The general ledger of Pop's Fireworks includes the following account balances in 2021:

In addition, the following transactions occurred during 2021 and are not yet reflected in the account balances above:

1. Record each of the transactions listed above.

2. Record the following adjusting entries on December 31. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

1. Estimate that 10% of the balance of accounts receivable (after transactions in requirement 1) will not be collected.
2. Accrue interest on the note receivable of $44,000, which was accepted on October 1, 2021. Interest is due each September 30.

3. Prepare an adjusted trial balance as of December 31, 2021.

4. Prepare an income statement for the period ended December 31, 2021. (Amounts to be deducted should be indicated with a minus sign.)

5. Prepare a classified balance sheet as of December 31, 2021.

6. Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

-Record the closure of revenue accounts.

-Record the closure of expense accounts.

7. Analyze the following information:

1. By how much does the year-end estimate of future uncollectible accounts reduce net income in 2021?

2. What is the ending balance of Allowance for Uncollectible Accounts?

3. What amount of cash is expected to be collected from accounts receivable?

Video Tech Ltd manufactures video game machines. Market saturation and technological innovations have caused pricing pressures that have resulted in declining profits. To stem the slide in profits until new products can be introduced, top management has started to focus on achieving cost savings in manufacturing and increases in sales volume. Sales can be increased only if production volume increases. Therefore, an incentive program has been developed to reward those production managers who contribute to an increase in the number of units produced and achieve cost reductions. In addition, a just-in-time purchasing program has been implemented, and raw materials are purchased on an as-needed basis.

The production managers have responded to the pressure to improve manufacturing performance and this has resulted in an increase in the number of completed units over normal production levels. The video game machines are put together by the assembly group, which requires parts from both the printed circuit boards (PCB) and the reading heads (RH) groups. To increase production levels, the PCB and RH groups started to reject parts that previously would have been tested and modified to meet manufacturing standards. Preventative maintenance on machines used in the production of these parts has been postponed, with only emergency repair work being performed to keep production lines moving. The maintenance department is concerned that there will be serious breakdowns and unsafe operating conditions.

The more aggressive assembly group production supervisors have pressured maintenance personnel to attend to their machines at the expense of other groups. This has resulted in machine downtime in the PCB and RH groups which, when coupled with demands for accelerated parts delivery by the assembly group, has led to more frequent parts rejections and increased friction between departments. Video Tech uses a standard costing system. The standard costs for video game machines are as follows:

Page 1 of 4

Direct material: Housing unit
Printed circuit boards Reading heads

Direct labour: Assembly group PCB group
RH group
Total

Variable overhead*
Total standard cost per unit

1 unit
2 boards 4 heads

4.5 hours

$20    $20
 15     30
 10     40

 24     48
 27     27
 30     45

2 9 $219

2.0 hours 1.0 hours 1.5 hours

* Applied on the basis of direct labour: 4.5 direct labour hours @ $2 per hour.

Video Tech prepares monthly performance reports based on standard costs. The following table shows the contribution report for May, when production and sales both reached 2 200 units. The budgeted and actual unit sales price in May were the same, at $300.

Units

Revenue Variable costs:

Direct material Direct labour Variable overhead

Total variable costs Contribution margin

2 000 $600 000

180 000 240 000 18 000 $438 000 $162 000

2 200 $660 000

220 400 280 380 18 800 $519 580 $140 420

200 F $60 000 F

40 400 U 40 380 U 800 U $81 580 U $21 580 U

Video Tech’s top management was surprised by the unfavourable contribution margin variance in spite of the increased sales in May. The management accountant, Robert Smith, was assigned to identify and report on the reasons for the unfavourable results as well as the individuals or groups responsible. After a thorough review of the data, Robert prepared the following usage report:

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Direct material: Housing units Printed circuit boards Reading heads

Direct labour: Assembly

Printed circuit boards Reading heads
Total

Variable overhead Total variable cost

2 200 units 4 700 boards 9 200 heads

9 800 hours

$ 44 000 75 200 101 200

93 600

71 280 115 500

18 800 $519 580

3 900 hours 2 400 hours 3 500 hours

Robert reported that the PCB and RH groups had supported the increased production levels but had experienced abnormal machine downtime, resulting in idle personnel. This led to the use of overtime to keep up with the accelerated demand for parts. The idle time was charged to direct labour. Robert also reported that the production managers of these two groups had resorted to rejecting faulty parts, as opposed to testing and modifying those parts. Robert determined that theassembly group had met management’s objectives by increasing production while utilising lower than standard hours.

Required:

1. Calculate the variances from (a) to (h) below, and prepare an explanation of the $21 580 unfavourable variance between the budgeted and actual contribution margin for May. Assume that all raw material purchased during May was placed into production.

   1. (a) direct labour rate variance

   2. (b) direct labour efficiency variance

   3. (c) direct material price variance

   4. (d) direct material quantity variance

   5. (e) variable overhead spending variance

   6. (f) variable overhead efficiency variance

   7. (g) sales price variance

   8. (h) sales volume variance

2. Identify and briefly explain the factors that might have led to friction between the production managers, and between the production managers and the maintenance manager.

3. Evaluate Robert Smith’s analysis of the unfavourable contribution results in terms of its completeness and its effect on the behaviour of the production groups.

4. Prepare a revised contribution report showing proper operating variances based on the flexible budget instead of the static budget used by Robert Smith.

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A fair die is rolled 300 times and each time a number evenly divisble by three is​ rolled, a success is recorded. Find the probability of obtaining the​ following: Between 90 and 110 successes​ (inclusive) ​(Round to four decimal ​places)

1. Differentiate between cognitive tests and aptitude tests.
2. What are the advantages/disadvantages of work sample tests?
3. What is reference checking? What are the various ways in which it may be conducted?
4. What are the three models under the statistical approach?

• Discuss the key differences between productivity in the production of goods vs. productivity in the production of services, and list important factors that can help to improve productivity in services.
• Discuss and provide at least three reasons for the existence of economies of scale.

Please explain the general relationship between the current account and the capital account for the following three countries, AND if the relationships are different, please explain why? [Word limit: 500 words]
a) China
b) Japan
c) United States

In your own words, please describe the difference between demand and quantity demanded. Also, can you please focus on one product and give three current scenarios in the market for that product that pertain to a change in demand for the product.

Describe the three stages of planning. Explain how they are related.

What is the relationship among corporate, business, and functional-level strategies, and how do they create value for an organization?

What is the difference between vertical integration and related diversification?