Questions
Assume you work as budget analyst for City of Blue Ridge and you are preparing the...

Assume you work as budget analyst for City of Blue Ridge and you are preparing the budget for Fiscal Year 2020-2021. The data of tax revenue of past 10 years have been obtained as following. You are using two of the three different forecast models - 3-year moving average (with the alpha 0.4), linear regression trend project, and exponential smoothing.

(1) What would be your forecasted revenue for 2020-2021based on your forecasting models, respectively?

(2) Which model gives you the better estimate? In other words, which model would you choose? Provide a justification for your choice.

Year

Tax Levies

2010-2011

31,039,086

2011-2012

30,838,534

2012-2013

31,389,341

2013-2014

30,005,085

2014-2015

31,657,568

2015-2016

32,647,441

2016-2017

32,676,680

2017-2018

33,704,285

2018-2019

34,150,363

2019-2020

35,048,537

2020-2021

?

In: Accounting

Splish Corp. has the following beginning-of-the-year present values for its projected benefit obligation and market-related values...

Splish Corp. has the following beginning-of-the-year present values for its projected benefit obligation and market-related values for its pension plan assets.

Projected
Benefit
Obligation

Plan
Assets
Value

2019

$2,100,000 $1,995,000

2020

2,520,000 2,625,000

2021

3,097,500 2,730,000

2022

3,780,000 3,150,000


The average remaining service life per employee in 2019 and 2020 is 10 years and in 2021 and 2022 is 12 years. The net gain or loss that occurred during each year is as follows: 2019, $294,000 loss; 2020, $94,500 loss; 2021, $11,550 loss; and 2022, $26,250 gain. (In working the solution, the gains and losses must be aggregated to arrive at year-end balances.)

Using the corridor approach, compute the amount of net gain or loss amortized and charged to pension expense in each of the four years, setting up an appropriate schedule.

Year

Minimum Amortization of Loss

2019

2020

2021

2022

In: Accounting

I have to do an simple-step Income statement and I'm stuck on what comes after the...

I have to do an simple-step Income statement and I'm stuck on what comes after the expense part.

Accounting, Analysis, and Principles a1-a3 SheffieldInc. provided the following information for the year 2020. Retained earnings, January 1, 2020 $ 672,000 Administrative expenses 268,800 Selling expenses 336,000 Sales revenue 2,128,000 Cash dividends declared 89,600 Cost of goods sold 952,000 Loss on discontinued operations 123,200 Rent revenue 115,024 Unrealized holding gain on available-for-sale debt securities 19,040 Income tax applicable to continuing operations 209,440 Income tax benefit applicable to loss on discontinued operations 67,760 Income tax applicable to unrealized holding gain on available-for-sale debt securities 2,240 Prepare a single-step income statement for 2020. Shares outstanding during 2020 were 100,000. (Round earnings per share to 2 decimal places, e.g. $1.48.)

In: Accounting

Waterways Problem 01 b1-b3 Waterways Corporation is a private corporation formed for the purpose of providing...

Waterways Problem 01 b1-b3 Waterways Corporation is a private corporation formed for the purpose of providing the products and the services needed to irrigate farms, parks, commercial projects, and private lawns. It has a centrally located factory in a U.S. city that manufactures the products it markets to retail outlets across the nation. It also maintains a division that performs installation and warranty servicing in six metropolitan areas. The mission of Waterways is to manufacture quality parts that can be used for effective irrigation projects that also conserve water. By that effort, the company hopes to satisfy its customers, perform rapid and responsible service, and serve the community and the employees who represent them in each community. The company has been growing rapidly, so management is considering new ideas to help the company continue its growth and maintain the high quality of its products. Waterways was founded by Will Winkman who is the company president and chief executive officer (CEO). Working with him from the company’s inception is Will’s brother, Ben, whose sprinkler designs and ideas about the installation of proper systems have been a major basis of the company’s success. Ben is the vice president who oversees all aspects of design and production in the company. The factory itself is managed by Todd Senter who hires his line managers to supervise the factory employees. The factory makes all of the parts for the irrigation systems. The purchasing department is managed by Helen Hines. The installation and training division is overseen by vice president Henry Writer, who supervises the managers of the six local installation operations. Each of these local managers hires his or her own local service people. These service employees are trained by the home office under Henry Writer’s direction because of the uniqueness of the company’s products. There is a small human resources department under the direction of Sally Fenton, a vice president who handles the employee paperwork, though hiring is actually performed by the separate departments. Teresa Totter is the vice president who heads the sales and marketing area; she oversees 10 well-trained salespeople. The accounting and finance division of the company is headed by Ann Headman, who is the chief financial officer (CFO) and a company vice president; she is a member of the Institute of Management Accountants and holds a certificate in management accounting. She has a small staff of accountants, including a controller and a treasurer, and a staff of accounting input operators who maintain the financial records. A partial list of Waterways’ accounts and their balances for the month of November follows. Accounts Receivable $276,000 Advertising Expenses 53,500 Cash 259,600 Depreciation—Factory Equipment 16,900 Depreciation—Office Equipment 2,400 Direct Labor 42,100 Factory Supplies Used 16,700 Factory Utilities 10,200 Finished Goods Inventory, November 30 68,700 Finished Goods Inventory, October 31 72,400 Indirect Labor 48,000 Office Supplies Expense 1,600 Other Administrative Expenses 71,300 Prepaid Expenses 41,000 Raw Materials Inventory, November 30 52,500 Raw Materials Inventory, October 31 38,100 Raw Materials Purchases 184,700 Rent—Factory Equipment 47,400 Repairs—Factory Equipment 4,600 Salaries 328,200 Sales Revenue 1,358,600 Sales Commissions 40,300 Work In Process Inventory October 31 53,100 Work In Process Inventory, November 30 42,200 A list of accounts and their values are given above. From this information, prepare a cost of goods manufactured schedule. WATERWAYS CORPORATION Cost of Goods Manufactured Schedule A) A list of accounts and their values are given above. From this information, prepare a cost of goods manufactured schedule. B)A list of accounts and their values are given above. From this information, prepare an income statement. C)A list of accounts and their values are given above. From this information, prepare a partial balance sheet for Waterways Corporation for the month of November.

In: Accounting

Waterways Problem 01 b1-b3 Waterways Corporation is a private corporation formed for the purpose of providing...

Waterways Problem 01 b1-b3

Waterways Corporation is a private corporation formed for the purpose of providing the products and the services needed to irrigate farms, parks, commercial projects, and private lawns. It has a centrally located factory in a U.S. city that manufactures the products it markets to retail outlets across the nation. It also maintains a division that performs installation and warranty servicing in six metropolitan areas.

The mission of Waterways is to manufacture quality parts that can be used for effective irrigation projects that also conserve water. By that effort, the company hopes to satisfy its customers, perform rapid and responsible service, and serve the community and the employees who represent them in each community.

The company has been growing rapidly, so management is considering new ideas to help the company continue its growth and maintain the high quality of its products.

Waterways was founded by Will Winkman who is the company president and chief executive officer (CEO). Working with him from the company’s inception is Will’s brother, Ben, whose sprinkler designs and ideas about the installation of proper systems have been a major basis of the company’s success. Ben is the vice president who oversees all aspects of design and production in the company.

The factory itself is managed by Todd Senter who hires his line managers to supervise the factory employees. The factory makes all of the parts for the irrigation systems. The purchasing department is managed by Helen Hines.

The installation and training division is overseen by vice president Henry Writer, who supervises the managers of the six local installation operations. Each of these local managers hires his or her own local service people. These service employees are trained by the home office under Henry Writer’s direction because of the uniqueness of the company’s products.

There is a small human resources department under the direction of Sally Fenton, a vice president who handles the employee paperwork, though hiring is actually performed by the separate departments. Teresa Totter is the vice president who heads the sales and marketing area; she oversees 10 well-trained salespeople.

The accounting and finance division of the company is headed by Ann Headman, who is the chief financial officer (CFO) and a company vice president; she is a member of the Institute of Management Accountants and holds a certificate in management accounting. She has a small staff of accountants, including a controller and a treasurer, and a staff of accounting input operators who maintain the financial records.

A partial list of Waterways’ accounts and their balances for the month of November follows.
Accounts Receivable $273,400
Advertising Expenses 54,400
Cash 262,200
Depreciation—Factory Equipment 16,700
Depreciation—Office Equipment 2,500
Direct Labor 42,400
Factory Supplies Used 16,900
Factory Utilities 10,300
Finished Goods Inventory, November 30 68,600
Finished Goods Inventory, October 31 72,700
Indirect Labor 47,600
Office Supplies Expense 1,500
Other Administrative Expenses 72,200
Prepaid Expenses 41,500
Raw Materials Inventory, November 30 52,500
Raw Materials Inventory, October 31 38,300
Raw Materials Purchases 183,400
Rent—Factory Equipment 47,300
Repairs—Factory Equipment 4,500
Salaries 325,800
Sales Revenue 1,339,600
Sales Commissions 40,700
Work In Process Inventory October 31 53,300
Work In Process Inventory, November 30 42,300
Your answer is partially correct. Try again.

A list of accounts and their values are given above. From this information, prepare a cost of goods manufactured schedule.

B  prepare an income statement for the month of November

C prepare a partial balance sheet for Waterways Corporation for the month of November

In: Accounting

Why did the U.S. return to the gold standard in 1875?

Why did the U.S. return to the gold standard in 1875?

In: Economics

which exchange most significantly impacts the U.S. markets

which exchange most significantly impacts the U.S. markets

In: Finance

What is the H1-B prevision in the U.S immigration law?

What is the H1-B prevision in the U.S immigration law?

In: Economics

The benefits of the trade war on the U.S. and China.(better to be specific)

The benefits of the trade war on the U.S. and China.(better to be specific)

In: Economics

What is the current trend for ROE among U.S. companies?

What is the current trend for ROE among U.S. companies?

In: Finance