Prepare the adjusting journal entries for the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
1. Supplies for office use were purchased during the year for $500, of which $100 remained on hand (unused) at year-end.
2. Interest of $250 on a note receivable was earned at year-end, although collection of the interest is not due until the following year.
3. At year-end, salaries and wages payable of $3,600 had not been recorded or paid.
4. At year-end, one-half of a $2,000 advertising project had been completed for a client, but nothing had been billed or collected.
5. Redeemed a gift card for $600 of services.

Answer:

S/N      Account Titles and Explanation         Debit     Credit

a.         Supplies Expenses                                $400

                  Supplies                                                         $400

            (To record the adjusting entry for supplies on hand)

b.          Interest receivable                                 $250

                    Interest income                                             $250

             (To record the adjusting entry for interest income)

c.          Wages expenses                                    $3,600

                   Wages payable                                               $3,600

            (To record the adjusting entry for wage payable)

d.          Accounting revenue                                 $1,000

             ($2,000 * 1/2)

                    Advertising revenue                                         $1,000

             (To record the service of service revenue)

e.           Unearned revenue                                    $600

                     Service revenue                                                $600

               (To record the entry of service revenue)

You have been asked to estimate the beta for a large South Korean company, with large holdings in steel and financial services. A regression of stock returns against the local market index yields a beta of 1.10, but the firm is 15% of the index. You have collected the average betas for global companies in each of the sectors, as well as the average debt equity ratios in each sector:
Setor Average Regression Beta Average D/E ratio
Steel 1.18 30%
Financial
Services 1.14 70%
The average tax rate for these industries is 40%.
In the most recent period, the company you are analyzing earned 70% of its operating income from steel and 30% from financial services. The firm also had a debt/equity ratio of 150%, and a tax rate of 30%. Estimate the levered beta for the company.

Equity Method Investment with Basis Differences Several Years LaterSaxton Corporation purchased 25 percent of Taylor Company's voting stock on January 1, 2013, for $3 million in cash. At the date of acquisition, Taylor reported its total assets at $60 million and its total liabilities at $56 million. Investigation revealed that Taylor's plant and equipment (15-year life) was overvalued by $1.8 million and it had an unreported customer database (2-year life) valued at $500,000. Taylor declares and pays $100,000 in dividends and reports net income of $250,000 in 2016.RequiredPrepare the necessary journal entries on Saxton's books to report the above information for 2016 assuming Saxton uses the equity method to report its investment.Enter answers in thousands. For example, $1 million is $1,000 and $100,000 is $100.Calculation of 2016 Equity in Taylor's Net Income:Saxton's share of Taylor's reported income $Answer+/- Revaluation adjustments AnswerEquity in net income of Taylor $Answer General JournalDate Description Debit Credit1/1/16 AnswerCashInvestment in TaylorEquity in net income of Taylor Answer Answer AnswerCashInvestment in TaylorEquity in net income of Taylor Answer Answer12/31/16 AnswerCashInvestment in TaylorEquity in net income of Taylor Answer Answer AnswerCashInvestment in TaylorEquity in net income of Taylor Answer Answer

Which of the following corectly illustrates how prices serve as signals to consumers

Bonita Marina has 300 available slips that rent for $900 per season. Payments must be made in full by the start of the boating season, April 1, 2021. The boating season ends October 31, and the marina has a December 31 year-end. Slips for future seasons may be reserved if paid for by December 31, 2021. Under a new policy, if payment for 2022 season slips is made by December 31, 2021, a 5% discount is allowed. If payment for 2023 season slips is made by December 31, 2021, renters get a 20% discount (this promotion hopefully will provide cash flow for major dock repairs).
On December 31, 2017, all 300 slips for the 2018 season were rented at full price. On December 31, 2018, 240 slips were reserved and paid for the 2019 boating season, and 56 slips were reserved and paid for the 2020 boating season.
Prepare the appropriate journal entries for December 31, 2017, and December 31, 2018.

The 2021 balance sheet for Hallbrook Industries, Inc., is shown below.
HALLBROOK INDUSTRIES, INC.
Balance Sheet December 31, 2021 ($ in thousands)
Assets
Cash $ 330
Short-term investments 280
Accounts receivable 330
Inventory 360
Property, plant, and equipment (net) 2,300
Total assets $ 3,600
Liabilities and Shareholders’ Equity
Current liabilities $ 530
Long-term liabilities 480
Paid-in capital 1,400
Retained earnings 1,190
Total liabilities and shareholders’ equity $ 3,600
The company’s 2021 income statement reported the following amounts ($ in thousands):
Net sales $ 5,900
Interest expense 50
Income tax expense 120
Net income 290
Required:
1. Calculate the current ratio. (Round your answer to 2 decimal places.)
2. Calculate the acid-test ratio. (Round your answer to 3 decimal places.)
3. Calculate the debt to equity ratio. (Round your answer to 2 decimal places.)
4. Calculate the times interest earned ratio. (Round your answer to 1 decimal place.)

Last year, XYZ Corporation incurred the following expenditures in the development of a new plant process:
Salaries $250,000
Materials 90,000
Utilities 20,000
Quality control testing costs 40,000
Management study costs 5,000
Depreciation of equipment 18,000 ​
During the current year, benefits from the project began being realized in May. If XYZ Corporation elects a 60 month deferral and amortization period, determine the amount of the deduction for the current year.

levon files a suit against manufacturing corporation the defendant believes that even if the plaintiff manufactoring corporation should

Greater indirect costs are associated with:

a. Specialized engineering drawings
b. Quality specifications and testing
c. Inventoried materials and material control systems
d. All of these answers are correct.

After visiting several automobile dealerships, Richard selects the used car he wants. He likes its $19,300 price, but financing through the dealer is no bargain. He has $3,000 cash for a down payment, so he needs an $16,300 loan. In shopping at several banks for an installment loan, he learns that interest on most automobile loans is quoted at add-on rates. That is, during the life of the loan, interest is paid on the full amount borrowed even though a portion of the principal has been paid back. Richard borrows $16,300 for a period of four years at an add-on interest rate of 10 percent.1. What is the total interest on Richard's loan? (Do not round intermediate calculations. Round your answer to the nearest whole number.)
2. What is the total cost of the car? (Do not round intermediate calculations. Round your answer to the nearest whole number.)
3. What is the monthly payment? (Do not round intermediate calculations. Round your answer to the nearest whole number.)
4. What is the annual percentage rate (APR)? (Do not round your intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

Rustafson Corporation is a diversified manufacturer of consumer goods. The company's activity-based costing system has the following seven activity cost pools:
Activity Cost Pool Estimated Overhead Cost Expected Activity
Labor-related $16,800 2,000 direct labor-hours
Machine-related $16,000 8,000 machine-hours
Machine setups $30,400 800 setups
Production orders $6,600 200 orders
Product testing $12,000 500 tests
Packaging $51,000 3,400 packages
General factory $55,600 2,000 direct labor-hours
1. Compute the activity rate for each activity cost pool.
2. Compute the company's pre-determined overhead rate, assuming that the company uses a single plantwide pre-determined overhead rate based on direct labor-hours.

Junker’s Stash started the Year 2 accounting period with the balances given in the following horizontal financial statements model. During Year 2, Junker’s Stash experienced the following business events:_______. 1. Paid cash to purchase $70,000 of merchandise inventory. 2. The goods that were purchased in Event 1 were delivered FOB destination. Transportation costs of $1,400 were paid in cash by the responsible party. 3a. Sold merchandise for $72,000 under terms 1/10, n/30. 3b. Recognized $41,900 of cost of goods sold. 4a. Junker’s Stash customers returned merchandise that was sold for $2,100. 4b. The merchandise returned in Event 4a had cost Junker’s Stash $1,250. 5. The merchandise in Event 3a was sold to customers FOB destination. Transportation costs of $1,650 were paid in cash by the responsible party. 6a. The customers paid for the merchandise sold in Event 3a within the discount period. Recognized the sales discount. 6b. Collected the balance in the accounts receivable account. 7. Paid cash of $6,850 for selling and administrative expenses. 8. Sold the land for $9,100 cash.Required:
Record the above transactions in a financial statements model like the one shown below:
Event Number Cash + Accounts Receivable + Inventory + Land = Common Stock + Retained Earnings Rev./ Gain - Expense = Net income Cash Flow
Balance 80,000.00 0 15,000.00 11,000.00 70,000.00 36,000.00 N/A N/A N/A N/A
Determine the amount of net sales.
Prepare a multistep income statement. Include common size percentages on the income statement.
Junker’s Stash return on sales ratio in 2015 was 12 percent. Based on the common size data in the income statement, did Junker’s Stash expenses increase or decrease in 2016?
Explain why the term loss is used to describe the results due to the sale of land.

[The following information applies to the questions displayed below.]Performance Products Corporation makes two products, titanium Rims and Posts. Data regarding the two products follow: Direct Labor-Hours per unit Annual Production Rims 0.30 26,000 units Posts 0.50 70,000 units Additional information about the company follows: Rims require $15 in direct materials per unit, and Posts require $11. The direct labor wage rate is $15 per hour. Rims are more complex to manufacture than Posts and they require special equipment. The ABC system has the following activity cost pools: Estimated Activity Activity Cost Pool Activity Measure Estimated Overhead Cost Rims Posts Total Machine setups Number of setups $ 32,900 60 140 200 Special processing Machine-hours $ 114,800 4,000 0 4,000 General factory Direct labor-hours $ 1,404,000 6,000 72,000 78,000Required:1. Compute the activity rate for each activity cost pool. (Round your answers to 2 decimal places.)2. Determine the unit product cost of each product according to the ABC system. (Do not round intermediate calculations. Round your final answers to 2 decimal places.)

We are evaluating a project that costs $864,000, has an eight-year life, and has no salvage value. Assume that de-preciation is straight-line to zero over the life of the project. Sales are projected at 71,000 units per year. Price per unit is $49, variable cost per unit is $33, and fixed costs are $765,000 per year. The tax rate is 35 percent, and we require a return of 10 percent on this project.

Required:
a. Calculate the accounting break-even point. What is the degree of operating leverage at the accounting break-even point?
b. Calculate the base-case cash flow and NPV. What is the sensitivity of NPV to changes in the sales figure? Explain what your answer tells you about a 500-unit decrease in projected sales.
c. What is the sensitivity of OCF to changes in the variable cost figure? Explain what your answer tells you about a $1 decrease in estimated variable costs.

A(n) _____ is the maximum price for a good allowed by law.
Please choose the correct answer from the following choices, and then select the submit answer button.
Answer choices

equilibrium price

price floor

price ceiling

fair price

Emily Lim owns and runs an ice cream parlor in San Diego. Last year, she had sales of $490,000 and an average tax rate of 32%. She spent $49,000 on ingredients, $24,500 on utilities, and $88,200 to rent the premises. Emily has a few employees and paid them $98,000 in wages in total. She also paid herself a salary of $73,500 and spent $49,000 to pay for employee benefits. A few years ago, Emily borrowed money to buy the ice making equipment. Last year, she paid $24,500 in interest on that loan. Depreciation for the equipment was $14,700.

Required:
a. What was operating income (EBIT) for the year?
b. What was net income for the year?

Sparty Corporation has provided the following information for its most recent year of operation: Revenues earned were $84,000, of which $9,000 were uncollected at the end of the year. Operating expenses incurred were $46,000, of which $8,000 were unpaid at the end of the year. Dividends declared were $19,000, of which $3,000 were unpaid at the end of the year. Income tax expense is $13,300.

Required:
How much net income was reported on Sparty's income statement?

Magnus Co. controls Anand Co. and wants to prepare consolidated financial statements. However, the controller of Magnus Co. did not study ACCY 410 course at the UIUC and does not know whether the retained earnings of Anand Co. should (or should not) be reported in the consolidated retained earnings, in the consolidated financial statements.
Research and cite a specific paragraph in the Accounting Standard Codification that can help the controller to determine whether retained earnings of the subsidiary should be reported in the consolidated retained earnings. Unless specifically requested, your response should not cite implementation guidance and illustrations.
FASB ASC - - -

Key figures for the recent two years of both Apple and Google follow. Apple Google $ millions Current Year Prior Year Current Year Prior Year Net income $ 48,351 $ 45,687 $ 12,662 $ 19,478 Net sales 229,234 215,639 110,855 90,272 Current assets 128,645 106,869 124,308 105,408 Current liabilities 100,814 79,006 24,183 16,756 Required: 1. Compute profit margins for (a) Apple and (b) Google for the two years of data reported above. 2. In the current year, which company is more successful on the basis of profit margin? 3. Compute current ratios for (a) Apple and (b) Google for the two years reported above. 4. In the current year, which company has the better ability to pay short-term obligations according to the current ratio?

An individual has total assets of 120,000 and total liabilities of 80,000. what is his net worth?

Managerial accounting differs from financial accounting in several areas. Specify whether each of the following characteristics relates to managerial accounting or financial accounting. a. Reports are usually prepared quarterly and annually. ▼ b. Information is verified by external auditors. ▼ Financial accounting Managerial accounting c. Focus is on the past. ▼ Financial accounting Managerial accounting d. Main characteristic of information is that it must be relevant. ▼ Financial accounting Managerial accounting e. Reports tend to be prepared for the parts of the organization rather than the whole organization. ▼ Financial accounting Managerial accounting f. Primary users are internal​ (i.e., company managers​). ▼ Financial accounting Managerial accounting g. It is governed by Generally Accepted Accounting Principles​ (GAAP) or International Financial Reporting Standards​ (IFRS). ▼ Financial accounting Managerial accounting h. The primary characteristics of information are that it must be reliable and objective. ▼ Financial accounting Managerial accounting i. Reports are prepared as needed. ▼ Financial accounting Managerial accounting j. It is not governed by legal requirements. ▼ Financial accounting Managerial accounting k. Primary users are external​ (i.e., creditors,​ investors). ▼ Financial accounting Managerial accounting l. Focus is on the future. ▼ Financial accounting Managerial accounting m. Reporting is based mainly on the company as a whole.

A selected list of accounts used by Cline Manufacturing Company follows: Code Code A. Cash F Accounts Payable B. Accounts Receivable G Factory Labor C. Raw Materials Inventory H Manufacturing Overhead D. Work In Process Inventory Cost of Goods Sold E. Finished Goods Inventory JSales Revenue Cline Manufacturing Company uses a job order system and maintains perpetual inventory records. Instructions Place the appropriate code letter in the columns indicating the appropriate account(s) to be debited and credited for the transactions listed below.Account(s) Account(s)Transactions Debited Credited1. Raw materials were purchased on account.2. Issued a check to Dixon Machine Shop for repair work on factory equipment.3. Direct materials were requisitioned for Job 280.4. Factory labor was paid as incurred.5. Recognized direct labor and indirect labor used.6. The production department requisitioned indirect materials for use in the factory.7. Overhead was applied to production based on a predetermined overhead rate of $8 per labor hour.8. Goods that were completed were transferred to finished goods.9. Goods costing $80,000 were sold for $105,000 on account.10. Paid for raw materials purchased previously on account

Hart, Attorney at Law, experienced the following transactions in 2016, the first year of operations: 1.Accepted $36,000 on April 1, 2016, as a retainer for services to be performed evenly over the next 12 months. 2. Performed legal services for cash of $54,000. 3. Purchased $2,800 of office supplies on account. 4. Paid $2,400 of the amount due on accounts payable. 5. Paid a cash dividend to the stockholders of $5,000. 6. Paid cash for operating expenses of $31,000. 7. Determined that at the end of the accounting period $200 of office supplies remained on hand. 8. On December 31, 2016, recognized the revenue that had been earned for services performed in accordance with Transaction 1. Required Show the effects of the events on the financial statements using a horizontal statements model like the following one. In the Cash Flow column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity, NC for net change in cash and NA to indicate accounts not affected by the event. The first event has been recorded as an example. (Do not round intermediate calculations. Enter any decreases to account balances and cash outflows with a minus sign.)

Presented below is selected data related to Mike Corporation at December 31, 2020. Mike reports financial information monthly.


Service Revenue $36,000 Utilities Expense $4,000
Cash 8,000 Accounts Receivable 9,000
Equipment 10,000 Salaries and Wages Expense 7,000
Rent Expense 11,000 Notes Payable 16,500
Accounts payable 2,000 Dividends 5,000

Required:
a. Determine the total assets of the firm.
b. Determine the net income of the firm.

What is the most popular method of filing in Nepal?
why?​

Sultan Company uses an activity-based costing system. At the beginning of the year, the company made the following estimates of cost and activity for its five activity cost pools:_____.
Activity Cost Pool Activity Measure Expected Overhead Cost Expected Activity Labor-related Direct labor-hours $ 269,100 29,900 DLHs Purchase orders Number of orders $ 11,000 220 orders Parts management Number of part types $ 78,440 106 part types Board etching Number of boards $ 85,050 1,890 boards General factory Machine-hours $ 242,400 20,200 MHs
Required:
1. Compute the activity rate for each of the activity cost pools.
2. The expected activity for the year was distributed among the company’s four products as follows:_________.
Expected Activity Activity Cost Pool Product A Product B Product C Product D Labor-related (DLHs) 7,500 13,400 3,800 5,200 Purchase orders (orders) 66 30 32 92 Parts management (part types) 29 19 47 11 Board etching (boards) 580 750 560 0 General factory (MHs) 2,600 7,300 3,700 6,600 Using the ABC data, determine the total amount of overhead cost assigned to each product.

Using the column headings provided below, show the effect, if any, of the transaction entry or adjusting entry on the appropriate balance sheet category or on the income statement by entering the account name, amount, and indicating whether it is an addition (+) or subtraction (−). Column headings reflect the expanded balance sheet equation; items that affect net income should not be shown as affecting stockholders' equity.
1) The firm borrowed $4,000 from the bank; a short-term note was signed.
2) Merchandise inventory costing $1,500 was purchased; cash of $400 was paid and the balance is due in 30 days.
3) Employee wages of $2,000 were accrued at the end of the month.
4) Merchandise that cost $700 was sold for $900 in cash.
5) This month's rent of $1,400 was paid.
6) Revenues from services during month totaled $13,000. Of this amount, $4,000 was received in cash and the balance is expected to be received within 30 days.
7) During the month, supplies were purchased on account at a cost of $1,040, and debited into the Supplies (asset) account. A total of $800 of supplies were used during the month.
8) Interest of $480 has been earned on a note receivable, but has not yet been received.
Transaction/Adjustment Assets Liabilities Stockholders' Eguity Net Income
1
2
3
4
5
6
7
8

Morrison Company uses a job-order costing system to assign manufacturing costs to Jobs. Its balance sheet on January 1 is as follows:Morrison Company Balance Sheet January 1 Assets Cash $42,000Raw materials $13,600 Work in process 7,450 Finished goods 18,000 39,050Prepaid expenses 2,150Property, plant, and equipment (net) 105,000Total assets $188,200Liabilities and Stockholders' Equity Accounts payable $16,900Retained earnings 171,300Total liabilities and stockholders' equity $188,200During January the company completed the following transactions:a. Purchased raw materials on account, $76,200.b. Raw materials used in production, $84,900 ($68,000 was direct materials and $16,900 was indirect materials).c. Paid $189,450 of salaries and wages in cash ($97,200 was direct labor $43,200 was indirect labor, and $49,050 was related to employees responsible for selling and administration).d. Various manufacturing overhead costs incurred (on account) to support production $46,650.e. Depreciation recorded on property, plant, and equipment, $56,000 (70% related to manufacturing equipment and 30% related to assets that support selling and administrative.f. Various selling expenses paid in cash $39,050.g. Prepaid insurance expired during the month, $1,300 (80% related to production, and 20% related to selling and administration).h. Manufacturing overhead applied to production, $140,400.i. Cost of goods manufactured, $303,800.j. Cash sales t customers, $416,840.k. Cost of goods sold (unadjusted), $300,600.l. Cash payments to creditors, $62,000.m. Underapplied or overapplied overhead|$_____Required:1. Calculate the ending balance that would be reported on the company?s balance sheet on January 31.2. What is Marrison Company?s net operating income for the month of January?

Suppose that a firm has both fixed-rate and floating-rate debt outstanding. What effect will a decline in interest rates have on the firm's times-interest-earned ratio

Sportly, Inc. completed Job No. B14 during 2012. The job cost sheet listed the following:Direct materials $55,000Direct labor $30,000Manufacturing overhead applied $20,000Units produced 3,000 unitsUnits sold 1,800 unitsHow much is the cost of the finished goods on hand from this job? a.$51,000 b.$105,000 c.$42,000 d.$63,000

How much would a worker have to be paid per hour in 2016 to keep her real wage the same as in 1980 if she earned $10 per hour in 1980