During 2018, WMC Corporation discovered that its ending inventories reported on its financial statements were misstated by the following amounts:

   
WMC uses the periodic inventory system and the FIFO cost method.

Required:
1-a. Determine the effect of 2016 errors on retained earnings at January 1, 2018, before any adjustments. (Ignore income taxes.)
1-b. Determine the effect of 2017 errors on retained earnings at January 1, 2018, before any adjustments. (Ignore income taxes.)
2. Prepare a journal entry to correct the error made in 2017.

For this assignment, you will select a current research paper (published since 2016) to review. You may select any research paper that is related to Data Science or Big Data Analytics. I strongly recommend that you start your search at Google Scholar (scholar.google.com). Once you enter your search term(s), select the "Since 2016" link on the left. Feel free to choose ANY relevant paper. (I would recommend that you select one that you can read and summarize in a reasonable amount of time. Don't select a 100 page paper!)

Need 200 words review on that paper

Additional information:

MERMED Inc. is a medical device manufacturer.

The company’s headquarters is located in Houston, Texas. It is a global leader in developing, manufacturing, selling and servicing diagnostic imaging and therapeutic medical devices used to diagnose and treat cardiovascular and other diseases. MERMED earned $300 million of revenue in 2015, while employing more than 10,000 people worldwide. One of it’s manufacturing plants is located in Dingle, Co. Kerry, Ireland. Tom Jones is the plant manager at the Dingle facility.

The Dingle site runs 12 hour shifts, 7 days a week. It has 1000 employees. It manufactures a variety of of medical devices (including Class III devices). A number of it's products are sold in the US and European markets. The facility has a Quality Management System in place. Their Quality Management System is in compliance with ISO 13485:2016 and 21 CFR 820. Their facility is frequently audited by Notified Bodies and the FDA.

The site was recently audited by corporate. The corporate auditing team were checking the site's compliance with ISO 13485:2016 and 21 CFR 820. The auditors found a number of potential non-conformances to  ISO 13485:2016 and 21 CFR 820.

You must complete 4 tasks (for each of the 5 incidents/questions):

1.   Review each of these potential non-conformances (5 incidents in total)

2. Determine if they are non-conformances against the requirements of the ISO13485:2016 AND 21 CFR 820.

3. If they are non-compliances, write down the specific clause numbers in ISO 13485:2016 AND specific section number of 21 CFR 820 which is applicable (write down the main clause/section in each regulation that the non-compliance is against).

Note:  ISO 13485:2016 and 21 CFR 820 are available in the "Additional Resources" section, under the section heading "Quality Systems Regulations (EU and US)" (contained within Section A Medical Device Regulatory Affairs).

4. Briefly EXPLAIN your decision in 100-170 words.

QUESTION 4

The operation of a weighing scale (equipments ID 186749) was reviewed by the inspector in the Box Packing section. The weighing scale was in use during the current shift. The operating procedure (SOP18654) for the scale states that it must be calibrated at the beginning and end of each shift. The operating procedure states that that the calibration of the scales is recorded in a log book(Calibration Log for ID 186749 ). The inspector asked to review this log book. The maintenance technician who was interviewed said that the log book was held by the maintenance technician on the night shift and he always kept it in his desk drawer which was locked.

Clicker Assignment: Ch. 10 & Job Order Costing Clicker questions will be asked in class based on your completion of this preparation guide. Example in class question: What is the answer to Question 2? You will not have time to complete this guide in class!  

1. Classify each cost as direct materials (DM), direct labor (DL), manufacturing overhead (MOH), or a period cost for a shoe manufacturer.

Leather                                                                         DM       DL         MOH    Period Cost

Utility bill for the manufacturing plant                           DM       DL         MOH    Period Cost

Depreciation expense on accounting dept. copier           DM       DL         MOH    Period Cost

Wages of production line employees                              DM       DL        MOH    Period Cost

Wages of sales employees                                             DM       DL        MOH    Period Cost

Shoe laces                                                                    DM       DL         MOH    Period Cost

Plant supervisor                                                            DM       DL         MOH    Period Cost

Depreciation expense on sewing machines                     DM       DL         MOH    Period Cost

2. Dixon Company reported the following year-end information:

Beginning raw materials inventory                30,000

Ending raw materials inventory                     48,000

Beginning work in process inventory             108,000

Ending work in process inventory                  90,000

Raw Materials purchased                               110,000

Direct Labor                                                    96,000

Manufacturing Overhead                               77,000

What is Dixon Company’s cost of direct materials used?

3. Given the following information, solve for Cost of Goods Sold (COGS).  

Raw Materials Inventory, January 1, 2016                      $14,500

Raw Materials Inventory, December 31, 2016                $16,000

Work in Process Inventory, January 1, 2016                    $30,000

Work in Process Inventory, December 31, 2016              $24,000

Finished Goods Inventory, January 1, 2016                     $10,000

Finished Goods Inventory, December 31, 2016               $12,000

Cost of Goods Manufactured                                         $140,000

4. Answer the questions below to describe the flow of costs in a Job Order Costing system.  

1. What are the three categories of manufacturing costs?  

2. What account is increased when manufacturing costs are assigned to a Job?

3. What account is increased when transferring the cost of a completed job?

4. What account is increased when a completed job is sold?

5. The Anderson Company estimates that total manufacturing overhead for the year will be $15,000,000 and total machine hours will be 200,000 hours. However, the actual manufacturing overhead is $8,000,000 and the actual machine hours are 100,000 hours. If the company uses a predetermined overhead rate based on machine hours for applying overhead, what is the predetermined overhead rate?

PLEASE ANSWER ALL QUESTIONS

1)Lantz Company has provided the following information:

Cash sales totaled $200,000.

Credit sales totaled $480,000.

Cash collections from customers for services yet to be provided totaled $80,000.

A $16,000 loss from the sale of property and equipment occurred.

Interest income was $7,800.

Interest expense was $18,000.

Supplies expense was $300,000.

Rent expense for the store was $30,000.

Wages expense was $40,000.

Other operating expenses totaled $70,000.

Unearned revenue was 4,900.

What is the amount of Lantz’s income before income taxes?

2)

During 2016, Sensa Corporation incurred operating expenses amounting to $150,000 of which $90,000 was paid in cash; the balance will be paid during 2017. Which of the following is correct for the 2016 year-end balance sheet?

Stockholders' equity decreases $150,000, assets decrease $90,000, and liabilities increase $60,000.

Assets decrease $150,000, liabilities increase $60,000, and stockholders' equity decreases $150,000.

Stockholders' equity decreases $90,000 and assets decrease $90,000.

Assets decrease $150,000 and stockholders' equity decreases $150,000.

3)On December 31, 2016, Krug Company reported total liabilities of $190,000 prior to the following adjusting entries:

Depreciation expense: $41,000;

Accrued sales revenue: $39,000;

Accrued expenses: $28,000;

Used insurance: $7,000; the insurance was initially recorded as prepaid.

Rent revenue earned: $5,000; the rent was initially prepaid by the tenant and credited to unearned rent revenue.

How much are Krug's total liabilities after the adjusting entries?

$213,000.

$190,000.

$174,000.

$231,000.

4Lantz Company has provided the following information:

Cash sales totaled $370,000.

Credit sales totaled $497,000.

Cash collections from customers for services yet to be provided totaled $97,000.

A $22,000 loss from the sale of property and equipment occurred.

Interest income was $9,500.

Interest expense was $19,700.

Supplies expense was $440,000.

Rent expense for the store was $36,000.

Wages expense was $57,000.

Other operating expenses totaled $87,000.

Unearned revenue was $3,000.

What is the amount of Lantz’s income from operations (operating income)?

rev: 09_18_2017_QC_CS-100581

$184,800

$206,800

$225,000

$314,000

5)Top Company's 2016 sales revenue was $160,000 and 2015 sales revenue was $140,000. Top's total assets as of December 31, 2016 were $210,000 and total assets as of January 1, 2016 were $190,000. What is Top's total asset turnover ratio?

.79

.76

.85

.80

The below is the Balance Sheet for ABC Clinic as of December 31, 2015. Please use the information on this balance sheet wherever its necessary in the following questions.

ABC Clinic

Balance Sheet

As of December 31, 2015

Q1- Please fill out the Beginning Balances and Calculate the Ending Balances for each ledger accounts by utilizing the information provided to you.

ABC Clinic

LEDGER ACCOUNT, 2016 (x1000)

The below is the other part of the Ledger Account. I had to split this since Canvas did not display the whole ledger.

ABC Clinic

LEDGER ACCOUNT, 2016 (x1000)

Q 2- Please complete the Operating/Income Statement for the Year Ending December 31, 2016 by utilizing the previously provided information.

ABC Clinic

Operating Statement

For the Year Ending December 31, 2016

Q 3- Please complete the below Balance Sheet for the Year Ending December 31, 2016 by utilizing the previously provided information.

ABC Clinic

Balance Sheet

As of December 31, 2016

Assume that it is now January 1, 2012. Wayne-Martin Electric Inc. (WME) has developed a solar panel capable of generating 200% more electricity than any other solar panel currently on the market. As a result, WME is expected to experience a 15% annual growth rate for the next 5 years. Other firms will have developed comparable technology at the end of 5 years, and WME growth rate will slow to 5% per year indefinitely. Stockholders require a return of 12% on WME stock. The most recent annual dividend (D0), which was paid yesterday, was $1.75 per share. A. Calculate WME’s expected dividends for 2012, 2013, 2014, 2015 and 2016. B. Calculate the value of the stock today, Po. Proceed by finding the present value of the dividends expected at the end of 2012, 2013, 2014, 2015 and 2016 plus the present value f the stock price that should exist at the end of 2016. The year-end 2016 stock price can be found by using the constant growth equation. Notice that to find the December 31, 2016, price, you must use the dividend expected in 2017, which is 5% greater than the 2016 dividend. C. Calculate the expected dividend yield (D1/P0), capital gains yield, and total return (dividends yield plus capital gains yield) expected for 2012. (Assume the P0=P0 and recognize that the capital gains yield is equals to the total return minus the dividend yield). Then calculate these same three yields for 2017. D. How might an investor’s tax situation affect his or her decision to purchase stocks of companies in the early stages of their lives, when they are growing rapidly, versus stocks of older, more mature firms? When does WME’s stocks become “mature” for purposes of this question? E. Suppose your boss tells you she believes that WME’s annual growth rate will be only 12% during the next 5 years and that the firm’s long-run growth rate will be only 4%. Without doing any calculations, what general effect would these growth rate changes have on the price of WME’s stock? F. Suppose your boss also tells you that she regards WME’s as being quite risky and that she believes the required rate of return should be 14%, not 12%. Without doing any calculations, determine how the higher required rate of return would affect the price of the stock, the capital gains yield, and the dividend yield. Again, assume that the long-run growth rate is 4%.

Miller Company acquired an 80 percent interest in Taylor Company on January 1, 2016. Miller paid $856,000 in cash to the owners of Taylor to acquire these shares. In addition, the remaining 20 percent of Taylor shares continued to trade at a total value of $214,000 both before and after Miller’s acquisition.

On January 1, 2016, Taylor reported a book value of $752,000 (Common Stock = $376,000; Additional Paid-In Capital = $112,800; Retained Earnings = $263,200). Several of Taylor’s buildings that had a remaining life of 20 years were undervalued by a total of $100,300.

During the next three years, Taylor reports income and declares dividends as follows:

Determine the appropriate answers for each of the following questions:

a.     What amount of excess depreciation expense should be recognized in the consolidated financial statements for the initial years following this acquisition?

b.     If a consolidated balance sheet is prepared as of January 1, 2016, what amount of goodwill should be recognized?

c.      If a consolidation worksheet is prepared as of January 1, 2016, what Entry S and Entry A should be included?

Prepare entry S.

Prepare entry A.

d.     On the separate financial records of the parent company, what amount of investment income would be reported for 2016 under each of the following accounting methods?

The equity method.

The partial equity method.

The initial value method.

e.     On the parent company’s separate financial records, what would be the December 31, 2018, balance for the Investment in Taylor Company account under each of the following accounting methods?

The equity method.

The partial equity method.

The initial value method.

f.       As of December 31, 2017, Miller’s Buildings account on its separate records has a balance of $1,004,000 and Taylor has a similar account with a $376,500 balance. What is the consolidated balance for the Buildings account?

g.     What is the balance of consolidated goodwill as of December 31, 2018?

h.     Assume that the parent company has been applying the equity method to this investment. On December 31, 2018, the separate financial statements for the two companies present the following information:

What will be the consolidated balance of each of these accounts?

On January​ 1,2016​, Retro issued its common stock for $575,000. Early in​ January, Retro made the following cash​ payments:

a. $200,000 for equipment

b. $324,000 for inventory ​(nine cars at $36,000 ​each)

c. $24,000 for 2016 rent on a store building

In​ February, Retro purchased four cars for inventory on account. Cost of this inventory was $192,000 ($48,000 each). Before​ year-end, Retro

paid $115,200 of this debt. The company uses the​ first-in, first-out​ (FIFO) method to account for inventory. During 2016​, Retro sold 10

autos for a total of $650,000.

Before​ year-end, it had collected 90​% of this amount. The business employs

six people. The combined annual payroll is $150,000​, of which Retro

owes $5,000 at​ year-end. At the end of the​ year, Retro

paid income tax of $13,000. Late in 2016​, Retro declared and paid cash dividends of $14,000. For​ equipment, Retro uses the​ straight-line depreciation​ method, over five​ years, with zero residual value.

Requirement 1. Prepare

RetroRetro​'s

income statement for the year ended December​ 31,

20162016.

Use the​ single-step format, with all revenues listed together and all expenses together.

Requirement 2. Prepare

RetroRetro​'s

balance sheet at December​ 31,

20162016.

Requirement 3. Prepare

RetroRetro​'s

statement of cash flows for the year ended December​ 31,

20162016.

Format cash flows from operating activities by using the direct method. ​(Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash. Enter​ "0" for zero​ balances.)

Choose from any list or enter any number in the input fields and then continue to the next question.