darcy james borrowed $15,000 which she is paying back in 48 monthly payments of $420 each. with 14 payments remaining, she decides to repay the loan in full. use the rules of 78 to find the amount necessary to pay off the loan

-Assume all unrealistic assumptions related to CAPM holds. Still the assumption which says “all investors will buy market portfolio” seems to be unrealistic.

-Standard deviation and beta (beta is for stocks) both measure the same concept.

-Ignoring the magnitudes, Correlation is still more accurate than Covariance.

This is true or false, so a brief explanation would be very helpful, Thanks!

1. NAM manufactures yoga props such as straps and blocks. Straps are sold to customers at a price of $15 per strap. The company is currently operating at 75% capacity with regard to strap production and produces 30,000 straps per year. At the current operating level, the cost of producing and selling a single strap is as follows:

An order has been received from a chain of yoga studios for 12,000 straps at a special price of $10 per strap. If the special order is accepted, the unit variable manufacturing costs will increase by $0.20 per strap due to the addition of a special label the studio has requested be included on the straps. Additionally, the total fixed product costs will increase by 5%. Variable period costs consist solely of sales commissions, which will not be paid on the special order. Fixed period costs will not be affected by acceptance of the special order.

What is the effect on operating income if the special order is accepted? (indicate the amount and if operating income would increase or decrease) (circle your final answer

Empire Company is a manufacturer of smart phones. Its controller resigned in October 2020. An inexperienced assistant accountant has prepared the following income statement for the month of October 2020.

EMPIRE COMPANY
Income Statement
For the Month Ended October 31, 2020
Sales revenue               $795,000   
Less:   Operating expenses                  
Raw materials purchases       $264,600           
Direct labor cost       190,200           
Advertising expense       91,000           
Selling and administrative salaries       77,800           
Rent on factory facilities       61,000           
Depreciation on sales equipment       45,800           
Depreciation on factory equipment       32,500           
Indirect labor cost       28,200           
Utilities expense       11,600           
Insurance expense       8,300        811,000   
Net loss               $(16,000)  

Prior to October 2020, the company had been profitable every month. The company’s president is concerned about the accuracy of the income statement. As her friend, you have been asked to review the income statement and make necessary corrections. After examining other manufacturing cost data, you have acquired additional information as follows.

1. Inventory balances at the beginning and end of October were:

October 1
October 31
Raw materials       $19,700       $36,000
Work in process       19,400       14,700
Finished goods       29,900       53,500

2. Only 75% of the utilities expense and 60% of the insurance expense apply to factory operations. The remaining amounts should be charged to selling and administrative activities.
(a)
Prepare a schedule of cost of goods manufactured for October 2020.

EMPIRE COMPANY
Cost of Goods Manufactured Schedule

Identify & Explain the Following:

1. Net Income:
2. Total Current Assets:
3. Book Value of Equipment:
4. Total Assets:
5. Identify ALL the Temporary Accounts from the following:

Cash, notes payable, depreciation expense, service fee expense, accumulated depreciation, salaries expense, dividends, service revenue, supplies.

Approximately Relevant ABC

Reducir, Inc., produces two different types of hydraulic cylinders. Reducir produces a major subassembly for the cylinders in the Cutting and Welding Department. Other parts and the subassembly are then assembled in the Assembly Department. The activities, expected costs, and drivers associated with these two manufacturing processes are given below.

Other overhead activities, their costs, and drivers are listed below.

Other production information concerning the two hydraulic cylinders is also provided:

Other overhead activities:.

The per unit overhead cost using the 14 activity-based drivers is $1,108 and $779 for Cylinder A and Cylinder B, respectively.

Required:

1. Determine the percentage of total costs represented by the three most expensive activities.

%

2. If required, round your interim calculations and final answers to the nearest dollar.
Allocate the costs of all other activities to the three activities identified in Requirement 1 in proportion to their individual activity costs.

Calculate the total activity costs of all the three activities.

Now assign these total costs to the products using the drivers of the three chosen activities.

3. Using the costs assigned in Requirement 2, calculate the percentage error using the ABC costs as a benchmark. Round your answers to one decimal place. If an item is negative, use a minus (-) sign to indicate.

identify the purpose and content of the statement of cash flows identify the major types of financial ratios and what they mesure

Write an e-mail to your friend explaining the differences between financial and managerial accounting. Provide easy examples to help your friend understand. Remember to tell your friend why a good understanding of the differences in financial and managerial accounting is important.

16. According to the SEC, which of the following compromises independence between an auditor and his client?

A. If the auditor also prepares the tax returns for his client

B. If the relationship between the auditor and the client places the accountant in the position of auditing his own work

C. If the auditor has been on the engagement for more than four years

D. If the client pays the audit fees

17. What is one common criticism of corporate governance programs?

A. Public recognition of whistleblowers deters some people from reporting instances of fraud.

B. Whistleblower policies do not incentivize or reward employees to report instances of fraud to management or the board.

C. Punishment inflicted on fraudsters is too harsh.

D. Monetary rewards are too generous.

18. What is the best way to mitigate the risk of fraud with regard to social media?

A. Implement a social media policy.

B. Restrict access to social media sites on company computers to all employees outside of the public relations department.

C. Limit the social media presence of your organization to reputable sites such as LinkedIn and Twitter.

D. Require all employees to adjust their Facebook privacy settings in a particular way.

19. Which of the following is characteristic of an official code of ethics?

A. An official code of ethics is not a requirement for publicly traded companies.

B. An official code of ethics can eliminate any possible confusion regarding a conflict of interest.

C. An official code of ethics is an effective substitute for moral principles, culture, and character.

D. An official code of ethics is not intended to govern behavior.

Solomon Manufacturing Company was started on January 1, 2018, when it acquired $80,000 cash by issuing common stock. Solomon immediately purchased office furniture and manufacturing equipment costing $9,100 and $33,100, respectively. The office furniture had an eight-year useful life and a zero salvage value. The manufacturing equipment had a $3,500 salvage value and an expected useful life of four years. The company paid $11,300 for salaries of administrative personnel and $15,600 for wages to production personnel. Finally, the company paid $13,000 for raw materials that were used to make inventory. All inventory was started and completed during the year. Solomon completed production on 4,800 units of product and sold 3,880 units at a price of $15 each in 2018. (Assume that all transactions are cash transactions and that product costs are computed in accordance with GAAP.)

Required

1. Determine the total product cost and the average cost per unit of the inventory produced in 2018. (Round "Average cost per unit" to 2 decimal places.)

2. Determine the amount of cost of goods sold that would appear on the 2018 income statement. (Do not round intermediate calculations.)

3. Determine the amount of the ending inventory balance that would appear on the December 31, 2018, balance sheet. (Do not round intermediate calculations.)

4. Determine the amount of net income that would appear on the 2018 income statement. (Round your answer to the nearest dollar amount.)

5. Determine the amount of retained earnings that would appear on the December 31, 2018, balance sheet. (Round your answer to the nearest dollar amount.)

6. Determine the amount of total assets that would appear on the December 31, 2018, balance sheet. (Round your answer to the nearest dollar amount.)

Kiyara (single) is a 50 percent shareholder of Jazz Corporation (an S Corporation). Kiyara does not do any work for Jazz Corp. Jazz Corp. reported $306,000 of business income for the year (2020). Before considering her business income allocation from Jazz Corp. and the self-employment tax deduction (if any), Kiyara’s adjusted gross income was $256,000 (all employee salary). Answer the following questions for Kiyara. (Leave no answer blank. Enter zero if applicable.)

Problem 4-44 Part a (Algo)

a. Assuming the income allocated to Kiyara is qualified business income, what is Kiyara’s deduction for qualified business income?

b. What is Kiyara’s net investment income tax liability (assume no investment expenses)?

c. What is Kiyara’s self-employment tax liability?

d. What is Kiyara’s additional Medicare tax liability (include all earned income)?

Exercise 21-10 Lowell Company makes and sells artistic frames for pictures. The controller is responsible for preparing the master budget and has accumulated the following information for 2017. January February March April May Estimated unit sales 10,700 11,300 8,600 8,200 8,200 Sales price per unit $50.30 $48.10 $48.10 $48.10 $48.10 Direct labor hours per unit 2.4 2.4 1.5 1.5 1.5 Wage per direct labor hour $8.00 $8.00 $8.00 $9.00 $9.00 Lowell has a labor contract that calls for a wage increase to $9.00 per hour on April 1. New labor-saving machinery has been installed and will be fully operational by March 1. Lowell expects to begin the year with 18,610 frames on hand and has a policy of carrying an end-of-month inventory of 100% of the following month’s sales, plus 70% of the second following month’s sales. Prepare a production budget for Lowell Company by month and for the first quarter of the year. LOWELL COMPANY Production Budget Jan Feb Mar Total : : LINK TO TEXT LINK TO TEXT Prepare a direct labor budget for Lowell Company by month and for the first quarter of the year. The direct labor budget should include direct labor hours. (Round Direct labor hours per unit answers to 1 decimal place, e.g. 52.7.) LOWELL COMPANY Direct Labor Budget Jan Feb Mar Total $ $ $ $ $ $ $

X Company purchases exploration rights for A on January 1, 2019 and has responsibility to restore the land after extraction is complete by December 31, 2026 (i.e., 8 years). There is a 40% chance restoration will cost $700,000, a 50% chance restoration will cost $900,000, and a 10% chance restoration will cost $1,500,000. All other costs associated with the A deposit total $1,750,000. The applicable interest rate is 8%.

What does company X record for cost of A?

Suppose the balance of X Company's asset retirement obligation on January 1, 2024, is $646,826. What does X record as accretion expense for the fiscal year ending December 31, 2024?

On January 1, 2019, Hopkins Corporation issued bonds with a face value

of $230,000,000 that pay interest on June 30th and December 31st.

The coupon rate of the bonds is 8% while the effective rate is 10%.

The bonds mature in 14 years. Hopkins' fiscal year ends on

December 31st. Any discount/premium is to be amortized using

the straight-line method.

Required (if necessary, round calculations to the nearest dollar):

1. Calculate the present value of the bond.

2. Journalize the issuance of the bond.

3. Journalize the first interest payment.

4. Prepare the balance sheet presentation of the bond on 12/31/2020.

5. Prepare the journal entry for the redemption of the bond for 94

on 6/30/21. Hint: Journalize the interest payment first.

Lease Classification, Considering Firm Guidance (Issues Memo)

Facts: On 1/1/20X1, Investor, Inc. ("Lessee") signed a Lease Agreement with Developer Inc. ("Landlord") to lease Landlord's newly constructed hotel located at 15 Main St. in San Francisco, CA. The lease term is 20 years, and the estimated life of the building is 40 years. Lessee will occupy all 4 floors of the building. The lease includes renewal options, exercisable at the Landlord's option, to extend the contract term for three additional five-year terms. No purchase option is present in the contract. Lessee's monthly rental payments are $40,000 per month, plus a monthly supplemental rental cost based on Lessee's sales (1% of sales). From experience, Lessee estimates that 1% of its sales should approximate an additional $10,000 per month. As of 1/1/20X1, the appraised value of the building is $15 million. For simplicity, please ignore discounting in this example (use of present value calculations, rates implicit in the lease, etc.). There are no residual value guarantees present.

Assume that this arrangement is within the scope of lease accounting guidance. As needed to clarify areas of judgment, support your response with guidance from both the Codification and from EY's most recent Lease accounting guide book.