(CO A) Review some of the Panel on Audit Effectiveness recommendations.

The trial balance before adjustment of Skysong, Inc. shows the following balances:

Give the entry for bad debt expense for the current year assuming the allowance should be 3% of gross accounts receivable. (Credit account titles are automatically indented when 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.)

Give the entry for bad debt expense for the current year assuming historical records show that, based on accounts receivable aging, the following percentages will not be collected: (Credit account titles are automatically indented when 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.)

Give the entry for bad debt expense for the current year assuming allowance for doubtful accounts is $2,000 but it is a credit balance and the allowance should be 3% of gross accounts receivable. (Credit account titles are automatically indented when 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.)

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List of Accounts

Give the entry for bad debt expense for the current year assuming allowance for doubtful accounts is $2,000 but it is a credit balance and historical records show that the following percentages will not be collected: (Credit account titles are automatically indented when 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.)

List of Accounts

• Accounts Payable
• Accounts Receivable
• Accrued Liabilities
• Accumulated Depreciation - Equipment
• Advances to Employees
• Advertising Expense
• Allowance for Doubtful Accounts
• Allowance for Sales Returns and Allowances
• Bad Debt Expense
• Bank Charges Expense
• Cash
• Cash Over and Short
• Due from Factor
• Entertainment Expense
• Equipment
• Finance Expense
• Finance Revenue
• Freight in
• Freight out
• Gain on Disposal of Equipment
• Gain on Disposal of Land
• Interest Expense
• Interest Income
• Interest Receivable
• Inventory
• Land
• Loss on Disposal of Equipment
• Loss on Disposal of Land
• Loss on Disposal of Receivables
• Loss on Impairment
• Miscellaneous Expense
• No Entry
• Notes Payable
• Notes Receivable
• Office Expense
• Petty Cash
• Postage Expense
• Prepaid Expenses
• Purchase Discounts
• Recourse Liability
• Refund Liability
• Rent Expense
• Sales Discounts
• Sales Discounts Forfeited
• Sales Returns and Allowances
• Sales Revenue
• Servicing Liability
• Service Revenue
• Supplies
• Supplies Expense
• Unearned Revenue

Minden Company introduced a new product last year for which it is trying to find an optimal selling price. Marketing studies suggest that the company can increase sales by 5,000 units for each $2 reduction in the selling price. The company’s present selling price is $90 per unit, and variable expenses are $60 per unit. Fixed expenses are $831,600 per year. The present annual sales volume (at the $90 selling price) is 25,600 units.

Required:

1. What is the present yearly net operating income or loss?

2. What is the present break-even point in unit sales and in dollar sales?

3. Assuming that the marketing studies are correct, what is the maximum annual profit that the company can earn? At how many units and at what selling price per unit would the company generate this profit?

4. What would be the break-even point in unit sales and in dollar sales using the selling price you determined in (3) above (e.g., the selling price at the level of maximum profits)?

The following financial statements apply to Karl Company:

Required

Calculate the following ratios for 2018 and 2019. Since 2017 numbers are not presented, do not use averages when calculating the ratios for 2018. Instead, use the number presented on the 2018 balance sheet.

1. Net margin. (Round your answers to 2 decimal places.)
2. Return on investment. (Round your answers to 2 decimal places.)
3. Return on equity. (Round your answers to 2 decimal places.)
4. Earnings per share. (Round your answers to 2 decimal places.)
5. Price-earnings ratio (market prices at the end of 2018 and 2019 were $11.88 and $9.54, respectively). (Round your intermediate calculations and final answers to 2 decimal places.)
6. Book value per share of common stock. (Round your answers to 2 decimal places.)
7. 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.)
8. Working capital.
9. Current ratio. (Round your answers to 2 decimal places.)
10. Quick (acid-test) ratio. (Round your answers to 2 decimal places.)
11. Accounts receivable turnover. (Round your answers to 2 decimal places.)
12. Inventory turnover. (Round your answers to 2 decimal places.)
13. Debt to equity ratio. (Round your answers to 2 decimal places.)
14. Debt to assets ratio. (Round your answers to the nearest whole percent.)

Please help me fill in the blanks...

Provide at least one example of when the gross profit method would be useful. Explain the rationale for selecting the example provided.

Part 2:

Part 3:

Based on the analysis, you are required to make conclusions and recommendation which will answer the following questions:

1. Which business would you expect to be a better short-term credit risk?
   2. Do you think both companies have adequate cash resources?
   3. Assess both companies’ ability to survive in the longer term.
   4. Which company is better at generating cash from their sales revenue?

Personal Electronix sells iPads and iPods. The business is divided into two divisions along product lines. CVP income statements for a recent quarter’s activity are presented below.

Determine sales mix percentage and contribution margin ratio for each division. (Round answers to 0 decimal places, e.g. 15%.)

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Calculate the company’s weighted-average contribution margin ratio. (Round computations and final answer to 2 decimal places, e.g. 15.26%.)

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Calculate the company’s break-even point in dollars. (Round computations to 2 decimal places and final answer to 0 decimal places, e.g. 1,526.)

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Determine the sales level in dollars for each division at the break-even point. (Round computations to 2 decimal places and final answers to 0 decimal places, e.g. 1,526.)

Fickel Company has two manufacturing departments—Assembly and Testing & Packaging. The predetermined overhead rates in Assembly and Testing & Packaging are $27.00 per direct labor-hour and $23.00 per direct labor-hour, respectively. The company’s direct labor wage rate is $29.00 per hour. The following information pertains to Job N-60:

Required:

1. What is the total manufacturing cost assigned to Job N-60? (Do not round intermediate calculations.)

2. If Job N-60 consists of 10 units, what is the unit product cost for this job? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Discuss the pricing basis on which divisions should offer to transfer goods in order that corporate profit-maximizing decisions should take place.

Word count for this discussion response - 150 words maximum

Kick and Swing Inc. is a wholesaler of sporting goods equipment for retailers in a local metropolitan area. The company buys sporting goods equipment direct from manufacturers and then resells them to individual retail stores in the regional area. The raw data in Figure 14-20 illustrate some of the information required for the company’s purchase order system. As you can see, this information is characteristic of accounting purchase order systems but is not well organized. In fact, because of the repeating groups in the right-most columns, it cannot even be stored in a database.

FIGURE 14-20 Some purchasing data for Kick and Swing.

Requirements

Store this data in a spreadsheet to make it easy to manipulate. Then perform each of the following tasks in turn:

1. Reorganize the data in first normal form. Why is your data in first normal form?
2. Reorganize the data from part 1 into second normal form. Why is your data in second normal form?
3. Reorganize the data from part 2 into third normal form. Why is your data in third normal form?

write a journal article on financial accounting

BE9-1 Bali Corp. has $10,000 in surplus funds to invest and is considering investing in either Company A or Company B. Company A promises to return the $10,000 original amount invested in three years’ time and pay a 2% annual return on the principal amount. Company B does not promise to repay the original amount invested, but indicates that it is likely that the $10,000 investment will be worth more than $10,000 if Company B is profitable. Whether Bali will receive an annual return on the investment depends on Company B’s cash flows and whether Company B’s board of directors votes to distribute the cash. (a) Identify whether the potential investments are investments in debt or in equity securities. (b) Explain how you determined your answer.

Presented below is an income statement for Crane Company for the year ended December 31, 2020.

Additional information:

Using the single-step format, prepare a corrected income statement, including the appropriate per share disclosures.