EZ-Seat, Inc., manufactures two types of reclining chairs, Standard and Ergo. Ergo provides support for the body through a complex set of sensors and requires great care in manufacturing to avoid damage to the material and frame. Standard is a conventional recliner, uses standard materials, and is simpler to manufacture. EZ-Seat’s results for the last fiscal year are shown in the statement below.

EZ-Seat currently uses labor costs to allocate all overhead, but management is considering implementing an activity-based costing system. After interviewing the sales and production staff, management decides to allocate administrative costs on the basis of direct labor costs but to use the following bases to allocate the remaining costs:

Required:

a. Complete the income statement using the preceding activity bases. (Do not round intermediate calculations.)

c. Restate the income statement for EZ-Seat using direct labor costs as the only overhead allocation base. (Do not round intermediate calculations.)

Thanks for your help!

1. The following two linear functions represent a market (thus one is a supply function, the other a demand function). Circle the answer closest to being correct. Approximately what will suppliers willingly supply if the government controls the market price to be $3.00 (You must first find the market equilibrium price and quantity in order to see how the $3.00 relates to them)? Q = 100 – 4.6P and Q = 75 + 6.2P
Possible answers: 2.3 84.3 86.2     89.3     93.1     93.6 (all close, but approximate)

2. There has been a change in the market (represented in 1 above). The change is represented by the following two equations. Circle the one correct conclusion that describes the market change. Q = 90 + 6.2P   and Q = 110 – 4.6P
Possible Answers: a. demand has decreased,  b. demand has increased, c. supply has decreased, d. supply has increased, e. supply has decreased and demand has decreased, f. supply has increased and demand has increased

3. Circle the function on the answer sheet that represents the marginal revenue (MR) function for this demand function: Q = 75 – 7P
Possible Answers: a. MR=19.57-.044Q, b. MR=21.74-.044Q, c. MR=26.09-.044Q, d. MR=33.33-.066Q, e. MR= 30.00-0.4Q, f. MR=10.71-0.28Q

4. Circle the quantity that maximizes total revenue (TR) for the marginal revenue (MR) function selected in number three (3).
Possible Answers: 38.25   44.48   49.41   50.50   59.30   75.00

5. If supply decreases but demand remains the same, we can conclude that the new equilibrium:
Possible Answers: a. Price must fall but market quantity is indeterminate.    b. Quantity must increase but market price is indeterminate.   c. Price must increase but market quantity is indeterminate.   d. Quantity must decrease but market price is indeterminate.   e. Price must increase and Quantity must increase.     f.   Price must increase and quantity must decrease.

Please show work on how you solved the questions.

1. Given the information below about Thomas Corporation, what was the amount of dividends the company paid in the current period?

2. The ending Retained Earnings balance of Boomer Inc. decreased by $1.9 million from the beginning of the year. The company declared a dividend of $4.7 million during the year. What was the net income for the year?

3. When a company pays utilities of $1,710 in cash, the transaction is recorded as:

4. When a company pays $2,100 dividends to its stockholders, the transaction should be recorded as:

5. A company received a bill for newspaper advertising services, $460. The bill will be paid in 10 days. How would the transaction be recorded today?

6. On March 3, Cobra Inc. purchased a desk for $350 on account. On March 22, Cobra purchased another desk for $415 also on account, and then on March 24, Cobra paid $470 on account. At the end of March, what amount should Cobra report for desks (assuming these two desks were the only desks they had)?

7.

Use the following information to prepare a trial balance.

8. At the beginning of December, Global Corporation had $1,800 in supplies on hand. During the month, supplies purchased amounted to $3,000, but by the end of the month the supplies balance was only $1,400. What is the appropriate month-end adjusting entry?

9.

The following table contains financial information for Trumpeter Inc. before closing entries:

What is Trumpeter's net income?

Western State University (WSU) is preparing its master budget for the upcoming academic year. Currently, 16,500 students are enrolled on campus; however, the admissions office is forecasting a 8 percent growth in the student body despite a tuition hike to $85 per credit hour. The following additional information has been gathered from an examination of university records and conversations with university officials:

• WSU is planning to award 200 tuition-free scholarships.
• The average class has 20 students, and the typical student takes 15 credit hours each semester. Each class is three credit hours.
• WSU’s faculty members are evaluated on the basis of teaching, research, and university and community service. Each faculty member teaches five classes during the academic year.

1.Prepare a tuition revenue budget for the upcoming academic year.

2.Determine the number of faculty members needed to cover classes.

3. Assume there is a shortage of full-time faculty members. Select at least five actions that WSU might take to accommodate the growing student body by selecting an "X" next to the action.

4.You have been requested by the university’s administrative vice president (AVP) to construct budgets for other areas of operation (e.g., the library, grounds, dormitories, and maintenance). The AVP noted: “The most important resource of the university is its faculty. Now that you know the number of faculty needed, you can prepare the other budgets. Faculty members are indeed the key driver—without them we don’t operate.” Are faculty members a key driver in preparing budgets? Yes or No?

Quantitative Methods in BUSN

Solve this problem using Excel Solver

1. Devos Inc. is building a hotel. It will have 4 kinds of rooms: suites where customers can smoke, suites that are non-smoking, budget rooms where the customers can smoke, and budget rooms that are non-smoking. When we build the hotel, we need to plan for how many rooms of each type we should have. The following are requirements for the hotel:

1. We want to figure out how many rooms of each type to build based on maximizing revenue if we fill up the hotel. We expect to charge $190 for a suite that is non-smoking and $140 for a budget room that is non-smoking. Smoking room customers for both suites and budget rooms will have to pay an additional $20 per night.
2. We can spend up to $7,500,000 on construction of our hotel. The cost to build a non-smoking budget room is $12,000. The cost to build a non-smoking suite is $15,000. It is $3,000 additional for a smoking room of either type for smoke detectors and sprinklers.
3. We require that the number of budget rooms be at least 1.5 times the number of suites, but no more than 3 the number of suites.
4. There needs to be at least 80 suites, but no more than 200.
5. Industry trends recommend that smoking rooms should be less than 50% of the non-smoking room and in addition, we require our builder gives us at least 4 smoking rooms.

Answer the following using your Solver answers:

1. How many of each room type should be built, and what would the revenue be for a night when our hotel was fully booked?
2. Without re-running Solver, what happens to our revenue if we get an additional $1,500,000 for building? Explain in words how you got this answer without re-running solver. Over what amount of construction costs can you use this procedure?
3. Over what range of room price can our budget non-smoking rooms vary over for us to get the same answer for the quantity of each type of room?

Bug-Off Exterminators provides pest control services and sells extermination products manufactured by other companies. The following six-column table contains the company’s unadjusted trial balance as of December 31, 2018.

The following information in a through h applies to the company at the end of the current year.

a. The bank reconciliation as of December 31, 2018, includes the following facts.

Reported on the bank statement is a canceled check that the company failed to record. (Information from the bank reconciliation allows you to determine the amount of this check, which is a payment on an account payable.)

b. An examination of customers’ accounts shows that accounts totaling $679 should be written off as uncollectible. Using an aging of receivables, the company determines that the ending balance of the Allowance for Doubtful Accounts should be $700.

c. A truck is purchased and placed in service on January 1, 2018. Its cost is being depreciated with the straight-line method using the following facts and estimates.

d. Two items of equipment (a sprayer and an injector) were purchased and put into service in early January 2016. They are being depreciated with the straight-line method using these facts and estimates.

e. On August 1, 2018, the company is paid $3,840 cash in advance to provide monthly service for an apartment complex for one year. The company began providing the services in August. When the cash was received, the full amount was credited to the Extermination Services Revenue account.

f. The company offers a warranty for the services it sells. The expected cost of providing warranty service is 2.5% of the extermination services revenue of $42,760 for 2018. No warranty expense has been recorded for 2018. All costs of servicing warranties in 2018 were properly debited to the Estimated Warranty Liability account.

g. The $15,000 long-term note is an 8%, five-year, interest-bearing note with interest payable annually on December 31. The note was signed with First National Bank on December 31, 2018.

h. The ending inventory of merchandise is counted and determined to have a cost of $11,700. Bug-Off uses a perpetual inventory system.

(Need answers for the following)

4-a. Prepare a single-step income statement for year 2018.

4-b. Prepare a statement of retained earnings (cash dividends during 2018 were $10,000) for year 2018.

4-c. Prepare a classified balance sheet as at 2018

Scenario:

You’ve just secured a new client in your accounting practice, the Rawls Repair Corporation, (RRC) a brand new small business specializing in bicycle repair. The owner, Rob Rawls, is a terrific cyclist and bike repair specialist, but definitely not an accountant. Your job is to help Rob put his affairs in order. Luckily Rob has only been in operation for a month and things have not gotten too out of hand yet! Rob has to submit his financial statements to his investors and doesn’t know where to begin. It’s your job to go through the complete Accounting cycle to prepare the financial statements for the RRC.

1. Complete requirements 1-3 on the journal entries. General ledger and trial balance worksheets

2. Put work into worksheets

The transactions above have been journalised and posted. The statement or profit or loss for June is below.

a) Journalise end-of-year closing entries

b) Post end-of-year closing entries and complete the closing process in the general ledger

I JUST NEED THE NAMES OF THE ADJUSTING ENTRY ACCOUNTS FOR A) THROUGH I). I don't need the number entries. I attached the balance sheet in case you need it for reference

Problem -

Your required tasks are as follows: On the designated worksheet, prepare in journal entry form the adjusting journal entries for the following items. Letter entries to correspond to the below information and present them in alphabetical order. (Round all numbers to the nearest dollar)

On June 1, 2016 B&B paid Lorre Advertising $48,000 for two years of advertising services. Equal services are provided in year 1 and year 2 of the contract.

B&B needed some additional storage space so on September 1, 2016 they rented a unit for an annual rate of $10,200. The entire amount was expensed when paid.

$4,250 of store supplies were purchased during the year and the asset Store Supplies was increased. $2,150 of these supplies were used during the year.

$6,500 of office supplies were purchased during the year and were immediately expensed. A count of the office supplies on hand December 31, 2016, indicates a balance of $1,500.

On October 1, 2016, B&B issued a 9-month note receivable to Greenstreet & Co. at an annual interest rate of 4%. Principal and interest will be paid at the end of the 9-months. The note was recorded in Notes Receivable and is the only note outstanding.

Sales salaries of $6,200 and office salaries of $4,800 were earned and remained unpaid at 12/31/16.

On May 1, 2016, B&B rented a portion of one store to Paul Henreid Co. The contract was for 10 months and B&B required the 10 months of cash upfront on May 1. The rent is being earned equally over the next 10 months. When cash was received, unearned rent was appropriately recorded.

On November 1, 2016, B&B collected $18,000 for consulting services to be performed from November 1, 2016 to February 28, 2017. The company credited the revenue account when the cash was received.

Based on past experience, B&B calculates bad debt expense at 1.5% of net sales for the year.

Refer to balance sheet: