Fill out the summary of T-Accounts for

1. Revenue and Expenses (Temporary Income Statement Accounts)

       -Includes: Sales and Service Revenue, Costs of Goods sold, Wages Expense, Insurance Expense, Rent Expense, Depreciation Expense.

2. Assets (Permanent Balance Sheet Accounts)

      -Includes: Cash, Inventory, accounts receivable, prepaid insurance, equipment, accumulated depreciation, prepaid rent.

3. Liabilities and Equities (Permanent Balance Sheet Accounts)

      -Includes: Accounts payable, unearned revenue, wages payable, common stock, retained earnings

4. What are the total Assets?

5. What are the total Liabilities & Shareholder's Equity?

    Note: Total assets and Liabilities + Shareholders equity should balance.

1. Jan. 1: Log issued $40,000 of common stock.
2. Jan. 1: Log paid $18,000 cash to purchase an equipment. The equipment has an estimated useful life of 5 years and an estimated salvage value of $3,000.
3. Jan. 1: Log paid $7,000 cash for two years of insurance coverage starting on Jan. 1, 2020.
4. March 1:Log rented a building and paid $2,400 for one year’s rent (starting 3/1).
5. April 1: Log purchased $5,700 of inventory on account.
6. June 1:Log sold $23,000 of software on account. The cost is $3,500.
7. Sept. 1: Log collected $7,000 cash from its customers for the previous sales on account.
8. Oct 31: Log paid $5,000 cash for employee wages earned during the first ten months (Jan 1 to October 31, $500 per month).
9. Nov 1: Log paid $3,300 cash to suppliers for inventory purchases made on account.
10. Dec 1: Log started an on-line service where customers pay an annual subscription fee when they sign up for a 12-month service plan. On Dec. 1, Log received $3,600 of cash from customers for one year of subscription fees (for online services from Dec 1, 2020 to Nov 30, 2021).

Additional Info:

-Xenon uses Straight Line Depreciation

-Two months of employee wages was accrued on Dec. 31, 2020. Xenon plans to pay employees Jan. 1 2021

Companies can gain efficiencies by implementing effective ongoing monitoring of their internal control processes. Identify the important onging monitoring procedures that an organization might use in assessing its controls over revenue recognition in each of the following situations:

a. A convenience store such as 7-Eleven

b. A chain restaurant such as Olive Garden

c. A manufacturing division of a larger company that makes rubberized containers for the consumer market

1. Describe three of the biases or types of framing and make up an example of how each might impact an investment decision.

2. If markets are efficient, how is it possible that market bubbles and crashes occur?

Q1: The managing director of a consulting group has the following monthly data on total overhead costs and professional labor hours to bill to clients
Overhead Costs
$365,000 $400,000 $430,000 $477,000 $560,000 $587,000
Billable Hours
3,000 4,000 5,000 6,000 7,000 8,000
A) Develop a trendline to identify the relationship between billable hours and overhead cost
B) Interpret the coefficients of your regression model. Specifically, what does the fixed component of model mean to the consulting firm?
C) If a special job require 1,000 billable hours that would contribute a margin of $38,000 before overheads was available, would the job be attractive ?

Q2: See solution attached for the question below it is the spreadsheet
Using the data in the Excel file Credit Card Spending, develop a multiple linear regression model for estimating the average credit card expenditure as a function of both the income and family size.
A) Predict the average expense of a family that has two members and an income of $188,000 per annum, and
B) Another that has three members and an income of $39,000 income per annum.

Describe in words what it is occuring?
I.e. describe method and use add-in excel to solve the problem. You may append the screen shots of menu utilizing the Add-In. Name the add-ins

Getty Company expects sales for the first three months of next year to be $195,000, $265,000 and $315,000, respectively. Getty expects 50 percent of its sales to be cash and the remainder to be credit sales. The credit sales will be collected as follows: 10 percent in the month of the sale and 90 percent in the following month. Compute a schedule of Getty’s cash receipts for the months of February and March.

Using the Microsoft Excel, kindly prepare a cost production report for Department I and Department II using the Weighted Average Method.

Paper Needs Inc, has the following production data for the month of June 20xx.

In Department I, all materials are added at the start of the process, while labor and overhead are applied evenly throughout the process.

In Department II, 50% of materials are added at the start of the process and the balance is added when the process is ¾ completed. Conversion costs are applied uniformly to the process.

ABC company which is based in the US,sells product X and has reported a revenue of $1,925,000 and a gross income ( profit before tax) of $50,000. answer the questions below .

1. what is the cost of the revenue ?

2. what is the gross profit margin?

3. suppose the company is in the 20% tax bracket,what is the net income?

4.what is the net profit margin

5. compare the gross and net profit margins,what do they tell you? a brief answer

6.if the company sells product x for $150 per unit,in which the variable costs per unit is $90,what is the contribution margin and what is the contribution margin ratio?

7. suppose that the fixed costs in producing product x is $720,000, calculate the breakeven point( in dollars and in units)

8.plot a break-even graph highlighting the break-even point,revenue,total costs,overall variable costs and fixed costs?

note : number 1 - 4 have been answered

What are the negative impacts of business intelligence in Healthcare? What is one commonly used software tool related to Healthcare? Briefly address the issue of information security for HealthCare?

Serial Problem Business Solutions LO P1, P2, P3, P4, P5

After the success of the company’s first two months, Santana Rey continues to operate Business Solutions. The November 30, 2017, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2017) follows.

Business Solutions had the following transactions and events in December 2017.   

The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the company’s first three months:

1. The December 31 inventory count of computer supplies shows $630 still available.
2. Three months have expired since the 12-month insurance premium was paid in advance.
3. As of December 31, Lyn Addie has not been paid for four days of work at $105 per day.
4. The computer system, acquired on October 1, is expected to have a four-year life with no salvage value.
5. The office equipment, acquired on October 1, is expected to have a five-year life with no salvage value.
6. Three of the four months' prepaid rent has expired.

Required:
1. Prepare journal entries to record each of the December transactions and events for Business Solutions.
2-a. Prepare adjusting entries to reflect a through f.
2-b. Post the journal entries to record each of the December transactions, adjusting entries to the accounts in the ledger.
3. Prepare an adjusted trial balance as of December 31, 2017.
4. Prepare an income statement for the three months ended December 31, 2017.
5. Prepare a statement of retained earnings for the three months ended December 31, 2017.
6. Prepare a balance sheet as of December 31, 2017.
7. Record and post the necessary closing entries as of December 31, 2017.
8. Prepare a post-closing trial balance as of December 31, 2017.

rev: 09_08_2017_QC_CS-98271

Problem 1 indirect cost application rates
The Flintstones manufacturing company makes hammers that it sells to hardware stores in the Northeast
country. For next year manufacturing overhead costs are expected to be $ 243,000
Estimated data:
The company expects a production of 175,000 hammers, 180,000 hours, for the following year
machine and 36,400 hours of direct labor. The estimated cost of direct materials is
estimated at $ 265,000 and the estimated cost of direct labor at $ 172,460.
The actual data for January were as follows:
24,000 hammers
25,000 machine hours
5,000 hours of direct labor
$ 44,020 direct materials costs
$ 25,000 direct labor costs
It asks:
Calculate rates to apply manufacturing overhead, and determine overhead
applied during January for each of the following bases:
1. Production units
2. MOD costs
3. Direct material costs
4. Machine hours
5. Hours of direct labor

An expenditure of $25,000 is made to modify a material-handling system in a small job shop. This modification will result in first-year savings of $2,500, a second-year savings of $4,200, and a savings of $5,500 per year thereafter. How many years must the system last if an 15% return on investment is required? The system is tailor made for this job shop and has no market (salvage) value at any time.

Explain the importance of completing the reporting procedures and required documentation for bad and doubtful debts

Please explain bounded rationality in a paragraph.

6. What are the key features of debt recovery plans?

4. Outline the key requirements of your organizational policy and procedures relating to reconciling and monitoring financial accounts