Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company’s operations in July appear below:

The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for an overflight at a discount.

Required:

1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)

Income recognition for a contractor. On October 15, 2010, Flanikin Construction Company contracted to build a shopping center at a contract price of $180 million. The schedule of expected and actual cash collections and contract costs is as follows:

Year Cash collections from Customers Estimated and Actual Cost Incurred

2010 $36,000,000 $12,000,000

2011 45,000,000 36,000,000

2012 45,000,000 48,000,000

2013 54,000,000 24,000,000

   $180,000,000 $120,000,000

A) Calculate the amount of revenue, expense, and net income for each of the four years under the following revenue recognition methods:

(1)    Percentage-of-completion method.

(2)    Completed contract method.

B) Show the journal entries Flanikin will make in 2010, 2011, 2012, and 2013 for this contract. Flanikin accumulates contract costs in a Contract in Process account. Although the costs involve a mixture of cash payments, credits to assets, and credits to liability accounts, assume for purposes of this problem that all costs are recorded as credits to Accounts Payable.

C) Which method do you believe provides the better measure of Flanikin Construction Company’s performance under the contract? Why?

Can somebody please show me how to calculate this in EXCEL. Step by step excel calculations need to be shown with screenshots. Thank you.

Assume that you are Tracy Roberts and you are preparing two reports to Morgan Mickelson or Household Goods, Inc.   You should answer the following questions. In one report, you assume that Morgan Mickelson is a CPA and will understand citations to the Accounting Standards Codification (ASC). In this first report, you should use appropriate citations to ASC. The second report covers similar information but the assumption is that Morgan Mickelson is not a CPA and will not understand citations to ASC. You must convey the same information but in language that any businessperson would understand.

1. What is the procedure for testing goodwill for impairment according to ASC standards?
2. Using ASC guidelines determine the goodwill valuation for ZD Corporation. Provide numbers to support your revaluation if necessary and explain your process.
3. Using ASC guidelines determine the goodwill valuation for Hope Industries. Provide numbers to support your revaluation if necessary and explain your process
4. How do the above answers effect Household Goods segment information and overall financial statements?
5. What disclosures need to be provided in Household Goods financial reports concerning goodwill according to ASC?

Assume that Household Goods will be an early adopter of the ASU 2017-04, scheduled to be adopted by publicly traded firms for fiscal years starting after Dec. 15, 2019. Also, assume that ZD and Hope are considered separate reporting units and Household Goods has not elected the Accounting alternative.

Hint: The carrying value of other asset and liability accounts must be determined before goodwill impairment is considered. You should decide what the carrying value of inventory, Property, plant and equipment, and bonds should be. After that, then you consider the valuation of goodwill.

The answers should be conveyed in a report, not just answering the questions, 1, 2, 3 etc.

You should be thorough in your answers, but as concise as possible. Each report should be around 2-3 pages. In the first report, you should use appropriate citations to ASC, but not to any other documents as other documents are not authoritative accounting guidance.

hello

BioPharm corporation manufactures aspirin (a pharmaceutical product). The following are information are related to the production and selling of 500,000 units of aspirin: Amount in $ Revenue 30,000,000 Cost of goods sold 51% of revenue Marketing cost ?? Operating income 6,700,000 You also Knew the following information : - The company has only two costs which are: Cost of goods sold and marketing costs - Only $3,680,000 of Cost of goods sold are Variable - Marketing cost represent the amount the company pays to its salespeople - The company pays to its salespeople fixed salaries of 2,300,000 and commission of 19% of revenues. Based on the previous information , Answer the following : 1. calculate contribution margin 2. calculate Contribution margin percentage 3. calculate contribution margin per unit 4. using excel represent the C-V-P graph and identify based on it the BEP, when the company losses and when it will have profits.

i need solve that as sooon as

tonight

plz jelpe me and answer of all question

#mangeiral accounting

Edit question

Customers are charged $91per hour for services rendered

Customers are charged $65 for each unitpurchased

Inventory can be purchased for $30 per unit

Part 5 – Adjusting journal Entries – (LO3-3) – Record the following adjusting entries in the General Journal.

Part 8– Prepare the end of month Income Statement (LO3-4).

Part 9 – Prepare the end of month Retained Earnings Statement (LO3-4).

Part 10– Prepare the end of month Balance Sheet (LO3-4).

Part 11– Closing Entries – Record closing entries in the General Journal and post them to the General Ledger

Medi Corp is a corporation that deals in the manufacturing of medical devices. It has just received a patent from the U.S. Patent and Trademark Office for one of its surgical robotic knee devices. The patent is for the purpose of use in full knee replacement surgeries, which was stated on the patent’s application. For part of the manufacturing process, Medi Corp uses Tech Co. to assemble the computer components that run the robot. Tech Co. is a computer company that manufactures a lot of the computer components for several medical device companies in the U.S.

Medi Corp has been considering making a bid to acquire Tech Co. If Medi Corp acquires Tech Co., the transaction would likely be around $100 million dollars. Tech Co. is one of only three companies in the U.S. that manufactures and assembles these computer components for medical devices, and is the biggest of the three companies that offer these services, with the other two companies several million in revenue behind Tech Co. Moreover, Medi Corp. is considered a leader in medical device manufacturing in the U.S. Both companies are publicly traded companies.

Tech Co.’s board of directors are willing to approve of a merger with Medi Corp. Rebecca is on the board of directors for Tech Co. She tells her husband that he should consider purchasing Medi Corp stock. Rebecca does not tell her husband any of the confidential information of the potential merger with Medi Corp., but her husband does know that she is on the board of directors at Tech Co. and that Medi Corp is a company Tech Co. does business with. Bob is an employee of Tech Co. He has been courted by Comp Inc., one of the competitors of Tech Co.

Bob has decided to leave Tech Co. for a senior placement at Comp Inc. At Tech Co., Bob works on the manufacturing of these computer components for Medi Corp. At Comp Inc., he will be in more of a management position, determining which companies Comp Inc. should be doing business with, and managing those employees that are in the manufacturing facilities.

Please answer the following questions:

4a) Do you see any potential antitrust issues with the merger of Medi Corp and Tech Co.? Please fully explain this answer by using the appropriate U.S. statutes and any potential defenses that could be used.

4b) Do you see any potential legal issues with Rebecca and her husband if her husband purchases stock in Medi Corp before Medi Corp merges with Tech Co.? Please fully explain your answer for Rebecca’s, and her husband’s, individual situations.

4c) If Medi Corp learns that Comp Inc. is releasing a robotic surgical device for hip replacement surgery that has similar technology to its surgical robotic knee devices, does it have any recourse against Comp Inc. for patent infringement? Please fully explain your answer as to what it must prove for this complaint against Comp Inc., and any defenses Comp Inc. has against this claim. Also explain if there could be any recourse against Bob directly if Bob had originally signed a confidentiality agreement with Tech Co. when he worked for them.

QUESTION 5

1. All of the following statements are true except for?

   	a.	Audit hours incurred for an integrated audit of public filer is significantly greater than the extent of testing solely to express an opinion on the financial statements.
   	b.	To express an opinion on internal controls for a large public company, the auditor obtains an understanding of and performs tests of controls for all significant account balances.
   	c.	To express an opinion on internal controls for a large public company, the auditor obtains an understanding of and performs tests of controls for the highest risk account balances.
   	d.	While inquiry and observation may also be performed to evaluate control activities, auditors frequently inspect documentation that demonstrates a control activity was performed.

1 points   

QUESTION 6

1. A financial auditor is testing several key internal controls over the significant and material account balance associated with revenue. The auditor concludes that there are no additional compensating controls to address the risk, and likelihood or material misstatement is more than reasonably possible. In evaluating the significance of controls deficiency the mostappropriate conclusion would be?

   	a.	A significant deficiency exists because one or more control deficiencies exist that are less severe than a material weakness.
   	b.	A material weakness exists as there are a combination of multiple significant deficiencies.
   	c.	Auditor should express an adverse opinion on the effectiveness of internal controls over revenue due to material weakness detected.
   	d.	More controls testing is warranted because the integrated audit requires highest risk and significant accounts to be tested for controls.

1 points   

QUESTION 7

1. True or False - If performance materiality is low, and inherent risk and control risk are low, planned tests of details of balances that the auditor must perform will be high. And at the same time an increase in performance materiality or a reduction of either inherent risk or control risk will lead to a reduction in the planned tests of details of balances.

   	a.	True
   	b.	False

2 points   

QUESTION 8

1. A financial auditor has been tasked with testing the key internal controls over a publicly traded company. The following are examples of test of controls except for?

   	a.	Examination of journal entries for proper preparer and approver.
   	b.	Inspection of bank reconciliations for proper preparation and dates.
   	c.	Examination of employee payroll records and agreeing amounts to the subsidiary ledger.
   	d.	Examination of vendor invoice for evidence that managers are comparing it to receiving reports, purchase orders and verifying payment approvals.

2 points   

QUESTION 9

1. An auditor has been assigned the audit objective to determine appropriateness of wage rates used in calculation of company personnel earnings. Which of the following would be the most appropriate audit procedure to achieve the audit objective?

   	a.	Review and validate the wage rate authorization forms the company maintains.
   	b.	Obtain a sample of actual pay stub prepared by payroll. Compare calculated rate paid to what was on the wage form.
   	c.	Inspect the most recent wage rate authorization form and verify authorization by appropriate management personnel.
   	d.	All of the above.

2 points   

QUESTION 10

1. An auditor is employing substantive analytical procedures to determine appropriateness of sales and accounts receivable balances. While performing these procedures, the auditor found variances between what she found and what was expected. What is the most appropriate next steps should the auditor take?

   	a.	Determine the cause of the variance and ensure audit workpapers state this cause and rely on the ratio analysis results.
   	b.	Auditor should extend the testing to confirmation of accounts receivable and cutoff tests.
   	c.	Due to material nature of sales and accounts receivables, sufficient evidence exist for a finding based on analytical procedures performed.
   	d.	Determine the cause of variance, document audit workpapers and test key controls related to accounts receivable and sales.

2 points   

QUESTION 11

1. Select the most appropriate statement related to cost associated with test procedures that an auditor employs.

   	a.	Test of details of balances is the most costly due to volume of samples and auditor requirement to agree amounts.
   	b.	Test of details of balances is the most costly due to volume of data within the accounting system and complexities associated with the understanding the general ledger.
   	c.	Substantive test of transactions is the most costly due to volume of samples and agreeing amounts.
   	d.	Substantive analytical procedures is the most costly due to costs associated with generalized audit software (GAS) and time needed for training auditors.

(1 point) The table below lists the weights of some colleage students in September and later in February of their freshman year. September weight 62 54 71 65 53 58 74 49 66 56 69 74 61 56 71 51 70 52 70 78 59 60 73 60 February weight 67 53 67 71 56 56 77 54 67 55 64 70 56 59 74 56 69 53 65 72 59 57 77 54 At the 0.05 significance level, test the claim of no difference between September weights and February weights. The test statistic is

The critical value is

Office equipment was purchased on January 2, 2006 for $170,000, with an estimated life of 8 years and a residual value of $10,000. It is sold on June 30, 2012 for $60,000 cash. (Assume all appropriate entries for depreciation had been made for the first six years of use - 2006 through 2011, but not for the half year in 2012.) Journalize the following entries:

(a) Journalize the depreciation for the one-half year prior to the sale, using the straight-line method.           

(b) Journalize the sale of the equipment.

Format: Use the Chart of Accounts to enter correct account name. Enter debits and credits as whole numbers WITH COMMAS, but NO DECIMALS OR DOLLAR SIGNS!