith wants the Dance Center to generate at least $300,000 in operating profit. What level of revenues does the performance group need to achieve to meet this goal? Prepare an income statement in good format to support the computations.

No Calculations necessary I am only asking for format and necessary formulas.

Thanks in advance!

You decided to start up 3-D Printing Prototyping business. In October of 2020, you:

Invest $10,000 of your own money

. • Raise an additional $20,000 from family and friends (as equity). You also borrow another $10,000 from them that you agree to pay back in 6-months time

. • Secure operating space and prepay for 3-months of space at $3,000 a month. Your landlord let you in a couple days early to set up before your grand opening at no additional cost.

• Purchase 3-D printers totalling $20,000.

• Purchase computers and related equipment totalling $12,000

• Purchase $4,000 worth of 3-D printing supplies (printer filament)

Your grand opening is set for Nov 1. Complete the balance sheet for this company as of Nov 1.

Over the next 3-months you:

Complete prototyping work worth $30,000. This work required $8,000 of your printing supplies. During this time you also purchased another $10,000 worth of printing supplies.

• You also receive payment for a $2,000 job that will completed over the first month of the next quarter.

• You didn’t pay any additional rent given that you prepaid it in October

. • Utilities (electricity, water, etc) were 20% of your rent.

• You hired an assistant for the last two months, paying them $2,000 a month.

• Marketing costs were $3,000.

• You also paid $500 in interest on your loan and paid back $2,000 in principal (earlier than expected)

. • Taxes are expected to be 20% of your income.

• You can ignore depreciation.

Complete an income statement for those first three months.

Oxen Corp. has 1,000 shares of common stock outstanding. Cherith owns 400 of these shares and Marshall owns 600. Marshall’s total basis in his 600 shares is $40,000. Oxen has $500,000 of accumulated E&P as of the beginning of the year, and Oxen is profitable this year. Assume that Oxen redeems 210 shares of Marshall’s stock during the year for $80,000. Marshall seeks to determine if the redemption qualifies for sale treatment as a disproportionate redemption under Section 302(b)(2). Would Marshall pass the 50% test under Section 302(b)(2)? a. yes. b. no.

The BouchonCompany started its operations many years ago.  The balance sheet for December 31, 2017, showed the following account balances, in dollars (there were no other accounts listed):

Cash 827; Paid in capital 1,000; Loan from bank (0% interest) 800; Dividend payable 100; Accumulated depreciation 250; Inventory 300; Retained earnings 334; Accounts receivable 400; PP&E 1,500; Accounts payable 250; Wages payable 103; Rent payable 30; Advances from customers 160;

During 2018the following transactions occurred:

1. Bouchon took another 0% interest loan from the bank, on January 1, 2018, in the amount of $600.
2. Purchases of inventory were $654 (all on credit), and payments to suppliers were $704.
3. A dividend in the amount of $168 was declared during 2018. On December 31, 2018, the Dividend payable account balance was $18.
4. The employees of Bouchon were paid $154, which was $8 more than what they earned during the year.
5. a. Total sales during 2018 were $1,435. Part of the sales relate to advances received during 2017. As of December 31, 2018, Bouchon has no more obligations related to advances from customers. Cash sales were $750, and credit sales were $525.

b. All current and past customers have paid their accounts in full by the end of the year.  

6. Cost of Goods Sold exceeded purchases of inventory by $6.
7. Depreciation expense was $225.
8. The owner of Bouchon decided to take a second job, flipping burgers at the local McDonalds, for $60 a month, in order to cover their daughter’s tuition at an Ivy League University.  
9. Rent expense for the year was $180; rent payments were $256 (all to the same landlord and for the office space to which the Rent payable balance on December 31^st, 2017 relates).
10. A fully depreciated machine, with an original cost of $210 and a salvage value of zero, was sold for $100, in cash.  

Required:

1. Record all the transactions that occurred during 2018 (you may use the accounting equation method or journal entries).
2. Prepare an income statement for the year ended December 31, 2018.
3. Prepare a balance sheet for December 31, 2018.
4. Prepare a statement of cash flows for the year ended December 31, 2018 using the indirect metho

Understand only one can be asked, but I give a thumbs up for answering as many as you can.

The cost of good manufactured is credited to which of the following accounts?

A. cost of goods sold

B. Finished Goods

C. Work in Process

D. Raw Materials.

The cost of goods sold is credited to which of the following accounts?

A. Cost of goods manufactured

B. work in process

C. cost of goods sold

D. Finished goods

An Immaterial amount of under applied overhead is debited to which of the following accounts?

A. manufacturing overhead

B. cost of goods sold

C. work in process

D. finished goods

A material amount of over applied overhead is debited to which of the following accounts?

A. manufacturing overhand

B. work in process

C. finished Goods

D. Cost of goods sold

The reduction of inventories is an objective of:

A. total quality management

B. just in time production

C. activity based costing

D. computer controlled manufacturing systems

The controller of Dash Shoes Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information:

The company expects to sell about 12% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month following the sale and the remainder the following month (second month following sale). Depreciation, insurance, and property tax expense represent $9,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in July, and the annual property taxes are paid in November. Of the remainder of the manufacturing costs, 85% are expected to be paid in the month in which they are incurred and the balance in the following month.

Current assets as of March 1 include cash of $52,000, marketable securities of $73,000, and accounts receivable of $151,700 ($119,000 from February sales and $32,700 from January sales). Sales on account for January and February were $109,000 and $119,000, respectively. Current liabilities as of March 1 include a $68,000, 12%, 90-day note payable due May 20 and $9,000 of accounts payable incurred in February for manufacturing costs. All selling and administrative expenses are paid in cash in the period they are incurred. It is expected that $4,100 in dividends will be received in March. An estimated income tax payment of $20,000 will be made in April. Dash Shoes' regular quarterly dividend of $9,000 is expected to be declared in April and paid in May. Management desires to maintain a minimum cash balance of $41,000.

Required:

1. Prepare a monthly cash budget and supporting schedules for March, April, and May. Input all amounts as positive values except overall cash decrease and deficiency which should be indicated with a minus sign. Assume 360 days per year for interest calculations.

2. The budget indicates that the minimum cash balance   be maintained in May. This situation can be corrected by   and/or by the   of the marketable securities, if they are held for such purposes. At the end of March and April, the cash balance will   the minimum desired balance.

Problem 4-3A Computing merchandising amounts and formatting income statements LO C2, P4

Valley Company’s adjusted trial balance on August 31, 2018, its fiscal year-end, follows.

On August 31, 2017, merchandise inventory was $24,614. Supplementary records of merchandising activities for the year ended August 31, 2018, reveal the following itemized costs.

  
Required:

1. Compute the company’s net sales for the year.
2. Compute the company’s total cost of merchandise purchased for the year.
3. Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses.
4. Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, and general and administrative expenses.

(1)        The standard costs of wooden ducks on wheels, for the CURRENT year, for 5 mm board and for cutting are as follows:-

            5 mm board: 0.2 sq. metre at £4.50 per sq. metre.

            Cutters: 1.5 minutes at £7.20 per hour.

In the most recent period, 120 wooden ducks on wheels were produced.

25 sq. metres of 5 mm board were requisitioned from stores at a total cost of £110.

            2.75 hours were recorded for cutters at a total cost of £22.

            Required

(a)        Calculate the material price variance and material usage variance for 5 mm board

(ii)        Calculate the wage rate variance and labour efficiency variance for cutters

Suggest possible reasons for the variances calculated.

(2)        Given standard cost per unit:

            Direct materials (4 kg. @ 75p per kg)

            Direct labour (2 hrs @ £1.60 per hr)

            Actual details are:

            Calculate:         Material and labour variances.

Becher Industries has three suppliers for its raw materials for manufacturing. The firm purchases $210 million per year from Johnson Corp. and normally takes 30 days to pay these bills. Becher also purchases $150 million per year from Jensen, Inc., and normally pays Jensen in 45 days. Becher's third supplier, Docking Distributors, offers 2/10, n.30 terms. Becher takes advantage of the discount on the $90 million per year that it typically purchases from Docking. Calculate Becher's expected accounts payable balance. Assume that all purchases are made evenly across the year. (Use a 360-day year for your calculations; for example, calculate Johnson's accounts as $180 million × 30/360.) An answer of $1.2 million should be entered as 1,200,000. Do not round your intermediate calculations. Round your answer to two decimal places.

Can I see the solution for Excel applications for accounting principles P9 ticklers(optional) DEPECT?

What are the challenges a US based hotel may face in the Greece because of its accounting standards?

In January 20X3, Elliott Industries recorded the following transactions:

1. Paid bills from 20X2 totaling $120,000 and collected $150,000 for sales that were made in 20X2.
2. Purchased inventory on credit totaling $500,000, 30% of which remained unpaid at the end of January.
3. Sold $375,000 of inventory on credit for $550,000, 20% of which remained uncollected at the end of the month.
4. Accruals increased by $12,000 during the month.
5. Made additional cash payments for expenses incurred during the month totaling $90,000.

Compute the change in Elliott's working capital for the month of January 20X3. (Hint: Each transaction has offsetting entries that sum to zero. If all of the entries are to current accounts, there's no impact on working capital. But if one side is somewhere else, working capital will change.)

Riley incorporated reports the following amounts at the end of the year:

Cash 3200, Building 60,000, account payable 8500, interest expense 4000, Adverting expense 11,300, Service revenue 92,500, Salaries expense 72,800, Equipment 72,000, Supplies 6,400, Notes payable 40,000.

IN addition the company had common stock of $65,000 at the beginning of the year and issued an additional $5,000 during the year the company also had retained earnings of $20,700 at the beginning of the year and paid dividends of $2,000 during the year. Prepare the income statement of stockholder's equity and balance sheet:

Net income _______________________

Ending balance of common stock __________________

Ending balance of retained earning__________________

Ending total stockholder's equity__________________

Total assets__________

Total current assets____________

Total liabilities___________________

Total liabilities and shareholders equity ________________