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Winter Research Paper Help
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1. Times-Roman Publishing Company reports the following amounts in its first three years of operatio...Times-Roman Publishing Company reports the following amounts in its first three years of operation: in 000s) 2012 2013 2014 Pretax accounting income $250 $240 $230 Taxable income 290 220 260 The difference between pretax accounting income and taxable income is due to subscription revenue for one-year magazine subscriptions being reported for tax purposes in the year received, but reported in the income statement in later years when earned. The income tax rate is 20% each year. Times-Roman anticipates profitable operations in the future. Required: 1. What is the balance sheet account for which a temporary difference is created by this situation? Earned subscription revenue Unearned subscription revenue 2. For each year, indicate the cumulative amount of the temporary difference at year-end. (Enter your answers in thousands.) December 31 2014 2012 2013 20 40 Temporary difference
2. The transactions listed below are typical of those involving New Books Inc. and Readers’ Corner...
The transactions listed below are typical of those involving New Books Inc. and Readers’ Corner. New Books is a wholesale merchandiser and Readers’ Corner is a retail merchandiser. Assume all sales of merchandise from New Books to Readers’ Corner are made with terms 2/10, n/30, and that the two companies use perpetual inventory systems. Assume the following transactions between the two companies occurred in the order listed during the year ended August 31.
a. New Books sold merchandise to Readers’ Corner at a selling price of $580,000. The merchandise had cost New Books $427,000.
b. Two days later, Readers’ Corner complained to New Books that some of the merchandise differed from what Readers’ Corner had ordered. New Books agreed to give an allowance of $13,000 to Readers’ Corner.
c. Just three days later, Readers’ Corner paid New Books, which settled all amounts owed. 4.value: 2.00 pointsRequired
information Required: 1. For each of the events (a) through (c), indicate the amount and direction of the effect on New Books in terms of the following items. (Enter any decreases to account balances with a minus sign.)
2. Record the journal entries
3. A computer hardware company is interested in decreasing its sales force turnover as it seems to be h
A computer hardware company is interested in decreasing its sales force turnover as it seems to be higher than the industry average Management looks at the incentives for the sales force and realizes that it takes, on average, sixty days to close a sale Currently there is no base salary for the sales force and they are paid only commission on their total sales Management decides on a blended approach and makes changes to balance salary and commissions carefully to achieve optimum sales volume, profitability, and customer satisfaction Over the next two quarters, there is no turnover and morale among the sales team is higher This is an example of the application of
a equity theory
b expectancy theory
c reinforcement theory
4. Which of the following statements is correct about variable costs? -Variable costs vary on per...
Which of the following statements is correct about variable costs?
0 a. Variable costs vary on per unit basis as the level of activity changes
0 b. Variable costs vary in total in direct proportion to changes in the level of activity
0 c. Variable costs vary on per unit basis but remain the same in total as the level of activity changes
0 d. Variable costs remain the same in total as the level of activity changes
5. What could the victimized companies have done to prevent Miller’s embezzlement? 5.2 Figure 5-4 shows
2. What could the victimized companies have done to prevent Miller’s embezzlement?
5.2
1. Figure 5-4 shows the employees and external parties that deal with Heirloom. Explain how Heirloom could defraud the bank and how each internal and external party except the bank could defraud Heirloom.
2. What risk factor, unusual item, or abnormality would alert you to each fraud?
3. What control weaknesses make each fraud possible?
4. Recommend one or more controls to prevent or detect each means of committing fraud.
6. 5) The ________ is a component of financial budgets. A) cost of goods sold budget B) marketing costs
5) The ________ is a component of financial budgets.
A) cost of goods sold budget
B) marketing costs budget
C) distribution costs budget
D) cash budget
6) ________ include a budgeted statement of cash flows and a budgeted balance sheet.
A) Revenue budgets
B) Financial budgets
C) Operating budgets
D) Production budgets
7) The order to follow when preparing the operating budget is ________.
A) revenues budget, production budget, and direct manufacturing labor costs budget
B) costs of goods sold budget, production budget, and cash budget
C) revenues budget, manufacturing overhead costs budget, and production budget
D) cash expenditures budget, revenues budget, and production budget
8) In which order are the following developed? First to last:
A = Production budget
B = Direct materials costs budget
C = Budgeted income statement
D = Revenues budget
A) ABDC
B) DABC
C) DCAB
D) CABD
9) The budgeting process is most strongly influenced by ________.
A) the capital budget
B) the budgeted statement of cash flows
C) the sales forecast
D) the production budget
10) ________ is the usual starting point for budgeting.
A) The revenues budget
B) The estimated net income
C) The production budget
D) The cash budget
11) The sales forecast should be primarily based on ________.
A) statistical analysis
B) input from sales managers and sales representatives
C) production capacity
D) input from the board of directors
12) Costs such as supervision, depreciation, maintenance, supplies, and power. are included in the ________.
A) capital expenditures budget
B) distribution costs budget
C) revenues budget
D) manufacturing overhead budget
13) High inventory levels increase the ________.
A) cost of carrying inventory, the costs of quality, and shrinkage costs
B) revenues and expected profits
C) cost of equity, cost of debt, and cost of short-term funds
D) cost of materials, the costs of overhead, and opportunity costs
14) The revenues budget identifies ________.
A) expected cash flows for each product
B) actual sales from last year for each product
C) the expected level of sales for the company
D) the variance of sales from actual for each product
7. A naked, male corpse was found at 8 a.m. on Tuesday, July 9. The air temperature was already 26.7°C.
A naked, male corpse was found at 8 a.m. on Tuesday, July 9. The air temperature was already 26.7°C (81°F). The body exhibited some stiffness in the face and eyelids and had a body temperature of 34.4°C (93.9°F). Livor mortis was not evident. a. Approximately how long ago did the man die? b. Justify your answer. c. Would clothing on the body have made a difference in determining the actual time of death? Why or why not?
8. Profits might be compared with sales, assets, or stockholders’ e
Profits might be compared with sales, assets, or stockholders’ equity. Why might all three bases be used? Will trends in these ratios always move in the same direction?
9. A partial list of the accounts and ending account balances
A partial list of the accounts and ending account balances taken from the post closing trial balance of the Jordan Corporation on December 31, 2007 is shown as follows:
Account Title Amount
Retained earnings …………………………………….. $410,000
Bonds payable ………………………………………….. 220,000
Common stock subscribed ……………………………….. 60,000
Long-term investments in stock ………………………… 210,000
Additional paid-in capital on common stock ……………. 460,000
Premium on bonds payable ……………………………….. 30,000
Common stock …………………………………………… 500,000
Preferred stock subscribed ………………………………… 35,000
Additional paid-in capital on preferred stock …………….. 112,000
Preferred stock ……………………………………………. 300,000
Additional paid-in capital from treasury stock ……………… 4,000
Unrealized increase in value of securities available for sale … 3,000
Common stock option warrants …………………………….. 20,000
Additional information:
1. Common stock is no-par, with a stated value of $10 per share, 90,000 shares are authorized, 50,000 shares are issued and outstanding, 6,000 shares have been subscribed at a price of $28 per share.
2. Preferred stock has a $50 par value, 8,000 shares are authorized, 6,000 shares are issued and outstanding, 700 shares have been subscribed at a price of $70 per share. Each share is cumulative, convertible into five shares of common stock, and pays a 7% annual dividend. Dividends are not in arrears.
3. Bonds payable mature on July 1, 2019. They carry a 12% annual interest rate, payable semiannually. The premium is being amortized using the straight-line method.
Required
Prepare the contributed capital section of the December 31, 2007 balance sheet for the Jordan Corporation. Include appropriate parenthetical notes for the common and preferred stock.
10. Multiple Choice Questions 1. Land improvements are: A) Assets that increase the usefulness of land,.
Multiple Choice Questions 1. Land improvements are: A) Assets that increase the usefulness of land, and like land, are not depreciated. B) Assets that increase the usefulness of land, but that have a limited useful life and are subject to depreciation. C) Included in the cost of the land account. D) Expensed in the period incurred. E) Also called basket purchases. 2. Plant assets include: A) Land. B) Land improvements. C) Buildings. D) Machinery and equipment. E) All of the above. 3. The cost of land can include: A) Purchase price. B) Assessments by local governments. C) Costs of removing existing buildings. D) Fees for insuring the title. E) All of the above. 4. The total cost of an asset less its accumulated depreciation is called: A) Historical cost. B) Book value. C) Present value. D) Current (market) value. E) Replacement cost. 5. A method that charges the same amount of expense over each period of the asset s useful life is called: A) Accelerated depreciation. B) Declining-balance depreciation. C) Straight-line depreciation. D) Units-of-production depreciation. E) Modified accelerated cost recovery system (MACRS) depreciation. 6. A method that allocates an equal portion of the total depreciable cost for a plant asset to each unit produced is called: A) Accelerated depreciation. B) Declining-balance depreciation. C) Straight-line depreciation. D) Units-of-production depreciation. E) Modified accelera
11. Professor Patricia (Patty) Pâté is retired from the Palm Springs Culinary Arts Academy (PSCAA)....
Professor Patricia (Patty) Pâté is retired from the Palm Springs Culinary Arts Academy (PSCAA). She is a single taxpayer and is 68 years old. Patty lives at 98 Colander Street, Henderson, NV 89052. Professor Pâté’s Social Security number is 565-66-9378. Patty receives monthly retirement benefits from her PSCAA retirement plan. Earnings and income tax withholding shown on her retirement 2016 Form 1099-R are:
12. LO 5 Exercise 1-7 The Accounting Equation For each of the following cases, fill in the blank with...
Exercise 1-7 The Accounting Equation
For each of the following cases, fill in the blank with the appropriate dollar amount.
Case 1 Case 2 Case 3 Case 4
Total assets, end of period $40,000 $ $75,000 $50,000
Total liabilities, end of period 15,000 25,000 10,000
Capital stock, end of period 10,000 5,000 20,000 15,000
Retained earnings, beginning of period 15,000 8,000 10,000 20,000
Net income for the period 8,000 7,000 9,000
Dividends for the period 2,000 1,000 3,000
Exercises 35
13. 1.5 The following information is collected from students upon exiting the campus bookstore during...
1.5 The following information is collected from students upon exiting the campus bookstore during the first week of classes. a. Amount of time spent shopping in the bookstore b. Number of textbooks purchased c. Academic major d. Gender Classify each of these variables as categorical or numerical. If the variable is numerical, determine whether the variable is discrete or continuous. In addition, determine the measurement scale for each of these variabl
14. EX 6-5 Perpetual inventory using LIFO Beginning inventory, purchases, and sales data for prepaid...
EX 6-5 Perpetual inventory using LIFO
Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows:
Inventory Purchases Sales
May 1 1,550 units at $44 May 10
20 720 units at $45 1,200 units at $48 May 12
14 1,200 units
830 units
31 1,000 units
a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 5.
b. Based upon the preceding data, would you expect the inventory to be higher or lower using the first-in, first-out method?
15. Frozen Delight, Inc. charges an initial franchise fee of $75,000
Frozen Delight, Inc. charges an initial franchise fee of $75,000 for the right to operate as a franchisee of Frozen Delight. Of this amount, $25,000 is collected immediately. The remainder is collected in 4 equal annual installments of $12,500 each. These installments have a present value of $41,402. There is reasonable expectation that the down payment may be refunded and substantial future services be performed by Frozen Delight, Inc. Prepare the journal entry required by Frozen Delight to record the franchise fee.
16. Problem 3-8A The Triquel Theater Inc. was recently formed. It began operations in March 2017. The...
Problem 3-8A
The Triquel Theater Inc. was recently formed. It began operations in March 2017. The Triquel is unique in that it will show only triple features of sequential theme movies. On March 1, the ledger of The Triquel showed Cash $20,800; Land $42,800; Buildings (concession stand, projection room, ticket booth, and screen) $22,000; Equipment $16,000; Accounts Payable $16,800; and Common Stock $84,800. During the month of March, the following events and transactions occurred:
Mar. 2 Rented the first three Star Wars movies (Star Wars®, The Empire Strikes Back, and The Return of the Jedi) to be shown for the first three weeks of March. The film rental was $9,100; $2,000 was paid in cash and $7,100 will be paid on March 10.
3 Ordered the first three Star Trek movies to be shown the last 10 days of March. It will cost $500 per night.
9 Received $10,600 cash from admissions.
10 Paid balance due on Star Wars movies' rental and $2,900 on March 1 accounts payable.
11 The Triquel Theater contracted with R. Lazlo to operate the concession stand. Lazlo agrees to pay The Triquel 15% of gross receipts, payable monthly, for the rental of the concession stand.
12 Paid advertising expenses $590.
20 Received $8,000 cash from customers for admissions.
20 Received the Star Trek movies and paid rental fee of $5,500.
31 Paid salaries of $3,600.
31 Received statement from R. Lazlo showing gross receipts from concessions of $12,300 and the balance due to The Triquel of $1,845 ($12,300 × .15) for March. Lazlo paid half the balance due and will remit the remainder on April 5.
31 Received $20,400 cash from customers for admissions.
Using T-accounts, enter the beginning balances to the ledger.
Cash
3/1 Bal.3/23/93/103/123/203/31 3/1 Bal.3/23/93/103/123/203/31
Land
3/1 Bal.3/23/93/103/123/203/31 3/1 Bal.3/23/93/103/123/203/31
Buildings
3/1 Bal.3/23/93/103/123/203/31 3/1 Bal.3/23/93/103/123/203/31
Equipment
3/1 Bal.3/23/93/103/123/203/31 3/1 Bal.3/23/93/103/123/203/31
Accounts Payable
3/1 Bal.3/23/93/103/123/203/31 3/1 Bal.3/23/93/103/123/203/31
Common Stock
3/1 Bal.3/23/93/103/123/203/31 3/1 Bal.3/23/93/103/123/203/31
SHOW LIST OF ACCOUNTS
Journalize the March transactions. The Triquel records admission revenue as service revenue, concession revenue as sales revenue, and film rental expense as rent expense. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Date Account Titles and Explanation Debit Credit
Mar. 2Mar. 3Mar. 9Mar. 10Mar. 11Mar. 12Mar. 20Mar. 31
Mar. 2Mar. 3Mar. 9Mar. 10Mar. 11Mar. 12Mar. 20Mar. 31
Mar. 2Mar. 3Mar. 9Mar. 10Mar. 11Mar. 12Mar. 20Mar. 31
Mar. 2Mar. 3Mar. 9Mar. 10Mar. 11Mar. 12Mar. 20Mar. 31
Mar. 2Mar. 3Mar. 9Mar. 10Mar. 11Mar. 12Mar. 20Mar. 31
Mar. 2Mar. 3Mar. 9Mar. 10Mar. 11Mar. 12Mar. 20Mar. 31
Mar. 2Mar. 3Mar. 9Mar. 10Mar. 11Mar. 12Mar. 20Mar. 31
Mar. 2Mar. 3Mar. 9Mar. 10Mar. 11Mar. 12Mar. 20Mar. 31
Mar. 2Mar. 3Mar. 9Mar. 10Mar. 11Mar. 12Mar. 20Mar. 31
Mar. 31
Mar. 2Mar. 3Mar. 9Mar. 10Mar. 11Mar. 12Mar. 20Mar. 31
SHOW LIST OF ACCOUNTS
Post the March journal entries to the ledger. (Post entries in the order of information presented in the question.)
Cash
3/1 Bal. 20,800 3/13/23/93/103/123/203/31Bal.
3/13/23/93/103/123/203/31Bal. 3/13/23/93/103/123/203/31Bal.
3/13/23/93/103/123/203/31Bal. 3/13/23/93/103/123/203/31Bal.
3/13/23/93/103/123/203/31Bal. 3/13/23/93/103/123/203/31Bal.
3/13/23/93/103/123/203/31Bal. 3/13/23/93/103/123/203/31Bal.
3/13/23/93/103/123/203/31Bal. 3/13/23/93/103/123/203/31Bal.
Accounts Receivable
3/13/23/93/103/123/203/31Bal. 3/13/23/93/103/123/203/31Bal.
3/13/23/93/103/123/203/31Bal. 3/13/23/93/103/123/203/31Bal.
Land
3/1 Bal. 42,800 3/13/23/93/103/123/203/31Bal.
3/13/23/93/103/123/203/31Bal. 3/13/23/93/103/123/203/31Bal.
Buildings
3/1 Bal. 22,000 3/13/23/93/103/123/203/31Bal.
3/13/23/93/103/123/203/31Bal. 3/13/23/93/103/123/203/31Bal.
Equipment
3/1 Bal. 16,000 3/13/23/93/103/123/203/31Bal.
3/13/23/93/103/123/203/31Bal. 3/13/23/93/103/123/203/31Bal.
Accounts Payable
3/13/23/93/103/123/203/31Bal. 3/1 Bal. 16,800
3/13/23/93/103/123/203/31Bal. 3/13/23/93/103/123/203/31
3/13/23/93/103/123/203/31Bal. 3/13/23/93/103/123/203/31Bal.
Common Stock
3/13/23/93/103/123/203/31Bal. 3/1 Bal. 84,800
3/13/23/93/103/123/203/31Bal. 3/13/23/93/103/123/203/31Bal.
Service Revenue
3/13/23/93/103/123/203/31Bal. 3/13/23/93/103/123/203/31Bal.
3/13/23/93/103/123/203/31Bal. 3/13/23/93/103/123/203/31Bal.
3/13/23/93/103/123/203/31Bal. 3/13/23/93/103/123/203/31Bal.
3/13/23/93/103/123/203/31Bal. 3/13/23/93/103/123/203/31Bal.
Sales Revenue
3/13/23/93/103/123/203/31Bal. 3/13/23/93/103/123/203/31Bal.
3/13/23/93/103/123/203/31Bal. 3/13/23/93/103/123/203/31Bal.
Advertising Expense
3/13/23/93/103/123/203/31Bal. 3/13/23/93/103/123/203/31Bal.
3/13/23/93/103/123/203/31Bal. 3/13/23/93/103/123/203/31Bal.
Rent Expense
3/13/23/93/103/123/203/31Bal. 3/13/23/93/103/123/203/31Bal.
3/13/23/93/103/123/203/31Bal. 3/13/23/93/103/123/203/31Bal.
3/13/23/93/103/123/203/31Bal. 3/13/23/93/103/123/203/31Bal.
Salaries and Wages Expense
3/13/23/93/103/123/203/31Bal. 3/13/23/93/103/123/203/31Bal.
3/13/23/93/103/123/203/31Bal. 3/13/23/93/103/123/203/31Bal.
SHOW LIST OF ACCOUNTS
Prepare a trial balance on March 31, 2017.
TRIQUEL THEATER INC.
Trial Balance
March 31, 2017For the Month Ended March 31, 2017For the Year Ended March 31, 2017
Debit Credit
$
$
$
$
17. S.V. Ltd. manufactures a single product, the standard mix of which are as follows: Material A
