At the end of the year, Randy’s Parts Co. had the following items in inventory:

Required
a. Determine the amount of ending inventory using the lower-of-cost-or-market rule applied to each individual inventory item.
  

b. Provide the general journal entry necessary to write down the inventory based on Requirement a. Assume that Randy’s Parts Co. uses the perpetual inventory system. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
  

c. Determine the amount of ending inventory, assuming that the lower-of-cost-or-market rule is applied to the total inventory in aggregate.
  

1. At the beginning of the year, the Baker Fund, a non-governmental not-for-profit corporation, received a $125,000 contribution restricted to youth activity programs. During the year, youth activities generated revenues of

$89,000 and had program expenses of $95,000. What amount should Baker report as net assets released from restrictions for the current year?

program expense is 95000, how come it becomes net asset release? please explain  

2. Functional expenses recorded in the general ledger of ABC, a non-governmental not-for-profit organization, are as follows:

What amount should ABC report as fund-raising expenses?  

please explain what is fund rasing expense, and what is other.

3. Child Care Centers, Inc., a not-for-profit organization, receives revenue from various sources during the year to support its day care centers. The following cash amounts were received during Year 1.

• $2,000 restricted by the donor to be used for meals for the children.

• $1,500 received for subscriptions to a monthly child care magazine with a fair market value to subscribers of

$1,000.

• $10,000 to be used only upon completion of a new playroom that was 75% complete at December 31, Year 1.

What amount should Child Care Centers record as contribution revenue in its Year 1 Statement of Activities?  

please explain how to determine the contribution revenue and why. thanks !

The government of Markville started charging an excise tax on gasoline. After one year, it was found that gasoline demand was not different from that before the imposition. The governor of Markville argues that the excise tax has no burden because it showed no change in demand. She also argues that a gas tax can be a relatively efficient way to raise tax revenue. Evaluate her arguments. Note: Let X-axis denote gasoline, and Y-axis denote other goods.

1. Analyze the argument at an individual level. Draw an indifference curve and income line. Show how the demand was different before the imposition.

   a) Analyze the argument at a market level. Draw a supply and demand curve of gasoline. Feel free to attach your illustration. Show how the demand was not changed by the imposition.

b) What is the magnitude of the deadweight loss? What problems can we expect when the government increases the proportion of excise tax?

I JUST WANT TO IDENTIFY THE PROBLEMS IN THE ABOVE DATA. THANKS

Early in the year, Charles, Lane, and Tami form the Harrier Corporation for the express purpose of developing a shopping center. All parties are experienced contractors, and they transfer various business assets to Harrier in exchange for all of its stock. Three months after it is formed, Harrier purchases two cranes from Lane for their fair market value of $400,000 by issuing four annual installment notes of $100,000 each. Because the adjusted basis of the cranes is $550,000, Lane plans to recognize a loss of $150,000 in the year of the sale. Does Lane have any potential income tax problem with this plan?

Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows:

The company’s beginning cash balance for the upcoming fiscal year will be $40,000. The company requires a minimum cash balance of $10,000 and may borrow any amount needed from a local bank at a quarterly interest rate of 3%. The company may borrow any amount at the beginning of any quarter and may repay its loans, or any part of its loans, at the end of any quarter. Interest payments are due on any principal at the time it is repaid. For simplicity, assume that interest is not compounded.

Required:

Prepare the company’s cash budget for the upcoming fiscal year. (Repayments, and interest, should be indicated by a minus sign.)

Materials and Labor Variances

At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products:

The actual results for the year are as follows:

1. Units produced: 390,000.
2. Materials purchased: 2,730,000 pounds @ $5.65.
3. Materials used: 2,301,000 pounds.
4. Direct labor: 702,000 hours @ $13.68.

Required:

1. Compute price and usage variances for materials. Enter amounts as positive numbers and select Favorable or Unfavorable.

2. Compute the labor rate and labor efficiency variances. Enter amounts as positive numbers and select Favorable or Unfavorable.

You are considering a project with the following cash​ flows:

YEAR                      PROJECT CASH FLOW

    0                         -60,000

    1                         25,000

    2                         25,000

    3                         25,000

    4                         25,000

If the appropriate discount rate is 11 ​percent, what is the​ project's discounted payback​ period in years?

Twenty calculus students are comparing grades on their first two quizzes of the year. The class discovers that every pair of students received the same grade on at least one of the two quizzes. Prove that the entire class received the same grade on at least one of the two quizzes.

A company sells 1,200 units during the first quarter of the year at a selling price of $25 per unit.  In addition, the company has a beginning inventory of 600 units that were purchased at $10 per unit, and the following purchases and sales.

Date Units sold Units purchased Cost per unit

January 10         300    $11

January 25 450

February 7    400 $12

February 14 200

March 5 300 $14

March 27 550

If the company uses a periodic inventory system and the weighted average cost method of inventory valuation, then what is the company's ending inventory?