Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2017, the general ledger for Case Inc. contains the following data.

Subsidiary data for Work in Process Inventory on June 1 are as follows.

During June, raw materials purchased on account were $ 5,880 , and all wages were paid. Additional overhead costs consisted of depreciation on equipment $ 1,080 and miscellaneous costs of $ 480 incurred on account.

A summary of materials requisition slips and time tickets for June shows the following.

Overhead was charged to jobs at the same rate of $ 1.25 per dollar of direct labor cost. The patios for customers Rodgers, Stevens, and Linton were completed during June and sold for a total of $ 22,680 . Each customer paid in full.

Journalize the June transactions: (1) for purchase of raw materials, factory labor costs incurred, and manufacturing overhead costs incurred; (2) assignment of direct materials, labor, and overhead to production; and (3) completion of jobs and sale of goods. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 2,500.)

Post the entries to Work in Process Inventory. (Round answers to 0 decimal places, e.g. 2,500.)

Reconcile the balance in Work in Process Inventory with the costs of unfinished jobs. (Round answers to 0 decimal places, e.g. 2,500.)

Prepare a cost of goods manufactured schedule for June. (Round answers to 0 decimal places, e.g. 2,500.)

PLEASE DO NOT EVEN ATTEMPT THIS IF YOU ARE NOT WILLING TO DO ALL OF THESE QUESTIONS! IF YOU ARE NOT WILLING TO DO ALL, SOMEONE ELSE WILL BE, PLEASE DO NOT WASTE MY QUESTION

• 9–1What is a static planning budget?

• 9–2What is a flexible budget and how does it differ from a static planning budget?

• 9–3What are some of the possible reasons that actual results may differ from what had been budgeted at the beginning of a period?

• 9–4Why is it difficult to interpret a difference between how much expense was budgeted and how much was actually spent?

• 9–5What is an activity variance and what does it mean?

• 9–6What is a revenue variance and what does it mean?

• 9–7What is a spending variance and what does it mean?

• 9–8What does a flexible budget performance report do that a simple comparison of budgeted to actual results does not do?

• 9–9How does a flexible budget based on two cost drivers differ from a flexible budget based on one cost driver?

• 9–10What assumption is implicitly made about cost behavior when actual results are directly compared to a static planning budget? Why is this assumption questionable?

9–11What assumption is implicitly made about cost behavior when all of the items in a static planning budget are adjusted in proportion to a change in activity? Why is this assumption questionable?

Which financial investments are valued at amortized cost? Explain the rationale.

If a shareholder receives more than a proportionate share of the assets of a liquidating corporation, the excess is treated as a payment received that is attributable to those shareholders who receive less than their proportionate share.

7:        Professional DecisionMaking

To achieve audit quality, auditors must make quality decisions throughout the audit process. What are the characteristics of quality audit decisions?

8:        Auditor independence

Why is it important that users perceive auditors to be independent? What is the difference between being independent in fact and being independent in appearance?

the following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics International during 2018 and 2019. The company uses straight-line depreciation for trucks and other vehicles, double-declining-balance depreciation for buildings, and straight-line amortization for patents.

Required:

Prepare the journal entries required on each of the above dates. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.)

• 1) Record the purchase of storage shed components for $105,000.

• 2) Record the payment of $4,000 to have the storage shed erected.

• 3) Record the purchase of a pickup truck for $51,000.

• 4) Record the repairs of $900 to the pickup truck.

• 5) Record the purchase of a patent for $10,000 on a new paper bag manufacturing process.

• 6) Record the depreciation and amortization expense on the pickup truck, storage shed and patent for the year.

• 7) Record the depreciation for the truck up to the date of sale.

• 8) Record the sale of the truck for $43,000 cash.

• 9) Record the depreciation on the storage shed for the year.

• 10) Record the Patent Amortization expense for the full year.

• 11) Record the reversal of the accumulated amortization of patents.

• 12) Record any impairment loss incurred on the patent.

Carlisle State College had the following account balances for the year ended and as of June 30, 2018. Debits are not distinguished from credits, so assume all accounts have a “normal” balance.

Required

Prepare, in good form, a Statement of Revenues, Expenses, and Changes in Net Position for Carlisle State College for the year ended June 30, 2017.

PLEASE DO IN EXCELL AND START WITH OPERATING REVENUES.

Padre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January 1, 2018, for $809,120 cash. At the acquisition date, Sierra’s total fair value, including the noncontrolling interest, was assessed at $1,011,400 although Sierra’s book value was only $669,000. Also, several individual items on Sierra’s financial records had fair values that differed from their book values as follows:

For internal reporting purposes, Padre, Inc., employs the equity method to account for this investment. The following account balances are for the year ending December 31, 2018, for both companies.

At year-end, there were no intra-entity receivables or payables.

Using the acquisition method, prepare the worksheet to consolidate these two companies. (For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet. Amounts in the Debit and Credit columns should be entered as positive. Negative amounts for the Noncontrolling Interest and Consolidated Totals columns should be entered with a minus sign.)

Problem 21-4A Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2017 are as follows: January February Sales $381,600 $424,000 Direct materials purchases 127,200 132,500 Direct labor 95,400 106,000 Manufacturing overhead 74,200 79,500 Selling and administrative expenses 83,740 90,100 All sales are on account. Collections are expected to be 50% in the month of sale, 30% in the first month following the sale, and 20% in the second month following the sale. Sixty percent (60%) of direct materials purchases are paid in cash in the month of purchase, and the balance due is paid in the month following the purchase. All other items above are paid in the month incurred except for selling and administrative expenses that include $1,060 of depreciation per month. Other data: 1. Credit sales: November 2016, $265,000; December 2016, $339,200. 2. Purchases of direct materials: December 2016, $106,000. 3. Other receipts: January—Collection of December 31, 2016, notes receivable $15,900; February—Proceeds from sale of securities $6,360. 4. Other disbursements: February—Payment of $6,360 cash dividend. The company’s cash balance on January 1, 2017, is expected to be $63,600. The company wants to maintain a minimum cash balance of $53,000. Prepare schedules for (1) expected collections from customers and (2) expected payments for direct materials purchases for January and February. Expected Collections from Customers January February November $ $ December January February Total collections $ $ Expected Payments for Direct Materials January February December $ $ January February Total payments $ $ LINK TO TEXT Prepare a cash budget for January and February in columnar form. (Do not leave any answer field blank. Enter 0 for amounts.) COLTER COMPANY Cash Budget January February $ $ : : : : $ $

2-page report describing how an international company uses one of the Inventory Management techniques.

No plagiarism

accounting cost and management accounting

On January 1, 2020, McIlroy, Inc., acquired a 60 percent interest in the common stock of Stinson, Inc., for $384,600. Stinson's book value on that date consisted of common stock of $100,000 and retained earnings of $227,300. Also, the acquisition-date fair value of the 40 percent noncontrolling interest was $256,400. The subsidiary held patents (with a 10-year remaining life) that were undervalued within the company's accounting records by $77,800 and an unrecorded customer list (15-year remaining life) assessed at a $53,700 fair value. Any remaining excess acquisition-date fair value was assigned to goodwill. Since acquisition, McIlroy has applied the equity method to its Investment in Stinson account and no goodwill impairment has occurred. At year-end, there are no intra-entity payables or receivables.

Intra-entity inventory sales between the two companies have been made as follows:

The individual financial statements for these two companies as of December 31, 2021, and the year then ended follow:

(Note: Parentheses indicate a credit balance.)

1. Show how McIlroy determined the $423,463 Investment in Stinson account balance. Assume that McIlroy defers 100 percent of downstream intra-entity profits against its share of Stinson’s income.

2. Prepare a consolidated worksheet to determine appropriate balances for external financial reporting as of December 31, 2021.

Bailand Company purchased a building for $148,000 that had an estimated residual value of $8,000 and an estimated service life of 10 years. Bailand purchased the building 4 years ago and has used straight-line depreciation. At the beginning of the fifth year (before it records depreciation expense for the year), the following independent situations occur:

Bailand estimates that the asset has 8 years’ life remaining (for a total of 12 years). Prepare the journal entry on December 31 to record depreciation in the fifth year after the change in estimate. Ignore income taxes. Additional Instruction

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Prepare the journal entry on December 31 to record depreciation in the fifth year after the change in depreciation method. Additional Instruction

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Prepare the journal entries on December 31 to record the prior period adjustment for the error and depreciation in the fifth year. Ignore income taxes. Additional Instruction

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1. Cost of Units Transferred Out and Ending Work in Process

The costs per equivalent unit of direct materials and conversion in the Filling Department of Eve Cosmetics Company are $2.00 and $2.90, respectively. The equivalent units to be assigned costs are as follows:

The beginning work in process inventory had a cost of $3,220. Determine the cost of completed and transferred-out production and the ending work in process inventory. If required, round to the nearest dollar.