Let's assume that after one year of legalized sales the market is flooded with supplies of marijuana to the point of the product selling for next to nothing. What are some of the things you think would occur in this situation economically and why?

ArmandCompany projects the following sales for the first three months of the year: $11,200 in January; $10,100 in February; and $15,800 in March. The company expects 80 % of the sales to be cash and the remainder on account. Sales on account are collected 50% in the month of the sale and 50% in the following month. The Accounts Receivable account has a zero balance on January 1. Round to the nearest dollar.

Requirements:

1.
Prepare a schedule of cash receipts for Armand for January, February, andMarch. What is the balance in Accounts Receivable on March 31?
2.
Prepare a revised schedule of cash receipts if receipts from sales on account are 60% in the month of the sale, 30 % in the month following the sale, and 10 % in the second month following the sale. What is the balance in Accounts Receivable on March 31??

Mr. A., a 67 year old African American male is here at the clinic for medication refill and annual physical exam. He doesn't remember all of his meds since he didn't write them down, but he remmbers taking St. John's Wort over the counter, ASA 81mg daily, Digoxin 0.125mg daily. He has a history of Rheumatic Heart Disease, Mitral valve replacement with mechanical device, and heart failure. He reported today that he has been feeling easily tired today. He has 2+ pitting edema in both legs. He also c/o pain when he walks but the pain subsides when he stopped working. The doctor just gave him an order for outpatient Chest xray. In the meantime, the doctor examined the patient and found the following: VS--96.8, 24, 66, 136/88, sats on RA--90%; crackles bilateral lower lobes, 2+ edema of the legs, abd tenderness, and dyspnea with exertion. Lower 1/3 of lower legs are shiny, cool to touch, and hairless w/ dark discoloration

1. What do you need to know about his support system?

2. Which referrals do you anticipate he will need

Happy Company is a manufacturing firm that uses job-order costing. At the beginning of the year, the company's account balances were as follows: Cash 1,045,000

Accounts Receivable 8,000

RM Inventory 26,000

WIP Inventory 21,000

FG Inventory 39,000

Supplies 8,000

Prepaid Insurance 3,000

Equipment 528,000

Accumulated Depreciation-Equipment 48,000

Accounts Payable 26,000

Common Stock, par $10 1,500,000

Retained Earnings 104,000

Total 1,678,000 1,678,000

The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 27,000 machine-hours and incur $189,000 in manufacturing overhead cost. At the beginning of the year, Company had one job in process - Job 110. Job Cost Sheet is stated on the Excel file in tab named “Jobs”. The following transactions were recorded for the year: 1) Raw materials were purchased in cash, $412,000.

2) Raw materials were requisitioned for use in production: Material Cost Job 110 $280,000 Job 111 110,000 Indirect Materials 28,000

3) The following employee costs were paid: Manufacturing: Job No. 110 $110,000 Job No. 111 47,000 Indirect labor 70,000 Administration 207,000 Selling 99,000

4) Utility costs of $20,000 was paid of which $15,000 related to factory.

5) Paid $36,000 rent of which $28,000 was related to factory .

6) Depreciation for the year was $103,000 of which $95,000 is related to factory operations and $8,000 is related to selling and administrative activities.

7) Manufacturing overhead was applied to jobs based on the following data. Activity level Job 110 Job 111 Machine hours 16,000 12,000

8) Job 110 was completed and transferred to warehouse.

9) Customer picked up Job 110 and paid for it. Sale price was “Cost + 120% of Cost” plus 8% sales taxes.

10) At the end of year, Factory Overhead, Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold had the following balances. Provide the journal entry to adjust the appropriate accounts assuming any over or under applied FOH is considered significant.

11) Paid $20,000 dividends to shareholders.

12) Recorded income tax expense. Company is subject to 30% income taxes.

Hint: You need to prepare a partial income statement in order to determine income before taxes for computing income tax expense.

Requirements: Provide journal entries for the transactions in the General Journal. Complete Job Cost Sheets as needed. Post transactions to the ledger accounts and prepare a Trial Balance

Consider a project with free cash flows in one year of

$143,408

in a weak market or

$172,483

in a strong​ market, with each outcome being equally likely. The initial investment required for the project is

$75,000​,

and the​ project's unlevered cost of capital is

10%.

The​ risk-free interest rate is

10%.

​(Assume no taxes or distress​ costs.)

a. What is the NPV of this​ project?

b. Suppose that to raise the funds for the initial​ investment, the project is sold to investors as an​ all-equity firm. The equity holders will receive the cash flows of the project in one year. How much money can be raised in this

way—that

​is, what is the initial market value of the unlevered​ equity?  

c. Suppose the initial

$75,000

is instead raised by borrowing at the​ risk-free interest rate. What are the cash flows of the levered equity in a weak market and a strong market at the end of year​ 1, and what is its initial market value of the levered equity according to​ MM?  Assume that the​ risk-free rate remains at its current level and ignore any arbitrage opportunity.

1. Record the issue of 3 percent bonds in the Capital Projects fund

2. Record the issue of 3 percent bonds in the Governmental Activities fund.

3.Record the adjusted to account for the sale of the bond in the Debt Service fund.

4.Record the adjusted to account for the sale of the bond in the Governmental fund.

5.Record the investment of the bond proceeds in Capital Projects fund.

6.Record the investment of the bond proceeds in Governmental Activities fund.

7.Record the interest payment due in the General Fund.

8.Record the interest payment due in the Debt Service Fund.

9.Record the expenditures interest in the Debt service Fund.

10.Record the interest payment due in the Governmental activities Fund.

11.Record the adjustment entries in the Capital Projects fund.

12.Record the adjustment entries in the Governmental Activities fund.

13.Record the Interest on Long-term debt in the Governmental Activities fund.

Our company prepared a Master Budget for planning purposes before the beginning of the year. That budget was for unit sales of 32,000 chairs at a budgeted price of $100 per chair.
Actual sales for the period were 30,000 units totaling $2,910,000. T
What was the total sales budget variance?
How much of the sales budget variance is attributable to a difference in sales price (the Sales Price Variance)?
How much of the sales budget variance is attributable to the difference in sales volume (Sales Volume Variance?

The company paid $3,700 on January 1 of the current year to have advertisements placed in the local monthly neighborhood paper. The ads were to be run from January through June. The bookkeeper debited the full amount to Prepaid Advertising on January 1. 1.Record the adjusting entry for advertisements at March 31 of the current year. 2.Record the adjusting entry for the use of construction equipment during of the current year.

2. Variance Analysis

Nail_It company is a manufacturer of a custom engraved hammers. For the year 2021, the weekly budget was as follows.

• Sales revenue $64,000: 2,000 hammers × price $32
• Variable costs:
  • Direct materials $10,000: 2,000 hammers × 1 lbs per hammer × price $5/lb
  • Direct labour $50,000: 2,000 hammers × 5 hour per hammer × rate $5/hour
  • no variable overhead
• Fixed costs: $3,000
• Profit: $1,000

The actual performance of the week was as follows.

• Sales revenue $70,400: 2,200 hammers × price $32
• Variable costs:
  • Direct materials $13,200: 2,200 hammers × 1 lbs per hammer × price $6/lb
  • Direct labour $46,200: 2,200 hammers × 3 hour per hammer × rate $7/hour
  • no variable overhead
• Fixed costs: $8,000
• Profit: $8,000

Required:

1) Compute the following variances

a) Spending and Volume Variances of Materials

b) Spending and Volume Variances of Labour

c) Spending and Volume Variances of Fixed Overhead

d) Materials Quantity Variance

e) Materials Price Variance

f) Labour Efficiency Variance

g) Labour Rate Variance

2) Nail_It company hired an experienced engineer and asked her to re-organize the production process. How could hiring an experienced engineer and their new production process explain the variances? Please comment on individual components of variances, their relations to other variances, and overall impact on profitability.

In the coming year, Oriole, Inc. will be introducing its first product, a wrist brace that protects serious video gamers from repetitive-motion injuries. The brace will be sold for $20 to retailers throughout the country. All sales will be made on account. An expected 75% of sales will be collected within the quarter of the sale, and another 20 % in the quarter following the sale. The remaining 5% of credit sales are expected to be uncollectible. The sales budget for the coming year is as follows:

Prepare Oriole, Inc.'s, cash receipts budget for the coming year. (Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.)

Determine the Net Accounts Receivable at the end of the year. Assume that no accounts have been written off during the year.