During the year, kate sold the following assets: business auto for $1,000 loss, stock investment for $1,000 loss, and a motor home for a $1,000 loss. Presuming adequate income, how much of these losses may Kate claim? Explain
The following purchases and sales for Sipple Company are for November 2020. There was no inventory on November 1. ine Nov. 2 Nov. 6 Nov. 10 Nov. 12 Nov. 22 Nov. 25 Nov. 29 Purchased 6,000 units at $32 each Sold 1.400 units at $40 each Purchased 1,700 units at $35 each Sold 1,300 units at $41 each Purchased 2,100 units at $36 each Sold 2,300 units at $42 each Purchased 2,000 at $37 each Required: A Compute the ending inventory as of November 30, 2020, using the perpetual inventory procedure, under each of the following methods: (1) FIFO, (2) LIFO, and (3) Weighted Average (please carry unit costs to four decimal places, and round the total cost to the nearest dollar). B. Repeat Part A using the periodic inventory procedure
Glover Company makes three products in a single facility. These products have the following unit product costs: Product A B C Direct materials $ 33.20 $ 49.70 $ 56.10 Direct labor 20.60 23.20 14.00 Variable manufacturing overhead 1.60 1.00 0.50 Fixed manufacturing overhead 13.10 8.70 9.30 Unit product cost $ 68.50 $ 82.60 $ 79.90
Additional data concerning these products are listed below. Product A B C Mixing minutes per unit 1.60 0.80 0.10 Selling price per unit $ 62.00 $ 84.40 $ 77.90 Variable selling cost per unit $ 1.00 $ 1.50 $ 1.90 Monthly demand in units 2,400 3,700 1,700
The mixing machines are potentially the constraint in the production facility. A total of 6,870 minutes are available per month on these machines.
Direct labor is a variable cost in this company.
Required:
a. How many minutes of mixing machine time would be required to satisfy demand for all three products?
b. How many units of each product should be produced to maximize net operating income?
c. Up to how much should the company be willing to pay for one additional hour of mixing machine time if the company has made the best use of the existing mixing machine capacity? Product A B C Direct materials $ 33.20 $ 49.70 $ 56.10 Direct labor 20.60 23.20 14.00 Variable manufacturing overhead 1.60 1.00 0.50 Fixed manufacturing overhead 13.10 8.70 9.30 Unit product cost $ 68.50 $ 82.60 $ 79.90
Additional data concerning these products are listed below. Product A B C Mixing minutes per unit 1.60 0.80 0.10 Selling price per unit $ 62.00 $ 84.40 $ 77.90 Variable selling cost per unit $ 1.00 $ 1.50 $ 1.90 Monthly demand in units 2,400 3,700 1,700
The mixing machines are potentially the constraint in the production facility. A total of 6,870 minutes are available per month on these machines.
Direct labor is a variable cost in this company.
Required:
a. How many minutes of mixing machine time would be required to satisfy demand for all three products?
b. How many units of each product should be produced to maximize net operating income?
c. Up to how much should the company be willing to pay for one additional hour of mixing machine time if the company has made the best use of the existing mixing machine capacity?
Which of the following variables are included in the Modified Jones model?
Accruals
Cash Revenue Growth
EBITDA
Kittens and puppies
Cash dividends
Jordan Corporation, which has three divisions, is preparing its sales budget. Each division expects a different growth rate because economic conditions vary in different regions of the country. The growth expectations per quarter are 5 percent for Cummings Division, 3 percent for Springfield Division, and 7 percent for Douglas Division. Required a. Complete the sales budget by filling in the missing amounts. b. Determine the amount of sales revenue that the company will report on its quarterly pro forma income statements. Complete this question by entering your answers in the tabs below. Required A Required B Complete the sales budget by filling in the missing amounts. (Round your final answers to the nearest whole dollar amount.) Second Quarter Third Quarter Fourth Quarter Division Cummings Division Springfield Division Douglas Division First Quarter 180,000 400,000 200,000 Required ) Jordan Corporation, which has three divisions, is preparing its sales budget. Each division expects a different growth rate because economic conditions vary in different regions of the country. The growth expectations per quarter are 5 percent for Cummings Division, 3 percent for Springfield Division, and 7 percent for Douglas Division. Required a. Complete the sales budget by filling in the missing amounts. b. Determine the amount of sales revenue that the company will report on its quarterly pro forma income statements. Complete this question by entering your answers in the tabs below. Required A Required B Determine the amount of sales revenue that the company will report on its quarterly pro forma income statements. (Round Intermediate calculations and final answers to the nearest whole dollar amount.) First Quarter Second Quarter Third Quarter Fourth Quarter Sales revenue
Leo is a tax agent and tax accountant who has been involved in the creation of a range of tax avoidance arrangements concerning tree plantations. Andrew, an ATO auditor, is particularly interested in the Pine Plantation Scheme and has served Leo with a notice under s. 353-10(1) of Schedule 1 of TAA, requiring him to provide: a) a copy of any advice given to potential participants in relation to how the Pine Plantation Scheme was alleged to provide tax benefits; b) a copy of any brochures or other advertising material published by Leo to promote the Pine Plantation Scheme; c) an explanation of how the scheme is alleged to operate; d) a list of every person who has entered into a Pine Plantation arrangement; and e) a table showing when various steps in the implementation of the scheme were taken. The notice allows 28 days for compliance with its requirements. Leo does not wish to provide any of the information requested and notes that: • this is the busiest time of the year for him, and preparation of a response to the notice would require him to allocate a number of staff to this task for several days, which would have a severe impact on his business; and • he believes that all the information to which Andrew seeks access is protected by legal professional privilege and/or the ‘accountants’ concession’.
Review the Management’s Discussion and Review (MDR), aka the Management’s Discussionand Analysis (MDA) section, which can be obtained from the SEC 10-K reports. Develop proforma financial statements for your company/competitor for the next 5 years. Pro-formafinancial statements require us to make conservative assumptions about future growth; assuch, your discussion must justify and support any assumptions you have made indeveloping the pro-formas.Perform a ratio analysis on the two pro-forma financial statements you’ve developed(company and competitor), and provide a discussion regarding future profitability andcompetitive performance as well as any significant changes you observe. To successfullycomplete this assignment, please show all ratio analysis calculations.The companies I chose to compare are PayPal and Square Inc.
1. ValarMorghulis Company was organized just a year ago. The normal capacity and actual production of the company is 2,500 units. The results of the company’s first year of operations are shown below. ValarMorghulis Company
Income Statement
Sales (2,000 units sold)
P 135,000
Less: Cost of goods sold:
Beginning Inventory
P 0
Cost of Goods Manufactured
105,000
Goods Available for Sale
P 105,000
Ending Inventory
21,000
84,000
Gross Margin
51,000
Less: Selling and Administrative expenses
42,000
Net Income
P 9,000
The company’s unit variable cost is computed as follows:
Variable manufacturing cost
P 32
Variable Selling and Administrative expenses
5
Total Variable cost per unit
P 37
REQUIRED:
1. What is the Selling price per unit? Fixed MOH per unit application?
2. What is the total fixed manufacturing cost? Total fixed selling and administrative expense?
3. What the net income under full costing? Under direct costing?
Identify the dollar amounts of Arctic Cat’s 2011 assets, liabilities, and equity as reported in its statements in Appendix A near the end of the book.View Solution:
Identify the dollar amounts of Arctic Cat s 2011 assets liabilities
Under the indirect method of preparing a statement of cash flows, 2 additional pieces of information are required at the end of the statement. They are: 1. cash paid for _____ 2. cash paid for _____ _____
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