Your business exchanged accounting services, worth $30,000, to Luna Inc. for equipment worth $15,000 at the date of the exchange. How much revenue should your business report as a result of the transaction?

$45,000

$0 because no cash was paid.

$30,000

$15,000

The following are questions for discussion assignment. Could you please assist me with these questions? Thank you.

Rite Aid Corporation; NYSE: RAD

Income Statement: Listed as Consolidated of Operations, page 76

Balance Sheet: Listed as Consolidated Balance Sheets, page 75

Statement of Stockholder's Equity: Listed as Consolidated Statements of Stockholders' Equity, page 78

Statement of Cash Flows: Listed as Consolidated Statements of Cash Flows, page 79

https://www.sec.gov/Archives/edgar/data/84129/000104746918003207/a2235393z10-k.htm

Adger Corporation is a service company that measures its output based on the number of customers served. The company provided the following fixed and variable cost estimates that it uses for budgeting purposes and the actual results for May as shown below:

When preparing its planning budget the company estimated that it would serve 40 customers per month; however, during May the company actually served 45 customers.

5. What net operating income would appear in Adger’s flexible budget for May?

6. What is Adger’s revenue variance for May? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.

7. What is Adger’s employee salaries and wages spending variance for May?

8. What is Adger’s travel expenses spending variance for May

9. What is Adger’s other expenses spending variance for May?

10. What amount of revenue would be included in Adger’s planning budget for May?

11. What amount of employee salaries and wages would be included in Adger’s planning budget for May?

12. What amount of travel expenses would be included in Adger’s planning budget for May?

13. What amount of other expenses would be included in Adger’s planning budget for May?

14. What activity variance would Adger report in May with respect to its revenue?

15. What activity variances would Adger report with respect to each of its expenses for May? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values

On January 12, 2009, Capsule Corp. signed a $4 million contract to construct an office and warehouse for a small wholesale company. The project was originally expected to be completed in two years, but difficulties in hiring a sufficient pool of skilled workers extended the completion date by an extra year. As well, significant increases in the price of steel in the second year resulted in cost overruns on the project. Capsule Corp. was able to negotiate a partial recovery of these costs, and the total contract value was adjusted to $4.4 million in the second year. Additional information from the project is as follows:

Instructions:

a) Calculate the amount of gross profit to be recognized each year using the percentage-of-completion method. Please make sure your final answers are accurate to the nearest whole number.

b) Prepare for Capsule Corp. all the required journal entries for the year ended December 31, 2010. Please make sure your final answers are accurate to 2 decimal places. Also assume that the increase in material costs has created significant uncertainty for the contract. Hint: There are 4 Journal Entries, some journal entries may or may not require more than 2 accounts.

c) Using the zero-profit method (IFRS), determine the amount of revenue and expense to report each year. Please make sure your final answers are accurate to 2 decimal places.

d) Using the completed-contract method (ASPE), determine the amount of revenue and expense to report each year. Please make sure your final answers are accurate to 2 decimal places.

PA6-1 (Algo) Calculating Contribution Margin, Contribution Margin Ratio, Break-Even Point [LO 6-1, 6-2]

Hermosa, Inc., produces one model of mountain bike. Partial information for the company follows:

Required:
1. Complete the table.

2. Calculate Hermosa’s contribution margin ratio and its total contribution margin at each sales level indicated in the table assuming the company sells each bike for $650.

4. Calculate Hermosa’s break-even point in units and sales revenue.

Complete this question by entering your answers in the tabs below.

• Required 1
• Required 2
• Required 4

Complete the table. (Round your "Cost per Unit" answers to 2 decimal places.)

• Required 2

Calculate Hermosa’s contribution margin ratio and its total contribution margin at each sales level indicated in the table assuming the company sells each bike for $650. (Round your percentage answers to 2 decimal places. (i.e. .1234 should be entered as 12.34%.))

• Required 4

Calculate Hermosa’s break-even point in units and sales revenue. (Round your "Unit" and "Sales Revenue" answers to the nearest whole number.)

The information below for questions (a) and (b) Toyoda Inc. is a Japanese firm located in Tokyo. The firm collected JPY 190,000 from customers in 2018. Of the amount collected, JPY 40,000 was from revenue accrued from services performed in 2017, and JPY 20,000 was received in advance for 2019 revenue. Furthermore, the firm incurred JPY 78,000 of expenses in 2018, which will not be paid until 2019. The firm also incurred JPY 29,000 of expenses in 2018 which had been paid in 2017. The firm paid JPY 150,000 for expenses in 2018. Of the amount paid, JPY 50,000 was for expenses incurred on account in 2017, JPY 22,000 was paid in advance for 2019 expenses. The firm also earned JPY 60,000 of revenue in 2018, which will not be collected until 2019. The firm also earned JPY 25,000 of revenue in 2018 which had been collected in 2017.

(a) Compute 2018 Toyoda Inc.’s cash-basis net income! (2 points)

(b) Compute 2018 Toyoda Inc.’s accrual-basis net income! (3 points)

(c) Kishida-san is the CEO of Hyakuen Inc. He asks you, as the firm's accounting manager, regarding cash issues that he was confused. He was unsure whether cash equivalents are the same as cash. He was also unsure of how the restricted cash funds shall be reported on the balance sheet. Explain! (3 points)

(d) Herr Lahm is the CEO of Danke Mobile Inc. Danke Mobile Inc. is a German firm located in Munich. You were hired as the Danke Mobile Inc.'s accounting manager. You have just presented the GAAP of receivables. However, Herr Lahm could not understand why cash realizable value does not decrease when an uncollectible account is written off under the allowance method. You are required to explain this point to Herr Lahm! (2 points)

Question 65

Using the indirect method, calculate the amount of cash flows provided (used) by operating activities from the following data (in dollars): Net income 392,000; Beginning accounts receivable 54,000; Ending accounts receivable 43,000; Beginning prepaid expenses 8,000; Ending prepaid expenses 2,000; Beginning accounts payable 27,000; Ending accounts payable 17,000; Depreciation expense 46,000; Gain on disposal of equipment 5,000; Cash dividends of 38,000 were declared and paid to shareholders. If the amount represents cash flow used, enter the amount with a - sign e.g. -15000.

$_____

Question 57

On the adjusted trial balance of Orlando Corporation as at January 31, 2018, the following are some of the account balances (all normal balances): Supplies $740, Prepaid Insurance $1,620, Unearned Revenue $680, Salaries Payable $1,190, Supplies Expense $950, Service Revenue $2,030, Insurance Expense $540, Salaries Expense $1,740. Orlando's year-end is December 31 and its adjusting journal entries are recorded monthly. If $2,570 of salaries was paid in January, what was the balance in Salaries Payable at December 31, 2017?

$___

Question 52

Wrong Corp. receives a $7,000, 6-month, 4% note from Right Corp. in settlement of a past-due account receivable. What entry will Wrong Corp. make upon receiving the note?

Question 39

The collection of an account that had been previously written off under the allowance method for uncollectible accounts

What are influential observations and outliers in regression and how to determine them? Use Excel Analysis ToolPak to solve the following problem.

The following data show the annual revenue ($ millions) and the estimated team value
($ millions) for the 32 teams in the National Football League (Forbes website, February
2009).

Team   Revenue   Value
Arizona Cardinals   203   914
Atlanta Falcons   203   872
Baltimore Ravens   226   1062
Buffalo Bills   206   885
Carolina Panthers   221   1040
Chicago Bears   226   1064
Cincinnati Bengals   205   941
Cleveland Browns   220   1035
Dallas Cowboys   269   1612
Denver Broncos   226   1061
Detroit Lions   204   917
Green Bay Packers   218   1023
Houston Texans   239   1125
Indianapolis Colts   203   1076
Jacksonville Jaguars   204   876
Kansas City Chiefs   214   1016
Miami Dolphins   232   1044
Minnesota Vikings   195   839
New England Patriots   282   1324
New Orleans Saints   213   937
New York Giants   214   1178
New York Jets   213   1170
Oakland Raiders   205   861
Philadelphia Eagles   237   1116
Pittsburgh Steelers   216   1015
San Diego Chargers   207   888
San Francisco 49ers   201   865
Seattle Seahawks   215   1010
St Louis Rams   206   929
Tampa Bay Buccaneers   224   1053
Tennessee Titans   216   994
Washington Redskins   327   1538

a.   Develop a scatter diagram with Revenue on the horizontal axis and Value on the vertical axis.
b.   Develop the estimated regression equation that can be used to predict team value given the value of annual revenue.
c. Construct a residual plot of the standardized residuals against the independent variable.
d. Do the assumptions about the error term and model form seem reasonable in light of the residual plot?

Question 65

Using the indirect method, calculate the amount of cash flows provided (used) by operating activities from the following data (in dollars): Net income 392,000; Beginning accounts receivable 54,000; Ending accounts receivable 43,000; Beginning prepaid expenses 8,000; Ending prepaid expenses 2,000; Beginning accounts payable 27,000; Ending accounts payable 17,000; Depreciation expense 46,000; Gain on disposal of equipment 5,000; Cash dividends of 38,000 were declared and paid to shareholders. If the amount represents cash flow used, enter the amount with a - sign e.g. -15000.

$_____

Question 57

On the adjusted trial balance of Orlando Corporation as at January 31, 2018, the following are some of the account balances (all normal balances): Supplies $740, Prepaid Insurance $1,620, Unearned Revenue $680, Salaries Payable $1,190, Supplies Expense $950, Service Revenue $2,030, Insurance Expense $540, Salaries Expense $1,740. Orlando's year-end is December 31 and its adjusting journal entries are recorded monthly. If $2,570 of salaries was paid in January, what was the balance in Salaries Payable at December 31, 2017?

$___

Question 52

Wrong Corp. receives a $7,000, 6-month, 4% note from Right Corp. in settlement of a past-due account receivable. What entry will Wrong Corp. make upon receiving the note?

Question 39

The collection of an account that had been previously written off under the allowance method for uncollectible accounts

Multiple-Product Break-even, Break-Even Sales Revenue

Cherry Blossom Products Inc. produces and sells yoga-training products: how-to DVDs and a basic equipment set (blocks, strap, and small pillows). Last year, Cherry Blossom Products sold 13,500 DVDs and 4,500 equipment sets. Information on the two products is as follows:

Total fixed cost is $101,750.

Suppose that in the coming year, the company plans to produce an extra-thick yoga mat for sale to health clubs. The company estimates that 9,000 mats can be sold at a price of $18 and a variable cost per unit of $10. Total fixed cost must be increased by $33,910 (making total fixed cost $135,660). Assume that anticipated sales of the other products, as well as their prices and variable costs, remain the same.

Part 1: Sales Mix Instructions and Part 2: Break-Even

1. What is the sales mix of DVDs, equipment sets, and yoga mats?

2. Compute the break-even quantity of each product.

Part 3a: Income Statement

3a. Prepare an income statement for Cherry Blossom Products for the coming year.

Part 3b: Contribution Margin Ratio and Part 4: Margin of Safety

3b. What is the overall contribution margin ratio? Use the contribution margin ratio to compute overall break-even sales revenue. (Note: Round the contribution margin ratio to the nearest whole percent; round the break-even sales revenue to the nearest dollar.)

4. Compute the margin of safety for the coming year in sales dollars.
$