References

A mortgage broker is offering a $284,000 20-year mortgage with a teaser rate. In the first two years of the mortgage, the borrower makes monthly payments on only a 5.0 percent APR interest rate. After the second year, the mortgage interest rate charged increases to 8.0 percent APR.

CALIFORNIA COMPANY

…. Uses job order costing. At the start of the year, January 1, the company had work-in-process which consisted of the following jobs and costs:

During the first quarter 3 more jobs were started – Job 4, Job 5 and Job 6. The following cost information is available for costs incurred during the month of January:

During the quarter, jobs 1, 3, 4 and 6 were all completed. In addition, Jobs 3 and 6 were sold before the end of the quarter.

The company uses normal costing and closes under- and over-applied overhead directly to Cost of Goods Sold. There was no finished-goods inventory at the start of the period. Selling and administrative expenses totaled $3,986 for the quarter. Actual overhead for the quarter totaled $19,000. The company had no other non-operating gains or losses. Assume a tax rate of 35%.

Required:

1. The company applies overhead based on direct labor cost – compute the predetermined overhead rate.
2. Set up summary work in process T-accounts and job cost sheets for each job for the first quarter.
3. Post all first quarter costs to the summary work in process AND individual job cost sheets. When posting, make sure you do a total column for each cost element and ONLY POST TOTALS to the general ledger T accounts.
4. Calculate the ending balance for each job as of March 31.
5. Calculate the ending balance in work-in process as of March 31.
6. Calculate the cost of goods manufactured for the quarter.
7. Calculate the normal (unadjusted) cost of goods sold for the quarter. Calculate the adjusted cost of goods sold. WHY are they different? Why do we need both? What is the reason for the normal cost of goods sold?
8. During the quarter, did finished goods inventory increase or decrease AND by how much? WHY?
9. Compute the over/underapplied overhead for the quarter.
10. Assuming that the company prices its jobs at full cost plus 50%, calculate the sales revenue for the quarter.
11. Prepare an income statement for the first quarter.
12. WHY would the company use normal costing versus actual costing?

DataSpan, Inc., automated its plant at the start of the current year and installed a flexible manufacturing system. The company is also evaluating its suppliers and moving toward Lean Production. Many adjustment problems have been encountered, including problems relating to performance measurement. After much study, the company has decided to use the performance measures below, and it has gathered data relating to these measures for the first four months of operations.

Management has asked for your help in computing throughput time, delivery cycle time, and MCE. The following average times have been logged over the last four months:

Required:

1-a. Compute the throughput time for each month.

1-b. Compute the delivery cycle time for each month.

1-c. Compute the manufacturing cycle efficiency (MCE) for each month.

2. Evaluate the company’s performance over the last four months.

3-a. Refer to the move time, process time, and so forth, given for month 4. Assume that in month 5 the move time, process time, and so forth, are the same as in month 4, except that through the use of Lean Production the company is able to completely eliminate the queue time during production. Compute the new throughput time and MCE.

3-b. Refer to the move time, process time, and so forth, given for month 4. Assume in month 6 that the move time, process time, and so forth, are again the same as in month 4, except that the company is able to completely eliminate both the queue time during production and the inspection time. Compute the new throughput time and MCE.

Harrison Richmond at my 27 year old male is seen in the emergency room for a sprain back (coccyx)suffered as a result of falling off a horse he was riding in the local public park.
Principal Diagnosis:
What is the correct diagnosis code?

Principal External Cause Code:
What is the correct diagnosis code?

Second External Code:
What is the correct diagnosis code?

2) a. What is the duration of a 5-year 8% annual coupon bond with a par value of $100 if the prevailing continuously compounded interest rate is 10%? b. What is the duration of a 5-year 12% annual coupon bond with a par value of $100 if the prevailing continuously compounded interest rate is 10%? What does this tell you about the relationship between coupon rates and duration? Comment. c. What is the duration of a 5-year 8% annual coupon bond with a par value of $100 if the prevailing continuously compounded interest rate is 12%? What does this tell you about the relationship between interest rates and duration?

Please do not use excell tables or excell formulas because it has to be handwritten, please write formulas and explanation. Thank you

The owner of a bicycle repair shop forecasts revenues of $200,000 a year. Variable costs will be $60,000, and rental costs for the shop are $40,000 a year. Depreciation on the repair tools will be $20,000.

b. Calculate the operating cash flow for the repair shop using the three methods given below:

Now calculate the operating cash flow.

1. Dollars in minus dollars out.
2. Adjusted accounting profits.
3. Add back depreciation tax shield.

Note: This problem is for the 2018 tax year.

On November 1, 2008, Janet Morton and Kim Wong formed Pet Kingdom, Inc., to sell pets and pet supplies. Pertinent information regarding Pet Kingdom is summarized as follows:

• Pet Kingdom's business address is 1010 Northwest Parkway, Dallas, TX 75225; its telephone number is (214) 555-2211; and its e-mail address is [email protected].
• The employer identification number is 11-1111112, and the principal business activity code is 453910.
• Janet and Kim each own 50% of the common stock; Janet is president and Kim is vice president of the company. No other class of stock is authorized.
• Both Janet and Kim are full-time employees of Pet Kingdom. Janet's Social Security number is 123-45-6788, and Kim's Social Security number is 123-45-6787.
• Pet Kingdom is an accrual method, calendar year taxpayer. Inventories are determined using FIFO and the lower of cost or market method. Pet Kingdom uses the straight-line method of depreciation for book purposes and accelerated depreciation (MACRS) for tax purposes.
• During 2018, the corporation distributed cash dividends of $250,000.

Pet Kingdom's financial statements for 2018 are shown below.

Required:

During 2018, Pet Kingdom made estimated tax payments of $56,000 each quarter to the IRS. Prepare a Form 1120 for Pet Kingdom for tax year 2018.

• If an amount box does not require an entry or the answer is zero, enter "0".
• Enter all amounts as positive numbers, unless otherwise instructed.
• If required, round amounts to the nearest dollar.
• Make realistic assumptions about any missing data.

1. What is the price of a 6% coupon rate, 10 year maturity bond if the YTM=5%? (FV=1000)

2. What is the yield on a discount basis of a 2 year discount bond with a price of $965? (FV=1000)

3. You just bought a car and took out a 72 month loan to pay for it. If you borrowed $20,000 and your annual interest rate is 3.70%, what are your monthly payments?

4. What is the YTM of a 5 year bond with a 3% coupon rate if the price is $1040? (FV=1000)