Solve for the missing information designated by “?” in the following table. (Use 365 days in a year. Round the inventory turnover ratio to one decimal place before computing days to sell. Round days to sell to one decimal place.)

1. What should you do when identifying and discussing future computing needs?

Income Statements under Absorption and Variable Costing Shawnee Motors Inc. assembles and sells MP3 players. The company began operations on August 1 and operated at 100% of capacity during the first month. The following data summarize the results for August: Sales (12,500 units) $1,875,000 Production costs (16,000 units): Direct materials $888,000 Direct labor 425,600 Variable factory overhead 212,800 Fixed factory overhead 142,400 1,668,800 Selling and administrative expenses: Variable selling and administrative expenses $258,700 Fixed selling and administrative expenses 100,100 358,800 If required, round interim per-unit calculations to the nearest cent. a. Prepare an income statement according to the absorption costing concept. Shawnee Motors Inc. Absorption Costing Income Statement For the Month Ended August 31 Sales $ 1,875,000 Cost of goods sold 1,303,750 Gross profit $ 571,250 Selling and administrative expenses 358,800 Income from operations $ 212,450 b. Prepare an income statement according to the variable costing concept. Shawnee Motors Inc. Variable Costing Income Statement For the Month Ended August 31 Sales $ 1,875,000 Variable cost of goods sold Manufacturing margin $ Variable selling and administrative expenses 258,700 Contribution margin $ Fixed costs: Fixed factory overhead $ 142,400 Fixed selling and administrative expenses 100,100 Total fixed costs 242,500 Income from operations $ c. What is the reason for the difference in the amount of income from operations reported in (a) and (b)? Under the absorption costing method, the fixed manufacturing cost included in the cost of goods sold is matched with the revenues. Under variable costing , all of the fixed manufacturing cost is deducted in the period in which it is incurred, regardless of the amount of inventory change. Thus, when inventory increases, the absorption costing income statement will have a higher income from operations than will the variable costing income statement

7. On July 1, 2018, Mason & Beech Services issued $31,000 of 10% bonds that mature in five years. They were issued at par. The bonds pay semiannual interest payments on June 30 and December 31 of each year. On December 31, 2018, what is the total amount paid to bondholders? On January 1, 2019, First Street Sales issued $18,000 in bonds for $16,700. These are six−year bonds with a stated interest rate of 12% that pay semiannual interest. First Street Sales uses the straight−line method to amortize the Bond Discount. Immediately after the issue of the bonds, the ledger balances appeared as follows:  Bonds Payable 18,000 Discount on Bonds Payable 1,300 After the first interest payment on June 30, 2019, what is the balance of Discount on Bonds Payable? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)

A. debit of $1,408

B. credit of $108

C. debit of $1,192

D. debit of $1,300

10. The Technology Company issues $506,000 of 10%, 10−year bonds at 108 on March 31, 2018. The bonds pay interest on March 31 and September 30. Assume that the company uses the straight−line method for amortization. Calculate the net balance that will be reported for the bonds on the September 30, 2018 balance sheet. (Round your intermediate answers to the nearest dollar.)

a. $506,000

b. $546,480

c. $544,456

d. $548, 504

16. Treasury stock ________.

A. decreases the number of shares issued

B. increases the number of shares outstanding

C. increases the number of shares issued

D. decreases the number of shares outstanding

1)If the equity subtracted from the net income is 7,179. what is the price earnings ratio.

2) How to calculate balance sheet equation in percentage terms

3) How to find the % of change in sales,net income and market capitalization

10. Google Corporation owns 85% of the single class of Yahoo Corporation stock. Yahoo Corporation owns 35% of Twitter Corporation. Google Corporation also owns 50% of Twitter Corporation, and Twitter Corporation owns 75% of Facebook Corporation.

A) Google, Twitter, Yahoo, and Facebook Corporations are an affiliated group.

B) Google, Twitter, and Facebook Corporations are an affiliated group.

C) Google, Twitter, and Yahoo Corporations are an affiliated group.

D) None of the above are correct.

Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below: Flexible Budget Actual Sales (8,000 pools) $ 240,000 $ 240,000 Variable expenses: Variable cost of goods sold* 94,000 112,470 Variable selling expenses 10,000 10,000 Total variable expenses 104,000 122,470 Contribution margin 136,000 117,530 Fixed expenses: Manufacturing overhead 55,000 55,000 Selling and administrative 70,000 70,000 Total fixed expenses 125,000 125,000 Net operating income (loss) $ 11,000 $ (7,470 ) *Contains direct materials, direct labor, and variable manufacturing overhead. Janet Dunn, who has just been appointed general manager of the Westwood Plant, has been given instructions to “get things under control.” Upon reviewing the plant’s income statement, Ms. Dunn has concluded that the major problem lies in the variable cost of goods sold. She has been provided with the following standard cost per swimming pool: Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials 3.5 pounds $ 2.50 per pound $ 8.75 Direct labor 0.4 hours $ 6.50 per hour 2.60 Variable manufacturing overhead 0.2 hours* $ 2.00 per hour 0.40 Total standard cost per unit $ 11.75 *Based on machine-hours. During June, the plant produced 8,000 pools and incurred the following costs: Purchased 33,000 pounds of materials at a cost of $2.95 per pound. Used 27,800 pounds of materials in production. (Finished goods and work in process inventories are insignificant and can be ignored.) Worked 3,800 direct labor-hours at a cost of $6.20 per hour. Incurred variable manufacturing overhead cost totaling $4,560 for the month. A total of 1,900 machine-hours was recorded. It is the company’s policy to close all variances to cost of goods sold on a monthly basis. Required: 1. Compute the following variances for June: a. Materials price and quantity variances. b. Labor rate and efficiency variances. c. Variable overhead rate and efficiency variances. 2. Summarize the variances that you computed in (1) above by showing the net overall favorable or unfavorable variance for the month.

Cash Payback Period, Net Present Value Method, and Analysis

Elite Apparel Inc. is considering two investment projects. The estimated net cash flows from each project are as follows:

Each project requires an investment of $237,000. A rate of 10% has been selected for the net present value analysis.

Required:

1a. Compute the cash payback period for each project.

1b. Compute the net present value. Use the present value of $1 table above. If required, round to the nearest dollar.

Compute Cash Provided by Operating Activities

Prepare a partial statement of cash flows reporting cash provided by operating activities for the year ended December 31, 20-2. Use a minus to indicate any decreases in cash or cash outflows.

Horn Company's condensed income statement for the year ended December 31, 20-2, was as follows:

Additional information obtained from Horn's comparative balance sheet and auxiliary records as of December 31, 20-2 and 20-1, was as follows:

Depreciation expense for 20-2, included in operating expenses on the income statement, was $32,900.

Prepare a partial statement of cash flows reporting cash provided by operating activities for the year ended December 31, 20-2. Use a minus to indicate any decreases in cash or cash outflows.

On January 1, 2018, Bradley recreational Products issued $150,000, 9%, 4 year bonds. Interest is paid semi-annually on June 30 and December 31. The bonds were issued at $136,028 to yield an annual return of 12%. (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.) Required: 1. Prepare an amortization schedule that determines interest at the effective interest rate. (Enter your answer in whole dollars) 2. Prepare an amortization schedule by the straight-line method. 3. Prepare the journal entries to record interest expense on June 30, 2020, by each of the two approaches. 4. Assuming the market rate is still 12%, what price would a second investor pay the first investor on June 30, 2020, for $18,000 of the bonds? (Round intermediate calculation and final answer to nearest whole dollar)

PART A

Indicate whether each of the following items should be classified as an operating, investing, or financing activity on the statement of cash flows. If an item does not belong on the statement, indicate as "NA" (Not applicable).

PART B

Classify each of the following transactions as increasing, decreasing, or having no effect on cash flows:

1. How does the structure of accounting and reporting for a state or local government differ from that of a business?
2. List the types of funds that organize the financial affairs of a government. Look up your state, city, county, or school financial statement and identify two to three funds that fall under each of the categories you listed before. Include a link to the document that you used to answer this question along with stating whether you used a state, city, or school to answer the question.
3. How are the activities of the general fund reported?
4. Does the state, city or county statement you are reviewing this week include general fund balance sheet? If so, what are some of the categories where fund is balanced, like restricted, assigned, committed, etc.?

Capital Asset Maintenance Programs: Road Maintenance - Describe the objectives of an audit of the effectiveness of the city's pothole repair program and what steps would you take to accomplish those objectives.

QUESTION 1

1. (a) List down the 5 threats to Auditor’s Independence and explain each threat.

2. (b) What are the Types of Audit Evidence? Explain each type.

3. (c) What are the three main Types of Substantive Procedures? Explain each type.

4. (d) List down the Financial Statement Assertions relating to Account Balances and explain each

   assertion.

5. (e) List down the Financial Statement Assertions relating to Classes of Transactions and explain

   each assertion.

Atkins Farms makes two products from their apples: apple pies and apple donuts. From a standard batch of 50,000 pounds of apples, Atkins produces 10,000 pounds of apple pies and 40,000 pounds of apple donuts. Producing a standard batch costs $18,000. The sales price per pound are $5 for pies and $2 for apple donuts.

1. Allocate the joint product cost to the two products using weight as the allocation base.

2. Allocate the joint product cost to the two products using market value as the allocation base.

Label and place your final answer for 1 and 2 at the top of the answer box. Then after the answer to 2, label and show your work for each part of the question. Just show me numbers - that is usually enough for me to follow your logic.