Monson& Company is an architectural firm specializing in home remodeling for private clients and new office buildings for corporate clients. Monson charges customers at a billing rate equal to 128​%

of the​ client's total job cost. A​ client's total job cost is a combination of​(1) professional time spent on the client $64 per hour cost of employing each​ professional) and​ (2) operating overhead allocated to the​ client's job. Monson allocates operating overhead to jobs based on professional hours spent on the job. Monson estimates its five professionals will incur a total of​ 10,000 professional hours working on client jobs during the year.

AnnikaLaughlin hired Monson to design her kitchen remodeling. A total of 2020 professional hours were incurred on this job. In​ addition, Laughlin​'s remodeling job required one of the professionals to travel back and forth to her house for a total of 160 miles. The blueprints had to be copied four times because Laughlin changed the plans several times. In​ addition, 19 hours of secretarial time were used lining up the subcontractors for the job.

Requirements

Palmer Consulting Company

Carson Palmer established Palmer Consulting Company on February 1, 2019, since he retired from the NFL after 15 seasons. He decided it might be time to put his USC degree to use.

The company had the following transactions during February.

1. Feb. 1 – The Company sold shares of common stock for $30,000 cash.
2. Feb. 1 – The Company purchased a one-year insurance policy for $300 in cash.
3. Feb. 1 – The Company purchased office equipment costing $8,000 by signing a 6% note due in two years. The Equipment has a 5 year life and no salvage value. The note requires monthly payments of $225 beginning on March 1^stuntil the balance is paid.
4. Feb. 10 – The Company purchased $735 of office supplies for cash.
5. Feb. 15 – The Company paid legal and registration fees to register their trademark. The fees incurred totaled $4,000, which were paid in cash.
6. Feb. 28 – The Company billed customers $5,500 for consulting services performed.
7. Feb. 28 – The Company paid $1,450 for employee’s salary.
8. Feb. 28 – Since the company had a good month Carson declared a $1,000 dividend to be paid on March 10th.

Additional Information:

1. On February 28^th, the company took an inventory of the supplies and found that they had $500 of supplies on hand.
2. Buildings and Equipment purchased before the 15^thof the month are depreciated for a whole month using the straight-line method.
3. On March 3^rdreceived the February utilities bill for $188.

Required:  

1. Journalize the transactions.
2. Prepare the adjusting entries.
3. Post all entries to the accounts.
4. Prepare a Single-Step Income Statement, Retained Earnings Statement and a Classified Balance Sheet for his first month of operations. Discuss the company’s profitability, liquidity and solvency.
5. Prepare the closing entries.

Be sure to round all your answers.  No pennies!

Check Digit for Balance Sheet:

Total Assets = $41,657

Net Income = $3,429

Assume that Brown Company owns 100% of Schroeder Corporation. Schroeder reports Stockholders’ Equity of $500,000. The Equity investment was acquired at book value (i.e., no AAP). Schroeder sells a 10% interest to outsiders for $115,000. The entry made by Brown as a result of the sale of stock by Schroeder includes:

CableVision has been approached by the City of Mirada to run its cable operations in 2019. After negotiating with key parties,CableVision has made the following agreements:

• It will offer Mirada residents a basic set of 25 cable television stations at a rate of $33.99 per month.
• It will pay the city $90,000 per month plus $2.50 per cable subscriber per month to maintain the physical facilities.
• It will actually pay another company an annual fixed fee of $760,000 plus $8.75 per cable subscriber per month to broadcast the 25 channels.

CableVision estimates that operating costs for billing, program news mailings, etc. will be $125,000 per month plus 7% of monthly revenue.

CableVision has several questions about its monthly revenues, costs, and profits in 2019.

Part A
1. What is the estimated monthy contribution margin per cable subscriber for CableVision in 2019? (20.36)

2. What are the estimated total monthly fixed costs for CableVision in 2019? (278,333)

Part B

1. What is CableVision's estimated monthly operating income in 2019 if 16,000 residents subscribe? (47,427)

2. How many monthly subscribers would be required for CableVision to break even in 2019? (13,670)

3. How many monthly subscribers would be required for CableVision to earn $23,000 per month in 2019? (14,800)

4. Assuming a tax rate of 31%, how many monthly subscribers would be required for CableVision to earn $23,000 per month in 2019?

Part C

Some of CableVision's managers are uncertain about their estimate of monthly fixed operating costs. Assuming that 21,000 residents subscribe, how large can monthly fixed operating costs be for CableVision to still earn $23,000 per month in 2019 (ignore taxes)?

Just Part B question 4 and Part C Please.. I need it ASAP

Respond with at least 200 words.

Identify the differences between service and merchandising companies.

“I know headquarters wants us to add that new product line,” said Dell Havasi, manager of Billings Company’s Office Products Division. “But I want to see the numbers before I make any move. Our division’s return on investment (ROI) has led the company for three years, and I don’t want any letdown.”

Billings Company is a decentralized wholesaler with five autonomous divisions. The divisions are evaluated on the basis of ROI, with year-end bonuses given to the divisional managers who have the highest ROIs. Operating results for the company’s Office Products Division for this year are given below:

Sales: $22,235,000. Variable expenses: 13,981,800. Contribution margin: 8,253,200. Fixed expenses: 6,100,000. Net operating income: $2,153,200. Divisional average operating assets: $4,625,000.

The company had an overall return on investment (ROI) of 17.00% this year (considering all divisions). Next year the Office Products Division has an opportunity to add a new product line that would require an additional investment that would increase average operating assets by $2,400,000. The cost and revenue characteristics of the new product line per year would be:

Sales: $9,600,000. Variable expenses: 65% of sales. Fixed expenses: $2,582,400.

Required:

1. Compute the Office Products Division’s ROI for this year.

2. Compute the Office Products Division’s ROI for the new product line by itself.

3. Compute the Office Products Division’s ROI for next year assuming that it performs the same as this year and adds the new product line.

4. If you were in Dell Havasi’s position, would you accept or reject the new product line?

5. Why do you suppose headquarters is anxious for the Office Products Division to add the new product line?

6. Suppose that the company’s minimum required rate of return on operating assets is 14% and that performance is evaluated using residual income.

a. Compute the Office Products Division’s residual income for this year.

b. Compute the Office Products Division’s residual income for the new product line by itself.

c. Compute the Office Products Division’s residual income for next year assuming that it performs the same as this year and adds the new product line.

d. Using the residual income approach, if you were in Dell Havasi’s position, would you accept or reject the new product line?

Deferred Tax Calculations (Appendix) Wyhowski Inc. reported income from operations, before taxes, for 2015-2017 as follows: 2015 $402,000 2016 460,000 2017 539,000 When calculating income, Wyhowski deducted depreciation on plant equipment. The equipment was purchased January 1, 2015, at a cost of $167,000. The equipment is expected to last three years and have a(n) $14,000 salvage value. Wyhowski uses straight-line depreciation for book purposes. For tax purposes, depreciation on the equipment is $96,000 in 2015, $38,000 in 2016, and $19,000 in 2017. Wyhowski's tax rate is 35%. Required: Enter all amounts as positive numbers. 1. How much did Wyhowski pay in income tax each year? If required, round all calculations to the nearest dollar. Year Taxes Paid 2015 $ 15,750 2016 $ 2017 $ 2. How much income tax expense did Wyhowski record each year? Year Income Tax Expense 2015 $ 2016 $ 2017 $

Alpha Manufacturing Corporation has two service departments, Custodial Services and Maintenance, and three production departments, Cutting, Milling, and Assembly. The company allocates the cost of Custodial Services on the basis of square footage and Maintenance on the basis of labor-hours. No distinction is made between variable and fixed costs. Budgeted operating data for the year just completed follow:

Required:

a. Prepare a schedule to allocate service department costs to the production departments by the direct method.

b. Prepare a schedule to allocate service department costs to the production departments by the step-down method, allocating Custodial Services first.

Alexander Ryan earns net self employment income of 115,000. he works a second job from which he receives FICA taxable earnings of 44,000.

self employment tax?

You have the following information for Sheridan Company for the month ended October 31, 2017. Sheridan Company uses a periodic method for inventory.

Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.)

Calculate ending inventory, cost of goods sold, gross profit under each of the following methods.

(1) LIFO.
(2) FIFO.
(3) Average-cost.

(Round answers to 0 decimal place, e.g. 125.)

Required information

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

Oak Mart, a producer of solid oak tables, reports the following data from its second year of business.

2. Prepare the current-year income statement for the company using absorption costing.

Applied vs. Actual Manufacturing Overhead

Sloan Manufacturing Corporation applies manufacturing overhead on the basis of 120% of direct labor cost. An analysis of the related accounts and job order cost sheet indicates that during the year total manufacturing overhead incurred was $420,000 and that at year-end Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold included $60,000, $40,000, and $300,000, respectively, of direct labor incurred during the current year.

a. Determine the over-applied manufacturing overhead at year-end (assume it is significant).

Over-applied manufacturing overhead $Answer_____

b. Prepare a journal entry to record the disposition of the over-applied manufacturing overhead.

The table below shows the closing monthly stock prices for IBM and Amazon. Calculate the simple three-month moving average for each month for both companies. (Input all amounts as positive values. Do not round intermediate calculations. Round your answers to 2 decimal places.)

Rob operates a small plumbing supplies business as a sole proprietor. In 2018, the plumbing business has gross business income of $421,000 and business expenses of $267,000, including wages paid of $58,000. The business sold some land that had been held for investment generating a long-term capital gain of $15,000. The business has $300,000 of qualified business property in 2018. Rob's wife, Marie, has wage income of $250,000. They jointly sold stocks in 2018 and generated a long-term capital gain of $13,000. Rob and Marie have no dependents and in 2018, they take the standard deduction of $24,000.

The income threshold for QBI limitations starts at $315,000 for married filing jointly taxpayers.

a. What is Rob and Marie's taxable income before the QBI deduction?