On February 1, 2018, Cromley Motor Products issued 6% bonds, dated February 1, with a face amount of $55 million. The bonds mature on January 31, 2022 (4 years). The market yield for bonds of similar risk and maturity was 8%. Interest is paid semiannually on July 31 and January 31. Barnwell Industries acquired $55,000 of the bonds as a long-term investment. The fiscal years of both firms end 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.)

Required:
1. Determine the price of the bonds issued on February 1, 2018.
2-a. Prepare amortization schedules that indicate Cromley’s effective interest expense for each interest period during the term to maturity.
2-b. Prepare amortization schedules that indicate Barnwell’s effective interest revenue for each interest period during the term to maturity.
3. Prepare the journal entries to record the issuance of the bonds by Cromley and Barnwell’s investment on February 1, 2018.
4. Prepare the journal entries by both firms to record all subsequent events related to the bonds through January 31, 2020.

Bartolo Delivery has two divisions, air express and ground service, that share the common costs of the company’s communications network, which are $8,000,000 a year. You have the following information about the two divisions and the common communications network:

Required:

a. What is the communications network cost that is charged to each division if the number of calls is used as the allocation basis?

b. What is the communications network cost to each division using time on network as the allocation basis?

Based on the movie The Accountant, perform an internet search for what they did with Artificial Intelligence.

Required:

Answer the following questions:

1. What was he attempting to do by examining the financial numbers?
2. Discuss what is business intelligence, automation, and data analytics? What are some ways auditors can use these to help in an audit?
3. How could business intelligence, automation, and data analytics have been used to solve the problems he was trying to solve in this movie clip?

Q3. Explain the importance of observing physical inventory during an audit.

Calculates the tax benefits of switching the business to a s corporation for each of the stakeholders involved and the business entity

For a s corporation lets say the company Is worth $100 million dollars and $17.5 million in revenue.

Bob owns 50% of the company

Mark owns 20% of the company

Tony owns 25% but his selling his portion of the company

Steve owns 5 %

tax benefits of switching the business to a s corporation?

Using Activity based costing, why are indirect costs allocated while direct costs are not allocated?

What is a favorable variance and what is an unfavorable variance? How do you calculate them? Is a favorable variance always a bad thing and is an unfavorable variance always a good thing? Why or why not?

Fogerty Company makes two products—titanium Hubs and Sprockets. Data regarding the two products follow:

Additional information about the company follows:

1. Hubs require $35 in direct materials per unit, and Sprockets require $12.

2. The direct labor wage rate is $15 per hour.

3. Hubs require special equipment and are more complex to manufacture than Sprockets.

4. The ABC system has the following activity cost pools:

Required:

1. Compute the activity rate for each activity cost pool.

2. Determine the unit product cost of each product according to the ABC system.

he activity rate for each activity cost pool.

Gabe and Dana are married and file jointly. For 2019, Gabe earned $150,000 and Dana earned $20,000 working part time as a party planner. They have two young children, a 4-year old son, Mike, and a 6-year old daughter, Chrissy. In order to work, they paid the following for day care to have their children watched and cared for:

​How much was their child and dependent care tax credit for 2019?

Bramble Company uses normal costing in its​ job-costing system. The company produces custom bikes for toddlers. The beginning balances​ (December 1) and ending balances​ (as of December​ 30) in their inventory accounts are as​ follows:

Additional information​ follows:

a. Direct materials purchased during December were $66,000.

b. Cost of goods manufactured for December was $231,000.

c. No direct materials were returned to suppliers.

d. No units were started or completed on December 31 and no direct materials were requisitioned on December 31.

e. The manufacturing labor costs for the December 31 working​ day: direct manufacturing​ labor, $4,150​, and indirect manufacturing​ labor, $1,250.

f. Manufacturing overhead has been allocated at 150​%of direct manufacturing labor costs through December 31.

Question:

On January 2, 2018, Athol Company bought a machine for use in operations. The machine has an estimated useful life of eight years and an estimated residual value of $1,750. The company provided the following information:

1. Invoice price of the machine, $73,000.
2. Freight paid by the vendor per sales agreement, $870.
3. Installation costs, $2,000 cash.
4. Cost of cleaning up the supplies, boxes, and other garbage that remained after the installation of the machine, $125 cash.
5. Payment of the machine's price was made as follows:

January 2:

• Issued 950 common shares of Athol Company at $4 per share.
• Signed a $39,000 note payable due April 16, 2018, plus 12 percent interest.
• Balance of the invoice price to be paid in cash. The invoice allows for a 2 percent cash discount if the cash payment is made by January 11.

January 15: Paid the balance of the invoice price in cash.

April 16: Paid the note payable and interest in cash.

6. On June 30, 2020, the company completed the replacement of a major part of the machine that cost $12,550. This expenditure is expected to reduce the machine’s operating costs, increase its estimated useful life by two years, and decrease its estimated residual value to $1,250.
7. Assume that on October 1, 2025, the company decided to replace the machine with a newer, more efficient model. It then sold the machine to Sako Ltd. on that date for $23,000 cash.

Required:

1. Compute the acquisition cost of the machine.

2. Prepare the journal entries to record the purchase of the machine and subsequent cash payments on January 15 and April 16, 2018. (Do not round intermediate calculations and round your final answers to the nearest dollar amount. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

3. Compute the depreciation expense for each of the years 2018, 2019, and 2020, assuming the company’s fiscal year ends on December 31. Use the straight-line depreciation method. (Do not round intermediate calculations and round your final answers to the nearest dollar amount.)

4. Prepare the journal entry to record the sale of the machine on October 1, 2025. (Hint: First determine the balance of the accumulated depreciation account on that date.) (Do not round intermediate calculations and round your final answers to the nearest dollar amount. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Q1. What is the difference between the substantive analytical procedures and the substantive test of details? Explain in detail and provide an example of each one.

I need assistance on finding the following for Clear Channel: Current and historical Financial Statements (Income Statement (I/S), Balance Sheet (B/S) and Statement of Cash Flows) from the 3 most current years for the firm The financial statements must include changes (deltas) between years.

Colton Enterprises experienced the following events for Year 1, the first year of operation: Acquired $45,000 cash from the issue of common stock. Paid $13,000 cash in advance for rent. The payment was for the period April 1, Year 1, to March 31, Year 2. Performed services for customers on account for $92,000. Incurred operating expenses on account of $40,000. Collected $70,500 cash from accounts receivable. Paid $31,000 cash for salary expense. Paid $32,000 cash as a partial payment on accounts payable. Adjusting Entries Made the adjusting entry for the expired rent. (See Event 2.) Recorded $4,400 of accrued salaries at the end of Year 1. Events for Year 2 Paid $4,400 cash for the salaries accrued at the end of the prior accounting period. Performed services for cash of $41,000. Purchased $3,800 of supplies on account. Paid $13,500 cash in advance for rent. The payment was for one year beginning April 1, Year 2. Performed services for customers on account for $108,000. Incurred operating expenses on account of $51,500. Collected $99,000 cash from accounts receivable. Paid $49,000 cash as a partial payment on accounts payable. Paid $32,500 cash for salary expense. Paid a $13,000 cash dividend to stockholders. Adjusting Entries Made the adjusting entry for the expired rent. (Hint: Part of the rent was paid in Year 1.) Recorded supplies expense. A physical count showed that $400 of supplies were still on hand.

b. Post the Year 1 events to T-accounts.