Data about Annabelle Company’s production and inventories for the month of June are as follows:
|
Purchases |
143,440 |
|
|
Freight In |
5,000 |
|
|
Purchase returns and allowances |
2,440 |
|
|
Direct labor |
175,000 |
|
|
Actual factory overhead |
120,000 |
|
|
Inventories: |
June 1 |
June 30 |
|
Finished goods |
68,000 |
56,000 |
|
Work in process |
110,000 |
135,000 |
|
Direct Materials |
52,000 |
44,000 |
Annabelle Company applies factory overhead at 80% of direct labor cost. Over or under applied overhead is closed to cost of goods sold at year end. The company’s accounting period is on the calendar year basis/
|
Purchases |
143,440 |
|
|
Freight In |
5,000 |
|
|
Purchase returns and allowances |
2,440 |
|
|
Direct labor |
175,000 |
|
|
Actual factory overhead |
120,000 |
|
|
Inventories: |
June 1 |
June 30 |
|
Finished goods |
68,000 |
56,000 |
|
Work in process |
110,000 |
135,000 |
|
Direct Materials |
52,000 |
44,000 |
Annabelle Company applies factory overhead at 80% of direct labor cost. Over or under applied overhead is closed to cost of goods sold at year end. The company’s accounting period is on the calendar year basis/
Provide the following:
1.Prime cost
2. Conversion Cost
3. Total Manufacturing Cost
4. Cost of Good Transferred to Finished Goods Inventory Account
5. Cost of Goods Sold
6. The amount of over/under applied overhead.
7. Cost of goods sold - after closing the over/under applied overhead
In: Accounting
The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar year:
| Year 1 | ||
| July | 1 | Issued $58,800,000 of 20-year, 11% callable bonds dated July 1, Year 1, at a market (effective) rate of 13%, receiving cash of $50,482,396. Interest is payable semiannually on December 31 and June 30. |
| Dec. | 31 | Paid the semiannual interest on the bonds. The bond discount amortization of $207,940 is combined with the semiannual interest payment. |
| 31 | Closed the interest expense account. | |
| Year 2 | ||
| June | 30 | Paid the semiannual interest on the bonds. The bond discount amortization of $207,940 is combined with the semiannual interest payment. |
| Dec. | 31 | Paid the semiannual interest on the bonds. The bond discount amortization of $207,940 is combined with the semiannual interest payment. |
| 31 | Closed the interest expense account. | |
| Year 3 | ||
| June | 30 | Recorded the redemption of the bonds, which were called at 98. The balance in the bond discount account is $7,485,844 after payment of interest and amortization of discount have been recorded. (Record the redemption only.) |
Required:
| 1. | Journalize the entries to record the transactions. Round all amounts to the nearest dollar. Refer to the Chart of Accounts for exact wording of account titles. |
| 2. | Indicate the amount of the interest expense in (a) Year 1 and (b) Year 2. |
| 3. | Determine the carrying amount of the bonds as of December 31, Year 2. |
In: Finance
The Insurance company recently conducted an aggressive and expensive advertising campaign. The manager is trying to figure out how this campaign affected branch’s profits. The branch manager is pretty skeptical about the campaign and asked you to check whether there was any significant influence (positive or, maybe, negative). A sample is randomly selected of sales reps and calculated monthly combined profits of the policies sold by them before and after the advertising campaign. The sample is small, but as far as all conditions are satisfied we can use t-test for matched pairs. See the data in the data file. Provide Excel output.
| Before | After | |
| 1 | $3,487.00 | $4,350.00 |
| 2 | $7,500.50 | $6,400.00 |
| 3 | $2,500.85 | $3,209.95 |
| 4 | $6,990.75 | $6,775.75 |
| 5 | $4,192.00 | $3,990.50 |
| 6 | $7,580.25 | $7,265.70 |
| 7 | $10,750.00 | $11,755.45 |
| 8 | $4,411.00 | $3,890.75 |
| 9 | $7,945.50 | $7,550.50 |
| 10 | $4,575.85 | $5,010.65 |
In: Statistics and Probability
The efficacy of salt-free diets for controlling high blood pressure is studied for a sample of 8 patients.
Each has their diastolic blood pressure measured before going on the diet and after. The data appear below:
| Patient | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
| Sample 1 - Before | 93 | 106 | 90 | 93 | 102 | 95 | 88 | 110 |
| Sample 2 - After | 92 | 102 | 89 | 92 | 101 | 96 | 87 | 105 |
Assume the differences in blood pressure fit a normal distribution.
Use the matched pairs test and a 0.05 significance level to test the claim that the blood pressure before the diet is higher than the blood pressure after going on the diet.
a) Identify the Null and Alternative Hypotheses.
b) Find the critical value for the test.
c) Calculate the test statistic. Round off the descriptive statistics to one decimal place. Round off your test statistic to three decimal places.
d) What is your decision about the null hypothesis?
e) Write your conclusion about the claim.
What more data is required?
In: Statistics and Probability
A mechanical. person is intrested in testing if tuning
a car engine would improve the gas miliage. A simple random sample
of 8 cars were selected to determine the milage (miles per gallon).
Then each of the 8 cars were given a tune up
(SHOW WORK, please helpp)
Data:
After Tune up: 28.21, 29.4, 30.42, 29.67, 31.31, 29.68, 28.82,
29.38
Mean: 29.61
Standard Deviation: 0.94
Before Tune Up: 26.9, 26.37, 29.13, 28.46, 28.17,
27.67, 27.84, 27.18,
Mean: 27.72
Standard deviation: 0.89
Difference (After-Before): 1.31, 3.03, 1.29, 1.21,
3.14, 2.01, 0.98, 2.2,
Mean: 1.9
Standard Deviation: 0.84
1.) Are the 2 samples (Before and after Tune Mileage) independent or dependent? Explain
2.) Show which plot you would use to check your assumptions? Show picture of it
3.)Are their and serious violations of any other assumption plots? Explain
4.) What is your output? state below Explain why you chose this output
5.) What is your conclusion at a 5% confidence
level?
In: Statistics and Probability
1.)
A mechanical. person is intrested in testing if tuning a car engine
would improve the gas miliage. A simple random sample of 8 cars
were selected to determine the milage (miles per gallon). Then each
of the 8 cars were given a tune up
Data
After Tune up: 28.21, 29.4, 30.42, 29.67, 31.31, 29.68, 28.82,
29.38
Mean: 29.61
Standard Deviation: 0.94
Before Tune Up: 26.9, 26.37, 29.13, 28.46, 28.17,
27.67, 27.84, 27.18,
Mean: 27.72
Standard deviation: 0.89
Difference (After-Before): 1.31, 3.03, 1.29, 1.21,
3.14, 2.01, 0.98, 2.2,
Mean: 1.9
Standard Deviation: 0.84
1.) Are the 2 samples (Before and after Tune Mileage) independent or dependent? Explain
2.) Show which plot you would use to check your assumptions? Show picture of it
3.)Are their and serious violations of any other assumption plots? Explain
4.) What is your output? state below Explain why you chose this output
5.) What is your conclusion at a 5% confidence
level?
In: Statistics and Probability
8. Given Qd = 100 PiQs = 20 + 3P, draw the diagram and answer the following questions!
What is the autarky price and quantity produced?
What is the Welfare of the country as a whole before trade?
If the world Price is $60, is this country a net importer or exporter? _________
And by how much? _________
What is the welfare of the country after trade? ____________
What is the net gain from trade?__________
9.The following relations describe monthly demand and supply for a computer support service catering to small businesses.
Qd= 3000 – 10P
Qs= -1000 + 10P
What is the autarky price and quantity produced?
What is the Welfare of the country as a whole before trade? ________________
If the world Price is $250, is this country a net importer or exporter? _________
And by how much? _________
What is the welfare of the country after trade? ____________
What is the net gain from trade?
10. The following relations describes the demand and supply for good x..
Qd= 100 – 20P
Qs= 20 + 20P
What is the autarky price and quantity produced?
What is the Welfare of the country as a whole before trade?
If the world Price is $1, is this country a net importer or exporter?
And by how much?
What is the welfare of the country after trade?
What is the net gain from trade? __________
In: Economics
|
|
In: Statistics and Probability
The Edwards Lake Community Hospital balance sheet as of December
31, 2019, follows.
| EDWARDS LAKE COMMUNITY HOSPITAL | |||||||||
| Balance Sheet | |||||||||
| As of December 31, 2019 | |||||||||
| Assets | |||||||||
| Current assets: | |||||||||
| Cash and Cash Equivalents | $ | 445,500 | |||||||
| Accounts and notes receivable (net of uncollectible accounts of $17,200) | 27,900 | ||||||||
| Inventory | 93,400 | ||||||||
| Total current assets | 566,800 | ||||||||
| Assets limited as to use: | |||||||||
| Cash | $ | 18,540 | |||||||
| Investments | 236,220 | ||||||||
| Total assets limited as to use | 254,760 | ||||||||
| Property, plant, and equipment: | |||||||||
| Land | 217,100 | ||||||||
| Buildings (net of accumulated depreciation of $1,624,400) | 2,900,000 | ||||||||
| Equipment (net of accumulated depreciation of $1,025,900) | 1,861,600 | ||||||||
| Total property, plant, and equipment | 4,978,700 | ||||||||
| Total assets | $ | 5,800,260 | |||||||
| Liabilities and Net Assets | |||||||||
| Current liabilities: | |||||||||
| Accounts payable | $ | 20,600 | |||||||
| Accrued payroll | 47,800 | ||||||||
| Current portion of mortgage payable | 570,000 | ||||||||
| Total current liabilities | 638,400 | ||||||||
| Long-term debt—mortgage payable | 2,640,000 | ||||||||
| Total liabilities | 3,278,400 | ||||||||
| Net assets: | |||||||||
| Without donor restrictions | |||||||||
| Undesignated | 2,089,760 | ||||||||
| Designated for plant | 253,360 | ||||||||
| With donor restrictions | 178,740 | 2,521,860 | |||||||
| Total liabilities and net assets | $ | 5,800,260 | |||||||
The following are the transactions of Edwards Lake Community
Hospital during the fiscal year ended December 31, 2020.
(1) Information related to accrual of revenues and gains is as
follows:
| Patient services revenue, gross | $ | 3,502,300 |
| Charity care | 218,260 | |
| Contractual adjustments to patient service revenues | 1,534,000 | |
| Other operating revenues | 1,001,550 | |
(2) Cash received includes
| Interest on investments in Assets Limited as to Use | 8,750 | |
| Collections of receivables | 2,967,600 | |
(3) Expenses of $898,000 were recorded in accounts payable and
$1,462,790 in accrued payroll. Because some of the nursing expenses
met a net asset restriction, $101,000 was released from
restrictions.
| Administration expenses | 453,480 | |
| General services expenses | 527,860 | |
| Nursing services expenses | 1,033,200 | |
| Other professional services expenses | 346,250 | |
(4) Cash paid includes:
| Interest expense (allocated half to nursing services and half to general services) | $ | 294,000 |
| Payment on mortgage principal | 570,000 | |
| Accounts payable for purchases | 839,600 | |
| Accrued payroll | 1,286,500 | |
(5) Interest of $1,880 accrued on investments in Assets Limited as
to Use.
(6) Depreciation charges for the year amounted to $124,000 for the
buildings and $135,500 for equipment. Depreciation was allocated 45
percent to nursing services, 15 percent to other professional
services and 20 percent to each administrative and general
services.
(7) Other information:
(a) Provision for uncollectible
receivables was determined to be adequate.
(b) Supplies inventory balances:
| 12/31/2019 | 12/31/2020 | |||||||||
| Administration | $ | 12,200 | $ | 10,100 | ||||||
| General services | 12,900 | 16,000 | ||||||||
| Nursing services | 24,000 | 19,600 | ||||||||
| Other professional services | 44,300 | 54,000 | ||||||||
| Totals | $ | 93,400 | $ | 99,700 | ||||||
(c) Portion of mortgage payable due within one year, $570,000.
(8) A $691 unrealized loss on investments occurred.
(9) Nominal accounts were closed. Necessary adjustments were made
to increase the Net Assets—Without Donor Restrictions, Designated
for Plant.
Required
a-1. Prepare journal entry for the preceding transactions during the fiscal year ended December 31, 2020, assuming that Edwards Lake Community Hospital is a not-for-profit hospital.
a-2. Prepare closing entries for the fiscal year ended December 31, 2020, assuming that Edwards Lake Community Hospital is a not-for-profit hospital.
b. Prepare a balance sheet as of December 31, 2020.
c-1. Prepare a statement of operations for the year ended December 31, 2020.
c-2. Prepare a statement of changes in net assets for the year ended December 31, 2020.
d. Prepare a statement of cash flows for the year ended December 31, 2020.
In: Accounting
Shari Patel of the controller's office of Sheridan Corporation was given the assignment of determining the basic and diluted earnings per share values for the year ended December 31, 2020. Patel has gathered the following information.
1.The company is authorized to issue 8 million common shares. As at December 31, 2019, 2 million shares had been issued and were outstanding.2.The per share market prices of the common shares on selected dates were as follows:
Price per Share July 1,
2019 $18.00 Jan. 1,
2020 22.00 Apr. 1,
2020 24.00 July 1,
2020 13.00 Aug. 1,
2020 8.50 Nov. 1,
2020 8.00 Dec. 31,
2020 9.00
3.A total of 800,000 shares of an authorized 1.2 million convertible preferred shares had been issued on July 1, 2019. The shares were issued at $25, and have a cumulative dividend of $2 per share. The shares are convertible into common shares at the rate of one convertible preferred share for one common share. The rate of conversion is to be automatically adjusted for stock splits and stock dividends. Dividends are paid quarterly on September 30, December 31, March 31, and June 30.4.Sheridan Corporation is subject to a 30% income tax rate.5.The after-tax net income for the year ended December 31, 2020, was $11,600,000.
The following specific activities took place during 2020:
1.January 1: A 5% common stock dividend was issued. The dividend had been declared on December 1, 2019, to all shareholders of record on December 29, 2019.2.April 1: A total of 400,000 shares of the $2 convertible preferred shares were converted into common shares. The company issued new common shares and retired the preferred shares. This was the only conversion of the preferred shares during 2020.3.July 1: A 2-for-1 split of the common shares became effective on this date. The board of directors had authorized the split on June 1.4.August 1: A total of 600,000 common shares were issued to acquire a factory building.5.November 1: A total of 21,000 common shares were purchased on the open market at $8 per share and cancelled.6.Cash dividends to common shareholders were declared and paid as follows:
April 15:$0.30per shareOctober 15:$0.20per share
7. Cash dividends to preferred shareholders were declared and paid as scheduled.
Determine the number of shares to use in calculating basic earnings per share for the year ended December 31, 2020.
Number of shares
Enter your answer in accordance to the question statement
shares
Determine the number of shares to use in calculating diluted earnings per share for the year ended December 31, 2020.
Number of sharesEnter your answer in accordance to the question statement
shares
Calculate the adjusted net income amount to use as the numerator in the basic earnings per share calculation for the year ended December 31, 2020.
Adjusted net income$
Enter your answer in accordance to the question statement
In: Accounting