Chan Corporation adopts revaluation accounting for its equipment that is used in operation of the business. The equipment was purchased on January 1, 2019 for $620,000. It has 5-year useful life with $20,000 residual value. The company has the following information related to the equipment. Assume that the estimated useful life and residual value do not change during the periods and the company uses straight-line method of depreciation. Round all answers to the nearest dollar. Date Fair Value January 3, 2019 $620,000 December 31, 2019 440,000 December 31, 2020 400,000 December 31, 2021 240,000 Based on IFRS, Chan Corporation transfers from AOCI to Retained Earnings or from Retained Earnings to AOCI the difference between depreciation based on the revalued carrying amount of the equipment and depreciation based on the asset’s original cost. Instructions: Prepare the journal entries for Chan Corporation for the following transactions.(round your answer to the nearest dollars) a. Purchase of equipment on 1-1-2019. b. Adjusting entries related to the equipment on 12-31-2019. c. Adjusting entries related to the equipment on 12-31-2020. d. Adjusting entries related to the equipment on 12-31-2021

The Sanding Department of Quik Furniture Company has the following production and manufacturing cost data for March 2020, the first month of operation.

Production: 6,180 units finished and transferred out; 3,000 units started that are 100% complete as to materials and 20% complete as to conversion costs.

Manufacturing costs: Materials $28,917; labor $20,500; overhead $33,062.

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

Traverse Recreation Company manufactures a single product that is popular with outdoor enthusiasts. The company sells its product to retailers throughout the midwestern section of the United States. It is in the process of creating a master budget for 2020 and reports a balance sheet at December 31, 2019 as follows:

The company’s chief financial officer (CFO), in consultation with various managers across the organization has developed the following set of assumptions to help create the 2020 budget:

1. The budgeted unit sales are 12,000 units, 37,000 units, 15,000 units, and 25,000 units for quarters 1-4, respectively. Notice that the company experiences peak sales in the second and fourth quarters. The budgeted selling price for the year is $32 per unit. The budgeted unit sales for the first quarter of 2021 is 13,000 units.
2. All sales are on credit. Uncollectible accounts are negligible and can be ignored. Seventy-five percent of all credit sales are collected in the quarter of the sale and 25% are collected in the subsequent quarter.
3. Each quarter’s ending finished goods inventory should equal 15% of the next quarter’s unit sales.
4. Each unit of finished goods requires 3.5 yards of raw material that costs $3.00 per yard. Each quarter’s ending raw materials inventory should equal 10% of the next quarter’s production needs. The estimated ending raw materials inventory on December 31, 2020 is 5,000 yards.
5. Seventy percent of each quarter’s purchases are paid for in the quarter of purchase. The remaining 30% of each quarter’s purchases are paid in the following quarter.
6. Direct laborers are paid $18 an hour and each unit of finished goods requires 0.25 direct labor-hours to complete. All direct labor costs are paid in the quarter incurred.
7. The budgeted variable manufacturing overhead per direct labor-hour is $3.00. The quarterly fixed manufacturing overhead is $150,000 including $20,000 of depreciation on equipment. The number of direct labor-hours is used as the allocation base for the budgeted plantwide overhead rate. All overhead costs (excluding depreciation) are paid in the quarter incurred.
8. The budgeted variable selling and administrative expense is $1.25 per unit sold. The fixed selling and administrative expenses per quarter include advertising ($25,000), executive salaries ($64,000), insurance ($12,000), property tax ($8,000), and depreciation expense ($8,000). All selling and administrative expenses (excluding depreciation) are paid in the quarter incurred.
9. The company plans to maintain a minimum cash balance at the end of each quarter of $30,000. Assume that any borrowings take place on the first day of the quarter. To the extent possible, the company will repay principal and interest on any borrowings on the last day of the fourth quarter. The company’s lender imposes a simple interest rate of 3% per quarter on any borrowings.
10. Dividends of $15,000 will be declared and paid in each quarter.
11. The company uses a last-in, first-out (LIFO) inventory flow assumption. This means that the most recently purchased raw materials are the “first-out” to production and the most recently completed finished goods are the “first-out” to customers.

Find the following:

1. Quarterly sales budget including a schedule of expected cash collections.
2. Quarterly production budget.
3. Quarterly direct materials budget including a schedule of expected cash disbursements for purchases of materials.
4. Quarterly direct labor budget.
5. Quarterly manufacturing overhead budget.
6. Ending finished goods inventory budget at December 31, 2020. (LIFO inventory assumption)
7. Quarterly selling and administrative expense budget.
8. Quarterly cash budget. Determine any borrowing that would be needed to maintain the minimum cash balance as indicated in your data set. (This will require the use of an “If” statement in Excel.)
9. Income statement for the year ended December 31, 2020.
10. Balance sheet at December 31, 2020.

Please solve all parts ;)

Financial information on AAA Ltd. is shown below.

Sales are forecast to increase by 20% in 2020.

Notes Payable, Short-term Debt, Long-term Debt, and Common Share Capital will not change. Net Plant and Equipment is forecasted to be $2,900,000 next year. Short-term investments are expected to be $240,000.

In 2020, the company’s dividend payout ratio will be 40%.

In 2020, cost of goods sold is expected to be 52% of sales. Other expenses will be 23% of sales. Depreciation expense in 2020 is expected to be $90,000.

Cash is expected to be 2% of sales, and inventories will be 30% of sales. Accounts receivable will be 6% of sales. Accounts payable will be 5% of sales. Accruals will be 1% of sales.

The company is expected to pay 4% per year compounded annually on its short-term debt and 6% per year compounded annually on its long-term debt. The interest expense on the short-term debt in 2020 is calculated as: [interest rate on short-term debt * amount of short-term debt outstanding at the end of 2019]. The interest expense on the long-term debt is calculated as: [interest rate on long-term debt * amount of long-term debt outstanding at the end of 2019].

The company’s tax rate is 30%.

Based on the information provided you are to:

1. Complete the pro-forma income statement and balance sheet for 2020.
2. Calculate the amount of Additional Funds Needed in 2020.

P15.12 (LO1,2,3,4) (Analysis and Classification of Equity Transactions) Penzi plc was formed on July 1, 2017. It was authorized to issue 300,000 shares of £10 par value ordinary shares and 100,000 shares of 8% £25 par value, cumulative and non-participating preference shares. Penzi plc has a July 1-June 30 fiscal year.

The following information relates to the equity accounts of Penzi plc.

Ordinary Shares

Prior to the 2019-2020 fiscal year, Penzi plc had 110,000 ordinary shares outstanding issued as follows

1. 85.000 shares were issued for cash on July 1, 2017, at £31 per share.

2. On July 24, 2017, 5,000 shares were exchanged for a plot of land which cost the seller £70,000 in 2011 and had an estimated fair value of £220,000 on July 24, 2017.

3. 20,000 shares were issued on March 1, 2018, for £42 per share.

During the 2019–2020 fiscal year, the following transactions regarding ordinary shares took place.

Preference Shares

Penzi issued 40,000 preference shares at £44 share July 1, 2018.

Cash Dividends

Penzi has followed a schedule of declaring cash dividends in December and June, with payment being made to shareholders of record in the following month. The cash dividends which have been declared since inception of the company through June 30, 2020, are shown below.

No cash dividends were declared during June 2020 due to the company's liquidity problem.

Retained Earnings

As of June 30, 2019, Penzi's retained earnings account had a balance of £690,000. For the fiscal year ending June 30, 2020, Penzi reported net income of £40,000.

Instructions

Prepare the equity section of the statement of financial position, including appropriate notes, for Penzi plc as of June 30, 2020, as it should appear in its annual report to the shareholders.

2) LL Bean Tries to Escape the Mail Order Wilderness - If you were the new CEO - What would you do to affect L.L. Bean's fortunes and return it to one of the Premiere Apparel Company's in the world? Utilize the articles and use as examples

Von Maur average weeks sales in 2017 were $1,336,780. The CEO stated in a press conference today that FY 2018 sales are forecasted to increase 4.35% increase. What would the average weekly sales be in FY 2018?

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Describe and/or diagram the disease progression and treatment of a recurring healthcare acquired C. difficile infection.