The following selected account balances are provided for Delray
Mfg.
| Sales | $ | 1,453,000 |
| Raw materials inventory, Dec. 31, 2016 | 44,000 | |
| Work in process inventory, Dec. 31, 2016 | 53,500 | |
| Finished goods inventory, Dec. 31, 2016 | 68,500 | |
| Raw materials purchases | 181,000 | |
| Direct labor | 248,000 | |
| Factory computer supplies used | 24,800 | |
| Indirect labor | 56,000 | |
| Repairs—Factory equipment | 5,250 | |
| Rent cost of factory building | 56,000 | |
| Advertising expense | 91,000 | |
| General and administrative expenses | 143,000 | |
| Raw materials inventory, Dec. 31, 2017 | 46,100 | |
| Work in process inventory, Dec. 31, 2017 | 45,000 | |
| Finished goods inventory, Dec. 31, 2017 | 73,200 | |
Prepare an income statement for Delray Mfg. (a manufacturer
In: Accounting
Accounting Homework,
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21st Century Farms Inc. is high-tech farming operation that has successfully patented methods for quick and efficient farming 365 days a year in all kinds of weather.
As their accountant, you have been asked to prepare a partial balance sheet for their fixed assets for the year ended December 31, 2016.
Their books currently show the following information:
| Account |
Amount as of December 31, 2016 |
|---|---|
| Buildings | $ 1 080 000 |
| Goodwill | 420 000 |
| Patents | 600 000 |
| Farm Equipment | 390 000 |
| Accumulated Amortization, Buildings | 670 000 |
| Accumulated Amortization, Farm Equipment | 275 000 |
| Accumulated Amortization, Patents | 120 000 |
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| 21st Century Farms Inc. Balance Sheet (partial) December 31, 2016 | ||
continues......
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Thank you!
In: Accounting
4. Sales Inc. was a regular C corporation with only 100 shares issued for many years. In 2015 they filed the necessary forms to become an S corporation as of January 1, 2016. At the time they had $500,000 of retained earnings. They had no cash because they had been using all the profit to pay down the mortgages. All shareholders meet the at-risk and active tests for all transactions. Tom bought his 50 shares for 50,000 when Sales was formed in 1996. Vic bought his 25 shares in 2011 for $200,000. Wes bought his 25 shares in 2014 for $350,000. In 2016 Sales made a profit of $900,000. They used the profit to purchase real estate. There were no distributions to shareholders. What will Tom, Vic and Wes report on their income tax returns for 2016?
In: Accounting
Steve’s Laundry
Trial Balance
December 31, 2016
Cash 6,100
Laundry Supplies 9,560
Prepaid Insurance 8,490
Laundry Equipment 105,100
Accumulated Depreciation Laundry Equipment 40,200
Accounts Payable 6,100
Mortgage Payable (Due 2030) 10,000
Capital Stock 6,000
Retained Earnings 1-1-2016 31,800
Dividends 2,000
Laundry Revenue 170,900
Wages Expense 61,400
Rent Expense 36,000
Utilities Expense 10,000
Insurance Expense 13,650
Miscellaneous Expense 12,700
Prepare and income statement, retained earnings statement and balance statement for Steve’s Laundry for the year ending December 31, 2016. Please complete the problem using an excel worksheet provided. Please remember to use proper format including financial heading for the statements.
In: Accounting
PT TOBA produces two types of products both TAKO and
TAKI through joint production process. Both products must be
further processed and then it can be sold. In April 2016 the
production cost incurred consisted of a prime cost of $ 10,000, a
direct labor cost of $ 4,000 and a conversion cost of $ 14,000. The
production process in April produced 500 units of TAKO and 2,000
TAKI units. The cost for further processing TAKO is $ 5 per unit
and TAKI $ 10 per unit. The selling price of TAKO and TAKI per unit
is $ 25 and $ 20.
Requested: During April 2016 has sold 400 units of TAKO and 1700
units of TAKI, using the NRV method, calculate the gross profit
earned in April 2016.
Note : PT TOBA is an example of a firm
In: Accounting
|
On January 1, 2016, VKI Corporation awarded restricted stock units (RSUs) representing 9 million of its $1 par common shares to key personnel, subject to forfeiture if employment is terminated within three years. After the recipients of the RSUs satisfy the vesting requirement, the company will distribute the shares. On the grant date, the shares had a market price of $7.80 per share. |
|
Required: 1.) Determind the total compensation cost pertaining to the RSU's 2.) Prepare the appropriate journal entries Record the award of RSU's on January 1, 2016. Record the Compensation expense on December 31, 2016. Record the Compensation expense on December 31, 2017. Record the Compensation expense on December 31, 2018. Record the lifting of restrictions on the RSU's and issuing shares at December 31, 2018. |
In: Accounting
According to a Gallup poll about gun ownership, in the year 2016, 270 out of 600 (45%) U.S. households answered “yes” to the question: “Do you have a gun in your home?”.
a. List the requirements for constructing a confidence interval for a proportion and show how the requirements are met for this problem.
b. Construct a 95% confidence interval for the proportion of households who own a gun in the year 2016.
c. Interpret your confidence interval in part “c”. (I am ____% confident that………).
d. Sample Size: A politician wants to know if the proportion of U.S. households who own a gun is on the rise. What size sample should be obtained if the politician wants an estimate within 3 percentage points of the true proportion with 95% confidence if he uses the 2016 estimate of 37.7% (use formula pg. 401)?
In: Statistics and Probability
Required information
The following selected account balances are provided for Delray
Mfg.
| Sales | $ | 1,024,000 |
| Raw materials inventory, Dec. 31, 2016 | 36,000 | |
| Work in process inventory, Dec. 31, 2016 | 51,300 | |
| Finished goods inventory, Dec. 31, 2016 | 66,000 | |
| Raw materials purchases | 171,700 | |
| Direct labor | 226,000 | |
| Factory computer supplies used | 19,300 | |
| Indirect labor | 56,000 | |
| Repairs—Factory equipment | 5,250 | |
| Rent cost of factory building | 57,000 | |
| Advertising expense | 98,000 | |
| General and administrative expenses | 131,000 | |
| Raw materials inventory, Dec. 31, 2017 | 41,100 | |
| Work in process inventory, Dec. 31, 2017 | 43,300 | |
| Finished goods inventory, Dec. 31, 2017 | 67,900 | |
Prepare an income statement for Delray Mfg. (a
manufacturer).
In: Accounting
Assume that on December 31, 2016, Kimberly-Clark Corp. signs a 10-year, non-cancelable lease agreement to lease a storage building from Sheffield Storage Company. The following information pertains to this lease agreement: 1. The agreement requires equal rental payments of $66,199 beginning on December 31, 2016. 2. The fair value of the building on December 31, 2016 is $484,368. 3. The building has an estimated economic life of 12 years, a guaranteed residual value of $10,000, and an expected residual value of $7,900. Kimberly-Clark depreciates similar buildings on the straight-line method. 4. The lease is nonrenewable. At the termination of the lease, the building reverts to the lessor. 5. Kimberly-Clark’s incremental borrowing rate is 8% per year. The lessor’s implicit rate is not known by Kimberly-Clark.
In: Accounting
E11-14 Naylor Company had $210,000 of net income in 2016 when the selling price per unit was $150, the variable costs per unit were $90, and the fixed costs were $570,000.Management expects per unit data and total fixed costs to remain the same in 2017. The president of Naylor Company is under pressure from stockholders to increase net income by $52,000 in 2017.
Instructions(a) Compute the number of units sold in 2016.
(b) Compute the number of units that would have to be sold in 2017 to reach the stock-holders’ desired profit level
(c) Assume that Naylor Company sells the same number of units in 2017 as it did in 2016. What would the selling price have to be in order to reach the stockholders’ desired profit level?
In: Accounting