In a recent city meeting, it was agreed that the city was going to…
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In a recent city meeting, it was agreed that the city was going to build a new town hall. Long-term bonds, intergovernmental transfers, and public donations will be used to construct and maintain the building. The major discussion was how to record the donations meant to fund ongoing maintenance costs. One group wants to set up a permanent fund for the principle of the investments and use a special revenue fund to account for the earnings of the investments and their use. The other group wants to use a private purpose trust fund for the principle and interest. Address the following: -Which group do you agree with? Do you feel that there is a better way to record these transactions? -Give details that support your choice.
The following summaries for 121.2Requirements: Maryland Service, Inc., and Grapone, Co., provide the information needed to prepare the stockholders’ equity
The following summaries for 121.2Requirements: Maryland Service, Inc., and Grapone, Co., provide the information needed to prepare the stockholders’ equity section of each company’s balance sheet. The two companies are independent. Maryland is authorized to issue 44,000 shares of $1 par common stock. All the stock was issued at $11 per share. The company incurred net losses of $47,000 in 2009 and $15,000 in 2010. It earned net income of $32,000 in 2011 and $178,000 in 2012. The company declared no dividends during the four-year period. . Grapone’s charter authorizes the issuance of 70,000 shares of 5%, $14 par preferred stock and 470,000 shares of no-par common stock. Grapone issued 1,400 shares of the preferred stock at $14 per share. It issued 130,000 shares of the common stock for $260,000. The company’s retained earnings balance at the beginning of 2012 was $60,000. Net income for 2012 was $98,000, and the company declared the specified preferred dividend for 2012. Preferred dividends for 2011 were in arrears.1. For each company, prepare the stockholders’ equity section of its balance sheet at December 31, 2012. Show the computation of all amounts. Entries are not required.
Cleft Company had the following account balances on its balance sheet at December 31, 2012 and 2011, respectively: 12/31/12 12/31/11Long-term
Cleft Company had the following account balances on its balance sheet at December 31, 2012 and 2011, respectively: 12/31/12 12/31/11Long-term Bonds Payable $39,000 $36,000Assume no bonds were retired during 2012. What was the positive cash flow associated with the long-term debt for Cleft Company in 2012?A) $10,000B) $3,000C) $13,000D) $4,000E) $7,000
Exercise 5-112017 Current assets $130,000Noncurrent assets350,000 Total assets$480,000 At the end of 2017, Montvale Associates borrowed $120,000 from the Bayliner
Exercise 5-112017 Current assets $130,000Noncurrent assets350,000 Total assets$480,000 At the end of 2017, Montvale Associates borrowed $120,000 from the Bayliner Bank. The debt covenant specified that Montvale’s debt/equity ratio could not exceed 1.5:1 during the period of the loan. A summary of Montvale’s balance sheet after the loan follows.AssetsLiabilities and Shareholders’ EquityCurrent liabilities$130,000Long-term liabilities 150,000Shareholders’ equity 200,000 Total liabilities and shareholders’ equity$480,000Compute Montvale’s debt/equity ratio immediately after the loan. (Round answer to 2 decimal places, e. g. 1.25.)Debt/Equity Ratio = How much additional debt can the company incur without violating the debt covenant?Additional Debt= $How large a dividend can the company declare and pay at the end of 2017 without violating the debt covenant? (Round answer to 0 decimal places, e. g. 125.)Dividend=$If Montvale had declared, but not yet paid, a $20,000 dividend before it took out the loan, could the company pay the dividend afterward without violating the debt covenant? Why or why not? (Round answer to 2 decimal places, e. g. 12.25.)Debt/equity ratio = Since debt/equity ratio is —— (greater than 0r less than) the maximum debt/equity ratio allowed under the debt covenant, Montvale (could not or could) pay the $20,000 dividend without violating i
A CompanyIncomeDividend Income 200,000Gain on Inventory Write-up 100,000 ₱9,300,000 ‘s Statement of Profit or Loss for the first quarter ended
Accounting Assignment Writing ServiceA CompanyIncomeDividend Income 200,000Gain on Inventory Write-up 100,000 ₱9,300,000 ‘s Statement of Profit or Loss for the first quarter ended March 31, 2020 is shown below: Sales ₱9,000,000 Costs and ExpensesCost of Sales ₱5,000,000Real Property Taxes 250,000Impairment Loss 150,000Other Operating Expenses 2,800,000 ₱8,200,000Profit ₱1,100,000 Additional information:1. The company paid the 2020 real property tax of ₱1,000,000 on February 2, 2020. It deferred the cost and recognized it evenly throughout the interim periods.2. The dividend income is recognized in anticipation of the year-end dividends not yet declared by the investee. However, based on experience, the investee has never failed to declare year-end dividends.3. On March 31, 2020, an item of PPE with a carrying amount of ₱1,600,000 is determined to have a recoverable amount of ₱1,000,000. The company deferred the difference and amortized it over the interim periods.4. On March 31, 2020, the company’s inventory with a total cost of ₱900,000 has a net realizable value of ₱1,000,000. Although it believes that the market recovery is only temporary, it decided to recognize the entire inventory to write-up in the first quarter. It has not recognized any write-down of inventory in the past. Compute for the correct comprehensive income (loss) for the quarter ended March 31, 2020.
Hello again,can you please help me solve this problem; Recently, the sales and marketing manager for Pasifika Company, Mr. Reece
Hello again,can you please help me solve this problem; Recently, the sales and marketing manager for Pasifika Company, Mr. Reece Rooney couldn’t understand the result of two bids that the firm has submitted. According to the company’s policy, a 50 percent mark-up is added to the full manufacturing cost when calculating the bid. One particular job (Job A01) had been rejected by a prospective customer since the proposed bid was $4 per unit higher than the winning bid. However, a customer has accepted a second job (Job B01) and was pleased with the favorable bid. This customer revealed that Pasifika’s price was $44 per unit lower than the next-lowest bid. Reece knew that the implementation of the cost leadership strategy has resulted in Pasifika’s competitive advantage, therefore he assumed that the issue must be related to cost allocation procedures. When Reece further investigated the matter, he found that Pasifika used a pre-determined plantwide overhead rate based on direct labor hours. The budgeted data used to calculate this rate follows: Department A Department B Total Fixed Overhead $300,000 $1,400,000 $1,700,000 Variable Overhead $1 per DLH $5 per MH Direct labor hours 200,000 50,000 250,000 Machine hours 20,000 120,000 140,000 Additional information on the two jobs are as follows: Job A01 Department A Department B Total Direct labor hours 5,000 1,000 6,000 Machine hours 200 500 700 Prime costs $100,000 $20,000 $120,000 Units produced 14,400 14,400 14,400 Job B01 Department A Department B Total Direct labor hours 400 600 1,000 Machine hours 200 3,000 3,200 Prime costs $10,000 $40,000 $50,000 Units produced 1,500 1,500 1,500 In his attempt to investigate the costing of the two jobs, Mr. Rooney discovered that the overhead costs in the two departments are different. In particular, the overhead costs of Department B were higher than Department A since it uses more equipment and therefore has higher maintenance, higher power consumption, higher depreciation, and higher setup costs. Additionally, he did some reading on overhead cost allocation methods and found that allocating support department cost appropriately can result to increase accuracy of the product cost. Hence he collected the following information on four support departments as follows: Maintenance Power Setups General Factory Dept. A Dept. B Fixed overhead $400,000 $120,000 $100,000 $500,000 $100,000 $650,000 Variable overhead $100,000 $105,000 $50,000 $125,000 $100,000 $150,000 Maintenance hours – 1,500 500 – 1,000 7,000 Kilowatt-hours 4,500 – – 15,000 10,000 50,000 Direct labor hours 10,000 12,000 6,000 8,000 200,000 50,000 Number of setups – – – – 40 160 Square feet 25,000 40,000 5,000 15,000 35,360 94,640 The following allocation bases (cost drivers) seemed reasonable: Support Department Allocation Base Maintenance Maintenance hours Power Kilowatt-hours Setups Number of setups General Factory Square feet REQUIRED 1. Advise Mr. Rooney on potential strategies he would implement to compete effectively on cost leadership strategy. 2. Calculate the unit bids for the two jobs using a plantwide OH rate based on direct labour hours. 3. (i) Using the sequential (step-down) method, calculate the departmental overhead rates using direct labor hours for Department A and machine hours for Department B. (ii) What would the unit bids for Job A01and Job A02 have been if these overhead rates had been in effect? (Round-off the allocation ratios to 3 decimal places before you allocate the support department costs 4. Discuss any recommendations you would give to Rooney regarding the method of allocating
Audit Planning and Control It is common industry knowledge that an audit plan provides the specific guidelines auditors must follow
Audit Planning and Control It is common industry knowledge that an audit plan provides the specific guidelines auditors must follow when conducting an external audit. External public accounting firms conduct external audits to ensure outside stakeholders that the company’s financial statements are prepared in accordance with generally accepted accounting principles (GAAP) or International Financial Reporting Standards (IFRS). Use the Internet to select a public company that appeals to you. You may also use the company dossier in the Nexi Uni database to find company information.Imagine that you are a senior partner in a public accounting firm hired to complete an audit for the chosen public company.Write a 4-6 page paper in which you:Outline the critical steps inherent in planning an audit and designing an effective audit program. Based upon the type of company selected, provide specific details of the actions that the company should undertake during planning and designing the audit program.Examine at least two performance ratios that you would use in order to determine which analytical tests to perform. Identify the accounts that you would test, and select at least three analytical procedures that you would use in your audit.Analyze the balance sheet and income statement of the company that you have selected and outline your method for evidence collection which should include, but not be limited to, the type of evidence to collect and the manner in which you would determine the sufficiency of the evidence.Discuss the audit risk model and ascertain which sampling or non-sampling techniques you would use in order to establish your preliminary judgment about materiality. Justify your response.Assuming that the end result is an unqualified audit report, outline the primary responsibilities of the audit firm after it issues the report in question.Use the Strayer Library to locate at least two quality academic resources in this assignment. Note: Wikipedia and other similar websites do not qualify as academic resources.
What does the current Treasury Yield Curve look like today? You can click on this site and compare the yield
What does the current Treasury Yield Curve look like today? You can click on this site and compare the yield curves from one period to another:http://www.treasury.gov/resource-center/data-chart-center/Pages/index.aspxWhat does this say about the expectation of interest rates in the future?What does it say about inflation?How does it compare to the yield curve a month ago?A year ago?Now look at the yield curve from November 20, 2006.What was this curve predicting?
“Rex, age 55, is an officer of Blue Company, which provides him with the fol-lowing nondiscriminatory fringe benefits in 2020:•Hospitalization
“Rex, age 55, is an officer of Blue Company, which provides him with the fol-lowing nondiscriminatory fringe benefits in 2020:•Hospitalization insurance premiums for Rex and his dependents. The cost of the coverage for Rex is $2,900 per year, and the additional cost for his dependents is $3,800 per year. The plan has a $2,000 deductible, but his employer contributed $1,500 to Rex’s Health Savings Account (HSA). Rex withdrew only $800 from the HSA, and the account earned $50 of interest during the year.•Insurance premiums of $840 for salary continuation payments. Under the plan, Rex will receive his regular salary in the event he is unable to work due to illness. Rex collected $4,500 on the policy to replace lost wages while he was ill during the year.•Rex is a part-time student working on his bachelor’s degree in engineering. His employer reimbursed his $5,200 tuition under a plan available to all full-time employees.”
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