3. (5 points) During 2020, Larsen Company's accounts receivable averaged $750,000. Larsen's 2020 income statement reported net sales of $6,780,000, uncollectible accounts expense of $160,000, and net income of $768,000. (Assume 365 days in a year.) Using the information, above compute the following for Larsen Company: (a.) Accounts receivable turnover: (Round to the nearest two decimals) (b.) Average number of days to collect accounts receivable (Round to nearest day) 5. (35 points total) Depreciation in financial statements (a.) (15 points) Dynasty Co. uses straight-line depreciation in its financial statements, with depreciation for a partial year rounded to the nearest full month. On September 28, 2018 Dynasty purchased equipment at a cost of $140,000. For financial reporting purposes, the useful life of this equipment was estimated at 5 years, with a $30,000 salvage value. Calculate the depreciation expense relating to this equipment that Dynasty will recognize in its financial statements in the following years. If no depreciation will be recognized in a particular year, write zero. (b.) Domino, Inc uses straight-line depreciation with a half-year convention in its financial statements. On March 10, 2018, Domino acquired a computer system at a cost of $98,800. Estimated useful life is six years, with residual value of $5,200. 1) (15.75 points) Complete the following schedule, showing depreciation expense Domino expects to recognize each year in the financial statements. 2) (4.25 points) Assume Domino sells the computer system on October 3, 2021 for $26,650 (hint: pay attention to the start month (March) of depreciation & sell date (October)). For financial statement purposes, compute the book value of the computer system at date of disposal and the gain or loss on disposal (indicate gain or loss by circling the correct response). Book value (date of sale): Gain or loss on disposal (please circle your response & provide the dollar amount):

Required a. Prepare a contribution income statement for July. b. Determine Jail and Sail's monthly break-even point in units. c. Determine Jail and Sail's margin of safety in units for July. d. Determine the unit sales required for a monthly after-tax profit of $20,000. e. Prepare a cost-volume-profit graph. Label the horizontal axis in units with a maximum value of 4,000. Label the vertical in dollars with a maximum value of $600,000. Draw a vertical line on the graph for the current (2,200) unit level and label total variable costs, total fixed costs, and total before-tax profits at 2,200 units.

Required a. Determine the number of pairs of each product that Converse must sell to obtain an after-tax profit of $50,000. b. Determine the number of pairs of each product Converse must sell to obtain identical before-tax profit. c. For the solution to requirement (b), calculate Converse's after-tax profit or loss. d. Which product should Converse produce if both products were guaranteed to sell at least 18,000 pairs? Verify your solution with calculations. e. How much would the variable costs per pair of the product not selected in requirement (d) have to fall before both products provide the same profit at sales of 18,000 pairs? Verify your solution with calculations.

Create a six year budget template for a water treatment plant utilizing the following inputs. This will be used to complete the final project. Sludge There are 65,000 billing accounts residential 25,000 accounts are residential 3/4" meters 35,000 accounts are residential 1" meters 3000 accounts are commercial 2" meters 2000 accounts are commercial 4" meters 1000 unmetered fire line services on the commercial accounts The WTP will need a $10 million renovation in year 3 and 2 new employees will be needed at mid-year 3 Non-management 12 employees Management 3 employees Town manager Benefits Maintenance and other activities Uniforms Cell phone Electric Chemicals: Chlorine, lime, phosphate, polymer Sludge removal Contingency fund Current bond

Evans Inc. has just started a small corporation that buys and sells booths for trade shows across Canada. The bank has lent Evan $50,000 and needs the 2022 financial statements to determine whether they will renew the loan. Evan will prepare the financial statements on his own, as there are not that many transactions. Evans Inc.’s shares do not trade on the stock exchange. Booths can be sold for anywhere between $20,000 to $200,000. On September 15th Kaur Inc. signed a contract with Evans Inc. for a booth and set up. The cost of the booth $80,000 and a selling price for the booth and set is $120,000. On September 25th Kaur Inc. paid $25,000 to secure the delivery of the booth. On October 20th Evans Inc. delivers the booth to Kaur Inc. with terms FOB shipping point. On November 1st Kaur Inc. is supposed to pay Evans Inc. the balance due. Evans Inc. set up the booth on November 5th. On November 10th Evan Inc. received the money for setting up the booth. The estimated fair value to set up the booth is $2,500. The estimated fair value of the booth is $122,500. On November 1st Kaur Inc. informs Evans Inc. that they will be not be able to pay their account that is due. The two parties enter into an agreement that the account will be converted into a non-interest bearing promissory note to be repaid in one year from now. Evans Inc. borrows fund at a rate of 4%. Kaur Inc. has various loans at 6% interest. The company’s year end is December 31st. Recommend which GAAP Evans Inc. should use. Support your answer. Identify two key stakeholders of the company and what their objective is From an ethics perspective explain any concerns you may have with this case. List the performance obligations? Explain when the revenue should be recognized for each performance obligation assuming the company uses ASPE. Support your answer by explaining why it should be recognized at the time you selected. Be sure to use GAAP to support your answer. Prepare the journal entries for 2022 and 2023. If there is no entry be sure to state no entry. In your answer do not use the discount on notes account. If the company followed IFRS use the 5 step approach and apply each step to the question?

Management expects December's results to be repeated in January, February, and March without any changes in strategy. Management, however, hus an alternative plan. It believes that if the unit selling price is reduced to $125 per unit and advertising is increased to $287,500 per month, sales units will be 16.500 for January, 18,150 for February, and 19,965 for March. The cost of its product will remain ut $75 per unit, the sales staff will continue to cam a 10% commission, and the remaining expenses will stay the same. Required 1. Prepure budgeted incoase statements for each of the months of January, February, and March that show results from implementing the proposed plan. Use a three-column format, with one column for each months. Ignore income taxes. 2. For the proposed plan, is income in March budgeted to be higher than income in December?

Question 3 A new solid waste treatment plant is to be constructed in Washington County. The initial installation will cost $30 million (M). After 10 years, minor repair and renovation (R&R) will occur at a cost of $10M will be required; after 20 years, a major R&R costing $20M will be required. The investment pattern will repeat every 20 years. Each year during the 20-year period, operating and maintenance (O&M) costs will occur. The first year, O&M costs will total $2M. Thereafter, O&M costs will increase at a compound rate of 4% per year. Based on a 4% MARR, what is the capitalized cost for the solid waste treatment plant?

6.10 Golf World sold merchandise to Mulligans for $10,000, offering terms of 1/15, n/30. Mulligans paid for the merchandise within the discount period. Both companies use perpetual inventory systems. a. Prepare journal entries in the accounting records of Golf World to account for this sale and the sub- sequent collection. Assume the original cost of the merchandise to Golf World had been $6,500. Prepare journal entries in the accounting records of Mulligans to account for the purchase and subsequent payment. Mulligans records purchases of merchandise at net cost. b. c. Assume that, because of a change in personnel, Mulligans failed to pay for this merchandise within the discount period. Prepare the journal entry in the accounting records of Mulligans to record payment after the discount period.

Question 3 (based on Week 1 Excel Examples - Chapters 1-4) You are planning on buying a new house, and want to make sure you can afford the monthly payments. The house you picked will necessitate you borrow $300,000. You think you can get the following mortgage terms: borrow $300,000 at a fixed quoted (nominal) annual rate of 3.775%; to be paid off in equal monthly payments over 15 years. Compute the required monthly payment, and prepare an amortization table, showing for each month the beginning balance, payment, payment applied to interest, payment applied to principal, and ending balance. (assume monthly compounding) (Note: This question doesn't require a written answer.)

Scenario and Assignment Details Elon Motors produces electric automobiles. In recent years, they have been making all components of the cars, excluding the batteries for each vehicle. The company's leadership team has been considering the ways to reduce the cost of producing its cars. They have considered various options and believe that they could reduce the cost of each car if they produce the car batteries instead of purchasing them from their current vendor, Avari Battery Company.