1. Genie in a Bottle Company (GBC) manufactures plastic two-liter bottles for the beverage industry. The cost Performance goals, often relating to how much a product should cost.standards per 100 two-liter bottles are as follows:

   Cost Category		Standard Cost per 100 Two-Liter Bottles
   Direct labor			$1.54
   Direct materials			5.9
   Factory overhead			0.28
   	Total		$7.72

   At the beginning of July, GBC management planned to produce 490,000 bottles. The actual number of bottles produced for July was 529,200 bottles. The actual costs for July of the current year were as follows:

   Cost Category		Actual Cost for the Month Ended July 31
   Direct labor						$7,987
   Direct materials						30,473
   Factory overhead						1,497
   	Total					$39,957

   Enter all amounts as positive numbers.

   a. Prepare the July manufacturing A detailed estimate of what a product should cost.standard cost budget (direct labor, direct materials, and factory overhead) for WBC, assuming planned production.

   Genie in a Bottle Company
   Manufacturing Cost Budget
   For the Month Ended March 31
   	Standard Cost at Planned Volume (490,000 Bottles)
   Manufacturing costs:
   Direct labor	$
   Direct materials
   Factory overhead
   Total	$

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   b. Prepare a budget performance report for manufacturing costs, showing the total The difference between actual cost and the flexible budget at actual volumes.cost variances for direct materials, direct labor, and factory overhead for July. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Round your answers to two decimal places.

   Genie in a Bottle Company
   Manufacturing Costs-Budget Performance Report
   For the Month Ended March 31
   	Actual Costs	Standard Cost at Actual Volume (529,200 Bottles)	Cost Variance- (Favorable) Unfavorable
   Manufacturing costs:
   Direct labor	$	$	$
   Direct materials
   Factory overhead
   Total manufacturing cost	$	$	$

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   c. The Company's actual costs were $897.24

   • more
   • less
   than budgeted.
   • Favorable
   • Unfavorable
   direct labor and direct material cost variances more than offset a small
   • favorable
   • unfavorable
   factory overhead cost variance.

World Company expects to operate at 80% of its productive capacity of 56,250 units per month. At this planned level, the company expects to use 27,900 standard hours of direct labor. Overhead is allocated to products using a predetermined standard rate of 0.620 direct labor hours per unit. At the 80% capacity level, the total budgeted cost includes $69,750 fixed overhead cost and $320,850 variable overhead cost. In the current month, the company incurred $361,000 actual overhead and 24,900 actual labor hours while producing 40,000 units.

(1) Compute the overhead volume variance.
(2) Compute the overhead controllable variance

In Unit 1 we covered the entire accounting cycle and the foundation of accounting in:

• Chapter 1 - The Role of Accounting in Society
• Chapter 2 - Introduction to Financial Statements
• Chapter 3 - Analyzing and Recording Transactions
• Chapter 4 - The Adjustment Process
• Chapter 5 - Completing the Accounting Cycle
• Chapter 7 - Accounting Information Systems

Specifically in Chapter 3 - Analyzing and Recording Transactions we learned about the principles, assumptions, and concepts of accounting. Also, in Chapter 5 - Completing the Accounting Cycle we learned about all of the steps in the accounting cycle.

Prompt:

There are two (2) options for the Unit 1 Project:

1. Choose one (1) of the principles, assumptions, or concepts described in chapter 3 and determine which one is important for generally accepted accounting principles (GAAP). OR
2. Choose one (1) of the steps of the accounting cycle in chapter 5 and determine which one has the greatest effect on our financial statements.

Leonardo, who is married but files separately, earns $190,000 of taxable income. He also has $16,250 in city of Tulsa bonds. His wife, Theresa, earns $70,000 of taxable income. If Leonardo and his wife file married filing jointly in 2018, what would be their effect tax rate (rounded)? (Use tax rate schedule)

Periodic Inventory by Three Methods; Cost of Merchandise Sold

The units of an item available for sale during the year were as follows:

There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used.

Determine the inventory cost and the cost of merchandise sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar.

Problem #13 Jasmine sold land for $250,000 in 2019. The land had a basis of $118,000 and she incurred selling expenses of $10,000. Jasmine received $50,000 down in 2019 and will receive five additional annual payments of $40,000 each. How much income will Jasmine recognize in 2020 when she receives the first additional payment of $40,000? (SHow your work)

Question 1

At the beginning of June 2017, Pina Colada Distributing Company’s ledger showed Cash $17,000, Merchandise Inventory $4,900, and D. Pina Colada, Capital, $21,900. During the month of June, the company had the following selected transactions:

(a)

Record the transactions assuming Pina Colada uses a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required: If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? What is his marginal rate if, instead, he had $40,000 of additional deductions?

What are opportunities and Threats in the financial industry?

All organisational information must be recorded and securely stored. Describe the main processes for securely recording and storing data.

Forten Company, a merchandiser, recently completed its calendar-year 2017 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. The company’s income statement and balance sheets follow. FORTEN COMPANY Comparative Balance Sheets December 31, 2017 and 2016 2017 2016 Assets Cash $ 52,900 $ 75,500 Accounts receivable 68,810 52,625 Inventory 278,656 253,800 Prepaid expenses 1,270 1,995 Total current assets 401,636 383,920 Equipment 155,500 110,000 Accum. depreciation—Equipment (37,625 ) (47,000 ) Total assets $ 519,511 $ 446,920 Liabilities and Equity Accounts payable $ 55,141 $ 117,675 Short-term notes payable 10,600 6,400 Total current liabilities 65,741 124,075 Long-term notes payable 64,000 50,750 Total liabilities 129,741 174,825 Equity Common stock, $5 par value 166,750 152,250 Paid-in capital in excess of par, common stock 39,500 0 Retained earnings 183,520 119,845 Total liabilities and equity $ 519,511 $ 446,920 FORTEN COMPANY Income Statement For Year Ended December 31, 2017 Sales $ 592,500 Cost of goods sold 287,000 Gross profit 305,500 Operating expenses Depreciation expense $ 22,750 Other expenses 134,400 157,150 Other gains (losses) Loss on sale of equipment (7,125 ) Income before taxes 141,225 Income taxes expense 27,050 Net income $ 114,175 Additional Information on Year 2017 Transactions The loss on the cash sale of equipment was $7,125 (details in b). Sold equipment costing $52,875, with accumulated depreciation of $32,125, for $13,625 cash. Purchased equipment costing $98,375 by paying $34,000 cash and signing a long-term note payable for the balance. Borrowed $4,200 cash by signing a short-term note payable. Paid $51,125 cash to reduce the long-term notes payable. Issued 2,700 shares of common stock for $20 cash per share. Declared and paid cash dividends of $50,500. Required:

1. Prepare a complete statement of cash flows; report its operating activities using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)

2. Prepare a complete statement of cash flows; report its operating activities according to the direct method. (Amounts to be deducted should be indicated with a minus sign.)

Lansing Company’s 2017 income statement and selected balance sheet data (for current assets and current liabilities) at December 31, 2016 and 2017, follow. LANSING COMPANY Income Statement For Year Ended December 31, 2017 Sales revenue $ 100,200 Expenses Cost of goods sold 43,000 Depreciation expense 12,500 Salaries expense 19,000 Rent expense 9,100 Insurance expense 3,900 Interest expense 3,700 Utilities expense 2,900 Net income $ 6,100 LANSING COMPANY Selected Balance Sheet Accounts At December 31 2017 2016 Accounts receivable $ 5,700 $ 6,000 Inventory 2,080 1,590 Accounts payable 4,500 4,800 Salaries payable 900 710 Utilities payable 240 170 Prepaid insurance 270 300 Prepaid rent 240 190

Required: Prepare the cash flows from operating activities section only of the company’s 2017 statement of cash flows using the direct method. (Amounts to be deducted should be indicated with a minus sign.)

Prepare the cash flows from operating activities section only of the company’s 2017 statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)

financial accounting

how do I calculate the retained earnings for closing entries from a partial adjusted trial balance.

Crane Computer Company, in addition to its retail sales, conducts night classes in computer technology. Crane has provided you the following information:

Construct a contribution margin format income statement.

Conduct an internet search to identify a minimum of three types of non-assurance services that auditors can provide. Discuss the nature of those services. In your discussion, include whether the services can be conducted along with assurance services to the same client without impairing the auditor’s independence.