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Expert help when you need it- Q1:Required: a) Enter the opening balances from the August 2023 balance sheet into the general ledger accounts. b) Prepare the journal entries for the month of September and post them to the appropriate general ledger accounts. c) Create the trial balance in the worksheet, and then complete the remaining section of the worksheet. d) Create the income statement, statement of owner's equity and the classified balance sheet. e) Prepare the journal entries for the adjustments and post them to the appropriate general ledger accounts. f) Prepare the journal entries to close the books for the month of September 2023 (use the income summary account), and post the journal entries to the appropriate general ledger accounts. g) Create the post-closing trial balance.See Answer
- Q2:CASE 8-33 Master Budget with Supporting Schedules LO8-2, LO8-4,LO8-8,LO8-9, LO8-10 You have just been hired as a new management trainee by Earrings Unlimited, a distributor of earrings to various retail outlets located in shopping malls across the country. In the past, the company has done very little in the way of budgeting and at certain times of the year has experienced a shortage of cash. Since you are well trained in budgeting, you have decided to prepare a master budget for the upcoming second quarter. To this end, you have worked with accounting and other areas to gather the information assembled below. The company sells many styles of earrings, but all are sold for the same price-$10 per pair. Actual sales of earrings for the last three months and budgeted sales for the next six months follow (in pairs of earrings): January (actual) February (actual) March (actual) April (budget) May (budget) June (budget) July (budget) August (budget) September (budget) The concentration of sales before and during May is due to Mother's Day. Sufficient inventory should be on hand at the end of each month to supply 40% of the earrings sold in the following month. Suppliers are paid $4 for a pair of earrings. One-half of a month's purchases is paid for in the month of purchase; the other half is paid for in the following month. All sales are on credit. Only 20% of a month's sales are collected in the month of sale. An additional 70% is collected in the following month, and the remaining 10% is collected in the second month following sale. Bad debts have been negligible. Monthly operating expenses for the company are given below: 20,000 26,000 40,000 65,000 100,000 50,000 30,000 28,000 25,000 Variable: Sales commissions 4% of sales Fixed: Advertising Rent Salaries Utilities Insurance Depreciation $200,000 $18,000 $106,000 $7,000 $3,000 $14,000 Page 404 Insurance is paid on an annual basis, in November of each year. The company plans to purchase $16,000 in new equipment during May and $40,000 in new equipment during June; both purchases will be for cash. The company declares dividends of $15,000 each quarter, payable in the first month of the following quarter. The company's balance sheet as of March 31 is given below:/nAssets Cash Accounts receivable ($26,000 February sales; $320,000 March sales) Inventory Prepaid insurance Property and equipment (net) Total assets Liabilities and Stockholders' Equity Accounts payable Dividends payable Common stock Retained earnings Total liabilities and stockholder's equity Required: Prepare a master budget for the three-month period ending June 30. Include the following detailed schedules: $ 74,000 1. a. A sales budget, by month and in total. b. A schedule of expected cash collections, by month and in total. c. A merchandise purchases budget in units and in dollars. Show the budget by month and in total. d. A schedule of expected cash disbursements for merchandise purchases, by month and in total. 346,000 104,000 21,000 950,000 $1,495,000 The company maintains a minimum cash balance of $50,000. All borrowing is done at the beginning of a month; any repayments are made at the end of a month. The company has an agreement with a bank that allows the company to borrow in increments of $1,000 at the beginning of each month. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. At the end of the quarter, the company would pay the bank all of the accumulated interest on the loan and as much of the loan as possible (in increments of $1,000), while still retaining at least $50,000 in cash. $ 100,000 15,000 800,000 580,000 $1,495,000 2. A cash budget. Show the budget by month and in total. Determine any borrowing that would be needed to maintain the minimum cash balance of $50,000. 3. A budgeted income statement for the three-month period ending June 30. Use the contribution approach. 4. A budgeted balance sheet as of June 30.See Answer
- Q3:Overview : sec.gov Always include your company's name in the subject line and the link to the SEC 10- K in your posting. Answer all of the questions below and do NOT cut and paste from the 10-K. Use your own words to answer. This week's discussion assists in your preparation of the report due next week on the Statement of Shareholders' Equity for your company. Discussion Requirements Q1) For each column or section of the statement of shareholders' equity displayed for your SEC 10-K company, list the title and comment on significant line items for the three years presented. Section or column titles likely include: Beginning Balance Common Stock Retained Earnings or Accumulated Deficit Accumulated Other Comprehensive Income or Loss Net Income or Loss Your comments should explain the current value of Retained Earnings or Accumulated Deficit and how it changed for each year presented: Dividends paid Stock repurchased Other line items Explain any other significant items of changes you learned from reading the Statement of Shareholders' Equity for your SEC 10-K company. Name of the company:- TargetSee Answer
- Q4:1. 2. 3. The following items have been identified for an acquiree company. Which one(s) are separately capitalized by the acquiring company, per FASB ASC 805? a. In-process research and development, brands names, developed technology b. Skilled workforce, potential contracts, future costing savings, favorable press reports c. Potential contracts, in-process research and development, favorable press reports d. Developed technology, brand names, favorable location Blair Company acquires all of the assets and liabilities of Tomlinson Corporation, in a transaction reported as a merger. How are the assets and liabilities of Blair and Tomlinson reported? a. Tomlinson's assets and liabilities remain at book value, and Blair's assets and liabilities are reported at fair value at the date of acquisition b. The assets and liabilities of both Blair and Tomlinson are reported at fair value at the date of acquisition c. Blair's assets and liabilities remain at book value, and Tomlinson's assets and liabilities are reported at fair value at the date of acquisition d. The assets and liabilities of both Blair and Tomlinson are reported at book value at the date of acquisition Company Y is purchased by Company X, at an acquisition cost that resulted in a $100,000 of goodwill. One of the assets acquired is a building, originally valued at $37,000 at the date of acquisition. Six months after the acquisition, it is discovered that the building was really only worth $25,000 at the date of acquisition. What entry is made to reflect this new information? a. A debit of $12,000 to Loss on Impairment b. A debit of $12,000 to Goodwill c. A credit of $12,000 to Gain from Bargain Purchase d. A debit of $100,000 to GoodwillSee Answer
- Q5:+ Johnson paid a fixed consideration of $275,000 to acquire 100% of Willis Corporation in a statutory merger. In addition, Johnson also agreed to pay the shareholders of Willis $0.40 in cash for every dollar in income from continuing operations of the combined entity over $75,000 in the first three years following acquisition. Johnson projects that there is a 20% (45%, 35%) probability that the income from continuing operations in the first three years following acquisition is $65,000 ($80,000, $115,000 respectively). Johnson uses a discount rate of 4%. Information for Willis Corporation immediately before the merger was as follows: Book value Fair value Current assets Plant assets Liabilities 40,000 120,000 50,000 50,000 70,000 45,000 Previously unreported items identified as belonging to Willis:/nContracts under negotiation with potential customers In-process research and development Skilled workforce Recent favorable press reports on Willis Proprietary databases Fair value 15,000 21,000 23,000 2,000 7,000 (i) Show your determination of the contingent consideration. (ii) Show your determination the goodwill to be reported in this acquisition.See Answer
- Q6:5. HC Corporation issued 7,500 shares ofits $3 par value common stock at a market price of $20 per share to acquire all the outstanding common stock of Barry Corporation. HC paid $1,500 of legal fees for this business combination and $3,300 for issuing the securities. Barry was merged into HC and dissolved. Information for Barry Corporation immediately before the merger was as follows: Cash Building Patents Total Book value Fair value 2,000 30,000 Accounts payable Common stock 2,000 25,000 7,000 34,000 5,000 32,000 5,000 2,000 Add. paid-in capital 10,000 Retained earnings 15,000 Total 32,000 Prepare the journal entries on HC Corporation's books to account for the business combination.See Answer
- Q7:Part one please makes decision 9 and 10 on Fin game. Just like pass assignment Here is the login. Username: Sabrinasabry Password: Bitterpeople1. Please send me attachment for the numbers plugged in fingame in file. Here is Finagame website. https://fingame5.mheducation.com/fg/fg.htmlSee Answer
- Q8:Activity Instructions In your essay, address the following questions as they pertain to your company's strategy: 1. Show and explain how your company's (techco)WACC is calculated using both DCF and CAPM. 2. Discuss whether your company's WACC provides an appropriate risk-return relationship. At the end of your submission, include a brief Design Statement explaining the process and tools you used to develop your work. Your statement should be about a paragraph or so, in your own words (rather than formally written), and unique to this assignment. . Approximately 500 words in length, not including title page or reference pageSee Answer
- Q9:The contract price will be received in four equal instalments on the last day of the last month of each quarter. The rate of inflation is 2% per annum and the quarterly bank interest rate is 1%. X cleaners will be employed during the first quarter rising to (X+4) in the second, third and fourth quarters. Their rate of pay is £Y.YY per hour during the first quarter rising by £0.25 each quarter (final quarter’s pay is therefore £Y.YY+0.75) Each cleaner will work for 15 hours per week (13 weeks per quarter) and will receive a Christmas bonus of £300 each. In addition to the above, two part-time supervisors will be employed from 1 January on a starting gross annual salary of £15,000 each. They are to receive a 10% salary increase at the start of the final quarter. Ten cleaning machines costing £Z each will be required at the start of the contract. After six months, a further two more machines will be needed. The rate of inflation for the machines is 5% per quarter. Isla is to depreciate the machines at 50% per annum in her accounts. A motor vehicle is to be rented/hired at £275 per month from the start of the contract. Isla wants to make a profit of at least £12,000 per annum on the contract to cover her time. £2,000 is to be introduced into the business at the start of the contract by Isla. Ignore VAT, Income tax and National Insurance. Isla has asked you to use your knowledge and experience (common sense !!) to include estimates for the other overheads expected to be incurred in a contract of this nature e.g. machine maintenance, motor expenses etc. etc. See Answer
- Q10:1. S is an 80% owned subsidiary of P, Inc. P accounts for S using the equity method. The following facts apply: On January 2, 2020, S purchased a machine with a cost of $100,000 and accumulated depreciation of $20,000 from P for $110,000. The machine had a 5-year remaining life on January 2, 2020, and is being depreciated by the straight-line method. In 2023 P reported net income of $150,000 without including income from S. S reported net income of $100,000.See Answer
- Q11:2. S is an 80% owned subsidiary of P, Inc. The following facts apply to 2023: On January 1, 2023, S held $50,000 of merchandise sold to it from P. P made sales to S during 2023 totaling $160,000. On December 31, 2023, S had $60,000 of such goods purchased from P in its ending inventory P always sells to Sat a 20% gross profit. In 2023 P reported net income of $400,000 without including income from S. S reported net income of $300,000. P accounts for S using the equity method.See Answer
- Q12:Assignment #1 - Chapter Review Problem 7-1. Instructions: 1. Manually complete Keith's tax return including all required schedules and forms, using the fillable forms package. 2. As part of this assignment, complete Step 5 Part A for Katie's tax return (for taxable income of $87,321). 3. Save these forms on your computer. 4. Log in to uLearn to answer the questions in your transcript. The assignment asks questions about the completed return and there is a mix of multiple choice and numeric fill in the blank questions (i.e. asking for values from specific lines of the tax return). uLearn Fill in the blank instructions. When entering the numbers, the dollar symbol ($) is never to be used and all entries must be entered as numbers with the correct use of commas (,) and decimal point and need to be entered to exactly two decimal places. All answers need to be correctly rounded to two decimal places get the mark. (i.e. even if an answer is off by only a penny it is wrong.)See Answer
- Q13:Write a 900- to 1,000-word modified SWOT analysis that includes the following: An introduction with a detailed description of the company A SWOT analysis diagram that includes strengths, weaknesses, opportunities, and threats An evaluation of how specific internal factors (strengths and/or weaknesses) support and/or promote a competitive advantage; examples may include: Financial, physical, or human resources Access to natural resources, trademarks, patents, or copyrights Current processes (employee programs or software systems) An evaluation of how specific external factors (opportunities and/or threats) support and/or promote a competitive advantage; examples may include: Market trends (new products or technology advancements) Economic trends (local and/or global) Demographics Regulations (political, environmental, or economic)See Answer
- Q14:D Question 30 Suppose PharmaCorp is the only seller of a type of Medicine. The higher the price for Medicine, the smaller the quantity (Q) sold. Demand for Medicine is given by the equation WTP - $50-$5Q. and PharmaCorp incurs a fixed cost of $40 and a unit cost of $10, so its cost is given the equation C(Q)- $40+ $100. Q 1 2 3 4 5 The table below partially presents consumers' willingness-to-pay (WTP), the monopolist's (or the price-setting firm's) total cost (C(Q)), average cost (AC), marginal cost (MC), total revenue (R), marginal revenue (MR), and profit (n). 6 WTP 35 I C 90 AC 23.33 16.67 MC 10 a. (2.5 points) What is the marginal cost when the output level is 5? b. (2.5 points) At what quantity will PharmaCorp maximize its profit? R 80 Owords MR Profit -5 15 10 pts/nQ 1 2 3 4 5 6 ginal co WTP 35 ers' willingness-to-pay (WTP), the monopolists for the price-seting firms to t C. total revenue (R), marginal revenue (MR), and profit ( с $40+ $100. 50-$50, and PharmaCorp incirs a fond cost of $40 er the price for Medicine, the smaller they 90 AC 23.33 MC a. (2.5 points) What is the marginal cost when the output level is 5? b. (2.5 points) At what quantity will PharmaCorp maximize its profit? 16.67 10 R 80 c. (2.5 points) How much profit is the firm making at that quantity (in part (bi)? d. (2.5 points) What is the marginal revenue when the output level is 6? MR Profit 1-5 15 (hint: the fastest way to answer these questions are by doing the calculations as we did in class using the formula and applying basic calculus; however, you can also complete the table and use that. Recall your understanding of marginal cost and marginal revenue. For profit-maximizing output, what is the condition that has to be satisfied? Fun fact: You do not need to complete the entire table!)See Answer
- Q15:EXERCISE 11-5 Return on Investment (ROI) LO11-1 Provide the missing data in the following table for a distributor of martial arts products: Sales Net operating income Average operating assets Margin Turnover Return on investment (ROI) Alpha $ ? $ ? $800,000 4% 5 ? Division Bravo $11,500,000 $ ? $ 920,000 $210,000 $ ? $ ? ? ? 20% Charlie 7% ? 14%See Answer
- Q16:EXERCISE 13-2 Dropping or Retaining a Segment LO13-2 The Regal Cycle Company manufactures three types of bicycles-a dirt bike, a mountain bike, and a racing bike. Data on sales and expenses for the past quarter follow: Sales Variable manufacturing and selling expenses Contribution margin Fixed expenses: Advertising, traceable Depreciation of special equipment Salaries of product-line managers Allocated common fixed expenses Total fixed expenses Net operating income (loss) Allocated on the basis of sales dollars. * Dirt Bikes Total $300,000 $90,000 $150,000 Mountain Racing Bikes Bikes $60,000 120,000 27,000 180,000 63,000 60,000 33,000 90,000 27,000 30,000 10,000 14,000 6,000 23,000 6,000 9,000 8,000 35,000 12,000 13,000 10,000 60,000 18,000 30,000 12,000 148,000 46,000 66,000 36,000 $32,000 $17,000 $24,000 $ (9,000) Page 601 Management is concerned about the continued losses shown by the racing bikes and wants a recommendation as to whether or not the line should be discontinued. The special equipment used to produce racing bikes has no resale value and does not wear out. Required: 1. What is the financial advantage (disadvantage) per quarter of discontinuing the Racing Bikes? 2. Should the production and sale of racing bikes be discontinued? 3. Prepare a properly formatted segmented income statement that would be more useful to management in assessing the long-run profitability of the various product lines.See Answer
- Q17:EXERCISE 14-14 Comparison of Projects Using Net Present ValueLO14-2 Labeau Products, Ltd., of Perth, Australia, has $35,000 to invest. The company is trying to decide between two alternative uses for the funds as follows: The company's discount rate is 18%. Investment required Annual cash inflows Single cash inflow at the end of 6 years Life of the project Required: 1. Compute the net present value of Project X. 2. Compute the net present value of Project Y. 3. Which project would you recommend the company accept? Invest in Invest in Project X Project Y $35,000 $35,000 $12,000 6 years $90,000 6 yearsSee Answer
- Q18:The company's beginning cash balance was $90 and its ending balance was $85. Required: 1. Use the indirect method to determine the net cash provided by operating activities for the year. 2. Prepare a statement of cash flows for the year./nEXERCISE 15-4 Prepare a Statement of Cash FlowsLO15-1,LO15-2 The following changes took place last year in Pavolik Company's balance sheet accounts: Asset and Contra-Asset Accounts Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Long-term investments Property, plant, and equipment Accumulated depreciation D = Decrease; I = Increase $5 D $110 I $70 D $9 I $6 D $185 I $60 I Liabilities and Stockholders' Equity Accounts Accounts payable $35 I Accrued liabilities Income taxes payable Bonds payable Common stock Retained earnings Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Loss on sale of land Gain on sale of investments Income before taxes Income taxes Net income Long-term investments that cost the company $6 were sold during the year for $16 and land that cost $15 was sold for $9. In addition, the company declared and paid $30 in cash dividends during the year. Besides the sale of land, no other sales or retirements of plant and equipment took place during the year. Pavolik did not retire any bonds during the year or issue any new common stock. The company's income statement for the year follows: The company's beginning cash balance was $90 and its ending balance was $85. $(6) 10 $700 400 300 184 116 $4 D $8 I $150 I 4 120 36 $ 84 $80 D $54 I Page 721See Answer
- Q19:10-1-20 10-1-20 10-1-20 10-4-20 10-6-20 10-15-20 10-23-20 10-30-20 11-1-20 11-1-20 11-5-20 11-7-20 11-15-20 11-25-20 12-26-20 12-31-20 12-31-20 12-31-20 12-31-20 Fact Set: Hudson invested $100,000 cash into the Business. Hudson rented office space downtown. No security deposit was required. He paid the 1st Month's Rent of $500 in cash. Hudson purchased Office Furniture for $5,000 in cash. Hudson performed engineering services for the David Corless Company and was paid $2,000 cash. Hudson purchased some printed marketing materials for $200, paying cash. Hudson performed engineering services for the Kyle and Company and charged them $7,000, invoicing them for the services rendered. Hudson received a check for payment in full of the outstanding invoice from Kyle and Company. Hudson purchased Office Supplies for $200 on Account at Klein's Stationary. Hudson bought general liability insurance for $1,200 paying cash. The Policy period is for 11-1-20 to 10-31-21. Hudson withdrew $4,000 cash from the Business. Hudson performed engineering services for Toms River Township and invoiced the township for 10,000. Hudson paid JCP&L for the October Electric Bill, writing a check (same as cash) for $88. Hudson received a partial payment from Toms River Township of $5,000. Hudson received the balance of the payment due to him from Toms River Township. Hudson accepted an advance payment of $5,000 from Christian Ferro for engineering work that will be performed in January 2021. Hudson noticed that no depreciation has been recorded for the Office Furniture since it was originally purchased on 10-1-20. The Furniture has an estimated useful life of 7 Years with no Salvage value. He has decided to use the Straight Line Depreciation Method. Hudson has received, but not paid the JCP&L bill for November and December 2020 Electric in the amount of $150. Hudson asked you to prepare the remaining year end adjusting entries, prior to closing the books You prepare all closing entries for the period end.See Answer
- Q20:1. Gray Company uses the periodic inventory system to account for inventories. Information related to Gray Company's inventory at October 31 is given below October 1 Beginning inventory 8 Purchase Purchase 16 24 Purchase Total units and cost 400 units@ $9.80 = 800 units @ $10.40= 600 units $10.80= 200 units $11.80= 2.000 units 2. Weighted Average 3 LIFO Page $3,920 8,320 6,480 2,360 $21.080 Instructions 1. Show computations to value the ending inventory using the FIFO cost assumption if 550 units remain on hand at October 31. 2 Show computations to value the ending inventory using the weighted-average cost method if 550 units remain on hand at October 31. Show computations to value the ending inventory using the LIFO cost assumtion if 550 units remain on hand at October 31. SHOW YOUR WORK. 1. FIFO:See Answer
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