The production department in a process manufacturing system completed 88,000 units of product and transferred them to finished goods during a recent period. Of these units, 26,400 were in process at the beginning of the period. The other 61,600 units were started and completed during the period. At period-end, 16,400 units were in process.

Prepare the department’s equivalent units of production with respect to direct materials under each of the three separate assumptions using the FIFO method for process costing

Jul

6 Cohen invested $149,000 in the business, which in turn issued its common stock to her

9 the business paid cash for land cost in $62,000 calling plans to build an office building on the land

12 The business purchased medical supplies for $1700 on account

15-31 During the rest of the month, Cohen treated patients and arned service revenue of $9,000, recieving cash fo rhalf the revenue earned.15 dr. Christine Cohen, P.C. officially opened for business

15-31 The business paid cash expenses: employee salaries, $3000:office rent, $700: utilities, $1100

31 The business sold supplies to another physician for the cost of $900 and recieved cash

31 The business borrowed $34,000, signing a note payable to the bank

31 The business paid $700 on account

1. After journalizing the transactions in the previous exercise, post the entries to the ledger, using T-accounts. Key transactions by date.

2. Prepare the trial balance of Dr Kristine COhen, P.C., at July 31, 2016.

3. From the trial balance, determine total assets, total liabilities, and total stockholders' equity on July 31.

Requirement 1. Analyze the effects of these events on the accounting equation of the medical practice of Dr.

Cohen​,

Begin with the first transaction on

July

6. ​(Use parentheses or a minus sign when decreasing accounts. If a box is not used in the table leave the box​ empty; do not enter a zero. Enter the transactions in the same order as they appear in the original​ list.)

please tell me type of equity: Types of equity transactions: Dividends, Issued Stock, Rent Expense, Salary Expense, Service Revenue, Utilities Expense

Bridgeport Warehouse distributes suitcases to retail stores and extends credit terms of n/30 to all of its customers. Bridgeport Warehouse uses a periodic inventory system the earnings approach. At the end of June its inventory consisted of 41 suitcases purchased at $36 each. During the month of July, the following merchandising transactions occurred:

Problem 15-4 Finance/sales-type lease; lessee and lessor [LO15-1, 15-2, 15-3] Rand Medical manufactures lithotripters. Lithotripsy uses shock waves instead of surgery to eliminate kidney stones. Physicians’ Leasing purchased a lithotripter from Rand for $1,750,000 and leased it to Mid-South Urologists Group, Inc., on January 1, 2018. (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.) Lease Description: Quarterly lease payments $ 114,201—beginning of each period Lease term 5 years (20 quarters) No residual value; no purchase option Economic life of lithotripter 5 years Implicit interest rate and lessee's incremental borrowing rate 12% Fair value of asset $ 1,750,000 Required: 1. How should this lease be classified by Mid-South Urologists Group and by Physicians' Leasing? 2. Prepare appropriate entries for both Mid-South Urologists Group and Physicians' Leasing from the beginning of the lease through the second rental payment on April 1, 2018. Adjusting entries are recorded at the end of each fiscal year (December 31). 3. Assume Mid-South Urologists Group leased the lithotripter directly from the manufacturer, Rand Medical, which produced the machine at a cost of $1.5 million. Prepare appropriate entries for Rand Medical from the beginning of the lease through the second lease payment on April 1, 2018.

Dover Chemical Company manufactures specialty chemicals by a series of three processes, all materials being introduced in the Distilling Department. From the Distilling Department, the materials pass through the Reaction and Filling departments, emerging as finished chemicals. The balance in the account Work in Process—Filling was as follows on January 1: Work in Process—Filling Department (3,400 units, 30% completed): Direct materials (3,400 x $18.2) $61,880 Conversion (3,400 x 30% x $11.8) 12,036 $73,916 The following costs were charged to Work in Process—Filling during January: Direct materials transferred from Reaction Department: 43,900 units at $17.9 a unit $785,810 Direct labor 273,870 Factory overhead 263,128 During January, 43,500 units of specialty chemicals were completed. Work in Process—Filling Department on January 31 was 3,800 units, 50% completed.

1. Prepare a cost of production report for the Filling Department for January. If an amount is zero, enter "0". If required, round your cost per equivalent unit answers to two decimal places.

2. Journalize the entries for (1) costs transferred from Reaction to Filling and (2) the cost transferred from Filling to Finished Goods.

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2. Remember that there are three types of inventory; materials, work in process, and finished goods. What costs are captured in the work in process account? Are these units 100% complete or are they being transferred to another department?

3. Determine the increase or decrease in the cost per equivalent unit from December to January for direct materials and conversion costs. If required, round your answers to two decimal places.

4. Discuss the uses of the cost of production report and the results of part (3).

The cost of production report may be used as the basis for allocating product costs between Work in Process  and Finished Goods . The report can also be used to control costs by holding each department head responsible for the units entering production and the costs incurred in the department. Any differences in unit product costs from one month to another, such as those in part (3), can be studied carefully and any significant differences investigated.

Frannie Fans currently manufactures ceiling fans that include remotes to operate them. The current cost to manufacture 10,060 remotes is as follows:

Frannie is approached by Lincoln Company which offers to make the remotes for $18 per unit.

Required:

1. Compute the difference in cost between making and buying the remotes if none of the fixed costs can be avoided. What is the change in net income?

2. Compute the difference in cost between making and buying the remotes if $20,120 of the fixed costs can be avoided. What is the change in net income?

3. What is the change in net income if fixed cost of $20,120 can be avoided and Frannie could rent out the factory space no longer in use for $20,120?

A $35,000 bond has a payable interest of 6% per year compounded quarterly. The bond is expected to mature in fifteen years. If the market interest rate is 8% per year compounded quarterly, the present value of the bond closest to which of the following values?

1. What are the budgeted sales for July?

2. What are the expected cash collections for July?

3. What is the accounts receivable balance at the end of July?

4. According to the production budget, how many units should be produced in July?

5. If 52,000 pounds of raw materials are needed to meet production in August, how many pounds of raw materials should be purchased in July?

6. What is the estimated cost of raw materials purchases for July?

7. If the cost of raw material purchases in June is $88,880, what are the estimated cash disbursements for raw materials purchases in July?

8. What is the estimated accounts payable balance at the end of July?

9. What is the estimated raw materials inventory balance at the end of July?

10.What is the total estimated direct labor cost for July assuming the direct labor workforce is adjusted to match the hours required to produce the forecasted number of units produced?

11.If the company always uses an estimated predetermined plantwide overhead rate of $10 per direct labor-hour, what is the estimated unit product cost?

12.What is the estimated finished goods inventory balance at the end of July?

13.What is the estimated cost of goods sold and gross margin for July?

14.What is the estimated total selling and administrative expense for July?

15.What is the estimated net operating income for July?

Assumptions to use for the budget:

1. the selling price is $75.00 per unit.

2. the beginning accounts receivable balance is $315,000

3. the beginning accounts payable balance is $49,000.

4. the beginning cash balance is $49,500

Other than the above all other information is as presented in the text.

Required:

Using the information above answer questions 1 through 15

The following information is available for year 1 for Pepper Products: Sales revenue (210,000 units) $ 3,150,000 Manufacturing costs Materials $ 168,000 Variable cash costs 142,400 Fixed cash costs 337,600 Depreciation (fixed) 989,000 Marketing and administrative costs Marketing (variable, cash) 422,400 Marketing depreciation 149,600 Administrative (fixed, cash) 509,200 Administrative depreciation 64,800 Total costs $ 2,783,000 Operating profits $ 367,000 All depreciation charges are fixed and are expected to remain the same for year 2. Sales volume is expected to fall by 4 percent, but prices are expected to rise by 18 percent. Material costs per unit are expected to increase by 10 percent. Other unit variable manufacturing costs are expected to decrease by 9 percent per unit. Fixed cash costs are expected to increase by 5 percent. Variable marketing costs will change with unit volume. Administrative cash costs are expected to increase by 5 percent. Inventories are kept at zero. Pepper Products operates on a cash basis. Required: Estimate the cash from operations expected in year 2. (Do not round intermediate calculations.)

The following information is available for year 1 for Pepper Products: Sales revenue (300,000 units) $ 8,100,000 Manufacturing costs Materials $ 478,000 Variable cash costs 406,000 Fixed cash costs 935,000 Depreciation (fixed) 2,851,000 Marketing and administrative costs Marketing (variable, cash) 1,205,000 Marketing depreciation 428,000 Administrative (fixed, cash) 1,456,000 Administrative depreciation 213,000 Total costs $ 7,972,000 Operating profits $ 128,000 All depreciation charges are fixed and are expected to remain the same for year 2. Sales volume is expected to fall by 6 percent, but prices are expected to rise by 16 percent. Material costs per unit are expected to increase by 9 percent. Other unit variable manufacturing costs are expected to decrease by 7 percent per unit. Fixed cash costs are expected to increase by 5 percent. Variable marketing costs will change with unit volume. Administrative cash costs are expected to increase by 2 percent. Inventories are kept at zero. Pepper Products operates on a cash basis. Required: Prepare a budgeted income statement for year 2. (Do not round intermediate calculations.)

Mamas & Papas, Inc. issues 7%, 10-year bonds with a face amount of $80,000 for $74,564 on January 1, 2020. The market interest rate for bonds of similar risk and maturity is 8%. Interest is paid semiannually on June 30 and December 31.

1. Record the bond issue in the journal.

2. Record in the journal the first interest payment on June 30, 2020.