Questions
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as...

Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for portable DVD players are as follows: Apr. 1 Inventory 59 units @ $62 10 Sale 44 units 15 Purchase 33 units @ $66 20 Sale 23 units 24 Sale 11 units 30 Purchase 20 units @ $69 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. a. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column. Cost of the Merchandise Sold Schedule First-in, First-out Method Portable DVD Players Date Quantity Purchased Purchases Unit Cost Purchases Total Cost Quantity Cost of Merchandise Sold Cost of Merchandise Sold Unit Cost Cost of Merchandise Sold Total Cost Inventory Quantity Inventory Unit Cost Inventory Total Cost Apr. 1 $ $ Apr. 10 $ $ Apr. 15 $ $ Apr. 20 Apr. 24 Apr. 30 Apr. 30 Balances $ $ b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method?

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12.4 Explain how calculating current cash debt coverage for an entity overcomes a disadvantage of the...

12.4 Explain how calculating current cash debt coverage for an entity overcomes a disadvantage of the current and quick ratios.

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Describe the function of bangs in the banking system

Describe the function of bangs in the banking system

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For which of the following taxes is there a ceiling on the amount of employee annual...

For which of the following taxes is there a ceiling on the amount of employee annual earnings subject to the​ tax?

A.

FICAminus−OASDI

Your answer is not correct.

B.

State unemployment taxes

C.

Federal unemployment taxes

D.

All of these answers are correct.

The correct answer is D

Explain:

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Jessica purchased a home on January 1, 2018 for $580,000 by making a down payment of...

Jessica purchased a home on January 1, 2018 for $580,000 by making a down payment of $230,000 and financing the remaining $350,000 with a 30-year loan, secured by the residence, at 6 percent. During 2018 and 2019, Jessica made interest-only payments on this loan of $21,000 (each year). On July 1, 2018, when her home was worth $580,000 Jessica borrowed an additional $145,000 secured by the home at an interest rate of 8 percent. During 2018, she made interest-only payments on the second loan in the amount of $5,800. During 2019, she made interest only on the second loan in the amount of $11,600. What is the maximum amount of the $32,600 interest expense Jessica paid during 2019 may she deduct as an itemized deduction if she used the proceeds of the second loan to finish the basement in her home and landscape her yard? (Assume not married filing separately.)

$0. $11,600. $30,682. $7,200. $32,600.

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4. The Reeves Company issued 10% bonds, dated January 1, 2017 with a face amount of...

4. The Reeves Company issued 10% bonds, dated January 1, 2017 with a face amount of $8 million. The bonds mature on December 31, 2026 (10 years). For bonds of similar risk and maturity, the market yield is 12%. Interest is paid semiannually on June 30th and December 31st. Required: 1. Determine the price of the bonds at January 1, 2017 2. Prepare the journal entry to record their issuance on January 1, 2017 3. Prepare the journal entry to record interest on June 30, 2017 (at the effective rate) 4. Prepare the journal entry to record interest on December 31, 2017 (at the effective rate)

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Detecting Fraud" Please respond to the following: Evaluate at what stage of the general accounting model...

Detecting Fraud" Please respond to the following: Evaluate at what stage of the general accounting model it is easiest to commit computer fraud. Based upon your personal knowledge or work experience, describe the potential abuses that could occur and how they can be minimized. Speculate on why adult males with advanced degrees commit a disproportionate amount of fraud, based on a profile of fraud perpetrators prepared by the Association of Certified Fraud Examiners. Explain your position.

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At the beginning of the year, Grillo Industries bought three used machines from Freeman Incorporated. The...

At the beginning of the year, Grillo Industries bought three used machines from Freeman Incorporated. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts.

Machine A Machine B Machine C
Cost of the asset $ 9,600 $ 38,800 $ 22,600
Installation costs 850 2,700 1,800
Renovation costs prior to use 650 2,300 2,800
Repairs after production began 700 700 1,300

By the end of the first year, each machine had been operating 8,000 hours.

Required:

  1. Compute the cost of each machine.
  2. Prepare the journal entry to record depreciation expense at the end of year 1, assuming the following:
Estimates
Machine Life Residual Value Depreciation Method
A 5 years $ 1,600 Straight-line
B 20,000 hours 1,200 Units-of-production
C 10 years 2,000 Double-declining-balance

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Item1 Time Remaining 32 minutes 9 seconds 00:32:09 Item Skipped Item 1 Item 1 Item Skipped...

Item1 Time Remaining 32 minutes 9 seconds 00:32:09 Item Skipped Item 1 Item 1 Item Skipped Time Remaining 32 minutes 9 seconds 00:32:09 Kozlov Corporation has provided the following data from its activity-based costing system: Activity Cost Pool Total Cost Total Activity Assembly $ 1,106,280 84,000 machine hours Processing orders $ 140,650 2,900 orders Inspection $ 203,524 2,920 inspection hours The company makes 500 units of product A21W a year, requiring a total of 885 machine-hours, 50 orders, and 20 inspection-hours per year. The product's direct materials cost is $36.04 per unit and its direct labor cost is $30.04 per unit. According to the activity-based costing system, the average cost of product A21W is closest to:

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4 P analysis of apple in 2000 words along marketing plan.

4 P analysis of apple in 2000 words along marketing plan.

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Iron Forge manufactures and sells a cast iron garden chair. The marketing department prepared the following...

Iron Forge manufactures and sells a cast iron garden chair. The marketing department prepared the following quarterly sales forecast.

January 250 units

February 300 units

March 350 units

Total 900 units

The company tries to maintain 15% of the next month's forecasted sales in finished chairs inventory. January's beginning inventory to finished chair was 38 units. April and May sales are expected to be 400 chairs each month. Each chair requires 4 composite feet which are purchased from a vendor. The company tries to maintain 12% of the next month's forecasted production needs in feet inventory. January's beginning inventory for feet was 123.

Required:

A. Prepare a monthly production budgets for the first quarter. Include a total column.

B. Prepare a monthly materials purchases budget for chairs for the first quarter. Include a total column.

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3) A utility deposit of $200 is required by the electric company. The deposit is made...

3) A utility deposit of $200 is required by the electric company.
The deposit is made on March 3, 2009 and record the general journal entry for both
the electric company and the customer.
A $100.00 of the deposit is used to pay the bill and the other
$100 is refunded on November 2, 2009. Record the general journal entry for both the electric
company and the customer. (check figure: 11/2/2009 entry to Accounts Receivable = $100.00 credit)

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Steve’s Job Inc. works a lot of jobs and makes a lot of money. At the...

  1. Steve’s Job Inc. works a lot of jobs and makes a lot of money. At the end of the previous month Steve had one job, job 10020, in process. For Job 10020 Steve had incurred $20,000 in labor, $50,000 in material and applied $10,000 in overhead. Steve tacks on a 50% profit margin to determine the amount charged to his customers. During the month Steve incurred another $40,000 in labor and another $30,000 in material plus the overhead. This job still hadn’t been completed by month end. Steve wondered what was taking so long. During the month Steve did a lot of things. One of the things he did was start and complete job # 1002 For job #10021 Steve spent $60,000 in labor, $40,000 in material and applied another $30,000 for overhead. Unfortunately, by month end the client had still not signed off on the work. Finally, Steve started and completed job # 10022. A very pretty job of which the client was more than satisfied. Steve spent $22,000 in labor, $44,000 in material and applied $11,000 in overhead. Actual overhead for the month was $53,000.

At month end what was the

  1. WIP inventory balance
  2. FG inventory balance
  3. Unadjusted cost of goods sold
  4. Adjusted cost of goods sold
  5. Gross Margin, adjusted

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Jaden Kyler is the Chief Operating Officer at United Hospital in Newark New Jersey. He is...

Jaden Kyler is the Chief Operating Officer at United Hospital in Newark New Jersey. He is analyzing the​hospital's overhead costs but is not sure whether nursing hours or the number of patient days would be the best cost driver to use for predicting the​ hospital's overhead.

He has gathered the following information for the last six months of the most recent​ year:

Data Table:

Hospital

Nursing

Number of

Overhead Cost

Overhead Cost

Month

Overhead Costs

Hours

Patient Days

per Nursing Hour

per Patient Day

July. . . . . . .

$479,000

23,000

3,640

$20.83

$131.59

August. . . .

$528,000

25,500

4,300

$20.71

$122.79

September.

$416,000

20,500

4,260

$20.29

$97.65

October. . . .

$453,000

22,000

3,490

$20.59

$129.80

November. .

$559,000

30,500

5,730

$18.33

$97.56

December. .

$435,000

21,000

3,280

$20.71

$132.62

Requirements:

1. Are the​ hospital's overhead costs​ fixed, variable, or​ mixed? Explain.

The​ hospital's overhead costs appear to be a ▼(fixed, mixed, variable cost). If it were a ▼ (fixed, mixed, variable ​cost), it would remain constant in total each month. If it were a ▼ (fixed, mixed, variable ​cost), it would remain constant on a per unit​ (of activity) basis. Both of the​ hospital's overhead cost per nursing hour and overhead cost per patient day ▼ (are fixed, vary) with volume.

2. Graph the​ hospital's overhead costs against nursing hours.

3. Graph the​ hospital's overhead costs against the number of patient days.

4. Do the data appear to be sound or do you see any potential data​ problems? Explain.

5. Use the​ high-low method to determine the​ hospital's cost equation using nursing hours as the cost driver. Predict total overhead costs if 24,500 nursing hours are predicted for the month.

6. Kyler runs a regression analysis using nursing hours as the cost driver to predict total hospital overhead costs. The Excel output from the regression analysis is as​ follows:

Regression analysis using nursing hours

SUMMARY OUTPUT​ - Nursing hours as cost driver

Regression Statistics

Multiple R

0.958335

R Square

0.918405

Adjusted R Square

0.898007

Standard Error

17,712.08289

Observations

6

ANOVA

df

SS

MS

F

Significance F

Regression

1

14,124,461,812

14,124,461,812

45.022814

0.002568

Residual

4

1,254,871,522

313,717,880

Total

5

15,379,333,334

Standard

Lower

Upper

Coefficients

Error

t Stat

P-value

95%

95%

Intercept

141,867.97

50,663.259

2.8

0.049

1,204.213

282,531.726

X Variable 1

14.17

2.111

6.71

0.000

8.305

20.029

If 24,500 nursing hours are predicted for the​ month, what is the total predicted hospital​overhead?

7. Kyler then ran the regression analysis using number of patient days as the cost driver. The Excel output from the regression is shown​ here:

Regression analysis using number of patient days

SUMMARY OUTPUT​ - Using number of patient days as cost driver

Regression Statistics

Multiple R

0.736429

R Square

0.542327

Adjusted R Square

0.427909

Standard Error

41,948.4953

Observations

6

ANOVA

df

SS

MS

F

Significance F

Regression

1

8,340,628,301

8,340,628,301

4.739865

0.09505

Residual

4

7,038,705,032

1,759,676,258

Total

5

15,379,333,333

Standard

Lower

Upper

Coefficients

Error

t Stat

P-value

95%

95%

Intercept

289,807.47

88,271.2

3.283

0.03

44,727.331

534,887.615

X Variable 1

45.8

21.035

2.177

0.095

-12.607

104.198

If 3,650 patient days are predicted for the​ month, what is the total predicted hospital​overhead?

8. Which regression analysis​ (using nursing hours or using number of patient days as the cost​driver) produces the best cost​ equation? Explain your answer.

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Mr Novak Murray is the sole owner of Roger & Rafa, a store that offers tennis...

Mr Novak Murray is the sole owner of Roger & Rafa, a store that offers tennis racquet stringing service (that involves the use of strings and labour). The unadjusted trial balance of Roger & Raga as at 30 June 2018 is shown below. The annual reporting period for the business ends 30 June.

Roger & Rafa Unadjusted Trial Balance as at 30 June 2018

Account

Debit

Credit

Cash at Bank

$18 000

Accounts Receivable

3 200

String Supplies

5 840

Stringing Machines

23 400

Accounts Payable

$ 1300

Novak Murray, Capital

38 600

Novak Murray, Drawings

2 500

Stringing Service Revenue

21 420

Salaries Expense

3 260

Rent Expense

2 980

String Supplies Expense

2 140

$61 320

$61 320

Additional information:

  1. A cash payment of $540 for rent covering the period 1 May 2018 to 31 July 2018 was made on 30 April 2018 and debited to the Rent Expense account on the day.

  2. One customer, Naomi Stosur, purchased a $250 service package by cash on 5 May 2018. Thepackage covers ten times of the use of the store’s stringing service. No service was used at purchase. This transaction was credited to service revenue on the day of purchase. Naomi had used the stringing service four times by the end of the reporting period.

  3. The unpaid salaries earned by the store’s two sale assistants, Alex and Ashleigh, totaled $780as at 30 June 2018.
    Ignore depreciation. The use of string supplies in the period has been accounted for.

Required

(a) Prepare the journal entries required to correct recording errors (if any, leave blank if there are no errors).

(b) Prepare adjusting entries (after correction of errors, if any).
(c) Prepare the Adjusted Trial Balance for Roger & Rafa.
(For parts (a) & (b), provide your answers to the related item number, no narration required.)

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