Pretend you are an auditor (I know, I know, this is an amazing dream). Imagine that you are performing the 12/31/18 financial statement audit of Curly's Coffee and Vinyl Shop. During the substantive procedures, you discovered the situations listed below. If it is a 2018 error, then you will need to communicate these to the client and request that they be fixed within the 2018 financial records. In that case, write the adjusting journal entry that the client should book to correct. Include date, accounts debited and credited and amounts.
If no adjusting entry is needed, then write: “no adjusting entry necessary” and provide a brief explanation.
1. You tested their repairs and maintenance expense account and found an error. They purchased a fancy new espresso machine on 01/01/2018 (check #74 for $4,000). They mistakenly expensed it (as repairs and maintenance expense) instead of capitalizing. Write the journal entries needed to correct error and properly reflect all 2018 accounting entries that should have been booked related this capitalized asset, which has an expected 5-year useful life and no estimated salvage value.
In: Accounting
On January 1, 2017, Corgan Company acquired 70 percent of the outstanding voting stock of Smashing, Inc., for a total of $805,000 in cash and other consideration. At the acquisition date, Smashing had common stock of $740,000, retained earnings of $290,000, and a noncontrolling interest fair value of $345,000. Corgan attributed the excess of fair value over Smashing's book value to various covenants with a 20-year remaining life. Corgan uses the equity method to account for its investment in Smashing.
During the next two years, Smashing reported the following:
| 2017 | 2018 | |
| Net Income | $190,000 | $170,000 |
| Dividends Declared | $39,000 | $49,000 |
| Inventory Purchases from Corgan | $140,000 | $160,000 |
Corgan sells inventory to Smashing using a 60 percent markup on cost. At the end of 2017 and 2018, 30 percent of the current year purchases remain in Smashing's inventory.
a.) Compute the equity method balance in Corgan's Investment in Smashing, Inc., account as of December 31, 2018.
b.) Prepare the worksheet adjustments for the December 31, 2018, consolidation of Corgan and Smashing.
In: Accounting
For the year ended December 31, 2018, Norstar Industries
reported net income of $655,000. At January 1, 2018, the company
had 900,000 common shares outstanding. The following changes in the
number of shares occurred during 2018:
| Apr. | 30 | Sold 60,000 shares in a public offering. | ||
| May | 24 | Declared and distributed a 5% stock dividend. | ||
| June | 1 | Issued 72,000 shares as part of the consideration for the purchase of assets from a subsidiary. |
Required:
Compute Norstar's earnings per share for the year ended December 31, 2018. (Enter your answers in thousands.)
This is what I have calculated and it is incorrect. Please help.
| Weighted average number of shares - Jan 1 | 900,000 | |
| Weighted average number of shares - Apr 30 | 40,000 | (60000*(8/12) |
| Weighted average of stock dividend shares distributed -May 24 | 47,000 | (900000+C13)*5% |
| Weighted average of stock dividend shares distributed -June 30 | 42,000 | 72000*7/12 |
| Total weighted average number of shares | 1,029,000 | |
| Earnings per share = | 0.637 | |
In: Accounting
On January 1, 2017, Corgan Company acquired 70 percent of the outstanding voting stock of Smashing, Inc., for a total of $1,295,000 in cash and other consideration. At the acquisition date, Smashing had common stock of $880,000, retained earnings of $430,000, and a noncontrolling interest fair value of $555,000. Corgan attributed the excess of fair value over Smashing's book value to various covenants with a 20-year remaining life. Corgan uses the equity method to account for its investment in Smashing.
During the next two years, Smashing reported the following:
| Net Income | Dividends Declared | Inventory Purchases from Corgan | |||||||
| 2017 | $ | 330,000 | $ | 53,000 | $ | 280,000 | |||
| 2018 | 310,000 | 63,000 | 300,000 | ||||||
Corgan sells inventory to Smashing using a 60 percent markup on cost. At the end of 2017 and 2018, 50 percent of the current year purchases remain in Smashing's inventory.
In: Accounting
On January 1, 2017, Corgan Company acquired 70 percent of the outstanding voting stock of Smashing, Inc., for a total of $1,120,000 in cash and other consideration. At the acquisition date, Smashing had common stock of $830,000, retained earnings of $380,000, and a noncontrolling interest fair value of $480,000. Corgan attributed the excess of fair value over Smashing's book value to various covenants with a 20-year remaining life. Corgan uses the equity method to account for its investment in Smashing.
During the next two years, Smashing reported the following:
| Net Income | Dividends Declared | Inventory Purchases from Corgan | |||||||
| 2017 | $ | 280,000 | $ | 48,000 | $ | 230,000 | |||
| 2018 | 260,000 | 58,000 | 250,000 | ||||||
Corgan sells inventory to Smashing using a 60 percent markup on cost. At the end of 2017 and 2018, 30 percent of the current year purchases remain in Smashing's inventory.
In: Accounting
It is your first day as an intern at Frank's furniture, a major supplier of tables and chairs to some of the largest restaurants in the world. The Plant Controller has a big meeting tomorrow with the executive team and requests your help in preparing the financial information for the meeting. The Controller asks you to review the General Ledger accounts and prepare (A) an income statement and attach (B) a supporting cost of goods manufactured and sold statement.
| Account Name | Amount | ||||
| Work-in Process Inventory, January 1,2018 | 380,000 | ||||
| Work-in Process Inventory, December 31,2018 | 404,000 | ||||
| Sales Revenue | $ 6,500,000 | ||||
| Administrative Costs | $ 1,100,000 | ||||
| Marketing Costs | $ 1,200,000 | ||||
| Direct Labor | 1,050,000 | ||||
| Direct Materials Purchased | 255,000 | ||||
| Direct Materials Inventory, January 1, 2018 | 190,000 | ||||
| Direct Materials Inventory, December 31, 2018 | 165,000 | ||||
| Finished Goods Inventory, January 1, 2018 | 300,000 | ||||
| Finished Goods Inventory, December 31, 2018 | 245,000 | ||||
| Plant Supervisor Indirect Labor Salaries | 725,000 | ||||
| Manufacturing Equipment Depreciation | 213,000 | ||||
| Plant Utilities | 278,000 | ||||
| Manufacturing Equipment Repairs | 95,000 | ||||
| Indirect Materials and Supplies | 68,000 | ||||
In: Accounting
On January 1, 2018, Nguyen Electronics leased equipment from
Nevels Leasing for a four-year period ending December 31, 2021, at
which time possession of the leased asset will revert back to
Nevels. The equipment cost Nevels $839,368 and has an expected
economic life of five years. Nevels expects the residual value at
December 31, 2021, will be $115,000. Negotiations led to the lessee
guaranteeing a $170,000 residual value.
Equal payments under the lease are $215,000 and are due on December
31 of each year with the first payment being made on December 31,
2018. Nguyen is aware that Nevels used a 5% interest rate when
calculating lease payments. (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:
1. Prepare the appropriate entries for both
Nguyen and Nevels on January 1, 2018, to record the lease.
2. Prepare all appropriate entries for both Nguyen
and Nevels on December 31, 2018, related to the lease.
In: Accounting
dont use loops for it and each problem solving process needs a seperate statement within a function. also create a range for each of the functions to limit input to the max points for each section. also make a dictionary to associate names with student id and hard code some examples in there to return string with students name, their id number, total score, and lab number
using python You will be writing a program that can be used to sum up and report lab scores. Your program must allow a user to enter points values for the four parts of the problem solving process (0-5 points for each step), the code (0-20 points), and 3 partner ratings (0-10) points each. It should sum the points for each problem-solving step, the code, and the average of the three partner ratings and print out a string reporting the student’s information, points earned, and lab number. Each function referred to below must be implemented and have an appropriate docstring. Please work in order of the steps listed below.
Define the function called grade_lab that takes in the lab number and student id as parameters. Have it return a string in the form “Student: XXX earned 50 points on lab Y”. You may start by assuming all students earn 50 points.
Call the function with student id 12345 and for lab 3 and print the string it returns to the screen. Evaluate whether or not it is correct, and whether it could be improved (e.g, with spacing and formatting). Call again with different values and re-evaluate.
Define a function for grading parts of the problem solving process that takes the problem-solving step number (1-4) as a parameter, and prompts the user with a detailed message to enter the score for the giving problem-solving set (e.g., “Please enter a score 0 - 5 earned for understanding the problem: ”). The prompt must be specific to the step number entered.
In the grade_lab function, call the function for grading parts of the problem solving process and replace the 50 point value (referred to in step 1) with the score returned. Then, call the function for steps 2 - 4, and print the total of all scores.
Define a function that prompts the user to enter a score grading code. Be sure to know what values are expected.
In the grade lab function, call the function for grading code and add its value to the total score reported. Test your code to make sure the total score is being calculated correctly.
Define a function that prompts the user to enter 3 partner rating scores (be sure to include expected values) and returns the average of those scores.
In the grade lab function, call the function for getting partner ratings and it to the total score reported. Test this partner function with at least the following values: 10, 10, 10; and then 0, 5, 10. Evaluate whether or not the function is working correctly.
Update your grade_lab function to store names associated with various student ids. Hard code some example id numbers and student names. Update the string returned to include the student name along with their id number.
Execute your code for two different students who received different scores. Evaluate the values printed to screen and update your code as needed.
In: Computer Science
In: Nursing
The following condensed income statements of the Jackson Holding
Company are presented for the two years ended December 31, 2018 and
2017:
| 2018 | 2017 | |||||
| Sales | $ | 16,800,000 | $ | 11,400,000 | ||
| Cost of goods sold | 10,100,000 | 6,900,000 | ||||
| Gross profit | 6,700,000 | 4,500,000 | ||||
| Operating expenses | 3,920,000 | 3,320,000 | ||||
| Operating income | 2,780,000 | 1,180,000 | ||||
| Gain on sale of division | 780,000 | — | ||||
| 3,560,000 | 1,180,000 | |||||
| Income tax expense | 1,424,000 | 472,000 | ||||
| Net income | $ | 2,136,000 | $ | 708,000 | ||
On October 15, 2018, Jackson entered into a tentative agreement to
sell the assets of one of its divisions. The division qualifies as
a component of an entity as defined by GAAP. The division was sold
on December 31, 2018, for $5,540,000. Book value of the division’s
assets was $4,760,000. The division’s contribution to Jackson’s
operating income before-tax for each year was as follows:
| 2018 | $490,000 |
| 2017 | $390,000 |
Assume an income tax rate of 40%.
Required: (In each case, net any gain or
loss on sale of division with annual income or loss from the
division and show the tax effect on a separate line)
1. Prepare revised income statements according to
generally accepted accounting principles, beginning with income
from continuing operations before income taxes. Ignore EPS
disclosures.
2. Assume that by December 31, 2018, the division
had not yet been sold but was considered held for sale. The fair
value of the division’s assets on December 31 was $5,540,000.
Prepare revised income statements according to generally accepted
accounting principles, beginning with income from continuing
operations before income taxes. Ignore EPS disclosures.
3. Assume that by December 31, 2018, the division
had not yet been sold but was considered held for sale. The fair
value of the division’s assets on December 31 was $4,080,000.
Prepare revised income statements according to generally accepted
accounting principles, beginning with income from continuing
operations before income taxes. Ignore EPS disclosures.
Assume that by December 31, 2018, the division had not yet been sold but was considered held for sale. The fair value of the division’s assets on December 31 was $4,080,000. Prepare revised income statements according to generally accepted accounting principles, beginning with income from continuing operations before income taxes. Ignore EPS disclosures. (Amounts to be deducted should be indicated with a minus sign.)
Show less
|
||||||||||||||||||||||||||||||||||||||||
In: Accounting