Jorgansen Lighting, Inc., manufactures heavy-duty street lighting systems for municipalities. The company uses variable costing for internal management reports and absorption costing for external reports to shareholders, creditors, and the government. The company has provided the following data:
| Year 1 | Year 2 | Year 3 | |
| Inventories: | |||
| Beginning (units) | 214 | 162 | 197 |
| Ending (units) | 162 | 197 | 239 |
| Variable costing net operating income | $298,600 | $276,500 | $258,700 |
The company’s fixed manufacturing overhead per unit was constant at $569 for all three years.
3.
value:
10.00 points
Required information
Required:
1. Determine each year’s absorption costing net operating income.
Hints
References
eBook & Resources
Hint #1
Check my work
4.
value:
10.00 points
Required information
2. In Year 4, the company’s variable costing net operating income was $247,700 and its absorption costing net operating income was $264,800.
a. Did inventories increase or decrease during Year 4?
| Increase | |
| Decrease |
b. How much fixed manufacturing overhead cost was deferred in or released from inventory during Year 4?
In: Accounting
|
please write special journals: sales journal, PURCHASES JOURNAL,CASH RECEIPTS JOURNAL,CASH PAYMENTS JOURNAL Week 1 |
||
| Date | Transaction description | |
| 1 | Obtained a loan of $48,000 from MRMC Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2018 and the principal of the loan is to be repaid on 1 June 2021. | |
| 2 | Sold 9 boxes of Sprearmint Gum to Sweet Tooth for $100 each, Invoice No. 201. | |
| 3 | Purchased 17 boxes of Sprearmint Gum from Brennan Imports Group for $60 each, terms net 30. | |
| 3 | Paid the full amount owing to Restlay, Cheque No. 903. Payment fell within discount period. | |
| 4 | Paid the full amount owing to Gillard Wholesalers, Cheque No. 904. Payment fell within discount period. | |
| 4 | Made cash sales of $5,896 during the first 4 days of the month. | |
| 4 | Purchased 17 boxes of Hazelnut Toffee with cash for $50 each, Cheque No. 905. | |
| 5 |
Purchased 22 boxes of Party Mix from East Tangiers Cooperative for $40 each, terms 2/10, n/30. |
|
In: Accounting
FInd the limit.
2a) lim (x,y)-->(0,0) (-5x^2)/(2x^2+3y^2)
2b) lim (x,y)-->(0,0) tan(x^2+y^2)arctan(1/(x^2+y^2))
2c) lim (x,y)-->(2,4) (y^2-2xy)/(y-2x)
In: Math
Ask the user how many days that they collected gems. A loop you write should loop how many days the user enters. If the user enters 5 days, then the loop should loop 5 times to collect the data from each day.
So, each loop iteration represents a day. In each loop iteration, ask the user how many gems they collected that day. After the loop finishes gathering the data for each day, calculate the total and average gems collected. Display the average as a float value.
TIP: To find the average, divide the sum of the numbers by the number of numbers. In the output below, the average is 15/5 = 3.0. Display the average as a float value.
Sample input/output (your output should match exactly):
How many days did you collect gems? 5
Enter the number of gems collected on day 1: 5
Enter the number of gems collected on day 2: 4
Enter the number of gems collected on day 3: 3
Enter the number of gems collected on day 4: 2
Enter the number of gems collected on day 5: 1
Total gems collected: 15
Average gems collected per day: 3.0
Another sample input/output (your output should match exactly):
How many days did you collect gems? 6
Enter the number of gems collected on day 1: 2
Enter the number of gems collected on day 2: 2
Enter the number of gems collected on day 3: 2
Enter the number of gems collected on day 4: 6
Enter the number of gems collected on day 5: 3
Enter the number of gems collected on day 6: 4
Total gems collected: 19
Average gems collected per day: 3.16
In: Computer Science
Appraiser Donna Dewgood of the firm of Dewgood & Excel is reviewing a faulty appraisal done by appraiser Justin Goodenuf. The subject property is located on Modest Lane and is a 3 bedroom, 2 bath single family residence of 1,600 SF gross living area with a 2 car garage. Which of the following sales used by Mr. Goodenuf should the competent Ms. Dewgood REPLACE in her review appraisal of the subject property?
| Sale 1 is a 3 bedroom, 2 bath single family residence, 1,800 SF, 2 car garage |
| Sale 2 is a 2 bedroom, 2 bath single family residence, 1,600 SF, 2 car garage |
| Sale 3 is a 3 bedroom, 1.5 bath single family residence, 1,375 SF, 1 car garage |
| Sale 4 is a 3 bedroom, 1 bath single family residence, 1,512 SF, 1 car garage |
In: Accounting
C6-1 Accounting for Inventory Orders, Purchases, Sales, Returns, and Discounts (Chapters 5 and 6) [LO 5-4, LO 6-3, LO 6-4, LO 6-5]
[The following information applies to the questions displayed below.]
| 1. |
On October 1, the Business Students’ Society (BSS) placed an
order for 100 golf shirts at a unit |
| 2. |
The order was received on October 10, but 10 golf shirts had been damaged in shipment. |
| 3. |
On October 11, the damaged golf shirts were returned. |
| 4. |
On October 12, BSS complained that the remaining golf shirts were slightly defective so the supplier granted a GL $290 allowance. |
| 5. |
BSS paid for the golf shirts on October 13. |
| 6. |
During the first week of October, BSS received student and faculty orders for 90 golf shirts, at a unit price of $39.00, on terms 2/10, n/30. |
| 7. |
The golf shirts were delivered to these customers on October 18.
Unfortunately, customers were |
| 8. |
On October 21, one-half of the golf shirts were returned. |
| 9. |
On October 22, the remaining 45 customers were granted the allowance on account. |
| 10. |
The customers paid their remaining balances during the week of October 25. |
rev: 02_04_2016_QC_CS-40209
References
Section BreakC6-1 Accounting for Inventory Orders, Purchases, Sales, Returns, and Discounts (Chapters 5 and 6) [LO 5-4, LO 6-3, LO 6-4, LO 6-5]
1.
value:
2.50 points
Required information
C6-1 Part 1
| Required: | |
| 1. |
Prepare journal entries for the transactions described above, using the date of each transaction as its reference. Assume BSS uses perpetual inventory accounts. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) |
rev: 10_19_2016_QC_CS-65599, 11_07_2016_QC_CS-68868
References
eBook & Resources
General JournalDifficulty: 3 HardLearning Objective: 06-04 Analyze sales transactions under a perpetual inventory system.
C6-1 Part 1Learning Objective: 06-03 Analyze purchase transactions under a perpetual inventory system.Learning Objective: 06-05 Prepare and analyze a merchandiser's multistep income statement.
Check my work
2.
value:
2.50 points
Required information
C6-1 Part 2
| 2. |
Report the financial effects of the above transactions in a multistep income statement for the month ended October 31 prepared for internal use. Assume operating expenses, other than cost of goods sold, are $100 and income tax expense is $135. |
References
eBook & Resources
Financial StatementsDifficulty: 3 HardLearning Objective: 06-04 Analyze sales transactions under a perpetual inventory system.
C6-1 Part 2Learning Objective: 06-03 Analyze purchase transactions under a perpetual inventory system.Learning Objective: 06-05 Prepare and analyze a merchandiser's multistep income statement.
Check my work
3.
value:
2.50 points
Required information
C6-1 Part 3
| 3. |
Determine the percentage of net sales that is available to cover operating expenses other than cost of goods sold. (Round your answers to the nearest whole percentage amount.) |
References
eBook & Resources
WorksheetDifficulty: 3 HardLearning Objective: 06-04 Analyze sales transactions under a perpetual inventory system.
C6-1 Part 3Learning Objective: 06-03 Analyze purchase transactions under a perpetual inventory system.Learning Objective: 06-05 Prepare and analyze a merchandiser's multistep income statement.
Check my work
4.
value:
2.50 points
Required information
C6-1 Part 4
| 4-a. |
As of October 31, the check dated October 13 had not cleared the bank. How should BSS report this on its October 31 bank reconciliation? |
| 4-b. |
Give the journal entry, if any needed as a result of including the item discussed in requirement 4-a in the bank. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) |
References
eBook & Resources
General JournalDifficulty: 3 HardLearning Objective: 06-04 Analyze sales transactions under a perpetual inventory system.
C6-1 Part 4Learning Objective: 06-03 Analyze purchase transactions under a perpetual inventory system.
In: Accounting
In: Math
Cash Payback Period, A method of analysis of proposed capital investments that focuses on the present value of the cash flows expected from the investments.Net Present Value Method, and Analysis
Elite Apparel Inc. is considering two investment projects. The estimated net cash flows from each project are as follows:
| Year | Plant Expansion | Retail Store Expansion | ||
| 1 | $123,000 | $103,000 | ||
| 2 | 100,000 | 120,000 | ||
| 3 | 87,000 | 83,000 | ||
| 4 | 78,000 | 58,000 | ||
| 5 | 25,000 | 49,000 | ||
| Total | $413,000 | $413,000 | ||
Each project requires an investment of $223,000. A rate of 10% has been selected for the net present value analysis
| Present Value of $1 at Compound Interest | |||||
| Year | 6% | 10% | 12% | 15% | 20% |
| 1 | 0.943 | 0.909 | 0.893 | 0.870 | 0.833 |
| 2 | 0.890 | 0.826 | 0.797 | 0.756 | 0.694 |
| 3 | 0.840 | 0.751 | 0.712 | 0.658 | 0.579 |
| 4 | 0.792 | 0.683 | 0.636 | 0.572 | 0.482 |
| 5 | 0.747 | 0.621 | 0.567 | 0.497 | 0.402 |
| 6 | 0.705 | 0.564 | 0.507 | 0.432 | 0.335 |
| 7 | 0.665 | 0.513 | 0.452 | 0.376 | 0.279 |
| 8 | 0.627 | 0.467 | 0.404 | 0.327 | 0.233 |
| 9 | 0.592 | 0.424 | 0.361 | 0.284 | 0.194 |
| 10 | 0.558 | 0.386 | 0.322 | 0.247 | 0.162 |
Required:
1a. Compute the cash payback period for each project.
| Plant Expansion | 2 years
|
| Retail Store Expansion | 2 years
|
1b. Compute the net present value. Use the present value of $1 table above. If required, round to the nearest dollar.
| Plant Expansion | Retail Store Expansion | |
| Present value of net cash flow total | $ | $ |
| Less amount to be invested | $ | $ |
| Net present value | $ | $ |
2. Because of the timing of the receipt of the net cash flows, the plant expansion
offers a higher net present value
I need Help with part 1B, please show your work. answers I got were 322,282 and 318,734 for the present value of net cash flow total. However it keeps saying its wrong.
In: Accounting
National Orthopedics Co. issued 9% bonds, dated January 1, with a face amount of $900,000 on January 1, 2018. The bonds mature on December 31, 2021 (4 years). For bonds of similar risk and maturity the market yield was 10%. Interest is paid semiannually on June 30 and December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)
Required:
1. Determine the price of the bonds at January 1, 2018.
2. Prepare the journal entry to record their issuance by National on January 1, 2018.
3. Prepare an amortization schedule that determines interest at the effective rate each period.
4. Prepare the journal entry to record interest on June 30, 2018.
5. Prepare the appropriate journal entries at maturity on December 31, 2021.
In: Accounting
National Orthopedics Co. issued 8% bonds, dated January 1, with a face amount of $750,000 on January 1, 2021. The bonds mature on December 31, 2024 (4 years). For bonds of similar risk and maturity the market yield was 10%. Interest is paid semiannually on June 30 and December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Determine the price of the bonds at January 1, 2021. 2. Prepare the journal entry to record their issuance by National on January 1, 2021. 3. Prepare an amortization schedule that determines interest at the effective rate each period. 4. Prepare the journal entry to record interest on June 30, 2021. 5. Prepare the appropriate journal entries at maturity on December 31, 2024.
In: Accounting