On October 1, 2016, Ball Company issued 10% bonds dated October 1, 2016, with a face amount of $350,000. The bonds mature in 8 years. Interest is paid semiannually on March 31 and September 30. The proceeds from the bond issuance were $355,751.07 to yield 9.70%. Ball Company has a December 31 fiscal year-end and does not use reversing entries.

Required:

Common-size and trend percentages for a company’s net sales, cost of goods sold, and expenses follow:

Required:
a. Calculate the profit percentage for 2015, 2016 and 2017. (Round the final answers to 2 decimal places.)   

b. Determine whether the company’s profit increased, decreased, or remained unchanged during this three-year period.    

On April 2, 2016, Montana Mining Co. pays $3,059,900 for an ore deposit containing 1,455,000 tons. The company installs machinery in the mine costing $228,000, with an estimated seven-year life and no salvage value. The machinery will be abandoned when the ore is completely mined. Montana begins mining on May 1, 2016, and mines and sells 180,000 tons of ore during the remaining eight months of 2016.

Prepare the December 31, 2016, entries to record both the ore deposit depletion and the mining machinery depreciation. Mining machinery depreciation should be in proportion to the mine’s depletion. (Do not round intermediate calculations. Round your final answers to the nearest whole number.)

In Febuary of 2016, Jane is trying to decide if she should purchase a new vehicle for her business, ABC, Inc.Assume that she will purchase the vehicle in April, 2016 and also assume that no other assets will be purchased in 2016.

If Jane purchases a new BMW for $100,000, what is the maximum amount that Jame may deduct in 2016? Carol plans to drive the BMW 82% of the time for business. Jane elects to take the additional first-year depreciation.

If Jane purchases a Outback (an SUV with GVRW > 6,000) in March, 2017, for $67,000, what is the maximum amount that Jane may deduct in 2017? Jane plans to drive the Explorer 100% of the time for business. Assume that no other assets will be purchased in 2017.

On October 1, 2016, Ball Company issued 6% bonds dated October 1, 2016, with a face amount of $210,000. The bonds mature in 9 years. Interest is paid semiannually on March 31 and September 30. The proceeds from the bond issuance were $218,888.62 to yield 5.40%. Ball Company has a December 31 fiscal year-end and does not use reversing entries.

Required:

Compute trend percents for the above accounts, using 2013 as the base year.

let's assume that your contract with Whole Grains on May 1, 2016, says you will buy 500 pounds of flour and 300 pounds of sugar, but that you will arrange to have to products shipped from Whole Grain's production facility on May 30, 2016 to your kitchen. Whole Grains plans to have the products shipped from its mills to Whole Grains for packaging on May 15, 2016, and says packaging will be complete and your order will be filled by May 25, 2016.

Did title pass from Whole Grains to you on the date of the contract? Why/why not?

2. When does title pass from Whole Grains to you? Why?

Universal Foods issued 10% bonds, dated January one, with a face amount of 150 million dollars on January 1st 2016. do Bonds mature on December 31st 2030. the market rate of interest for similar issues with 12%. Interest is paid semi-annually on June 30th and December 31st. Universal uses the straight-line method.

1. determine the price of the bond. January 1, 2016.
2. prepare the journal entry to record the issuance by Universal Foods on January 1st 2016
3. prepare the journal entry to record interest on June 30th 2016
4. prepare the journal entry to record interest on December 31st 2023

Sheridan Company began operations on January 2, 2016. It employs  8 individuals who work 8-hour days and are paid hourly. Each employee earns  10 paid vacation days and  8 paid sick days annually. Vacation days may be taken after January 15 of the year following the year in which they are earned. Sick days may be taken as soon as they are earned; unused sick days accumulate. Additional information is as follows.

Sheridan Company has chosen to accrue the cost of compensated absences at rates of pay in effect during the period when earned and to accrue sick pay when earned.

Prepare journal entries to record transactions related to compensated absences during 2016 and 2017. (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.)

1. Pearl Company began operations on January 2, 2016. It employs 12 individuals who work 8-hour days and are paid hourly. Each employee earns 13 paid vacation days and 8 paid sick days annually. Vacation days may be taken after January 15 of the year following the year in which they are earned. Sick days may be taken as soon as they are earned; unused sick days accumulate. Additional information is as follows.
   

Pearl Company has chosen not to accrue paid sick leave until used and has chosen to accrue vacation time at expected future rates of pay without discounting. The company used the following projected rates to accrue vacation time.

1. Prepare journal entries to record transactions related to compensated absences during 2016 and 2017.
   1. 2016:
      1. To accrue expense and liability for vacations
      2. To record sick leave paid

2. 2017:

1. To accrue expense and liability for vacations

              2. To record sick leave paid

              3. To record vacation time paid

b. Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2016 and 2017.

Please show work!