Oriole Ltd. purchased a new machine on April 4, 2014, at a cost of $ 184,000. The company estimated that the machine would have a residual value of $ 16,000. The machine is expected to be used for 10,500 working hours during its four-year life. Actual machine usage was1,500 hours in 2014; 2,400 hours in 2015; 2,500 hours in 2016; 2,100 hours in 2017; and 2,000 hours in 2018. Oriole has a December 31 year end.

Calculate depreciation for the machine under each of the following methods:

Straight-line for 2014 through to 2018.

Diminishing-balance using double the straight-line rate for 2014 through to 2018.

(3) Units-of-production for 2014 through to 2018.

Liam Wallace is general manager of United Salons. During 2016, Wallace worked for the company all year at a $12,900 monthly salary. He also earned a year end bonus equal to 5% of his annual salary. Wallace's federal income tax withheld during 2016 was $1,032 per month, plus $774 on his bonus check. State income tax withheld came to $170 per month plus $110 on the bonus. FICA tax was withheld on the annual earnings. Wallace authorized the following payroll deductions: Charity fund contribution of 3% of total earnings and life insurance of $45 a month.

Requirement 1: Compute Wallace​'s gross​ pay, payroll​ deductions, and net pay for the full year 2016.Round all amounts to the nearest dollar.

Requirement 2: Compute United's total 2016 payroll expense for Wallace

Requirement 3: make the journal entry to record united's expense for wallaces total earnings for the year. his payroll deductions, net pay, Debit salaries and bonus expenses as appropriate. Credit liability accounts for the payroll deductions and cash for net pay.

Requirement 4: Make the journal entry to record the accrual of United's payroll tax expense for wallaces total earnings

Problem 7-9 (Comprehensive Receivables Problem) Braddock Inc. had the following long-term receivable account balances atDecember 31, 2016.Note receivable from sale of division $1,500,000Note receivable from officer 400,000Transactions during 2017 and other information relating to Braddock’s long-term receivables were as follows.1.The $1,500,000 note receivable is dated May 1, 2016, bears interest at 9%, and represents the balance of the considerationreceived from the sale of Braddock’s electronics division to New York Company. Principal payments of $500,000 plus appropriateinterest are due on May 1, 2017, 2018, and 2019. The first principal and interest payment was made on May 1,2017. Collection of the note installments is reasonably assured.2.The $400,000 note receivable is dated December 31, 2016, bears interest at 8%, and is due on December 31, 2019. The noteis due from Sean May, president of Braddock Inc. and is collateralized by 10,000 shares of Braddock’s common stock. Interestis payable annually on December 31, and all interest payments were paid on their due dates through December 31,2017. The quoted market price of Braddock’s common stock was $45 per share on December 31, 2017.Instructionsa)Show the balance sheet items that are related to the above two notereceivables for 2016 and 2017.

Refer the following table.

*90% of the plant and equipment are secured by long-term notes payable.

Required:
Calculate Focus Metals solvency ratios for 2016 and 2017.Use Exhibit 17.14. (Round the final answers to 2 decimal places.)


DEBIT RATIO OF 2017 AND 2016

EQUITY RATIO FOR THE YEARS

PLEDGED ASSETS TO SECURED LIABILITIES

TIME INTREST EARNED

home / study / business / accounting / accounting questions and answers / iverson company purchased a delivery truck for $45,000 on january 1, 2015. the truck was assigned ... Your question needs more information to be answered. A Chegg Expert needs more info to provide you with the best answer. See comments below. Question: Iverson Company purchased a delivery truck for $45,000 on January 1, 2015. The truck was assigned... Edit question Iverson Company purchased a delivery truck for $45,000 on January 1, 2015. The truck was assigned an estimated useful life of 5 years and has a residual value of $10,000 and the truck was assigned an estimated useful life of 100,000 miles. Using the attached Excel File, compute and label each type of depreciation expense under following independent methods. Straight line method for years 2015 and 2016. Assume you disposed of the asset on July 1, 2017 and no cash was received. Calculate the gain or loss for this disposal as of that date.

Double Declining Balance method for years 2015, 2016, and 2017. What is the book value of the truck as of December 31, 2017?

The truck was driven 18,000 miles in 2015 and 22,000 miles in 2016. Compute depreciation expense using the units-of-activity method for the years 2015 and 2016

The comparative financials of Stargel Inc is as follows. At December 31, 2015, Stargel inventory was $200 and the total equity was $165. Stargel Inc. Comparative Balance Sheet December 31, 2017 and 2016 2017 2016 Assets Cash............................................................................ 400 300 Accounts Receivable................................................. 290 350 Inventory.................................................................... 150 220 Total Assets..................................................... 840 870 Liabilities Accounts Payable...................................................... 140 75 Loan Payable.............................................................. 450 600 Total Liabilities................................................ 590 375 Stockholders’ Equity Common Stock.......................................................... 40 40 Retained Earnings..................................................... 210 155 Total Stockholders’ Equity................................ 250 195 Total Liabilities and Stockholders’ Equity........... 840 870 Stargel Inc. Comparative Income Statement For the Years ending December 31, 2017 and 2016 2017 2016 Sales Revenue............................................................ 1,200 1,000 Less Cost of Goods Sold............................................ 800 600 Gross Profit................................................................ 400 400 Insurance Expenses................................................... 200 190 Interest Expense........................................................ 60 80 Net Income................................................................ 140 130

Instructions:

a.    Prepare a horizontal analysis of Stargel’s financial statements indicating the increase and decrease.

b.    Prepare a vertical analysis of Stargel’s financial statements.

c.     Determine the inventory turnover for both years

d.    Determine the rate of return on stockholders’ equity ratio for both years

Dowell Company produces a single product. Its income statements under absorption costing for its first two years of operation follow. 2016 2017 Sales ($44 per unit) $ 1,012,000 $ 1,892,000 Cost of goods sold ($29 per unit) 667,000 1,247,000 Gross margin 345,000 645,000 Selling and administrative expenses 291,000 331,000 Net income $ 54,000 $ 314,000 Additional Information Sales and production data for these first two years follow. 2016 2017 Units produced 33,000 33,000 Units sold 23,000 43,000 Variable cost per unit and total fixed costs are unchanged during 2016 and 2017. The company's $29 per unit product cost consists of the following. Direct materials $ 6 Direct labor 9 Variable overhead 4 Fixed overhead ($330,000/33,000 units) 10 Total product cost per unit $ 29 Selling and administrative expenses consist of the following. 2016 2017 Variable selling and administrative expenses ($2 per unit) $ 46,000 $ 86,000 Fixed selling and administrative expenses 245,000 245,000 Total selling and administrative expenses $ 291,000 $ 331,000 2. What are the differences between the absorption costing income and the variable costing income for these two years? (Loss amounts should be entered with a minus sign.)

On January 1, 2016, Kittson Company had a retained earnings balance of $218,600. It is subject to a 30% corporate income tax rate. During 2016, Kittson earned net income of $67,000, and the following events occurred:

Required:

American customer satisfaction index: Starbucks in the U.S. 2006-2016

This statistic shows the American customer satisfaction index scores of Starbucks in the United States from 2006 to 2016. Starbucks had an ACSI score of 75 in 2016. Just over 50 percent (around 7,880) of all Starbucks stores were company-operated stores, from which Starbucks generates around 79 percent of its revenue. Around 5,292 stores are licensed stores. Starbucks, which became a publicly traded company on June 26, 1992, generated around 21.32 billion U.S. dollars in revenue in the 2016 fiscal year. In its company-operated stores Starbucks generates 74 percent of revenue from the sale of beverages, 19 percent from food sales and three percent from the sale of packaged and single serve coffees. Another four percent of retail sales are attributable to coffee-making equipment and other merchandise. The United States is Starbucks’ biggest and most important market. In 2016, revenues from Starbucks Americas segment amounted to more than 14 billion U.S. dollars. The Americas segment comprises over 13,000 stores in the U.S., Canada, Mexico, Puerto Rico, Brazil Chile and other American countries with around 86 percent of those stores located in the United States. 1. Plot this set of data as a scatterplot in excel. 2. Find the correlation coefficient. 3. Is it positive or negative? 4. What does the sign tell us? 5. What does the correlation imply about the relationship between the time and the satisfaction? 6. Is the correlation significant? Why or why not? (Answer in 1-2 complete sentences.) (Use the Pearson calculator). 7. Draw the trendline in excel. Can the regression line be used for prediction? No, it is too weak. Insert excel graph here: