Keener Company budgets on an annual basis for its fiscal year. The following beginning and ending inventory levels (in units) are planned for the fiscal year of July 1, 2020 through June 30, 2021.
| July 1 2020 | June 30 2021 | |
| Raw material | 40,000 | 10,000 |
| Work-in process | 8,000 | 8,000 |
| finished goods | 30,000 | 5,000 |
Three (3) units of raw material are needed to produce each unit
of finished product.
If 450,000 finished units were to be manufactured during the
2020-2021 fiscal year by Keener Company, the units of raw material
needed to be purchased would be
|
1,350,000 units. |
||
|
1,360,000 units. |
||
|
1,320,000 units. |
||
|
1,330,000 units. |
In: Accounting
on April 1 2018, company sold 10,000 bonds ($1,000 face value) at 11% semi-annually. they are due April 1 2028.
proceeds from the bonds were 9,156,946 and their coupon dates are april 1 and october 1
on april 1 2020 , the company bough back 6,000 bonds for 5,331,000 cash.
- prepare journal entries for the bonds from sale (april 1, 2018 to the end of year 2020 (12/31/20)
- what are the 12/31/20 balances in the related bonds, discount, and interest payable (from T accounts)
- what amounts related to the bonds will appear in the income statement for 2020 and how will they be reported/classified?
In: Accounting
The former Yugoslavia became a flash point for tension, war, and genocide. Why did this happen, and how successful were attempts to stop it?
In: Economics
How does the message in the movie Goodbye, Lenin differ from that what the individual's say about the former German Democratic Republic?
In: Psychology
| 5. | Which of the following is a work attitude?
(10%) |
||
| A. | Honesty | ||
| B. | Assertiveness | ||
| C. | Creativity | ||
| D. | Team work | ||
| 6. | Before a job interview, you should collect
information about the prospective company from the internet. What
kind of information should be obtained?
(10%) |
||
| A. | Its sales revenues | ||
| B. | The name of the person in charge of the department you may work for | ||
| C. | The name of the CEO with the company | ||
| D. | Its mission statement and business nature | ||
In: Operations Management
Release of adoption information in New Jersey:
Please answer the follwoing:
1.General summary of the state law
2.State definition of non-identifying information
3.State definition of identifying information
4.What information may be released to an adult adopted person
5.What information may be released to a former parent or to an adult former sibling
6.Information about the purpose and scope of the state central adoption registry
7.0How to locate an adoption record 8.If applicable, any pending state legislation on adoption release of information laws or administrative code
In: Nursing
For the publicly traded U.S. company Apple (AAPL), explain the role of ethics and regulatory considerations in operating globally.
In: Economics
Assume you are engaged to audit XYZ corp. They are a privately held construction company with two shareholders. They are seeking a bank loan of $1,000,000 for expansion. All of their construction projects are of similar nature and are in the state of California. The shareholders place great emphasis on the quality of their financial statements and adherence to ethical business practices. One of the shareholders was a former auditor and places great emphasis on having robust and effective internal controls.
INDICATE YOUR INITIAL PLANNING JUDGMENTS: (Low, Medium, High)
| Audit risk (AR) | Inherent risk (IR) | Control risk (CR) | Detection risk (DR) |
| ? | ? | ? | ? |
In: Accounting
John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2020, John worked as a computer technician at a local university earning a salary of $152,000, and Sandy worked part time as a receptionist for a law firm earning a salary of $29,000. John also does some Web design work on the side and reported revenues of $4,000 and associated expenses of $750. The Fergusons received $800 in qualified dividends and a $200 refund of their state income taxes. The Fergusons always itemize their deductions, and their itemized deductions were well over the standard deduction amount last year. The Fergusons had qualifying insurance for purposes of the Affordable Care Act (ACA). Use Exhibit 8-9, Tax Rate Schedule, Dividends and Capital Gains Tax Rates, 2020 AMT exemption for reference. The Fergusons reported making the following payments during the year: State income taxes of $4,400. Federal tax withholding of $21,000. Alimony payments to John’s former wife of $10,000 (divorced on 12/31/2014). Child support payments for John’s child with his former wife of $4,100. $12,200 of real property taxes. Sandy was reimbursed $600 for employee business expenses she incurred. She was required to provide documentation for her expenses to her employer. $3,600 to Kid Care day care center for Samantha’s care while John and Sandy worked. $14,000 interest on their home mortgage ($400,000 acquisition debt). $3,000 interest on a $40,000 home-equity loan. They used the loan to pay for a family vacation and new car. $15,000 cash charitable contributions to qualified charities. Donation of used furniture to Goodwill. The furniture had a fair market value of $400 and cost $2,000. Complete Schedule 1, Schedule 2, and Schedule 3 of Form 1040 and Form 6251 for John and Sandy. John and Sandy Ferguson's address is 19010 N.W. 135th Street, Miami, FL 33054. Social security numbers: John (DOB 11/07/1970): 111-11-1111 Sandy (DOB 6/24/1972): 222-22-2222 Samantha (DOB 9/30/2016): 333-33-3333 Alimony recipient: 555-55-5555
**qualified business income deduction on line 10 on the 1040 is not 800 or 650 i kept getting those answers but it was wrong***
In: Accounting
Hassellhouf Company’s trial balance at December 31, 2020, is as
follows. All 2020 transactions have been recorded except for the
items described following the trial balance.
|
Debit |
Credit |
|||
|
Cash |
$28,000 |
|||
|
Accounts Receivable |
35,000 |
|||
|
Notes Receivable |
8,300 |
|||
|
Interest Receivable |
0 |
|||
|
Inventory |
36,400 |
|||
|
Prepaid Insurance |
3,600 |
|||
|
Land |
20,600 |
|||
|
Buildings |
138,000 |
|||
|
Equipment |
61,200 |
|||
|
Patents |
10,600 |
|||
|
Allowance for Doubtful Accounts |
$400 |
|||
|
Accumulated Depreciation—Buildings |
46,000 |
|||
|
Accumulated Depreciation—Equipment |
24,480 |
|||
|
Accounts Payable |
27,200 |
|||
|
Salaries and Wages Payable |
0 |
|||
|
Unearned Rent Revenue |
2,100 |
|||
|
Notes Payable (due in 2018) |
13,000 |
|||
|
Interest Payable |
0 |
|||
|
Notes Payable (due after 2018) |
36,000 |
|||
|
Owner’s Capital |
99,620 |
|||
|
Owner’s Drawings |
12,500 |
|||
|
Sales Revenue |
905,000 |
|||
|
Interest Revenue |
0 |
|||
|
Rent Revenue |
0 |
|||
|
Gain on Disposal of Plant Assets |
0 |
|||
|
Bad Debts Expense |
0 |
|||
|
Cost of Goods Sold |
637,000 |
|||
|
Depreciation Expense |
0 |
|||
|
Insurance Expense |
0 |
|||
|
Interest Expense |
0 |
|||
|
Other Operating Expenses |
61,600 |
|||
|
Amortization Expense |
0 |
|||
|
Salaries and Wages Expense |
101,000 | |||
|
Total |
$1,153,800 |
$1,153,800 |
Unrecorded transactions:
| 1. | On May 1, 2020, Hassellhouf purchased equipment for $17,600 plus sales taxes of $1,500 (all paid in cash). | |
| 2. | On July 1, 2020, Hassellhouf sold for $3,500 equipment which originally cost $5,100. Accumulated depreciation on this equipment at January 1, 2020, was $1,800; 2020 depreciation prior to the sale of the equipment was $500. | |
| 3. | On December 31, 2020, Hassellhouf sold on account $5,000 of inventory that cost $3,200. | |
| 4. | Hassellhouf estimates that uncollectible accounts receivable at year-end is $3,900. | |
| 5. | The note receivable is a one-year, 8% note dated April 1, 2020. No interest has been recorded. | |
| 6. | The balance in prepaid insurance represents payment of a $3,600 6-month premium on September 1, 2020. | |
| 7. | The building is being depreciated using the straight-line method over 30 years. The salvage value is $30,000. | |
| 8. | The equipment owned prior to this year is being depreciated using the straight-line method over 5 years. The salvage value is 10% of cost. | |
| 9. | The equipment purchased on May 1, 2020, is being depreciated using the straight-line method over 5 years, with a salvage value of $2,000. | |
| 10. | The patent was acquired on January 1, 2020, and has a useful life of 10 years from that date. | |
| 11. | Unpaid salaries and wages at December 31, 2020, total $2,000. | |
| 12. | The unearned rent revenue of $2,100 was received on December 1, 2020, for 3 months’ rent. | |
| 13. | Both the short-term and long-term notes payable are dated January 1, 2020, and carry a 9% interest rate. All interest is payable in the next 12 months. |
a)Prepare journal entries for the transactions listed above
b)Prepare an updated December 31, 2020, trial balance.
c)Prepare a 2020 income statement.
d)Prepare a 2020 an owner’s equity statement.
e)Prepare a December 31, 2020, classified balance sheet. (List Current Assets in order of liquidity. List Property, Plant and Equipment in the order of Land, Buildings and Equipment.)
In: Accounting