How long will it take an amount to double if it is deposited into an account which pays 3.8% interest compounded continuously? Use a 360 day year and give the answer to the nearest day.

Please show work. I am willing to rate you well if you give in-depth detail as how to solve the problem. Thanks!

Applying and Analyzing Inventory Costing Methods
At the beginning of the current period, Chen carried 1,000 units of its product with a unit cost of $30. A summary of purchases during the current period follows. During the period, Chen sold 2,800 units.

(a) Assume that Chen uses the first-in, first-out method. Compute both cost of good sold for the current period and the ending inventory balance. Use the financial statement effects template to record cost of goods sold for the period.
Ending inventory balance    $Answer
Cost of goods sold                $Answer

Use negative signs with answers, when appropriate.

(b) Assume that Chen uses the last-in, first-out method. Compute both cost of good sold for the current period and the ending inventory balance.
Ending inventory balance $Answer
Cost of goods sold              $Answer

(c) Assume that Chen uses the average cost method. Compute both cost of good sold for the current period and the ending inventory balance.
Ending inventory balance   $Answer
Cost of goods sold                $Answer

(d) Which of these three inventory costing methods would you choose to:

At the beginning of the current period, Chen carried 1,000 units of its product with a unit cost of $20. A summary of purchases during the current period follows. During the period, Chen sold 2,800 units.

(a) Assume that Chen uses the first-in, first-out method. Compute both cost of good sold for the current period and the ending inventory balance. Use the financial statement effects template to record cost of goods sold for the period.
Ending inventory balance $Answer
Cost of goods sold              $Answer

Use negative signs with answers, when appropriate.

(b) Assume that Chen uses the last-in, first-out method. Compute both cost of good sold for the current period and the ending inventory balance.
Ending inventory balance $Answer
Cost of goods sold              $Answer

(c) Assume that Chen uses the average cost method. Compute both cost of good sold for the current period and the ending inventory balance.
Ending inventory balance $Answer
Cost of goods sold              $Answer

(d) Which of these three inventory costing methods would you choose to:

FIFO Perpetual Inventory

The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows:

Required:

1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column.

2. Determine the total sales and the total cost of goods sold for the period. Journalize the entries in the sales and cost of goods sold accounts. Assume that all sales were on account.

3. Determine the gross profit from sales for the period.
$

4. Determine the ending inventory cost as of June 30.
$

Consider a PPF which illustrates the trade-off between tangible goods and intangible services.

If technological improvements raise productivity in the tangible good sector but not in the intangible service sector,

Income Statements and Firm Performance: Variable and Absorption Costing

Jellison Company had the following operating data for its first two years of operations:

   Jellison produced 90,000 units in the first year and sold 80,000. In the second year, it produced 80,000 units and sold 90,000 units. The selling price per unit each year was $12. Jellison uses an actual costing system for product costing.

Required:

1. Prepare income statements for both years using absorption costing. If an amount is zero, enter "0".

Has firm performance, as measured by income, improved or declined from Year 1 to Year 2?

2. Prepare income statements for both years using variable costing. If an amount is zero, enter "0".

Has firm performance, as measured by income, improved or declined from Year 1 to Year 2?

3. Which method do you think most accurately measures firm performance?

The beauty behind excel is that managers can perform what-if analysis just by changing the data, so you do not need to retype the budgets if you have used cell references and formulas throughout.

Data Scenario: You have just been hired into a management position which requires the application of your budgeting skills. You find out that budgeting has not been a priority of the company and that they have been experiencing cash shortages. You have contacted various areas on the organization and have accumulated the information below to assist you in preparing a comprehensive budget.                                                                                                                              

The following is actual information that relates to the operations of a merchandiser named Sled Company, a wholesaler of sleds as of March 31.          Cash $1,000 Accounts receivable 13,680 Inventory 10,757 Accounts Payable $15,781

Actual and Budgeted sales dollar Data-Sales Budget: March (actual) $38,000 April $36,000 May $37,000 June $39,000 July $35,000                                                                                      

Sales are the following type: 64% Cash sales collected in month of sale 36% Credit sales collected in the following month of sale    Credit sales are collected in the month following sale. The accounts receivable at March 31 are a result of March credit sales. Cost of goods sold equals    83%       of sales price                                                                     

At the end of each month, inventory is to be on hand(ending inventory) equal to 36% of following month's sales needs, stated at cost. Inventory purchases are paid 49% in month of purchase 51% in month after purchase. The accounts payable at March 31 is a result of March purchases of inventory. I have set up a calculation on the budget worksheet to show you this calculation.                                                                                                                      

Monthly selling expenses are as follows and are paid in the month incurred if it is a cash expense. Salaries and wages 8% of sales dollar Commissions 3% of sales dollar Advertising      $900     per month Utilities          $200 per month                                                                               

Monthly general and administrative expenses are as follows and are paid in the month incurred if it is a cash expense. Rent $2,000 per month Depreciation $500 for month                                                                     

Required: You must use cell references on the BudgetSolution worksheet, by referencing this worksheet that contains the data.              Prepare the following second quarter budgets and answer the questions listed on the template provided on the BudgetSolution Worksheet. I have adapted the budget model to meet the needs of this company. If I bolded a line item, that is a header and does not need computation on that row. Please note the quarter column is for the quarter so not all lines should be added across in the quarter column. When you have beginning and ending inventory or cash balances this is for the quarter and should be brought over to the quarter column.                                                                                                                                                                                                                                                                                                                        

7. Prepare a budgeted income statement for the quarter ending June 30, 20XX. You do not need to show monthly columns.              I entered Sales for you on the income statement

8. What do you think about the survivability of this business?                                                                                                                    

9. What if the company finds out the monthly rent will increase to $2,500, what budgets are effected? Why? What is the New Net income(Loss) for the quarter?                                                                                                                         

If you have linked everything correctly, you should only have to change the monthly rent on this sheet to determine your answer to the questions asked. Please change the rent back to the original amount of 2,000 before you submit.               

Create a trial balance with the following information:

DR. a. Mr. Reed opened a print service company, Print It, on Jan 1 and gave the company $15000 in cash and a piece of land valued at $65000 in exchange for common stock. b. On Jan 1 Print It paid $7500 for the first 6 months of rent. c. Print It paid cash for $1000 of office supplies on Jan 15 d. Print It signed a 10,000 notes payable on Feb 1 to purchase the printing equipment necessary for operation. The equipment is expected to last for 10 years and have a salvage value of $1000. e. Feb 5 Print It completed a $700 print service and billed the customer for the job. f. Feb 15 Print it purchased another $120 of office supplies on account. g. Feb 25 Print it received $1500 from a customer for 3 months’ worth of printing services to begin on Mar 1. h. On March 5 Print It paid its only employee $2500 for work completed in February. i. On March 31 Print It adjusted for completing one month of services from the customer transaction that took place on Feb 25. j. On March 31 Print It did a count of office supplies and found that there were $475 worth of supplies still available. k. March 31, Print It adjusted for the first quarter’s rent. l. Mar 31, Print It adjusted for the first quarter of depreciation on equipment m. As of March 31, Print It owed its employee $2500 in wages, but the wages won’t be paid out until April 5. n. No dividends were paid out for the quarter.

Stew and Brew have decided to lease a new restaurant. Rent for the building will be $3,000 a month to be paid on the first day of each month. They initially invested $225,000 of their own money, which was used in part to purchase:

Furniture and equipment $180,000

China, glass, and silverware 25,200

Food inventory 9,000

Use straight-line depreciation over five years for furniture and equipment (no residual value). China, glass, and silverware are to be fully depreciated in year one. Sales are forecasted as follows for the first three months after opening:

Month 1: $48,000 Month 2: $66,000 Month 3: $84,000

Sales will be 80 percent cash and 20 percent credit with the maximum credit period allowed of 30 days. Food cost of sales is expected to average 30 percent and all purchases will be cash. Wages and salaries will be $15,000 a month. However, in any month when sales exceed $60,000, additional staff will have to be hired, and the extra wage cost is estimated to be 20 percent of any excess sales. All salaries and wages will be paid in the month during which they were earned. Other operating costs are expected to be 10 percent of sales and will be paid in the following month. At the end of month 3, Stew and Brew plan to pay themselves back part of their initial investment. This payment will be from any cash in excess of $15,000 at that time. In other words, they wish to leave only $15,000 in the restaurant’s cash account at the end of each 3 months operating quarter.

Prepare

a. A forecasted income statement for each of the three months.

b. A cash budget for each of the three months.

c. A condensed balance sheet for the first quarter at the end of month three.

Citron Inc. leased computers to Allidia Company on January 1, 2021. The cost of the computers to Citron was $12
million.
This noncancelable lease had the following terms:
 Lease payments: $2,466,754 semiannually; first payment at January 1, 2021; remaining payments at June 30
and December 31 each year through June 30, 2025.
 Lease term: five years (10 semiannual payments).
 No residual value; no purchase option.
 Economic life of equipment: five years.
 Implicit interest rate (known to Allidia): 5% semiannually.
 Fair value of the computers at January 1, 2021: $20 million.
Required
a. List out the 5 criteria for determination of lease treatment. Run all the tests (show all your calculations and
assumptions) and determine which, if any criteria are met.
b. What type of lease is this for Citron?
c. What type of lease is this for Allidia?
d. Show all journal entries by Citron on the date the lease is signed (1/1/21)
e. Show all journal entries by Allidia on:
1) 1/1/21
2) 6/30/21