Albert files his income tax return (showing a total tax of $23,000) 5½ months after the due date of the return without obtaining an extension from the IRS. Along with the return, he remits a check for $6,600, which is the balance of the tax he owes. Note: Assume 30 days in a month. Disregarding the interest element, enter Albert's penalty amount for each, failure to file and failure to pay.

1) Calculate the value of the ending inventory

2) Calculate and show the schedule for cost of goods sold

3) Calculate and show the schedule for gross profit

4) Calculate and show the gross profit percentage

USE    FIFO / LIFO / WEIGHTED AVERAGE FOR ALL:

Beginning Inv: 10,000 @ $20/unit

Purchased: 30,000 @ $25/unit

Purchased: 15,000 @ $30/unit

Sold: 44,000 @ $50/unit

just looking to get started! student center at school closed down

Zeui Company's material requirement for 1 year is 20,000 units. Ordering cost for each order is Rp. 500,000. Carrying cost is Rp. 20,000 / unit. The lead time is 14 days.
Question:
A. Calculate the EOQ and inventory costs when EOQ!
B. Also calculate the inventory cost for 10 and 30 orders!
C. If the average usage per day is 55 units and the maximum usage per day is 75 units, then calculate the safety stock and ROP!

Balance scorecard:

Describe the price setting process and its features of a balance scorecard.

How can managers use cost accounting information when setting prices?

Required:

1. Prepare statement of cost of goods manufactured in good form.
2. Prepare income statement in good form (ignore income tax expense).

Acme Company’s production budget for August is 18,900 units and includes the following component unit costs: direct materials, $7.2; direct labor, $11.4; variable overhead, $5.4. Budgeted fixed overhead is $46,000. Actual production in August was 21,840 units. Actual unit component costs incurred during August include direct materials, $9.60; direct labor, $10.80; variable overhead, $6.20. Actual fixed overhead was $48,900. The standard fixed overhead application rate per unit consists of $2.2 per machine hour and each unit is allowed a standard of 1 hour of machine time. Required: Calculate the fixed overhead budget variance and the fixed overhead volume variance. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).)

Discuss the elimination process of inter-company bond and lease.

What is the formula I would insert into Excel

Problem 14-9 Zero-coupon bonds [LO14-2]

On January 1, 2018, Darnell Window and Pane issued $19.2 million of 10-year, zero-coupon bonds for $6,761,942. (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:
2. Determine the effective rate of interest.
1. & 3. to 5. Prepare the necessary journal entries.

Complete this question by entering your answers in the tabs below.

• Interest rate
• General Journal

Determine the effective rate of interest.

• 1

  Record the issuance of the bonds.

• 2

  Record annual interest expense at December 31, 2018.

• 3

  Record annual interest expense at December 31, 2019.

• 4

  Record the payment at the bonds' maturity.

Each of the four independent situations below describes a finance lease in which annual lease payments are payable at the beginning of each year. The lessee is aware of the lessor’s implicit rate of return. (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:
a. & b. Determine the amount of the annual lease payments as calculated by the lessor and the amount the lessee would record as a right-of-use asset and a lease liability, for each of the above situations. (Round your answers to the nearest whole dollar amount.)

1) Discuss the steps required when installing a qualified plan along with any difficulties that may be involved.

2)   Discuss required spousal benefit provisions, including QDROs. Include potential hardships for either spouse as a result of these provisions.  Also, discuss what would likely happen if these provisions were withdrawn.

3)   Discuss situations in which an individual may not be allowed, or may not wish to use, a Roth IRA for retirement planning.

Culver Leasing Company agrees to lease equipment to Larkspur Corporation on January 1, 2020. The following information relates to the lease agreement. 1. The term of the lease is 7 years with no renewal option, and the machinery has an estimated economic life of 9 years. 2. The cost of the machinery is $575,000, and the fair value of the asset on January 1, 2020, is $755,000. 3. At the end of the lease term, the asset reverts to the lessor and has a guaranteed residual value of $50,000. Larkspur estimates that the expected residual value at the end of the lease term will be 50,000. Larkspur amortizes all of its leased equipment on a straight-line basis. 4. The lease agreement requires equal annual rental payments, beginning on January 1, 2020. 5. The collectibility of the lease payments is probable. 6. Culver desires a 9% rate of return on its investments. Larkspur’s incremental borrowing rate is 10%, and the lessor’s implicit rate is unknown. Discuss the nature of this lease for both the lessee and the lessor. Calculate the amount of the annual rental payment required. Compute the value of the lease liability to the lessee. Prepare the journal entries Larkspur would make in 2020 and 2021 related to the lease arrangement. Prepare the journal entries Culver would make in 2020 and 2021 related to the lease arrangement. Suppose Larkspur expects the residual value at the end of the lease term to be $40,000 but still guarantees a residual of $50,000. Compute the value of the lease liability at lease commencement.

Discuss the requirement of IAS 7 in respect to preparation of cash flow statement for a group.

In January 2017, Mitzu Co. pays $2,700,000 for a tract of land with two buildings on it. It plans to demolish Building 1 and build a new store in its place. Building 2 will be a company office; it is appraised at $854,000, with a useful life of 20 years and a $90,000 salvage value. A lighted parking lot near Building 1 has improvements (Land Improvements 1) valued at $427,000 that are expected to last another 14 years with no salvage value. Without the buildings and improvements, the tract of land is valued at $1,769,000. The company also incurs the following additional costs:

3. Using the straight-line method, prepare the December 31 adjusting entries to record depreciation for the 12 months of 2017 when these assets were in use.

• Record the year-end adjusting entry for the depreciation expense of Building 2.

• 2

  Record the year-end adjusting entry for the depreciation expense of Building 3.

• 3

  Record the year-end adjusting entry for the depreciation expense of Land Improvements 1.

• 4

  Record the year-end adjusting entry for the depreciation expense of Land Improvements 2.