Do in excel please.

Sales Budget (Learning Objective 2)

Jefferson Sports Medicine, Inc., offers two types of physical exams for students: the basic physical and the extended physical. The charge for the basic physical is $60, while the charge for the extended physical is $135. Jefferson expects to perform 220 basic physicals and 190 extended physicals in July, 235 basic and 200 extended in August, and 105 basic and 110 extended in September. Prepare the sales budget for the service revenue expected from the physical exams performed for the second quarter (July through September), with a column for each month and for the quarter in total.

10.       A taxpayer is considered to be at risk under the at risk rules for which of the following and under what section of the Code?

a.         money borrowed by another for which payment is guaranteed by the taxpayer; Code Section 469(a).

b.         money borrowed by the taxpayer from another who has an equity interest in the taxpayer’s business; Code Section 61.

c.         qualified nonrecourse financing; Code Section 469.

d.         qualified nonrecourse financing; Code Section _____(if you conclude none of a, b, or c is correct, write in the citation for the correct section of the Internal Revenue Code, including the subsection and paragraph, if applicable).

Draw a graph with the following information: The world price of soybeans is $2.00 per bushel with a domestic supply of 60 Q/million bushels and a domestic demand of Q/millions bushels. The importing country is small enough not to affect the world price.

A. Suppose government puts a tariff of $0.25 per bushel on soybean imports. How much will the tariff reduce imports? Draw the new graph.

B. Given a tariff of $0.25 per bushel on soybean imports, how much will domestic production increase?

C. How much revenue will the government raise from a $0.25 per bushel tariff on soybean imports?

Early in 2022, Blossom Company switched to a just-in-time inventory system. Its sales and inventory amounts for 2021 and 2022 are shown below.

Determine the inventory turnover for 2021 and 2022. (Round answers to 1 decimal place, e.g. 5.1.)

Determine the days in inventory for 2021 and 2022. (Round answers to 1 decimal place, e.g. 5.1.)

1. In addition to requiring that the accounting equation remain in balance, the double-entry system also requires that:

the number of asset accounts must equal the number of liability and stockholder's equity accounts.

for any transaction, only two accounts are affected.

for any transaction, both sides of the accounting equation are affected.

the total dollar amount of debits must equal the total dollar amount of credits.

2.Which of the following would eventually cause Retained Earnings to decrease?

Receiving contributions from investors

Earning unearned revenue

Billing customers for services provided

Using up supplies

Instructions:

Prepare a multiple step income statement and a statement of owner’s equity for the year ended December 31, 2018 and a classified balance sheet as of December 31, 2019.

The trial balance before adjustment of Culver Inc. shows the following balances.

Give the entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts on the basis of (a) 4% of gross accounts receivable and (b) 5% of gross accounts receivable and Allowance for Doubtful Accounts has a $1,700 credit balance. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Molly Restaurant had the following transactions for the month of May, 2015:

         i.            Purchased stove for $3,000

       ii.            Purchased Mixers for $1000

     iii.            Petrol cost for Delivery Vehicles, $800

     iv.            Paid $300 to add Spoiler to Delivery Van and $200 for repairs.

       v.            Purchased another stove for $5,000

     vi.            Incurred expenses of $400,000 to add a room to the restaurant

    vii.            Repainted the restaurant for $300

Management would like to better understand the nature of each transaction.

You are required to:

a.        Classify the following items into Capital and Revenue Expenditure.

b.       Briefly explain your reason for each classification to management.

Castle Company provides estimates for its uncollectible accounts. The allowance for uncollectible accounts had a credit balance of $17,780 at the beginning of 2021 and a $23,410 credit balance at the end of 2021 (after adjusting entries). If the direct write-off method had been used to account for uncollectible accounts (bad debt expense equals actual write-offs), the income statement for 2021 would have included bad debt expense of $18,100 and revenue of $3,200 from the collection of previously written off bad debts.

Required:

Determine bad debt expense for 2021 according to the allowance method.

Markland Manufacturing intends to increase capacity by overcoming a bottleneck operation by adding new equipment. Two vendors have presented proposals. The fixed costs for proposal A are $50,000 and for proposal B, $70,000. The variable cost for A is $12.00 and for B is $10.00 . The revenue generated by each unit is $20.00.

What is the break-even point in dollars for proposal A is you add $10,000 installation to the fixed cost?

What is the break-even point in dollars for proposal B is you add $10,000 installation to the fixed cost?

What volume (in units) of output would the 2 alternatives yield at the same profit?