In an attempt to improve budgeting, the controller for Meliore, Inc., has developed a flexible budget for overhead costs. Meliore, Inc., makes two types of products, the standard model and the deluxe model. Meliore expects to produce 300,000 units of the standard model and 120,000 units of the deluxe model during the coming year. The standard model requires 0.05 direct labor hour per unit, and the deluxe model requires 0.08. The controller has developed the following cost formulas for each of the four overhead items:

Cost Formula:

Maintenance $34,500+ $1.25 DLH

Power $0.50 DLH

Indirect labor $68,400+$2.30 DLH

Rent $31,500

1. Prepare an overhead budget for the expected activity level for the coming year.

2. Prepare an overhead budget that reflects production that is 10 percent higher than expected (for both products) and a budget for production that is 20 percent lower than expected.

Notes:

Can you please show me step-by-step (all calculations necessary) as to how to arrive at the correct answer?

Please provide your answer on spreadsheet as it is diffcult to read handwriting.

Which statement is FALSE?

Select one:

a. Diluted EPS is never higher than Basic EPS

b. Use of the "Treasury Stock Method" determines the effect of convertible bonds on Diluted EPS

c. Bond interest expense is the cash interest paid plus the discount amortized that period

d. Bond interest expense is the cash interest paid less the premium amortized that period

The following are audit procedures from different transaction​ cycles:

1. Examine sales invoices for evidence of internal verification of​ prices, quantities, and extensions.

2. Select items from the​ client's perpetual inventory records and examine the items in the​ company's warehouse.

3. Use audit software to foot and​ cross-foot the cash disbursements journal and trace the balance to the general ledger.

4. Select a sample of entries in the acquisitions journal and trace each one to a related​ vendor's invoice to determine whether one exists.

5. Examine documentation for acquisition transactions before and after the balance sheet date to determine whether they are recorded in the proper period.

6. Inquire of the credit manager whether each account receivable on the aged trial balance is collectible.

7. Compute inventory turnover for each major product and compare with previous years.

8. Confirm a sample of notes payable​ balances, interest​ rates, and collateral with lenders.

9. Use audit software to foot the accounts receivable trial balance and compare the balance with the general ledger.

a. For each audit​ procedure, identify the transaction cycle being audited.

b. For each audit​ procedure, identify the type of evidence.

c. For each audit​ procedure, identify whether it is a test of control or a substantive test.

d. For each substantive audit​ procedure, identify whether it is a substantive test of​ transactions, a test of details of​ balances, or a substantive analytical procedure. ​(Select N/A for those items identified as only a TOC in requirement​ c.)

e. For each test of control or substantive test of transactions​ procedure, identify the​ transaction-related audit objective or objectives being satisfied. ​(Select N/A for those items identified as a TD of B or SAP in requirement​ d.)

f. For each substantive analytical procedure or test of details of balances​ procedure, identify the​ balance-related audit objective or objectives being satisfied. ​(Select N/A for those items identified as a ST of T in requirement​ d.)

Complete all answers boxes for each audit procedure in the table below. ​(Abbreviations used:​ A+P = Acquisition and​ payment, CA+R​ = Capital acquisition and​ repayment, I+W​ = Inventory and​ warehousing, P+P​ = Payroll and​ personnel, SAP​ = substantive analytical​ procedure, S+C​ = Sales and​ collections, ST of T​ = test of​ transactions, SUB​ = substantive​ test, TD of B​ = test of details of​ balance, TOC​ = test of​ control.)

Ellie’s Edibles, Inc. is segmented into three divisions, and $42,000 of the fixed expenses relate to the corporate (common) expenses and had been allocated equally between the three divisions.

A. Calculate the Contribution Margin Ratio for each segment and for the Total Company.

B. Revise the income statement presented above into a segmented income statement.

The Shippecasse Company had a Current Ratio of 1:2. The Company paid a $10,000 cash dividend to preferred shareholders that was previously declared. What is the effect of the payment journal entry on the current ratio and total stockholders' equity, respectively?

Select one:

a. Increase, Increase

b. Decrease, Decrease

c. Increase, No Effect

d. No Effect, Increase

e. Decrease, No Effect

1. Break-Even Sales

   BeerBev, Inc., reported the following operating information for a recent year:

   Net sales	$11,712,000
   Cost of goods sold	$2,928,000
   Selling, general and administration	610,000
   	$3,538,000
   Income from operations	$ 8,174,000*

   *Before special items

   In addition, assume that BeerBev sold 61,000 barrels of beer during the year. Assume that variable costs were 75% of the cost of goods sold and 50% of selling, general and administration expenses. Assume that the remaining costs are fixed. For the following year, assume that BeerBev expects pricing, variable costs per barrel, and fixed costs to remain constant, except that new distribution and general office facilities are expected to increase fixed costs by $31,100.

   When computing the cost per unit amounts for the break-even formula, round to two decimal places. If required, round your final answer to one decimal place.

   a. Compute the break-even number of barrels for the current year.
   barrels

   b. Compute the anticipated break-even number of barrels for the following year.
   barrels

Individual team member timely commitment and active participation are critical individual contributions to team-
based innovation.

Falcon Crest Aces (FCA), Inc., is considering the purchase of a small plane to use in its wing-walking demonstrations and aerial tour business. Various information about the proposed investment follows:     

Assume straight line depreciation method is used.

Required:
Help FCA evaluate this project by calculating each of the following:

1. Accounting rate of return. (Round your answer to 2 decimal places.)

2. Payback period. (Round your answer to 2 decimal places.)

3. Net present value (NPV). (Future Value of $1, Present Value of $1, Future Value Annuity of $1, Present Value Annuity of $1.) (Use appropriate factor(s) from the tables provided. Negative amount should be indicated by a minus sign. Round the final answer to nearest whole dollar.)

4. Recalculate FCA's NPV assuming the cost of capital is 3% percent. (Future Value of $1, Present Value of $1, Future Value Annuity of $1, Present Value Annuity of $1.) (Use appropriate factor(s) from the tables provided. Round your final answer to the nearest whole dollar amount.)

Greater than 7%

Between 3% and 7%

Less than 3%

LarkspurFurniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $6,000,000 on January 1, 2020. Larkspur expected to complete the building by December 31, 2020. Larkspur has the following debt obligations outstanding during the construction period.

A. Assume that Larkspur completed the office and warehouse building on December 31, 2020, as planned at a total cost of $6,240,000, and the weighted-average amount of accumulated expenditures was $4,320,000. Compute the avoidable interest on this project. (Use interest rates rounded to 2 decimal places, e.g. 7.58% for computational purposes and round final answers to 0 decimal places, e.g. 5,275.)

B. Compute the depreciation expense for the year ended December 31, 2021. Larkspur elected to depreciate the building on a straight-line basis and determined that the asset has a useful life of 30 years and a salvage value of $360,000. (Round answer to 0 decimal places, e.g. 5,275.)

Gleason Guitars produces acoustic guitars. The table below contains budget and actual information for the month of June: (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).)

Accounts for Smith Corp. from the adjusted trial balance for the year ended December 31, 2018 are presented below in no particular order. Common Stock was $10,000 and Retained Earnings was $50,000 on January 1, the beginning of the current year. During the year, shareholders purchased an additional $7,000 in stock.

Depreciation expense—equipment    $4,600             Cash                                        $85,000

Depreciation expense—building        2,000             Accounts payable                         5,500

Office supplies                                    3,000             Land                                        150,000

Fees earned                                                       328,000                 Accounts receivable                           26,000

Salaries expense                                              135,000                 Supplies expense                                25,000

Interest expense                                                   4,700                Dividends                                                 4,200

Long-term notes payable                              190,000                 Salaries payable                                   14,000

Accumulated depreciation-building         110,000                 Building                                                220,000

Accumulated depreciation-equipment   65,000                 Equipment                                          120,000

1. Use the information above to prepare (a.) the income statement, (b.) the statement of retained earnings, and (c.) the balance sheet.

2. Prepare the necessary closing entries.

3. Prepare the post-closing trial balance.

Indicate the type of Deferred Tax account created by Prepaid Expenses and Unearned Revenue, respectively.

Select one:

a. Asset, Liability

b. Liability, Asset

c. Asset, Asset

d. Liability, Liability

Write an operation overview for a business plan for a Kentucky Fried Chicken franchise with start-up funding of $750,000.

Flint Company Limited, which follows ASPE, uses the gross profit method to estimate inventory for monthly reports. Information follows for the month of May:

Calculate the estimated inventory at May 31, assuming that the gross profit is 25% of sales.

eTextbook and Media

Calculate the estimated inventory at May 31, assuming that the markup on cost is 25%.

[The following information applies to the questions displayed below.] Raner, Harris & Chan is a consulting firm that specializes in information systems for medical and dental clinics. The firm has two offices—one in Chicago and one in Minneapolis. The firm classifies the direct costs of consulting jobs as variable costs. A contribution format segmented income statement for the company’s most recent year is given:

3. Assume that sales in Chicago increase by $40,000 next year and that sales in Minneapolis remain unchanged. Assume no change in fixed costs.

a. Prepare a new segmented income statement for the company. (Round your percentage answers to 1 decimal place (i.e. 0.1234 should be entered as 12.3).)