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The effect of internal curing in the compressive strength depends on the specific
mixture proportions, curing conditions and testing age. (Bentz et al., 2011 pp. 31)

Use of the LWA will decrease the compressive strength of the concrete in the beginning
of its age. That is expected because the specific gravity of the LWA is lower, therefore
leading to lower strength compared to concrete with normal weight aggregate. Previous
studies have shown though, that the long-term compressive strength will increase when
internal curing is used, so it is likely that concrete with LWA has a higher long-term
compressive strength than concrete with normal weight aggregate. (Kerby, 2010 pp. 10)

Although the internal curing might improve the strength of the paste by providing
additional water to the hydration process, the weakening effect by the weaker and softer
aggregate can affect more to the overall behaviour, reducing the strength. (Schlitter et
al., 2010 pp. 139)

Wyatt Company has budgeted the following units sales for 2011:

January 10,000 units

February 8,000 units

March 9,000 units

April 11,000 units

May 15,000 units

Data regarding Finished Goods and Raw Materials Inventory is as follows:

FINISHED GOODS:

The finished goods units on hand on December 31, 2010 was 2,000 units. Each unit required 2 pounds of raw materials that are estimated to cost an average of $4 per pound. It is the company's policy to maintain a finished goods inventory at the end of each month equal to 20% of next month's anticipated sales.

RAW MATERIALS INVENTORY:

They also have a policy of maintaining a raw materials inventory at the end of each month equal to 30% of the pounds needed for the following month's production. There were 5,760 pounds of raw materials on hand at December 31, 2010.

How many units should be produced for the first quarter of 2011?

What is the total cost of direct materials purchases for the first quarter of 2011?

Place the letter of the report type that best fits the language presented on the answer line. Each report type may be used more than once or not at all, but each item has only one best answer. If you think more than one answer may apply, choose the BEST answer.

a. Explanatory language

b. Unqualified opinion with qualification for GAAP departure

c. Qualified opinion

d. Qualified opinion because of a scope limitation

e. Qualified opinion because of an ICFR deficiency

f. Qualified opinion because of a GAAP departure

g. Qualified opinion because of a change in accounting standards

h. Qualified opinion because of lack of independence

i. Qualified opinion plus explanatory language

j. Qualified opinion for dual dating

k. Qualified opinion to reflect need to rely on another auditor

l. Disclaimer of opinion because of a scope limitation

m. Disclaimer of opinion because of lack of independence

n. Adverse opinion

o. Combined report with unqualified opinions on financial statements and ICFR

_____1. In our opinion, the Company did not maintain, in all material respects, effective internal control over financial reporting as of March 31, 2010, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO)…

_____2. In addition, as discussed in Note 9 to the consolidated financial statements, effective January 1, 2007, the Company adopted Accounting for Uncertainty in Income Taxes, FASB ASC 740-10.

_____3. We are not independent with respect to XYZ Company, and the accompanying balance sheet as of December 31, 19X1, and the related statements of income, retained earnings, and cash flows for the year then ended. …

_____4. …because of the effects of the matters discussed in the preceding paragraphs, the financial statements referred to above do not present fairly. …

_____5. We have also audited in accordance with the standards of the Public Company Accounting Oversight Board (United States) the company’s internal control over financial reporting as of December 31, 2010, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated August 6, 2011 expressed an unqualified opinion thereon.

_____6. … except for the effects of such adjustments, if any, as might have been determined to be necessary…

_____7. The accompanying financial statements have been prepared assuming that ABC, Inc. will continue as a going concern. As more fully described in Note 1, the Company filed a voluntary petition for reorganization under Chapter 11 of the United States Bankruptcy Code on January 29, 2010, which raises substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regard to this matter are also described in Note 1.

_____8. The Company did not make a count of its physical inventory…The Company’s records do not permit the application of other auditing procedures. …the scope of our work was not sufficient to enable us to express. …

_____9. In our opinion, except for the omission of the information discussed in the preceding paragraph….

_____10. In our opinion, based on our audits and the report of other auditors, the financial statements referred to above present fairly, in all material respects…

_____11. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of W Company as of December 31, 2010 and 2009…. Also in our opinion, W Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2010. …

_____12. We did not audit the financial statements of B Company, a wholly-owned subsidiary, which statements reflect total assets and revenues constituting 20 percent and 22 percent, respectively of the related consolidated totals. … In our opinion, based on our audit and the report of the other auditors, the consolidated financial statements referred to above present fairly. …

_____13. In our opinion…the financial statements present fairly… Dated February 16, 2010, except for Note 16, as to which the date is March 1, 2010.

_____14. Except as discussed in the following paragraph, we conducted our audits in accordance with auditing standards…. In our opinion, except for the effects…the financial statements present fairly. …

_____15. As discussed in Note X to the financial statements, the 20X2 financial statements have been restated to correct a misstatement.

Riverbed Company is presently testing a number of new agricultural seed planters that it has recently developed. To stimulate interest, it has decided to grant to five of its largest customers the unconditional right of return to these products if not fully satisfied. The right of return extends for 4 months. Riverbed estimates returns of 15%. Riverbed sells these planters on account for $1,550,000 (cost $697,500) on January 2, 2020. Customers are required to pay the full amount due by March 15, 2020.

(a)

Prepare the journal entry for Riverbed at January 2, 2020. (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.)

(b)

Assume that one customer returns planters on March 1, 2020, due to unsatisfactory performance. Prepare the journal entry to record this transaction, assuming this customer purchased $97,000 of planters from Riverbed and also record the entry required to pay the full amount due by March 15, 2020. (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.)

(c)

Assume Riverbed prepares financial statements quarterly. Prepare the necessary entries (if any) to adjust Riverbed’s financial results for the above transactions on March 31, 2020, assuming remaining expected returns of $135,500. (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.)

Sarasota Windows manufactures and sells custom storm windows for three-season porches. Sarasota also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Sarasota enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,440 and chooses Sarasota to do the installation. Sarasota charges the same price for the windows irrespective of whether it does the installation or not. The customer pays Sarasota $2,040 (which equals the standalone selling price of the windows, which have a cost of $1,130) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Sarasota completes installation on October 15, 2020, and the customer pays the balance due.

Sarasota estimates the standalone selling price of the installation based on an estimated cost of $420 plus a margin of 30% on cost.

Prepare the journal entries for Sarasota in 2020. (Credit account titles are automatically indented when the 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. Round answer to 0 decimal places, e.g. 5,125.)

eTextbook and Media

List of Accounts

Given uncertainty of finding skilled labor, Sarasota is unable to develop a reliable estimate for the standalone selling price of the installation.

Prepare the journal entries for Sarasota in 2020. (Credit account titles are automatically indented when the 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.)

show work and explain

Sarasota Windows manufactures and sells custom storm windows for three-season porches. Sarasota also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Sarasota enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,440 and chooses Sarasota to do the installation. Sarasota charges the same price for the windows irrespective of whether it does the installation or not. The customer pays Sarasota $2,040 (which equals the standalone selling price of the windows, which have a cost of $1,130) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Sarasota completes installation on October 15, 2020, and the customer pays the balance due.

Sarasota estimates the standalone selling price of the installation based on an estimated cost of $420 plus a margin of 30% on cost.

Prepare the journal entries for Sarasota in 2020. (Credit account titles are automatically indented when the 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. Round answer to 0 decimal places, e.g. 5,125.)

eTextbook and Media

List of Accounts

Given uncertainty of finding skilled labor, Sarasota is unable to develop a reliable estimate for the standalone selling price of the installation.

Prepare the journal entries for Sarasota in 2020. (Credit account titles are automatically indented when the 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.)

show work and explain

Preparing Adjusting Journal Entries

Pacific Company adjusts and closes its books each December 31. It is now December 31, 2020, and the following information is available for preparing accounting adjustments.

1. The Accounts Receivable balance at December 31 is $6,400. The company estimates that 5% of receivables will not be collected. (Assume a zero beginning balance in Allowance for Doubtful Accounts.)
2. Unpaid and unrecorded salaries incurred at December 31 are $960.
3. The company paid a two-year insurance premium in advance on April 1, 2020, for $1,920 cash, which was debited to Prepaid Insurance.
4. Equipment which cost $16,000, is to be depreciated for the full year. The estimated useful life is 10 years, and the equipment will be depreciated evenly over its useful life.
5. Pacific Company leased a warehouse on June 1, 2020, for one year only. The company was required to pay the full amount of rent one year in advance on June 1, for $1,920 cash, which was debited to Lease Expense.
6. The company received from a customer a 9% note with a face amount of $2,400. The note was dated September 1, 2020; the principal plus the interest is payable one year later. Note Receivable was debited, and Sales was credited on September 1, 2020.
7. On December 30, 2020, the property tax bill was received in the amount of $1,000. This amount applied only to 2020 and had not been previously recorded or paid. Taxes are due, and will be paid, on January 15, 2021.
8. On April 1, 2020, the company signed a $12,000, 10% note payable. On that date, Cash was debited and Note Payable credited for $12,000. The note is payable on March 31, 2021, for the face amount plus interest for one year.
9. The company purchased a patent on January 1, 2020, at a cost of $2,380. On that date, the Patent was debited and Cash credited for $2,380. The patent has an estimated useful life of 17 years and no residual value. Hint: Record the estimated consumption of the patent as amortization expense.

Prepare the adjusting entry required on December 31, 2020, for each situation 1 through 9. Assume that no adjusting journal entries were recorded during the year prior to year-end.

Problem 1:

The following are ending balances for George’s Gorcery Store (GGS) as of December 31, 2019: Cash, $8,000, Accounts Receivable, $40,000, Allowance for Doubtful Accounts, $2,000, Inventory $80,000, Accounts Payable, $20,000, Common Stock, $40,000, and Retained Earnings, $66,000. The company uses the allowance method to record bad debts.

The following is a list of transactions that happened in 2020 for George’s Grocery Store:

1. GGS acquired an additional 10,000 cash from the issuance of common stock.
2. GGS purchased $90,000 of inventory on account.
3. GGS sold inventory that cost $91,000 for $150,000. Sales were made on account.
4. The company wrote-off $800 of uncollectible accounts.
5. On September 1, GGS loaned $15,000 to Eden Co. The note had an 8 percent interest rate and a one-year term.
6. GGS paid $22,000 cash for operating expenses.
7. The company collected $152,000 cash from accounts receivable.  
8. A cash payment of $96,000 was paid on accounts payable.
9. The company paid a $10,000 cash dividend to the shareholders.
10. GGS sold an additional amount of inventory for $6,000 on account. The cost of the inventory was $4,000.
11. It is estimated that 1 percent of credit sales will be uncollectible.

Required: Answer the following questions.

1. Provide the journal entry needed for transaction 4, assuming GGS uses the allowance method for accounting for bad debts.

2. What is the adjusting entry GGS would need to record at December 31, 2020 for transaction 5?

3. What is the amount of bad debt expense GGS will report in 2020?
4. What is the NRV that GGS would report on its 2020 balance sheet?
5. What is GGS’ gross margin for 2020?
6. What is operating income for GGS for 2020?
7. What is the amount of total assets that GGS will report on its 2020 balance sheet?
8. What is the amount of net income GGS will report for 2020?
9. What is the ending balance in Retained Earnings GGS will report for 2020?
10. What is the net cash from operating activites that would be reported on the Statement of Cash Flows for GGS for 2020?
11. Which transaction would be classified as an investing activity on the Statement of Cash Flows?

Problem 1:

The following are ending balances for George’s Gorcery Store (GGS) as of December 31, 2019: Cash, $8,000, Accounts Receivable, $40,000, Allowance for Doubtful Accounts, $2,000, Inventory $80,000, Accounts Payable, $20,000, Common Stock, $40,000, and Retained Earnings, $66,000. The company uses the allowance method to record bad debts.  

The following is a list of transactions that happened in 2020 for George’s Grocery Store:

1. GGS acquired an additional 10,000 cash from the issuance of common stock.

2. GGS purchased $90,000 of inventory on account.

3. GGS sold inventory that cost $91,000 for $150,000. Sales were made on account.

4. The company wrote-off $800 of uncollectible accounts.

5. On September 1, GGS loaned $15,000 to Eden Co. The note had an 8 percent interest rate and a one-year term.

6. GGS paid $22,000 cash for operating expenses.

7. The company collected $152,000 cash from accounts receivable.   

8. A cash payment of $96,000 was paid on accounts payable.

9. The company paid a $10,000 cash dividend to the shareholders.

10. GGS sold an additional amount of inventory for $6,000 on account. The cost of the inventory was $4,000.  

11. It is estimated that 1 percent of credit sales will be uncollectible.

Required: Answer the following questions.

1. Provide the journal entry needed for transaction 4, assuming GGS uses the allowance method for accounting for bad debts.  

2. What is the adjusting entry GGS would need to record at December 31, 2020 for transaction 5?

3. What is the amount of bad debt expense GGS will report in 2020?  

4. What is the NRV that GGS would report on its 2020 balance sheet?

5. What is GGS’ gross margin for 2020?

6. What is operating income for GGS for 2020?

7. What is the amount of total assets that GGS will report on its 2020 balance sheet?

8. What is the amount of net income GGS will report for 2020?

9. What is the ending balance in Retained Earnings GGS will report for 2020?

10. What is the net cash from operating activites that would be reported on the Statement of Cash Flows for GGS for 2020?

11. Which transaction would be classified as an investing activity on the Statement of Cash Flows?