The following information is available for The NewQuest Corporation for 2016:
| Inventories | January 1 | December 31 |
|---|---|---|
| Materials | $351,000 | $436,800 |
| Work in process | 631,800 | 592,800 |
| Finished goods | 608,400 | 576,000 |
| December 31 | |
|---|---|
| Advertising expense | $ 296,400 |
| Depreciation expense-office equipment | 42,120 |
| Depreciation expense-factory equipment | 56,160 |
| Direct labor | 670,800 |
| Heat, light, and power-factory | 22,460 |
| Indirect labor | 78,750 |
| Materials purchased | 659,800 |
| Office salaries expense | 185,000 |
| Property taxes-factory | 18,500 |
| Property taxes-office building | 32,400 |
| Rent expense-factory | 32,000 |
| Sales | 3,010,000 |
| Sales salaries expense | 420,000 |
| Supplies-factory | 15,400 |
| Miscellaneous costs-factory | 9,500 |
| Required: | |||
| A. | Prepare the 2016 statement of cost of goods manufactured.* | ||
| B. | Prepare the 2016 income
statement.*
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Amount Descriptions
| Amount Descriptions | |
| Advertising expense | |
| Cost of direct materials used | |
| Cost of finished goods available for sale | |
| Cost of goods manufactured | |
| Cost of goods sold | |
| Cost of materials available for use | |
| Depreciation expense-factory equipment | |
| Depreciation expense-office equipment | |
| Direct labor | |
| Finished goods inventory, December 31, 2016 | |
| Finished goods inventory, January 1, 2016 | |
| Gross profit | |
| Heat, light, and power-factory | |
| Indirect labor | |
| Materials inventory, December 31, 2016 | |
| Materials inventory, January 1, 2016 | |
| Miscellaneous cost-factory | |
| Net income | |
| Office salaries expense | |
| Property taxes-factory | |
| Property taxes-office building | |
| Purchases | |
| Rent expense-factory | |
| Sales | |
| Sales salaries expense | |
| Supplies-factory | |
| Total manufacturing costs incurred | |
| Total operating expenses | |
| Work in process inventory, December 31, 2016 | |
| Work in process inventory, January 1, 2016 |
Statement of Cost of Goods Manufactured
A. Prepare the 2016 statement of cost of goods manufactured. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. “Less” or “Plus” will automatically appear if it is required. Enter all amounts as positive numbers.
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The NewQuest Corporation |
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Statement of Cost of Goods Manufactured |
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For the Year Ended December 31, 2016 |
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Direct materials: |
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Factory overhead: |
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Total factory overhead |
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Total manufacturing costs |
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Income Statement
B. Prepare the 2016 income statement. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. “Less” or “Plus” will automatically appear if it is required. Enter all amounts as positive numbers.
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The NewQuest Corporation |
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Income Statement |
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For the Year Ended December 31, 2016 |
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Cost of goods sold: |
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Operating expenses: |
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Administrative expenses: |
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In: Accounting
On October 1, 2016, Kristal Corp. issued $700,000, 5%, 10-year bonds at face value. The bonds were dated October 1, 2016, and pay interest annually on October 1. Financial statements are prepared annually on December 31. Instructions
(a)Prepare a tabular summary to record the issuance of the bonds and the adjustments to record the accrual of interest on December 31, 2016.
(b)Show the balance sheet presentation of bonds payable and bond interest payable on December 31, 2016.
(c)Prepare a tabular summary to record the payment of interest on October 1, 2017.
(d)Prepare a tabular summary to record redemption of the bonds on October 1, 2026, their maturity date.
Record stock transactions and prepare paid-in capital section.
In: Accounting
At the beginning of 2016, VHF Industries acquired a equipment with a fair value of $6,339,740 by issuing a four-year, noninterest-bearing note in the face amount of $8 million. The note is payable in four annual installments of $2 million at the end of each year.
1. What is the effective rate of interest implicit in the agreement?
2. Record these three transactions: 01/01/2016 purchase of the equipment, interest expense on 31/12/2016, and interest expense on 31/12/2017.
3. Suppose the market value of the equipment was unknown at the time of purchase, but the market rate of interest for notes of similar risk was 9%. Prepare the journal entry to record the purchase of the equipment on 01/01/2016.
Enter your answers as whole dollars.
In: Accounting
In: Accounting
| The current section of Yawn Ltd's statement of financial position at 30 June 2016 is presented below. | |||||||
| 2016 | 2015 | ||||||
| $ | $ | ||||||
| Current assets | |||||||
| Cash | 105,300 | 97,200 | |||||
| Accounts receivable | 121,200 | 91,500 | |||||
| Inventory | 163,700 | 190,700 | |||||
| Prepaid expenses | 27,300 | 22,400 | |||||
| Total current assets | 417,500 | 401,800 | |||||
| Current liabilities | |||||||
| Accounts payable | 83,100 | 89,900 | |||||
| Accrued expenses payable | 14,600 | 4,900 | |||||
| Total current liabilities | 97,700 | 94,800 | |||||
| Other information | 1. | Profit for the year ended 30 June 2016 was $148,600. | |||||
| 2. | Depreciation expense was $19,100. | ||||||
| Required | |||||||
| Prepare the net cash provided by the operating activities section of Yawn's statement of cash flows | |||||||
| for the year ending 30 June 2016, using the indirect method. | |||||||
In: Accounting
Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions listed below, how much income should each report from SleepEZ for 2016 under both the daily allocation and the specific identification allocation method? Refer to the following table for the timing of SleepEZ’s income.
| Period | Income | |
| January 1 through February 18 (49 days) | $ | 209,000 |
| February 19 through December 31 (317 days) | 424,000 | |
| January 1 through December 31, 2016 (366 days) | $ | 633,000 |
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a. There are no sales of SleepEZ stock during the year. b. On February 18, 2016, Blinkin sells his shares to Nod. c. On February 18, 2016, Winkin and Nod each sell their shares to Blinkin. |
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In: Accounting
On April 2, 2016, Montana Mining Co. pays $4,161,990 for an ore deposit containing 1,576,000 tons. The company installs machinery in the mine costing $219,400, 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 157,500 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.
In: Finance
1. On February 1, 2016, Ellison Co. issued eight-year bonds with a face value of $10,000,000 and a stated interest rate of 4%, payable semiannually on July 1 and January The bonds were sold to yield is 6%. What is the issuance price of the bond? Record the journal entries for February 2016 and issuance at July 1, 2016.
2. Using the information above, assume that the bonds issued by Ellison Co. are convertible with each $1,000 convertible into 25 shares of common stock. Assume that Ellison converts $4,000,000 of bonds on July 1, 2018 into common stock. Prepare the following entries:
a. Entry at February 1, 2016 for issuance of the convertible bonds
b. Entry at July 1, 2018 for the conversion of $4,000,000 of bonds.
In: Accounting
The following information is available from the accounting records of Manahan Co. for the year ended December 31, 2016:
| Net cash provided by financing activities | $ | 118,000 | |
| Dividends paid | 18,400 | ||
| Loss from discontinued operations, net of tax savings of $41,367 | 124,100 | ||
| Income tax expense | 27,355 | ||
| Other selling expenses | 12,000 | ||
| Net sales | 649,200 | ||
| Advertising expense | 46,500 | ||
| Accounts receivable | 57,000 | ||
| Cost of goods sold | 370,044 | ||
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General and administrative expenses |
142,500 |
a. Calculate the operating income for Manahan Co. for the year ended December 31, 2016
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B)
Calculate the company's net income for 2016.
In: Accounting
1. Quick Ratio= current assets-inventories/ current liabilities
2. Debt to Assets ratio= total debt/total assets
3. Earnings Per Share (EPS)=total earnings/outstanding shares
(must first solve net income-preferred divideneds= total earnings)
4. Net Income (Net profit)=total revenues-total expenses
I need help finding the answer to these equations for Target Corporation for 2015 and 2016.
please refer to the links for the 10k reports for the company.
2015- https://corporate.target.com/_media/TargetCorp/annualreports/2015/pdfs/Target-2015-Annual-Report.pdf
2016- https://corporate.target.com/_media/TargetCorp/annualreports/2016/pdfs/Target-2016-Annual-Report.pdf?ext=.pdf
In: Accounting