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17 Oct
2020

Hello! Looking to find CM ratio, Break even point in unit sales, and Break…

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Hello! Looking to find CM ratio, Break even point in unit sales, and Break even point in dollar sales from: Original Info: Sales (13,300 units × $20 per unit)$266,000 Variable expenses 159,600 Contribution margin 106,400 Fixed expenses 118,400 Net operating loss$(12,000)Situation: Refer to the original data. By automating, the company could reduce variable expenses by $3 per unit. However, fixed expenses would increase by $57,000 each month. Compute the new CM ratio and the new break-even point in unit sales and dollar sales. (Do not round intermediate calculations. Round “CM ratio” to the nearest whole percentage
On July 1, 2022, Carla Vista Co. pays $21,500 to Sandhill Co. for a 2-year insurance contract. Both companies have
On July 1, 2022, Carla Vista Co. pays $21,500 to Sandhill Co. for a 2-year insurance contract. Both companies have fiscal years ending December 31.Journalize the entry on July 1 and the adjusting entry on December 31 for Sandhill Co.. Sandhill uses the accounts Unearned Service Revenue and Service Revenue. (Record journal entries in the order presented in the problem. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)Post the entry on July 1 and the adjusting entry on December 31 for Sandhill Co.. (Post entries in the order of journal entries presented in the previous part.)The trial balance of Woods Company includes the following balance sheet accounts. Identify the accounts that might require adjustment. For each account that requires adjustment, indicate (1) the type of adjusting entry and (2) the related account in the adjusting entry.Account(1)Type of Adjustment(2)Related Accounta.Accounts Receivable.select the type of adjusting entry Accrued ExpensesUnearned RevenuesPrepaid ExpensesNot RequiredAccrued Revenuesselect the related account in the adjusting entry Interest ExpenseNot RequiredService RevenueInsurance ExpenseDepreciation Expenseb.Prepaid Insurance.select the type of adjusting entry Prepaid ExpensesUnearned RevenuesAccrued RevenuesAccrued ExpensesNot Requiredselect the related account in the adjusting entry Not RequiredService RevenueInsurance ExpenseDepreciation ExpenseInterest Expensec.Equipment.select the type of adjusting entry Accrued ExpensesUnearned RevenuesAccrued RevenuesPrepaid ExpensesNot Requiredselect the related account in the adjusting entry Insurance ExpenseNot RequiredService RevenueInterest ExpenseDepreciation Expensed.Accumulated Depreciation—Equipment.select the type of adjusting entry Accrued RevenuesAccrued ExpensesPrepaid ExpensesUnearned RevenuesNot Requiredselect the related account in the adjusting entry Service RevenueDepreciation ExpenseInsurance ExpenseInterest ExpenseNot Requirede.Notes Payable.select the type of adjusting entry Prepaid ExpensesAccrued ExpensesAccrued RevenuesNot RequiredUnearned Revenuesselect the related account in the adjusting entry Depreciation ExpenseService RevenueInsurance ExpenseInterest ExpenseNot Requiredf.Interest Payable.select the type of adjusting entry Prepaid ExpensesAccrued ExpensesNot RequiredAccrued RevenuesUnearned Revenuesselect the related account in the adjusting entry Depreciation ExpenseNot RequiredInterest ExpenseInsurance ExpenseService Revenueg.Unearned Service Revenue.The following independent situations require professional judgment for determining when to recognize revenue from the transactions.Identify when revenue should be recognized in each of the situations.a.Southwest Airlines sells you an advance-purchase airline ticket in September for your flight home in December.select the period SeptemberDecemberOctoberb.Ultimate Electronics sells you a home theater on a “no money down and full payment in three months” promotional deal.select the period In one yearAt time of deliveryMonthly for 1 yearc.The Toronto Blue Jays sell season tickets online to games in the Skydome. Fans can purchase the tickets at any time, although the season doesn’t officially begin until April. The major league baseball season runs from April through October.select the period OctoberAprilPer game basis over the seasond.RBC Financial Group loans money on August 1. The loan and the interest are repayable in full in November.select the period NovemberEvenly over the loan termAuguste.In August, a customer orders a sweater from the Target website, paying with a Target credit card. The sweater arrives in September. Target sends a bill in October and receives payment in October.Identify the accounting concept that describes each situation below. Do not use any concept more than once.a.Is the rationale for why plant assets are not reported at liquidation value. (Do not use the historical cost principle.)choose the accounting concept Cost constraintMonetary unit assumptionGoing concern assumptionHistorical cost principleFull disclosure principleRevenue recognition principlePeriodicity assumptionEconomic entity assumptionMaterialityExpense recognition principleb.Indicates that personal and business recordkeeping should be separately maintained.choose the accounting concept Expense recognition principleRevenue recognition principleEconomic entity assumptionGoing concern assumptionMaterialityFull disclosure principleHistorical cost principlePeriodicity assumptionMonetary unit assumptionCost constraintc.Ensures that all relevant financial information is reported.choose the accounting concept Monetary unit assumptionCost constraintRevenue recognition principleMaterialityExpense recognition principleEconomic entity assumptionPeriodicity assumptionGoing concern assumptionFull disclosure principleHistorical cost principled.Assumes that the dollar is the “measuring stick” used to report on financial performance.choose the accounting concept Full disclosure principleEconomic entity assumptionMonetary unit assumptionExpense recognition principleMaterialityCost constraintHistorical cost principlePeriodicity assumptionRevenue recognition principleGoing concern assumptione.Requires that accounting standards be followed for all items of significant size.choose the accounting concept Historical cost principleExpense recognition principleFull disclosure principleRevenue recognition principleGoing concern assumptionMonetary unit assumptionPeriodicity assumptionCost constraintMaterialityEconomic entity assumptionf.Separates financial information into time periods for reporting purposes.choose the accounting concept MaterialityPeriodicity assumptionMonetary unit assumptionRevenue recognition principleGoing concern assumptionExpense recognition principleFull disclosure principleCost constraintHistorical cost principleEconomic entity assumptiong.Requires recognition of expenses in the same period as related revenues.choose the accounting concept Historical cost principleMaterialityGoing concern assumptionFull disclosure principleMonetary unit assumptionEconomic entity assumptionRevenue recognition principleExpense recognition principleCost constraintPeriodicity assumptionh.Indicates that fair value changes subsequent to purchase are not recorded in the accounts.a.East Lake Company recognizes revenue at the end of the production cycle but before sale. The price of the product, as well as the amount that can be sold, is not certain.choose one of the assumption, principle or constraint Historical cost principleRevenue recognition principleNo violationGoing concern assumptionPeriodicity assumptionEconomic entity assumptionb.Hilo Company is in its fifth year of operation and has yet to issue financial statements. (Do not use the full disclosure principle.)choose one of the assumption, principle or constraint Going concern assumptionHistorical cost principleNo violationPeriodicity assumptionEconomic entity assumptionRevenue recognition principlec.Gomez, Inc. is carrying inventory at its original cost of $100,000. Inventory has a fair value of $110,000.choose one of the assumption, principle or constraint No violationHistorical cost principlePeriodicity assumptionEconomic entity assumptionRevenue recognition principleGoing concern assumptiond.Bly Hospital Supply Corporation reports only current assets and current liabilities on its balance sheet. Equipment and bonds payable are reported as current assets and current liabilities, respectively. Liquidation of the company is unlikely.choose one of the assumption, principle or constraint Historical cost principleRevenue recognition principleGoing concern assumptionNo violationEconomic entity assumptionPeriodicity assumptione.Chieu Company has inventory on hand that cost $400,000. Chieu reports inventory on its balance sheet at its current fair value of $425,000.choose one of the assumption, principle or constraint Revenue recognition principlePeriodicity assumptionHistorical cost principleGoing concern assumptionNo violationEconomic entity assumptionf.Toxy Syles, president of Classic Music Company, bought a computer for her personal use. She paid for the computer by using company funds and debited the “Computers” account.In its first year of operations, Pharoah Company recognized $31,800 in service revenue, $6,400 of which was on account and still outstanding at year-end. The remaining $25,400 was received in cash from customers.The company incurred operating expenses of $16,600. Of these expenses, $12,730 were paid in cash; $3,870 was still owed on account at year-end. In addition, Pharoah prepaid $2,390 for insurance coverage that would not be used until the second year of operations.Calculate the first year’s net earnings under the cash basis of accounting, and the first year’s net earnings under the accrual basis of accounting.In its first year of operations, Pharoah Company recognized $31,800 in service revenue, $6,400 of which was on account and still outstanding at year-end. The remaining $25,400 was received in cash from customers.The company incurred operating expenses of $16,600. Of these expenses, $12,730 were paid in cash; $3,870 was still owed on account at year-end. In addition, Pharoah prepaid $2,390 for insurance coverage that would not be used until the second year of operations.Calculate the first year’s net earnings under the cash basis of accounting, and the first year’s net earnings under the accrual basis of accounting.Wang Company accumulates the following adjustment data at December 31.For each item, indicate the (1) type of adjustment (prepaid expense, unearned revenue, accrued revenue, or accrued expense) and (2) the status of the accounts before adjustment (overstated or understated). (Enter your answers in alphabetical order.)(1)Type of Adjustment(2)Accounts Before Adjustmenta.Services performed but unbilled totals $600.choose the type of adjustment Unearned RevenuesAccrued ExpensesAccrued RevenuesPrepaid ExpensesChoose the status of the account Liabilities UnderstatedExpenses OverstatedRevenues UnderstatedAssets UnderstatedExpenses UnderstatedRevenues OverstatedAssets OverstatedLiabilities OverstatedChoose the status of the account Assets OverstatedExpenses OverstatedRevenues OverstatedLiabilities OverstatedExpenses UnderstatedAssets UnderstatedRevenues UnderstatedLiabilities Understatedb.Store supplies of $160 are on hand. The supplies account shows a $1,900 balance.choose the type of adjustment Accrued RevenuesAccrued ExpensesUnearned RevenuesPrepaid ExpensesChoose the status of the account Expenses OverstatedLiabilities OverstatedAssets OverstatedExpenses UnderstatedLiabilities UnderstatedAssets UnderstatedRevenues OverstatedRevenues UnderstatedChoose the status of the account Revenues UnderstatedAssets OverstatedLiabilities UnderstatedAssets UnderstatedRevenues OverstatedExpenses UnderstatedExpenses OverstatedLiabilities Overstatedc.Utility expenses of $275 are unpaid.choose the type of adjustment Accrued RevenuesAccrued ExpensesPrepaid ExpensesUnearned RevenuesChoose the status of the account Liabilities OverstatedLiabilities UnderstatedExpenses OverstatedExpenses UnderstatedAssets UnderstatedRevenues OverstatedAssets OverstatedRevenues UnderstatedChoose the status of the account Liabilities UnderstatedRevenues UnderstatedExpenses UnderstatedLiabilities OverstatedAssets UnderstatedRevenues OverstatedExpenses OverstatedAssets Overstatedd.Service performed of $490 collected in advance.choose the type of adjustment Prepaid ExpensesUnearned RevenuesAccrued RevenuesAccrued ExpensesChoose the status of the account Assets UnderstatedExpenses OverstatedExpenses UnderstatedLiabilities UnderstatedRevenues OverstatedRevenues UnderstatedLiabilities OverstatedAssets OverstatedChoose the status of the account Revenues UnderstatedExpenses OverstatedLiabilities OverstatedAssets OverstatedLiabilities UnderstatedAssets UnderstatedExpenses UnderstatedRevenues Overstatede.Salaries of $620 are unpaid.choose the type of adjustment Accrued ExpensesUnearned RevenuesAccrued RevenuesPrepaid ExpensesChoose the status of the account Liabilities UnderstatedAssets OverstatedRevenues UnderstatedAssets UnderstatedExpenses OverstatedRevenues OverstatedExpenses UnderstatedLiabilities OverstatedChoose the status of the account Revenues UnderstatedAssets UnderstatedRevenues OverstatedAssets OverstatedExpenses UnderstatedLiabilities UnderstatedLiabilities OverstatedExpenses Overstatedf.Prepaid insurance totaling $400 has expired.The ledger of Marigold Corp. on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared.DebitCreditSupplies$2,100Prepaid Insurance2,520Equipment17,500Accumulated Depreciation—Equipment$5,880Notes Payable14,000Unearned Rent Revenue8,680Rent Revenue42,000Interest Expense0Salaries and Wages Expense9,800An analysis of the accounts shows the following.1.The equipment depreciates $196 per month.2.Half of the unearned rent revenue was earned during the quarter.3.Interest of $280 is accrued on the notes payable.4.Supplies on hand total $595.5.Insurance expires at the rate of $280 per month.Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. (If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)Cullumber Company, opened an incorporated dental practice on January 1, 2022. During the first month of operations, the following transactions occurred.1.Performed services for patients who had dental plan insurance. At January 31, $920 of such services was completed but not yet billed to the insurance companies.2.Utility expenses incurred but not paid prior to January 31 totaled $610.3.Purchased dental equipment on January 1 for $85,850, paying $28,150 in cash and signing a $57,700, 3-year note payable (interest is paid each December 31). The equipment depreciates $550 per month. Interest is $690 per month.4.Purchased a 1-year malpractice insurance policy on January 1 for $24,000.5.Purchased $2,340 of dental supplies (recorded as increase to Supplies). On January 31, determined that $670 of supplies were on hand.Prepare the adjusting entries on January 31. Account titles are Accumulated Depreciation—Equipment, Depreciation Expense, Service Revenue, Accounts Receivable, Insurance Expense, Interest Expense, Interest Payable, Prepaid Insurance, Supplies, Supplies Expense, Utilities Expense, and Accounts Payable. (If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)CONCORD CORPORATIONTrial BalanceOctober 31, 2022DebitCreditCash$15,100Supplies2,690Prepaid Insurance720Equipment4,970Notes Payable$4,970Accounts Payable2,850Unearned Service Revenue1,500Common Stock10,850Retained Earnings0Dividends690Service Revenue9,000Salaries and Wages Expense4,000Rent Expense1,000 $29,170$29,170Assume the following adjustment data.1.Supplies on hand at October 31 total $570.2.Expired insurance for the month is $120.3.Depreciation for the month is $135.4.As of October 31, services worth $990 related to the previously recorded unearned revenue had been performed.5.Services performed but unbilled (and no receivable has been recorded) at October 31 are $310.6.Interest expense accrued at October 31 is $85.7.Accrued salaries at October 31 are $1,525.Prepare the adjusting entries for the items above. (If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)The ledger of Sheffield Corp. on July 31, 2022, includes the selected accounts below before adjusting entries have been prepared.DebitCreditInvestment in Note Receivable$18,000Supplies24,000Prepaid Rent3,400Buildings270,000Accumulated Depreciation—Buildings$135,000Unearned Service Revenue11,000An analysis of the company’s accounts shows the following.1.The investment in the notes receivable earns interest at a rate of 12% per year.2.Supplies on hand at the end of the month totaled $17,800.3.The balance in Prepaid Rent represents 4 months of rent costs.4.Employees were owed $3,200 related to unpaid salaries and wages.5.Depreciation on buildings is $4,320 per year.6.During the month, the company satisfied obligations worth $4,600 related to the Unearned Services Revenue.7.Unpaid maintenance and repairs costs were $2,000.Prepare the adjusting entries at July 31 assuming that adjusting entries are made monthly. (If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)Len Steven started his own consulting firm, Steven Consulting, on June 1, 2022. The trial balance at June 30 is as follows.STEVEN CONSULTINGTrial BalanceJune 30, 2022DebitCreditCash$ 6,850Accounts Receivable7,000Supplies1,992Prepaid Insurance3,840Equipment15,000Accounts Payable$ 4,280Unearned Service Revenue5,200Common Stock21,992Service Revenue8,300Salaries and Wages Expense4,000Rent Expense1,090 $39,772$39,772In addition to those accounts listed on the trial balance, the chart of accounts for Steven also contains the following accounts: Accumulated Depreciation—Equipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense.Other data:1.Supplies on hand at June 30 total $720.2.A utility bill for $230 has not been recorded and will not be paid until next month.3.The insurance policy is for a year.4.Services were performed for $4,400 of unearned service revenue by the end of the month.5.Salaries of $1,290 are accrued at June 30.6.The equipment has a 5-year life with no salvage value and is being depreciated at $250 per month for 60 months.7.Invoices representing $4,330 of services performed by Steven during the month have not been recorded as of June 30.
QuestionIdentify at least two maineach tax issues suggested by of the two scenarios described below:Wheelie Corporation is a calendar year
QuestionIdentify at least two maineach tax issues suggested by of the two scenarios described below:Wheelie Corporation is a calendar year taxpayer. For the past nine years its taxable income has been stable, averaging $2 million per year. Through November of this year, its taxable income was $1.81 million. In April, June and September, Wheelie made a $175,000 installment payment of tax. In December, it recognized a $5 million gain on the sale of investment land.Aloha Inc. sells timeshares in Hawaii. Gerry buys timeshare from Aloha Inc,. He agrees to pay $10,000 down and Aloha Inc. will finance a seven year note for the balance of the purchase price at the current market rate of interest. Identify the issues for Aloha Inc. Instructions You should have a minumum of two questions for each scenario. ( A total of at least 4.)
Bad Boys, Inc. is evaluating its cost of capital. Under consultation, Bad Boys, Inc. expects to issue new debt at
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A company’s January 1, 2019 balance sheet reported total assets of $170,000 and total liabilities of $70,000. During January 2019,
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Juan, who is single, is a self-employed carpenter as well as an employee of Frame It, Inc. His self-employment net
Juan, who is single, is a self-employed carpenter as well as an employee of Frame It, Inc. His self-employment net income is $32,175, and he received a W-2 from Frame It for wages of $22,750. He is covered by his employer’s pension plan, but his employer does not offer a health plan in which he could participate. Required: -Up to how much of his self-employed health insurance premiums could he deduct for this year, if any? -How much of Juan’s self-employment taxes would be deductible?
Discussion for Ethics/Fraud/Legal Issues Accounting: Arthur Andersen LLP was the auditor for Enron, WorldCom, Waste Management and other companies that
Discussion for Ethics/Fraud/Legal Issues Accounting: Arthur Andersen LLP was the auditor for Enron, WorldCom, Waste Management and other companies that committed fraud. Andersen was forced to shut its doors forever after a U.S. Department of Justice lawsuit against the firm that it had obstructed justice and lied to the government in the Enron case. One thing Andersen had done was to shred documents related to its audit of Enron before the government could get its hands on them. Some in the profession thought the government had gone too far given the facts and mediating circumstances including top management’s deception; others believed the punishment was unjustified because most accounting firms got caught up in similar situations during the late 1990s and early 2000s (pre-Sarbanes-Oxley). What do you believe? Use ethical reasoning to support your answer.
1.you are to prepare for the month ending December 31: (use crane financial planners adjusted trial balance attached below)(a) An
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Ornate Inc. ended 20X3 with $400 in allowance for bad debts. In 20X4, Ornate wrote off $360 in accounts receivable
Ornate Inc. ended 20X3 with $400 in allowance for bad debts. In 20X4, Ornate wrote off $360 in accounts receivable that appear to be uncollectible. At the end of 20X4, Ornate recorded bad debt expense of $330. What is the balance in the allowance for doubtful accounts at the end of 20X4? Can you help me through this

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