JustKitchens Inc. provides services to restaurants and hotels. The company supplies paper products, tableware, cookware, restaurant and kitchen equipment, and cleaning supplies. On January 2, 2017, Just- Kitchens enters into a contract with a local restaurant chain to provide its services for 3 years at a cost of $10,000 per year. The restaurant chain pays the total contract fee on January 2, 2017. JustKitchens’s stand-alone selling price is also $10,000 per year.

After 2 years, the restaurant asks to modify the contract. On January 2, 2019, the companies agree to reduce the fee for the third year to $9,000 in exchange for extending the contract for 2 additional years at a fee of $11,000 per year. This modification is agreed to by both parties, and on that date the restaurant chain pays for the additional 2 years of service and deducts $1,000 for the adjustment to the original contract. The $11,000 fee for the additional years is the same as JustKitchens’s stand-alone price.

How should JustKitchens account for the contract modification?

The contract modification should be accounted for with a cumulative catch-up adjustment or prospectively?

Prepare the journal entries that JustKitchens would make over the life of the contract. Assume all annual year-end entries are made on December 31. Additional Instruction

PAGE 2017 (4 Journal Entries) PAGE 2018 (2 Journal Entries) PAGE 2019 (4 Journal Entries) PAGE 2020 (2 Journal Entries) PAGE 2021 (2 Journal Entries)

2017PAGE

GENERAL JOURNAL

2018PAGE

GENERAL JOURNAL

PAGE 2019

GENERAL JOURNAL

PAGE 2020

GENERAL JOURNAL

PAGE 2021

GENERAL JOURNAL

4)

Using the key below,

where should a corporation record depreciation on equipment?

15 and 10

9 and 16

7 and 16

15 and 8

5)

Using the key below,

where should a corporation record paying for advertising for the period?

15 and 2

15 and 12

1 and 16

11 and 16

6)

Using the key below,

where should a corporation record paying for cash dividends?

15 and 2

13 and 12

1 and 16

13 and 2

Crown Co. can produce two types of lamps, the Enlightner and Foglighter. The data on the two lamp models are as follows:

It takes one machine hour to produce each product. Total fixed costs for the manufacture of both products are $125,000. Demand is high enough for either product to keep the plant operating at maximum capacity.

Assuming that sales mix in terms of dollars remains constant, what is the breakeven point in dollars? (Round intermediate calculations to 4 decimal places and final answer up to the nearest whole number.)

Multiple Choice

• $383,459.

• $213,089.

• $401,237.

• $339,489.

• $1,040,391.

The comparative balance sheets for 2018 and 2017 are given below for Surmise Company. Net income for 2018 was $76 million.

Required:
Prepare the statement of cash flows of Surmise Company for the year ended December 31, 2018. Use the indirect method to present cash flows from operating activities because you do not have sufficient information to use the direct method. You will need to make reasonable assumptions concerning the reasons for changes in some account balances. A spreadsheet or T-account analysis will be helpful. (Hint: The right to use a building was acquired with a seven-year lease agreement. Annual lease payments of $10 million are paid at January 1 of each year starting in 2018.) (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.)

On January 1, 2018, Nguyen Electronics leased equipment from Nevels Leasing for a four-year period ending December 31, 2021, at which time possession of the leased asset will revert back to Nevels. The equipment cost Nevels $839,368 and has an expected economic life of five years. Nevels expects the residual value at December 31, 2021, will be $115,000. Negotiations led to the lessee guaranteeing a $170,000 residual value.

Equal payments under the lease are $215,000 and are due on December 31 of each year with the first payment being made on December 31, 2018. Nguyen is aware that Nevels used a 5% 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 Nguyen and Nevels on January 1, 2018, to record the lease.
2. Prepare all appropriate entries for both Nguyen and Nevels on December 31, 2018, related to the lease.

In your initial post, briefly research career opportunities that require knowledge or experience with managerial accounting. List at least two potential positions (including a link to the job posting or job description) that you personally found to be interesting or surprising, and explain why they were noteworthy to you.

The following financial statements apply to Benson Company:

Required
Calculate the following ratios for Year 3 and Year 4. Since Year 2 numbers are not presented do not use averages when calculating the ratios for Year 3. Instead, use the number presented on the Year 3 balance sheet.

JUST NEED *****F-N*****

a. Net margin. (Round your answers to 2 decimal places.)
b. Return on investment. (Round your answers to 2 decimal places.)
c. Return on equity. (Round your answers to 2 decimal places.)
d. Earnings per share. (Round your answers to 2 decimal places.)
e. Price-earnings ratio (market prices at the end of Year 3 and Year 4 were $5.96 and $4.80, respectively).(Round your intermediate calculations and final answers to 2 decimal places.)
f. Book value per share of common stock. (Round your answers to 2 decimal places.)
g. Times interest earned. Exclude extraordinary income in the calculation as they cannot be expected to recur and, therefore, will not be available to satisfy future interest payments. (Round your answers to 2 decimal places.)
h. Working capital.
i. Current ratio. (Round your answers to 2 decimal places.)
j. Quick (acid-test) ratio. (Round your answers to 2 decimal places.)
k. Accounts receivable turnover. (Round your answers to 2 decimal places.)
l. Inventory turnover. (Round your answers to 2 decimal places.)
m. Debt-to-equity ratio. (Round your answers to 2 decimal places.)
n. Debt-to-assets ratio. (Round your answers to the nearest whole percent.)

Brislin Company has four operating divisions. During the first quarter of 2020, the company reported aggregate income from operations of $193,000 and the following divisional results.

Analysis reveals the following percentages of variable costs in each division.

Discontinuance of any division would save 50% of the fixed costs and expenses for that division.

Top management is very concerned about the unprofitable divisions (I and II). Consensus is that one or both of the divisions should be discontinued.

(a)

Compute the contribution margin for Divisions I and II. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

b

) Prepare an incremental analysis concerning the possible discontinuance of Division I. (Round answers to 0 decimal places, e.g. 1525. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

C)Prepare an incremental analysis concerning the possible discontinuance of Division II. (Round answers to 0 decimal places, e.g. 1525. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

D) Prepare a columnar condensed income statement for Brislin Company, assuming Division II is eliminated. Division II’s unavoidable fixed costs are allocated equally to the continuing divisions. (Round answers to 0 decimal places, e.g. 1525. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Write historical background, structure, functions, features, advantages of following international financial institutions
IMF
WB
SBP
OIC
SAARC

"Please can I get a feedback on this discussion post below" Can I get it in 2 hours please .thanks

Tesla is a company recently in the news for a conflict of interest between the SEC and the CEO Elon Musk due to an interest to bring the company private by the CEO who shared on Twitter his short term plans. Production issues, a number of layoffs and the increasing demand for the electric vehicles were expressed by the CEO as reasons to bring the company private that would allow the company to restructure its company internally. The company has since rescinded its position remaining as a public company. The SEC stated that it was swaying investors by stating that the company would do so when it reached a stock price of $420 forcing investors to make a decision or artificially driving the stock price to the sale price in order to bring the company private faster. Elon Musk has previously tweeted about its stock price in terms of its standing in the market however this is the first where the market has reacted to his tweets negatively. Possible solutions to the situation would be to address investors by other measures in addition to Twitter. Twitter being a social network for CEO’s to interact with customers and investors directly however a more formal approach might have been ideal in this situation.

Given the projected demands for the next six months, prepare an aggregate plan that uses inventory, regular time, overtime, subcontract and backorders. Regular time is limited to 160 units per month (Cost per Unit = $60 ). Overtime is limited to a maximum of 20 units per month (Cost per Unit =$90). Units purchased from the subcontractor (Cost per Unit = $108 ) cannot exceed 50 per month and the total purchases from the subcontractor over the 6 month period cannot be over 200 units. Backorders cannot exceed 70 units in any given month (Cost per Unit = $5 ) and must be no more than 10 in Period 6. Average Inventory Holding cost per Unit = $10. Forecasted Demand as well as Beginning and desired Ending Inventory are listed in the table below.

Required:
Find the Minimum Cost Production Plan by Creating a Spreadsheet in Excel. Use Solver to find the Minimum Cost Solution. Leave a copy of your Spreadsheet in the DropBox.

Total Cost Month 1 =

Hint: Range (14590 ,14790 )
Total Cost Month 2 =

Hint: Range (13500 ,13610 )
Total Cost Month 3 =

Total Cost Month 4 =

Total Cost Month 5 =

Hint: Range (11510 ,11600 )
Total Cost Month 6 =

Total Cost All Periods =

Hint: Range (81710 ,82710 )
Answer Format: No Dollar ($) signs or commas --- Answers should be whole numbers.

Excavation Co., a publicly-traded company, has a December 31 year end. For the 2020 fiscal year, there were 100,000 common shares outstanding all year. Net income for the year ended December 31, 2020 was $900,000. The company’s income tax rate is 25%. During 2019, Spade issued a $5,000,000, 5% convertible bond at par. Each $1,000 bond is convertible into 20 common shares. No bonds have been converted as of December 31, 2020. Also during 2019, Spade issued 100,000, $2 cumulative, convertible preferred shares. Two preferred shares are convertible into one common share. The preferred share dividend was declared and paid in June, 2020. Required : Calculate basic and diluted earnings per share for 2020.

The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2017:

Transactions during 2018 were as follows:

1. On January 2, 2018, machinery and equipment were purchased at a total invoice cost of $345,000, which included a $7,200 charge for freight. Installation costs of $44,000 were incurred.
2. On March 31, 2018, a small storage building was donated to the company. The person donating the building originally purchased it three years ago for $36,000. The fair value of the building on the day of the donation was $23,000.
3. On May 1, 2018, expenditures of $67,000 were made to repave parking lots at Pell’s plant location. The work was necessitated by damage caused by severe winter weather.
4. On November 1, 2018, Pell acquired a tract of land with an existing building in exchange for 10,000 shares of Pell's common stock that had a market price of $39 per share. Pell paid legal fees and title insurance totaling $40,000. Shortly after acquisition, the building was razed at a cost of $52,000 in anticipation of new building construction in 2019.
5. On December 31, 2018, Pell purchased a small storage building by giving $16,950 cash and an old automobile purchased for $26,500 in 2014. Depreciation on the old automobile recorded through December 31, 2018, totaled $15,200. The fair value of the old automobile was $5,450.

Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter:

1. As of December 31 (the end of the prior quarter), the company’s general ledger showed the following account balances:

2. Actual sales for December and budgeted sales for the next four months are as follows:

3. Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following sale. The accounts receivable at December 31 are a result of December credit sales.

4. The company’s gross margin is 40% of sales. (In other words, cost of goods sold is 60% of sales.)

5. Monthly expenses are budgeted as follows: salaries and wages, $33,000 per month: advertising, $63,000 per month; shipping, 5% of sales; other expenses, 3% of sales. Depreciation, including depreciation on new assets acquired during the quarter, will be $44,980 for the quarter.

6. Each month’s ending inventory should equal 25% of the following month’s cost of goods sold.

7. One-half of a month’s inventory purchases is paid for in the month of purchase; the other half is paid in the following month.

8. During February, the company will purchase a new copy machine for $2,800 cash. During March, other equipment will be purchased for cash at a cost of $79,000.

9. During January, the company will declare and pay $45,000 in cash dividends.

10. Management wants to maintain a minimum cash balance of $30,000. The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. The company would, as far as it is able, repay the loan plus accumulated interest at the end of the quarter.

Required:

Using the data above, complete the following statements and schedules for the first quarter:

1. Schedule of expected cash collections:

2-a. Merchandise purchases budget:

2-b. Schedule of expected cash disbursements for merchandise purchases:

3. Cash budget:

4. Prepare an absorption costing income statement for the quarter ending March 31.

5. Prepare a balance sheet as of March 31.

mplete the cash budget. (Cash deficiency, repayments and interest should be indicated by a minus sign.)

Requirement 4

pare an absorption costing income statement for the quarter ending March 31.

Requirement 5:

Prepare a balance sheet as of March 31.

NOTE__ some of my numbers already imputted could be wrong.