Portal ?Company, a growing? mail-order clothing and accessory? company, is concerned about its growing MSDA expenses. It therefore examined its customer ordering patterns for the past year and identified four different types of? customers, as illustrated in the following table.

Prices are set so that cost of goods sold is on average about 65% of the sales price. Customers pay actual shipping? charges, but extra processing is required for overnight deliveries. Portal has developed the following activity cost driver rates for its support? costs

Portal sends catalogs and flyers to all its customers several times a year. Orders are taken by mail or over the phone. Portal maintains a? toll-free number for customers to use when placing orders over the phone. Portal prides itself on the personal attention it provides shoppers who order over the phone. All purchases are paid for by check or credit card. Portal has a very generous return policy if customers are not satisfied with the merchandise received. Customers must pay return shipping? charges, but their purchase price is then fully refunded.

1. What journal entry would be recorded if a company received a $12,000 payment from a customer for maintenance services to be provided over the next two months:

For the past several years, you’ve been purchasing a product from a supplier at a high-volume cost and reselling the product at a lower price than your customers could buy it. However, you’d like to improve the product but the manufacturer isn’t interested in doing this. You are trying to determine if it would make sense to buy the equipment and make it yourself with better quality.

Construct two decision trees (one for each scenario), including expected money value, for the following scenario information.

Scenario A:

• Equipment = $500,000 + 100,000 for training
• Chances of a good market next year are 60%
• A good market will yield $1,000,000 in gross revenue, a poor market will yield $200,000 in gross revenue
• If you continue selling the product as you currently do, a good market will generate $300,000 in gross revenue and a poor market $50,000 in gross revenue
• Estimated costs for working with you supplier are $30,000/yr

Scenario B:

• How would this change if the probability for good market increases to 80% and the probability of a good/poor market for purchasing remain the same?

2. Hal Smith opened Smith’s Management Company on March 1 of the current year. During March, the following transactions occurred and were recorded in the company's books:

1. Smith invested $10,000 cash in the business.
2. The company paid $5,200 for salaries for the month.
3. The company paid $1,600 cash to rent office space for the month.
4. Smith withdrew $5,000 for his personal use from the company.
5. The company received $19,000 cash for management services provided during March.
6. The company provided $12,000 of management services to customers on account.
7. The company paid cash of $500 for monthly utilities.
8. The company received $3,100 cash in advance of providing management services to a customer.

Based on this information, accrual basis net income for March would be:

_____________________

Based on this information, cash basis net income for March would be:

_____________________

Enter the beginning cash and capital balances and post the transactions.

In this format leave REF blank need date explanation and credit or debit and balances.

For Cash, Accounts Receivable, Inventory, Supplies, Accounts Payable, Owners Capital, Sales Revenue, Sales Returns & Allowances, Sales Discounts, and Cost of Goods Sold.

Using this info:

Problem 5-02A a-c (Part Level Submission) (Video) Sunland Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Sunland showed Cash of $4,500 and Owner’s Capital of $4,500. May 1 Purchased merchandise on account from Braun's Wholesale Supply $3,900, terms 2/10, n/30. 2 Sold merchandise on account $2,500, terms 1/10, n/30. The cost of the merchandise sold was $1,600. 5 Received credit from Braun's Wholesale Supply for merchandise returned $400. 9 Received collections in full, less discounts, from customers billed on sales of $2,500 on May 2. 10 Paid Braun's Wholesale Supply in full, less discount. 11 Purchased supplies for cash $300. 12 Purchased merchandise for cash $1,300. 15 Received refund for poor quality merchandise from supplier on cash purchase $150. 17 Purchased merchandise from Valley Distributors $1,200, FOB shipping point, terms 2/10, n/30. 19 Paid freight on May 17 purchase $170. 24 Sold merchandise for cash $3,500. The merchandise sold had a cost of $2,100. 25 Purchased merchandise on account from Lumley, Inc. $700, FOB destination, terms 2/10, n/30. 27 Paid Valley Distributors in full, less discount. 29 Made refunds to cash customers for defective merchandise $70. The returned merchandise had a fair value of $40. 31 Sold merchandise on account $1,000, terms n/30. The cost of the merchandise sold was $600. Sunland Hardware’s chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 126 Supplies, No. 201 Accounts Payable, No. 301 Owner’s Capital, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold.

Latona Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Latona showed Cash of $4,500 and Common Stock of $4,500. May 1 Purchased merchandise on account from Gray's Wholesale Supply $4,500, terms 2/10, n/30. 2 Sold merchandise on account $2,000, terms 1/10, n/30. The cost of the merchandise sold was $1,400. 5 Received credit from Gray's Wholesale Supply for merchandise returned $250. 9 Received collections in full, less discounts, from customers billed on sales of $2,000 on May 2. 10 Paid Gray's Wholesale Supply in full, less discount. 11 Purchased supplies for cash $300. 12 Purchased merchandise for cash $1,400. 15 Received refund for poor quality merchandise from supplier on cash purchase $150. 17 Purchased merchandise from Amland Distributors $1,300, FOB shipping point, terms 2/10, n/30. 19 Paid freight on May 17 purchase $120. 24 Sold merchandise for cash $3,500. The merchandise sold had a cost of $1,900. 25 Purchased merchandise from Horvath, Inc. $750, FOB destination, terms 2/10, n/30. 27 Paid Amland Distributors in full, less discount. 29 Made refunds to cash customers for defective merchandise $60. The returned merchandise had a fair value of $30. 31 Sold merchandise on account $1,500, terms n/30. The cost of the merchandise sold was $500.

Latona Hardware’s chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 126 Supplies, No. 201 Accounts Payable, No. 311 Common Stock, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold.

a) Enter the beginning cash and common stock balances and post the transactions.

this is multiple choice question, this is my mid term question, please do not give the answers by guessing because these marks really improtant to me, answer only if you are 100% sure, Thank you so much.
1) Which of the following is not a type of auditor's opinion?
a) Qualified
b)Adverse
c) Unmodified
d)Disclaimer of opinions
e) Ordinary

2) Which of the following is least likely to be considered a covered member for the purpose of this year auditing of ABC Inc. by the Atlanta branch of a national CPA firm ?
a) A partner of the Atlanta office who only worked on audits of past years of ABC INC. but currently has no repsonisibilitie with this year's audit
b) a partner in charge of the Atlanta office of the CPA firm
c) a partner in charge of the entire CPA firm
d) A partner of the houston pffice branch of the CPA firm but who has a small , immaterial investment in ABC Inc.

3) Which of the following family relations is most likely to impair an Auditor;s independence with respect to a particular client on which the auditor works as a covered member?
a) an uncle who has an immaterial investment in the client of which the auditor is aware.
b) an uncle who has a material investment in the client of which the auditor is not aware
c) the auditor's spouse participates in a 401(K) retirement plan sponsored by the client.
d) the auditor's uncle is president of the client.

4) The Sarbanes-Oxley Act requires that auditors of large publicly traded companies in the U.S. perform an Integrated Audit that includes an audit report on the entity's internal control and which of the following
a) compliance with lawas and regulations
b) financial statements and compliances with laws and regulations
c) financial statements
d) neither financial statements nor compliance with laws and regulations

5)An analytical procedure that involves comparing an entity's ratios with other companies in the same industry is
a) comparison analysis
b) cross sectional analysis
c) horizontal analysis
d) vertical analysis

Bryant Corporation has provided the following information for the most recent quarter, July 1 through September 30 of 2020. Prepare a multiple-step Income Statement and the Asset section of a classified Balance Sheet, including the correct headings.

Raw materials beginning and ending balances were $30,000 and 35,000 respectively. Company purchased $76,000 of additional raw materials during the year, and the company’s work in process had a beginning balance of $17,000 and an ending balance of $9,000. Murray’s company incurred $145,000 of administrative expenses and $57,205 in selling costs during the year. The company had direct labor costs of $81,000, and it incurred actual manufacturing overhead costs of $42,000. There were $5,500 worth of indirect materials used for production this year, and $44,000 worth of manufacturing overhead was applied to work in process. The company began the year with $42,100 worth of goods in its finished goods inventory and $38,000 of goods at the end of the year. The company sold $403,893 last year, but the tax rate is 27% and had to pay $950 in interest expense. Is the company doing well?

Create...

1) Schedule of Cost of Goods Manufactured

2) Schedule of Cost of Goods Sold

3) Traditional Income Statement

Please be dynamic and include formulas, thanks...