Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2020, the general ledger for Case Inc. contains the following data. Raw Materials Inventory $3,900 Manufacturing Overhead Applied $31,800 Work in Process Inventory $5,475 Manufacturing Overhead Incurred $34,600 Subsidiary data for Work in Process Inventory on June 1 are as follows. Job Cost Sheets Customer Job Cost Element Rodgers Stevens Linton Direct materials $500 $700 $900 Direct labor 300 600 600 Manufacturing overhead 375 750 750 $1,175 $2,050 $2,250 During June, raw materials purchased on account were $4,700, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $1,000 and miscellaneous costs of $300 incurred on account. A summary of materials requisition slips and time tickets for June shows the following. Customer Job Materials Requisition Slips Time Tickets Rodgers $800 $900 Koss 1,900 900 Stevens 500 400 Linton 1,300 1,200 Rodgers 200 400 4,700 3,800 General use 1,400 1,200 $6,100 $5,000 Overhead was charged to jobs at the same rate of $1.25 per dollar of direct labor cost. The patios for customers Rodgers, Stevens, and Linton were completed during June and sold for a total of $17,400. Each customer paid in full. (a)

During 2015, Sheridan Company purchased a building site for its proposed research and development laboratory at a cost of $50,000. Construction of the building was started in 2015. The building was completed on December 31, 2016, at a cost of $360,000 and was placed in service on January 2, 2017. The estimated useful life of the building for depreciation purposes was 20 years. The straight-line method of depreciation was to be employed, and there was no estimated residual value.

Management estimates that about 50% of the projects of the research and development group will result in long-term benefits (i.e., at least 10 years) to the corporation. The remaining projects either benefit the current period or are abandoned before completion. A summary of the number of projects and the direct costs incurred in conjunction with the research and development activities for 2017 appears below.

Upon recommendation of the research and development group, Sheridan Company acquired a patent for manufacturing rights at a cost of $116,000. The patent was acquired on April 1, 2016, and has an economic life of 10 years.

If generally accepted accounting principles were followed, how would the items above relating to research and development activities be reported on the following financial statements?

(a)The company's income statement for 2017.

(b)The company's balance sheet as of December 31, 2017.

P7-2 (General Ledger Entries; Statements) The following transactions took place in the town of Burchette during 20X3: 1. A bond issue of $12,000,000 was authorized for the construction of a library, and the estimated bond issue proceeds and related appropriations were recorded in the General Ledger accounts of a new Capital Projects Fund. 2. The bonds were sold at a premium of $90,000. 3. The cost of issuing the bonds, $80,000, was paid. 4. An order was placed for materials estimated to cost $6,500,000. 5. Salaries and wages of $500,000 were paid. 6. The premium, net of bond issuance costs, was transferred to a Debt Service Fund. The following transactions took place during 20X4: 7. The materials were received; the actual cost was $6,585,000. 8. Salaries and wages of $4,010,000 were paid. 9. All outstanding bills were paid. 10. The project was completed. The accounts were closed, and the remaining balance was transferred to a Debt Service Fund. Required a.Prepare all journal entries (budgetary and actual), including closing entries, to record the Capital Projects Fund transactions for 20X3 and 20X4. b.Prepare a Capital Projects Fund balance sheet as of December 31, 20X3. c.Prepare a Capital Projects Fund Statement of Revenues, Expenditures, and Changes in Fund Balance for the project, including (1) the year ended December 31, 20X3, and (2) a separate budgetary combined comparison statement for the years ended December 31, 20X3 and 20X4. I don't understand what the closing entries should be.

Old World Furniture constructs and sells executive style conference tables. The selling price is $15,000 per table. A unique feature is that the only raw material used in the construction of each table. other than indirect materials like glues and screws, comes entirely from a single tree. Tree prices and other costs of production have remained stable, and Old World is able to use each tree purchased without incurring any significant spoilage. Consider the following "disorganized" information and complete the indicated requirements.

Ending work in process (900 Tables) $2,700,000

Selling price per table $15,000

Ending finished goods (300 Tables) $2,100,000

Indirect labor incurred during the period $187,500

Raw materials transferred into production (1,050 Trees) $1,050,000

Beginning finished goods (600 tables) $4,200,000

Cost of glues and screws $52,500

Beginning work in process $2,197,500

Ending raw materials (750 Trees) $750,000

Direct labor incurred during the period $4,950,000

Selling, general, and administrative costs incurred $1,725,000

Depreciation of factory equipment $112,500

Raw material purchases during the period (1,350 Trees) $1,350,000

All other factory overhead $450,000

Tables sold (1,200 Tables)

a) Complete the reconciliation of units on the accompanying blank worksheet, showing the "unit" activity in raw materials, work in process, and finished goods.

b) Calculate the cost of goods manufactured

c) Calculate the cost of goods sold.

d) Calculate net income. Assume an income tax rate of 30%.

The council wants to construct the facilities that will maximize expected daily usage by the residents of the community subject to land and cost llimitations. The usage, cost, and land data for each facility are listed below. The community has $240,000 construction budget and 24 arces of land. Because the swimming pool and tennis center must be built on the same part ot the land parcel, however, only one of these two facilities can be constructed. Formulate an optimization mode to assist the council in making its decision. Q1) Define the decision variables for this problem. What type of vaiables must beused in this situation? Q2) Write out the objective function for this problem in terms of the decision variables defined above. Q3?Write out any constraints necessary for this problem in terms of the decision variables defined above. Q4) A very inluential citizens group has made it clear that it strongly prefers the athletic fielld to the gynnasim; thus the council will not approve the gymnasium unless the athletic field is also approved. How can the model be modified to incorporate this condition? Q5) The mayor has deicded that no more than three of the facilities may be constructed wiht funds from this year's budget. How can the model be modified to incorporate this comdition?

The council wants to construct the facilities that will maximize expected daily usage by the residents of the community subject to land and cost llimitations. The usage, cost, and land data for each facility are listed below. The community has $240,000 construction budget and 24 arces of land. Because the swimming pool and tennis center must be built on the same part ot the land parcel, however, only one of these two facilities can be constructed. Formulate an optimization mode to assist the council in making its decision. Q1) define the decision variables for this problem. What type of variables must be used in this situation? Q2) Write out the objective function for this problem in terms of the decision variables deine above. Q3) Write out any constraints necessary for this problem in terms of the decision variables defined above. Q4)Write out any constraints necessary for this problem in terms of the decision variables defined above. Q5) A very inluential citizens group has made it clear that it strongly prefers the athletic fielld to the gynnasim; thus the council will not approve the gymnasium unless the athletic field is also approved. How can the model be modified to incorporate this condition? Q6) The mayor has deicded that no more than three of the facilities may be constructed wiht funds from this year's budget. How can the model be modified to incorporate this comdition?

Rome Metals a US based firm located in Rome, Georgia makes metal brackets used in the construction of warehouse shelving. The firm has a practical capacity of 42,000 units and for the past several years has produced at a constant volume of 35,000 units/year. Rome Brackets are priced at $92/unit. The manufacturing costs incurred to make a bracket at the 35,000 unit level is shown above. Note that the $2/unit shipping cost is included in the manufacturing costs breakdown. An order for 10,000 has been received from a new customer - Fedex Logistics Services - but at a required price of only $78/unit. Fedex has agreed to pick up the order from the Rome facility itself saving Rome Metals the shipping fee. Due to capital constraints Rome Metals cannot adjust its practical capacity nor does the firm have any potential outsourcing partners. Assuming no loss of existing customer goodwill, should Rome Metals accept the offer from Fedex Logistics Services.

a) Yes, Rome Metals Profit will Increase by $154,000

b) Yes, Rome Metals Profits will Increase by $160,000

c) Yes, Rome Metals Profits will Increase by $76,000

d) No, Rome Metals Profits Will Be Reduced by $70,000

e) Yes, Rome Metals Profits Will Increase by $70,000

f) No, Rome Metals Profits Will be reduced by $30,000

Hudson Group is a one of the largest and most recognizable travel retailers in North America. we own and manage over 1,000 duty-paid and duty-free stores in 89 locations, including airports, commuter terminals, hotels and some of the most visited landmarks and tourist destinations in the world.
In 2019 we initiated the Hudson Next Project, one of the key pillars being the completion of design and implementation of four new brands within the current Business Operating Model.
These brands include: Speciality stores, Newsstands, Book stores & Brook stone stores
The new Specitity stores will be based out of the LAX airport. They will cost approximately $19 million to contruct and will require approximately 50 employees to operate. The Newstands, located in Newark, New Jersey, will be based out of the airport - less than 15 miles outside of New York City, will cost $6.5 million to construct and 20 employees to operate. The bookstores, located in Houston, will require $8 million to construct and 15 employees to operate. Located in the suburbs of Pittsburgh, Pennsylvania, the new Brookstones stores will cost $12 million to construct and 50 employees to operate across all stores.
Hudson Group will pledge 75.5 million in new construction and hire no more than 260 employees. Annually, Specialty stores are a 9.5 million operation, Newstands are a $2.4 million operation, bookstores are a 1.2 million operation and the new Brookstones stores net 3.3 million in volume and growing.
If Hudson Group wasnts to maximize it’s annual revenue, how many of each for brands should they build?

PLEASE PROVIDE IN EXCEL FORMAT

You have been asked by the president of the Farr Construction Company to evaluate the proposed acquisition of a new earth mover. The mover’s basic price is $200,000, and it would cost another $30,000 to modify it for special use. Assume that the mover falls into the MACRS 5-year class, it would be sold after 4 years for $60,000, and it would require an increase in net operating working capital (spare parts inventory) of $10,000. The earth mover would have no effect on revenues, but it is expected to save the firm $50,000 per year in before-tax operating costs, mainly labor. The firm’s marginal federal-plus-state tax rate is 40 percent and the project’s cost of capital is 10 percent. Evaluate the project using the NPV rule and the IRR rule. Evaluating a Cost Saving Project Year 0 Year 1 Year 2 Year 3 Year 4 Acquisition - 5 Year Life Earth Mover ?? Installation Costs ?? Total Initial Investment $ - Savings in Costs ?? ?? ?? ?? Depreciation Rate (5 Year) ?? ?? ?? ?? Total Depreciation Costs ?? ?? ?? ?? Earnings Before Income Tax (EBIT) ?? ?? ?? ?? Tax Rate ?? ?? ?? ?? Total Taxes ?? ?? ?? ?? Net Operating Profits (NOPAT) ?? ?? ?? ?? Add Back Depreciation ?? ?? ?? ?? Operating Cash Flow ?? ?? ?? ?? Net Operating Working Capital ?? ?? ?? ?? ?? Increase in NOWC ?? ?? ?? ?? ?? Total Annual Project Cash Flow ?? ?? ?? ?? ?? Terminal Year Cash Flow Machine Sale ?? Less: Book Value of Machine ?? Profit on Sale ?? Tax on Profit (40%) ?? Net Salvage Value on Equipment ?? Free Cash Flow ?? ?? ?? ?? ?? Required Rate of Return (WACC) ?? NPV ?? IRR ??