Calculating FIFO Inventory Values

The Mann Corporation began operations in 2015. Information relating to the company’s purchases of inventory and sales of products for 2015 and 2016 is presented below.

Calculate the FIFO cost of goods sold and ending inventory for 2015 and 2016 assuming use of (a) the periodic method and (b) the perpetual method.

a. FIFO Periodic. Round to nearest whole number.

b. FIFO Perpetual. Round to nearest whole number.

On October 29, 2016, Lobo Co. began operations by purchasing razors for resale. Lobo uses the perpetual inventory method. The razors have a 90-day warranty that requires the company to replace any nonworking razor. When a razor is returned, the company discards it and mails a new one from Merchandise Inventory to the customer. The company's cost per new razor is $13 and its retail selling price is $80 in both 2016 and 2017. The manufacturer has advised the company to expect warranty costs to equal 6% of dollar sales. The following transactions and events occurred.

2016

2017

2. How much warranty expense is reported for November 2016 and for December 2016?
  

You have been asked to analyze the financial statements of the Dayton Corporation for the two years ending 2015 and 2016.

Create the following in excel.

a. Create a comparative balance sheet for the years 2016 and 2015,

b. Create a comparative income statement for the years 2016 and 2015,

c. Create a spreadsheet to calculate the listed financial ratios for both 2016 and 2015,

Long-Term Financing Needed At year-end 2016, Wallace Landscaping’s total assets were $1.6 million and its accounts payable were $375,000. Sales, which in 2016 were $2.7 million, are expected to increase by 20% in 2017. Total assets and accounts payable are proportional to sales, and that relationship will be maintained. Wallace typically uses no current liabilities other than accounts payable. Common stock amounted to $475,000 in 2016, and retained earnings were $260,000. Wallace has arranged to sell $155,000 of new common stock in 2017 to meet some of its financing needs. The remainder of its financing needs will be met by issuing new long-term debt at the end of 2017. (Because the debt is added at the end of the year, there will be no additional interest expense due to the new debt.) Its profit margin on sales is 3%, and 50% of earnings will be paid out as dividends.

What was Wallace's total long-term debt in 2016? Round your answer to the nearest dollar.

What were Wallace's total liabilities in 2016? Round your answer to the nearest dollar.  

How much new long-term debt financing will be needed in 2017? (Hint: AFN - New stock = New long-term debt.) Round your answer to the nearest dollar.

I) A company bills customers for services rendered on account. Which of the following is part of recording this transaction?

a) Decrese service revenue

b) Decrease cash ; c) Increase account receivable ; d) Increase Unearned revenue

II) Adjusting entries always impact the income statement and the cash account

True or False?

III) Denise's Donuts has 12 Employees who are paid $15 per houir. At December 31, 2016, each of Denise's Donuts's employees had worked 20 hours which had not been paid or recorded. prior to adjustments, the company's trial balance showed $171400 in the wages expenses account. If Denise's Donuts makes the appropriate adjusting entry, how much will be reported on the December 31,2016 income statement as wage expense?

a) $167,800

b) $ 175,000

c) $3,600

d)$173,992

IV) A company provides services to clients during the period that are neither paid for, nor billed ( Invoiced) to the clients. What must the company do?

a) Collect the cash owed from the customer in order to recognize the revenue

b) record the revenues as a liability at the end of the year

c) Accrue revenue by making an adjusting entry at the end of the period

d) All provided answers are true

V) when adjusting for depreciation, which of the following is one effect of the adjustment

a) Accumulated depreciation is decreased

b) The asset's book value declines

c) The cost of the equipment declines

d) The market value of the equipment declines

P2. On January 1, 2015 Tommy Inc. borrows $100,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $29,523 of accrued interest and principal on December 31 of each year for the next four years. The first payment is due Dec 31, 2015.

Part 1. Prepare the amortization table for this installment note using the template below. Note that I completed the first line for you and left the totals as check figures.

1.    Amortization table for the loan

*Adjusted for rounding.

Part 2. Prepare the journal entries for Tommy, Inc to record the loan on January 1, 2015 and the four payments from Dec 31, 2015 through Dec 31, 2018.

Date                            Account Name                                    Debit               Credit

Write a program that prompts the user to input their first name from the keyboard and stores them in the variable "firstName". It does the same for last name and stores it in the variable "lastName". It then uses strcat to merge the two names, separates them by a space and stores the full name into a string variable called "fullName". In the end, the program must print out the string stored within fullName. ANSWER IN C LANGUAGE !

You may use the following declarations for this problem:
char firstName [50];
char lastName [50];
char fullName [50];

You *must* use the function below to print out the full name:
void printName(char fullName[])

Changing the function or its parameters is not permitted.

======================
Sample Output:
======================
Please enter your first name: John
Please enter your last name: Wick

Your full name is John Wick

Write the formula of the coordination compound pentacarbonyliron(0)

Write a systematic name for Li₂[CoF₆].

Write a systematic name for [RuCl₂(bipy)₂].

Write a systematic name for [Co(NH₃)₃Cl₃].

Question.

Peyton Smith enjoys listening to all types of music and owns countless CDs. Over the years, Peyton has gained a local reputation for knowledge of music from classical to rap and the ability to put together sets of recordings that appeal to all ages.

During the last several months, Peyton served as a guest disc jockey on a local radio station. In addition, Peyton has entertained at several friends’ parties as the host deejay.

On June 1, 2016, Peyton established a corporation known as PS Music. Using an extensive collection of music MP3 files, Peyton will serve as a disc jockey on a fee basis for weddings, college parties, and other events. During June, Peyton entered into transactions that were posted to the accounting equation grid in Part 1 of this problem.

Information

X

Income Statement

Shaded cells have feedback.

ending balances for accounts are shown in the following summary grid.

Topic-Research and Development Costs

Beta Ltd incurred development costs that may be capitalised of Sh.24,000,000 on 31 March 2014.The asset was available for use on 1 May 2014 and the marketing division completed the following estimates of future sales for the year ending 31st December:

The average gross profit mark-up on sales is 25% , while the associated sales and administrative expenses amount to 6% of the selling price.The fair pre-tax discount rate for Beta Ltd is 10% and the cash flow are deemed to have taken place on the last day of the Financial year.The fair value less costs to sell of the asset is Sh.13,000,000 at 31st December 2016

The company plans to amortise the development costs over a period of 48 months ( the estimated market life) but a technical problem caused production to cease temporarily between 1 january 2016 and 31 May 2016.The total development costs were written off during the year ended 31 December 2015 as the technical feasibility of the product was questioned at that stage and thus an impairment loss was recognized.

Further development costs amounting to Sh.3,900,000 were incurred between January and May 2016.However, the problem with technical feasibility was solved in the interim and production recommenced on 1 june 2016, thus leading to a reversal of the impairment loss.The actual sales figure for 2016 was Sh.28,000,000, while the estimates for 2017 and thereafter increased by 20% as a result of an unexpected increase in demand for the now improved product.The estimated market life still expires on 30 june 2019

Required:

Illustrate how development costs will be accounted for in the statement of comprehensive income for the year ended 31 december 2015 (show your workings)