Cook Company processes and packages frozen seafood. The year
just ended was Cook's first year of business and they are preparing
financial statements. The immediate issue facing Cook is the
treatment of the direct labor costs. Cook set a standard at the
beginning of the year that allowed two hours of direct labor for
each unit of output. The standard rate for direct labor is $27 per
hour. During the year, Cook processed 60,000 units of seafood for
the year, of which 4,800 units are in ending finished goods. (There
are no work-in-process inventories). Cook used 123,500 hours of
labor. Total direct labor costs paid by Cook for the year amounted
to $3,087,500.
Required:
a. & b. What was the direct labor price
variance and the direct labor efficiency variance for the
year?
c. Assume Cook writes off all variances to Cost of
Goods Sold. Prepare the entries Cook would make to record and close
out the variances.
d. Assume Cook prorates all variances to the
appropriate accounts. Prepare the entries Cook would make to record
and close out the variances.
In: Accounting
I need to create a balance sheet with the following information
| Account | Current Year | Prior Year | |
| Cash | 3,422,928 | 3,773,862 | Balance sheet |
| Accrued compensation and related liabilities | 4,248,791 | 2,656,831 | Balance sheet |
| Accounts and notes receivable | 52,966,361 | 48,883,616 | Balance sheet |
| Prepaid expenses and other current assets | 13,956 | 33,094 | Balance sheet |
| Inventory | 1,461,138 | 1,397,898 | Balance sheet |
| Accounts payable | 2,080,892 | 2,657,082 | Balance sheet |
| Payable to thirdparty payors | 400,083 | 321,196 | Balance sheet |
| Notes and loans payable | 5,142,900 | Balance sheet | |
| Other deferred credits | 40,598 | Balance sheet | |
| Intercompany payables | 782 | 7,210 | Balance sheet |
| Bonds payable | 7,040,952 | 8,539,836 | Balance sheet |
| Pledges and other receivables | 7,043,254 | 1,386,264 | Balance sheet |
| Construction in progress | 1,400,434 | 2,032,344 | Balance sheet |
| Equipment | 27,614,701 | 24,861,028 | Balance sheet |
| Land improvements | 4,284,122 | 4,284,122 | Balance sheet |
| Unrestricted Fund Balance | 35,632,865 | 28,111,550 | Balance sheet |
| Buildings and Improvements | 38,658,121 | 35,224,180 | Balance sheet |
| Limited use investments | 5,142,901 | Balance sheet | |
| Less allowance for uncollectible receivables and thirdparty contractual withholds | -39,086,187 | -35,376,597 | Balance sheet |
| Intercompany receivables | 25,257 | 6,478 | Balance sheet |
| Other noncurrent liabilities | 316,402 | 290,393 | Balance sheet |
| Other accrued expenses | 232,581 | 269,772 | Balance sheets More information from my professor
Less accumulated depreciation & amortization (balance sheet) ($47,637,321) ($44,137,099) |
In: Accounting
calculate the company's value per share using the Residual Earnings approach.
In the current year (Year 0), the company reported EPS of $6
Earnings are expected to grow at 6% per year for the next 5 years and Residual Earnings are expected to grow at 3% beyond that.
Dividends per share are typically 20% of EPS
Book Value per share at Year 0 is $25
The company's Required Rate of Return is 9%
In: Accounting
|
What's the future value of a 10%, 5-year ordinary annuity that pays $500 each year? If this was an annuity due, what would its future value be? Do not round intermediate calculations. Round your answers to the nearest cent. Future Value of an Ordinary Annuity: Future Value of an Annuity Due: |
In: Finance
John Decides to make 10 end-of year deposits of $10,000 into a fund starting one year from now. He is planning to withdraw $20,000 each year for 5 years, starting one year after the last deposit. The fund pays 8% per year compounded annually. Determine the balance in the fund immediately after the last withdrawal.
In: Economics
The Rhodes family is applying for a 30-year FHA mortgage loan at 4.00% interest per year. Based upon the front-end ratio, what is the maximum loan the family can afford? Use the most conservative FHA ratio. Their financial situation is as follows:
| Item | Amount | Frequency | Time Remaining |
| Familly Income | 50000 | annual | |
| Car loan | 350 | monthly | 36 months |
| Student loans | 180 | monthly | 110 months |
| Boat loan | 400 | monthly | 7 months |
In: Finance
One year ago you bought a share of Bavarian Sausage stock for $46.50. During the year the stock paid a $2.75 dividend. You have decided to sell the stock exactly one year after the purchase (today). If dividends are growing at 4% and the required rate of return is 9.42%, what is the percentage return of your stock investment?
|
a. |
5.91% |
|
b. |
13.44% |
|
c. |
26.69% |
|
d. |
19.39% |
In: Finance
On January 1 of Year 1, Kamili Company leased a truck for a 7-year period under a capital lease and agreed to pay an annual lease payment of $6,000 at the end of each year. The interest rate associated with this capital lease is 12% compounded annually. On December 31 of Year 1,the first $6,000 payment was made as scheduled. The entry to record the payment of the first $6,000 payment on December 31 of Year 1includes
In: Accounting
. Ledger Properties has the following financial information:
|
Current Year |
Prior Year |
|||||||||
|
Revenues |
$ |
48,915 |
$ |
43,610 |
||||||
|
Administrative expenses |
12,106 |
11,602 |
||||||||
|
Interest expense |
816 |
468 |
||||||||
|
Cost of goods sold |
29,715 |
26,309 |
||||||||
|
Depreciation |
1,408 |
1,387 |
||||||||
|
Net fixed assets |
32,711 |
31,984 |
||||||||
|
Current liabilities |
14,652 |
14,625 |
||||||||
|
Common stock |
15,000 |
14,000 |
||||||||
|
Current assets |
16,506 |
14,687 |
||||||||
|
Long-term debt |
12,200 |
? |
||||||||
|
Retained earnings |
7,365 |
4,246 |
||||||||
|
Dividends paid |
290 |
275 |
||||||||
What is the cash flow of the firm for the current year if the tax rate is 22 percent?
A) $1,885
B) $1,042
C) $2,297
D) $2,096
E) $2,517
In: Accounting
MC Qu. 111 On January 1 of Year...
On January 1 of Year 1, Congo Express Airways issued $2,700,000 of 6% bonds that pay interest semiannually on January 1 and July 1. The bond issue price is $2,450,000 and the market rate of interest for similar bonds is 7%. The bond premium or discount is being amortized at a rate of $8,333 every six months. After accruing interest at year end, the company's December 31, Year 1 balance sheet should reflect total liabilities associated with the bond issue in the amount of:
Multiple Choice:
$2,547,666.
$3,014,334.
$2,385,666.
$2,466,666.
$2,933,334.
MC Qu. 112 On January 1 of Year...
On January 1 of Year 1, Congo Express Airways issued $2,700,000 of 7% bonds that pay interest semiannually on January 1 and July 1. The bond issue price is $2,470,000 and the market rate of interest for similar bonds is 8%. The bond premium or discount is being amortized at a rate of $7,667 every six months. The amount of interest expense recognized by Congo Express Airways on the bond issue in Year 1 would be:
Multiple Choice:
$216,000.
$189,000.
$102,167.
$173,666.
$204,334.
In: Accounting