The length of a species of fish is to be represented as a function of the age (measured in days) and water temperature (degrees Celsius). The fish are kept in tanks at 25, 27, 29 and 31 degrees Celsius. After birth, a test specimen is chosen at random every 14 days and its length measured.

Prepare the general journal entries:

1) June 1 : Purchase supplies on account, $500.

2) June 3: Purchase 200 units of inventory with cash.

3) June 5: Provide 30 hours of services to customers for cash (calculate using your hourly service rate).

4) June 9: Sell 200 units of inventory on account.

5) June 12: Sell 50 units of inventory to a customer on account with a sales discount of 2/10, n/30.

6) June 14: Purchase an additional 100 units of inventory on account.

7) June 20: The customer who purchased product on June 12th pays the amount due (within discount period).

8) June 22: Receive cash in advance for 15 hours of services to be completed in the future.

9) June 27 : Sell 200 units of inventory to a customer who signs a 6 month promissory note at 10% interest for the balance due.

10) June 30: Pay employee salaries, $1,000.

11) June 30: Pay cash dividends to shareholders, $600.

Service Price= $80.00

Sales Price= $65.50

Inventory Cost= $25.00

Id Stores, a wholesaler chain of stores, has over 500 branches nationwide. Their product range is divided into six main categories i.e. Toiletries, Electronics, Food, “The Corporate World”, wearing apparel, and Toys. The following information relates to the accounting period just ended:
I. Although this varies from product range to product range but the company generally allows the dissatisfied customers a return policy of 30 days. (For Electronics this policy generally, however, is 1 year & for toys its 90 days). There is a 40% probability of 5% goods being returned in general category and 60% probability of 3% goods being returned. 3% of the Toys’ customers usually come up with the defective goods. Complaints regarding the Electronics are channelized back to the suppliers.
II. On May 2nd 2008, an employee got injured while unloading the goods in the company godowns. He later sued the company for having a lack in the safety measures for its employees, damages and other amounts mentioned in the claim is 1.5 million. According to the legal advisors it is highly probable that court may award a 500,000 compensation in total.
III. At the year end, the company had 950 laptops of a good brand each costing Rs.65,000. There was rising trend of prices in the market, which influenced the company’s sale policy and these computers were retained in stock till July 25, 2008 when market price started falling and within one week’s time declined to Rs.68,000. This situation forced the management to start selling. However, the whole stock could be sold till August 22, 2008 and fetched total sale proceeds of Rs.40.85 million.
IV. The Government announced on 5th July that the rates of taxes will be changed, and all changes shall be applied retrospectively.
V. A suit for infringement of patents, seeking damages of Rs. 2 million, was filed by a third party. SL’s legal consultant is of the opinion that an unfavourable outcome is most likely. On the basis of past experience he has advised that there is 60% probability that the amount of damages would be Rs. 1 million and 40% likelihood that the amount would be Rs. 1.5 million
VI. The Board of Directors announced on August 25th a 20% stock dividend for the year ended 30th June, 2008.
VII. Investments of the company amounting to Rs.10 million at the year end were disposed off for Rs. 6 million in response to a market crash on July 27, 2008.
VIII. A law suit for Rs.500,000 was filed. Unfavorable outcome is probable. A reasonable Estimate of Court’s award is in the range between Rs.100,000 and Rs.400,000. The company’s legal advisor believes the best estimate of potential liability is Rs.200,000.
IX. During December 2009, law suit was filed against the company claiming Rs.800, 000. In the opinion of legal advisor it is reasonably possible that damages will be awarded to the plaintiff.    
Required:
How the matters presented above are adjusted in the financial statements for the period? Accounting year ends on 30th June 2008.
(Matters should be discussed in accordance with IAS-37)

Problem 10-1A

On January 1, 2017, the ledger of Ivanhoe Company contained these liability accounts.

During January, the following selected transactions occurred.

During January, the company’s employees earned wages of $71,200. Withholdings related to these wages were $5,447 for Social Security (FICA), $5,086 for federal income tax, and $1,526 for state income tax. The company owed no money related to these earnings for federal or state unemployment tax. Assume that wages earned during January will be paid during February. No entry had been recorded for wages or payroll tax expense as of January 31.

a) Journalize the January transactions

b) Journalize the adjusting entries at January 31 for the outstanding note payable and for salaries and wages expense and payroll tax expense.

c) Prepare the current liabilities section of the balance sheet at January 31. 207. Assume no change in Accounts payable.

Problem 10-1A

On January 1, 2017, the ledger of Sheridan Company contained these liability accounts.

During January, the following selected transactions occurred.

During January, the company’s employees earned wages of $78,800. Withholdings related to these wages were $6,028 for Social Security (FICA), $5,629 for federal income tax, and $1,689 for state income tax. The company owed no money related to these earnings for federal or state unemployment tax. Assume that wages earned during January will be paid during February. No entry had been recorded for wages or payroll tax expense as of January 31.

a)Journalize the January transactions.

b)Journalize the adjusting entries at January 31 for the outstanding note payable and for salaries and wages expense and payroll tax expense

c)Prepare the current liabilities section of the balance sheet at January 31, 2017. Assume no change in Accounts Payable.

Based on your review of Rosseau (2006), discuss three critical issues that you are taking away from the article. What role do you see the concept of evidence-based management playing in strategic management?

Lyon Center began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales.

New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is incorrect.

Calculate average cost for each unit. (For calculation and answers purpose round unit costs to 2 decimal places, e.g. 15.25.)

eTextbook and Media

List of Accounts

Incorrect answer iconYour answer is incorrect.

Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average, and (3) LIFO. (For calculation and answers purpose round unit costs to 2 decimal places, e.g. 15.25 and ending inventory values to 0 decimal places, e.g. 515.)

eTextbook and Media

List of Accounts

Correct answer iconYour answer is correct.

Which costing method produces the highest ending inventory valuation?

Porter Company shows the following accounts in its partial unadjusted trial balance at December 31, 2017. Dr Cr Cash $71,300 Accounts receivable 40,000 Trading securities 7,000 Available for sale securities 50,000 Allowance for Doubtful accounts 2,000 Furniture and Fixtures 181,000 Accumulated depreciation – F&F 14,000 Accounts Payable 10,800 Common Stock 104,000 Retained Earnings 75,000 Service Revenue 324,100 Insurance expense 11,300 Salaries Expense 149,700 Rent Expense 15,600 TOTALS $527,900 $527,900 Additional Information 1. On May 1, 2017, the company paid $8,700 to renew its comprehensive insurance coverage for one year. The premium on the previous 1-year policy, which expired on April 30, 2017, was $7,800. 2. Bad debts are estimated at 10% of gross accounts receivable. 3. On December 1, 2017, the company paid $2,400, for two months of rent, beginning on that date. 4. The company received $12,000 on November 1, 2017 from a customer for 3 months’ worth of services which will be provided by Porter in 2018. The company recorded the entire $12,000 in Service Revenue. 5. Employees are paid bi-weekly on Friday. December 31st fell on a Sunday. Employees average $1,000 for a five day work week. All salaries were paid in full on Friday, December 22nd for the week ended December 22nd.   

Presented below are selected transactions at Ridge Company for 2015.

Jan. 1 Retired a piece of machinery that was purchased on January 1, 2005. The machine cost $60,190 on that date. It had a useful life of 10 years with no salvage value.

June 30 Sold a computer that was purchased on January 1, 2012. The computer cost $37,090. It had a useful life of 5 years with no salvage value. The computer was sold for $14,160.

Dec. 31 Discarded a delivery truck that was purchased on January 1, 2011. The truck cost $37,100. It was depreciated based on a 6-year useful life with a $3,680 salvage value.

Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Ridge Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2014.)

Consider the data set: 26, 29, 24, 17, 27, 20, 23, 21, 26, 27.

(a) Find the median and the upper and lower quartiles for this data set.

(b) Setup then evaluate the numerical expression for the mean of this data set. You must write it out completely. (

c) Setup and then evaluate the numerical expression for the variance of this data set. You must write it out completely.

(d) Find the standard deviation of this data set.