You are running a small software firm producing games for mobile devices and are considering introducing a new adventure game to customers. You plan to sell the product for the next 3 years and then exit before the competition catches up.  Based on the market research done last year for $30,000, you believe that, in year 1, the project will generate $4,800,000 of revenue with the cost of goods sold of $2,850,000. The revenue and the cost will diminish by 2% each year after that. The project will immediately require new computer equipment valued at $1,800,000. This equipment will be depreciated to $0 over 3 years using the straight-line method. The net working capital will increase immediately by $400,000 from the current level, stay at the level in year 1 and then decrease by $250,000 in year 2 and again decrease by $150,000 in year 3, returning to the current level. The introduction of the new game will affect the revenues from your other existing adventure games negatively by $190,000 per year.

Forecast all of the annual free cash flows for this project, and then compute its net present value and IRR using a discount rate of 9%. Is this project worth taking? Your company’s tax rate is 35%.

Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company’s operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flexible Budget Planning Budget Flights (q) 55 55 53 Revenue ($350.00q) $ 16,400 $ 19,250 $ 18,550 Expenses: Wages and salaries ($3,600 + $91.00q) 8,563 8,605 8,423 Fuel ($31.00q) 1,873 1,705 1,643 Airport fees ($810 + $32.00q) 2,460 2,570 2,506 Aircraft depreciation ($10.00q) 550 550 530 Office expenses ($220 + $1.00q) 443 275 273 Total expense 13,889 13,705 13,375 Net operating income $ 2,511 $ 5,545 $ 5,175 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for an overflight at a discount. Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (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.)

Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company’s operations in July appear below:

The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for an overflight at a discount.

Required:

1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (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, 1, 2018, Nath-Langstorm services, inc, a computer software training firm, leased several customers under a 2 year operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an anuual interest rate of 4%. The contract calls for 4 rent payemnts of 16,500.00 each, payable semiannually on JUne 30 and December 31 each year. the computers were acquired by ComputerWorld at a cost of 103,000 and were expected to have a useful life of five years with no residual value. Both firms record amortization and depreciation semi-annully. (use appropriate charts). Prepare the appropriate entries for both the leasee and the lessor from the beginning of the lease through the end of 2018.

1. Record the beginning of the lease for Nath-Langstorm

2.Record the lease payment and interest expense for Nath

3. Record the amortization expense for Nath

4. Record the lease payment and interest expense for Nath

5. Record the amortization expense for Nath

6. Record the lease revenue received by computerworld

7. Record the deprecation expense for computerworld

8 Record the lease revenue received by computerworld

9. Record the depreciation expense for Computerworld

On January, 1, 2018, Nath-Langstorm services, inc, a computer software training firm, leased several customers under a 2 year operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an anuual interest rate of 4%. The contract calls for 4 rent payemnts of 16,500.00 each, payable semiannually on JUne 30 and December 31 each year. the computers were acquired by ComputerWorld at a cost of 103,000 and were expected to have a useful life of five years with no residual value. Both firms record amortization and depreciation semi-annully. (use appropriate charts). Prepare the appropriate entries for both the leasee and the lessor from the beginning of the lease through the end of 2018.

1. Record the beginning of the lease for Nath-Langstorm

2.Record the lease payment and interest expense for Nath

3. Record the amortization expense for Nath

4. Record the lease payment and interest expense for Nath

5. Record the amortization expense for Nath

6. Record the lease revenue received by computerworld

7. Record the deprecation expense for computerworld

8 Record the lease revenue received by computerworld

9. Record the depreciation expense for Computerworld

Income recognition for a contractor. On October 15, 2010, Flanikin Construction Company contracted to build a shopping center at a contract price of $180 million. The schedule of expected and actual cash collections and contract costs is as follows:

Year Cash collections from Customers Estimated and Actual Cost Incurred

2010 $36,000,000 $12,000,000

2011 45,000,000 36,000,000

2012 45,000,000 48,000,000

2013 54,000,000 24,000,000

   $180,000,000 $120,000,000

A) Calculate the amount of revenue, expense, and net income for each of the four years under the following revenue recognition methods:

(1)    Percentage-of-completion method.

(2)    Completed contract method.

B) Show the journal entries Flanikin will make in 2010, 2011, 2012, and 2013 for this contract. Flanikin accumulates contract costs in a Contract in Process account. Although the costs involve a mixture of cash payments, credits to assets, and credits to liability accounts, assume for purposes of this problem that all costs are recorded as credits to Accounts Payable.

C) Which method do you believe provides the better measure of Flanikin Construction Company’s performance under the contract? Why?

Can somebody please show me how to calculate this in EXCEL. Step by step excel calculations need to be shown with screenshots. Thank you.

A report just came out that stated that 22.9% of all Americans say that vanilla is their favorite ice cream, 23.4% say that chocolate is their favorite, 8% favor butter pecan, 8.7% favor strawberry, and the rest have other favorites. An ice cream shop owner thinks that her customers are not like the rest of America. The table below shows the results of 1000 of her patrons' ice cream selections. What can be concluded at the αα = 0.05 significance level?

Complete the table by filling in the expected frequencies. Round your answers to the nearest whole number.
Frequencies of Favorite Ice Cream

OutcomeFrequencyExpected Frequency

Vanilla243

Chocolate220

Butter Pecan85

Strawberry67

Other385

What is the correct statistical test to use?
Select an answer Paired t-test Homogeneity Independence Goodness-of-Fit

What are the null and alternative hypotheses?
H0:H0:

The distribution of favorite ice cream for customers at her shop is not the same as it is for Americans in general.

Favorite ice cream and where the ice cream is purchased are independent.

Favorite ice cream and where the ice cream is purchased are dependent.

The distribution of favorite ice cream for customers at her shop is the same as it is for Americans in general.

H1:H1:

The distribution of favorite ice cream for customers at her shop is not the same as it is for Americans in general.

The distribution of favorite ice cream for customers at her shop is the same as it is for Americans in general.

Favorite ice cream and where the ice cream is purchased are dependent.

Favorite ice cream and where the ice cream is purchased are independent.

The degrees of freedom =

The test-statistic for this data =  (Please show your answer to three decimal places.)

The p-value for this sample = (Please show your answer to four decimal places.)

The p-value is Select an answer greater than less than (or equal to)  αα

Based on this, we should Select an answer reject the null accept the null fail to reject the null

Thus, the final conclusion is...

There is insufficient evidence to conclude that the distribution of favorite ice cream for customers at her shop is not the same as it is for Americans in general.

There is sufficient evidence to conclude that the distribution of favorite ice cream for customers at her shop is the same as it is for Americans in general.

There is sufficient evidence to conclude that favorite ice cream and where the ice cream is purchased are dependent.

There is insufficient evidence to conclude that favorite ice cream and where the ice cream is purchased are dependent.

There is sufficient evidence to conclude that the distribution of favorite ice cream for customers at her shop is not the same as it is for Americans in general.

Ricky's Piano Rebuilding Company has been operating for one year (2016). At the start of 2017, its income statement accounts had zero balances and its balance sheet account balances were as follows:

Required:
2. Prepare journal entries for the following January 2017 transactions, using the letter of each transaction as a reference: (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

1. Received a $680 deposit from a customer who wanted her piano rebuilt in February.
2. Rented a part of the building to a bicycle repair shop; $390 rent received for January.
3. Delivered five rebuilt pianos to customers who paid $18,100 in cash.
4. Delivered two rebuilt pianos to customers for $8,800 charged on account.
5. Received $7,800 from customers as payment on their accounts.
6. Received a utility bill for $530 for January services to be paid in February.
7. Ordered $1,160 in supplies.
8. Paid $2,240 to suppliers on account in January.
9. Paid $19,000 in wages to employees in January for work done this month.
10. Received and paid cash for the supplies in (g).

1. & 3. Post the journal entries to the T-accounts which are listed below. Show the unadjusted ending balances in the T-accounts.

Use the balances in the completed T-accounts to prepare an unadjusted trial balance at the end of January 2017.

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Question 1 of 3 Total1 of 3

M Ratajczyk opened the Big D Emporium on March 1, 2017. During March, the following transactions were completed:

March 1          Issued 10,000 shares of common stock for $25,000 cash.

1          Purchased used servers for $10,000, paying $6,000 cash and the balance on account.

3          Purchased office supplies for $1,500 on account.

5          Paid $2,400 cash on 1-year insurance policy effective March 1.

14        Billed customers $4,200 for data analysis services.

18        Paid $1,500 cash on amount owed on servers and $500 on amount owed on office supplies.

20        Paid $2,750 cash for employee salaries.

21        Collected $1,400 cash from customers billed on March 14.

28        Billed customers $6,200 for data analysis services.

31        Paid $350 for server maintenance which did not extend the life or function of the servers.

31        Declared and paid $900 cash dividend. ACCT 3201

Required:

Post to the ledger accounts.

Prepare a trial balance at March 31.

Journalize the following adjustments:

Earned but unbilled and uncollected revenue at March 31 was $800.

Depreciation on equipment for the month was $650.

One-twelfth of the insurance policy expired.

An inventory count shows $280 of office supplies on hand at March 31.

Incurred employee salaries but unpaid were $1,060.

Post adjusting entries to the general ledger.

Prepare an adjusted trial balance.

Prepare the income statement and a retained earnings statement for March and a classified balance sheet at March 31.

Journalize and post closing entries and complete the closing process.

Prepare a post-closing trial balance at March 31.