1. Zella Co. uses a job-costing system with two direct-cost categories (direct materials and direct manufacturing labor) and one manufacturing overhead cost pool. Zella allocates manufacturing overhead costs using direct manufacturing labor costs. Zella provides the following information:

1. Compute the actual and budgeted manufacturing overhead rates for 2018. (1pt)
2. At the end of 2018, compute the under- or overallocated manufacturing overhead under normal costing. Prepare a journal entry to dispose of this amount. (1pt)

solve it in Microsoft word please

Horngren financial and managerial accounting 6th edition

Chapter 12, question 37

P12AB-37A

Brad Nelson Inc. issued $600,000 of 7% six year bonds payable on January 1, 2018. The market interest rate at date of issuance was 6% and the bonds pay interest semiannually.

a. How much cash did the company receive upon issuance of bonds payable.

b. Prepare amortization table for the bond using the effective interest method, through the first two interest payments.

c. journalize the issuance of the bonds on January 1, 2018 and the first and second payments of the semiannual interest amount and amortization of the bonds on June 30, 2018 and December 20, 2018. No explanations required.

10- Please provide examples

Niles and Marsha adopted an infant boy (a U.S. citizen). They paid $18,750 in 2017 for adoption-related expenses. The adoption was finalized in early 2018. Marsha received $3,850 of employer-provided adoption benefits. For question (a), assume that any adoption credit is not limited by modified AGI or by the amount of tax liability.

1. What amount of adoption credit, if any, can Niles and Marsha take in 2018?
2. Using the information in question (a), assume that their modified AGI was $240,000 in 2018. What amount of adoption credit is allowed in 2018? (Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.)

Use the following information to answer questions 53-55.

During 2018, Amazing Corp. reported after-tax net income of $900,000 and paid $175,000 in common dividends. The weighted average number of common shares issued in 2018 was 200,000. There are no preferred shares issued. At year end, Amazing's common shares are selling for $81 per share on the Toronto Stock Exchange.

Amazing's basic earnings per share for 2018 is

Question 53 options:

Amazing's price-earnings ratio is

Question 54 options:

Amazing's payout ratio for 2018 is

Question 55 options:

1. On August 16, 2016, Cory Corp. acquires a new piece of equipment for $80,000. Bryant depreciates equipment over ten years, assumes the residual value to be 5% of the purchase price, and uses a half-year convention in the year of acquisition. Record the journal entries for depreciation for 2017 and 2018.

2. Related to the above Question 17, if Bryant Corp. sells the equipment late in December 2018, for $70,000, what is the gain or loss on the sale?

Dalia Wahebi sells one type of machine, a mini-blender. She provides the following information for May 2018.

Dalia held 2 mini-blenders in inventory at 1 May 2018. They cost $1,200 each

Dalia wants to know the value of closing inventory and also her Gross Profit for the month of May 2018.

REQUIRED

(a)    Calculate the value of the closing inventory using FIFO and AVCO.

(b)   Calculate the Gross Profit for the month of May 2018.

On June 30, 2018, Singleton Computers issued 5% stated rate bonds with a face amount of $320 million. The bonds mature on June 30, 2033 (15 years). The market rate of interest for similar bond issues was 4% (2.0% semiannual rate). Interest is paid semiannually (2.5%) on June 30 and December 31, beginning on December 31, 2018. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Determine the price of the bonds on June 30, 2018. 2. Calculate the interest expense Singleton reports in 2018 for these bonds using the effective interest method.

On January 1, 2013, Ameen Company purchased a building for $42 million. Ameen uses straight-line depreciation for financial statement reporting and MACRS for income tax reporting. At December 31, 2017, the book value of the building was $36 million and its tax basis was $26 million. At December 31, 2018, the book value of the building was $34 million and its tax basis was $19 million. There were no other temporary differences and no permanent differences. Pretax accounting income for 2018 was $50 million.

Required:
1. Prepare the appropriate journal entry to record Ameen’s 2018 income taxes. Assume an income tax rate of 40%.
2. What is Ameen’s 2018 net income?

The city of Brock’s Water Enterprise Fund leases water treatment equipment. The life of the noncancel-lable lease is 10 years, and the expected life of the equipment is 12 years. Using an 8 percent interest rate, the present value of the lease payments is $905,861. The first payment of $125,000 is due when the lease begins, January 5, 2018. An additional payment is due on January 5th for each of the next 9 years. Prepare journal entries to record:

1. The lease of the equipment on January 5, 2018.

2. The first lease payment on January 5, 2018.

3. Amortization expense for fiscal year ending December 31, 2018

4. The second lease payment on January 5, 2019

Choco Company had the following capital structure at January 1, 2018:

Outstanding

Ordinary shares, 600,000 shares $7,200,000

10% stated interest rate convertible bonds issued at par;

each $1,000 bond is convertible into 80 ordinary shares $5,000,000

During 2018, Choco had the following share transactions:

May 1 Issued 50,000 ordinary shares for $30 per share.

Sep. 1 Redeemed 100,000 ordinary shares at $35 per share.

Nov. 1 Converted $2,000,000 of bonds. Net income for 2018 was $1,900,000.

The income tax rate was 32%.

Required: Compute the basic and diluted earnings per share for Choco for 2018 (Round to 2 decimal places).