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Accounting Assignment Help: Achieve Distinction This Fall
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28. Jackpot Mining Company operates a copper mine in central Montana. The company paid $1,000,000 in...Jackpot Mining Company operates a copper mine in central Montana. The company paid $1,000,000 in 2016 for the mining site and spent an additional $600,000 to prepare the mine for extraction of the copper. After the copper is extracted in approximately four years, the company is required to restore the land to its original condition, including repaving of roads and replacing a greenbelt. The company has provided the following three cash flow possibilities for the restoration costs: ( FV of $1 , PV of $1 , FVA of $1 , PVA of $1 , FVAD of $1 and PVAD of $1 ) (Use appropriate factor(s) from the tables provided.) : Cash Outflow Probability 1 $300,000 25% 2 400,000 40% 3 600,000 35% To aid extraction, Jackpot purchased some new equipment on July 1, 2016, for $120,000. After the copper is removed from this mine, the equipment will be sold. The credit-adjusted, risk-free rate of interest is 10%
29. During the month of March, direct labor cost totaled $17,000 and direct labor cost was 70% of prime...
During the month of March, direct labor cost totaled $17,000 and direct labor cost was 70% of prime cost. If total manufacturing costs during March were $88,000, the manufacturing overhead was:
A) $24,286
B) $71,000
C) $63,714
D) $7,286
30. Sales when profit is Rs. 1,20,000
P/V Ratio = 30%
Fixed Cost = Rs. 1,20,000
Find out:
BES
Sales when profit is Rs. 1,20,000
Profit when sales is Rs. 6,00,000
31. Use the Internet to find the home pages for some financial-planning firms. What strategies do they...
Use the Internet to find the home pages for some financial-planning firms. What strategies do they emphasize? What do they say about their asset allocation strategy? What are their firms" emphases: value investing, international diversification, principal preservation, retirement and estate planning, and such?
32. 8.) The Lakeside Company uses a weighted-average process costing system. The following data are a...
8.) The Lakeside Company uses a weighted-average process costing system. The following data are available:
Beginning inventory -0-
Units started in production 20,000
Units finished during the period 16,000
Units in process at the end of the period (complete as to materials, ¼ complete as to labor and overhead)
4,000
Cost of materials used $ 35,200
Labor and overhead costs $ 37,400
Total cost of the 4,000 units of the ending inventory:
a.) $15,840.
b.) $14,520.
c.) $9,240.
d.) $8,910.
9.) The Finishing Department had 5,000 incomplete units in its beginning Work-in-Process Inventory which were 100% complete as to materials and 30% complete as to conversion costs. 15,000 units were received from the previous department. The ending Work-in-Process Inventory consisted of 2,000 units which were 50% complete as to materials and 30% complete as to conversion costs. The Finishing Department uses first-in, first-out (FIFO) process costing.
How many units were started and completed during the period?
a.) 12,000.
b.) 13,000.
c.) 18,000.
d.) 20,000.
33. Raner, Harris & Chan is a consulting firm that specializes in information systems for medical...
Raner, Harris & Chan is a consulting firm that specializes in information systems for medical and dental clinics. The firm has two offices—one in Chicago and one in Minneapolis. The firm classifies the direct costs of consulting jobs as variable costs. A contribution format segmented income statement for the company’s most recent year is given: Office Total Company Chicago Minneapolis Sales $ 525,000 100.0 % $ 105,000 100 % $ 420,000 100 % Variable expenses 283,500 54.0 % 31,500 30 % 252,000 60 % Contribution margin 241,500 46.0 % 73,500 70 % 168,000 40 % Traceable fixed expenses 117,600 22.4 % 54,600 52 % 63,000 15 % Office segment margin 123,900 23.6 % $ 18,900 18 % $ 105,000 25 % Common fixed expenses not traceable to offices 84,000 16.0 % Net operating income $ 39,900 7.6 % Required: 1-a. Compute the companywide break-even point in dollar sales. 1-b. Compute the break-even point for the Chicago office and for the Minneapolis office. 1-c. Is the companywide break-even point greater than, less than, or equal to the sum of the Chicago and Minneapolis break-even points?
34. The board of directors of ABC Inc. decided on December 15, 20XX, to wind up international operations...
The board of directors of ABC Inc. decided on December 15, 20XX, to wind up international operations in the Far East and move them to Australia. The decision was based on a detailed formal plan of restructuring as required by IAS 37. This decision was conveyed to all workers and management personnel at the headquarters in Europe. The cost of restructuring the operations in the Far East as per this detailed plan was $2 million. How should ABC Inc. treat this restructuring in its financial statements for the year-end December 31, 20XX?
(a) Because ABC Inc. has not announced the restructuring to those affected by the decision and thus has not raised an expectation thatABC Inc. will actually carry out the restructuring (and as no constructive obligation has arisen), only disclose the restructuring decision and the cost of restructuring of $2 million in footnotes to the financial statements.
(b) Recognize a provision for restructuring since the board of directors has approved it and it has been announced in the headquarters of ABC Inc. in Europe.
(c) Mention the decision to restructure and the cost involved in the chairman’s statement in the annual report since it a decision of the board of directors.
(d) Because the restructuring has not commenced before year-end, based on prudence, wait until next year and do nothing in this year’s financial statements.
35. On November 1, 2012, the account balances of Robinson Equipment Repair were as follows. During...
On November 1, 2012, the account balances of Robinson Equipment Repair were as follows.
During November, the following summary transactions were completed.
Nov. 8 Paid $1,700 for salaries due employees, of which $700 is for October salaries.
10 Received $3,420 cash from customers on account.
12 Received $3,100 cash for services performed in November.
15 Purchased equipment on account $2,000.
17 Purchased supplies on account $700.
20 Paid creditors on account $2,700.
22 Paid November rent $400.
25 Paid salaries $1,700.
27 Performed services on account and billed customers for services provided $1,900.
29 Received $600 from customers for future service.
Adjustment data consist of:
1. Supplies on hand $1,400.
2. Accrued salaries payable $350.
3. Depreciation for the month is $200.
4. Unearned service revenue of $1,250 is earnedinstructions(d) Prepare a trial balance at November 30.
(e) Journalize and post adjusting entries.
(f) Prepare an adjusted trial balance.
(g) Prepare an income statement and an owner’s equity statement for November and a balance sheet at November30.
36. Franklin Glass Works’ production budget for the year ended November 30, 2009, was based on 200,000..
Franklin Glass Works’ production budget for the year ended November 30, 2009, was based on 200,000 units. Each unit requires 2 standard hours of labor for completion. Total overhead was budgeted at $900,000 for the year, and the fixed overhead rate was estimated to be $3 per unit. Both fixed and variable overhead are assigned to the product on the basis of direct labor hours. The actual data for the year ended November 30, 2009, are as follows: Production in units ........... 198,000 Labor hours ...................... 440,000 Variable overhead .................... $ 352,000 Fixed overhead ....................... $ 575,000 Required A. What are the total standard hours allowed for actual production for the year ended November 30, 2009? B. What is Franklin’s variable overhead efficiency variance? C. What is Franklin’s variable overhead spending variance? D. What is Franklin’s fixed overhead spending variance? E. What is Franklin’s fixed overhead volume variance?
37. Which of the following is the best theoretical justification for consolidated financial statements?
Which of the following is the best theoretical justification for consolidated financial statements?
a. In form the companies are one entity; in substance they are separate. b. In form the companies are separate; in substance they are one entity. c. In form and substance the companies are one entity.
d. In form and substance the companies are separate. (AICPA)
38. 6.3 Probit regression: A panel study followed 25 married couples over a period of five years. One...
6.3 Probit regression: A panel study followed 25 married couples over a period of five years. One item of interest is the relationship between divorce rates and the various characteristics of the couples. For example, the researchers would like to model the probability of divorce as a function of 238 Exercises age differential, recorded as the man’s age minus the woman’s age. The data can be found in the file divorce.dat. We will model these data with probit regression, in which a binary variable Yi is described in terms of an explanatory variable xi via the following latent variable model: Zi = ßxi + i Yi = d(c,8)(Zi), where ß and c are unknown coefficients, 1, . . . , n ~ i.i.d. normal(0, 1) and d(c,8)(z) = 1 if z > c and equals zero otherwise. a) Assuming ß ~ normal(0, t 2 ß ) obtain the full conditional distribution p(ß|y, x, z, c). b) Assuming c ~ normal(0, t 2 c ), show that p(c|y, x, z, ß) is a constrained normal density, i.e. proportional to a normal density but constrained to lie in an interval. Similarly, show that p(zi |y, x, z-i , ß, c) is proportional to a normal density but constrained to be either above c or below c, depending on yi . c) Letting t 2 ß = t 2 c = 16 , implement a Gibbs sampling scheme that approximates the joint posterior distribution of Z, ß, and c (a method for sampling from constrained normal distributions is outlined in Section 12.1.1). Run the Gibbs sampler long enough so that the effective sample sizes of all unknown parameters are greater than 1,000 (including the Zi ’s). Compute the autocorrelation function of the parameters and discuss the mixing of the Markov chain. d) Obtain a 95% posterior confidence interval for ß, as well as Pr(ß > 0|y, x).
39. Systems Understanding Aid 9th edition Complete the Year End Worksheet for 2017 (Green page, worke...
Systems Understanding Aid 9th edition
Complete the Year End Worksheet for 2017 (Green page, worked on by Jim Adams)
40. Christmas Anytime issues $740,000 of 6% bonds, due in 15 years, with interest payable semiannuall...
Christmas Anytime issues $740,000 of 6% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year.
Calculate the issue price of a bond and complete the first three rows of an amortization schedule when:
1. The market interest rate is 6% and the bonds issue at face amount.
2. The market interest rate is 7% and the bonds issue at a discount.
3. The market interest rate is 5% and the bonds issue at a premium.
Christmas Anytime issues $740.000 of 6% bonds. due in 15 years. with interest payable semiannually on June 30 and December 31 each year. Calculate the issue price of a bond and complete the first three rows of an amortization schedule when Required 1. The market interest rate is 6% and the bonds issue at face amount. (FV of $1, PV of $1 FVA of $1, and PVA of Use appropriate factor(s) from the tables provided. Do not round interest rate factors.) ssue price Date Interest increase in Cash Paid Expense carrying value Carrying Value 01/01/18 06/30/18 12/31/18 2. The market interest rate is 7% and the bonds issue at a discoun (EN of $1, PV of $1, EMA of S1, and PVA o S1) Use appropriate factor(s) from the tables provided. Do not round interest rate factors ssue price Carrying Interest increase in Date Cash Paid Carrying Value Expense Value 01/01/18 06/30/18 12/31/18 3. The market interest rate is 5% and the bonds issue at a premium. (FV of $1, PV of $1, FVA of $1, and PVA of $1) Use appropriate factor(s) from the tables provided. Do not round interest rate factors.) Issue price Cash Paid Interest Expense Decrease in Carrying Value Carrying 01/01/18 06/30/18 12/31/18
41. You have just been hired as management trainee by Earrings Unlimited, a distributor of earrings a...
Please label the sections accordingly, give explanations and formulas used.
You have just been hired as management trainee by Earrings Unlimited, a distributor of earrings a new 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 comprehensive budgets for the upcoming second quarter in order to show management the benefits that can be gained from an integrated budgeting program. 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-S10 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) 20.000 June (budget 50.000 February (actual) 26.000 July (budget) 30.0 March (actual) 40.000 August (budget) 28.000 April (budget 65.000 September (budget 25.000 May (budget) 00.000
42. Loring Company incurred the following costs last year: Direct materials $216,000 Factory rent...
Loring Company incurred the following costs last year: Direct materials
$216,000
Factory rent 24,000
Direct labor 120,000
Factory utilities 6,300
Supervision in the factory 50,000
Indirect labor in the factory 30,000
Depreciation on factory equipment 9,000
Sales commissions 27,000
Sales salaries 65,000
Advertising 37,000
Depreciation on the headquarters building 10,000
Salary of the corporate receptionist 30,000
Other administrative costs 175,000
Salary of the factory receptionist 28,000
Required
1. Classify each of the above costs using the table format given below. Be sure to total the amounts in each column.
Example: Direct materials $216,000
Product Cost Period Cost
Direct Direct Selling Administrative Costs Materials Labor Overhead Expense Expense Direct
materials $216,000
2. What was the total product cost for last year?
3. What was the total period cost for last year?
4. If 30,000 units were produced last year, what was the unit product cost?
