Questions
differentiate between batch processing and real-time processing. What are the advantages and disadvantages of each form...

differentiate between batch processing and real-time processing. What are the advantages and disadvantages of each form of data processing? Which form is more likely to be used in a doctor's office in preparing the monthly patient bills?

In: Accounting

Listed below are account balances (in $millions) taken from the records of Symphony Stores. All of...

Listed below are account balances (in $millions) taken from the records of Symphony Stores. All of these are permanent accounts, except the last two that have yet to be closed. The installment receivables are current. Symphony uses a perpetual inventory system.

Debit Credit
Accounts receivable-trade 680
Building and equipment 920
Cash-checking 34
Installment receivables 50
Interest receivable 30
Inventory 16
Land 150
Note receivable Long-term 450
Petty cash funds 5
Prepaid expenses (for coming year) 20
Supplies 8
Trademark 40
Accounts payable-trade 560
Accumulated depreciation 80
Additional paid-in capital, common 485
Allowance for uncollectable accounts 20
Cash dividends payable 30
Common stock, at par 15
Income tax payable 65
Notes payable (long-term) 800
Retained earnings 48
Unearned revenues 40
Cash dividends declared-common 120
Income summary 380
TOTALS 2523 2523

What would Symphony report as total assets? Hint: Don t forget to deduct the contra assets.

What would Symphony report as total shareholders' equity? Hint: You will need to deduct dividends.

In: Accounting

What employee data is vital for payroll systems to process wages and salaries? Where is the...

What employee data is vital for payroll systems to process wages and salaries? Where is the data found and how is it used by payroll systems? Discuss in 150–180 words

In: Accounting

Illusions Inc. just completed its second year of operations and has a deferred tax asset of?...

Illusions Inc. just completed its second year of operations and has a deferred tax asset of? $47,500 related to a net operating loss of? $125,000 from the previous year. In the current year Illusions generates? $400,000 in revenues and incurs? $250,000 in expenses. There are no permanent or temporary? book-tax differences. Assuming the same tax rate as last? year, what amount will Illusions record for Income Tax Payable in the current? year?

In: Accounting

Equipment1 was purchased at the beginning of the year 2016 for $50,000 cash. No salvage/residual value....

Equipment1 was purchased at the beginning of the year 2016 for $50,000 cash. No salvage/residual value. Straight-line depreciation is used over a 10-year life.

Equipment2 was also purchased at the beginning of the year for 550,000 (no salvage) 10 year life. We decided to use SL method. The equipment2 required a $5,000 repair by year-end.

Equipment3 was purchased on 6/1 for 100,000 (20,000 salvage value)., 10 year life. We decided to use SYD as a depreciation method. At 12/31/2016 it required a capital improvements of $40,000 which we signed a note to pay in 9 months.

Prepare Journal entries for all transactions

In: Accounting

14. Under IFRS, equity is described as each of the following except a. retained equity. b....


14. Under IFRS, equity is described as each of the following except
a. retained equity.
b. shareholders’ funds.
c. owners’ equity.
d. capital and reserves

19. Stockton Company uses the percentage of sales method for recording bad debt expense. For the year, cash sales are $600,000 and credit sales are $2,700,000. Management estimates that 1% is the sales percentage to use. What adjusting entry will Stockton Company make to record the bad debt expense?

a. Bad Debt Expense   33,000
  Allowance for Doubtful Accounts    33,000
b. Bad Debt Expense   27,000
  Allowance for Doubtful Accounts    27,000
c. Bad Debt Expense   27,000
  Accounts Receivable    27,000
d. Bad Debt Expense   33,000
  Accounts Receivable    33,000


21. On September 1, Joe's Painting Service borrows $150,000 from National Bank on a 4-month, $150,000, 6% note. The entry by Joe's Painting Service to record payment of the note and accrued interest on January 1 is
a. Notes Payable  153,000
  Cash   153,000
b. Notes Payable  150,000
Interest Payable  3,000
  Cash   153,000
c. Notes Payable  150,000
Interest Payable  9,000
  Cash   159,000
d. Notes Payable  150,000
Interest Expense  3,000
  Cash   153,000



12. Start Inc. has 5,000 shares of 5%, $100 par value, cumulative preferred stock and 50,000 shares of $1 par value common stock outstanding at December 31, 2015. What is the annual dividend on the preferred stock?
a. $50 per share
b. $25,000 in total
c. $50,000 in total
d. $0.50 per share

In: Accounting

January February March Unit data: Beginning Inventory 0 100 100 Production 1,550 1,450 1,500 Sales 1,450...

January

February

March

Unit data:

Beginning Inventory

0

100

100

Production

1,550

1,450

1,500

Sales

1,450

1,450

1,490

Variable Costs:

Manufacturing Cost

per unit produced

$1,000

$1,000

$1,000

Marketing cost per unit sold

$700

$700

$700

Fixed Costs:

Manufacturing Costs

$515,000

$515,000

$515,000

Marketing Costs

$140,000

$140,000

$140,000

January

February

March

Unit data:

Beginning Inventory

0

100

100

Production

1,550

1,450

1,500

Sales

1,450

1,450

1,490

Variable Costs:

Manufacturing Cost

per unit produced

$1,000

$1,000

$1,000

Marketing cost per unit sold

$700

$700

$700

Fixed Costs:

Manufacturing Costs

$515,000

$515,000

$515,000

Marketing Costs

$140,000

$140,000

$140,000

The selling price per unit is $3,500. The budgeted level of production used to calculate the budgeted fixed manufacturing costs was 1,550 units in January, 1,450 units in February, and 1,500 units in March. They were so accurate at predicting their production volumes there are no production volume variances to worry about. Also, there are no price, efficiency or spending variances.

Part II: The variable manufacturing costs per unit of Quarryman Corporation are as follows:

January

February

March

Direct materials cost per unit

$535

$535

$535

Direct manufacturing labor cost per unit

$190

$190

$190

MOH cost per unit

$275

$275

$275

$1,000

$1,000

$1,000

1. Prepare income statement for Quarryman Corporation in January, February and March 2019 under throughput costing.

2. Contrast the results of throughput costing with those of variable costing. If you calculate different profit figures, reconcile the difference. In other words, tell me where the difference is, and quantify it. Again, do not be concerned with minor rounding issues, as they are not material.

3. Provide at least one reason why companies might prefer throughput costing over absorption costing or variable costing.

In: Accounting

1. May an employer fire an employee because that employee is gay? 2. May an employer...

1. May an employer fire an employee because that employee is gay?

2. May an employer fire an employee because the employee smokes outside the workplace?

3. May a man file a claim of sexual discrimination? Sexual harassment?

4. What rights does an employee have in the workplace?

5. What defenses does an employer have to allegations of discrimination?

In: Accounting

Should other comprehensive income be eliminated? Why or why not?

Should other comprehensive income be eliminated? Why or why not?

In: Accounting

Superior Markets, Inc., operates three stores in a large metropolitan area. A segmented absorption costing income...

Superior Markets, Inc., operates three stores in a large metropolitan area. A segmented absorption costing income statement for the company for the last quarter is given below:

Superior Markets, Inc.
Income Statement
For the Quarter Ended September 30
Total North
Store
South
Store
East
Store
Sales $ 3,100,000 $ 700,000 $ 1,240,000 $ 1,160,000
Cost of goods sold 1,705,000 380,000 687,000 638,000
Gross margin 1,395,000 320,000 553,000 522,000
Selling and administrative expenses:
Selling expenses 819,000 232,400 315,500 271,100
Administrative expenses 388,000 107,000 152,400 128,600
Total expenses 1,207,000 339,400 467,900 399,700
Net operating income (loss) $ 188,000 $ (19,400 ) $ 85,100 $ 122,300

The North Store has consistently shown losses over the past two years. For this reason, management is giving consideration to closing the store. The company has asked you to make a recommendation as to whether the store should be closed or kept open. The following additional information is available for your use:

The breakdown of the selling and administrative expenses that are shown above is as follows:

Total North
Store
South
Store
East
Store
Selling expenses:
Sales salaries $ 240,400 $ 69,000 $ 86,600 $ 84,800
Direct advertising 180,000 52,000 73,000 55,000
General advertising* 46,500 10,500 18,600 17,400
Store rent 305,000 86,000 121,000 98,000
Depreciation of store fixtures 16,500 4,700 6,100 5,700
Delivery salaries 21,300 7,100 7,100 7,100
Depreciation of delivery
equipment
9,300 3,100 3,100 3,100
Total selling expenses $ 819,000 $ 232,400 $ 315,500 $ 271,100

*Allocated on the basis of sales dollars.

Total North
Store
South
Store
East
Store
Administrative expenses:
Store managers' salaries $ 71,500 $ 21,500 $ 30,500 $ 19,500
General office salaries* 46,500 11,000 18,600 16,900
Insurance on fixtures and inventory 26,000 7,800 9,500 8,700
Utilities 109,545 32,910 41,380 35,255
Employment taxes 56,955 16,290 21,420 19,245
General office—other* 77,500 17,500 31,000 29,000
Total administrative expenses $ 388,000 $ 107,000 $ 152,400 $ 128,600

*Allocated on the basis of sales dollars.

The lease on the building housing the North Store can be broken with no penalty.

The fixtures being used in the North Store would be transferred to the other two stores if the North Store were closed.

The general manager of the North Store would be retained and transferred to another position in the company if the North Store were closed. She would be filling a position that would otherwise be filled by hiring a new employee at a salary of $10,000 per quarter. The general manager of the North Store would continue to earn her normal salary of $11,000 per quarter. All other managers and employees in the North store would be discharged.

The company has one delivery crew that serves all three stores. One delivery person could be discharged if the North Store were closed. This person’s salary is $4,100 per quarter. The delivery equipment would be distributed to the other stores. The equipment does not wear out through use, but does eventually become obsolete.

The company pays employment taxes equal to 15% of their employees' salaries.

One-third of the insurance in the North Store is on the store’s fixtures.

The “General office salaries” and “General office—other” relate to the overall management of Superior Markets, Inc. If the North Store were closed, one person in the general office could be discharged because of the decrease in overall workload. This person’s compensation is $5,500 per quarter.

Required:

1. How much employee salaries will the company avoid if it closes the North Store?

2. How much employment taxes will the company avoid if it closes the North Store?

3. What is the financial advantage (disadvantage) of closing the North Store?

4. Assuming that the North Store's floor space can’t be subleased, would you recommend closing the North Store?

5. Assume that the North Store's floor space can’t be subleased. However, let's introduce three more assumptions. First, assume that if the North Store were closed, one-fourth of its sales would transfer to the East Store, due to strong customer loyalty to Superior Markets. Second, assume that the East Store has enough capacity to handle the increased sales that would arise from closing the North Store. Third, assume that the increased sales in the East Store would yield the same gross margin as a percentage of sales as present sales in the East store. Given these new assumptions, what is the financial advantage (disadvantage) of closing the North Store?

In: Accounting

Come-Clean Corporation produces a variety of cleaning compounds and solutions for both industrial and household use....

Come-Clean Corporation produces a variety of cleaning compounds and solutions for both industrial and household use. While most of its products are processed independently, a few are related, such as the company’s Grit 337 and its Sparkle silver polish. Grit 337 is a coarse cleaning powder with many industrial uses. It costs $1.60 a pound to make, and it has a selling price of $7.00 a pound. A small portion of the annual production of Grit 337 is retained in the factory for further processing. It is combined with several other ingredients to form a paste that is marketed as Sparkle silver polish. The silver polish sells for $5.00 per jar. This further processing requires one-fourth pound of Grit 337 per jar of silver polish. The additional direct variable costs involved in the processing of a jar of silver polish are: Other ingredients $ 0.50 Direct labor 1.36 Total direct cost $ 1.86 Overhead costs associated with processing the silver polish are: Variable manufacturing overhead cost 25 % of direct labor cost Fixed manufacturing overhead cost (per month) Production supervisor $ 3,200 Depreciation of mixing equipment $ 1,500 The production supervisor has no duties other than to oversee production of the silver polish. The mixing equipment is special-purpose equipment acquired specifically to produce the silver polish. It can produce up to 4,500 jars of polish per month. Its resale value is negligible and it does not wear out through use. Advertising costs for the silver polish total $4,800 per month. Variable selling costs associated with the silver polish are 5% of sales. Due to a recent decline in the demand for silver polish, the company is wondering whether its continued production is advisable. The sales manager feels that it would be more profitable to sell all of the Grit 337 as a cleaning powder. Required: 1. How much incremental revenue does the company earn per jar of polish by further processing Grit 337 rather than selling it as a cleaning powder? (Round your answer to 2 decimal places.) 2. How much incremental contribution margin does the company earn per jar of polish by further processing Grit 337 rather than selling it as a cleaning powder? (Round your intermediate calculations and final answer to 2 decimal places.) 3. How many jars of silver polish must be sold each month to exactly offset the avoidable fixed costs incurred to produce and sell the polish? (Round your intermediate calculations to 2 decimal places.) 4. If the company sells 7,500 jars of polish, what is the financial advantage (disadvantage) of choosing to further process Grit 337 rather than selling is as a cleaning powder? (Enter any "disadvantages" as a negative value. Round your intermediate calculations to 2 decimal places.) 5. If the company sells 10,400 jars of polish, what is the financial advantage (disadvantage) of choosing to further process Grit 337 rather than selling is as a cleaning powder? (Enter any "disadvantages" as a negative value. Round your intermediate calculations to 2 decimal places.)

In: Accounting

*****Will rate highly***** Please make sure to answer all 5 questions! Suppose you have landed successfully...

*****Will rate highly***** Please make sure to answer all 5 questions!

Suppose you have landed successfully on a good career path full time position as a "Financial Analyst" with a multinational high tech corporation in our Silicon Valley hub.

On your first day on your job, your first project given is ratio/trend analysis of your new employer. Fortunately, you still remember financial analysis techniques discussed in your accounting 1B course final chapter 17, because your instructor required a lot of homework on that chapter not to mention those irritating discussion topics you had to bear all the way to the end of the term.

1. Which ratios should be used to help answer the following questions?

2. How efficient is a company in using its assets to produce sales?

3. How near to sale is the inventory on hand?

4. How many dollars of net income were earned for each dollar invested by the owners/shareholders?

5. How able is a company to meet interest charges as they fall due?

Please list as many measures, ratios, and any other analytical procedures you can think of. You do not have limit to our chapter 17 ratios.

In: Accounting

Devin E Corporation Balance Sheet As of December 31, 2015 2014 Assets: Cash & Cash Equivalents...

Devin E Corporation
Balance Sheet
As of December 31,
2015 2014
Assets:
Cash & Cash Equivalents $41,900 $25,000
Accounts Receivable 24,000 6,250
Inventory 30,000 36,000
     Current Assets 95,900 67,250
Land 25,000 10,000
Equipment 42,000 38,500
Less: Accumulated Depreciation (14,000) (7,000)
53,000 41,500
Total Assets 148,900 108,750
Liabilities:
Accounts Payable 17,500 22,500
Accrued Salaries Payable 5,500 8,000
Rent Expense Payable 2,200 1,000
Income Tax Payable 6,900 4,000
Current Liabilities 32,100 35,500
Long-term notes payable 50,000 30,000
Total Liabilities 82,100 65,500
Stockholders Equity:
Common Stock 42,000 30,000
Retained Earnings 24,800 13,250
Total Liabilities & Stockholders Equity $148,900 $108,750
Devin E Corporation
Income Statement
For the Year Ended December 31, 2015
2015
Revenues $147,000
Cost of Goods Sold 84,000
Gross Profit 63,000
Operating Expenses
Depreciation Expense 7,000
Salary Expense 14,600
Insurance Expense 2,500
Rent Expense 10,000
Interest Expense 4,200
     Total Operating Expenses 38,300
Income from Operations 24,700
Income Tax Expense 6,900
Net Income $17,800
Devin E Corporation (the “Company”) manufactures food processing equipment. Use Devin Corporation’s 2015 and 2014 balance sheets and 2015 income statement shown below to prepare a statement of cash flows for 2015. Note that the Company paid dividends of $6,250 during 2015.

Please fill in the balance sheet as well as create a statement of cash flow sheet

Devin E Corporation
Balance Sheet
31-Dec
Worksheet for Cash Flow
2015 2014 Change Cash Operating Investing Financing
Cash and Cash Equivalents
Accounts Receivable
Inventory
Land
Equipment
Accumulated Depreciation
Accounts Payable
Accrued Salaries Payable
Rent Expense Payable
Income Tax Payable
Long-term Note Payable
Common Stock
Retained Earnings
Devin E Corporation
Statement of Cash Flows
For the Year Ended December 31, 2015

In: Accounting

A researcher used a one-factor ANOVA for between-groups to test the effectiveness of four teaching methods...

A researcher used a one-factor ANOVA for between-groups to test the effectiveness of four teaching methods for autistic children. The experiment was conducted with four samples of n = 12 autistic children in each group.

The results of the analysis are shown in the following summary table:

Source SS df MS
Between Treatments (F=5.00) ? ? ?
Within Treatments 88 ? ?
Total ? ?

A. Fill in all missing values in the table. Show your work (i.e., all computational steps for finding the missing values). Hint: start with the df values.

B. Do these data indicate any significant differences among the four teaching methods (assume p < .05)?

Your answer should include:

- the null hypothesis H0 & the alternative hypothesis H1

- the critical F value used for the decision about H0

- if the difference is statistically significant, compute the effect size, ?2

- the conclusion in APA style format.

*NOTE: This is a Psychology Statistics question

In: Accounting

Hubley Inc. uses a job-order costing system in which any underapplied or overapplied overhead is closed...

Hubley Inc. uses a job-order costing system in which any underapplied or overapplied overhead is closed out to cost of goods sold at the end of the month. The company has provided the following data for August:

Direct materials $ 79,000
Direct labor cost S 97,500
Manufacturing overhead cost incurred $ 64,100
Manufacturing overhead cost applied $ 68,250
Inventories: Beginning Ending
Work in process $15,000 $17,100
Finished goods $58,150 $34,500


The cost of goods sold that appears on the income statement for August and that has been adjusted for any underapplied or overapplied overhead is closest to:

$262,150

$270,450

$242,650

$266,300

In: Accounting