*Problem 1-4A (Video)

The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020.

Raw Materials Inventory

7/1/19 $48,900 Factory Insurance $5,100

Raw Materials Inventory

6/30/20 46,900

Factory Machinery

Depreciation 18,000

Finished Goods

Inventory 7/1/19 97,700 Factory Utilities 30,000

Finished Goods

Inventory 6/30/20 21,600

Office Utilities

Expense 9,350

Work in Process

Inventory 7/1/19 25,200 Sales Revenue 558,900

Work in Process

Inventory 6/30/20 23,700 Sales Discounts 5,000

Direct Labor 142,050

Plant Manager’s

Salary 65,200

Indirect Labor 25,360

Factory Property

Taxes 9,710

Accounts Receivable 35,500 Factory Repairs 2,200

Raw Materials

Purchases 96,700

Cash 40,700

Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)

CLARKSON COMPANY

Cost of Goods Manufactured Schedule

$

$

:

$

:

$

Prepare an income statement through gross profit.

CLARKSON COMPANY

(Partial) Income Statement

$

:

$

:

$

Prepare the current assets section of the balance sheet at June 30, 2020. (List Current Assets in order of liquidity.)

CLARKSON COMPANY

(Partial) Balance Sheet

$

$

$

The Quick Pass CPA Review Co., charges $10,000 for its review classes, and offers a money-back guarantee, if the student does not pass on the first try. The company collected $500,000 from students in its first class, which was held from July through October of 2019. Since the grades of the students on the November test will not be known until January 2020, the owner of Quick Pass intends to not recognize any income until the number of students who actually passed is known, so that he can report income and refund in the same year. What is your advice to your client?

Packard Corporation began a new development project in 2020. The project reached technological feasibility on September 1, 2021, and was available for release to customers at the beginning of 2022. Development costs incurred prior to September 1, 2021, were $4,650,000, and costs incurred from September 1 to the product release date were $1,950,000. The 2022 revenues from the sale of the new software were $3,200,000, and the company anticipates additional revenues of $12,800,000. The economic life of the software is estimated at three years. Amortization of the software development costs for the year 2022 would be:

Multiple Choice

• $392,500.

• $1,550,000.

• $650,000.

• $2,200,000.

During the year, Jumping Jacks, paid cash to purchase land. reported in the statement of cash flows?  How would Jumping Jacks report this on the statement of cash flows?

Hoola Hoops is preparing a Cash Flow Statement for the fiscal year ended September 30, 2020.  Which of the following transactions affects Hoola Hoops’ Cash Flows?

Bravo Company prepared a Cash Flow Statement that included the following information. Cash from operating activities was $39,000, cash used for investing activities was ($59,000) and the net change in cash was $70,000, Based on this information what was cash from/used for financing activities?

1. Your company has a strong brand name in the United States, and you’re ready to enter Africa, especially West Africa. You decide to acquire a local company in Liberia. Considering your understanding of branding, would you use the existing US brand in Liberia? Would you use it in all of West Africa? Or would you use your strong US brand globally? Would you use both brands in the same markets? Discuss the advantages and disadvantages of the various strategies, taking into account the trust factor of brands, the influence of local differences, and the country-of-origin effect.

Question 12

The following facts pertain to a non-cancelable lease agreement between Shamrock Leasing Company and Pharoah Company, a lessee.

The collectibility of the lease payments by Shamrock is probable.

Compute the amount of the lease receivable at commencement of the lease. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round answer to 2 decimal places, e.g. 5,275.15.)

Prepare a lease amortization schedule for Shamrock for the 5-year lease term. (Round answers to 2 decimal places, e.g. 5,275.15.)

Prepare the journal entries to reflect the signing of the lease agreement and to record the receipts and income related to this lease for the years 2020 and 2021. The lessor’s accounting period ends on December 31. Reversing entries are not used by Shamrock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 5,275.15. Record journal entries in the order presented in the problem.)

Suppose the collectibility of the lease payments was not probable for Shamrock. Prepare all necessary journal entries for the company in 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 5,275.15.)

(Round answers to 0 decimal places, e.g. 2,500. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Exercise 18-13

The condensed financial statements of Ness Company for the years 2019 and 2020 are presented below.

Compute the following ratios for 2020 and 2019. Inventory on December 31, 2018, was $310. Assets on December 31, 2018, were $1,900. Equity on December 31, 2018, was $870.

Make sure the answers are correct, well explained, thoughtful, and have no grammar mistakes. DO NOT COPY answers from Chegg or other websites. The answer should be unique and original work. The answer should be no less than 300 words. Thanks in advance.

As an employee, doesn't have to be a retail employee for this DB mind you, what would motivate you most of the following and at least give me a sentence or two of WHY it is ranked there, in other words, put all 6 in your order of importance and WHY:

- Monetary compensation (salary, bonus, stock options, etc.)

- Time off (extra paid days off as in extra vacation or paid personal days to use, etc.)

- Being able to work from home occasionally/telecommuting ONCE Covid-19 is hopefully behind us at some point in the future

- Company Subsidized Gym access at work ONCE Covid-19 is hopefully behind us at some point in the future

- Company Subsidized Child Day Care at work ONCE Covid-19 is hopefully behind us at some point in the future

- Better medical/dental/vision plans, etc.

Then, for Store Layout, Design & Visual Merchandising:

- Tell the class a store layout you really think really is set up physically well (as in the aisles, layout, etc.) and WHY and then one you think is poorly set up and WHY.

- Tell the class a store atmosphere where color is used correctly AND one that isn't

- Tell the class a store atmosphere where music is used correctly AND one that isn't.

- Lastly, tell the class a store atmosphere where scent/aroma is used correctly AND on that isn't.

Dre Inc. began operations on 01/01/2020 and bought some equipment for $30,000. Dre uses a four-year straight-line depreciation for accounting purposes. For tax, the deduction is 40% of cost in 2020, 30% in 2021, and 30% in 2022. Pretax accounting income for 2020 was $160,000, including interest revenue of $25,000 from municipal bonds. The tax rate is 30% for all years.

Required:
Prepare a journal entry to record income taxes for the year 2020. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)