A company sold merchandise for cash on September 30th. The merchandise was sold for $12,000 and had a cost of $7,000. The tax rate is 5%. Show all of your work!

Record the sale:

Record the remittance of the sales taxes to the state on October 30th.

Fred turned 70 1/2 on October 1, 2015. He took the first required minimum distribution from his traditional IRA on April 1 2016. What is the deadline for his next required minimum distribution?

On October 5, 2019, you purchase a $11,000 T-note that matures on August 15, 2031 (settlement occurs two days after purchase, so you receive actual ownership of the bond on October 7, 2019). The coupon rate on the T-note is 4.875 percent and the current price quoted on the bond is 105.75 percent. The last coupon payment occurred on May 15, 2019 (145 days before settlement), and the next coupon payment will be paid on November 15, 2019 (39 days from settlement). a. Calculate the accrued interest due to the seller from the buyer at settlement. b. Calculate the dirty price of this transaction. (For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16))

Fortune Cookie Inc. (FCI) issued $10 million of 10-year, 5% convertible bonds on April 1, Year 5 at 102.5 Coupons are payable on April 1 and October 1. Bonds without conversion privileges would have sold at 101.5. FCI’s fiscal year-end is December 31. Please assume that FCI follows IFRS.

(1) On October 1, Year 10, 30% of these bonds were converted to common shares right after the payment of interest. Determine the amount to be assigned to common shares at the time of conversion. [7 marks]

(2) On December 31, Year 10, additional 30% of these bonds were converted to common shares. Accrued interest was paid at the time of conversion. Determine the amount to be assigned to common shares at the time of conversion.

A company has a fiscal year-end of December 31: (1) on October 1, $14,000 was paid for a one-year fire insurance policy; (2) on June 30 the company lent its chief financial officer $12,000; principal and interest at 6% are due in one year; and (3) equipment costing $62,000 was purchased at the beginning of the year for cash.

Prepare journal entries for each of the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
  

1. On October 1, $14,000 was paid for a one-year fire insurance policy.

2. On June 30 the company lent its chief financial officer $12,000; principal and interest at 6% are due in one year.

3. Equipment costing $62,000 was purchased at the beginning of the year for cash.

Pacific Ink had beginning work-in-process inventory of $894,960 on October 1. Of this amount, $375,100 was the cost of direct materials and $519,860 was the cost of conversion. The 64,000 units in the beginning inventory were 25 percent complete with respect to both direct materials and conversion costs.

During October, 134,000 units were transferred out and 46,000 remained in ending inventory. The units in ending inventory were 75 percent complete with respect to direct materials and 35 percent complete with respect to conversion costs. Costs incurred during the period amounted to $3,446,500 for direct materials and $4,291,200 for conversion.

Compute the cost of goods transferred out and the cost of ending inventory using the FIFO method.

Is the ending inventory higher or lower under the weighted-average method compared to FIFO?

September october November December January

sales (units) 8000 12000 13000 16000 15000

Direct manufacturing labours

hour per unit 1.79 1.75 1.70 1.65 1.60

Direct manufacturing labour rate per unit $15.75 $16.00 $16.50 $17.50 $17.50

Ending inventory required is the next month sales , plus one half the following months sales

The ending inventory in august was 15000 units

Each employee is required to contributed to canada pension plan in the order of 4.9% of wages, this is matched by the employer

Workers compensation expenses are 1.9% of the wage total

Employment insurance is 1.85% of wages and the employer pays 1.4 times the rate charged to the employee.

Required :

prepare a labour budget showing production requirements, labour hours and costs for the month of october

Digital Solutions Inc. uses flexible budgets that are based on the following data:

Prepare a flexible selling and administrative expenses budget for October for sales volumes of $400,000, $500,000, and $600,000. (Use Exhibit 5 as a model.)

On 1 September 2019, PANDEKA Bhd used its receivables totalling RM 350,000 as collateral on a 250,000, 15% note from Intelligent Bank. PANDEKA Bhd will continue to collect the assigned receivables. Intelligent Bank will charge 2% as a finance charge which will be deducted in advance on the 250,000 value of the note. Collections of receivables for September is RM100,000, less cash discounts of RM800. On 1 October, PANDEKA Bhd paid to the bank the amount owed for September collection plus accrued interest. During October, PANDEKA Bhd collected the remaining accounts except for RM550 written off as uncollectible. On 1 November, PANDEKA Bhd paid to Intelligent Bank the remaining account owed plus accrued interest.

REQUIRED:

Prepare the journal entries necessary for both PANDEKA Bhd and Intelligent Bank.