Q1 Give example of company using ABC costing and explain the process used in this company to assign costs in an ABC system?

Answer:

      Q 2 Give examples of questions managers could ask to help them identify relevant qualitative factors that will be used before making decision?

Answer:

      Q 3 Kadhim Co. manufactures product B which is a part of its main product. Kadhim Co makes 50,000 units of product B per year. The production costs are detailed below. An outside supplier has offered to supply 50,000 units of product B per year at $ 2.45 each. Fixed production cost of $ 40,000 associated with the product B are unavoidable. Should Kadhim Co make or buy the product B?

The production cost per unit for manufacturing a unit of product B are:

Petroncan , CO operates in the oil industry, contaminating land at foreign location. The foreign country does not have environmenT law that will require Petrocan co. to clean up the contamination. However, Petrocan has a widely published policy to clean up all contamination that is causes, and it has a record of honoring this policy. Requirement: The company applies the three criteria of IAS 37 to determine whether recognition of a provision is appropriate.

1….. Is the criterion 2, “ present obligation as a result of a past obligating event, “ met ? how? Or how not? 2. Is the criterion

2, “ an outflow of resources embodying economic benefits in settlement is probable.” how? Or how not?

3. Determine whether Petrocon Co. should recognize a provision, if it can make a reliable estimate of the costs of clean-up. Yes___ or no____ . if yes, describe the recognition for what amount and in which financial schedules. If not, what accounting treatment should Petro Can do?

On April 23, 2016 Artimis Co. paid its annual property tax bill. Artimis Co. fiscal year is also the calendar year. The annual bill is $840,000.

How much property tax expense should be reported in Artimis Co.'s income statement for the quarter ending March 31, 2016.

Prepare the journal entry to record Artimis Inc.'s property tax expense for the first quarter ending March 31, 2016.

Prepare the journal entry for April 23, 2016 for the payment of property taxes and proper recording of property tax expenses for the quarter ending June 30th or any prepaid property taxes as of the endof April 2016 .

Prepare the journal entry for quarter ending September 30, 2016 for the recording of property taxes expenses for the quarter.

Prepare the journal entry for quarter ending December 31, 2016 for the recording of property taxes expenses for the quarter.

without plagiarism please ..

1/Give example of company using ABC costing and explain the process used in this company to assign costs in an ABC system?

Q 2 Give examples of questions managers could ask to help them identify relevant qualitative factors that will be used before making decision?

Q 3 Kadhim Co. manufactures product B which is a part of its main product. Kadhim Co makes 50,000 units of product B per year. The production costs are detailed below. An outside supplier has offered to supply 50,000 units of product B per year at $ 2.45 each. Fixed production cost of $ 40,000 associated with the product B are unavoidable. Should Kadhim Co make or buy the product B?                                                                                                                          

The production cost per unit for manufacturing a unit of product B are:

On September 1, Boylan Office Supply had an inventory of 35 calculators at a cost of $14 each. The company uses a perpetual inventory system. During September, the following transactions occurred. Sept. 6 Purchased with cash 90 calculators at $23 each from Guthrie Co. Sept. 9 Paid freight of $90 on calculators purchased from Guthrie Co. Sept. 10 Returned 5 calculators to Guthrie Co. in exchange for $120 cash (including reimbursement for freight fee) because they did not meet specifications. Sept. 12 Sold 27 calculators costing $24 (including freight) for $32 each to Lee Book Store, terms n/30. Sept. 14 Granted credit of $32 to Lee Book Store for the return of one calculator that was not ordered. Sept. 20 Sold 34 calculators costing $24 for $36 each to Orr's Card Shop, terms n/30.

14)

a. Shelby Co. has common stock of $2,000 and retained earnings of $5,000 at the beginning of the year. During the year, the company earned revenues of $10,000 on account; incurred operating expenses of $6,500; collected $8,000 of accounts receivable; borrowed $20,000 from a bank; obtained $8,000 of cash from owners for stock and paid $4,500 of cash to the owners as dividends. How much is the ending balances of common stock and retained earnings ___________ and _______________ .

b. Henderson Co. purchased $800 of office supplies but only has $200 left over on 1/31/xx. What is the correct end of period adjustment journal entry?

c. LNJ Co. owns equipment costing $120,000. If the salvage value is estimated to be $4,000, the estimated useful life is estimated to be 5 years and the straight-line method is used to depreciate assets make the journal entry for the first full year of depreciation and determine the asset’s book value at the end of year two.

Marian, a top graduate from Loyola in Humanities, was hired by a major corporation into a management position. Marian finished the corporation's management training program top in her group, and is performing above the norm in her position. She is really enjoying her work.

As a woman she feels isolated, as there are no other women managers and few women in her area. One night at a company party she heard a conversation between two of her male co-workers and their supervisor. They were complaining to him about Marian's lack of qualifications and her unpleasant personality. They cursed affirmative action regulations for making the hiring of Marian necessary.

Marian is very upset and wants to quit.

Questions:

1. Should Marian quit?
2. Are her co-workers correct in their evaluation?
3. Should Marian confront the co-workers?
4. Should Marian file a discrimination suit?
5. Should Marian go to the supervisor?
6. What else could Marian do?

Rios Financial Co. is a regional insurance company that began operations on January 1, Year 1. The following transactions relate to trading securities acquired by Rios Financial Co., which has a fiscal year ending on December 31:

Record these transactions on page 10:

Record these transactions on page 11:

Andy’s Co. is a manufacturing firm of a computer hardware device. Its sales forecasts for the year 2020 is as follows:

The company will start its business this year with $30,000 of cash balance. As of Q4 of the fiscal year 2019, it does not have any material, work in progress, or finished goods inventories. The company currently has no debt and entirely owned by shareholders. The balance sheet of Andy’s Co. as of the end of the year 2019 is as follows:

Direct material costs per unit are $150. Each unit requires three direct labor hours to be completed. The hourly wage is $40. For the year 2020, the company expects the variable overhead to be $136,000. The company allocates variable overhead by direct labor hours. Fixed overhead is expected to be $204,000, including the depreciation of the equipment ($47,500). The company will evenly allocate the fixed overhead for each quarter.

At the beginning of the year 2020, the company will invest in $95,000 for the equipment.

The company supplies products with no material selling and administrative expenses. Their products are immediately picked up by other manufacturers in the complex for cash. Due to the highly efficient just-in-time inventory management system, the company does not hold materials inventories. All materials are purchased just enough to be used in production each quarter. The company also does not hold work in progress inventories. However, they keep 10% of next quarter’s sales as ending inventories of finished goods.

The company also engages in flexible cash management. They require a minimum balance of zero. Whenever they run short of cash, they can borrow from a partnered venture capital at the quarterly interest rate of 2%. They obtain the short-term loan at the beginning of the quarter, and they repay both principal and interest at the end of the quarter if they have enough cash.

The company will incur 20% of taxable income (operating income less interest expenses) as tax expenses but will pay the income taxes in the year 2021.

5) Complete the overhead budget including the cash disbursement for Andy’s Co. for the fiscal year 2020

6) Complete the cost of goods manufactured budget for Andy’s Co. for the fiscal year 2020

7) Complete the cost of goods sold budget for Andy’s Co. for the fiscal year 2020

8) Complete the cash budget for Andy’s Co. for the fiscal year 2020

9) Complete the income statement for Andy’s Co. for the fiscal year 2020

10) Complete the balance sheet for Andy’s Co. for the fiscal year 2020

11) An alternative plan for operation requires more investment in the equipment. If the company can invest $210,000 instead of $95,000 in the equipment at the beginning of the year 2020, the company can reduce direct labor hours required for each unit to 2 hours. The depreciation of the equipment will be $105,000 for the year 2020. Calculate the impacts of the additional investment on net income and operating cash flows for the year 2020. You can present an alternative income statement, cash budget, and balance sheet.

12) The executives of Andy’s Co. are debating over whether to invest $95,000 or $210,000. The market analysts suggest that the demand for the products will be at a similar level over the next few years. Based on the sales forecasts of the market analysts, provide advice to the executives. Support your advice quantitatively.