Question 1

The inventory at April 1, 2020, and the costs charged to Work in Process--Department B during April for Worldwide Company are as follows:

During April, all direct materials are transferred from Department A. In Department B, the units in process at April 1 were completed, and of the 26,000 units entering the department, all were completed except 1,000 units which were 70% completed as to conversion costs. Inventories are costed by the first-in, first-out method.

Required:

Prepare a cost of production report for Department B for the month April 2020.

In order to develop an organized process that supports program development to resolve a health care administration issue or barrier, it is important to identify the resources, stakeholders, and outcomes. Use the "Logic Model Template" and create detailed inputs, outputs, and outcomes for your identified health care administration issue or barrier. Make sure to consider any legislation or regulation that governs your field or your programmatic development. You will use your logic model to develop your research paper. The topic that I have been assigned is hospital acquired infections affects on health care budget. Logic Model Template Inputs (What resources do you need to make this happen?) Examples: Staff, Space, Stakeholders, Funding, Educational Materials Outputs (What do you need to do with whom, and what do you need them to focus on?) Examples: Set up focus group, interview key stake holders. / Examples: Examine identified barriers and opportunities for change. Activities Goals Project Outcomes/Goals (What do you need to do with whom, and what do you need them to focus on?) Examples: Participants will gain ownership of change project. / Examples: Acceptance of change project from key stakeholders, education completed, policy changes accepted. / Examples: Change outcome achieved. Short Medium Long Project Assumptions Example: Change project is needed because: Stakeholders are invested because:

Ohunta University in Austria, one of the best universities on the continent presently measures its performance by comparing its actual costs against its budgeted costs for the year. Given the university’s international status, it is currently facing stiff competition from both public and privately-owned universities in Austria. At one of its executive meetings, a member in the finance department has suggested that Ohunta needs to consider additional performance measures such as those indicated by the Balanced Scorecard.

1. What is the Balanced Scorecard used for and its advantages and how can the management of Ohunta University utilise this approach to performance measurement
2. Discuss two (2) non-financial indicators (from different perspectives of the balanced scorecard) that Ohunta University could use for its performance evaluation.

Marmidan Mold Shop Inc. designs and builds molds for the automotive and aircraft industries. The account balances in the company’s general ledger on January 1, 2020 (first day of the new annual fiscal year) were as follows (all account balances are in their normal position):

Cash                                                                    $     3,700

Accounts receivable                                                   5,900

Supplies inventory                                                    29,300

Land                                                                        168,500  

Buildings                                                                 116,500

Accumulated depreciation, buildings                       37,500   

Equipment                                                                 58,500

Accumulated depreciation, equipment                     18,000

Accounts payable                                                      25,200

Income tax payable                                                   16,600

Interest payable                                                           4,200

Wages payable (due in 2020)                                    15,700                                         

9% Notes payable ($10,000 due June 30, 2021,

     balance due June 30, 2022)                                  61,500

Common shares                                                       151,500

Retained earnings, Dec. 31, 2019                              52,200  

Transactions during 2020:

1.The company provided sales services to customers, on credit, for $ 210,300. In addition, the company produced cash sales to customers of $ 62,300.

2.Accounts receivable from customers of $ 15,600 remain to be collected at December 31, 2020.

3.Inventory of $ 62,900 was purchased on credit and debited to the supplies inventory account.

4.Minor parts were purchased with cash for $ 7,400 and debited to the supplies inventory account.

5.Wages payable at the beginning of 2020 were paid early in 2020. In addition, wages were earned by employees and paid during 2020 in the amount of $ 112,000.

6.Income tax payable at the beginning of 2020 was paid early in 2020.

7.Payments of $ 73,000 were made to creditors for supplies previously purchased on credit.

8.One year’s interest at 9% was paid on the notes payable at July 1, 2020.

9. During 2020, Don Tallint, the principal shareholder, purchased a new car for his wife

    Debbie. The new car cost $ 45,000 and was paid for with cash from personal sources.

10.Property taxes were paid on the land and buildings in the amount of $ 17,000 with cash.

11.Dividends were declared and paid in caah in the amount of $ 7,200.

Information available for year end adjusting entries:

12.•Supplies inventory was counted on December 31, 2020 and it was determined the supplies inventory still on hand at yearend was $ 31,900.

13. •Annual depreciation on the buildings is $ 6,000.

14•Annual deprecation on the equipment is $ 5,500

15•Additional wages of $4,000 were earned but are unpaid and unrecorded at December 31, 2020.

16•Interest for six months at 9% per year on the notes payable is unpaid and unrecorded at December 31, 2020..

17•Income taxes of $ 16,500 were unpaid and unrecorded at December 31, 2020.

Required:

1.Record beginning 2020 beginning balances in T accounts. Prepare journal entries for transactions 1 to 11 above as required and record the journal entries in T accounts while

adding any new T accounts that you need as you complete this task.

2.Prepare any necessary adjusting journal entries fpr items 11 to 17 above and record the adjusting journal entries in the T accounts while adding any new T accounts that you need as you complete this task.

3. Prepare a single step income statement for Marmidan Mold Shop Inc. for the year ended December 31, 2020.

4.Prepare a statement of retained earnings for Marmidan Mold Shop Inc. for the year ended December 31, 2020.

5.Prepare a classified statement of financial position for Marmidan Mold Shop Inc. as at December 31, 2020

For the following independent situations, assume you are the audit partner and have raised these issues with management as appropriate.

What audit opinion would you recommend (unmodified, qualified, adverse, or disclaimer), and explain what factors have caused this recommendation.

Question 5 continued next page

Question 5 (continued)

8. German Company, PAS software is developing an ERP (Enterprise Resource Planning) system for sale to mid-size companies around the world. Software development started during 2018, during which time $45 million was incurred. During 2019, and additional $60 million was incurred, with $10 million of this incurred after technological feasibility of the new software had been established. Record the journal entry for the 2019 software development costs.

Refer back to question 8. Assume this product was released to customers in early 2020, and is assumed to have a 10-year useful life. Revenues from sale of the ERP system in 2020 were $30 million, and total expected revenues over the life of the product were $200 million. Record the journal entry for amortization of the capitalized software in 2020.

Sandhill Company sells televisions at an average price of $812 and also offers to each customer a separate 3-year warranty contract for $84 that requires the company to perform periodic services and to replace defective parts. During 2020, the company sold 282 televisions and 212 warranty contracts for cash. It estimates the 3-year warranty costs as $19 for parts and $29 for labor, and accounts for warranties separately. Assume sales occurred on December 31, 2020, and straight-line recognition of warranty revenues occurs. Record any necessary journal entries in 2020. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS What liability relative to these transactions would appear on the December 31, 2020, balance sheet and how would it be classified? Sandhill Company Balance Sheet (Partial) : $ : $ SHOW LIST OF ACCOUNTS In 2021, Sandhill Company incurred actual costs relative to 2020 television warranty sales of $2,190 for parts and $4,360 for labor. Record any necessary journal entries in 2021 relative to 2020 television warranties. Use "Inventory" account to record the warranty expense. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record the warranty revenue earned.) (To record the warranty expense.) SHOW LIST OF ACCOUNTS What amounts relative to the 2020 television warranties would appear on the December 31, 2021, balance sheet and how would they be classified? Sandhill Company Balance Sheet (Partial) : $ : $ SHOW LIST OF ACCOUNTS

Tristar Production Company began operations on September 1, 2021. Listed below are a number of transactions that occurred during its first four months of operations. (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.)

1. On September 1, the company acquired five acres of land with a building that will be used as a warehouse. Tristar paid $190,000 in cash for the property. According to appraisals, the land had a fair value of $126,000 and the building had a fair value of $84,000.
2. On September 1, Tristar signed a $49,000 noninterest-bearing note to purchase equipment. The $49,000 payment is due on September 1, 2022. Assume that 10% is a reasonable interest rate.
3. On September 15, a truck was donated to the corporation. Similar trucks were selling for $3,400.
4. On September 18, the company paid its lawyer $7,500 for organizing the corporation.
5. On October 10, Tristar purchased maintenance equipment for cash. The purchase price was $24,000 and $950 in freight charges also were paid.
6. On December 2, Tristar acquired various items of office equipment. The company was short of cash and could not pay the $6,400 normal cash price. The supplier agreed to accept 200 shares of the company's no-par common stock in exchange for the equipment. The fair value of the stock is not readily determinable.
7. On December 10, the company acquired a tract of land at a cost of $29,000. It paid $2,000 down and signed a 12% note with both principal and interest due in one year. Twelve percent is an appropriate rate of interest for this note.

Required:

Prepare journal entries to record each of the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round final answers to the nearest whole dollars.)

Tristar Production Company began operations on September 1, 2018. Listed below are a number of transactions that occurred during its first four months of operations. (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.)

On September 1, the company acquired five acres of land with a building that will be used as a warehouse. Tristar paid $270,000 in cash for the property. According to appraisals, the land had a fair value of $185,600 and the building had a fair value of $104,400.

On September 1, Tristar signed a $57,000 noninterest-bearing note to purchase equipment. The $57,000 payment is due on September 1, 2019. Assume that 9% is a reasonable interest rate.

On September 15, a truck was donated to the corporation. Similar trucks were selling for $4,200.

On September 18, the company paid its lawyer $6,000 for organizing the corporation.

On October 10, Tristar purchased maintenance equipment for cash. The purchase price was $32,000 and $1,350 in freight charges also were paid.

On December 2, Tristar acquired various items of office equipment. The company was short of cash and could not pay the $7,200 normal cash price. The supplier agreed to accept 200 shares of the company's nopar common stock in exchange for the equipment. The fair value of the stock is not readily determinable.

On December 10, the company acquired a tract of land at a cost of $37,000. It paid $6,000 down and signed a 11% note with both principal and interest due in one year. Eleven percent is an appropriate rate of interest for this note.

Required:
Prepare journal entries to record each of the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round final answers to the nearest whole dollars.)

Tristar Production Company began operations on September 1, 2021. Listed below are a number of transactions that occurred during its first four months of operations. (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.) On September 1, the company acquired five acres of land with a building that will be used as a warehouse. Tristar paid $110,000 in cash for the property. According to appraisals, the land had a fair value of $78,000 and the building had a fair value of $52,000. On September 1, Tristar signed a $41,000 noninterest-bearing note to purchase equipment. The $41,000 payment is due on September 1, 2022. Assume that 8% is a reasonable interest rate. On September 15, a truck was donated to the corporation. Similar trucks were selling for $2,600. On September 18, the company paid its lawyer $3,500 for organizing the corporation. On October 10, Tristar purchased maintenance equipment for cash. The purchase price was $16,000 and $550 in freight charges also were paid. On December 2, Tristar acquired various items of office equipment. The company was short of cash and could not pay the $5,600 normal cash price. The supplier agreed to accept 200 shares of the company's no-par common stock in exchange for the equipment. The fair value of the stock is not readily determinable. On December 10, the company acquired a tract of land at a cost of $21,000. It paid $2,500 down and signed a 10% note with both principal and interest due in one year. Ten percent is an appropriate rate of interest for this note. Required: Prepare journal entries to record each of the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round final answers to the nearest whole dollars.)