Question 1
I only need Pr. 19-4A and Pr.Ex. 20-7A. I have the attachment that lists the prices for Pr. 19-4A.,The attached is the book used to configure the excel spreadsheet I sent. Problem 19-4A on page 887. Please only use the PDF I sent over to configure the information on the excel spreadsheet I sent.,?Problem 19-4A is on page 887. The information listed below is what is on page 887. The excel attachment is what I need reviewed and worked on. Please only work on the excel template. Big Wave Company manufactures surf boards in a wide variety of sizes and styles. The following incomplete ledger accounts refer to transactions that are summarized for July: Materials July 1 Balance 30,000 July 31 Requisitions (A) 31 Purchases 120,000 Work in Process July 1 Balance (B) July 31 Completed jobs (F) 31 Materials (C) 31 Direct labor (D) 31 Factory overhead applied (E) Finished Goods July 1 Balance 0 July 31 Cost of goods sold (G) 31 Completed jobs (F) Wages Payable July 31 Wages incurred 120,000 Factory Overhead July 1 Balance 22,000 July 31 Factory overhead applied (E) 31 Indirect labor (H) 31 Indirect materials 16,000 31 Other overhead 95,000 In addition, the following information is available: a. Materials and direct labor were applied to six jobs in July: Job No. Style Quantity Direct Materials Direct Labor No. 21 X-10 200 $ 20,000 $15,000 No. 22 X-20 400 34,000 26,000 No. 23 X-50 200 14,000 8,000 No. 24 T-20 250 30,000 25,000 No. 25 X-40 180 22,000 17,500 No. 26 T-10 __1_4_0_ ___8__,0_0_0_ ___4_,5_0__0 Total __1__,3__7__0__ $__1__2__8____,0__0__0__ $__9____6__,0__0__0__ b. Factory overhead is applied to each job at a rate of 160% of direct labor cost. c. The July 1 Work in Process balance consisted of two jobs, as follows: Work in Process, Job No. Style July 1 Job 21 X-10 $ 6,000 Job 22 X-20 _1_6__,0_0_0_ Total $__2____2__,0__0__0__ d. Customer jobs completed and units sold in July were as follows: Completed Units Sold Job No. Style in July in July No. 21 X-10 X 160 No. 22 X-20 X 320 No. 23 X-50 0 No. 24 T-20 X 210 No. 25 X-40 X 150 No. 26 T-10 0 Instructions 1. Determine the missing amounts associated with each letter. Provide supporting calculations by completing a table with the following headings: July 1 Cost of Job Work in Direct Direct Factory Total Unit Units Goods No. Quantity Process Materials Labor Overhead Cost Cost Sold Sold 2. Determine the July 31 balances for each of the inventory accounts and factory overhead.,I now only need Pr.Ex. 20-7A in the excel spreadsheet I forwarded to you, not the PDF.
Question 2
Assignment 4: Estate Tax Death and taxes are two (2) certainties that we can plan for in life. The IRS is still able to tax us in death using the estate tax rules as legislated by congress. For this paper, you will be required to respond to the following scenario: A wealthy couple has hired you to advise them on protecting their estate from taxes upon death. They own a farm and several businesses that they would like to pass on to their three (3) children. Using the Internet or Strayer Library, research the IRS?s current level of interest and audits conducted related to estate taxes and proposed changes to legislation related to estate taxes. Write a six to eight (6-8) page paper in which you: 1. Based on your research related to the current level of interest of the IRS related to estate taxes, assess how this information may factor into your advice and level of aggressiveness with tax minimization related to estate taxes and planning for your clients. Provide support for your position. 2. Based on your review of the recent or current legislative proposals related to estate taxes, evaluate the proposal you believe to be most viable. Indicate how such a change may be implemented into the tax law. Provide support for your rationale. 3. Research the impact of estate taxes on a taxpayer?s ability to transfer wealth to their children and tax planning tools used to minimize estate taxes. Indicate the effectiveness of these tools. 4. Propose a strategy to your client to mitigate or eliminate estate taxes and transfer as much wealth as possible to their children within the current estate tax laws and given level of IRS interest in this area. 5. Evaluate and discuss which estate tax provisions would most likely be abused by taxpayers and elevate the potential risk of an IRS audit. Provide support for your position. 6. Imagine that you are appointed by Congress to simplify the estate tax code related to estate taxes. Suggest changes that would be fair to both taxpayers and the federal treasury, indicating how such taxes would be implemented.
Question 3
13- 15. Stevenson Apparel is a manufacturer of fashion clothing that has just opened its first large retail store for selling in- season clothes at regular prices. The company?s competitive strategy depends on a comprehensive point- of- sale (POS) system supporting online, up- to- the- minute sales totals, day- to- day tracking of stock information, and quick checkout of customer purchases. Because cashiers were already familiar with electronic cash registers, management decided that only minimal training was required. Cashiers enter four- digit stock tracking numbers (STNs) into one of the POS terminals that retrieves price and description data, computes the tax and total amount due, accepts the type of payment, and controls the cash drawer. A unique STN identifies each of the 9,500 pieces of merchandise. The central computer server maintains stock information. In the first month of operation, new cashiers were awkward using the new system. They eventually became proficient users but were frustrated with the slow printing of sales tickets and the unpredictable action of their cash drawers. Each checkout stand has a telephone that cashiers use to call for approval of credit- card transactions. Customers became impatient when credit approvals delayed the checkout process or when the computer was down, thus stopping all sales, including cash sales. Identify four problems with the system and describe how you would remedy each of them. 13- 19. Wright Company (Analyzing System Reports) Wright Company employs a computer- based data processing system for maintaining all company records. The current system was developed in stages over the past five years and has been fully operational for the last 24 months. When the system was being designed, all department heads were asked to specify the types of information and reports they would need for planning and controlling operations. The systems department attempted to meet the specifications of each department head. Company management specified that certain other reports be prepared for department heads. During the five years of systems development and operation, there have been several changes in the department head positions due to attrition and promotions. The new department heads often made requests for additional reports according to their specifications. The systems department complied with all of these requests. Reports were discontinued only on request by a department head, and then only if it was not a standard report required by top management. As a result, few reports were discontinued. Consequently, the information processing subsystem was generating a large quantity of reports each reporting period. Company management became concerned about the quantity of report information that was being produced by the system. The internal audit department was asked to evaluate the effectiveness of the reports generated by the system. The audit staff determined early in the study that more information was being generated by the information processing subsystem than could be used effectively. They noted the following reactions to this information overload: ? Many department heads would not act on certain reports during periods of peak activity. The department heads would let these reports accumulate with the hope of catching up during subsequent lulls. ? Some department heads had so many reports they did not act at all on the information, or they made incorrect decisions because of misuse of the information. ? Frequently, actions required by the nature of the report data were not taken until the department heads were reminded by others who needed the decisions. These department heads did not appear to have developed a priority system for acting on the information produced by the information processing subsystem. ? Department heads often would develop the information they needed from alternative, independent sources, rather than use the reports generated by the information processing subsystem. This was often easier than trying to search among the reports for the needed data. Requirements: 1. Indicate whether each of the foregoing four reactions contributes positively or negatively to the Wright Company?s operating effectiveness. Explain your answer for each of the four reactions. 2. For each reaction that you indicated as negative, recommend alternative procedures the Wright Company could employ to eliminate this negative contribution to operating effectiveness.
Question 4
Taking on a responsibility you know can be better completed by someone else would violate the ethical conduct standard of: competency. confidentiality. credibility. integrity. Question 2 Which term listed below describes a system where companies purchase raw materials when needed in production and complete finished goods when needed by customers? Backflush costing Just-in-time Internal failure costs External failure costs Question 3 Schimmel Company provides the following information about its single product. Targeted operating income $35,000 Selling price per unit $7.85 Variable cost per unit $6.10 Total fixed cost $96,250 What is the breakeven point in units? 55,000 2,509 6,900 20,000 Question 4 Using account analysis, what type of cost is Satellite TV when the charge is $30.00 per month plus $3.99 for pay-per-view movies? Fixed Mixed Step Variable Question 5 Selected financial information for Sunnydale Manufacturing is presented in the following table (000s omitted). Sales revenue $ 4,000 Purchases of direct materials $ 500 Direct labor $ 450 Manufacturing overhead $ 620 Operating expenses $ 700 Beginning raw materials inventory $ 150 Ending raw materials inventory $ 170 Beginning work in process inventory $ 320 Ending work in process inventory $ 310 Beginning finished goods inventory $ 250 Ending finished goods inventory $ 200 What was direct materials used? $480 $520 $650 $500 Question 6 Durable Engines Company uses ABC to account for it manufacturing process. Activities Indirect activity budget Allocation base (cost driver) Materials handling $ 36,000 Based on number of parts Machine setup $ 19,200 Based on number of setups Assembling $ 6,000 Based on number of parts Packaging $ 12,800 Based on number of finished units Durable Engines Company expects to produce 2,000 engines. Durable Engines Company also expects to use 12,000 parts and have 16 setups. The allocation rate for materials handling will be: $3.00. $5.28. $18.00. $6.40. Question 7 The Burr Mystery Dinner Theater sells tickets for dinner and a show for $50 each. The cost of providing dinner is $30 per ticket, and the fixed cost of operating the theater is $100,000 per month. The company can accommodate 15,000 patrons each month. What is the contribution margin ratio? 60% 40% 20% 250% Question 8 Bond Industries uses departmental overhead rates to allocate its manufacturing overhead to jobs. The company has two departments: Assembly and Sanding. The Assembly Department uses a departmental overhead rate of $20 per machine hour, while the Sanding Department uses a departmental overhead rate of $15 per direct labor hour. Job 542 used the following direct labor hours and machine hours in the two departments: Actual results Assembly Department Sanding Department Direct labor hours used 4 3 Machine hours used 9 5 The cost for direct labor is $25 per direct labor hour and the cost of the direct materials used by Job 542 is $1,200. What was the total cost of Job 542 if Bond Industries used the departmental overhead rates to allocate manufacturing overhead? $1,600 $1,500 $1,375 $1,425 Question 9 Backyards, Inc., sells lawn furniture. Selected financial information for the most recent year follows. Beginning merchandise inventory on January 1 was $32,000. Ending merchandise inventory on December 31 was $37,000. Purchases during the year were $101,000. Selling and administrative expenses were $75,000. Sales for year were $257,000. What was the value of goods available for sale? $133,000 $156,000 $138,000 $96,000 Question 10 Flavio's Fitness Club provides monthly memberships as well as personal training sessions. The personal trainers earn 50% of the revenue for all personal training sessions. The Fitness Club also sells nutrition products. Flavio's general ledger accounts indicate the following for the year. The front desk staff wages expense remains the same throughout the year. Account Amount Account Amount Membership revenue $125,000 Personal trainer wages expense ? Personal training revenue $60,000 Space rental expense $12,000 Product sales $65,000 Straight line depreciation expense $6,000 Cost of product sold $40,000 Rental insurance expense $3,000 Front desk staff wages expense $12,000 If a contribution margin income statement is prepared for the year, what is the amount of total revenue? $250,000 $290,000 $185,000 $125,000 Question 11 In a department, 22,000 units are completed and transferred out and 6,200 remain in ending WIP at 55% complete. If an equivalent unit costs $8.00 for direct materials, what is the value of materials transferred out? $176,000 $49,600 $126,400 $27,280 Question 12 Chilson Company manufactures custom engines for use in the lawn and garden equipment industry. The company allocates manufacturing overhead based on machine hours. Selected data for costs incurred for Job 612 are as follows: Direct materials used $ 3,500 Direct labor hours worked 300 Machine hours used 400 Direct labor rate per hour $ 16 Predetermined overhead rate based on machine hours $ 18 What is the total manufacturing cost of Job 612? $15,500 $7,200 $4,200 $4,800 Question 13 What costs are incurred to avoid poor quality goods or services in the first place? Prevention costs External costs Appraisal costs Internal failure costs Question 14 Smith Paints allocates overhead based on machine hours. Selected data for the most recent year follow. Estimated manufacturing overhead cost $250,000 Actual manufacturing overhead cost $230,000 Estimated machine hours 20,000 Actual machine hours 21,000 The estimates were made as of the beginning of the year, while the actual results were for the entire year. The predetermined manufacturing overhead rate per machine hour is closest to: $11.90. $11.50. $10.95. $12.50. Question 15 SOX requires publicly traded companies to have ________ assessed annually. their internal control system their internal control system and financial Reporting system their financial Reporting procedures none of the above Question 16 Farm Supply plans to make 10,000 tractors at its plant. Fixed costs are $1,000,000 and variable costs are $500 per tractor. What is the average cost per tractor? $100 $500 $600 None of the above Question 17 Hinckley & Granger Company had the following activities, estimated indirect activity costs, and allocation bases: Activities Indirect Activity Costs Allocation Base Account inquiry (hours) $75,000 2,500 Account billing (lines) $45,000 30,000 Account verification (accounts) $18,000 24,000 Correspondence (letters) $40,000 4,000 Hinckley & Granger uses activity based costing. The above activities are used by Departments P and Q as follows: Department P Department Q Account inquiry (hours) 300 600 Account billing (lines) 8,000 6,000 Account verification (accounts) 5,000 4,500 Correspondence (letters) 500 600 How much of the correspondence cost will be assigned to Department P? $3,750 $5,000 $375 $6,000,I am a student at University Of Phoenix. Please help me with this, I am a so lost this is prep. for the course final on monday. I need to know how to solve, or answer can be given so i can figure out how to work the problem.,Hello Michael, Thanks for helping me with this prep. material. I was wondering when it will be ready, sorry for bothering, and thanks for your help..,Wow thank you so much for this...I am very satisfied, thanks for your help and I accept the answers.,Michael, If I need help with future prep. material is it possible to request you, or how can I submit it to you..,Michael here is the additional material I need help with.. Marco Lozano,Hello Michael I submitted a new thread and was wondering if it went to you. I would really like for you to be the my assigned tutor again.
Question 5
*Prepare a spreadsheet for the base case NPV and some sensitivity analysis. And you have to prepare a 1 page analysis that answers the questions given for Pleasure Craft. AND PLEASE READ THE FOLLOWING TO CORRECT SOME TYPOS AND USEFUL INFORMATION FOR CASE ANALYSIS. A. Quarterly versus annual It is not necessary to do the analysis on a quarterly basis (indicated on page 5) - do it on an annual basis. B. Typo on Page 3 On Page 3, "Sales were estimated to be $10,000 first year", should read "Sales were estimated to be 10,000 units first year" C. Cost of financing (discount rate = r=R) On Page 4 it is indicated that the firm uses the CAPM to estimate the cost of equity. That means that you need to use 2 formulas from MGMT 310 to work it out: Re = Rf + beta(Rm - Rf) Rwacc = B/(B+S) Rb + S/(B+S) Re You need to estimate Rwacc, and use this as the discount rate (r = Rwacc). Page 4 says that their target debt/equity is B/S = .30. This implies that target B/(B+S) = .3/(.3+1) = .23. And so S/(B+S) = 1 - .23 = .77. Page 4 says the company recently sold bonds with a coupon rate of 8% at a premium price of $105, so their recent company bond rate Rb was a little below 8% (Rb is approximately 8/105). Information about representative betas is given in Exhibit 3. They give a range of values for other companies, and so there is no exact answer - you can pick the beta from the most similar firm, you can average all betas, you can subtract high and low and then average, etc. (In theory, you can also calculate beta for Pleasure Craft directly from Exhibit 1, but you have never been taught how to do that, so I expect that you will use the information from Exhibit 3). Information to estimate the stock market index return Rm is given in Exhibit 2. Information to estimate the risk-free rate Rf is given in Exhibit 3, where the "Treasury Spread" is given. Rf = Rb - Treasury Spread Alternatively, a simple approximation of Rm, Rf, and Rb is to use the typical values I discussed in class. Historically Rm is about 10% over the long term, and Rb is 6-8%, and Rf is 4-5%. And the average market beta = 1.0. A variation of using such typical values is to take typical Rm and Rb and beta, and "adjust" them for what you consider to be the risk of the company. You get more marks if you use the information in Exhibits 2 and 3, but finding the discount rate is just part of total marks, and so you have to decide how much time you want to put into it. As long as you develop a "reasonable" Rwacc=r=discount rate, you will get most of the marks - refinements get you a bit extra.,Hi I could postpone the deadline, but it has to be before 9AM (Canada Vancouver time) by September 23, 2011. Could you please make it to 9Am 2011-09-23, instead of, 12:30PM? (Pleasure Craft Inc. Case analysis)
