Cost Flow Relationships
The following information is available for the first year of operations of Creston Inc., a manufacturer of fabricating equipment:
| Sales | $1,270,300 |
| Gross profit | 343,000 |
| Indirect labor | 114,300 |
| Indirect materials | 47,000 |
| Other factory overhead | 21,600 |
| Materials purchased | 647,900 |
| Total manufacturing costs for the period | 1,402,400 |
| Materials inventory, end of period | 47,000 |
Using the above information, determine the following amounts:
| a. Cost of goods sold | $ |
| b. Direct materials cost | $ |
| c. Direct labor cost | $ |
In: Accounting
At the beginning of the year, Lambert Motors issued the three notes described below. Interest is paid at year-end. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)
Required:
Prepare the journal entries to record each of the three
transactions and the interest expense at the end of the first year
for each. (If no entry is required for a transaction/event,
select "No journal entry required" in the first account field. Do
not round intermediate calculations. Enter your answers in whole
dollars.)
In: Accounting
Suppose you have invested the following sums on the last day of each year in a mutual fund with front-end loads of 4% and management fees of 0.4%. The fund earned 11% per year. How much will you have at the end of year 10?
Year Cash Flow
0 $1600
1 $2500
2 $3000
In: Finance
Analysis of Receivables Method
At the end of the current year, Accounts Receivable has a balance of $490,000; Allowance for Doubtful Accounts has a debit balance of $4,500; and sales for the year total $2,210,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $18,500.
a.
Determine the amount of the adjusting entry for uncollectible
accounts.
$
b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.
| Accounts Receivable | $ |
| Allowance for Doubtful Accounts | $ |
| Bad Debt Expense | $ |
c.
Determine the net realizable value of accounts receivable.
$
In: Accounting
You are the auditor of Ounass Company and have started
work on the current year audit. Ounass is a distributor of high-end
designer clothing doing business in the last three years. Your firm
has handled the audit of Ounass eversince. Recently, the Ounass
business has suffered as a result of low-consumer spending and
increased competition in the past two years. Later, as you were
discussing with Ounass personnel, it was revealed that the counting
of inventory was performed a few days ago at the warehouse without
prior notice to you (being the auditor). No documentation or
feedback from that counting of inventory was given to the audit
team, except for OMR 10,000 inventory adjustment in the books, no
reason was given on the adjustment. You have discussed the issue
with senior management, and they are aware that audit evidence is
missing regarding the OMR 100,000 amount of inventory. Inventory
list provided was incomplete and cost data was inaccurate. There is
no other available alternative method to validate the balance of
inventory at this time. Total assets of Ounass is OMR 500,000 and
the balance of inventory is considered significant.
Required: Explain your answer to the following questions:
1. Based on the given situation, write your reasons if the auditor
can form his opinion on the financial statements? Formulate your
answer based on ISA 200 and ISA 700 concepts.
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FINALMEXAMINATIONSEMESTER2ACADEMICYEAR2019-2020FINALMEXAMINATIONSEMESTER1ACADEMICYEAR2019-2020FINALMEXAMINATIONSEMESTER2ACADEMICYEAR2019-2020FINALMEXAMINATIONSEMESTER2ACADEMICYEAR2019-2020
FINALMEXAMINATIONSEMESTER2ACADEMICYEAR2019-2020
2. What are the key decision points that could be obtained by the
auditor from the case in forming his opinion? Determine the
appropriate auditor’s opinion to be included in the auditor’s
report whether Unmodified Opinion or Modified Opinion. Justify your
decision(I need more details please)
In: Accounting
A 22 year old woman reported to your health centre with a complaint of fever for 6 days. What questions will you ask the patient in the History of Presenting Complaints?
In: Nursing
Are the results with different interest rates different? Using your results elaborate on the power of compounding and how it impacts savings in the long run.
In: Finance
The following information was taken from the records of Bridgeport Inc. for the year 2017: Income tax applicable to income from continuing operations $206,448; income tax applicable to loss on discontinued operations $27,336, and unrealized holding gain on available-for-sale securities (net of tax) $23,700.
|
Gain on sale of equipment |
$97,700 |
Cash dividends declared |
$139,500 |
|||
|
Loss on discontinued operations |
80,400 |
Retained earnings January 1, 2017 |
611,500 |
|||
|
Administrative expenses |
244,100 |
Cost of goods sold |
933,800 |
|||
|
Rent revenue |
44,200 |
Selling expenses |
277,800 |
|||
|
Loss on write-down of inventory |
60,600 |
Sales Revenue |
1,981,600 |
Shares outstanding during 2017 were 109,300.
(a) Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.48.)
b) prepare a comprehensive income statement for 2017, using the two statement format.
c) prepare a retained earnings statement, or 2017.
In: Accounting
| The following information is available about the company: |
| a. | All sales during the year were on account. |
| b. | There was no change in the number of shares of common stock outstanding during the year. |
| c. | The interest expense on the income statement relates to the
bonds payable; the amount of bonds outstanding did not change during the year. |
| d. | Selected balances at the beginning of the current year were: |
| Accounts receivable | $ | 340,000 |
| Inventory | $ | 450,000 |
| Total assets | $ | 1,880,000 |
| e. | Selected financial ratios computed from the statements below for the current year are: |
| Earnings per share | $ | 3.15 | |
| Debt-to-equity ratio | 0.900 | ||
| Accounts receivable turnover | 15.0 | ||
| Current ratio | 2.10 | ||
| Return on total assets | 12 | % | |
| Times interest earned ratio | 6.0 | ||
| Acid-test ratio | 1.19 | ||
| Inventory turnover | 8.0 | ||
| Required: |
|
Compute the missing amounts on the company's financial statements. (Hint: What’s the difference between the acid-test ratio and the current ratio?) (Do not round intermediate calculations.) |
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Please Fill in the last 2 charts with the correct numbers.
In: Accounting
| The following information is available about the company: |
| a. | All sales during the year were on account. |
| b. | There was no change in the number of shares of common stock outstanding during the year. |
| c. | The interest expense on the income statement relates to the
bonds payable; the amount of bonds outstanding did not change during the year. |
| d. | Selected balances at the beginning of the current year were: |
| Accounts receivable | $ | 350,000 |
| Inventory | $ | 460,000 |
| Total assets | $ | 2,560,000 |
| e. | Selected financial ratios computed from the statements below for the current year are: |
| Earnings per share | $ | 5.76 | |
| Debt-to-equity ratio | 0.920 | ||
| Accounts receivable turnover | 16.0 | ||
| Current ratio | 2.20 | ||
| Return on total assets | 12 | % | |
| Times interest earned ratio | 7.0 | ||
| Acid-test ratio | 1.20 | ||
| Inventory turnover | 9.0 | ||
| Required: |
|
Compute the missing amounts on the company's financial statements. (Hint: What’s the difference between the acid-test ratio and the current ratio?) (Do not round intermediate calculations.) |
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Please Fill in the chart with correct numbers.
In: Accounting