Sandhill Co. sold $3,300,000, 7%, 10-year bonds on January 1, 2017. The bonds were dated January 1, 2017, and pay interest on January 1. The company uses straight-line amortization on bond premiums and discounts. Financial statements are prepared annually.

Show the long-term liabilities balance sheet presentation for issuance of the bonds sold at 104 at December 31, 2017.

Show the long-term liabilities balance sheet presentation for issuance of the bonds sold at 97 at December 31, 2017.

Accounting can really be considered the “language of business”. What does this actually mean? With the increase of businesses being conducted internationally explain why it might be necessary to create an international accounting language. What would be the possible benefits and drawbacks of establishing such a universal business language?

Kramer Corp. began the current period with 4,000 units in process that were 100% complete as to materials and 60% complete as to conversion. Costs of $7,500 in direct materials and $4,700 in conversion costs were incurred in manufacturing those units in the previous period. Kramer ended the current period with 20,000 units completed and 5,00 units still in process. Work in process was 100% complete as to materials and 70% complete as to conversion costs. Kramer incurred $67,500 in direct materials costs, $7,000 in direct labor costs, and $40,00 in manufacturing overhead costs during the period.

1.) Reconcile the number physical units worked on in the current month.

2.) Calculate the number of equivalent units for conversion costs.

3.) Calculate the cost per equivalent unit for conversion costs. (Round to 2 decimals)

​​​​​​​3.) Reconcile the total cost of completed and ending work in process inventory.

If you can please provided the formula so I can practice on similar questions and how you figured it out. Thanks!

You have decided to start your own small business selling SkatePlates—mini skateboards which clip on to users’ shoes. You think you have a good product, but know there is lots of competition for the target market you hope will buy your product.

You hope to quickly develop a solid customer base before consolidating in years 2–4 of your business. In five years you hope to enter a growth phase.

You recognise the importance of developing profit goals/ targets and have decided to document the various methods so they remain at the forefront of your mind.

1. Describe at least four methods you could use to help you set appropriate profit goals/ targets.

You have just been made a valuation analyst. Before you get training (what else is new!), your boss asks you to value a number of items: 1) a publicly-traded company; 2) a family business; 3) a shopping center; 4) an oil refinery; 5) a patent or trademark; and, by the way, 6) did the local tax assessor correctly value his house? How might you go about these tasks? While the course concentrates on the first two items, we will discuss, at least in passing, the remaining ones. I don't expect everyone to comment on every situation, but I am looking for a variety of comments to help establish the base from which we are proceeding.

higher receivable turnover than payable turnover what does this say about a company

Donellys, Inc. has prepared the following comparative balance sheets for 2007 and 2008: 2008 2007 Cash $ 297,000 $ 153,000 Receivables 159,000 107,000 Inventory 150,000 180,000 Prepaid expenses 18,000 27,000 Plant assets 1,260,000 1,050,000 Accumulated depreciation (450,000) (375,000) Patent, net (intangible asset) 153,000 174,000 $1,587,000 $1,316,000 Accounts payable $ 153,000 $ 168,000 Accrued liabilities 60,000 42,000 Bonds payable 0 450,000 Preferred stock 645,000 0 Common stock 600,000 600,000 Retained earnings 129,000 56,000 $1,587,000 $1,316,000 1. The Accumulated Depreciation account has been credited only for the depreciation expense for the period. That is, there was no plant asset sold during 2008. 2. During 2008, new plant assets were purchased for $210,000. 3. No Patent was purchased or sold during 2008. For 2008 Year Net income $211,000 Net sales 1,980,000 COGS 1,089,000 Depreciation expense 75,000 Amortization of patents 21,000 Cash dividends declared and paid 138,000 Required: 1. Prepare a Statement of Cash Flows for Donellys, Inc. for the year 2008. (Use the indirect method.) 2. From the information provided, calculate the following items for the direct method. A. Cash received from customers. (Hint: Work on A/R account.) B. Cash paid to suppliers. (Hint: Work on Inventory and A/P accounts.)

Problem 4-01A a-d (Video) The trial balance columns of the worksheet for Warren Roofing at March 31, 2020, are as follows. Warren Roofing Worksheet For the Month Ended March 31, 2020 Trial Balance Account Titles Dr. Cr. Cash 4,500 Accounts Receivable 3,200 Supplies 2,000 Equipment 11,000 Accumulated Depreciation—Equipment 1,250 Accounts Payable 2,500 Unearned Service Revenue 550 Owner’s Capital 12,900 Owner’s Drawings 1,100 Service Revenue 6,300 Salaries and Wages Expense 1,300 Miscellaneous Expense 400 23,500 23,500 Other data: 1. A physical count reveals only $480 of roofing supplies on hand. 2. Depreciation for March is $250. 3. Unearned revenue amounted to $260 at March 31. 4. Accrued salaries are $700.

Prepare a classified balance sheet at March 31. (List Current Assets in order of liquidity.)

Income Statement Preparation

      Watson Corporation has several subsidiaries and the accounts below reflect their combined amounts before income taxes and excluding the amounts noted. Watson Corporation's capital structure consists of 20,000 shares of common stock. At December 31, 2018, an analysis of the accounts and discussions with company officials revealed the following information:   

     Excluded from the above numbers are the operations of the Art Department which the company decided to discontinue on November 1st. The information on the 2018 operations of the Art Department are presented below:

The net realizable value of the remaining Art Department assets is $15,000 less than their net book value.

A 30% tax rate applies to all items.

      Prepare a multiple step income statement

Chapman Company obtains 100 percent of Abernethy Company’s stock on January 1, 2017. As of that date, Abernethy has the following trial balance: Debit Credit Accounts payable $ 50,000 Accounts receivable $ 40,000 Additional paid-in capital 50,000 Buildings (net) (4-year remaining life) 120,000 Cash and short-term investments 60,000 Common stock 250,000 Equipment (net) (5-year remaining life) 200,000 Inventory 90,000 Land 80,000 Long-term liabilities (mature 12/31/20) 150,000 Retained earnings, 1/1/17 100,000 Supplies 10,000 Totals $ 600,000 $ 600,000 During 2017, Abernethy reported net income of $80,000 while declaring and paying dividends of $10,000. During 2018, Abernethy reported net income of $110,000 while declaring and paying dividends of $30,000. Assume that Chapman Company acquired Abernethy’s common stock by paying $520,000 in cash. All of Abernethy’s accounts are estimated to have a fair value approximately equal to present book values. Chapman uses the partial equity method to account for its investment. Prepare the consolidation worksheet entries for December 31, 2017, and December 31, 2018.

Statement of Realization and Liquidation

At January 1, 2020, the records of Sharon Thomson, trustee in bankruptcy for Davis Corporation, showed the following:

During January, Thomson sold equipment having a book value of 35,000 for 10,000, and sold the patents for 30,000. Thomson was paid 5,000 as a trustee's fee, and 50,000 was distributed proportionately to the creditors.

Required:

Prepare a statement of realization and liquidation for January and a balance sheet and statement of estate deficit as of January 30, 2020.

Select one area of risk related to auditing operating systems and networks: Describe the threats associated with the risk area. What are the associated controls to address and reduce the likelihood of these threats? What are the audit objectives related to these controls? List the appropriate audit procedures to test these controls?

Explore what impact the different auditor’s opinion will have on the audited organization, its employees and its stakeholders. Do you feel it is absolutely necessary to audit an organization every year if they have continuously been issued a clean audit opinion? Why or why not?

Anja is an advisor. She uses her own car to travel to various locations to meet clients. She acquired a car on 1 March 2020 for $57,000. The acquisition cost was funded entirely by a loan at an interest rate of 10%. She has determined that the depreciation deduction on the car would be $5,700 for the year. In addition, Anja incurred the following expenses during the year:

• Registration and insurance = $5,000;
• Repairs and maintenance = $300; and
• Oil and fuel costs = $4,100.

For the period 1 March 2020 to 30 June 2020, Anja estimates that the car travelled a total of 12,000 kilometres; 8,000 of which were for business purposes. You may assume that Anja has maintained all necessary records and a logbook. Assume that depreciation has been adjusted for partial year use and the impact of the car limit.

i. Calculate Anja's deduction for car expenses under "cents per kilometre" method 1.5 marks
ii. Calculate Anja's deduction for car expenses under log book method 1.5 marks
iii. Which method is preferable for Anja and why? 2 marks