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15 Sep
2020

Cost-volume-profit; volume defined in sales dollars. An excerpt from the income statement of the…

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Cost-volume-profit; volume defined in sales dollars. An excerpt from the income statement of the Kelly Company follows. Estimated fixed costs in Year 1 are $660,000.KELLY COMPANYIncome StatementYear Ended December 31, Year 1Sales ……………………………………………………………………………………………………. $3,000,000Operating Expenses:Cost of Goods Sold …………………………………………………………………………. $1,425,000Selling Costs …………………………………………………………………………………… 450,000Administrative Costs ………………………………………………………………………. 225,000Total Operating Costs…………………………………………………………………. 2,100,000Profit …………………………………………………………………………………………………… $ 900,000a. What percentage of sales revenue is variable cost?b. What is the break-even point in sales dollars for Kelly Company?c. Prepare a cost-volume-profit graph for Kelly Company.d. If sales revenue falls to $2,500,000, what will be the estimated amount of profit?e. What amount of sales dollars produces a profit of $1,000,000?
heridan, Inc. has $500,000, $0.50, no par value preferred shares (50,000 shares) and $1,000,000 of no par value common shares
heridan, Inc. has $500,000, $0.50, no par value preferred shares (50,000 shares) and $1,000,000 of no par value common shares outstanding (80,000 shares). No dividends were paid or declared during 2018 and 2019. The company wants to distribute $350,000 in dividends on December 31, 2020.Calculate the amount of dividends to be paid to each group of shareholders (i.e. preferred and common), assuming the preferred shares are non-cumulative and non-participating.Calculate the amount of dividends to be paid to each group of shareholders (i.e. preferred and common), assuming the preferred shares are cumulative and non-participating.Calculate the amount of dividends to be paid to each group of shareholders (i.e. preferred and common), assuming the preferred shares are cumulative and fully participating
You have been assigned to examine the financial statements of PC corp. for the year ended December 31, 2019, as
You have been assigned to examine the financial statements of PC corp. for the year ended December 31, 2019, as prepared following IFRS. You discover the following situations:1- Physical inventory count on Dec31, 2017, improperly excluded merchandise costing $13,000 that had been temporarily stored in a public warehouse. PC uses periodic inventory system2- Physical inventory count on Dec31,2019, improperly included merchandise with a cost of $26,000 that had been recorded as a sale on Dec27, 2019, and was being held for the customer to pick up on Jan 4,20203- Depreciation of $6,700 for 2018 on delivery vehicles was not recorded4- A collection of $4,600 on account from customer received on Dec 31,2019, was not recorded5- A large piece of equipment was purchased on Jan 1, 2018 for $20,500 and was charged in error to repairs expense. The equipment estimated useful life 8 years and no residual value. PC uses straight-line depreciation method for this type of equipment.6- On Dec 31, 2017 accrued wages of $1,500 were not recognized7- An insurance premium paid on July 1, 2018 for policy expires on June 30, 2021, amount of $12,000 was charged to insurance expense. The policy covers 3 years of insurance8- The Accountant recorded a purchase of supplies for $9,000 in 2017 that applied to 2018.9- At the beginning of 2019, the company purchased equipment for $225,000 (residual value $22,500) and had useful life 6 years. The accountant used straight line amortization but failed to deduct the residual value in calculation the depreciation.10- Jan 1, 2018, rented out an office space and received cheque for $44,000 the amount for 4 years rent 2018 to the end of 2021; the entire amount was credited to rental income.Instructions:Prepare the required Journal entries (if any) to correct PC accounts, assuming each transaction is independent and assume 2019 books are not closed.
Wolverine Corp. is considering the purchase of a new piece of equipment. The cost savings from the equipment would result
Wolverine Corp. is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in net income of $50,100. The equipment will have an initial cost of $601,000 and have a 8-year life. The equipment has no salvage value. The hurdle rate is 10%. Ignore income taxes. (Future Value of $1, Present Value of $1, Future Value Annuity of $1, Present Value Annuity of $1.) (Use appropriate factor from the PV tables.)a. What is the accounting rate of return? (Round your answer to 2 decimal places.)b. What is the payback period?(Round your answer to 1 decimal place.)c. What is the net present value?(Negative amounts should be indicated by a minus sign. Do not round intermediate calculations. Round your final answer to 2 decimal places.)d. What would the net present value be with a 14% hurdle rate?(Negative value should be indicated by a minus sign. Do not round intermediate calculations. Round your final answer to 2 decimal places.)
Lessee co. and Lessor ltd. Both follows IFRS. Jan 1, 2020, they enter into a lease agreement that the lessee
Accounting Assignment Writing ServiceLessee co. and Lessor ltd. Both follows IFRS. Jan 1, 2020, they enter into a lease agreement that the lessee agreed to lease equipment for 5 years and to assume all costs and risks of ownership. The lease effective Jan 1, 2020, and requires annual rental payments of $250,000 each January, starting Jan 1, 2020.Lessee’s incremental borrowing rate is 8%, and the implicit interest rate used by lessor ltd is 8% and known to the lessee.The equipment useful life is 10 years and the estimated residual value is $32,500 unguaranteed. Lessee and Lessor depreciate similar equipment’s using straight line method. At the end of the lease, there is a bargain purchase option amount of $25,000. Collectability of lease payments is assured, also there is assurance that the lessee will exercise the bargain purchase option at the end of the lease term. Lessee and Lessor year end is Dec 31, of every year. Instructions:Assuming this is a Finance (capital), (Right for use asset) type lease for the Lessor and Lessee:a- Prepare the Lessor Journal entries as of Jan 1, 2020 (show your calculation)b- Prepare the Lessee Journal entries as of Jan 1, 2020 (show your calculation)c- Prepare the journal entries for the lessee as of Dec 31, 2020d- Prepare the journal entries for the lessor as of Dec 31, 2020e- write all the journal entries that the lessee will prepare for 2021f- write all the journal entries that the lessee will prepare for 2022g- Show the proper presentation (Balance Sheet /Statement of Financial Position), thet the lessee will present at Dec 31, 2023(Note: required c, d, e, f and g require amortization schedule)
a) The total cost for advertising in Home Decor Magazine $48,000. If the CPM is $3.00, how many viewers are
a) The total cost for advertising in Home Decor Magazine $48,000. If the CPM is $3.00, how many viewers are expected to see or read the advertisement (or, how many impressions are generated)?In the Table below determine the CPM for each medium and then for the overall campaign i) A publisher’s average price for a high school Math Workbook is $25 and in 2014 they sold 14,500 copies of this book. If the total value of the market for similar books was $10,573,000 in Canada in that year, then how large is this publisher’s market share by Total Revenue?ii) How large is the publisher’s market share in units, if 391,593 total copies of the Math Workbook were sold in Canada in 2014? The GRP for a TV commercial that reaches 95% of the target market is 425. What is the frequency?
Jerry is the managing director of Little Boat Pty Ltd (“Little Boat”). The constitution of Little Boat provides that the
Jerry is the managing director of Little Boat Pty Ltd (“Little Boat”). The constitution of Little Boat provides that the managing director cannot enter into any contract with a value in excess of $100,000 without the board first passing a resolution. Which of the following is incorrect?Select one:a. The constitution could be enforced by Jerry as he is a director of Little Boat.b. Little Boat is a proprietary company and must have at least one director ordinarily resident in Australia.c. ANY contract entered into by Jerry for a value less than $100,000 is binding.d. If Jerry entered into a contract in excess of $100,000 and the contract counterparty was aware of the limitation in the constitution, the contract would most likely not be binding.
You are the audit senior on the audit of Bright glow, an Australian listed company that specialises in the design
You are the audit senior on the audit of Bright glow, an Australian listed company that specialises in the design and manufacturers of skin care products for distribution throughout Australia. It is now 4 august 2015 and you are finalising your audit of bright glows financial report for the year ended 30 june 2015. The auditor report and director declaration are due to be signed on 15 august 2015. As part of your completion procedures,you have noted the following material issues. On 27 June 2015 there was a fire in one of bright glows Sydney warehouses that was used to stock its cosmetic products for the Sydney market. At the time of the fire the products that were destroyed included all of the forward sales orders for the month of July for bright glows Sydney customers.Mangement did not tell you about the fire when it occurred,but have included a note in financial report about it. They noted significant damage to the building and to the stock on hand at the time of the fire. Despite this,no adjustment has been made to Bright glow’s 2015 financial report. REQUIRED: For the above events identify and justify what action,if any , is most appreciate. a) Assuming the same facts as for (a), except that the fire occurred on 18 July 2015 , identify and justify what action, if any , is most appropriate. b) Assuming the same facts as for (a) , except that the fire occurred on 17 august 2015, identify and justify what action, if any, is most appropriate.
For a number of years, a private not-for-profit entity has been preparing financial statements that do not necessarily conform to
For a number of years, a private not-for-profit entity has been preparing financial statements that do not necessarily conform to U.S. generally accepted accounting principles. At the end of the most recent year (Year 2), those financial statements show total assets of $900,000, total liabilities of $100,000, net assets without donor restriction of $400,000, and net assets with donor restrictions of $400,000. This last category is composed of $300,000 in net assets with purpose restrictions and $100,000 in net assets that must be permanently held. At the end of Year 1, financial statements show total assets of $700,000, total liabilities of $60,000, net assets without donor restriction of $340,000, and net assets with donor restrictions of $300,000. This last category is composed of $220,000 in net assets with purpose restrictions and $80,000 in net assets that must be permanently held. Total expenses for Year 2 were $500,000 and reported under net assets without donor restrictions. Each part that follows should be viewed as an independent situation.Assume that the entity is a private not-for-profit hospital. During Year 2, the hospital has two portfolios: patients with insurance and patients without insurance. Work with a standard charge of $2 million is done for the first group and work with a standard charge of $1 million is done for the second group. Insurance companies have contracts that create explicit price concessions. The hospital believes it has a 60 percent chance of collecting $1.5 million and a 40 percent chance of collecting $1.3 million. Because of the high cost of health care, uninsured patients receive a variety of implicit price concessions. The hospital believes it has a 70 percent chance of collecting $300,000 and a 30 percent chance of collecting $200,000. The hospital reported exchange revenue of $3 million and a provision for bad debt (a contra revenue account) of $1.2 million to drop the reported balance to the expected collection amount. Assume the hospital wants to use the most likely amount where possible even though the hospital historically collects 5 percent less than that figure.Required:What was the appropriate amount of net assets without donor restrictions at the end of Year 2?
QUESTION 2 (21 marks) (LO4) Following are audit procedures commonly performed in the inventory and warehousing cycle for a manufacturing
QUESTION 2 (21 marks) (LO4) Following are audit procedures commonly performed in the inventory and warehousing cycle for a manufacturing company. 1. Compare the client’s count of physical inventory at an interim date with the perpetual inventory master file.2. Trace the auditor’s test counts recorded in the working papers to the final inventory compilation and compare tag number, description and quantity.3. Compare the unit price on the final inventory summary with vendors’ invoices.4. Read the client’s physical inventory instructions and observe whether they are being followed by those responsible for counting the inventory.5. Account for a sequence of raw materials requisitions and examine each requisition for an authorised approval.6. Trace the recorded additions on the finished goods perpetual inventory master file to the records for completed production.7. Account for a sequence of inventory tags, and trace each tag to the physical inventory to make sure it actually exists. Required: (a) Identify whether each procedure is primarily a test of control or a substantive test. (7 marks) (b) State the purpose(s) of each procedure identifying the relevant audit assertions being considered. (14 marks) [Answer here] AUDITPROCEDUREa.TYPE OF TESTb.PURPOSE1 2 3 4 5 6 7

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