Question 1 4 pts

The following account appears on the income statement of a merchandiser:

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Question 2 4 pts

Which of the following would we credit to record the purchase of merchandise inventory on account if the company uses a perpetual inventory system?

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Question 3 4 pts

On April 1, our company purchases $1,000 worth of merchandise inventory on credit with the terms 2/10, n/30. What is the amount we would credit to cash if we pay this invoice on April 20?

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Question 4 4 pts

Under FOB shipping, title to merchandise passes to the purchaser when:

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Question 5 4 pts

Our company sold merchandise on account with a cost of $700 for $1,000. Our company uses a perpetual inventory system. What account and amount would we credit to record the cost of the merchandise sold?

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Question 6 4 pts

Our company sold merchandise on account with a cost of $700 for $1,000. Our company uses a perpetual inventory system. What account and amount would we debit to record the cost of the merchandise sold?

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Question 7 4 pts

Which of the following appears on a multi-step income statement but not on a single-step income statement?

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Question 8 4 pts

What is the recommended inventory method for a company dealing in unique, high-priced inventory items?

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Question 9 4 pts

The two main inventory accounting systems are:

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Question 10 4 pts

A company purchased 10 units for $5 on January 3. It purchased 10 units for $7 each on February 28. It sold 10 units on March 1. If the company uses the first in, first out (FIFO) inventory costing method, what is the dollar amount for ending inventory on the December 31 balance sheet, assuming that the company uses a perpetual inventory system?

PLEASE ANSWER ALL THE QUESTIONS ...ITS FOR THE EXAM THANK YOU

Assume you currently work at a CPA firm. During the assessment of internal controls, your firm concluded that your publicly traded client did not have accounting staff who met the firm’s criteria for having adequate accounting expertise to ensure the company’s financials were prepared in compliance with appropriate accounting principles. This was identified as a material weakness and an adverse opinion was issued.

In a PowerPoint presentation, prepare information to further train the audit team on how to handle issues, which includes:

the communication that is required with the client.

the actions that the client must take to mitigate the weakness.

the course of action your firm should take as it relates to the financial audit.

After the report had been issued, assume that the client hired a CPA with extensive reporting experience to manage the accounting department. What part does this hiring decision play, if any, in your firm’s decision?

Your presentation should meet the following criteria: Be 6-8 slides in length, not including the title and reference slides.

Explain the three common methods of assigning overhead to the cost of a product. Be sure to discuss the advantages and disadvantages of each method. Which method do you feel is the best one to use and why. Give a specific type of product/production in your answer. " Managerial Accounting"

You have been employed to establish a computerised accounting system in a small organisation. The organisation currently uses a ledger card system for its accounts. The organisation has chosen a popular proprietary accounting software system. Describe the steps to be taken prior to inputting the data into the computerised system and how you would go about implementing the new system.

You must show that you can:

• set up an organisation’s chart of accounts by modifying an established integrated financial software system
• interpret and apply organisational policies and procedures
• implement an integrated accounting system ensuring integrity of the data
• process transactions, generate reports and maintain the integrated system

(Answer should be in Australian legislation)

(Accounting software can be MYOB, XERO or Quickbooks)

On January 1, 2018, Allied Industries leased a high-performance conveyer to Karrier Company for a four-year period ending December 31, 2021, at which time possession of the leased asset will revert back to Allied. The equipment cost Allied $929,000 and has an expected useful life of five years. Allied expects the residual value at December 31, 2022, will be $313,000. Negotiations led to the lessee guaranteeing a $366,000 residual value.

Equal payments under the finance/sales-type lease are $213,000 and are due on December 31 of each year with the first payment being made on December 31, 2018. Karrier is aware that Allied used a 6% interest rate when calculating lease payments. (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.)

Required:

1. Prepare the appropriate entries for both Karrier and Allied on January 1, 2018, to record the lease.

2. Prepare all appropriate entries for both Karrier and Allied on December 31, 2018, related to the lease.

Desh Bondhu Polymer Co. prepare a financial plan. Use the financial statements and the other information provided in what follows lo prepare the financial plan

Desh Bondhu Polymer

Statement of Profit & Loss

‘000

Desh Bondhu Polymer

Statement of financial Position as on December 31, 2019

The following financial information is also available:

176. The firm operated at full capacity in 2019. It expects sales to increase by 20% during 2020.
176. The firm wishes to maintain a minimum cash balance of Tk. 200,000.
176. The firm’s all types of assets, accounts payable and taxes payable will change directly in response to changes in sales in 2020.
176. Desh Bondhu Polymer Co. plans to raise the additional funds needed as follows:

Long-term bonds 60%, and Notes payable 40%.

Requirements:

i. List the above statements, and percentages of sales method to identify how much outside

Financing is required.

ii. According to stated structure, make the adjusted financial statements incorporating financing feedback.

Re-organize the scrambled accounts into the income statement for Pet Land Inc., a pet food and accessories retailer in a small Canadian town.

You will have to calculate Sales Revenue, Cost of Goods Sold, the amount of tax that was paid, the totals for the sections of the statement and determine Gross Margin, Operating Margin, Income Before Tax and Net Income.

Compile Sales Revenue from Gross Sales Revenue and record it on the statement.

Compile the Cost of Goods Sold from the appropriate accounts and add it to the statement. Calculate the Gross Margin and record it on the statement.

List the Operating Expenses on the statement and total it. Calculate the Operating Margin and record it on the statement.

List the Non-operating Expenses on the statement, calculate and record Income Before Tax, calculate and record Taxes and calculate and record Net Income.

I need a fresh answer. Do not copy and paste. Solve only when you have deep subject knowledge,. Thank You

Please answer the question below.

prepare the journal entries for all the following related transaction (all occurring within the current year). Assume all depletion and amoritization for the full year. Also, assume all purchases were made with cash.

A. An exploration company purchased land with a valuable ore deposit

     Estimated ore available in the deposit (in tons)                      4,700,000

     Acquisition price                                                                    $3,500,000

     Residual value of land once ore is fully depleted                        $500,000

     Ore removed in the current year (in tons)                                     365,000

B. The exploration company developed a high speed drill to use in its explorations.

      Economic liffe of the drill (in years)                                              5

     Costs inccurred in the current year to develop the drill                 $550,000

     Attorney fees incured to protect the patent                                    $15,000

C. The exploration company purchased Goshen Hole Company

         Acquisition price                                                                         $3,250,600

         Book Value of Goshen Hole Company                                       $2,415,960

Continuing on financial statement fraud. How does this affect the corporation, employees, investors, related parties, and consumers.

Hyrkas Corporation's most recent balance sheet and income statement appear below:

Dividends on common stock during Year 2 totaled $39 thousand. The market price of common stock at the end of Year 2 was $14.40 per share.

Required: (Please help with g-q. I have solutions to a-f. Thank you.

Compute the following for Year 2:

a. Gross margin percentage. (Round your answer to 1 decimal place.)

b. Earnings per share. (Round your answer to 2 decimal places.)

c. Price-earnings ratio. (Do not round intermediate calculations. Round your answer to 1 decimal place.)

d. Dividend payout ratio. (Do not round intermediate calculations. Round your "Percentage" answer to 1 decimal place.)

e. Dividend yield ratio. (Round your "Percentage" answer to 2 decimal places.)

f. Return on total assets. (Do not round intermediate calculations. Round your "Percentage" answer to 2 decimal places.)

g. Return on equity. (Round your "Percentage" answer to 2 decimal places.)

h. Book value per share. (Round your answer to 2 decimal places.)

i. Working capital. (Input your answer in thousands of dollars.)

j. Current ratio. (Round your answer to 2 decimal places.)

k. Acid-test (quick) ratio. (Round your answer to 2 decimal places.)

l. Accounts receivable turnover. (Round your answer to 2 decimal places.)

m. Average collection period. (Use 365 days in a year. Do not round intermediate calculations. Round your answer to 1 decimal place.)

n. Inventory turnover. (Round your answer to 2 decimal places.)

o. Average sale period. (Use 365 days in a year. Do not round intermediate calculations. Round your answer to 1 decimal place.)

p. Times interest earned ratio. (Round your answer to 2 decimal places.)

q. Debt-to-equity ratio. (Round your answer to 2 decimal places.)

Income Statement

Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 53,100 units will be produced, with the following total costs:

Next year, Pietro expects to purchase $119,500 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows:

Next year, Pietro expects to produce 53,100 units and sell 52,400 units at a price of $15.00 each. Beginning inventory of finished goods is $39,500, and ending inventory of finished goods is expected to be $31,000. Total selling expense is projected at $27,500, and total administrative expense is projected at $126,000.

Required:

1. Prepare an income statement in good form. Round the percent to four decimal places before converting to a percentage. For example, .88349 would be rounded to .8835 and entered as 88.35.

2. What if the cost of goods sold percentage for the past few years was 54.77 percent? Management's reaction might be:

Feathered FriendsFeathered Friends makes backyard birdfeeders. The company sells the birdfeeders to home improvement stores for $12 per birdfeeder. Each birdfeeder requires 3.0 board feet of​ wood, which the company obtains at a cost of $2 per board foot. The company would like to maintain an ending stock of wood equal to 10% of the next​ month's production requirements. The company would also like to maintain an ending stock of finished birdfeeders equal to 25% of the next​ month's sales. Sales data for the company is as​ follows:

Prepare the direct materials purchases budget for the first three months of the​ year, as well as a summary budget for the quarter. Assume the company needs 105,000

board feet of wood for production in April. ​(Round your answers to the nearest whole​ dollar.)

During 2020, Skysong Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Skysong for a lump sum of $77,805 because it is discontinuing manufacturing operations and wishes to dispose of its entire stock. Three types of chairs are included in the carload. The three types and the estimated selling price for each are listed below.

During 2020, Skysong sells 260 lounge chairs, 130 armchairs, and 156 straight chairs.

What is the amount of gross profit realized during 2020? What is the amount of inventory of unsold straight chairs on December 31, 2020? (Round cost per chair to 2 decimal places, e.g. 78.25 and final answer to 0 decimal places, e.g. 5,845.)