1. Zacks Corporation is a service company that measures its output by the number of customers served. The company has provided the following fixed and variable cost estimates that it uses for budgeting purposes and the actual results of operations for December.

When the company prepared its planning budget at the beginning of December, it assumed that 25 customers would have been served. However, only 23 customers were served during December.

Required:

Prepare a performance report showing and interpreting the company’s activity and revenue and spending variances for December. Indicate in each case whether the variance is favorable (F) or unfavorable (U) that includes:

a. The Planning Budget

b. The Flexible Budget

c. Activity Variances

d. Revenue and Spending Variances

e. Explain the meaning of this report.

The adjusted trial balance for Pharoah Company is given below.

Prepare the retained earnings statement for the year, prepare the income statement for the year, prepare the balance sheet at August 31.

The following trial balance of Blues Traveler Corporation does not balance.

BLUES TRAVELER CORPORATION TRIAL BALANCE APRIL 30, 2017

1. Cash received from a customer on account was recorded (both debit and credit) as $1,380 instead of $1,830.

2. The purchase on account of a computer costing $3,200 was recorded as a debit to Office Expense and a credit to Accounts Payable.

3. Services were performed on account for a client, $2,250, for which Accounts Receivable was debited $2,250 and Service Revenue was credited $225.

4. A payment of $95 for telephone charges was entered as a debit to Office Expense and a debit to Cash.

5. The Service Revenue account was totaled at $5,200 instead of $5,280. Instructions From this information prepare a corrected trial balance.

Instructions

From this information prepare a corrected trial balance.

Calculate the Payback Period                              
                              
The payback period is the length of time required for the cash to be coming in from an investment                               
to equal the amount of cash originally spent when the investment was acquired.                              
                              
                              
Assumptions                              
                              
1   Purchase price of equipment                       $1,200,000   
                              
2   Useful life of equipment                       12   years
                              
3   Revenue the machine will generate per year                       $15,000   
                              
4   Direct operating costs associated with earning                          
   the revenue                       $250,000   
                              
5   Depreciation Expense per year                       $100,000   
                              
                              
                              
Using the above five assumptions, calculate how many years it will take to recoup the                               
original investment.                              
                              
   Step 1   Find the machine's expected net income                      
                              
           Revenue                  
           Less:                  
           Direct Operating Costs                  
           Depreciation               $- 0   
                       Net Income   $- 0   
                              
                              
   Step 2   Find the net annual cash inflow the machine is                      
       expected to generate (convert net income to cash                      
       basis)                      
                              
           Net Income               $- 0   
           Add back Depreciation                  
               Annual Net Cash Inflow           $- 0   
                              
   Step 3   Compute the payback period                      
                              
           Investment   =       =      
           Net Annual       $- 0           
           Cash Inflow                  
                              

1. Emily and her friends sell newspaper ads for the Bronc to supplement their income each year. From the data below, determine which person is the most productive (ads per hour) and which person produces the greatest ROI ($profit per $labor) under each of the possible scenarios A and B?

Scenario A: Seniors get paid $12/hr, Juniors $10/hr, Sophomores $8/hr, and Freshmen $6/hr.

Scenario B: All are paid equally.

     Note: it doesn't matter to the answer what the pay is since they are all getting the same wage.  Extra Credit: Why is that?

Remember:  profit = revenue - costs. In this case, revenue is $ brought in from the sale of ads and costs are the labor costs for the salesperson.

The ledger of Cheyenne Corp. on March 31 of the current year includes the selected accounts, shown below, before quarterly adjusting entries have been prepared.

An analysis of the accounts shows the following.

Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. Additional accounts are Depreciation Expense, Insurance Expense, Interest Payable, and Supplies Expense. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

In US, Consider a portfolio manager in charge of a $1 billion fund, facing the world as it stands on 10/14/2020. The fund is a large-cap, equity only fund that invests in value and growth stocks. The purpose of the fund is to earn excess returns while staying in a relatively low risk part of the market (big companies). What two sectors do you think will outperform over the next three to five years and why? What two sectors will underperform and why? See Appendix A for a list of sectors and examples of the industries in the sector.

Prepare Income Statement and Balance Sheet from the following

Prepare Income Statement and Balance Sheet from the following