Techuxia Corporation worked on four jobs during October: Job A256, Job A257, Job A258, and Job A260. At the end of October, the job cost sheets for these jobs contained the following data:   

Jobs A256 and A258 were completed during October. The other two jobs had not yet been completed at the end of October. There was no finished goods inventory on October 1.

In October, overhead was overapplied by $1,330. The company adjusts its cost of goods sold every month for the amount of the underapplied or overapplied overhead.

Required:     

1. Using the direct method, what is the cost of goods sold for October?

2. What is the total value of the finished goods inventory at the end of October?

3. What is the total value of the work in process inventory at the end of October?

Techuxia Corporation worked on four jobs during October: Job A256, Job A257, Job A258, and Job A260. At the end of October, the job cost sheets for these jobs contained the following data:   

Jobs A256 and A258 were completed during October. The other two jobs had not yet been completed at the end of October. There was no finished goods inventory on October 1.

In October, overhead was overapplied by $1,390. The company adjusts its cost of goods sold every month for the amount of the underapplied or overapplied overhead.

Required:     

1. Using the direct method, what is the cost of goods sold for October?

2. What is the total value of the finished goods inventory at the end of October?

3. What is the total value of the work in process inventory at the end of October?

In the general journal provided, prepare entries (in good form) for the following transactions. If no entry is required, write “NO ENTRY”.

October 1 - Bob Lee opened a martial arts school, called Lee Martial Arts, by depositing $40,000 cash into a business bank account and contributing exercise equipment worth $10,000.

October 4 - Hired an assistant, to be paid $400 per week, starting next week.

October 5 - Signed up 5 students, who will begin lessons on October 8, at $80 per week per student.

October 12 - First week’s lessons completed.  Received payment of the first week’s tuition from 4 students; the 5^th student will make payment in 3 days.

October 12 Paid assistant his first week’s wages.

October 15 - Received payment from 5^th student.

October 16 - Purchased exercise equipment for $6,000, paying cash of $4,000 with the balance due in two weeks.

October 20 The company receives the phone bill for $55 due in two weeks.

October 30 Paid the balance due for the exercise equipment purchased October 16^th.

October 31 Received $160 tuition in advance for two weeks of lessons starting next week.

Question 8

For each of the following independent situations and from the information below record the adjusting entry (and only the adjusting entry – do not record the original transaction or opening balance) in the General Journal, being as precise with your account titles as possible, e.g. not using “supplies” but “supplies expense” or “supplies on hand”. Please ignore GST. All calculations are to be worked out on a monthly (not daily) basis.

Note: alternative versions of some of the questions are included. You are expected to know how to record both as you may be examined on either the question or the alternative version.

Required: Record the Adjusting Entries

Emma Auditors is conducting the audit on Swan Productions. It is normal practice not bill or invoice the client until the audit is completed. By the end of the financial year 43 hours have been spent on the audit. The average rate is $370 per hour. Record the adjusting entry for Emma Auditors.

(Alternative: record the adjusting entry for Swan Productions)

Jon Ltd. invested $40,000 in a term deposit at Murray River Bank on 1 May 2017. Interest is received after one year and interest rates are 6%. Record the adjusting entry for Jon Ltd. when their financial year ends on 30 November 2017.
(Alternative: record the adjusting entry for Murray River Bank)

On 1 March 2017, Andrew Ltd. accepts a $15,000, five percent, ten month note receivable. Record the adjusting entry for Andrew Ltd. when their financial year ends on 30 June 2017.

At Lola Industries salaries are paid and recorded weekly at the end of the week late on a Saturday evening for all work performed up to and including Saturday evening. The weekly salary bill is $36,000 for a six-day working week (Mon – Sat). Lola’s accounting period ends on Tuesday evening. Record the adjusting entry.

Fernando borrowed $120,000 from Eastpac Bank on 1 February 2017. Interest is paid after six months and interest rates are 8%. Record the adjusting entry for Fernando on 30 April 2017.
(Alternative: record the adjusting entry for Eastpac Bank on 30 April)

Electricity expenses average $2,400 per year. The Electricity meter was last read exactly three months ago. The bill was received 2 months ago and paid last month. The financial year ends today. Record the adjusting entry for the three months ended today.

Cheryl Ltd. records uncollectible receivables using the allowance method, calculating the amount of the adjustment using the percentage of receivables approach. At the end of the financial year the balance of the Accounts Receivable account of Cheryl Ltd. is $78,000 debit, the balance of the Allowance for Bad Debts account is $1,000 credit and estimates that 2% of its receivables balance will be uncollectible. Record the adjusting entry. (Alternative: record the adjusting entry assuming the balance of the Allowance for Bad Debts account is $1,000 debit)

(Alternative: record the adjusting entry using the percentage of sales approach, assuming net credit Sales Revenue was $78,000 and 2% of credit sales revenue will not be collected)

7

When supplies are purchased by Rebecca they were recorded as an asset. Calculations after an end of period stock-take revealed a closing stock (balance) of $2,000. There was an opening balance of $3,000 and during the period $8,000 of supplies were purchased. Record the adjusting entry.

(Alternative: record the adjusting entry assuming the supplies were recorded as an expense when purchased.)

Evgeniya pays her insurance of $24,000 annually in early September. The insurance policy covers all her claims from 12.01 a.m. on September 1. Insurance is recorded as an expense when paid and the financial year ends on December 31. Record Evgeniya’s adjusting entry for the four months ended December 31.

(Alternative: record the adjusting entry assuming the insurance was recorded as a prepayment (asset) when paid.)
(Alternative: record the adjusting entry from the perspective of the insurance company assuming the insurance was recorded as a liability when received.)

(Alternative: record the adjusting entry from the perspective of the insurance company assuming the insurance was recorded as revenue when received.)

On 1 March, Raechel’s Rockclimbing Ltd. paid $1,200 to the local rockclimbing magazine for a one-page advertisement for Raechel’s rockclimbing skills courses. The advertisements will run each month for the next 12 months. Raechel’s Rockclimbing Ltd. initially recorded the advertising as a prepayment (asset). Record the adjusting entry for Raechel’s Rockclimbing Ltd. for the month of March.

(Alternative: record the adjusting entry assuming the advertising was recorded as an expense when paid.)
(Alternative: record the adjusting entry from the perspective of the magazine company assuming the advertising was recorded as a liability when received.)

(Alternative: record the adjusting entry from the perspective of the magazine company assuming the advertising was recorded as revenue when received.)

When office photocopying paper is purchased it is recorded as an expense. An end of period stock-take (count) revealed a closing balance of $3,000. There was an opening balance of $1,000 and during the period $5,000 of photocopying paper was purchased. Record the adjusting entry.

(Alternative: record the adjusting entry assuming the photocopying paper was recorded as an asset when purchased.)

James Limited received rent on the first day of November 2016, a total of $70,200 in advance for twelve months commencing on that day and records it as revenue. Record the adjusting entry for the year ending June 30, 2017 for James Limited.
(Alternative: record the adjusting entry assuming the rent was recorded as a liability when received.)

(Alternative: record the adjusting entry from the perspective of the tenant assuming the rent was recorded as an asset when paid.)
(Alternative: record the adjusting entry from the perspective of the tenant assuming the rent was recorded as an expense when paid.)

Kristina Construction received $500,000 in August 2016 for a new building project and recorded this initial cash receipt as a liability. The project is 75% complete at financial year-end. Record the adjusting entry for financial year ending June 30, 2017 for Kristina.

(Alternative: record the adjusting entry assuming the initial cash receipt was recorded as revenue when received.)

8

A tennis club offered a special rate for upfront annual memberships at the start of the season. If patrons paid their 12 months’ fees in advance they only had to pay $1,200. The tennis club recorded the fees received as “Membership Revenue”, and 300 people signed up. At the end of the financial year the tennis club had been operational for 3 months. Record the adjusting entry for the tennis club.

(Alternative: record the adjusting entry assuming the initial cash receipt was recorded as a liability when received.)

Nelson owns a cruise ship and leased it for 8 years receiving $9.6 million (the entire lease amount) at the commencement of the lease. Nelson recorded the receipt of the money as Unearned Rent Revenue. Record the adjusting entry when his first financial year ends two months after the lease commenced.

(Alternative: record the adjusting entry assuming the initial cash receipt was recorded as revenue when received.)

On 1 September 2013, Stephen Services purchased a new digital SLR camera for $18,500. The depreciation charge for the camera is $3,000 per year. Record the adjusting entry for depreciation for the financial year ending 30 June 2017.
(Alternative: record the adjusting entry assuming the camera was purchased on 1 September 2016.)

(Alternative: record the adjusting entry assuming the depreciation charge was $350 per month and the camera was purchased on 1 September 2013.)
(Alternative: record the adjusting entry assuming the depreciation charge was $350 per month and the camera was purchased on 1 September 2016.)

Scenario:

On 1 Oct 2018, Andrew Brown opened Nundle Services, a small business offering maintenance services in New South Wales. During the month of October, the business incurred the following transactions:

2 Oct, Andrew invested $50,000 cash in the business, which is organised as a sole trader.
3 Oct, got a 5 year loan for $30,000 from the ANZ bank, interest is 5% pa.
4 Oct, purchased and paid for equipment worth $51,000. Monthly depreciation will be $850.
5 Oct, purchased supplies for $6,500 on credit.
8 Oct, paid Oct office rent of $7,200.
10 Oct, Brown withdrew $2,000 for personal purposes.
17 Oct, paid an invoice of $4,500 for advertising
25 Oct, paid one year of insurance for $5,600
Additional information at 31 Oct:

Supplies on hand was $3,100
Services revenue of $22,500 must be accrued
Monthly payroll is $11,500 and paid once a month on Friday after the month ended. 31 Oct 2018 was on Wednesday.
Some customers advanced $10,500 for maintenance services to be provided next month but this amount hasn’t been recorded.

Requirements:

- Provide journal entries for all transactions that occurred during October 2018.
- Open T-accounts and post all journal entries to the T-accounts. Total all of the T-accounts to determine their balances at the end of the month.

- Provide your handwritten solution – scan or use your phone to copy and paste its image into your assignment. You can use a free scanning app such as Camscanner, OfficeLens, or Google Drive.
- Based on balances from the T-accounts, prepare the trial balance by using an Excel spreadsheet. Present your answers in a normal view, showing columns and rows.
- What are temporary and permanent accounts? From your trial balance, choose four permanent and four temporary accounts.
- From your trial balance, choose two accounts with normal debit balances and two accounts with normal credit balances.
- What are adjusting entries? Why do we have to do adjusting entries? Provide all adjusting entries for Nundle Services in October.
- Using your trial balance in the preceding question and Excel spreadsheet, prepare the ten column worksheet for the month ended 31 October. In the spreadsheet, you are required to have a data section separated from a report section. Use an IF function for Profit or Loss. Present your answers in both normal and formula views, showing columns and rows.
- Using the spreadsheet, prepare three financial reports. Present your answers in both normal and formula views.
- Calculate and evaluate the firm’s current and debt ratios.

Scenario:

On 1 Oct 2018, Andrew Brown opened Nundle Services, a small business offering maintenance services in New South Wales. During the month of October, the business incurred the following transactions:

2 Oct, Andrew invested $50,000 cash in the business, which is organised as a sole trader.
3 Oct, got a 5 year loan for $30,000 from the ANZ bank, interest is 5% pa.
4 Oct, purchased and paid for equipment worth $51,000. Monthly depreciation will be $850.
5 Oct, purchased supplies for $6,500 on credit.
8 Oct, paid Oct office rent of $7,200.
10 Oct, Brown withdrew $2,000 for personal purposes.
17 Oct, paid an invoice of $4,500 for advertising
25 Oct, paid one year of insurance for $5,600
Additional information at 31 Oct:

Supplies on hand was $3,100
Services revenue of $22,500 must be accrued
Monthly payroll is $11,500 and paid once a month on Friday after the month ended. 31 Oct 2018 was on Wednesday.
Some customers advanced $10,500 for maintenance services to be provided next month but this amount hasn’t been recorded.

Requirements:

- Provide journal entries for all transactions that occurred during October 2018.
- Open T-accounts and post all journal entries to the T-accounts. Total all of the T-accounts to determine their balances at the end of the month.

- Provide your handwritten solution – scan or use your phone to copy and paste its image into your assignment. You can use a free scanning app such as Camscanner, OfficeLens, or Google Drive.
- Based on balances from the T-accounts, prepare the trial balance by using an Excel spreadsheet. Present your answers in a normal view, showing columns and rows.
- What are temporary and permanent accounts? From your trial balance, choose four permanent and four temporary accounts.
- From your trial balance, choose two accounts with normal debit balances and two accounts with normal credit balances.
- What are adjusting entries? Why do we have to do adjusting entries? Provide all adjusting entries for Nundle Services in October.
- Using your trial balance in the preceding question and Excel spreadsheet, prepare the ten column worksheet for the month ended 31 October. In the spreadsheet, you are required to have a data section separated from a report section. Use an IF function for Profit or Loss. Present your answers in both normal and formula views, showing columns and rows.
- Using the spreadsheet, prepare three financial reports. Present your answers in both normal and formula views.
- Calculate and evaluate the firm’s current and debt ratios.

Pearl Products Limited of Shenzhen, China, manufactures and distributes toys throughout South East Asia. Three cubic centimeters (cc) of solvent H300 are required to manufacture each unit of Supermix, one of the company’s products. The company now is planning raw materials needs for the third quarter, the quarter in which peak sales of Supermix occur. To keep production and sales moving smoothly, the company has the following inventory requirements:

1. The finished goods inventory on hand at the end of each month must equal 3,000 units of Supermix plus 20% of the next month’s sales. The finished goods inventory on June 30 is budgeted to be 10,000 units.

2. The raw materials inventory on hand at the end of each month must equal one-half of the following month’s production needs for raw materials. The raw materials inventory on June 30 is budgeted to be 54,000 cc of solvent H300.

3. The company maintains no work in process inventories.

A monthly sales budget for Supermix for the third and fourth quarters of the year follows.

Required:

1. Prepare a production budget for Supermix for the months July, August, September, and October.

3. Prepare a direct materials budget showing the quantity of solvent H300 to be purchased for July, August, and September, and for the quarter in total.

Prepare a production budget for Supermix for the months July, August, September, and October.

Prepare a direct materials budget showing the quantity of solvent H300 to be purchased for July, August, and September, and for the quarter in total.

QUESTION 1

1. Protein secondary structure is maintained by __________ bonds and protein tertiary structure is maintained by _____________

   	1.	Ionic: Covalent bonds
   	2.	Hydrogen: R group interactions
   	3.	R group interactions; hydrogen bonds
   	4.	ionic bonds; R group interactions

10 points   

QUESTION 2

1. Humans (Homo sapiens) have existed in their current form for around _______ years, and agriculture began about ____ years ago

   	1.	50,000; 20,000
   	2.	200,000; 10,000
   	3.	100,000; 2,000
   	4.	500,000; 10,000

10 points   

QUESTION 3

1. Water has many unusual and important characteristics that make it a requirement for life to exist as we know it. What best explains the ultimate reasons for these characteristics? That is, what is the underlying reason that explains all the other things about water that we talk about as being required for life?

   	1.	Water is electronegative
   	2.	Water is a polar molecule, and the hydrogen atoms are electronegative
   	3.	the Oxygen atom in water has 8 protons compared to 1 in each in the Hydrogens atoms
   	4.	The Hydrogens in the water molecule are electronegative, conferring polarity to the molecule

10 points   

QUESTION 4

1. The dramatic increase in the burning of fossil fuels, among other things, has led to

   	1.	an increase in ocean pH
   	2.	an increase in ocean OH- concentration
   	3.	lower ocean temperatures
   	4.	an increase in ocean H+ concentration

10 points   

QUESTION 5

1. In the periodic table of elements, Silicon (element number 14) is in the same column and directly below Carbon (element number 6). This means that Silicon

   	1.	Has the same number of electrons as Carbon
   	2.	Has the same number of valence electrons as Carbon
   	3.	Has the same number of protons as Carbon
   	4.	Has the same number of neutrons as Carbon

10 points   

QUESTION 6

1. Adventures in the Anthropocene, Ch 3:Rivers, talks a lot about Patagonia. Where is Patagonia?
   

   		Southern South America
   		Northern South America
   		Western Europe
   		Nepal

10 points   

QUESTION 7

1. Decomposers, especially bacteria, are extremely important in which nutrient cycle?

   	1.	Carbon
   	2.	Oxygen
   	3.	Nitrogen
   	4.	water (hydrological cycle)

10 points   

QUESTION 8

1. Elephants and whales exhibit a Type ___ survivorship curve, while oysters and shrimp exhibit a Type ____ survivorship curve

   	1.	I;III
   	2.	II;III
   	3.	III:II
   	4.	III;I

10 points   

QUESTION 9

1. In general we can say that organisms that have a Type III survivorship curve usually have ___ selected traits and that large, long lived organisms with delayed reproduction have __ selected traits

   	1.	competetive;non-competetive
   	2.	K;r
   	3.	r;K
   	4.	S;R

10 points   

QUESTION 10

1. What percent of the water on the surface of Earth (excluding water vapor or clouds) is "fresh" water (non-salt water)?

   	1.	20%
   	2.	10%
   	3.	5%
   	4.	2.5%

The table shows the results of a survey in which separate samples of 400 adults each form the East, South, Midwest, and West were asked if traffic congestion is a serious problem in their community

East-36% South-32% Midwest-28% West-57%

The 95% confidence interval for the proportion of adults from the South who say traffic congestion is a serious problem____,____

The 95% confidence interval for the proportion of adults from the East who say traffic congestion is a serious problem____,____?

The 95% confidence interval for the proportion of adults from the Midwest who say traffic congestion is a serious problem____,____?

The 95% confidence interval for the proportion of adults from the West who say traffic congestion is a serious problem____,____?

Piedmont Company segments its business into two regions—North and South. The company prepared the contribution format segmented income statement as shown:

Required:

1. Compute the companywide break-even point in dollar sales.

2. Compute the break-even point in dollar sales for the North region.

3. Compute the break-even point in dollar sales for the South region.