Winter Semester Accounting: Top Grades with Assignment Help

Winter Semester Accounting: Top Grades with Assignment Help
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Winter Semester Accounting: Top Grades with Assignment Help

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1. Exercise 2-7 The following information is available for Callaway Golf Company for the years 2008 and
Exercise 2-7
The following information is available for Callaway Golf Company for the years 2008 and 2007. (Dollars are in thousands, except share information.)
2008 2007
Net sales $ 1,117,204 $ 1,124,591
Net income (loss) 66,176 54,587
Total assets 855,338 838,078

Share information
Shares outstanding at year-end 64,507,000 66,282,000
Preferred dividends 0 0


There were 73,139,000 shares outstanding at the end of 2006.






(a)
What was the companyA????1s earnings per share for each year? (Round answers to 2 decimal places, e.g. 15.25.)
2008: $
2007: $



.
Problem 2-5A
Here and following are financial statements of Batcha Company.
BATCHA COMPANY
Income Statement
For the Year Ended December 31, 2012
Net sales $2,234,059
Cost of goods sold 1,028,326
Selling and administrative expenses 921,737
Interest expense 90,218
Income tax expense 70,003
Net income $ 123,775
BATCHA COMPANY
Balance Sheet
December 31, 2012
Assets
Current assets
Cash $ 75,659
Short-term investments 85,003
Accounts receivable (net) 180,767
Inventory 163,269
Total current assets 504,698
Plant assets (net) 591,226
Total assets $ 1,095,924
Liabilities and StockholdersA????1 Equity
Current liabilities
Accounts payable $ 175,559
Income taxes payable 36,503
Total current liabilities 212,062
Bonds payable 210,967
Total liabilities 423,029
StockholdersA????1 equity
Common stock 365,926
Retained earnings 306,969
Total stockholdersA????1 equity 672,895
Total liabilities and stockholdersA????1 equity $1,095,924


Additional information: The cash provided by operating activities for 2012 was $206,359. The cash used for capital expenditures was $107,926. The cash used for dividends was $32,003. The average number of shares outstanding during the year was 50,000.






(a)
Compute the following values and ratios for 2012. (We provide the results from 2011 for comparative purposes.) (If answer is negative enter it with a negative sign preceding the number e.g. -15,000 or in parenthesis e.g. (15,000).)
(i) Working capital. (2011: $160,500)
(ii) Current ratio. (2011: 1.65:1)
(iii) Free cash flow. (2011: $48,700)
(iv) Debt to total assets ratio. (2011: 31%)
(v) Earnings per share. (2011: $3.15)
Working capital $
Current ratio (Round to 2 decimal places, e.g. 0.78 : 1.) :1
Free cash flow $
Debt to total assets ratio (Round to 1 decimal place, e.g. 78.9%.) %
Earnings per share (Round to 2 decimal places, e.g. $2.78.) $



2. What is Richard's net pay for the week if he earns $1,300?
Richard Gaziano is a manager for Health Care, Inc. Health Care deducts Social Security, Medicare, and FIT (by percentage method) from his earnings. Assume the same Social Security and Medicare rates as in Problem 9–26. Before this payroll, Richard is $1,000 below the maximum level for Social Security earnings. Richard is married, is paid weekly, and claims 2 exemptions. What is Richard's net pay for the week if he earns $1,300?
3. Tabulate and draw the investment opportunity set of the two risky funds. Use invest- ment
8. Tabulate and draw the investment opportunity set of the two risky funds. Use invest- ment proportions for the stock fund of 0% to 100% in increments of 20%. What expected return and standard deviation does your graph show for the minimum-variance portfolio? (LO 6-2)
4. Visic Corporation, a manufacturing company, produces a single
Visic Corporation, a manufacturing company, produces a single product. The following information has been taken from the companys production, sales, and cost records for the just completed year.



The finished goods inventory is being carried at the average unit production cost for the year. The selling price of the product is $50 per unit.



Required:
1. Prepare a schedule of cost of goods manufactured for the year.
2. Compute the following.
a. The number of units in the finished goods in inventory at the end of the year.
b. The cost of the units in the finished goods in inventory at the end of the year.
3. Prepare an income statement for the year.
5. At the bottom of a loop in the vertical plane an airplane has a horizontal velocity of 150 m/s...
At the bottom of a loop in the vertical plane an airplane has a horizontal velocity of 150 m/s and is speeding up at a rate of 25 m/s2 . The radius of curvature of the loop is 2000 m. The plane is being tracked by radar at O. What are the recorded values of , , and for this instant?

COMPUTER PROBLEMS
6. Shiva Ltd. invited application for issuing 2,00,000 equity shares of Rs 100 each at apremium of Rs..
Shiva Ltd. invited application for issuing 2,00,000 equity shares of Rs 100 each at apremium of Rs 60 per share. The amount was payable as follows:On application : Rs 30 per share (incl. prem. Of Rs 10),On allotment : Rs 70 per share (inc. prem. Of Rs 50),On first and final call the balance amount.Application for Rs 1,90,000 shares were received. Shares were allotted to all theapplicants and the company received all money due on allotment except Krishna who hadbeen allotted 1,000 shares, and his shares were immediately forfeited. Afterwards firstand final call was made. Kapil did not pay the first and final on his 2,000 allotted shares.His shares were also forfeited. 50% of the forfeited shares of both Krishna and Kapil werereissued for Rs 90 per share fully paid-up.Pass the necessary Journal entries in the book of accounts of Shiva Ltd. for the abovetransactions.
7. Manufacturing cost data for Dolan Company, which uses a job order cost system, are presented belo...
Manufacturing cost data for Dolan Company, which uses a job order cost system, are presented below Indicate the missing amount for each letter. Assume that overhead Instructions is applied on the basis of direct labor cost and that the rate is the same for both cases. Note that the overhead rate from Case A is 90% ($ 63,000 + $ 70,000)] 135,000 388,000 433,000 393,000
8. Brownley Company has two service departments and two operating (production) departments. The Payr...
Brownley Company has two service departments and two operating (production) departments. The Payroll Department services all three of the other departments in proportion to the number of employees in each. The Maintenance Department costs are allocated to the two operating departments in proportion to the floor space used by each. Listed below are the operating data for the current period: Service Depts. Production Depts. Payroll Maintenance Cutting Assembly Direct costs $23,600 $33,500 $92,500 $137,400 No. of personnel 31 31 93 Sq. ft. of space 13,200 18,200 The total cost of operating the Cutting Department for the current period is: $17,480. $20,851. $4,720. $113,287.
9. Classify the following item as either TPS - transaction processing system FRS- financial reportin...
Classify the following item as either
TPS - transaction processing system
FRS- financial reporting system
MRS- management reporting system
* variance report
*sales order capture
*balance sheet
*Budget
* purchase order preparation
* tax return
* sales summary by product line
*cash disbursement preperation
* annual report preparation
* invoice preparation
* cost volume profit analysis
10. Question 1 The bank portion of the bank reconciliation for Langer Company at November 30, 2017, w...
Question 1 The bank portion of the bank reconciliation for Langer Company at November 30, 2017, was as follows. LANGER COMPANY Bank Reconciliation November 30, 2017 Cash balance per bank $14,537.90 2,530.20 Add: Deposits in transit 17,068.10 Less: Outstanding checks Check Amount Check Number 3451 2,260.40 3470 720.10 3471 844.50 1,426.80 3472 3474 1,058.50 6,310.30 Adjusted cash balance per $10,757.80 bank The adjusted cash balance per bank agreed with the cash balance per books at November 30. The December bank statement showed the following checks and deposits. Bank Statement Checks Deposits Number Date Amount Date Amount 12-1 3451 $2,260.40 12-1 2,530.20 12-2 3471 844.50 12-4 1,211.60 1,426.80 12-7 3472 12-8 2,365.10 2,672.70 12-4 3475 1,640.70 12-16 12-8 3476 1,300.00 12-21 2,945.00 2,567.30 12-10 3477 2,130.00 12-26 3479 3,080.00 12-15 12-29 2,836.00 1,025.00 12-27 3480 600.00 12-30 $18,152.90 12-30 3482 475.50 Tota 12-29 3483 1,140.00 12-31 3485 520.80 $15,418.70 Tota
11. 11. Product costs are deducted from revenue a. as expenditures are made. b. when production is...
11. Product costs are deducted from revenue
a. as expenditures are made.
b. when production is completed.
c. as goods are sold.
d. to minimize taxable income.
12. A selling cost is a(n)
product cost period cost inventoriable cost
a. yes yes no
b. yes no no
c. no yes no
d. no yes yes
13. Which of the following is not a product cost component?
a. rent on a factory building
b. indirect production labor wages
c. janitorial supplies used in a factory
d. commission on the sale of a product
14. Period costs
a. are generally expensed in the same period in which they are incurred.
b. are always variable costs.
c. remain unchanged over a given period of time.
d. are associated with the periodic inventory method.
15. Period costs include
distribution costs outside processing costs sales commissions
a. yes no yes
b. no yes yes
c. no no no
d. yes yes yes
16. The three primary inventory accounts in a manufacturing company are
a. Merchandise Inventory, Supplies Inventory, and Finished Goods Inventory.
b. Merchandise Inventory, Work in Process Inventory, and Finished Goods Inventory.
c. Supplies Inventory, Work in Process Inventory, and Finished Goods Inventory.
d. Raw Material Inventory, Work in Process Inventory, and Finished Goods Inventory.
17. Cost of Goods Sold is an
a. unexpired product cost.
b. expired product cost.
c. unexpired period cost.
d. expired period cost.
18. The indirect costs of converting raw material into finished goods are called
a. period costs.
b. prime costs.
c. overhead costs.
d. conversion costs.
19. Conversion cost does not include
a. direct labor.
b. direct material.
c. factory depreciation.
d. supervisors’ salaries.
20. Conversion of inputs to outputs is recorded in the
a. Work in Process Inventory account.
b. Finished Goods Inventory account.
c. Raw Material Inventory account.
d. both a and b.
12. Which of the following statements about budgeted financial statements is incorrect?
Which of the following statements about budgeted financial statements is incorrect?
1. The budgeted balance sheet is developed entirely from the budgets for the current year.
2. Once established, the budgeted income statement provides the basis for evaluating company performance.
3. Cost of goods sold is determined by multiplying the budgeted unit sales by the budgeted total unit production cost.
4. The budgeted income statement is developed from the budgets for the current year.
13. XY Ltd. is manufacturing three household products, A, B and C and selling them in a competitive...
XY Ltd. is manufacturing three household products, A, B and C and selling them in a competitive market. Details of current demand, selling price and cost structure are given below.
Particulars A B C
Expected Demand [units] 10, 000 12, 000 20, 000
Selling price per unit Rs. 20 16 10
Variable cost per unit
Direct materials Rs.10 per kg 6 4 2
Direct labour Rs.1.5 per hour 3 3 1.50
Variable overheads 2 1 1.0
Fixed overheads per unit Rs.5 Rs.4 Rs.2

The company is frequently affected by acute scarcity of raw material and high labor turnover. During the next period, it is expected to have one of the following situations:
I] Raw material available will be only 12 100 kg
II] Direct labour hours available will be only 5000 hrs.
III] It may be possible to increase sales of any one product by 25% without any additional fixed costs but by spending Rs.20, 000 on advertisement. There will be no shortage of materials or labor. Suggest the best production plan in each case and the resultant profit that the company would earn according to your suggestion.

14. Cost hierarchy. Hamilton, Inc., manufactures boom boxes (music s
Cost hierarchy. Hamilton, Inc., manufactures boom boxes (music systems with radio, cassette, and compact disc players) for several well-known companies. The boom boxes differ significantly in their complexity and their manufacturing batch sizes. The following costs were incurred in 2011:
a. Indirect manufacturing labor costs such as supervision that supports direct manufacturing labor, $1,450,000
b. Procurement costs of placing purchase orders, receiving materials, and paying suppliers related to the number of purchase orders placed, $850,000
c. Cost of indirect materials, $275,000
d. Costs incurred to set up machines each time a different product needs to be manufactured, $630,000
e. Designing processes, drawing process charts, making engineering process changes for products, $775,000
f. Machine-related overhead costs such as depreciation, maintenance, production engineering, $1,500,000 (These resources relate to the activity of running the machines.)
g. Plant management, plant rent, and plant insurance, $925,000
Required
1. Classify each of the preceding costs as output unit-level, batch-level, product-sustaining, or facility-sustaining. Explain each answer.
2. Consider two types of boom boxes made by Hamilton, Inc. One boom box is complex to make and is produced in many batches. The other boom box is simple to make and is produced in few batches. Suppose that Hamilton needs the same number of machine-hours to make each type of boom box and that Hamilton allocates all overhead costs using machine-hours as the only allocation base. How, if at all, would the boom boxes be miscosted? Briefly explain why.
3. How is the cost hierarchy helpful to Hamilton in managing its business?
15. Viking Company purchased and installed carpet in its new general offices on June 30 for a total cost...
EX 10-16 Capital expenditure and depreciation
Viking Company purchased and installed carpet in its new general offices on June 30 for a total cost of $15,000. The carpet is estimated to have a 12-year useful life and no residual value.
a. Prepare the journal entries necessary for recording the purchase of the new carpet.
b. Record the December 31 adjusting entry for the partial-year depreciation expense for the carpet, assuming that Viking Company uses the straight-line method.
16. Hi I need help with some accounting homework. I do not want the answers, I need to know how to...
Hi I need help with some accounting homework. I do not want the answers, I need to know how to get the answers. Thanks.
Carlsville Company, which began operations in 2013, invests its idle cash in trading securities. The following transactions are from its short-term investments in its trading securities.
2013
Jan. 20 Purchased 800 shares of Ford Motor Co. at $26 per share plus a $125 commission.
Feb. 9 Purchased 2,200 shares of Lucent at $44.25 per share plus a $578 commission.
Oct. 12 Purchased 750 shares of Z-Seven at $7.50 per share plus a $200 commission.
2014
Apr. 15 Sold 800 shares of Ford Motor Co. at $29 per share less a $285 commission.
July 5 Sold 750 shares of Z-Seven at $10.25 per share less a $102.50 commission.
July 22 Purchased 1,600 shares of Hunt Corp. at $30 per share plus a $444 commission.
Aug. 19 Purchased 1,800 shares of Donna Karan at $18.25 per share plus a $290 commission.
2015
Feb. 27 Purchased 3,400 shares of HCA at $34 per share plus a $420 commission.
Mar. 3 Sold 1,600 shares of Hunt at $25 per share less a $250 commission.
June 21 Sold 2,200 shares of Lucent at $42 per share less a $420 commission.
June 30 Purchased 1,200 shares of Black & Decker at $47.50 per share plus a $595 commission.
Nov. 1 Required:
1. Prepare journal entries to record these short-term investment activities for the years shown. (Ignore any year-end adjusting entries.)


17. Andre is an amateur investor who holds a small portfolio consisting of only four stocks. The stoc...
Andre is an amateur investor who holds a small portfolio consisting of only four stocks. The stock holdings in his portfolio are shown in the following table: What is the expected return on Andre's stock portfolio? 10.35% 13.97% 7.76% 15.53% Suppose each stock in Andre's portfolio has a correlation coefficient of 0.40 (p = 0.40) with each of the other stocks. The market's average standard deviation is approximately 20%, and the weighted average of the risk of the individual securities in the partially diversified four-stock portfolio is 37%. If 40 additional, randomly selected stocks with a correlation coefficient of 0.30 with the other stocks in the portfolio were added to the portfolio, what effect would this have on the portfolio's standard deviation (sigma_p)? It would gradually settle at about 35%. It would gradually settle at approximately 20%. It would stay constant at 37%. It would gradually settle at approximately 50%.