JDW Corporation reported the following for 20X1: net sales $2,929,500; cost of goods sold $1786,995; selling and administrative expenses $585.900; unrealized holding loss on available for sale securities (considered other comprehensive income) $22,000; a positive foreign currency translation adjustment $26,250 (considered other comprehensive income), and an unrealized loss from pension adjustment considered other comprehensive income) $7.000. JDW's tax rate was 21%. Ignore income taxes related to amounts in other comprehensive income. Required: Prepare a multiple-step income statement and a statement of comprehensive income using the two-statement format. Ignore earnings per share.

Answer:

                   JDW Corporation

                   Income statement

    For the year ended December 31, 20x1

Sales                                                         $2,929,500

Cost of good sold                                    $1,786,995

Gross Profit                                              $1,142,505

Selling and Administration expenses    $585,900

Income from Operations before tax        $446,605

Income Tax                                                $116,887

Net Income                                                $439,718

                                    JDW Corporation

                     Statement of comprehensive income

                             For the year ended December 31, 20x1

Net Income                                                                     $439,718

Unrealized holding loss net of tax                                -$22,000

Foreign currency transaction adjustment                     $26,250

Unrealized loss from pension adjustment net of tax   -$7,000  

Comprehensive Income                                                 $436,968

Which of the following is a disadvantage of franchising? a. It requires the franchisees to create a new business model and plan strategies. b. It results in the franchisor taking all the financial burden of the franchisees. c. It does not provide sufficient incentive to the franchisees to run operations effectively because franchisees are not entrepreneurs. d. It restricts the franchisor from expanding. e. It results in the delegation of authority to franchisees, and the franchisor may not enjoy complete control.

Gold Star Rice, Ltd., of Thailand exports Thai rice throughout Asia. The company grows three varieties of rice—White, Fragrant, and Loonzain. Budgeted sales by product and in total for the coming month are shown below:
Product
White Fragrant Loonzain Total
Percentage of total
sales 48% 20% 32% 100%
Sales $297,600 100% $124,000 100% $198,400 100% $620,000 100%
Variable
expenses 89,280 30% 99,200 80% 109,120 55% 297,600 48%
Contribution
margin $208,320 70% $24,800 20% $89,280 45% 322,400 52%
Fixed expenses 227,760
Net operating income $94,640
Dollar sales to break-even = Fixed expenses = $227,760 = $438,000
UnitCM ratio 0.52
As shown by these data, net operating income is budgeted at $94,640 for the month and the estimated break-even sales is $438,000. Assume that actual sales for the month total $620,000 as planned. Actual sales by product are: White, $198,400; Fragrant, $248,000; and Loonzain, $173,600.
Required:
1. Prepare a contribution format income statement for the month based on the actual sales data.
2. Compute the break-even point in dollar sales for the month based on your actual data.

Select an e-commerce company. Visit its website or mobile app and describe its business model based on the information you find there. Identify its customer value proposition, its revenue model, the marketspace it operates in, who its main competitors are, any comparative advantages you believe the company possesses, and what its market strategy appears to be. Also try to locate information about the company's management team and organizational structure. (Check for a page labeled "the Company," "About Us," or something similar.)

On December 28, 20Y3, Silverman Enterprises sold $18,500 of merchandise to Beasley Co. with terms 2/10, n/30. The cost of the goods sold was $11,200. On December 31, 20Y3, Silverman prepared its adjusting entries, yearly financial statements, and closing entries. On January 3, 20Y4, Silverman Enterprises issued Beasley Co. a credit memo for returned merchandise. The invoice amount of the returned merchandise was $4,000 and the merchandise originally cost Silverman Enterprises $2,350. A. Journalize the entries by Silverman Enterprises to record the December 28, 20Y3 sale, using the net method under a perpetual inventory system. B. Journalize the entries by Silverman Enterprises to record the merchandise returned by Beasley Co. on January 3, 20Y4. C. Journalize the entry to record the receipt of the amount due by Beasley Co. on January 7, 20Y4.

Fast Turnstiles Co. is evaluating the extension of credit to a new group of customers. Although these customers will provide $414,000 in additional credit sales, 8% are likely to be uncollectible. The company will also incur $17,400 in additional collection expense. Production and marketing costs represent 76% of sales. The firm is in a 35% tax bracket and has a receivables turnover of five times. No other asset buildup will be required to service the new customers. The firm has a 10% desired return.
A-1. Calculate the incremental income after taxes.A-2. Calculate the return on incremental investment. A-3. Should Fast Turnstiles Co. extend credit to these customers?A. YesB. NoB-1. Calculate the incremental income after taxes if 11% of the new sales prove to be uncollectible.B-2. Calculate the return on incremental investment if 11% of the new sales prove to be uncollectible. B-3. Should credit be extended if 11% of the new sales prove uncollectible?A. YesB. NoC-1. Calculate the return on incremental investment if the receivables turnover drops to 1.6, and 8% of the accounts are uncollectible. C-2. Should credit be extended if the receivables turnover drops to 1.6, and 8% of the accounts are uncollectible?A. NoB. Yes

Presented below is selected financial information for Kingbird, Inc. for December 31, 2017.


Inventory $24,500 Cash paid to purchase equipment $12,000
Cash paid to suppliers 103,900 Equipment 42,700
Buildings 199,800 Service revenue 103,400
Common stock 50,100 Cash received from customers 132,400
Cash dividends paid 7,100 Cash received from issuing common stock 21,800
Cash at beginning of period 7,400

Required:
Prepare the statement of cash flows for Kingbird, Inc..

Which productivity program is useful to help manage bills and show a budget?
O Microsoft Word
O Microsoft Access
Microsoft PowerPoint
O Microsoft Excel

You work in the Ethics Department for ABC Company (ABC). Your department is dedicated to advising its employees about their ethical obligations in the corporate setting. You are an internal consultant who provides advice and most importantly, recommendations for action to employees of the firm. All communications you receive in this capacity are confidential. Luke, an employee of ABC, comes to you with the following scenario and asks for your advice.

He wants to fully consider the situation. Your task is to advise and recommend a course of action based on the specified ethical lenses and facts as given. Below are the facts that Luke provides to you.

Luke has been asked to work on a project that involves developing land recently purchased by ABC to build an adult entertainment retail store. According to the plan, the land is located on the corner of the neighborhood where Owen, Luke’s brother, lives. Luke knows that as soon as the plans for the store are made public, property values for the surrounding neighborhood will decrease significantly. ABC plans to publicly announce the project one month from today. Luke is concerned about his obligations of confidentiality to his company. However, Luke is also very close to Owen, who recently told Luke that he received an offer to sell his house at an "okay" price given the current real estate market. Owen is considering selling but hasn’t made any final decision yet. He wonders if he might get a better offer a few years from now when the real estate market improves.

Required:
What is the ethical issue, why is this an issue, and what should Luke do about it?

Garison Music Emporium carries a wide variety of musical instruments, sound reproduction equipment, recorded music, and sheet music. Garison uses two sales promotion techniques— warranties and premiums— to attract customers.
Musical instruments and sound equipment are sold with a one- year warranty for replacement of parts and labor. The estimated warranty cost, based on past experience, is 2% of sales.
The premium is offered on the recorded and sheet music. Customers receive a coupon for each dollar spent on recorded music or sheet music. Customers may exchange 200 coupons and $ 20 for a CD player. Garison pays $ 32 for each CD player and estimates that 60% of the coupons given to customers will be re-deemed.
Garison’s total sales for 2020 were $7,200,000—$5,700,000 from musical instruments and sound reproduction equipment and $1,500,000 from recorded music and sheet music. Replacement parts and labor for warranty work totaled $94,000 during 2020 ($44,000 of the work is related to pre-2020 sales). A total of 6,500 players used in the premium program were purchased during the year and there were 1,200,000 coupons re-deemed in 2020.
The accrual method is used by Garison to account for the warranty and premium costs for financial reporting purposes. The balances in the accounts related to warranties and premiums on January 1, 2010, were as shown below.Inventory of Premium CD Players $ 37,600Estimated Premium Claims Outstanding 44,800Estimated Liability from Warranties 136,000Instructions
Garison Music Emporium is preparing its financial statements for the year ended December 31, 2010. Determine the amounts that will be shown on the 2010 financial statements for the following.1) Warranty ExpenseSale of Musical Instruments $7,200,000Sale of Sound reproduction equipment $5,700,000Total Sales $12,900,000Warranty Expense 2% of sales $258,0002) Estimated Liability from WarrantiesBeginning Balance $136,000Add: Addition for the year $258,000Total $394,000Less: Expense incurred $164,000Ending Balance on $230,000December 31, 2010 =======3) Premium ExpenseSale of recorded music and sheet music $1,500,000Coupons issued at one coupon for one dollar 1,500,000CD Players to be release at one for 200 coupons = 4,500Premium Expense of CD players at $12 ($32 - $20) =$54,0004) Inventory of CD PlayersBeginning Balance 1,175 units $37,600Purchased during the year 6,500 units $208,000Total available 7675 units $245,600Less: issued for redemption 6,000 units $192,000Ending Balance 1,675 units $ 53,6005) Estimated Premium Claims outstandingBeginning Balance $44,800Add: Claims for the year(60% of the current sales) $54,000Total $98,800Less: Redeemed during the year $72,000Ending balance $26,800

US-Mobile manufactures and sells two products, tablet computers and smartphones, in the ratio of 5:3. Fixed costs are $100,860, and the contribution margin per composite unit is $123. What number of each type of product is sold at the break-even point

Diversified Semiconductors sells perishable electronic components. Some must be shipped and stored in reusable protective containers. Customers pay a deposit for each container received. The deposit is equal to the container’s cost. They receive a refund when the container is returned. During 2021, deposits collected on containers shipped were $948,000. Deposits are forfeited if containers are not returned within 18 months. Containers held by customers at January 1, 2021, represented deposits of $623,000. In 2021, $873,000 was refunded and deposits forfeited were $42,750. Required: 1. Prepare the appropriate journal entries for the deposits received, returned, and forfeited during 2021. 2. Determine the liability for refundable deposits to be reported on the December 31, 2021, balance sheet.

A common stock pays annual dividend per share of $2.10. The risk-free rate is 6% and the risk premium for this stock is 4%. The annual dividend is expected to remain at $2.10. What is the value of the stock

Terminology.In the space provided, write the word or phrase that is defined or indicated.
1. Net income minus preferred dividends divided by the weighted average of shares outstanding___________
2. All changes in equity during a period except those resulting from investments by owners and distributions to owners.________-
3. A correction of an error is reported as a _________.
4. The portion of equity interest in a subsidiary not attributable to the parent company. ____________
5. The income statement category for a disposal of a component of a business. ___________
6. Relating tax expense to specific items on the income statement. _________
7. Obligations expected to be liquidated ______ through use of current assets.
8. Statement showing financial condition at a _________ point in time.
9. Events that depend upon future outcomes. ___________
10.Probable future sacrifices of economic benefits.________
11.Resources expected to be converted to ______n one year or the operating cycle, whichever is longer
12.Resources of a durable nature used in _____________operations.
13.Economic rights or competitive advantages _________ which lack physical substance.
14.Probable future economic benefits. _________
15.Residual interest in the net assets of an entity_______

An analysis of the accounts of Coronado Company reveals the following manufacturing cost data for the month ended June 30, 2020.
Inventory Beginning Ending
Raw materials $9,100 $13,450
Work in process 5,110 8,880
Finished goods 9,870 6,880
Costs incurred: raw materials purchases $55,160, direct labor $51,800, manufacturing overhead $24,080. The specific overhead costs were: indirect labor $7,340, factory insurance $4,130, machinery depreciation $4,920, machinery repairs $2,460, factory utilities $3,450, and miscellaneous factory costs $1,780. Assume that all raw materials used were direct materials.
A) Prepare the cost of goods manufactured schedule for the month ended June 30, 2020.
B) Show the presentation of the ending inventories on the June 30, 2020, balance sheet.

For each separate case, record the necessary adjusting entry.
a. On July 1, Lopez Company paid $3,200 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31.
b. Zim Company has a Supplies account balance of $9,000 at the beginning of the year. During the year, it purchased $4,000 of supplies. As of December 31, a physical count of supplies shows $1,800 of supplies available.
Prepare the adjusting journal entry to correctly report the balance of the Supplies account and the Supplies Expense account as of December 31.

Which of the following are true?
A. The data in D3 is skewed right.
B. Three quarters of the data values for D2 are greater than the median value for D1 .
C. At least three quarters of the data values in D1 are less than all of the data values in D2 .
D. At least a quarter of the data values in D2 are less than all of the data values in D3 .
E. At least a quarter of the data values for D3 are less than the median value for D2 .
F. The median value for D1 is less than the median value for D3

At the beginning of 2014, EZ Tech Company's Accounts Receivable balance was $140,000, and the balance in Allowance for Doubtful Accounts was $2,350 (Cr.). EZ Tech's sales in 2014 were 80% of which were on credit. Collections on account during the year were $670,000. The company wrote off $4,000 of uncollectible accounts during the year.

Required:
a. Compute the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet values.
b. Compute the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the income statement for the current year.
c. Compute the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the balance sheet for the current year.

what is the fastest way to grow your account (in followers and likes) on social media? this doesn't have to be "right" just say what has helped you grow on social media​

You have been asked to review the December 31, 2021, balance sheet for Champion Cleaning. After completing your review, you list the following three items for discussion with your superior: An investment of $48,000 is included in current assets. Management has indicated that it has no intention of liquidating the investment in 2022. A $280,000 note payable is listed as a long-term liability, but you have determined that the note is due in 10, equal annual installments with the first installment due on March 31, 2022. Deferred revenue of $114,000 is included as a current liability even though only two-thirds will be recognized as revenue in 2022, and the other one-third in 2023.
Determine the appropriate classification of each of these items. (If no entry is required for classification, choose "No entry":)
Current Long-term
Items Amount Classification Amount Classification
1. Investment
2. Installment note
3. Deferred revenue

The Aggie Graphics Company was organized on January 1, 2017.The trial balance before adjustment at December 31, 2017 contained the following account balances:Cash $9,500 Accounts Receivable 4,000 Prepaid Insurance 1,800 Equipment 45,000 Accumulated Depreciation 4,500Accounts Payable 3,500Notes Payable 18,000Common Stock 5,000Retained Earnings 12,000Dividend 2,000 Graphic Fees Earned 52,100Consulting Fees Earned 5,000Salaries Expense 30,000 Supplies Expense 2,700 Advertising Expense 1,900 Rent Expense 1,500 Utilities Expense 1,700 $100,100 $100,100Analysis reveals the following additional data: (Assume the books are only closed at year end)(A) The $2,700 balance in Supplies Expense represents supplies purchased in January. At December 31, there was $1,200 of supplies on hand.(B) The note payable was issued on September 1. It is a 3% 6-month note.(C) The balance in Prepaid Insurance is the premium paid on a one-year policy, dated March 1, 2017.(D) Consulting Fees are credited to revenue when received. At December 31, consulting fees of $1,000 contracted for January, 2017 have yet to be performed.(E) The equipment was purchased on January 1, 2017. It has a 10-year useful life and no salvage value.The entry to record (A) above would include a debit to: (Assume the company is only making one adjusting entry to record this information)A. Supplies for $1,500B. Supplies for $1,200C. Supply Expense for $1,200D. Prepaid Supply Expense for $2,700

In the economic environment of 2010-2014, the U.S. experienced a slow-growing economy with record low interest rates. In what ways does this type of economic environment diminish the importance of working capital management to the firm

Selected balance sheet and income statement information for Home Depot follows.
$ millions Jan. 31, 2016 Feb. 01, 2015
Operating assets $40,683 $38,573
Nonoperating assets 2,266 1,773
Total assets 42,949 40,346
Operating liabilities 15,043 13,552
Nonoperating liabilities 21,275 17,157
Total liabilities 36,318 30,709
Total stockholders' equity 6,631 9,637
Sales 89,234
Net operating profit before tax (NOPBT) 12,124
Nonoperting expense before tax 803
Tax expense 4,001
Net income 7,320
Compute net operating profit after tax for the year ended January 31, 2016. Assume a statutory tax rate of 37%.
Round answer to the nearest whole number.

Consider the following data on U.S. GDP: Year Nominal GDP GDP Deflator (Billions of dollars) (Base year 2009) 2016 18,707 105.93 1996 8,073 73.181. The growth rate of nominal GDP between 1996 and 2016 was, and the growth rate of the GDP deflator between 1996 and 2016 was ____. 2. The growth rate of a variable X over an N-year period is calculated as 100×((XfinalXinitial)(1N)−1)) Measured in 2009 prices, real GDP was billion in 1996 and billion in 2016. (Note: Select the answers closest to the values you compute.) 3. The growth rate of real GDP between 1996 and 2016 was ____. 4. The growth rate of nominal GDP between 1996 and 2016 was than the growth rate of real GDP.

Assume that on January 1, 2013, an investor company acquired 100% of the outstanding voting common stock of an investee company in exchange for $75,000 worth of investor company common stock. The transaction is a tax-free reorganization under the Internal Revenue Code. The following financial statement information is for the investor company and the investee company on January 1, 2013, prepared immediately before this transaction.
Book Values
Investor Investee
Receivables & inventories $50,000 $25,000
Land 100,000 50,000
Property & equipment 112,500 50,000
Total assets $262,500 $125,000
Liabilities $75,000 $40,000
Common stock ($2 par) 10,000 5,000
Additional paid-in capital 140,000 75,000
Retained earnings 37,500 5,000
Total liabilities & equity $262,500 $125,000
Compute the investment account (market value equals book value)
Assume that the fair values of the investee's net assets approximated the recorded book values of the investee's net assets, and the transaction resulted in no recorded goodwill or bargain purchase gain. What is the balance in the pre-consolidation "investment in investee" account on the investor company's books on January 1, 2013, immediately after the acquisition of the investee company voting common stock?
A. Not enough information provided
B. $5,000
C. $85,000
D. $75,000

Wages of $8,000 are earned by workers but not paid as of December 31. Depreciation on the company’s equipment for the year is $10,480. The Office Supplies account had a $310 debit balance at the beginning of the year. During the year, $4,597 of office supplies are purchased. A physical count of supplies at December 31 shows $510 of supplies available. The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An analysis of insurance policies shows that $2,700 of unexpired insurance benefits remain at December 31. The company has earned (but not recorded) $650 of interest revenue for the year ended December 31. The interest payment will be received 10 days after the year-end on January 10. The company has a bank loan and has incurred (but not recorded) interest expense of $3,000 for the year ended December 31. The company will pay the interest five days after the year-end on January 5.

Required:
For each of the above separate cases, prepare adjusting entries required of financial statements for the year ended (date of) December 31.

Bonita Company borrowed $43,200 on November 1, 2020, by signing a $43,200, 9%, 3-month note.

Required:
Prepare Bonita’s November 1, 2020, entry; the December 31, 2020, annual adjusting entry; and the February 1, 2021, entry.

Cordell Inc. experienced the following events in 2018, its first year of operation:
1. Received $40,000 cash from the issue of common stock.
2. Performed services on account for $82,000.
3. Paid a $6,000 cash dividend to the stockholders.
4. Collected $76,000 of the accounts receivable.
5. Paid $53,000 cash for other operating expenses.
6. Performed services for $19,000 cash.
7. Recognized $3,500 of accrued utilities expense at the end of the year.
Required
a. Identify the events that result in revenue or expense recognition.
b. Based on your res ponse to Requirement a, determine the amount of net income reported on the 2018 income statement.
c. Identify the events that affect the statement of cash flows.
d. Based on your response to Requirement c, determine the amount of cash flow from operatingactivities reported on the 2018 statement of cash flows.

Felton Co. sells major household appliance service contracts for cash. The service contracts are for a 1-year, 2-year, or 3-year period. Cash receipts from contracts are credited to unearned service contract revenues. This account had a balance of $480,000 at December 31, 2009 before year-end adjustment. Service contract costs are charged as incurred to the service contract expense account, which had a balance of $120,000 at December 31, 2009. Outstanding service contracts at December 31, 2009 expire as follows:
During 2010 During 2011 During 2012
$100,000 $160,000 $70,000
What amount should be reported as unearned service contract revenues in Felton's December 31, 2009 balance sheet?

The EBIT is $40,000, depreciation is $10,000, and taxes are $6,000. What is the operating cash flow (OCF)

Consider the effects of inflation in an economy composed of only two people: Hubert, a bean farmer, and Kate, a rice farmer. Hubert and Kate both always consume equal amounts of rice and beans. In 2016 the price of beans was $1, and the price of rice was $4. Suppose that in 2017 the price of beans was $2 and the price of rice was $8. Inflation was % . Indicate whether Hubert and Kate were better off, worse off, or unaffected by the changes in prices. Better Off Worse Off Unaffected Hubert Kate Now suppose that in 2017 the price of beans was $2 and the price of rice was $4.80. In this case, inflation was % . Indicate whether Hubert and Kate were better off, worse off, or unaffected by the changes in prices. Better Off Worse Off Unaffected Hubert Kate Now suppose that in 2017, the price of beans was $2 and the price of rice was $1.60. In this case, inflation was % . Indicate whether Hubert and Kate were better off, worse off, or unaffected by the changes in prices.
Better Off Worse Off Unaffected
Hubert
Kate
What matters more to Hubert and Kate?
The overall inflation rate
The relative price of rice and beans