C++

There is a file, called EmployeeInfo.txt, that contains information about company employees work for a week. You will write a program that reads the info from the file, and produces an output file called EmployeePay.txt with information about the employees pay amount for that week.

Details:
The input file is called EmployeeInfo.txt
There are 4 lines of input
Each line has the same form
Last Name, first Name, hours worked, pay rate, tax percentage, extra deductions
Example: John Doe 36 17.75 21 5 means that John Doe worked 36 hours, gets paid $17.75 per hour, has 21% taken out as income tax, plus an additional $5 taken out.
Your output file, called EmployeePay.txt, will have the form (for each employee)
Last, First
Total Earned:            amountEarned
Income Tax:            taxAmount
Additional Deduction:    extraDeduction
Pay Amount:            netIncome

Cary Construction Inc. is preparing to bid on a job building a new dorm fo the local college. Cary expects that the job will require $850,000 of direct materials, $500,000 of direct labor, and $425,000 of overhead costs. Administrative and other expenses for the job are expected to be $2,000. On average last year, Cary Construction earned about $250,000 profit on a job this size and would like to increase the profit by 5 percent on new contracts. Cary normally applies a markup on a cost of goods sold to arrive at an initial bid price and then adjusts. the price if necessary in order to meet competitors' prices. The college already has one bid from a national construction company to do the job for $2,000,000.

a.) calculate the markup percentage on the new job.

b.) what is Cary Construction's initial bid?

c.) In light of the competitor's price of $2,000,000, what would you recommend as a bid price for Cary Construction?

A leading FMCG company has hired an advertising agency to work on its media campaign project. The project is about to launch a series of dairy products in the country. The total duration of the project is 6 months. The initial amount approved by the sponsors was PKR 11,000,000/- for the entire project. At the end of 4th month, the project is only 35% completed while the Project team had already utilized PKR 7,000,000/- against several expenses.

1. [02 marks] Find Actual Cost(AC), Planned Value (PV) and Earned Value (EV)
2. [02 marks] Calculate the project’s health by finding values of Schedule Variance (SV), Schedule Performance Index (SPI), Cost Variance (CV) and Cost Performance Index (CPI).
3. [01 mark]   What can you inferred from the values calculated above related to the performance of this project?
4. [01 mark] If the project continues at the current pace, what will be the true cost of the project or Estimate at Completion (EAC) of the project?

On April 1, 2018 Hippocrates Consulting began operations with the following beginning balances entered on April 1^st as seen in the T-accounts below. First show each of the transactions described below as a journal entry including the date and then post each of the entries to the T-accounts below. After you have completed all of the entries as well as the adjusting entries prepare an Income Statement, Statement of Retained Earnings, and Balance Sheet for the month of April, 2018. Make sure that your statements presented in good form (points will be deducted if they are not in good form).

April 1: Paid three months’ rent on a lease rental contract, $4,800

           2: Paid a six-month insurance premium for $1,800

           4: Received cash from clients as an advance payment for services to be          

                 provided and recorded as unearned fees, $5,000

           5: Purchased additional office equipment on account from Office Station Co.,

                 $2,000.

           6: Received cash from clients on account, $1,800.

          10: Paid cash for a newspaper advertisement, $120

          12: Paid Office Station Co. for part of the debt incurred on April 5, $1200.

          12: Recorded services provided on account for the period April 1-12, $4,200.

          14. Paid part-time receptionist for two weeks’ salary, $750.

          17: Recorded cash from cash clients for fees earned during the period April

                  1-16, $6,250.

           18: Paid cash for supplies, $800.

           20: Recorded services provided on account for the period April 13-20, $2,100.

           24: Recorded cash from cash clients for fees earned the period April

                    17-24, $3,850.

           26: Received cash from clients on account, $5,600.

           27: Paid part-time receptionist for two weeks’ salary, $750.

           29: Paid telephone bill for April, $130.

           30: Paid electricity bill for April, $200.

           30: Recorded cash from cash clients for fees earned for the period April 25-30,                

                   $3,050.

           30: Recorded services provided on account for the remainder of April, $1,500.

           30. A dividend of $6,000 was declared and paid.

The following are adjusting entries to be recorded on April 30th:

1. Insurance expired during April is $300.
2. Supplies on hand on April 30 are $1,350.
3. Depreciation of office equipment for April is $700.
4. Accrued receptionist salary on April 30 is $120.
5. Rent expired during April is $1,600.
6. Unearned fees on April 30 are $2,500.

                                              Accounts

        Cash                                 Receivable                   Supplies                      Prepaid Rent

---------------------                 -------------------              --------------                         ---------------

$13,100                             $3,000                          $1,400                                                                   

                                                                                    Office                          Accumulated

                                    Prepaid Insurance              Equipment                       Depreciation

                                    --------------------------         -------------------                  -------------------

                                                                           $12,500

                                                                                     Unearned

Accounts Payable      Salaries Payable                      Fees                          Common Stock

-----------------------        ---------------------                   ----------------               --------------------

                                                                                                                                   $30,000

Retained Earnings             Fees Earned                    Salary Expense          Rent Expense

------------------------           -----------------                      ----------------------        ------------------

                                          Depreciation                                                          Miscellaneous

Supplies Expense               Expense                          Insurance Expense        Expense

-----------------------            ---------------------                -------------------------     -----------------

Is the President correct about the increase in overall company profits?

What classification of cost is most likely to be able to be increased on the cost-plus jobs? Why?

Is what the President proposes ethical? Why or why not?

What would you do if you were Sally? Why?

If Sally does go along with this proposal, are there risks to the company? What are they?

Instructions

Phillips Brothers Printers (PBP) provides printing services to a wide variety of customers. For most jobs, PBP submits a bid and uses the job cost system to accumulate costs, but bills the bid amount to the customers. They do have several customers who routinely have "out of the ordinary" jobs and PBP bills those on a cost-plus basis, with the customer paying the actual costs plus a predetermined profit percentage on the total cost.

Sally Phillips, controller for PBP, is approached by the company President who asks her to look for ways to charge more of the production costs to the cost-plus jobs. His logic is that since those customers will pay all the costs plus a profit, they can improve their overall profitability by shifting costs from bid jobs to cost-plus jobs.

Answer the following questions:

1. Is the President correct about the increase in overall company profits?
2. What classification of cost is most likely to be able to be increased on the cost-plus jobs? Why?
3. Is what the President proposes ethical? Why or why not?
4. What would you do if you were Sally? Why?
5. If Sally does go along with this proposal, are there risks to the company? What are they?

1. Which of the following shows what would be acceptable to list at the top of an income statement, and why?

1. For the Year Ended 20XX; it is measured over a span of time
2. As of January 31, 20XX; it is measured at a point in time
3. As of January 31, 20XX; it is measured over a span of time
4. For the Year Ended 20XX; it is measured at a point in time

2. The SEC's Release 1 (FRR-1) officially recognizes accounting standards issued by

1. the IASB because the SEC's philosophy is that the public sector retains the initiative for establishing and improving accounting standards.
2. the FASB because the SEC's philosophy is that the public sector retains the initiative for establishing and improving accounting standards.
3. the IASB because the SEC's philosophy is that the private sector retains the initiative for establishing and improving accounting standards.
4. the FASB because the SEC's philosophy is that the private sector retains the initiative for establishing and improving accounting standards.

3. In which of the following situations would it be inappropriate for an auditor to issue an unqualified opinion with explanatory paragraph?

1. When the auditor questions the business' ability to continue
2. When there has been a change in who performs the audit
3. When the audit was conducted by an internal auditor
4. When some information immaterial to appropriate standards requires special emphasis

4. A subsidiary of a US company based in China keeps its books in the Chinese renminbi and does the majority of its business in the Chinese renminbi (RMB). The home currency is the US dollar (USD). According to IAS 21: The Effects of Changes in FX Rates , during the step where one translates foreign currency financial statements into the functional currency, non-monetary items that are reported at historical cost in RMB

1. are translated into USD using the closing exchange rate.
2. are translated into USD using the exchange rate on the transaction date.
3. are translated into USD using the exchange rate as of the date of the fair value measurement.
4. do not need to be translated in this step as they are already in the functional currency.

3. A paint manufacturing company claims that the mean drying time for its paints is not longer than 60 minutes. A random sample of 20 gallons of paints selected from the production line of this company showed that the mean drying time for this sample is 63.50 minutes with a sample standard deviation of 4 min utes. Assume that the drying times for these paints have a normal distribution. Test the claim that the mean drying time for its paints is less 60 minutes. Use α=0.01.

a. Identify the claim and state the H0 and H1.  
b. Find the critical value.
c. Calculate the test statistic.
d. Make a decision to reject or fail to reject the H0.
e. Interpret the decision in the context of the original claim



4. The manager of a restaurant in a large city claims that waiters working in all restaurants in his city earn an average of $150 or more in tips per week. A random sample of 25 waiters selected from restaurants of this city yielded a mean of $139 in tips per week with a sample standard deviation of $28. Assume that the weekly tips for all waiters in this city have a normal distribution. Test the claim that the mean tips earned by waiters in that city is $150 or more. Use α=0.01.

a. Identify the claim and state the H0 and H1.  
b. Find the critical value.
c. Calculate the test statistic.
d. e. Make a decision to reject or fail to reject the HInterpret the decision in the context of the original claim 0.