The citizens of Spencer County approved the issuance of $2,003,000 in 6 percent general obligation bonds to finance the construction of a courthouse annex. A capital projects fund was established for that purpose. The preclosing trial balance of the courthouse annex capital project fund follows:

a. Prepare any closing entries necessary at year-end

b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the courthouse annex capital project fund.

c. Prepare a Balance Sheet for the courthouse annex capital project fund, assuming all unexpended resources are restricted to construction of the courthouse annex.

Question #6: For each of the following independent cases:

a) Record the transaction using the accounting equation. Be specific about account names & $ amounts.

b) Indicate the effect of each transaction on the Statement of Cash Flow (SCF). Specify which section(s) of the SCF the transaction affects and in what direction. If there is no effect on the SCF, write “no effect”.

On January 1, 2018, Bishop Company issued 10% bonds dated January 1, 2018, with a face amount of $19.6 million. The bonds mature in 2027 (10 years). For bonds of similar risk and maturity, the market yield is 12%. Interest is paid semiannually on June 30 and December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided. Round your intermediate calculations to the nearest whole dollar.) Required: 1. Determine the price of the bonds at January 1, 2018. 2. Prepare the journal entry to record the bond issuance by Bishop on January 1, 2018. 3. Prepare the journal entry to record interest on June 30, 2018, using the effective interest method. 4. Prepare the journal entry to record interest on December 31, 2018, using the effective interest method.

Lars Linken opened Sheffield Cleaners on March 1, 2017. During March, the following transactions were completed.

Journalize the following adjustments. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Boston’s Dairy has just opened its main yogurt factory in upstate Massachusetts. This main factory can produce 3,500 boxes of yogurt monthly (each box contains twelve 6-oz cups). Due to overwhelming demand for the company’s product, Boston’s Dairy has signed a contract to rent a new factory, which can produce up to 8,000 boxes per month. The monthly total fixed costs are $40,000 in the main factory and $16,000 in the new factory. The variable production cost of yogurt is $4.50 per box in the main factory. The variable production cost in the new factory is $6.0 per box as materials have to be redistributed from the main factory. The average selling price is $15, and the variable selling expense is $1 per box, which is the same for all factories. In addition, Boston’s Dairy plans to pay its sales force $0.80 per box as added bonus for every box sold above the break-even point. How many boxes does the company have to produce and sell in order to earn a net operating income of $10,000 per month (round all decimal up to one box)

Assume Posey were to obtain an international subsidiary with non-US$ functioning currency. Prepare a memo that addresses the following critical elements:
A. Outline the unique calculations required to complete the consolidation worksheet.
B. Outline the unique calculations required on the statement of cash flows.

On January 1, 2017, Panther, Inc., issued securities with a total fair value of $557,000 for 100 percent of Stark Corporation’s outstanding ownership shares. Stark has long supplied inventory to Panther. The companies expect to achieve synergies with production scheduling and product development with this combination.

Although Stark’s book value at this acquisition date was $315,000, the fair value of its trademarks was assessed to be $55,000 more than their carrying amounts. Additionally, Stark’s patented technology was undervalued in its accounting record by S187,000. The trademarks were considered to have indefinite lives, and the estimated remaining life of the patented technology was eight years.

In 2017, Stark sold Panther inventory costing $80,000 for $160,000. As of December 31, 2017, Panther had resold 62 percent of this inventory. In 2018, Panther bought from Stark $156,000 of inventory that had an original cost of $78,000. At the end of 2018, Panther held $42,200 (transfer price) of inventory acquired from Stark, all from its 2018 purchases.

During 2018, Panther sold Stark a parcel of land for $98,000 and recorded a gain of $17,600 on the sale. Stark still owes Panther $68,400 (current liability) related to the land sale.

At the end of 2018, Panther and Stark prepared the following statements in preparations for consolidation.

a. Show how Panther computed its $61,225 equity in Stark’s earnings balance.

b. Prepare a 2018 consolidated worksheet for Panther and Stark.

Mainstream spreadsheet and database software, such as Excel and Access, are often sufficient for analyzing the variety and volume presented by big data. T or F ?

Organizations that spend more on legacy systems tend to experience a lower incidence of security breaches. True or False ?

One of the challenges the accounting profession faces is that the tools accountants have traditionally used are ill-equipped for analyzing the types and quantity of data present in big data.

True or Flase

4.Genco Inc. makes a single product that sells for $50. The standard variable manufacturing cost is $32.50 and the standard fixed manufacturing cost is $7.50, based on producing 20,000 units. During the year Genco produced 22,000 units and sold 21,000 units. Actual fixed manufacturing costs were $157,000; actual variable manufacturing costs were $735,000. Selling and administrative expenses, all fixed, were $75,000. There were no beginning inventories.

a.Prepare a standard absorption costing income statement.

b.Prepare a standard variable costing income statement.

5.Brahms Corp. has the following data:

Normal capacity                             25,000

Practical capacity                          30,000

Budgeted production                         20,000

Actual production                           22,000

Actual sales ($25 per unit)                 21,000

Standard variable production cost per unit     $15

Budgeted fixed production costs           $120,000

There were no variable cost variances for the year. Fixed costs incurred were equal to the budgeted amount. There were no beginning inventories and no selling or administrative expenses.

a.Compute the absorption costing income if fixed costs per unit are determined using normal capacity.

b.Compute the absorption costing income if fixed costs per unit are determined using practical capacity.

c.Compute the absorption costing income if fixed costs per unit are determined using budgeted production.

d.Compute the variable costing income.

Assume that McKinley Electronics completed these selected transactions during March 2016​:

a. Sales of $ 2, 400, 000 are subject to estimated warranty cost of 5%. The estimated warranty payable at the beginning of the year was $ 36, 000, and warranty payments for the year totaled $ 53, 000.

b. On March 1, McKinley Electronics signed a $ 45, 000 note payable that requires annual payments of $ 9, 000 plus 6% interest on the unpaid balance each March 2.

c. Jacob, Inc., a chain of discount stores, ordered $ 145, 000 worth of wireless speakers and related products. With its order, Jacob, Inc., sent a check for $ 145, 000 in advance, and McKinley shipped $ 70 ,000 of the goods. McKinley will ship the remainder of the goods on April 3, 2016.

d. The March payroll of $ 300, 000 is subject to employee withheld income tax of $ 30,000 and FICA tax of 7.65%. On March 31, McKinley pays employees their take-home pay and accrues all tax amounts.

Select the statement account and label - Current Liabilities or Long - term Liabilities.

Calculate each​ accounts' balance and the total current liability amount at March 31​, 2016. ​(For the FICA​ tax, be sure to include both the employer and employee share of the tax. Round all amounts to the nearest whole dollar. If a box is not used in the table leave the box​ empty; do not select a label or enter a​ zero.)

What type of costing information could be relevant when preparing a profit and loss statement?

I need an explanation of the correct answer in 150 words at least.

Which of the following types of payments made by a private organization would be subject to all statutory deductions?

a) Signing bonus

b) Death benefits

c) Directors' fees

d) None of the above

Mannon Company’s accountant exclaimed, “Our cost accounting system allocates overhead based on direct labour hours, but our overheads cost appear to be more related to setup activities than to the use of direct labour. It seems as though our costing system allocates too much cost to large batches of product and not enough cost to small batches. Explain what she means.

Exercise 15-3

A job order cost sheet for Ryan Company is shown below.

(a) On the basis of the foregoing data, answer the following questions.

(1) What was the balance in Work in Process Inventory on January 1 if this was the only unfinished job?

(2) If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? (Round answers to 0 decimal places, e.g. 55%.)

(b) Prepare summary entries at January 31 to record the current year’s transactions pertaining to Job No. 92. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Q1 Which of the following taxes is not deductible?

Select one:

a. Goods and Services Tax

b. None of the answers are correct

c. Payroll tax

e. Fringe Benefits Tax

Which of the following amounts is fully deductible?

Select one:

b. Regular giving of $50 per week to the local church

d. A gift of $4,000 to a political party

e. A gift of $3,000 cash to a Deductible Gift Recipient

Q3 Which of the following transactions is fully deductible?

Select one:

a. An allowance for doubtful debts of $6,000

d. None of the answers are correct

e. A bad debt of $880 including GST (relates to sales not previously included as assessable income)

these questions is about chapter 9 of prepare tax documentation for individuals and this chapter will be determine amounts deductible under specific provision of the ACT

- specific deductions under section 8-5   

- tax related expenses

- repairs

-lease document expense

- borrowing expense

-mortgage discharge expense

- bad debit