56. Sweet Air Flow sells prepaid HVAC contracts. When a contract is sold, cash is debited and contract revenue is credited. As of December 31, 2020, the year end, the following information was available regarding contract sales:

Date Sold      Amount          Contract Term

August 1        $72,000          1 year

October 1      $69,600          6 months

November 1 $42,000          3 months

The unadjusted balance of unearned contract revenue has a credit balance of $10,000. This represents contracts that expired during 2020. Give the adjusting entry needed for contract revenue.

1. Develop a revenue management (maximizing) model based on the information given in the scenario.
2. How many seats should be allocated to each of the 16 itineraries to maximize revenue?
3. What is the (maximum) expected revenue to be earned per day for all 16 flights?
4. Assume operating costs for each of the legs is as follows:
   1. Leg 1 = $20,250
   2. Leg 2 = $19,750
   3. Leg 3 = $20,500
   4. Leg 4 = $19,500

What is the expected operating income for each of the legs? And in total for Freedom Airlines, given these 16 itineraries?

How do I find the optimal seat allocation?

Prepare a Balance Sheet with an ending date of July 31, 2020 based on the following information:

1) marketable security                                           26480

2). Scholarship fund 121947

3) Customers owe 25000

4) Building has 8 yea service life

5) land sold at 13% over market value

6) Furniture bought February 1,2020 16000

7) cash equals sell of land

8) Note receivable 54000

9) Insurance bought for 3 years July 1, 2017      100000

10) 20% of customer debt not collectible

11) land appreciates at 7 ½% each year

12) building bought August 1, 2019 720000

13) patent royalty 55,000

14) land purchased January 1, 2017 2,500,000

15) Furniture 4 year service life

16) copyright 17432

17) equipment purchased April 1, 2018 340,000

18) purchase of supplies 97104

19) common @ 113/each

20) wages 16247

21) preferred@ 226/each

22) retained earnings 2456789

23) equipment 20 year service life

24) commissions 87009

25) long term loan 1165430

26) common sold 255 shares

27) building mortgage 612866

28) preferred sold 357 shares

29) taxes owed 6700 + 1% land purchase

30) note payable 1/6 of note receivable

31 )merchandise inventory 3470

II.Using the information from your balance sheet calculate the following;

A] Current ratio. Is that ratio favorable? Explain/

Background

Getswift Ltd (“Getswift”) is a newly listed company involved that provides a software distribution solution. The board has heard that a new revenue standard has been issued and as none of the board has a financial background, they are unsure what it means for them. They have heard though that the impact of the new standard on most businesses will be significant.

As a result, they have engaged your consultancy firm to provide them with a letter of advice to explain the impact that the new standard will have on the income recognition of Getswift.

REQUIRED

You are required to provide a letter of advice to the board of Getswift explaining the requirements of the new revenue standard with a focus on how it will impact their particular revenue recognition.  

In addition, you are required to write a short transmittal email enclosing the letter of advice.  

Important Additional Information

You are expected to research this company and gain an understanding of what they do so that you understand the nature of their revenue. The 2016/2017 annual report should be used as a starting point but you are expected to go further than this.

This assessment requires much more than copying the requirements from the new standard and those students that just do this will be marked poorly. The majority of the marks will be for the application of the standard to Getswift’s revenue sources. Therefore, you need an understanding of what they do.

The language of your letter of advice should be tailored to the audience and their level of financial literacy.

Required Format and additional requirements

You are required to produce:

1. A transmittal email to the Board

2. A Letter of Advice, addressed to the Board, which includes references

This is the website for Getswift Financial Report year ended 30 June 2017:

https://www.asx.com.au/asxpdf/20170831/pdf/43lxn9xg34pp4q.pdf

Exercise 10-9 (Part Level Submission) On July 31, 2017, Amsterdam Company engaged Minsk Tooling Company to construct a special-purpose piece of factory machinery. Construction was begun immediately and was completed on November 1, 2017. To help finance construction, on July 31 Amsterdam issued a $300,000, 3-year, 12% note payable at Netherlands National Bank, on which interest is payable each July 31. $200,000 of the proceeds of the note was paid to Minsk on July 31. The remainder of the proceeds was temporarily invested in short-term marketable securities (trading securities) at 10% until November 1. On November 1, Amsterdam made a final $100,000 payment to Minsk. Other than the note to Netherlands, Amsterdam’s only outstanding liability at December 31, 2017, is a $30,000, 8%, 6-year note payable, dated January 1, 2014, on which interest is payable each December 31. Collapse question part (a) Partially correct answer. Your answer is partially correct. Try again. Calculate the interest revenue, weighted-average accumulated expenditures, avoidable interest, and total interest cost to be capitalized during 2017. Interest revenue $Entry field with correct answer 2500 Weighted-average accumulated expenditures $Entry field with correct answer 50000 Avoidable interest $Entry field with correct answer 6000 Interest capitalized $Entry field with incorrect answer 50000 SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT Attempts: 3 of 3 used Collapse question part (b) Prepare the journal entries needed on the books of Amsterdam Company at each of the following dates. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) (1) July 31, 2017. (2) November 1, 2017. (3) December 31, 2017. Date Account Titles and Explanation Debit Credit Cash 300000 Notes Payable 300000 (To record the note.) Machinery Notes Payable Cash (To record the payment to Minsk.) (To record the proceeds from the investment.) (To record the payment to Minsk.) 12/31

Assume that Division A has has a product that can be sold either to Division B of the same company or to outside customers. The manager of both division are evaluated based on their own divisions return on investment. The manager are free to decide if they will participate in any internal transfers.

Division A

Capacity in units = 300,000

Number of units now being sold out to outside customers = 300,000

Selling price per unit on the outside market = $41

Variable costs per unit = $19

Fixed costs per unit = $12

Division B

# of units needed annually = 10,000

Purchase price now being paid to outside supplier = $38

Division A can avoid $6 per unit in variable costs on any sales to Division B. Assume Division A offers to sell 100,000 units to Division B for $36 per unit and that Division B refuses this price. What will be the impact on company profit compared to the profit if the offer was accepted?

+$200,000

+$100,000

+$300,000

-$300,000

-$200,000

PLEASE POST COMMENT AS SOON AS POSSIBLE

Although the financial ratios of Shaycole may look great at first glance this is not necessarily the case. Several different ratios are significantly different from industry norms which makes me skeptical of their accuracy. Also, even though the ratios may give the impression that the company is safe for investors does not mean that it is running efficiently. The high current ratio of 4.7 can mean poor management of working capital. The high inventory turnover can mean insufficient inventory and missing out of potential sales. The high accounts receivable turnover is good regarding the collections from its credit customers, but it can indicate a very restrictive credit policy where they can be losing customers to other companies that will allow them to purchase on account. Lastly, the low debt-to-equity ratio may indicate that the company is not taking advantage of its increased profits. There is no perfect number for a specific ratio. There are pros and cons to having high and low figure

Answer True or False

1. Finished goods are the equivalent of merchandise inventory for a retailer or a wholesaler in that both represent the inventory of goods held for sale.
2. Petty cash typically is composed of coins and currency kept on hand in a business to make minor disbursements.
3. When reconciling a bank account, the company does not have to prepare an adjusting entry for outstanding checks.
4. On a bank reconciliation outstanding checks are added to the cash per the bank statement.
5. When a bank pays interest or collects an amount owed to a company by one of the banks customers the bank issues a debit memorandum.
6. An advantage of a strong system of internal control is that less testing of the accounting system is done by the outside auditors.
7. A company’s internal control system is designed by its external auditors
8. Most merchandisers receive checks and currency from customers in two ways 1) cash received over the counter from cash and sales and 2) cash received in the mail from credit sales.
9. A company’s internal control system is designed by its external auditors.

1. The probability of committing a Type II error changes for each alternative value of the parameter.

True

False

2. When conducting a hypothesis test on a population proportion, the value of q is defined as p + 1.

True

False

4. The customer help center in your company receives calls from customers who need help with some of the customized software solutions your company provides. Previous studies had indicated that 20% of customers who call the help center are Hispanics whose native language is Spanish and therefore would prefer to talk to a Spanish-speaking representative. This figure coincides with the national proportion, as shown by multiple larger polls. You want to test the hypothesis that 20% of the callers would prefer to talk to a Spanish-speaking representative. You conduct a statistical study with a sample of 35 calls and find out that 11 of the callers would prefer a Spanish-speaking representative. The significance level for this test is 0.01. The value of the test statistic obtained is _____.

As known., we cannot make ALL customers satisfied with our products, services, and marketing activities due to a wide range of consumers’ needs and wants. Based on their information and data, we can segment the market and decide our target market in an effective and efficient way. Therefore, we need to find the ways to reduce the negative impacts of collecting and using consumer information on business performance from consumers’ perspective.Most marketers will argue about the negative consequences of consumers’ perceptions of data vulnerability and provide empirical findings that the negative influence may be reduced by companies’ data transparency and customer control practices. In other words, we may be able to reduce the negative impact by clearly showing customers how data has been stored, used, and protected. Do you believe that this managerial implication is going to be a solution to reduce the negative impact on a company’ business performance in 10 years? Do you believe it works for your company or market? What are they missing? Support your opinion with evidence one page