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19 Nov
2020

Q1: A medium-sized furniture factory receives around 30,000 orders per year with, on average,…

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Q1: A medium-sized furniture factory receives around 30,000 orders per year with, on average, $5,000 net profit per order. 65% of its incomplete orders are back-ordered. Back order cost per order contains $20 administrative fee, $80 re-handling, $120 delivery and $400 price reduction to keep the customer happy! However, 35% of the incomplete orders are cancelled. (i) The current fill rate is 70%. The new logistic manager decided to improve the fill rate to 85% that requires an additional $6,000,000 warehousing and inventory costs a year. Is it a good decision? (ii) Assume that the manager has improved the fill rate to 85%. Now, she considers to improve it to 95% with an additional estimated annual cost of $8,530,000. Do you recommend her to do so?
P Company acquired all of the voting stock of S Company on 1/2/15 and used the equity method to record
P Company acquired all of the voting stock of S Company on 1/2/15 and used the equity method to record this investment. On the acquisition date, P’s equipment had a book value of $340,000 and a fair value of $420,000 (8-year remaining life), while S’s equipment had a book value of $215,000 and a fair value of $242,000 (9-year remaining life). On 12/31/18, P’s equipment account had a book value of $320,000 and a fair value of $390,000, while S’s equipment account had a book value of $180,000 and a fair value of $230,000. At what amount should Equipment (net) be reported in the consolidated balance sheet of 12/31/18?$515,000(None of these)$485,000$488,000$518,000(Continued from ) If the parent had used the partial equity method instead of the equity method to record the investment in S, would the reported amount of Equipment (net) in the consolidated balance sheet be higher, lower, or remain the same?Group of answer choicesThe sameHigherLower
Sep. 01 – Balance 40 units @ $5 eachSep. 11 – Purchased 80 units @ $7 eachSep. 18 – Sold
Sep. 01 – Balance 40 units @ $5 eachSep. 11 – Purchased 80 units @ $7 eachSep. 18 – Sold 60 units for $10 each Sep. 21 – Purchased 40 units @ $8 eachSep. 30 – Sold 75 units for $12 eachThe value of the inventory at the end of the month is .Enter digits only, no dollar signs, commas, or decimal points.
INFORMATION FOR ALL PARTS Drs. Glenn Feltham and David Ambrose began operations of their physical therapy clinic, called Northland Physical
INFORMATION FOR ALL PARTS Drs. Glenn Feltham and David Ambrose began operations of their physical therapy clinic, called Northland Physical Therapy, on January 1, 2017. The annual reporting period ends December 31. The trial balance on January 1, 2018, was as follows (the amounts are rounded to thousands of dollars to simplify): Account Titles Debit CreditCash $7 Accounts Receivable 3 Supplies 3 Equipment 9 Accumulated Depreciation $1 Software 5 Accumulated Amortization 1 Accounts Payable 5 Notes Payable (short-term) 0 Salaries and Wages Payable 0 Interest Payable 0 Income Taxes Payable 0 Deferred Revenue 0 Common Stock 15 Retained Earnings 5 Service Revenue 0 Depreciation Expense 0 Amortization Expense 0 Salaries and Wages Expense 0 Supplies Expense 0 Interest Expense 0 Income Tax Expense 0 Totals $27 $27 Transactions during 2018 (summarized in thousands of dollars) follow:Borrowed $17 cash on July 1, 2018, signing a six-month note payable.Purchased equipment for $20 cash on July 2, 2018.Issued additional shares of common stock for $5 on July 3.Purchased software on July 4, $3 cash.Purchased supplies on July 5 on account for future use, $7.Recorded revenues on December 6 of $50, including $8 on credit and $42 received in cash.Recognized salaries and wages expense on December 7 of $25; paid in cash.Collected accounts receivable on December 8, $9.Paid accounts payable on December 9, $10.Received a $3 cash deposit on December 10 from a hospital for a contract to start January 5, 2019. Data for adjusting journal entries on December 31:Amortization for 2018, $1.Supplies of $3 were counted on December 31, 2018.Depreciation for 2018, $4.Accrued interest of $1 on notes payable.Salaries and wages incurred but not yet paid or recorded, $4.Income tax expense for 2018 was $4 and will be paid in 2019.PART 1 Record journal entries for transactions (a) through (j). (If no entry is required for a transaction/event, select “No Journal Entry Required” in the first account field. Enter your answers in thousands of dollars.) For each transaction use the Format below. (Note: Enter debits before credits.)1.Record the borrowing $17 cash on July 1, 2018, signing a six-month note payable.Transaction General Journal Debit Credit a.2.Record the purchase of equipment for $20 cash on July 1, 2018.Transaction General Journal Debit Credit b.3.Record the issuance of additional shares of common stock for $5.Transaction General Journal Debit Credit c.4.Record the purchase of software, $3 cash.Transaction General Journal Debit Credit d.5.Record the purchase of supplies account for future use, $7.Transaction General Journal Debit Credit e.6.Record the entry for revenues for 2018 of $50, including $8 on credit and $42 received in cash.Transaction General Journal Debit Credit f.7.Record salaries and wages expense for 2018 of $25, paid in cash.Transaction General Journal Debit Credit g.8.Record the collection of accounts receivable, $9.Transaction General Journal Debit Credit h.9.Record the payment of accounts payable, $10.Transaction General Journal Debit Credit i.10.Record the receipt of $3 cash deposit from a hospital for a contract to start January 5, 2019.Transaction General Journal Debit Credit j.PART 21, 3, 5 and 8. Set up T-accounts for the accounts on the trial balance. It is of extreme importance to enter the beginning balances and post the transactions (a)-(j), adjusting entries (k)-(p), and closing entry. (Enter your answers in thousands of dollars.) Cash Accounts ReceivableBeg. Bal. Beg. Bal.End. Bal. End. Bal.Supplies EquipmentBeg. Bal. Beg. Bal.End. Bal. End. Bal.Accumulated Depreciation SoftwareBeg. Bal. Beg. Bal.End. Bal. End. Bal.Accumulated Amortization Accounts PayableBeg. Bal. Beg. Bal.End. Bal. End. Bal.Notes Payable Salaries and Wages PayableBeg. Bal. Beg. Bal.End. Bal. End. Bal.Interest Payable Income Taxes PayableBeg. Bal. Beg. Bal.End. Bal. End. Bal.Deferred Revenue Common StockBeg. Bal. Beg. Bal.End. Bal. End. Bal.Retained Earnings Service RevenueBeg. Bal. Beg. Bal.End. Bal. End. Bal.Depreciation Expense Amortization ExpenseBeg. Bal. Beg. Bal.End. Bal. End. Bal.Salaries and Wages Expense Supplies ExpenseBeg. Bal. Beg. Bal.End. Bal. End. Bal.Interest Expense Income Tax ExpenseBeg. Bal. Beg. Bal.End. Bal. End. Bal.PART 3Post the journal entries from requirement 2 to T-accounts and create an unadjusted trial balance. (Enter your answers in thousands of dollars.) NORTHLAND PHYSICAL THERAPY Unadjusted Trial Balance [At December 31, 2018 OR For the Month Ended December 31, 2018 OR For the Year Ended December 31, 2018] ? (in thousands)Account Titles Debit CreditCashAccounts ReceivableSuppliesEquipmentAccumulated DepreciationSoftwareAccumulated AmortizationAccounts PayableNotes Payable (Short-term)Salaries and Wages PayableInterest PayableIncome Taxes PayableDeferred RevenueCommon StockRetained EarningsService RevenueSalaries and Wages ExpenseSupplies ExpenseDepreciation ExpenseAmortization ExpenseInterest ExpenseIncome Tax ExpenseTotals $ $PART 4Record the adjusting journal entries (k) through (p). (If no entry is required for a transaction/event, select “No Journal Entry Required” in the first account field. Enter your answers in thousands of dollars.)For each transaction use the Format below. (Note: Enter debits before credits.)1.Record the adjusting entry for amortization for 2018, $1.Transaction General Journal Debit Creditk.2.Record the adjusting entry for supplies counted on December 31, 2018 for $3.Transaction General Journal Debit Creditl.3.Record the adjusting entry for depreciation for 2018, $4.Transaction General Journal Debit Creditm.4.Record the adjusting entry for accured interest for $1 on notes payable.Transaction General Journal Debit Creditn.5.Record the adjusting entry for salaries and wages earned but not paid for $4.Transaction General Journal Debit Credito.6.Record the adjusting entry for income tax expense for 2018 for $4 that will be paid in 2019.Transaction General Journal Debit Creditp.PART 5Post the adjusting entries from requirement 4 and create an adjusted trial balance. (Enter your answers in thousands of dollars.) NORTHLAND PHYSICAL THERAPY Adjusted Trial Balance [At December 31, 2018 OR For the Month Ended December 31, 2018 OR For the Year Ended December 31, 2018] ? (in thousands)Account Titles Debit CreditCashAccounts ReceivableSuppliesEquipmentAccumulated DepreciationSoftwareAccumulated AmortizationAccounts PayableNotes Payable (short-term)Salaries and Wages PayableInterest PayableIncome Taxes PayableDeferred RevenueCommon StockRetained EarningsService RevenueSalaries and Wages ExpenseSupplies ExpenseDepreciation ExpenseAmortization ExpenseInterest ExpenseIncome Tax ExpenseTotals $ $PART 66-a. Create an income statement.Create an income statement. (Enter your answers in thousands of dollars.) NORTHLAND PHYSICAL THERAPY Income Statement[At December 31, 2018 OR For the Month Ended December 31, 2018 OR For the Year Ended December 31, 2018] ? (in thousands) [_____________________________________] [______________][_____________________________________] [______________][_____________________________________] [______________][_____________________________________] [______________][_____________________________________] [______________][_____________________________________] [______________][_____________________________________] [______________][_____________________________________] [______________][_____________________________________] [______________][_____________________________________] [______________][_____________________________________] [______________][_____________________________________] [______________][_____________________________________] [______________][_____________________________________] [______________]6-b. Prepare the statement of retained earnings.Prepare the statement of retained earnings. (Enter your answers in thousands of dollars.) NORTHLAND PHYSICAL THERAPY Statement of Retained Earnings [At December 31, 2018 OR For the Month Ended December 31, 2018 OR For the Year Ended December 31, 2018] ? (in thousands)Balance, January 1, 2018 $_____[Add: Net Income OR Add: Net Loss OR Less: Net Income OR Less: Net Loss] ? $_____[Add: Dividends OR Less: Dividends] ? $_____Balance, December 31, 2018 $_____6-c. Prepare the balance sheet.Prepare the balance sheet. (Enter your answers in thousands of dollars. Amounts to be deducted should be indicated by a minus sign.) NORTHLAND PHYSICAL THERAPY Balance Sheet [At December 31, 2018 OR For the Month Ended December 31, 2018 OR For the Year Ended December 31, 2018] ? (in thousands) [___________________________________________________________________] [__________________________________________________________________][_______________________________________] [__________] [__________] [_______________________________________] [__________] [__________][_______________________________________] [__________] [__________] [_______________________________________] [__________] [__________][_______________________________________] [__________] [__________] [_______________________________________] [__________] [__________][_______________________________________] [__________] [__________] [_______________________________________] [__________] [__________][_______________________________________] [__________] [__________] [_______________________________________] [__________] [__________][_______________________________________] [__________] [__________] [_______________________________________] [__________] [__________][_______________________________________] [__________] [__________] [_______________________________________] [__________] [__________][_______________________________________] [__________] [__________] [_______________________________________] [__________] [__________][_______________________________________] [__________] [__________] [_______________________________________] [__________] [__________][_______________________________________] [__________] [__________] [_______________________________________] [__________] [__________][_______________________________________] [__________] [__________] [_______________________________________] [__________] [__________][_______________________________________] [__________] [__________] [_______________________________________] [__________] [__________][_______________________________________] [__________] [__________] [_______________________________________] [__________] [__________][_______________________________________] [__________] [__________] [_______________________________________] [__________] [__________][_______________________________________] [__________] [__________] [_______________________________________] [__________] [__________]PART 7Prepare the closing journal entry. (If no entry is required for a transaction/event, select “No Journal Entry Required” in the first account field. Enter your answers in thousands of dollars.)A. Record entry to close revenue and expense accounts to retained earnings. (Note: Enter debits before credits.)Transaction General Journal Debit Credit 1 [________________] [_________] [________] [________________] [_________] [________] [________________] [_________] [________] [________________] [_________] [________] [________________] [_________] [________] [________________] [_________] [________] [________________] [_________] [________] [________________] [_________] [________] [________________] [_________] [________] [________________] [_________] [________]PART 8Post the closing entry from requirement 7 and create a post-closing trial balance. (Enter your answers in thousands of dollars.) NORTHLAND PHYSICAL THERAPY Post-Closing Trial Balance [At December 31, 2018 OR For the Month Ended December 31, 2018 OR For the Year Ended December 31, 2018] ? (in thousands)Account Titles Debit CreditCashAccounts ReceivableSuppliesEquipmentAccumulated DepreciationSoftwareAccumulated AmortizationAccounts PayableNotes Payable (short-term)Salaries and Wages PayableInterest PayableIncome Taxes PayableDeferred RevenueCommon StockRetained EarningsService RevenueSalaries and Wages ExpenseSupplies ExpenseDepreciation ExpenseAmortization ExpenseInterest ExpenseIncome Tax ExpenseTotals $ $PART 99-a. How much net income did the physical therapy clinic generate during 2018? What was its net profit margin?How much net income did the physical therapy clinic generate during 2018? What was its net profit margin? (Enter “Net Income” in thousands of dollars. Round “Net Profit Margin” to 1 decimal place.)Net Income __________Net Profit Margin __________%9-b. Is the business financed primarily by liabilities or stockholders’ equity?Is the business financed primarily by liabilities or stockholders’ equity?Stockholders’ Equity OR Liabilities?9-c. What is its current ratio?What is its current ratio? (Enter your answers in thousands of dollars.) Current RatioNumerator ________________ ___________ = = _____________Denominator ________________ ___________
STUDY GUIDE FOR EXAM ON CHAPTERS 12, 13, AND 14Direct vs indirect costs: Which can be traced directly to units
Accounting Assignment Writing ServiceSTUDY GUIDE FOR EXAM ON CHAPTERS 12, 13, AND 14Direct vs indirect costs: Which can be traced directly to units of product?Which are pooled, and why?Why are overhead costs allocated and not charged directly?Be able to identify the most rational base for allocating overhead costs to a cost object.Cost objects can be what?The process of dividing a total cost into parts and assigning it to cost objects is known as what?A factor having a “cause and effect” relationship with a cost object is called what?What are relevant (avoidable) costs?What determines that a cost is relevant?What are unit-level, batch-level, product-level, and facility-level costs?What is a special order decision?What is an outsourcing decision?What is a segment elimination decision?What is an asset replacement decision?What are sunk costs? Are they relevant to decision making?What is an opportunity cost?Expressing plans for a business in financial terms in known as what?What are the benefits of budgeting?What are the three levels of planning? What are they composed of? What time period do they cover?What is the budgeting technique that provides for employee input?What are the operating budgets, and what order are they prepared in? What is included in each?
Record the following transactions on the books of Pina ColadaCo. (Omit cost of goods sold entries.) (Credit account titles are
Record the following transactions on the books of Pina ColadaCo. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.)(a)On July 1, Pina Colada Co. sold merchandise on account to Waegelein Inc. for $17,400, terms 4/10, n/30.(b)On July 8, Waegelein Inc. returned merchandise worth $5,100 to Pina Colada Co.(c)On July 11, Waegelein Inc. paid for the merchandise.Account Titles and ExplanationDebitCredit(a)enter an account titleenter a debit amountenter a credit amountenter an account titleenter a debit amountenter a credit amount(b)enter an account titleenter a debit amountenter a credit amountenter an account titleenter a debit amountenter a credit amount(c)enter an account titleenter a debit amountenter a credit amountenter an account title
Blossom Inc. had the following transactions pertaining to investments in common stock. Jan 1 purchased 1,500 shares of Escalante Corporation
Blossom Inc. had the following transactions pertaining to investments in common stock. Jan 1 purchased 1,500 shares of Escalante Corporation common stock (7%) for $91,200 cash. July 1 received a cash dividend of $3 per share. Dec 1 sold 300 shares of Escalante Corporation common stock for $19,200 cash. Dec 31 received a cash dividend of $3 per share. Journalize the transactions. Date| Account Titles and Explanation| Debit | Credit
The utilitarianism and stakeholder theories are similar in that they both8 options:A) consider the consequences of management decisions for
The utilitarianism and stakeholder theories are similar in that they bothQuestion 8 options:A) consider the consequences of management decisions for the well-being of all affected groups.B) place organizational benefits above other considerations.C) strive to focus only on consumers.D) contribute to society in ways that go beyond the narrow obligations of law and economics.
FourthIR Limited operates a system of standard costing and in respect of one of its products which is manufactured within
FourthIR Limited operates a system of standard costing and in respect of one of its products which is manufactured within a single cost centre, the following information is given. For one unit of product the standard material input is 16 litres at a standard price of K2.50 per litre. The standard wage rate is K5 per hour and 6 hours are allowed in which to produce one unit. Fixed production overhead is absorbed at the rate of 120% of direct wages cost. During the last four-week accounting period: The material price variance was extracted on purchase and the actual price paid was K2.45 per litre. Total direct wages cost was K121,500. Fixed production overhead incurred was K150,000. Variance Favourable K Adverse K Direct material price 8,000 Direct material usage 6,000 Direct labour rate 4,500 Direct labour efficiency 3,600 Fixed production overhead expenditure 6,000 You are required to calculate for the four-week period: (a) (i) budgeted output in units (3 marks) (ii) number of litres purchased (3 marks) (iii) number of litres used above standard allowed (3 marks) (iv) actual units produced (3 marks) (v) actual hours worked (3 marks) (vi) average actual wage rate per hour. (3 marks)
An analysis of the ending inventory account of Careful Company on December 31, 2020 disclosed the inclusion of the following
An analysis of the ending inventory account of Careful Company on December 31, 2020 disclosed the inclusion of the following items:Merchandise in transit purchased on terms: FOB shipping point231,000 FOB destination140,000Merchandise sent to customer for approval (cost of goods, P90,000)120,000Merchandise out on consignment at sales price (including markup of 40% on cost)294,000Merchandise held on consignment at sales price (including markup of 30% on cost)195,000The inventory account at December 31, 2020 should be reduced by?
Instructions Prospect Realty Co. pays weekly salaries of $27,600 on Monday for a six-day workweek ending the preceding Saturday.Journalize the
Instructions Prospect Realty Co. pays weekly salaries of $27,600 on Monday for a six-day workweek ending the preceding Saturday.Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends on Friday. Refer to the Chart of Accounts for exact wording of account titles.CHART OF ACCOUNTSProspect Realty Co.General LedgerASSETS11Cash12Accounts Receivable13Supplies14Prepaid Insurance15Land16Equipment17Accumulated Depreciation-EquipmentLIABILITIES21Accounts Payable22Unearned Fees23Salaries Payable24Taxes PayableEQUITY31Common Stock32Retained Earnings33DividendsREVENUE41Fees EarnedEXPENSES51Advertising Expense52Insurance Expense53Rent Expense54Salaries Expense55Supplies Expense56Utilities Expense57Depreciation Expense59Miscellaneous Expense.Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends on Friday, July 31. Refer to the Chart of Accounts for exact wording of account titles.JOURNALACCOUNTING EQUATIONDATEDESCRIPTIONPOST. REF.DEBITCREDITASSETSLIABILITIESEQUITY1 Adjusting Entries 2 3

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