Can someone provide insight on Facebooks financial analysis against its top 3 publicly traded competitors? I am guess one is Google the second is Youtube. I am not sure who the third is?

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Exercise 6-4A Calculate inventory amounts when costs are rising (LO6-3)

[The following information applies to the questions displayed below.]

During the year, TRC Corporation has the following inventory transactions.

For the entire year, the company sells 432 units of inventory for $62 each.

Exercise 6-4A Part 3

3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 4 decimal places and all other answers to the nearest whole number.)

Williams-Santana, Inc., is a manufacturer of high-tech industrial parts that was started in 2006 by two talented engineers with little business training. In 2018, the company was acquired by one of its major customers. As part of an internal audit, the following facts were discovered. The audit occurred during 2018 before any adjusting entries or closing entries were prepared.

1. A five-year casualty insurance policy was purchased at the beginning of 2016 for $31,500. The full amount was debited to insurance expense at the time.
2. Effective January 1, 2018, the company changed the salvage value used in calculating depreciation for its office building. The building cost $592,000 on December 29, 2007, and has been depreciated on a straight-line basis assuming a useful life of 40 years and a salvage value of $120,000. Declining real estate values in the area indicate that the salvage value will be no more than $30,000.
3. On December 31, 2017, merchandise inventory was overstated by $21,500 due to a mistake in the physical inventory count using the periodic inventory system.
4. The company changed inventory cost methods to FIFO from LIFO at the end of 2018 for both financial statement and income tax purposes. The change will cause a $925,000 increase in the beginning inventory at January 1, 2019.
5. At the end of 2017, the company failed to accrue $14,800 of sales commissions earned by employees during 2017. The expense was recorded when the commissions were paid in early 2018.
6. At the beginning of 2016, the company purchased a machine at a cost of $650,000. Its useful life was estimated to be 10 years with no salvage value. The machine has been depreciated by the double-declining balance method. Its book value on December 31, 2017, was $416,000. On January 1, 2018, the company changed to the straight-line method.
7. Warranty expense is determined each year as 1% of sales. Actual payment experience of recent years indicates that 0.70% is a better indication of the actual cost. Management effects the change in 2018. Credit sales for 2018 are $3,300,000; in 2017 they were $3,000,000.
8. 
   Required:
   For each situation:
   1. Identify whether it represents an accounting change or an error. If an accounting change, identify the type of change. For accounting errors, choose "Not applicable".
   2. Prepare any journal entry necessary as a direct result of the change or error correction as well as any adjusting entry for 2018 related to the situation described. (Ignore tax effects.)
     
   

The following cost data relate to the manufacturing activities of Black Company during the just completed year: Manufacturing overhead costs incurred: Property taxes, factory $ 2,900 Utilities, factory 4,900 Indirect labor 9,900 Depreciation, factory 23,900 Insurance, factory 5,900 Total actual manufacturing overhead costs $ 47,500 Other costs incurred: Purchases of raw materials $ 32,200 Direct labor cost $ 39,400 Inventories: Raw materials, beginning $ 8,400 Raw materials, ending $ 6,700 Work in process, beginning $ 5,100 Work in process, ending $ 7,400 The company uses a predetermined overhead rate to apply overhead cost to jobs. The rate for the year was $5 per machine-hour; a total of 11,500 machine-hours was recorded for the year. All raw materials ultimately become direct materials—none are classified as indirect materials.

Required: 1. Compute the amount of underapplied or overapplied overhead cost for the year.

______ overhead cost __________

2. Prepare a schedule of cost of goods manufactured for the year using the indirect method. (Enter all deductions as a negative.)

Described below are six independent and unrelated situations involving accounting changes. Each change occurs during 2018 before any adjusting entries or closing entries were prepared. Assume the tax rate for each company is 40% in all years. Any tax effects should be adjusted through the deferred tax liability account.

1. Fleming Home Products introduced a new line of commercial awnings in 2017 that carry a one-year warranty against manufacturer’s defects. Based on industry experience, warranty costs were expected to approximate 4% of sales. Sales of the awnings in 2017 were $2,500,000. Accordingly, warranty expense and a warranty liability of $100,000 were recorded in 2017. In late 2018, the company’s claims experience was evaluated and it was determined that claims were far fewer than expected: 3% of sales rather than 4%. Sales of the awnings in 2018 were $3,000,000, and warranty expenditures in 2018 totaled $68,250.
2. On December 30, 2014, Rival Industries acquired its office building at a cost of $800,000. It was depreciated on a straight-line basis assuming a useful life of 40 years and no salvage value. However, plans were finalized in 2018 to relocate the company headquarters at the end of 2022. The vacated office building will have a salvage value at that time of $600,000.
3. Hobbs-Barto Merchandising, Inc., changed inventory cost methods to LIFO from FIFO at the end of 2018 for both financial statement and income tax purposes. Under FIFO, the inventory at January 1, 2018, is $590,000.
4. At the beginning of 2015, the Hoffman Group purchased office equipment at a cost of $220,000. Its useful life was estimated to be 10 years with no salvage value. The equipment was depreciated by the sum-of-the-years’-digits method. On January 1, 2018, the company changed to the straight-line method.
5. In November 2016, the State of Minnesota filed suit against Huggins Manufacturing Company, seeking penalties for violations of clean air laws. When the financial statements were issued in 2017, Huggins had not reached a settlement with state authorities, but legal counsel advised Huggins that it was probable the company would have to pay $100,000 in penalties. Accordingly, the following entry was recorded:

Late in 2018, a settlement was reached with state authorities to pay a total of $240,000 in penalties.

6. At the beginning of 2018, Jantzen Specialties, which uses the sum-of-the-years’-digits method, changed to the straight-line method for newly acquired buildings and equipment. The change increased current year net earnings by $335,000.

Required:
For each situation:
1. Identify the type of change.
2. Prepare any journal entry necessary as a direct result of the change as well as any adjusting entry for 2018 related to the situation described.

Presented below are certain account balances of Metlock Products Co.

From the foregoing, compute the following: (a) total net revenue, (b) net income, (c) income attributable to controlling stockholders, if Metlock has allocation to noncontrolling interest of $18,440.

Comparative financial statements for Weller Corporation, a merchandising company, for the year ending December 31 appear below. The company did not issue any new common stock during the year. A total of 700,000 shares of common stock were outstanding. The interest rate on the bond payable was 10%, the income tax rate was 40%, and the dividend per share of common stock was $0.75 last year and $0.40 this year. The market value of the company’s common stock at the end of the year was $27. All of the company’s sales are on account. Weller Corporation Comparative Balance Sheet (dollars in thousands) This Year Last Year Assets Current assets: Cash $ 1,220 $ 1,250 Accounts receivable, net 9,000 6,600 Inventory 13,200 11,700 Prepaid expenses 640 500 Total current assets 24,060 20,050 Property and equipment: Land 9,100 9,100 Buildings and equipment, net 48,262 43,433 Total property and equipment 57,362 52,533 Total assets $ 81,422 $ 72,583 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 20,400 $ 19,400 Accrued liabilities 1,020 830 Notes payable, short term 140 140 Total current liabilities 21,560 20,370 Long-term liabilities: Bonds payable 8,700 8,700 Total liabilities 30,260 29,070 Stockholders' equity: Common stock 700 700 Additional paid-in capital 4,000 4,000 Total paid-in capital 4,700 4,700 Retained earnings 46,462 38,813 Total stockholders' equity 51,162 43,513 Total liabilities and stockholders' equity $ 81,422 $ 72,583 Weller Corporation Comparative Income Statement and Reconciliation (dollars in thousands) This Year Last Year Sales $ 70,980 $ 65,000 Cost of goods sold 38,595 34,000 Gross margin 32,385 31,000 Selling and administrative expenses: Selling expenses 11,100 10,600 Administrative expenses 7,200 6,200 Total selling and administrative expenses 18,300 16,800 Net operating income 14,085 14,200 Interest expense 870 870 Net income before taxes 13,215 13,330 Income taxes 5,286 5,332 Net income 7,929 7,998 Dividends to common stockholders 280 525 Net income added to retained earnings 7,649 7,473 Beginning retained earnings 38,813 31,340 Ending retained earnings $ 46,462 $ 38,813 Required: Compute the following financial data for this year: 1. Accounts receivable turnover. (Assume that all sales are on account.) (Round your answer to 2 decimal places.) 2. Average collection period. (Use 365 days in a year. Round your intermediate calculations and final answer to 2 decimal places.) 3. Inventory turnover. (Round your answer to 2 decimal places.) 4. Average sale period. (Use 365 days in a year. Round your intermediate calculations and final answer to 2 decimal places.) 5. Operating cycle. (Round your intermediate calculations and final answer to 2 decimal places.) 6. Total asset turnover. (Round you

Williams-Santana, Inc., is a manufacturer of high-tech industrial parts that was started in 2006 by two talented engineers with little business training. In 2018, the company was acquired by one of its major customers. As part of an internal audit, the following facts were discovered. The audit occurred during 2018 before any adjusting entries or closing entries were prepared. The income tax rate is 40% for all years.

1. A five-year casualty insurance policy was purchased at the beginning of 2016 for $30,500. The full amount was debited to insurance expense at the time.
2. Effective January 1, 2018, the company changed the salvage values used in calculating depreciation for its office building. The building cost $574,000 on December 29, 2007, and has been depreciated on a straight-line basis assuming a useful life of 40 years and a salvage value of $110,000. Declining real estate values in the area indicate that the salvage value will be no more than $27,500.
3. On December 31, 2017, merchandise inventory was overstated by $20,500 due to a mistake in the physical inventory count using the periodic inventory system.
4. The company changed inventory cost methods to FIFO from LIFO at the end of 2018 for both financial statement and income tax purposes. The change will cause a $915,000 increase in the beginning inventory at January 1, 2019.
5. At the end of 2017, the company failed to accrue $14,600 of sales commissions earned by employees during 2017. The expense was recorded when the commissions were paid in early 2018.
6. At the beginning of 2016, the company purchased a machine at a cost of $630,000. Its useful life was estimated to be ten years with no salvage value. The machine has been depreciated by the double-declining balance method. Its book value on December 31, 2017, was $403,200. On January 1, 2018, the company changed to the straight-line method.
7. Warranty expense is determined each year as 1% of sales. Actual payment experience of recent years indicates that 0.80% is a better indication of the actual cost. Management effects the change in 2018. Credit sales for 2018 are $3,100,000; in 2017 they were $2,800,000

Required:
For each situation:
1. Identify whether it represents an accounting change or an error. If an accounting change, identify the type of change. For accounting errors, choose "Not applicable".
2. Prepare any journal entry necessary as a direct result of the change or error correction as well as any adjusting entry for 2018 related to the situation described. Any tax effects should be adjusted for through Income tax payable or Refund income tax.

Garrett Toy Company incurred the following costs in April to produce job number TB78, which consisted of 1,000 teddy bears that can walk, talk, and play cards.

Direct Material:
4/1/20x0 Requisition number 101: 300 yards of fabric at $0.80 per yard
4/5/20x0 Requisition number 108: 600 cubic feet of stuffing at $0.20 per cubic foot

Direct Labor:
From employee time cards for 4/1/20x0 through 4/8/20x0: 600 hours at $11.00 per hour

Manufacturing Overhead:
Applied on the basis of direct-labor hours at $2.00 per hour.

Job number TB78 was completed on April 15. On April 30, 600 of the bears were shipped to a local toy store.

Required:
Prepare a job-cost record using the information given above.

Prepare a job-cost record.

Determine the direct material cost. (Round "Unit Price" to 2 decimal places.)

Determine the direct labor cost.

Determine the manufacturing overhead cost.

GARRETT TOY COMPANY

Cost Summary

Cost Item. Amount

Total direct material ?

Total direct labor ?

Total manufacturing overhead. ?

Total cost ?

Unit cost ?

Prepare a Shipping Summary. (Do not round intermediate calculations.)

Your boss approaches you in mid-December and requests that you pay certain employees their gross pay amount as if there were no deductions as their year-end bonuses. None of the employees have reached the Social Security wage base for the year. Required: What is the gross-up amount for each of the following employees? (The tax rate on bonuses is 22 percent. The Social Security (6.2%) and Medicare taxes (1.45%) must be added to this rate.) (Round your intermediate calculations and final answers to 2 decimal places.) Your boss approaches you in mid-December and requests that you pay certain employees their gross pay amount as if there were no deductions as their year-end bonuses. None of the employees have reached the Social Security wage base for the year. Required: What is the gross-up amount for each of the following employees? (The tax rate on bonuses is 22 percent. The Social Security (6.2%) and Medicare taxes (1.45%) must be added to this rate.) (Round your intermediate calculations and final answers to 2 decimal places.) mployee Regular Gross Pay per Period Grossed-up Amount Yves St. John $2,175 $2,008.61selected answer incorrect Kim Johnson $3,200 $2,955.20selected answer incorrect Michael Hale $3,120 $2,881.32selected answer incorrect

Question 1. Merino Plc 2019 and 2020 Balance Sheets included the following items:

Merino Plc Income Statement was as follows:

Required:

Prepare the STATEMENT OF CASH FLOWS for the year ended December 31, 2020. Additional information includes the following:

1. Equipment was purchased for $64,848 cash
2. Issued 3,360 common shares for cash at $28 per share
3. Declared and paid cash dividends during the year.

Conrad Playground Supply underwent a restructuring in 2018. The company conducted a thorough internal audit, during which the following facts were discovered. The audit occurred during 2018 before any adjusting entries or closing entries are prepared.

1. Additional computers were acquired at the beginning of 2016 and added to the company’s office network. The $50,000 cost of the computers was inadvertently recorded as maintenance expense. Computers have five-year useful lives and no material salvage value. This class of equipment is depreciated by the straight-line method.
2. Two weeks prior to the audit, the company paid $22,000 for assembly tools and recorded the expenditure as office supplies. The error was discovered a week later.
3. On December 31, 2017, merchandise inventory was understated by $88,000 due to a mistake in the physical inventory count. The company uses the periodic inventory system.
4. Two years earlier, the company recorded a 3% stock dividend (3,000 common shares, $1 par) as follows
5.    Retained earnings 3,000
6. Common stock 3,000

7. The shares had a market price at the time of $13 per share.

8. At the end of 2017, the company failed to accrue $124,000 of interest expense that accrued during the last four months of 2017 on bonds payable. The bonds, which were issued at face value, mature in 2022. The following entry was recorded on March 1, 2018, when the semiannual interest was paid, as well as on September 1 of each year:
9. 
   Interest expense 186,000
10. Cash 186,000
11. A three-year liability insurance policy was purchased at the beginning of 2017 for $75,000. The full premium was debited to insurance expense at the time.

12. 
    Required:
    For each error, prepare any journal entry necessary to correct the error as well as any year-end adjusting entry for 2018 related to the situation described. (Ignore income taxes.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

A comparative balance sheet for Lomax Company containing data for the last two years is as follows:

The following additional information is available about the company’s activities during this year:

1. The company declared and paid a cash dividend this year.

2. Bonds with a principal balance of $400,000 were repaid during this year.

3. Equipment was sold during this year for $80,000. The equipment had cost $170,000 and had $64,000 in accumulated depreciation on the date of sale.

4. Long-term investments were sold during the year for $150,000. These investments had cost $68,000 when purchased several years ago.

5. The subsidiaries did not repay any outstanding loans during the year.

6. Lomax did not repurchase any of its own stock during the year.

The company reported net income this year as follows:

Required:

Using the indirect method, prepare a statement of cash flows for this year. (List any deduction in cash outflows as negative amounts.)