If a discount is not available for a payment based on the discount date, can you still enter the discount? If so, how?

The increases to Work in Process—Roasting Department for Highlands Coffee Company for May as well as information concerning production are as follows:

Prepare a cost of production report, using the average cost method. If required, round cost per equivalent unit answers to the nearest cent.

1. Cherry hill Inc.’s balance sheet is shown below:

Cherry hill wishes to acquire equipment worth US$20,000. It can either buy
it by borrowing the required amount at a 10% rate of interest or it can
take it on lease for a period of 5 years. If it leases it, the lease rental would
be US$5276 per year. Assume taxes are absent.
Show the balance sheet of Cherry hill Inc. if:
(a) It finances the equipment with debt
(b) It leases the equipment as an operating lease
(c) It leases the equipment as a financial lease (hint: find the present
value of lease rentals at a discount rate of 10%)

Prepare a report for management, stating the advantages and disadvantages of each depreciation method. Include in the report your recommendations on the choice of method consistent with the requirements of IAS 16/AASB 116. Support your recommendations with schedules showing the total annual cost of operating the machinery, and the profit after depreciation.

The transactions of Spade Company appear below. Kacy Spade, owner, invested $11,250 cash in the company in exchange for common stock. The company purchased office supplies for $326 cash. The company purchased $6,221 of office equipment on credit. The company received $1,328 cash as fees for services provided to a customer. The company paid $6,221 cash to settle the payable for the office equipment purchased in transaction c. The company billed a customer $2,385 as fees for services provided. The company paid $530 cash for the monthly rent. The company collected $1,002 cash as partial payment for the account receivable created in transaction f. The company paid $1,200 cash in dividends to the owner (sole shareholder). Required: 1. Prepare general journal entries to record the transactions above for Spade Company by using the following accounts: Cash; Accounts Receivable; Office Supplies; Office Equipment; Accounts. Payable; Common Stock; Dividends; Fees Earned; and Rent Expense. Use the letters beside each transaction to identify entries. 2. Post the above journal entries to T-accounts, which serve as the general ledger for this assignment.

In 2014, MusicLand has credit sales of $400,000. MusicLand also has $50,000 in accounts receivable on December 31, 2014. MusicLand has a $200 credit balance in allowance for uncollectible accounts before adjusting entries.

Assume that MusicLand uses B/S approach to estimate bad debt expense and allowance for uncollectible accounts. MusicLand estimates that 5% of accounts receivable are uncollectible. Find bad debt expense for 2014 and allowance for uncollectible accounts at the end of 2014.

SmartAuto Manufacturing is engaged in the production of replacement parts for automobiles. One plant specializes in the production of two parts: Part #127 and Part #234. Part #127 produced the highest volume of activity, and for many years it was the only part produced by the plant. Five years ago, Part #234 was added. Part #234 was more difficult to manufacture and required special tooling and setups. Profits increased for the first three years after the addition of the new product. In the last two years, however, the plant faced intense competition, and its sales of Part #127 dropped. In fact, the plant showed a small loss in the most recent reporting period.

Much of the competition was from foreign sources, and the plant manager was convinced that the foreign producers were guilty of selling the part below the cost of producing it. The following conversation between Patricia Wang, plant manager, and James Tin, divisional marketing manager, reflects the concerns of the division about the future of the plant and its products.

JAMES:           You know, Patricia, the divisional manager is real concerned about the plant's trend. He indicated that in this budgetary environment, we can't afford to carry plants that don't show a profit. We shut one down just last month because it couldn't handle the competition.

PATRICIA:      James, you and I both know that Part #127 has a reputation for quality and value. It has been a mainstay for years. I don't understand what's happening.

JAMES:           I just received a call from one of our major customers concerning Part #127. He said that a sales representative from another firm offered the part at $20 per unit – $11 less than what we charge. It's hard to compete with a price like that. Perhaps the plant is simply obsolete.

PATRICIA:      No. I don't buy that. From my sources, I know we have good technology. We are efficient.

And it's costing a little more than $21 to produce that part. I don't see how these companies can afford to sell it so cheaply. I'm not convinced that we should meet the price. Perhaps a better strategy is to emphasize producing and selling more of Part #234. Our margin is high on this product, and we have virtually no competition for it.

JAMES:           You may be right. I think we can increase the price significantly and not lose business. I called a few customers to see how they would react to a 25 percent increase in price, and they all said that they would still purchase the same quantity as before.

PATRICIA:      It sounds promising. However, before we make a major commitment to Part #234, I think we had better explore other possible explanations. I want to know how our production costs compare to those of our competitors. Perhaps we could be more efficient and find a way to earn our normal return on Part #127. The market is so much bigger for this part. I'm not sure we can survive with only Part #234. Besides, my production people hate that part. It's very difficult to produce.

After her meeting with James, Patricia requested an investigation of the production costs and comparative efficiency. She received approval to hire a consulting group to make an independent investigation. After a three-month assessment, the consulting group provided the following information on the plant's production activities and costs associated with the two products:

* Calculated using a plantwide rate based on direct labor hours. This is the current way of assigning the plant's overhead to its products.

The consulting group recommended switching the overhead assignment to an activity-based approach. It maintained that activity-based cost assignment is more accurate and will provide better information for decision making. To facilitate this recommendation, it grouped the plant's activities into homogeneous sets with the following costs:

Financial reporting by general-purpose governments includes presentation of management’s discussion and analysis as

a. Required supplementary information after the notes to the financial statements.

b. A description of currently known facts, decisions, or conditions expected to have significant effects on financial activities.

c. Part of the basic financial statements.

d. Information that may be limited to highlighting the amounts and percentages of change from the prior to the current year.

Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports are prepared monthly for each department. The planning budget and flexible budget for the Production Department are based on the following formulas, where q is the number of labor-hours worked in a month:

The Production Department planned to work 4,400 labor-hours in March; however, it actually worked 4,200 labor-hours during the month. Its actual costs incurred in March are listed below:

Required:

1. Prepare the Production Department’s planning budget for the month.

2. Prepare the Production Department’s flexible budget for the month.

3. Calculate the spending variances for all expense items.

Marvel Parts, Inc., manufactures auto accessories. One of the company’s products is a set of seat covers that can be adjusted to fit nearly any small car. The company has a standard cost system in use for all of its products. According to the standards that have been set for the seat covers, the factory should work 1,055 hours each month to produce 2,110 sets of covers. The standard costs associated with this level of production are:

During August, the factory worked only 1,000 direct labor-hours and produced 2,100 sets of covers. The following actual costs were recorded during the month:

At standard, each set of covers should require 3.0 yards of material. All of the materials purchased during the month were used in production.

Required:

1. Compute the materials price and quantity variances for August.

2. Compute the labor rate and efficiency variances for August.

3. Compute the variable overhead rate and efficiency variances for August.

do brand names such as coca cola have a monetary worth which should be reflected in the company 's balance sheet ? what arguments are there for and against internally generated intangible assets being recognised in financial statements?

I have to do an simple-step Income statement and I'm stuck on what comes after the expense part.

Accounting, Analysis, and Principles a1-a3 SheffieldInc. provided the following information for the year 2020. Retained earnings, January 1, 2020 $ 672,000 Administrative expenses 268,800 Selling expenses 336,000 Sales revenue 2,128,000 Cash dividends declared 89,600 Cost of goods sold 952,000 Loss on discontinued operations 123,200 Rent revenue 115,024 Unrealized holding gain on available-for-sale debt securities 19,040 Income tax applicable to continuing operations 209,440 Income tax benefit applicable to loss on discontinued operations 67,760 Income tax applicable to unrealized holding gain on available-for-sale debt securities 2,240 Prepare a single-step income statement for 2020. Shares outstanding during 2020 were 100,000. (Round earnings per share to 2 decimal places, e.g. $1.48.)

Vertical Analysis of Income Statement

The following comparative income statement (in thousands of dollars) for the two recent fiscal years was adapted from the annual report of Calvin Motorsports, Inc., owner and operator of several major motor speedways, such as the Atlanta, Texas, and Las Vegas Motor Speedways.

a. Prepare a comparative income statement for these two years in vertical form, stating each item as a percent of revenues. Round to one decimal place. Enter all amounts as positive numbers.

b. While overall revenue   some between the two years, the overall mix of revenue sources did change somewhat. The NASCAR broadcasting revenue   as a percent of total revenue by 3 percentage points, while the percent of admissions revenue to total revenue   by 2 percentage points. Overall, it appears that income from continuing operations has significantly improved because of  .

Transfer the journal entries to T-accounts for the transactions below, compute closing amounts for the T-accounts, and construct a final balance sheet to answer the question.

Journal amounts in thousands

What is the final amount in Total Assets?

Please specify your answer in the same units as the balance sheet.

DataSpan, Inc., automated its plant at the start of the current year and installed a flexible manufacturing system. The company is also evaluating its suppliers and moving toward Lean Production. Many adjustment problems have been encountered, including problems relating to performance measurement. After much study, the company has decided to use the performance measures below, and it has gathered data relating to these measures for the first four months of operations.

Management has asked for your help in computing throughput time, delivery cycle time, and MCE. The following average times have been logged over the last four months:

Required:

1-a. Compute the throughput time for each month.

1-b. Compute the delivery cycle time for each month.

1-c. Compute the manufacturing cycle efficiency (MCE) for each month.

2. Evaluate the company’s performance over the last four months.

3-a. Refer to the move time, process time, and so forth, given for month 4. Assume that in month 5 the move time, process time, and so forth, are the same as in month 4, except that through the use of Lean Production the company is able to completely eliminate the queue time during production. Compute the new throughput time and MCE.

3-b. Refer to the move time, process time, and so forth, given for month 4. Assume in month 6 that the move time, process time, and so forth, are again the same as in month 4, except that the company is able to completely eliminate both the queue time during production and the inspection time. Compute the new throughput time and MCE.