Answer the following questions in a 400-600 word response [total for both] or 200-300 words each question. 1. The analysis of standard cost systems begins with the development of standards for direct materials, direct labor, and manufacturing overhead. Discuss standard costs and indicate how they can be used by management in planning and control. 2. Why is it important to consider the relationship among cost, quality, and selling prices when establishing standards for direct materials?

Economic Weekly News -

The second weekly assignment for the course is an open forum. In this assignment you task is to find an economic news topic and summarize the article in your post. The purpose of this assignment is to give you a free hand in the subject you wish to discover. The news article can come from any widely known news site such as BBC, Bloomberg, CNBC, Fox Business, MarketWatch, Wall Street Journal, etc. If this does not offer you enough options, I post material on my class Facebook site @JavaJournalist or javajournalist1 on twitter. The other reason for this assignment is to hopefully get you to read the business news once a week.

A minimum of 150 words (about two paragraphs) to a maximum of two page in length, post an economic news topic you find interesting. After reading a few chapters begin searching for news associated with the course. View this as an assignment to discover a topic related to the text or something you believe is interesting. This assignment is designed to give you a free hand to apply the text material to your life. One option to a great post is to tie the topic to a personal experience or a strong view, such as the minimum wage, trade talks, companies merging, commodity prices (the price of oil falling).

The consolidated financial statements of FMCG Ltd and RG Ltd were presented to the Board. The Board is alarmed that the economic entity’s balance sheet (consolidated balance sheet) shows a deferred tax balance, when the accounts for FMCG Ltd had no deferred tax asset or deferred tax liability.

FMCG management is also planning to acquire another entity ABC Investments Ltd in the near future. Management pointed out to the Board that on acquisition, the financial results of this new subsidiary (ABC Investments Ltd) will also be consolidated in the economic entity financial statements.

One of the Board members noted that the new business to be acquired by FMCG Ltd is an investment company. Its financial statements should not be consolidated because it is involved in investments industry, whereas all of the other companies in the economic entity are involved in retail industry.

Required:

As the financial accountant you are requested to prepare a response to the following questions:

(a) Why does the economic entity have a deferred tax balance? (2.5 marks)

(b) Should the financial statements of proposed acquired business, ABC Investments Ltd, be consolidated into the economic entity and why? (2.5 marks)

Pesto Company possesses 80 percent of Salerno Company's outstanding voting stock. Pesto uses the initial value method to account for this investment. On January 1, 2014, Pesto sold 8 percent bonds payable with a $14.2 million face value (maturing in 20 years) on the open market at a premium of $990,000. On January 1, 2017, Salerno acquired 40 percent of these same bonds from an outside party at 96.6 percent of face value. Both companies use the straight-line method of amortization. For a 2018 consolidation, what adjustment should be made to Pesto's beginning Retained Earnings as a result of this bond acquisition?

Corporate Bonds - They Are More Complex than You Think:

                When John Sullivan was hired as chief investment strategist at the New York headquarters A. M. Smith Inc. , he had indicated that one of his main goals would be to significantly expand the fixed - income unit of the firm's overall investment portfolio, A. , M. Smith, Incorporated, a prestigious investment services firm, had branches in 28 major metropolitan cities across the United States, as well as a few overseas branches in the United Kingdom, Canada, Singapore, and Australia. The size and performance of its equity portfolio ranked it in the top 10% of all investment companies Worldwide, due due to its excellent customer relations, research staff and client support services. However, with the recent, prolonged drop in interest rates, a constant surge in fixed - income underwriting looks seemed to be circling around the firm's radar. | John realized that the firm's client base, although pretty knowledgeable about equity investing, would need to be adequately informed, trained, and educated about the finer nuances of fixed income investing if he stood any chance of attaining his goal. So, he hired Jill Dougherty, who had worked for a bond trading firm for almost 10 years, prior to going back to Wharton full-time to earn her MBA degree this past year. She also managed to pick up her CFA design along the way. John told Jill that her first major assignment would be to conduct educational seminars / workshops for current and prospective clients regarding the basic and advanced aspects of fixed income investing. With about 75% of our clients being in the 55 + age group, Jill, you should have no problem in signing these folks up for these workshops, and convicting them about the stability and earnings potential associated with corporate bond investing, stressed John, as he browsed through the spreadsheet containing the contact information of the firm's Wealthiest Investors, "You would, however, have to indoctrinate them about the various terms and features associated with these bonds, such as yield to maturity, call provisions, convertibility, duration , convexity, and the like, he added. With the $ 55 - million utility bond deal hanging in the balance, any help we can give our best clients in understanding the relative investment merits of this deal will certainly go a long way in generating a ton of fixed - income business for the firm, don’t you think? "Queried John. You bet! "Jill, as she contemplated John's statements," replied, "I'll get right to work on these workshops, John. - Income investing workshops by surveying sarape of the firm's best clients regarding their merits of key bond testis, features, and characteristics. , motivated, and interested they were to know more about the opportunities offered by bond investing. Jill knew that she would have a good turnout at the seminar. in her PowerPoint presentation. She downloaded current data for outstanding bonds of various maturities, ratings, and coupon rates (see Table 1)

6. How should Jill go about explaining the riskiness of each bond? explain raniking and find realized return for each bond.

Nautical Creations is one of the largest producers of miniature ships in a bottle. An especially complex part of one of the ships needs special production equipment that is not useful for other products. The company purchased this equipment early in 2015 for $200,000. It is now early in 2019, and the manager of the Model Ships Division, Jeri Finley, is thinking about purchasing new equipment to make this part. The current equipment will last for six more years with zero disposal value at that time. It can be sold immediately for $40,000. The following are last year's total manufacturing costs, when production was 7,600 ships:

The cost of the new equipment is $130,000. It has a six year useful life with an estimated disposal value at that time of $30,000. The sales representative selling the new equipment stated, "The new equipment will allow direct labor and variable overhead combined to be reduced by a total of $2.25 per unit." Finley thinks this estimate is accurate, but also knows that a higher quality of direct material will be necessary with the new equipment, costing $0.15 more per unit. Fixed overhead costs will decrease by $4,900.

Finley expects production to be 8,050 ships in each of the next six years. Assume a discount rate of 3%.

REQUIRED

1. What is the difference in net present values if Nautical Creations buys the new equipment instead of keeping their current equipment?

The following transactions of Great Value Pharmacies occurred during 2018 and 2019​:

Requirement:

2018

Mar. 1 Borrowed $ 525,000 from Longwood Bank. The 15​-year, 12​% note requires payments due​ annually, on March 1. Each payment consists of $35,000 principal plus one​ year's interest.

Dec. 1 Mortgaged the warehouse for $300,000 cash with Sage Bank. The mortgage requires monthly payments of $3,000. The interest rate on the note is 44​% and accrues monthly. The first payment is due on January​ 1,2019.

Dec 31 Recorded interest accrued on the Sage Bank note.

Dec 31 Recorded interest accrued on the Longwood Bank note.

2019

Jan. 1 Paid Sage Bank monthly mortgage payment.

Feb. 1 Paid Sage Bank monthly mortgage payment.

Mar. 1 Paid Sage Bank monthly mortgage payment.

1 Paid first installment on note due to Longwood Bank.

1-Journalize the transactions in the Great Value Pharmacies general journal. Round to the nearest dollar. Explanations are not required.

Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2018. She is 45 years old and has been divorced for four years. She receives $1,200 of alimony payments each month from her former husband (divorced in 2016). Reba also rents out a small apartment building. This year Reba received $50,000 of rental payments from tenants and she incurred $19,500 of expenses associated with the rental.

Reba and her daughter Heather (20 years old at the end of the year) moved to Georgia in January of this year. Reba provides more than one-half of Heather’s support. They had been living in Colorado for the past 15 years, but ever since her divorce, Reba has been wanting to move back to Georgia to be closer to her family. Luckily, last December, a teaching position opened up and Reba and Heather decided to make the move. Reba paid a moving company $2,010 to move their personal belongings, and she and Heather spent two days driving the 1,426 miles to Georgia.

Reba rented a home in Georgia. Heather decided to continue living at home with her mom, but she started attending school full-time in January at a nearby university. She was awarded a $3,000 partial tuition scholarship this year, and Reba helped out by paying the remaining $500 tuition cost. If possible, Reba thought it would be best to claim the education credit for these expenses.

Reba wasn't sure if she would have enough items to help her benefit from itemizing on her tax return. However, she kept track of several expenses this year that she thought might qualify if she was able to itemize. Reba paid $5,800 in state income taxes and $12,500 in charitable contributions during the year. She also paid the following medical-related expenses for herself and Heather:

Insurance premiums $ 5,795

Medical care expenses $ 1,100

Prescription medicine $ 350

Nonprescription medicine $ 100

New contact lenses for Heather $ 200

Shortly after the move, Reba got distracted while driving and she ran into a street sign. The accident caused $900 in damage to the car and gave her whiplash. Because the repairs were less than her insurance deductible, she paid the entire cost of the repairs. Reba wasn’t able to work for two months after the accident. Fortunately, she received $2,000 from her disability insurance. Her employer, the Central Georgia School District, paid 60% of the premiums on the policy as a nontaxable fringe benefit and Reba paid the remaining 40% portion.

A few years ago, Reba acquired several investments with her portion of the divorce settlement. This year she reported the following income from her investments: $2,200 of interest income from corporate bonds and $1,500 interest income from City of Denver municipal bonds. Overall, Reba’s stock portfolio appreciated by $12,000 but she did not sell any of her stocks.

Heather reported $6,200 of interest income from corporate bonds she received as gifts from her father over the last several years. This was Heather’s only source of income for the year.

Reba had $10,000 of federal income taxes withheld by her employer. Heather made $1,000 of estimated tax payments during the year. Reba did not make any estimated payments. Reba had qualifying insurance for purposes of the Affordable Care Act (ACA).

a. Determine Reba’s federal income tax refund or taxes payable for the current year. Use Tax Rate Schedule for reference. (Round your intermediate computations and final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.)

How do you complete question ATC 9-6 in Managerial Accounting? What is the step by step solution of this problem?

Required information [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Accounts Debit Credit Cash $ 27,100 Accounts Receivable 50,200 Allowance for Uncollectible Accounts $ 6,200 Inventory 22,000 Land 66,000 Equipment 25,000 Accumulated Depreciation 3,500 Accounts Payable 30,500 Notes Payable (6%, due April 1, 2022) 70,000 Common Stock 55,000 Retained Earnings 25,100 Totals $ 190,300 $ 190,300

During January 2021, the following transactions occur: January 2 Sold gift cards totaling $12,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $167,000. January 15 Firework sales for the first half of the month total $155,000. All of these sales are on account. The cost of the units sold is $83,800. January 23 Receive $127,400 from customers on accounts receivable. January 25 Pay $110,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,800. January 30 Firework sales for the second half of the month total $163,000. Sales include $17,000 for cash and $146,000 on account. The cost of the units sold is $89,500. January 31 Pay cash for monthly salaries, $54,000.

5. Prepare a classified balance sheet as of January 31, 2021. (Enter the Asset Accounts in order of liquidity. Amounts to be deducted should be indicated with a minus sign.)

1. Suppose that total fixed costs are 600.000.000 $, margin of safety is 500 tons, and breakeven amount is 1.500 tons. What would be the profit?

a) 100.000.000 $

b) 200.000.000 $

c) 300.000.000 $

d) 400.000.000 $

e) Other:

2. A company has a total fixed cost of 500.000 $ and produced 1.000.000 $ of profit this year. What would be the profit amount had the company increased its sales volume by 10%?

a) 1.100.000 $

b) 1.150.000 $

c) 1.200.000 $

d) 1.250.000 $

e) Other:

3. Suppose that depreciation expense is 3.000.000 $ and profit is 15.000.000 $. Contribution margin percentage is 60%. Breakeven revenue is 25.000.000 $. Under these conditions, what would be the $ amount of margin of safety?

a) 10.000.000 $

b) 15.000.000 $

c) 20.000.000 $

d) 25.000.000 $

e) Other:

Discuss the direct and indirect impact the change in accounting principles, change in estimate and change in Reporting Entity have on the financial statements and how those impact are recorded in the financial statements?

Just need a response thank you!

Define variable costs and fixed costs, and use an example for each. Are these cost classifications in any way related to direct and indirect costs?   Why are these cost classifications important in managerial accounting?