Question 1
Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business. BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2012 Computer services revenue $ 25,007 Net sales 18,193 Total revenue 43,200 Cost of goods sold $ 14,552 Depreciation expense?Office equipment 310 Depreciation expense?Computer equipment 1,160 Wages expense 2,350 Insurance expense 485 Rent expense 1,975 Computer supplies expense 1,225 Advertising expense 530 Mileage expense 310 Repairs expense?Computer 880 Total expenses 23,777 Net income $ 19,423 BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2011, and March 31, 2012 2012 2011 Assets Cash $ 78,017 $ 60,162 Accounts receivable 24,567 4,768 Merchandise inventory 674 0 Computer supplies 2,095 540 Prepaid insurance 1,060 1,575 Prepaid rent 755 755 Office equipment 7,700 7,700 Accumulated depreciation?Office equipment (620 ) (310 ) Computer equipment 19,800 19,800 Accumulated depreciation?Computer equipment (2,320 ) (1,160 ) Total assets $ 131,728 $ 93,830 Liabilities and Equity Accounts payable $ 0 $ 1,200 Wages payable 945 570 Unearned computer service revenue 0 1,700 Common stock 107,000 82,000 Retained earnings 23,783 8,360 Total liabilities and equity $ 131,728 $ 93,830 Required: Prepare a statement of cash flows for Business Solutions using the indirect method for the three months ended March 31, 2012. Recall that the owner Santana Rey contributed $25,000 to the business in exchange for additional stock in the first quarter of 2012 and has received $4,000 in cash dividends. (Amounts to be deducted should be indicated with a minus sign. Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.) BUSINESS SOLUTIONS Statement of Cash Flows (Indirect) For Quarter Ended March 31, 2012 Cash flows from operating activities $ Adjustments to reconcile net income to net cash provided by operating activities Net cash operating activities $ Cash flows from investing activities Net cash flow from investing activities Cash flows from financing activities See document attached, the first part is done, but I can't solve the net cash issued for operating activities and the rest.
Question 2
My question is a continuing question from a previous question, I have attached the answer the the worksheet you need to complete the other questions. The question to the worksheet is : "Kazaam Company, a merchandiser, recently completed its calendar-year 2011 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. The company?s balance sheets and income statement follow. KAZAAM COMPANY Comparative Balance Sheets December 31, 2011 and 2010 2011 2010 Assets Cash $ 53,875 $ 76,625 Accounts receivable 65,000 49,625 Merchandise inventory 273,750 252,500 Prepaid expenses 5,375 6,250 Equipment 159,500 110,000 Accum. depreciation?Equipment (34,625) (44,000) Total assets $ 522,875 $ 451,000 Liabilities and Equity Accounts payable $ 88,125 $ 116,625 Short-term notes payable 10,000 6,250 Long-term notes payable 93,750 53,750 Common stock, $5 par value 168,750 156,250 Paid-in capital in excess of par, common stock 32,500 0 Retained earnings 129,750 118,125 Total liabilities and equity $ 522,875 $ 451,000 KAZAAM COMPANY Income Statement For Year Ended December 31, 2011 Sales $ 496,250 Cost of goods sold 250,000 Gross profit 246,250 Operating expenses Depreciation expense $ 18,750 Other expenses 136,500 155,250 Other gains (losses) Loss on sale of equipment 5,125 Income before taxes 85,875 Income taxes expense 12,125 Net income $ 73,750 Additional Information on Year 2011 Transactions a. The loss on the cash sale of equipment was $5,125 (details in b). b. Sold equipment costing $46,875, with accumulated depreciation of $28,125, for $13,625 cash. c. Purchased equipment costing $96,375 by paying $25,000 cash and signing a long-term note payable for the balance. d. Borrowed $3,750 cash by signing a short-term note payable. e. Paid $31,375 cash to reduce the long-term notes payable. f. Issued 2,500 shares of common stock for $18 cash per share. g. Declared and paid cash dividends of $62,125. Required: Prepare a complete statement of cash flows; report its operating activities according to the direct method. (Amounts to be deducted should be indicated with a minus sign. The question I NEED answered is : Refer to Kazaam Company's financial statement and related info in the previous problem. Prepare a complete statement of cash flows; report its operating activities according to the direct method. Disclose any non cash investing and financing activities in a note.
Question 3
01. Responsibility accounting provides information that meets the criterion that control reports should be related to personal responsibility. A. True B. False 02. The frequency of the preparation of managerial performance reports (control reports) should be the shortest period of time in which management can usefully intervene and in which significant changes in performance have occurred or are likely to occur. A. True B. False 03. Which of the following is the best advice to follow in the evaluation phase of a management control system? A. Investigate all variances. B. Investigate all unfavorable variances. C. Investigate all significant unfavorable variances. D. Investigate all significant favorable and unfavorable variances. 04. Property taxes on a corporation's call center building would be best described as a: A. Standard cost. B. Committed cost. C. Engineered cost. D. Discretionary cost. 05. When comparing July?s actual performance to standard performance for the shoe department of a department store, which of the following is an appropriate standard to use? A. The shoe department?s budgeted performance for July. B. The shoe department?s actual performance for July of last year. C. The actual performance in July of the shoe departments in the company?s other department stores. D. Any or all of the above. 06. A cost that is relevant for one type of decision may be irrelevant in another type of decision. A. True B. False 07. In evaluating short-run alternative choice decisions, which of the following conditions is necessary for differential costs? A. future oriented B. can be taken directly from the data in a company?s accounting system C. both A and B above D. neither A nor B above 08. The property taxes on a manufacturing company?s factory would be considered: A. a fixed cost. B. a product cost. C. a committed cost. D. all of the above. 09. Tam Computer Company currently manufactures the disk drives it uses in its computers. The costs of produce 5,000 of these disk drives last year were as follows: Sunn Electronics has offered to provide Tam with all of its disk drive needs for $27 per drive. If Tam accepts this offer, Tam will be able use the freed up space to generate $40,000 of income each year in the production of its computer keyboards. In addition, $8 per drive of the other costs above could be totally eliminated. Based on this information, would Tam be better off to make the drives or buy the drives and by how much? A. $15,000 better to buy B. $20,000 better to buy C. $35,000 better to buy D. $60,000 better to make E. $65,000 better to make 10. One of the employees of Sojurn Corporation recently was involved in an accident with one of the corporation's delivery vans. The corporation is either going to repair the damaged van or sell it as is and buy a comparable used van. Information related to this decision is provided below: Based on the information above, Sojurn would be better off by: A. $1,000 to buy the comparable van. B. $2,000 to buy the comparable van. C. $2,000 to repair the damaged van. D. $3,000 to repair the damaged van. E. $4,000 to repair the damaged van.,Hi Michael!,Yes.,Tam Computer Company currently manufactures the disk drives it uses in its computers. The costs of produce 5,000 of these disk drives last year were as follows: Direct Material...$11 Direct Labor........3 Other costs........12 Total..............$26 Sunn Electronics has offered to provide Tam with all of its disk drive needs for $27 per drive. If Tam accepts this offer, Tam will be able use the freed up space to generate $40,000 of income each year in the production of its computer keyboards. In addition, $8 per drive of the other costs above could be totally eliminated. Based on this information, would Tam be better off to make the drives or buy the drives and by how much? (3 points) $15,000 better to buy $20,000 better to buy $35,000 better to buy $60,000 better to make $65,000 better to make 10. One of the employees of Sojurn Corporation recently was involved in an accident with one of the corporation's delivery vans. The corporation is either going to repair the damaged van or sell it as is and buy a comparable used van. Information related to this decision is provided below: Initial cost of damaged van......................$30000 Accumulated depreciation to date on van.........$18000 Salvage value of van immediately before cash.....$9000 Salvage value of van immediately after crash.....$1000 Cost of repair damage van........................$5000 Cost of a comparable used van....................$10000 Based on the information above, Sojurn would be better off by: (3 points) $1,000 to buy the comparable van. $2,000 to buy the comparable van. $2,000 to repair the damaged van. $3,000 to repair the damaged van. $4,000 to repair the damaged van.,Okay. Thanks!,Is it possible to get the answers by 2PM? That is my deadline. Thanks.
Question 4
Marina Del Rey Manufacturing Corp. uses a standard cost system that records raw materials at actual cost, records materials price variances at the time that raw materials are issued to work in process, and prorates all variances at year-end. Variances associated with direct materials balances in the appropriate accounts, and variances associated with direct labor are prorated based on the direct labor balances in the appropriate accounts. The following information is available for Marina del Rey for the year ended December 31: Raw Materials inventory at Dec. 31 $65,000 Finished Goods Inventory at December 31: Direct Materials $87000 Direct Labor $130500 Applied Factory overhead $104400 Cost of goods sold for the year ended December 31: Direct Materials $348000 Direct Labor $739500 Applied Factory Overhead $591600 Materials quantity variance (Favorable) $15000 Materials price variance (unfavorable) $10000 Labor efficiency variance (Favorable) $5000 Labor Rate Variance (Unfavorable) $20000 Factory Overhead applied $696000 There were no beginning inventories and no ending work in process inventory. Required: Calculate the following 1) Amount of materials price variance to be prorated to finished goods inventory at Dec. 31 (Hint: You must first determine the ratio of direct materials cost in the ending finished goods inventory) 2)Total amount of direct materials cost in the finished goods inventory at Dec. 31, after all variances have been prorated 3)Total amount of direct labor cost in the finished goods inventory at Dec 31, after all variances have been prorated 4)Total cost of goods sold for the year ended Dec. 31, after all variances have been prorated
Question 5
2-3 page paper, double spaced, and a APA paper with references. How do you go about finding a mentor. Finding a mentor can be very important to your career development. A mentor is someone who is working at a job in a field you would aspire to and provides you with guidance in becoming successful in your pursuit of a similar job. It allows them to help guide you along on your career path by providing you with experienced advice. When it comes to success, there is no greater advice than that from someone who has been successful in the job you want. Finding the Right Mentor Explore how someone goes about finding a mentor to help you in your career pursuits. You will also identify a number of companies you would like to work for and at least one community organization that you could join to learn more about your career area of interest. This organization might also enable you to network and find mentors through your contacts found there. After reflecting on what you have learned from your research, discuss how you have benefited from this experience. Write a minimum two - three page response to the questions below. Make sure to address all the questions and all the critical elements so you will be successful in completing this Assignment. Please answer the following questions in your paper: 1. Reflect and describe what you might learn from a mentor that will make you a stronger candidate to enter the business world. 2. Specify exactly what the process would be to find a mentor. 3. Discuss the companies you would like to work for and explain why. Include at least one organization of which you would like to become a member so as to further your career networking. 4. Discuss what skills you feel you need to develop or further develop to be able to have a productive Mentor/Mentee relationship. 5. Explain how this experience of finding a mentor might impact your professional, educational and personal development plans.
