Rivera Company has several processing departments. Costs charged to the Assembly Department for November 2020 totaled $2,282,148 as follows.

Production records show that 34,600 units were in beginning work in process 30% complete as to conversion costs, 661,100 units were started into production, and 25,300 units were in ending work in process 40% complete as to conversion costs. Materials are entered at the beginning of each process.

Determine the equivalent units of production and the unit production costs for the Assembly Department. (Round unit costs to 2 decimal places, e.g. 2.25.)

eTextbook and Media

Determine the assignment of costs to goods transferred out and in process.

eTextbook and Media

Prepare a production cost report for the Assembly Department. (Round unit costs to 2 decimal places, e.g. 2.25 and other answers to 0 decimal places, e.g. 125.)

Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2020 are as follows.

All sales are on account. Collections are expected to be 50% in the month of sale, 30% in the first month following the sale, and 20% in the second month following the sale. Sixty percent (60%) of direct materials purchases are paid in cash in the month of purchase, and the balance due is paid in the month following the purchase. All other items above are paid in the month incurred except for selling and administrative expenses that include $1,220 of depreciation per month.

Other data:

The company’s cash balance on January 1, 2020, is expected to be $73,200. The company wants to maintain a minimum cash balance of $61,000.

1- Prepare schedules for (1) expected collections from customers and (2) expected payments for direct materials purchases for January and February.

2- Prepare a cash budget for January and February in columnar form.

lue Corp. has 150,950 shares of common stock outstanding. In 2020, the company reports income from continuing operations before income tax of $1,228,700. Additional transactions not considered in the $1,228,700 are as follows.

Analyze the above information and prepare an income statement for the year 2020, starting with income from continuing operations before income tax. Compute earnings per share as it should be shown on the face of the income statement. (Assume a total effective tax rate of 19% on all items, unless otherwise indicated.) (Round earnings per share to 2 decimal places, e.g. 1.47.)

Nash Company asks you to review its December 31, 2020, inventory values and prepare the necessary adjustments to the books. The following information is given to you.

Identifying Research and Development Costs

Diaz Company incurred the following costs during the year 2020.

Determine the amount of research and development costs that would be disclosed in the financial statements of Diaz company for the year 2020.

Note: Round your answer to the nearest whole dollar.

Please also explain No. 1 Salaries expense related to design for a trademark with an indefinite estimated life & No. 6 Cost of equipment (purchased January 2019) that will have alternative uses over 6 years &No. 7 Salaries expense related to updates to an existing product in details because I'm not sure whether these three should be calculated in R & D expense or not. Thanks.

On December 31, 2020, Jackson Company had 100,000 shares of common stock outstanding and 40,000 shares of 6%, $50 par, cumulative preferred stock outstanding. On February 28, 2021, Jackson purchased 34,000 shares of common stock on the open market as treasury stock for $45 per share. Jackson sold 7,000 treasury shares on September 30, 2021, for $47 per share. Net income for 2021 was $190,905. Also outstanding during the year were fully vested incentive stock options giving key executives the option to buy 60,000 common shares at $50. The market price of the common shares averaged $49 during 2021.

Required:
Compute Jackson's basic and diluted earnings per share for 2021. (Round your answers to 2 decimal places.)

Basic:

Diluted:

Cavalier Company has several processing departments. Costs charged to the assembly department for November 2020 totalled $1,991,382 as follows:

Production records show that 35,500 units were in beginning work in process, 30% complete in terms of conversion costs, 706,000 units were started into production, and 25,400 units were in ending work in process, 40% complete in terms of conversion costs. Materials are entered at the beginning of each process.

Determine the equivalent units of production and the unit production costs for the assembly department. (Round unit costs to 2 decimal places, e.g. 15.25.)

Determine the assignment of costs to goods transferred out and in process.

Prepare a production cost report for the assembly department. (Round unit costs to 2 decimal places, e.g. 15.25.)

On December 1, 2020, Rodriguez Distributing Company had the following account balances.
Debit Credit
Cash $ 7,200                          Accumulated Depreciation—
Accounts Receivable 4,600                   Equipment $ 2,200
Inventory 12,000                     Accounts Payable 4,500
Supplies 1,200                      Salaries and Wages Payable 1,000
Equipment 22,000                           Owner’s Capital 39,300
$47,000                                                                      $47,000
During December, the company completed the following summary transactions.
Dec. 6. Paid $1,600 for salaries and wages due employees, of which $600 is for December and
$1,000 is for November salaries and wages payable.
8. Received $2,200 cash from customers in payment of account (no discount allowed).
10. Sold merchandise for cash $6,300. The cost of the merchandise sold was $4,100.
13. Purchased merchandise on account from Boehm Co. $9,000, terms 2/10, n/30.
15. Purchased supplies for cash $2,000.
18. Sold merchandise on account $15,000, terms 3/10, n/30. The cost of the merchandise sold
was $10,000.
20. Paid salaries and wages $1,800.
23. Paid Boehm Co. in full, less discount.
27. Received collections in full, less discounts, from customers billed on December 18.
Adjustment data:
1. Accrued salaries and wages payable $840.
2. Depreciation $200 per month.
3. Supplies on hand $1,500.
Instructions
a. Journalize the December transactions using a perpetual inventory system.
b. Enter the December 1 balances in the ledger T-accounts and post the December transactions. Use
Cost of Goods Sold, Depreciation Expense, Salaries and Wages Expense, Sales Revenue, Sales
Discounts, and Supplies Expense.
c. Journalize and post adjusting entries.
d. Prepare an adjusted trial balance.
e. Prepare an income statement and an owner’s equity statement for December and a classifi ed balance
sheet at December 31.

On May 1, 2020, Riverbed Company issued 2,300 $1,000 bonds at 102. Each bond was issued with one detachable stock warrant. Shortly after issuance, the bonds were selling at 98, but the fair value of the warrants cannot be determined.
(a) Prepare the entry to record the issuance of the bonds and warrants. (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 the same facts as part (a), except that the warrants had a fair value of $24. Prepare the entry to record the issuance of the bonds and warrants. (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. Round intermediate calculations to 5 decimal places, e.g. 1.24687 and final answers to 0 decimal places, e.g. 5,125.)

Cavalier Company has several processing departments. Costs charged to the assembly department for November 2020 totalled $2,601,819 as follows:

Work in process, November 1

Materials
$69,400

Conversion costs
47,900
$117,300

Materials added
1,892,150

Labour
226,000

Overhead
366,369

Production records show that 35,500 units were in beginning work in process, 30% complete in terms of conversion costs, 691,000 units were started into production, and 25,150 units were in ending work in process, 40% complete in terms of conversion costs. Materials are entered at the beginning of each process.

Determine the equivalent units of production and the unit production costs for the assembly department. (Round unit costs to 2 decimal places, e.g. 15.25.)

Equivalent units
Unit cost

Materials$  per unit

Conversion costs$  per unit

Determine the assignment of costs to goods transferred out and in process.

Costs accounted for

Transferred out$

Work in process, November 30

Materials$

Conversion costs

   Total costs$

Prepare a production cost report for the assembly department. (Round unit costs to 2 decimal places, e.g. 15.25.)

CAVALIER COMPANY
Assembly Department
Production Cost Report
For the Month Ended November 30, 2020

Equivalent Units

QuantitiesPhysical UnitsMaterialsConversion CostsTotal

Units to be accounted for

Work in process, November 1

Started into production

Total units

Units accounted for

Transferred out

Work in process, November 30

Total units

Costs

Unit costs

Costs in November$ $ $

Equivalent units

Unit costs$ $ $

Costs to be accounted for

Work in process, November 1$

Started into production

Total costs$

Cost Reconciliation Schedule

Costs accounted for

Transferred out$

Work in process, November 30

Materials$

Conversion costs

Total costs$