On 1 October 20X9, the owner of the USS Enterprise, Mr Kirk, decided that he will boldly go and keep his records on a double entry system. His assets and liabilities at that date were:

£

Fixtures and equipment                                            20,000

Stock including weapons                                          15,000

Balance at Universe Bank                                        17,500

Cash                                                                           375

Creditors – Spock                                                     3,175

– Scott                                                                         200

– McCoy                                                                     500

Kirk’s transactions during October were as follows:

1.      Sold faculty phasers, original cost £500, to Klingon Corp, for cash £5,000

2.      Bought Photon Torpedoes (weapons), on credit from Central Council £2,500

3.       Sold Stocks to Aardvarks, original cost £250, on credit, £1,500

4.       Bought Cloaking Device (Fixture and Fittings) from Klingon Corp £3,500

5.       Paid the balance owed to Spock at 1 October less a 5% cash discount

6.       Paid Central Council full amount due by cheque

7.       Received full amount due from Aardvarks by cheque ‘

8.       Paid Klingon Corp by cheque after deducting 20% trade discount

9.       Paid, by bankers order, £10,000 for repairs to Enterprise following disagreement over amount owing to Klingon Corp and faculty phasers.

Required:

Open Enterprise’s ledger accounts at 1 October, record all transactions for the month, balance the ledger accounts, and prepare a trial balance as at 31 October.

Smith Electronic Company’s chip-mounting production department had 300 units of unfinished product, each 50% completed on September 30. During October of the same year, this department put another 900 units into production and completed 1,000 units and transferred them to the next production department. At the end of October, 200 units of unfinished product, 70% completed, were recorded in the ending Work-in-Process Inventory. Smith Electronic introduces all direct materials when the production process is 50% complete. Direct labor and factory overhead (i.e., conversion) costs are added uniformly throughout the process.

Following is a summary of production costs incurred during October:

Required:

1. Calculate each of the following amounts using weighted-average process costing:
a. Equivalent units of direct materials and conversion.
b. Equivalent unit costs of direct materials and conversion.
c. Cost of goods completed and transferred out during the period.
d. Cost of Work-in-Process Inventory at the end of the period.

2. Prepare a production cost report for October using the weighted-average method.
3. Repeat requirement 1 using the FIFO method.
4. Repeat requirement 2 using the FIFO method.

Question 1. A company has the following transactions during the year related to stockholders’ equity.

Required:

Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Question 2.

A company has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders’ equity during Year 1, its first year of operations:

Required:
Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Smith Electronic Company’s chip-mounting production department had 300 units of unfinished product, each 50% completed on September 30. During October of the same year, this department put another 900 units into production and completed 1,000 units and transferred them to the next production department. At the end of October, 200 units of unfinished product, 70% completed, were recorded in the ending Work-in-Process Inventory. Smith Electronic introduces all direct materials when the production process is 50% complete. Direct labor and factory overhead (i.e., conversion) costs are added uniformly throughout the process.

Following is a summary of production costs incurred during October:

Required:

1. Calculate each of the following amounts using weighted-average process costing:
a. Equivalent units of direct materials and conversion.
b. Equivalent unit costs of direct materials and conversion.
c. Cost of goods completed and transferred out during the period.
d. Cost of Work-in-Process Inventory at the end of the period.

2. Prepare a production cost report for October using the weighted-average method.
3. Repeat requirement 1 using the FIFO method.
4. Repeat requirement 2 using the FIFO method.

Question 2:

On September 30, 2017, the Radison Avenue Incorporated post-closing trial balance was as follows. The company adjusts its accounts monthly.

During October, the following transactions were completed:

Paid $2,300 to employees for salaries due, of which $1,800 is for September salaries payable and $500 for October

Issued common shares for $4,800

Received $11,200 cash from customers in payment of accounts

Received $12,700 cash for services performed in October Purchased supplies on account, $675

Paid creditors $3,200 of accounts payable due

Paid October rent, $550

Paid salaries, $2,150

Performed services on account, $3,200

Paid a cash dividend, $600

Received $1,350 from customers for services to be provided in the future

Adjustment data for the month:

1. Accrued salaries payable are $1,100

2. Unearned revenue of $850 was earned during the month

3. Income tax payable is estimated to be $600

Required:

In good format, and making whatever assumption you feel appropriate, prepare an accrual-based Income Statement and Statement of Financial Position (Balance Sheet) for the month ending October 2017.

Smith Electronic Company’s chip-mounting production department had 300 units of unfinished product, each 50% completed on September 30. During October of the same year, this department put another 800 units into production and completed 900 units and transferred them to the next production department. At the end of October, 200 units of unfinished product, 70% completed, were recorded in the ending Work-in-Process Inventory. Smith Electronic introduces all direct materials when the production process is 50% complete. Direct labor and factory overhead (i.e., conversion) costs are added uniformly throughout the process.

Following is a summary of production costs incurred during October:

Required:

1. Calculate each of the following amounts using weighted-average process costing:
a. Equivalent units of direct materials and conversion.
b. Equivalent unit costs of direct materials and conversion.
c. Cost of goods completed and transferred out during the period.
d. Cost of Work-in-Process Inventory at the end of the period.

2. Prepare a production cost report for October using the weighted-average method.

3. Repeat requirement 1 using the FIFO method.

4. Repeat requirement 2 using the FIFO method.

For Every Bullet-Point Item, Indicate Whether It Attempts to Shift Aggregate Demand or Aggregate Supply.

THE AMERICAN JOBS ACT

1. Tax Cuts to Help America’s Small Businesses Hire and Grow

• Cutting the payroll tax in half for 98 percent of businesses: The President’s plan will cut in half the taxes paid by businesses on their first $5 million in payroll, targeting the benefit to the 98 percent of firms that have payroll below this threshold.
• A complete payroll tax holiday for added workers or increased wages: The President’s plan will completely eliminate payroll taxes for firms that increase their payroll by adding new workers or increasing the wages of their current worker (the benefit is capped at the first $50 million in payroll increases).
• Extending 100% expensing into 2012: This continues an effective incentive for new investment.
• Reforms and regulatory reductions to help entrepreneurs and small businesses access capital.

2. Putting Workers Back on the Job While Rebuilding and Modernizing America

• A “Returning Heroes” hiring tax credit for veterans: This provides tax credits from $5,600 to $9,600 to encourage the hiring of unemployed veterans.
• Preventing up to 280,000 teacher layoffs, while keeping cops and firefighters on the job.
• Modernizing at least 35,000 public schools across the country, supporting new science labs, Internet-ready classrooms and renovations at schools across the country, in rural and urban areas.
• Immediate investments in infrastructure and a bipartisan National Infrastructure Bank, modernizing our roads, rail, airports and waterways while putting hundreds of thousands of workers back on the job.
• A New “Project Rebuild”, which will put people to work rehabilitating homes, businesses and communities, leveraging private capital and scaling land banks and other public-private collaborations.
• Expanding access to high-speed wireless as part of a plan for freeing up the nation’s spectrum.

3. Pathways Back to Work for Americans Looking for Jobs.

• The most innovative reform to the unemployment insurance program in 40 years: As part of an extension of unemployment insurance to prevent 5 million Americans looking for work from losing their benefits, the President’s plan includes innovative work-based reforms to prevent layoffs and give states greater flexibility to use UI funds to best support job-seekers
• A $4,000 tax credit to employers for hiring long-term unemployed workers.
• Prohibiting employers from discriminating against unemployed workers when hiring.
• Expanding job opportunities for low-income youth and adults through a fund for successful approaches for subsidized employment, innovative training programs and summer/year-round jobs for youth.

4. Tax Relief for Every American Worker and Family

• Cutting payroll taxes in half for 160 million workers next year: The President’s plan will expand the payroll tax cut passed last year to cut workers payroll taxes in half in 2012 – providing a $1,500 tax cut to the typical American family, without negatively impacting the Social Security Trust Fund.
• Allowing more Americans to refinance their mortgages at today’s near 4 percent interest rates, which can put more than $2,000 a year in a family’s pocket.

A paper on the ‘Hyperloop Alpha’ concept for a high speed transportation system was published in 2013. Since then, there has been a lot of hype, time, and money directed toward the concept. Your task this week is to evaluate the hyperloop concept purely from a 2D particle kinetics point of view.

For this assignment, the important specifications from the paper are as follows:

Urban cruise speed: 300 mph (480 kph)

Inter-city cruise speed: 760 mph (1,220 kph)

Axial Acceleration (along direction of travel): 1 g

Lateral Acceleration (normal to direction of travel): 0.5 g

Capsule weight (incl. passengers): 57,000 lb (26,000 kg)

Pylon support spacing: 100’ (30 m)

3. At a minimum, any motion path must be continuous in position, velocity, and acceleration to avoid impacts. Suppose the path deviates from the theoretical line by a distance h, due to a relative displacement of one pylon with respect to its neighbors. If we assume a polynomial path along these two pylon spacings, for a total distance of 2L, the lowest-acceleration shape that meets these end-conditions is given by the function:

y(x) = 64h((x/2L)^3-3(x/2L)^4+3(x/2L)^5-(x/2L)^6)

c. Assuming that the velocity in the nominal motion direction ( ˙x) is constant, so that v = ˙xˆI + ˙yJˆ, and assuming that y˙ ≪ v, so that y/v ˙ ≈ 0, determine an expression for the tangential velocity, the tangential acceleration, and the normal acceleration of the capsule as a function of the amount of deviation (h), the pylon spacing (L), and the nominal velocity ˙x.

d. At what position x does the peak value of the normal acceleration, an occur?

e. At the location of peak normal acceleration, you determined in part ‘d’, determine an expression for the radius of curvature ρ of the motion of the capsule as a function of the amount of deviation (h) of the pylon.

g. Could you allow the same h in a curved section of track? Why or why not?

h. Does this level of precision in straightness sound plausible? Based on the values you calculated, would you expect there to be any significant impact on the cost?

Explore the FASB Codification section related to intangible assets (§350). Explain how specific intangibles might be treated within a particular industry and justify why this methodology is appropriate.

Sprouse and Moonitz proposed that quantification is an element of economic environment that is relevant for accounting. In this regard, explain (approx. 250- 350 words why Sprouse and Moonitz say that quantification is relevant.