Jane Allen is a sole trader running a small chemist shop. She provides you with the following balances from her ledger accounts at 30 June, 2020. The adjusting entries have already been completed and the list of accounts is in no particular order.

Account title 2020 J Allen, Capital 180 000 Office Equipment 21 500 Cost of Goods Sold 124 870 Accumulated Depn – Office Equip 5 900 Salaries Expense Payable 1 240 Inventory 95 412 Inventory Shortage Expense 160 Discount Received 680 Shop Fixtures and Fittings 25 980 Accum Depn – Shop Fixtures and Fittings 12 800 Salaries Expense 64 200 Accounts Receivable 29 320 Depn Expense – Shop Fixtures and Fittings 4 400 J Allen, Drawings 55 000 Telephone Expense 9 050 Accounts Payable 7 950 Sales Revenue 238 146 Prepaid Insurance 650 Cash at Bank 19 562 Insurance Expense 1 200 Depreciation Expense – Office Equip 1 568 Electricity Expense 4 450 Sales Returns and Other Allowances 283

Required: Prepare an Income Statement and notes for the year ended 30 June, 2020. You should show net figures for ‘Sales Revenue’, ‘Cost of Sales’ and ‘Depreciation Expense’ and provide a ‘Note’ for each of these lines.

need to check my answers

On November 1, 2017, the account balances of Hamm Equipment Repair were as follows.

During November, the following summary transactions were completed.

___________________________________________________________________

e.)Adjustment data consist of:

Journalize the adjusting entries.

Post the adjusting entries

f.)Prepare an adjusted trial balance.

Milano Pizza is a small neighborhood pizzeria that has a small area for in-store dining as well as offering take-out and free home delivery services. The pizzeria’s owner has determined that the shop has two major cost drivers—the number of pizzas sold and the number of deliveries made.

The pizzeria’s cost formulas appear below:

In November, the pizzeria budgeted for 1,680 pizzas at an average selling price of $19 per pizza and for 180 deliveries.

Data concerning the pizzeria’s actual results in November were as follows:

Required:

1. Complete the flexible budget performance report that shows both revenue and spending variances and activity variances for the pizzeria for November. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)

Milano Pizza is a small neighborhood pizzeria that has a small area for in-store dining as well as offering take-out and free home delivery services. The pizzeria’s owner has determined that the shop has two major cost drivers—the number of pizzas sold and the number of deliveries made.

The pizzeria’s cost formulas appear below:

In November, the pizzeria budgeted for 1,950 pizzas at an average selling price of $20 per pizza and for 190 deliveries.

Data concerning the pizzeria’s actual results in November were as follows:

Required:

1. Complete the flexible budget performance report that shows both revenue and spending variances and activity variances for the pizzeria for November. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)

McNulty, Inc., produces desks and chairs. A new CFO has just been hired and announces a new policy that if a product cannot earn a margin of at least 20 percent, it will be dropped. The margin is computed as product gross profit divided by reported product cost. Manufacturing overhead for year 1 totaled $800,000. Overhead is allocated to products based on direct labor cost. Data for year 1 show the following. Chairs Desks Sales revenue $ 1,150,000 $ 2,105,000 Direct materials 584,000 800,000 Direct labor 160,000 340,000

Required:

a-1. Based on the CFO's new policy, calculate the profit margin for both chairs and desks.

a-2. Which of the two products should be dropped?

b. Regardless of your answer in requirement (a), the CFO decides at the beginning of year 2 to drop the chair product. The company cost analyst estimates that overhead without the chair line will be $650,000. The revenue and costs for desks are expected to be the same as last year. What is the estimated margin for desks in year 2?

• Req A1
• Req A2
• Req B

Based on the CFO's new policy, calculate the profit margin for both chairs and desks.

Which of the two products should be dropped?

Exercise 7-4

Greencastle Interiors, an interior design company, has experienced a drop in business due to an increase in interest rates and a corresponding slowdown in remodeling projects. To stimulate business, the company is considering exhibiting at the Middleton Home and Garden Expo. The exhibit will cost the company $14,870 for space. At the show, Greencastle Interiors will present a slide show on a laptop, pass out brochures that were printed previously (the company printed more than needed), and show its portfolio of previous jobs.

The company estimates that revenue will increase by $40,270 over the next year as a result of the exhibit. For the previous year, profit was as follows:

Calculate the impact of the exhibit on company profit. (Round intermediate calculations to 4 decimal places, e.g. 0.3215 and final answer to 0 decimal places, e.g. 125.)

Should the company exhibit at the home show? (yes or no)

Colah Company purchased $1.7 million of Jackson, Inc., 5% bonds at par on July 1, 2018, with interest paid semi-annually. Colah determined that it should account for the bonds as an available-for-sale investment. At December 31, 2018, the Jackson bonds had a fair value of $1.97 million. Colah sold the Jackson bonds on July 1, 2019 for $1,530,000.

The purchase of the Jackson bonds on July 1.

Interest revenue for the last half of 2018.

Any year-end 2018 adjusting entries.

Interest revenue for the first half of 2019.

Any entries necessary upon sale of the Jackson bonds on July 1, 2019, including updating the fair-value adjustment, recording any reclassification adjustment, and recording the sale.

Required:
1. Prepare Colah’s journal entries for above transaction.
2. Fill out the following table to show the effect of the Jackson bonds on Colah’s net income, other comprehensive income, and comprehensive income for 2018, 2019, and cumulatively over 2018 and 2019.

TABLE:

Can someone please show me how to do the work on this please.

Question

The transactions of the Fury Delivery Service are recorded in the general journal below.

Instructions:

1. Post the journal entries to the attached general ledger “T” accounts.

2. Prepare a trial balance on the form provided after the “T” accounts.

Thank you in advance for all the help, please help me do this step by step, and have a great day.