List the cultural variables in the communication process and explain the different types of nonverbal communication

Calculating the Fair Value of Debt
The Longo Corporation issued $5 million maturity value in notes, carrying a coupon rate of 6%, with interest paid semiannually. At the time of the note issue, equivalent risk-rated debt instruments carried yield rates of 8%.

The notes matured in 5 years.

Calculate the proceeds that Longo Corporation will receive from the sale of the notes.
Round your answer to the nearest dollar.

$Answer

How will the notes be disclosed on Longo's balance sheet immediately following the sale?
Round your answers to the nearest dollar.

Calculate the interest expense for Longo Corporation for the first year that the notes are outstanding.
Do not round until final answer. Round answers to the nearest dollar.

Calculate the balance sheet value of the notes at the end of the first year.
Do not round until final answer. Round answer to the nearest dollar.

$Answer

Distinguish between a revaluation decrement and an impairment loss.

FIFO Method, Unit Cost, Valuation of Goods Transferred Out and Ending Work in Process

Dama Company produces women's blouses and uses the FIFO method to account for its manufacturing costs. The product Dama makes passes through two processes: Cutting and Sewing. During April, Dama's controller prepared the following equivalent units schedule for the Cutting Department:

Costs in beginning work in process were direct materials, $20,000; conversion costs, $80,000. Manufacturing costs incurred during April were direct materials, $260,000; conversion costs, $364,800.

Required:

1. Prepare a physical flow schedule for April.

2. Compute the cost per equivalent unit for April. If required, round your answer to the nearest cent.
$ per equivalent unit

3. Determine the cost of ending work in process and the cost of goods transferred out.

4. Prepare the journal entry that transfers the costs from Cutting to Sewing.

Petty Cash Fund Entries Journalize the entries to record the following: Check No. 12-375 is issued to establish a petty cash fund of $800. The amount of cash in the petty cash fund is now $288. Check No. 12-476 is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $297; miscellaneous selling expense, $123; miscellaneous administrative expense, $77. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $500, record the discrepancy in the cash short and over account.)

a. Journalize the entry to establish the petty cash fund. If an amount box does not require an entry, leave it blank.

______

______

• Cash
• Cash Short and Over
• Office Supplies
• Petty cash

b. Journalize the entry to replenish the petty cash fund. For a compound transaction, if an amount box does not require an entry, leave it blank.

_____

_____

_____

_____

_____

• Accounts Receivable
• Cash
• Office Supplies
• Petty Cash

1. Chen and sons' management entered into a an agreement on September 1, 2018 to supply its internally developed home monitoring system, SafetyFirst, and maintenance support to a regional 24 hour fitness chain. The details of the agreement calls for Chen and Sons to be paid $5,000,000 up front for the equipment and 3 years of maintenance support (beginning on agreement date). The fitness chain could have bought just the equipment for $6,000,000 with no support and they could have independently contracted for the maintenance support for $2,000,000 for the three year period. The cost of the equipment sold was $3,000,000 and Chen and Sons has recorded the $5,000,000 as a point-of-sale transaction.

How is this reconciled on the Trial Balance and adjusted in the appropriate Entry?

On January 1, 2023, Day Co. paid $103,288 for $100,000 face amount 10% bonds, a price that yields 8%. Interest is payable every July 1 and January 1. Interest revenue for the year ended December 31, 2023, using the effective interest method should be approximately:

Select one:

a. $10,329

b. $8,263

c. $8,228

d. $8,000

e. $10,000

The source rules determine if an income or deduction is a US source or foreign source. Your client, Robin, is in her first year of business and is trying to get clarification on the source rules. Identify one source of income and one source of deduction and explain to Robin how its source is determined. Be sure to explain how the allocation and apportionment process works for the deduction.

You are considering purchasing the preferred stock of a firm but are concerned about its capacity to pay the dividend. To help allay that fear, you compute the times-preferred-dividend-earned ratio for the past three years from the following data taken from the firm’s financial statements:

Year -----------------------------------------20X1-------------------------- 20X2------------------- 20X3

Operating income -----------------------$16,000,000 ----------------$13,000,000 ----------$14,000,000

Interest ------------------------------------6,700,000 --------------------3,700,000 --------------5,900,000

Taxes --------------------------------------4,600,000 ---------------------5,100,000 -------------5,100,000

Preferred dividends --------------------600,000 -----------------------800,000 -----------------1,200,000

Common dividends --------------------3,000,000 ----------------------3,300,000 --------------______

Round your answers to two decimal places.

20X1:_______

20X2:_______

20X3:_______

What does your analysis indicate about the firm’s capacity to pay preferred stock dividends?

Times preferred dividend earned has ________ each year, which indicates the firm's capacity to pay the dividend has _______ .

Assume that on 1/1/X0, a parent company acquires a 70% interest in its subsidiary for a price at $480,000 over book value. The excess is assigned as follows:

70% of the goodwill is allocated to the parent.

Included in the attached Excel spreadsheet are the pre-consolidation financial statements for both the parent and the subsidiary.

Submission Requirements:

Using the ACT470_Mod08-Portfolio_Option01.xlsx Excel spreadsheet in the Module 8 folder:

Prepare the consolidated financial statements at 12/31/X6 by placing the appropriate entries in their respective debit/credit column cells.

Indicate, in the blank column cell to the left of the debit and credit column cells if the entry is a [C], [E], [A], [D] or [I]entry.

Use Excel formulas to derive the Consolidated column amounts and totals.

Using the “Home” key in Excel, go to the “Styles” area and highlight the [C], [E], [A], [D] or [I]entry cells in different shades.

The accounting records of Calbert Architects include the following​ selected, unadjusted balances a March 31: Accounts​Receivable,1,300 Office​ Supplies, 1,100​; Prepaid​ Rent, 1,700​; ​Equipment, $10,000​; Accumulated Depreciationlong dash—​Equipment, $0, Salaries​ Payable, $0; Unearned​ Revenue, $ 600 Service​ Revenue, 4,500​; Salaries​ Expense, $1,500​; Supplies​ Expense, $0; Rent​ Expense, $0; Depreciation Expenselong dash—​Equipment, ​$0.

c. Office Supplies on​ hand, $600. ​(Assume that Calbert debits an asset account when supplies are​ purchased.)

The Revocable Trust qualifies for Grantor Trust status under IRC Code Section

671

673

674

All of the above

Recent economic data suggest that australian banks have raised their mortgage interest rates, because of an increase in the cost of borrowing in international capital markets such as the USA and Europe. Assume that the required returns on the Woolworths have increased from 12% to 15%. What impact will this have on the bond value? Explain (no calculations)

Sam has a sole proprietorship and wants to transfer his asset of (fair market value $1.8 million, adjusted basis $ 300,000) with the associated debt ($500,000) to a new corporation. What is the tax consequences of these transactions? Must include your sources (Example, IRC)