Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides data concerning the company’s costs:

For example, electricity costs are $1,300 per month plus $0.06 per car washed. The company expects to wash 8,200 cars in August and to collect an average of $6.10 per car washed.

The actual operating results for August appear below.

Required:

Prepare a flexible budget performance report that shows the company’s revenue and spending variances and activity variances for August.

Lapps Inc. makes a gift product that sells best during the holiday season. Retailers stock up in the fall, so Lapps's sales are largest in October and November and drop dramatically in December. The firm expects the following revenue pattern for the second half of this year ($000). The third quarter figures are actual results, while the fourth quarter is a projection. Jul Aug Sep Oct Nov Dec Revenue $5,500 $6,000 $7,500 $8,000 $9,500 $4,000 Historically, Lapps collects its receivables according to the following pattern. Months after sale 1 2 3 % collected 60% 30% 9% The firm offers a 2% prompt payment discount, which is taken by about half of the customers that pay in the first month. Lapps receives inventory one month in advance of sales. The cost of material is 40% of revenue. Invoices are paid 45 days after receipt of material. The firm uses temporary labor to meet its seasonal production needs, so payroll can be estimated at 35% of the current month's sales. Other expenses are a constant $1.8 million per month. A $.7 million tax payment is scheduled for November, and an expansion project will require cash of $.5 million in October and $.8 million in December. Lapps has a $6 million short-term loan outstanding at the end of September. Monthly interest is 1% of the previous month-end balance. Prepare Lapps's cash budget for the fourth quarter.

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I need answer of Question 6?

Below is the unadjusted trial balance for Walton Anvils as of December 31, 2016, and the data for the adjustments.

Adjustment Data

Question no. 6

Ina works in a juice firm and has to develop the production plan for the lemon and the orange juice concentrates. The fruits (lemon and orange) that she needs to make the juice are not the bottleneck but Ina is concerned about the other main ingredients that go into making the juice: a water-based solution, sugar, and a vitamin mix. Checking with the ERP system tells her that she has 10.3 metric tons of the water solution, 2.92 metric tons of sugar, and 2030 kg of vitamin mix. The recipe tells her to use 47 kg of water solution to make a metric ton of lemon drink and 72 kg of water solution to make a metric ton of orange drink. For the lemon drink she also needs 24 kg of sugar and 24 kg of vitamin mix. The orange drink needs 16 kg of sugar and 10 kg of vitamin mix.

From the sales department, Ina knows that the lemon soft drink sells at 60 SEK/metric ton and the orange drink sells at 75 SEK/metric ton. (SEK = Swedish krona).

How much lemon drink should Ina produce to maximize revenue?

Give your answer in metric tons and round to one decimal place.

How much orange drink should Ina produce to maximize revenue?

Give your answer in metric tons and round to one decimal.

How much revenue can Ina generate with the optimal production plan?

Round your answer to the nearest integer

1. Jim Harvey, your client, owns a life insurance policy on his own life. He has paid $6,500 in premiums, and the cash surrender value of the policy is $25,000. Jim Harvey borrowed $25,000 from the insurance company, using the cash surrender value as collateral. He is considering canceling the policy in payment of the loan. Jim Harvey would like to know the federal income tax consequences of canceling his insurance policy. Discuss the tax implications.

2. As we know, Congress devised a very broad definition of income and codified this definition in Section 61 of the Internal Revenue Code. Explain the Code's definition of income and how it is generally applied to taxpayers. In particular, explain how the Code's definition of income is different than other potential definitions of income, such as the economic concept of income, and use an example to illustrate the difference between the two systems.

3. In terms of revenue neutrality, comment on a tax cut enacted by Congress that also contains revenue offsets, a tax cut enacted by Congress that is phased in over a period of years, a tax cut enacted by Congress that contains a sunset provision & a tax cut enacted by Congress that includes a stealth tax feature

4. Should funds borrowed against your insurance policy be taxable? Why? Why not?

5. What are the tax implications when the taxpayer gets monies from insurance companies? Discuss.

6. Explain the function of Temporary Regulations.Compare a determination letter with a letter ruling.

7. Discuss the advantages and disadvantages of the Small Cases Division of the U.S. Tax Court.

Woodland Hotels Inc. operates four resorts in the heavily wooded areas of northern California. The resorts are named after the predominant trees at the resort: Pine Valley, Oak Glen, Mimosa, and Birch Glen. Woodland allocates its central office costs to each of the four resorts according to the annual revenue the resort generates. For the current year, the central office costs (000s omitted) were as follows:

Required:

1. Based on annual revenue, what amount of the central office costs are allocated to each resort?

2. Suppose that the current methods were replaced with a system of four separate cost pools with costs collected in the four pools allocated on the basis of revenues, assets invested in each resort, square footage, and number of rooms, respectively. Which costs should be collected in each of the four pools?

3. Using the cost pool system in requirement 2, how much of the central office costs would be allocated to each resort?

1. If the level of activity increases within relevant range:

a. variable cost per unit and total fixed cost stay the same

b. fixed cost per unit and total variable cost increase

c. variable cost per unit and total cost increase

d. total cost will increase and fixed cost per unit stays same

2. Which of the following statements is incorrect about the Cost-Volume-Profit graph?

a. The assumption that volume is the only factor affecting total cost

b. The assumption that selling prices do not change

c. The assumption that variable costs go down as volume goes up

d. The assumption that fixed expenses are constant in total within the relevant range

3. The contribution margin ratio decreases if:

a. the percentage of contribution margin to sales revenue increases

b. the percentage of variable cost to sales revenue increases

c. the percentage of variable cost to sales revenue decreases

d. total fixed costs decrease

4. If company X is operating above its break-even point, which of the following is always true:

a. its total variable costs are less than its total fixed costs

b. its total contribution margin is greater than its total variable costs

c. its total contribution margin is greater than its total fixed costs

d. its selling price is higher than per-unit variable cost

Below is the unadjusted trial balance for Walton Anvils as of December 31, 2016, and the data for the adjustments. There is also an Excel Template for this problem that you may download and use (or you may use your own).

Adjustment Data

Requirements

Open T-accounts using the balances in the unadjusted trial balance.

Complete the worksheet for the year ended December 31, 2016.

Prepare the adjusting entries and post to the T-accounts.

Prepare the adjusted trial balance.

Prepare the income statement, the statement of retained earnings, and the classified balance sheet in report form.

Prepare the closing entries and post to the T-accounts.

Prepare a post-closing trial balance.

Calculate the current ratio for the company.

Brighton Ltd has unadjusted trial balance as follows on 30 June 2020.

Additional information:

1. Depreciation on the motor vehicles is on the straight-line method with a useful life of 12 years and scrap value of $4,800.
2. Depreciation on the equipment is on the reducing-balance method with a depreciation rate of 20% and scrap value of $300.
3. Expired insurance amounted to $4,500.
4. A physical stocktake has determined that office supplies on hand amounted to $700.
5. The balance in the unearned rental revenue account includes $350 for services provided on 25 June 2020.
6. Salaries earned but not paid amounted to $2,500.
7. Accrued interest on the bank loan is $4,100.
8. Electricity expense for June of $275 has not been paid for or recorded at 30 June 2020.

Required:

(a) Prepare the necessary adjusting entries in the general journal for the year ended 30 June 2020. Narrations are not required.

(b) Prepare an income statement for the year ended 30 June 2020.

*Please upload the solution as soon as you can finish it. Thanks for your help

2. Su Chan manages a Chinese restaurant called the Bungalow. Her P&L for the month of March is as follows: (see chart for information). Su has a meeting with the owner of the Bungalow next week, so she has decided to create a pie chart showing the percentage of her costs in relation to her total sales (see the following diagram).

Revenue $100,000.00 100.0%

34,000.00 34.0%

Labor Expense 40,000.00 40.0%

Other Expense 21,000.00 21.0%

Total Expenses $95,000.00 95.0%

Profit $5,000.00 5.0%

At the meeting with the owner, Su is asked to change the information on the pie chart to reflect next month’s projections.

Revenue $120,000.00 120.0%

44,000.00 44.0%

Labor Expense 40,000.00 40.0%

Other Expense 21,000.00 21.0%

Total Expenses 105,000.00 105.0%

Profit $15,000.00 15.0%

Revenue $120,000.00 120.0%

44,000.00 44.0%

Labor Expense 50,000.00 50.0%

Other Expense 19,000.00 19.0%

Total Expenses 113,000.00 113.0%

After looking at the owner’s projections, Su thinks it might be too difficult (and not so good for her guests) to increase sales without also increasing labor costs. She proposes a compromise and tells the owner that if he will agree to increased labor costs, she will try to decrease other expenses. So, Su proposes the following: April revenues = $120,000. Food and beverage costs = $44,000. Labor expense = $50,000. Other expense = $19,000. Using these numbers, is the owner’s profit percentage going to be higher or lower than that in March? By how much? Which set of projections has more reasonable goals?