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.

(Indicate the effect of each trend by selecting "Favorable" or  "Unfavorable" or "None" for no effect (i.e., zero variance).

(Round your intermediate calculations and final answers to 1 decimal place.)

The average retail price for bananas in the year 2001 was 51.0 cents per pound. In order to test whether there is any significant difference in price of bananas between now and the year 2001, a random sample of 16 markets is taken which yields a sample mean price of 57 cents per pound and a sample standard deviation of 11 cents per pound. Assume that the prices of bananas follow a normal distribution. Set up the null and alternate hypotheses to perform this test.

Note: This problem is for the 2018 tax year.

Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, while Wanda is employed part-time as a paralegal for a law firm.

During 2018, the Deans had the following receipts:

Wanda was previously married to John Allen. When they divorced several years ago, Wanda was awarded custody of their two children, Penny and Kyle. (Note: Wanda has never issued a Form 8332 waiver.) Under the divorce decree, John was obligated to pay alimony and child support—the alimony payments were to terminate if Wanda remarried.

In July, while going to lunch in downtown Santa Fe, Wanda was injured by a tour bus. As the driver was clearly at fault, the owner of the bus, Roadrunner Touring Company, paid her medical expenses (including a one-week stay in a hospital). To avoid a lawsuit, Roadrunner also transferred $90,000 to her in settlement of the personal injuries she sustained.

The Deans had the following expenditures for 2018:

The life insurance policy was taken out by Lance several years ago and designates Wanda as the beneficiary. As a part-time employee, Wanda is excluded from coverage under her employer's pension plan. Consequently, she provides for her own retirement with a traditional IRA obtained at a local trust company. Because the mayor is a member of the local Chamber of Commerce, Lance felt compelled to make the political contribution.

The Deans' household includes the following, for whom they provide more than half of the support:

Penny graduated from high school on May 9, 2018, and is undecided about college. During 2018, she earned $8,500 (placed in a savings account) playing a harp in the lobby of a local hotel. Wayne is Wanda's widower father who died on January 20, 2018. For the past few years, Wayne qualified as a dependent of the Deans.

Federal income tax withheld is $4,200 (Lance) and $2,100 (Wanda). The proper amount of Social Security and Medicare tax was withheld.

Required:

Determine the Federal income tax for 2018 for the Deans on a joint return by providing the following information that would appear on Form 1040 and Schedule A. They do not want to contribute to the Presidential Election Campaign Fund. All members of the family had health care coverage for all of 2018. If an overpayment results, it is to be refunded to them.

• Make realistic assumptions about any missing data.
• Enter all amounts as positive numbers.
• If an amount box does not require an entry or the answer is zero, enter "0".
• When computing the tax liability, do not round your immediate calculations. If required round your final answers to the nearest dollar.

2. Calculate taxable gross income.

3. Calculate the total adjustments for AGI.

4. Calculate adjusted gross income.

5. Calculate the greater of the standard deduction or itemized deductions.

6. Calculate total taxable income.

7. Calculate the income tax liability.

8. Calculate the total tax credits available.

9 Calculate total withholding and tax payments.

10. Calculate the amount overpaid (refund):

11. Calculate the amount of taxes owed:

Waterways Corporation is preparing its budget for the coming year. The first step is to plan for the first quarter of that coming year. Waterways gathered the following information from the managers.

Sales:

Waterways wants to keep 10% of the next month’s unit sales in ending inventory. All sales are on account. 85% of the Accounts Receivable are collected in the month of sale and 15% of the Accounts Receivable are collected in the month after sale. Accounts receivable on December 31 totaled 183,780.

Direct Materials:

The product uses metal, plastic, and rubber. In total, each unit requires 2 pounds of material at an average cost of 0.75 per pound.

Waterways likes to keep 5% of the materials needed for the next month in its ending inventory. Payment for materials is made within 15 days. 50% is paid in the month of purchase and 50% is paid in the month after purchase. Accounts Payable on December totaled $120,595. Raw materials on December 31 totaled 11,295 pounds.

Direct Labor:

Labor requires 12 minutes per unit for completion and is paid at a rate of $18 per hour.

Manufacturing Overhead:

Selling and Administrative Expenses:

Variable selling and administrative cost per unit is $2.40.

Other Information:

The cash balance on December 31 totaled $220,500, but management has decided that it wants to maintain a cash balance of at least $750,000 beginning January 31. Dividends are paid each month at the rate of $2.50 per share for 5,000 shares outstanding. The company has an open line of credit with the First National Bank. The terms of the agreement requires borrowing to be in $1,000 increments at 8% interest. Waterways borrows on the first day of the month and repays on the last day of the month. Reserve repayment, if required, until Waterways can pay the entire amount. A $250,000 equipment purchase is planned for February.

Instructions (Do all parts):

Note: All budgets and schedules should be prepared by month for the first quarter (January, February, and March). Round all figures to the nearest dollar. For labor hours round to whole hours.

e. Prepare a manufacturing overhead budget and a cash budget.

f. Prepare a selling and administrative budget.

g. Prepare a schedule for expected cash collections from customers.

h. Prepare a schedule for expected payments for materials purchases.

On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $20,760 of office salaries and $60,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $13,060 of federal income taxes, $1,420 of medical insurance deductions, and $880 of union dues. No employee earned more than $7,000 in this first period.

Required:
1.1 Calculate below the amounts for each of these four taxes of Regis Company. Regis’s state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%.
1.2 Prepare the journal entry to record Regis Company's January 8 employee payroll expenses and liabilities.
2. Prepare the journal entry to record Regis’s employer payroll taxes resulting from the January 8 payroll. Regis’s state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%.

Calculate below the amounts for each of these four taxes of Regis Company. Regis’s state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%. (Round your answers to 2 decimal places.)

• Record the employee payroll expenses and liabilities for the first weekly pay period of the year.

Note: Enter debits before credits.

• Record the employer’s payroll expenses and liabilities for the first weekly pay period of the year.

Note: Enter debits before credits.

The balance sheet for Bearing Industries Inc. at the end of the current fiscal year indicated the following:

Income before income tax was $238,000, and income taxes were $36,400, for the current year. Cash dividends paid on common stock during the current year totaled $41,580. The common stock was selling for $22 per share at the end of the year.

Determine each of the following. Round answers to one decimal place, except for dollar amounts which should be rounded to the nearest whole cent. Use the rounded answers for subsequent requirements, if required.

For the following scenario, at the end of which year should you replace the defender?
Defender;
EUAC 1: 9,102, EUAC 2: 6,414, EUAC 3: 6,822, EUAC 4: 9,991.
TC 1: 9,102, TC 2: 6,012, TC 3: 6,391, TC 4: 10,682.
Challenger
EUAC 1: 8,162, EUAC 2: 8,869, EUAC 3: 9,843, EUAC 4: 9,002.

Please solve carefully!

A 66-year-old male with a history of COPD is admitted to the emergency department with shortness of breath. He is not currently taking any medication for his breathing. The patient states that he usually gets short of breath only upon exertion, but he developed a “cold” several days ago that made his breathing worse. He has been placed on oxygen. The doctor wants him to have breathing treatments.

What medication, dose, and route of administration would you suggest?

(a) How should the effectiveness of the treatments be monitored?

(b) After several days of breathing treatments and antibiotics, the patient is ready for discharge, but he still becomes short of breath during the night. What maintenance medication(s) do you suggest?

2. The Sandcastle Motel adjusts and closes its accounts at the end of each year on 30 June. Most guests pay at the time they check out but a few guests pay in advance and these amounts are posted to Unearned Rental Revenue account at the time of receipt. The following transactions are being considered for adjustment:

(i) A one-year bank loan of $80,000 was obtained on 1 May. No interest has yet been paid. The interest accrued at 30 June is $1,000.

(ii) On 16 June, a suite of rooms was rented to a company for six months at a monthly rental of $3,200. The entire amount of $19,200 was collected in advance and posted to Unearned Rental Revenue account.

(iii) At 30 June, the motel has earned $18,090 rental revenue from current guests who will not be invoiced until they are ready to check out in July.

(iv) Salaries earned by employees at 30 June, but not yet paid, amount to $4,000.

v) On 30 June, the motel entered into an agreement to host the National Bodybuilders Convention in August. The motel expects to earn rental revenue of at least $90,000 from the convention.

(vi) On 1 June, a payment of $3,000 was made for six months cleaning services. The payment was entered into the Prepaid Cleaning account.

Question:

(a) Prepare the adjusting journal entries for the year ended 30 June. Ignore GST. (Explanations not required)

(b) The owner of the Sandcastle Motel is anxious to know the results for the year and wants to ignore the above adjustments in the interests of speedier reporting. Advise the owner why adjusting journal entries are important.

A 30-year bond is purchased at a discount. The bond pays annual coupons. The amount for accumulation of discount in the 15th coupon is 147. The amount for accumulation of discount in the 19th coupon is 200. Calculate the amount of discount in the purchase price of this bond