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 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 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? $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. 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. 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 |
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 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?
In: Accounting
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. 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 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 | $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 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 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