As the Budgeting Officer for Best Fit Ltd, you are required to calculate the budget variances for the financial year FY 202X. The data for the Performance Report is below: Items Sales Cost of sales...

Assume a parent company acquires its subsidiary by paying $1,200,000 for all of the outstanding voting shares of the investee. On the acquisition date, subsidiary's assets and liabilities have...

1)Compute the standard dollar costs for the units of output. 2)Compute AHC factory overhead volume variance. 3)Compute a detailed analysis of AHC Labor using both rate and volume variance. 4)Compute...

The general ledger of Zips Storage at January 1, 2024, includes the following account balances: Accounts Debits Credits Cash $26,300 17,100 Accounts Receivable Prepaid Insurance Land 15,400 165,000...

International Foods, a U.S. company, acquired two companies in 2013. As a result, its consolidated financial statements include the following acquired intangibles: Intangible Asset Date of...

AccountantSea has recently increased its long-term borrowings to fund the acquisition of two new cruise ships. The bank approved the increase subject to a debt covenant of maintaining a debt-equity...

Rebecca and Thomas are married and file jointly for the 2020 tax year. They are both advertising consultants for the same company. They earned $85,000 in salaries in total and the company forgave a...

SPG is a US MNC that has operations in Europe, the Middle East, and Africa. It has identified needs of leverage of USD24 million in 7 months for a six-month period. To lock in the rate on this loan,...

A client of Park Street's expected a delivery of samples for an event on Friday evening. The order was setup correctly by Park Street, however the vendor that was hired to pick up and deliver the...

Subpump Limited is an active business corporation owned 100% by George Simpson, who has been attempting to sell the company for several years and have recently received an offer from a serious buyer....

Here are simplified financial statements for Phone Corporation in 2020: INCOME STATEMENT (Figures in $ millions) Net sales Cost of goods sold Other expenses Depreciation Earnings before interest and...

A Project management company approached your IT company for a system to keep track of their projects. It is possible for an employee to work on more than one project. Each employee will have only one...

1. This question is designed to develop your ability to find given legislative, administrative, and judicial tax law sources and apply them to a fact situation. Facts: Jessa Williams was hired three...

Jack Uzi, wholesale toys online, operates out of his office in his parents apartment, with 0 inventory. Every toy he sells is first purchased then re-sold, but only after the order comes through. You...

The Katash Company is a leader in the poultry market. It produces, sells and markets fresh and ice packed commodity chicken and frozen products known for their value and healthful qualities. Katash's...

Last year Justice League Services purchased and installed a new X1600 Wall-E Super-Smasher used in compacting cars, SUVs, and small trucks into 2 cubic yards of compacted metal. The X-1600 Wall-E...

Oakley Wholesale Hardware and Supplies (OWHS) sells tools, lumber, and other remodeling supplies to commercial contractors. The company controller is compiling cash and other budget Information for...

Luke Corporation produces a variety of products, each within its own division. Last year, the managers at Luke developed and began marketing a new chewing gum, Bubbs, to sell in vending machines. The...

Prestige International contacted the CPA firm of Teitel & Deiana to perform an audit of their financial statements. In arranging for the audit, Prestige International clearly indicated that they...

Euro Engineering Ltd manufactures three types of ceramic coffee percolator; the Metal, pink and the Zinc models. The maximum market demand and resource requirements of each of these products are...

You are a trainee accountant in your second year of training within a small practice. A more senior trainee has been on sick leave, and you are due to go on study leave. You have been told by your...

Hank has a 30% interest in KKC LLC, a calendar year entity. At the beginning of the year, Hank had an outside basis in KKC of $60,000 which included his $10,000 share of KKC liabilities. On July 1st,...

Grainy Goodness Company manufactures granola cereal by a series of three processes, beginning materials such as cats, sweeteners, and nuts being introduced in the Mixing Department. From the Mixing...

Suppose a researcher collects data on houses that have been sold in a particular neighborhood over the past year and obtains the regression results in the following table. Using the results in column...

The City of Castleton?s General Fund had the following post-closing trial balance at June 30, 2019, the end of its fiscal year: Debits Credits Cash $ 464,000 Taxes Receivable?Delinquent 595,000...

A company makes three types of Concrete. Its concrete A produce $60 in profit per tire, its concrete B $40 a tire, and concrete C $80 for each ton. Each concrete passes through three stages as a part...

Journalize all these transactions into a general ledger. Transactions May 1 Purchased merchandise from Keys Wholesale on account for $735.30, Invoice No 91 Dated May 1, terms 2/10, n30 May 2...

? On January 1, 20X2, Page Company acquired 70% of the outstanding common shares of Sage Ltd. for $45,500 in cash. On that date, Sage had $20,000 in common shares outstanding and $20,000 in retained...

On 1 July 2013 Donald Ltd acquired all of the share capital (cum div) of Duck Limited for a consideration of $600,000 cash and a brand that was held in their accounts at a fair value of $50,000. Duck...

Sheridan Paintball records adjusting entries on an annual basis. The company has the following information available on accruals that must be recorded for the year ended June 30, 2021. 1. Sheridan...

Assume that you are part of the accounting team for Copeland Productions. The company currently expects to sell 533 units for total revenue of $16,900 each month. Copeland Productions estimates...

Schweizer Distribution specializes in distributing fresh produce to local restaurants in the Chicago area. The company currently sells 12 different products through the efforts of three sales...

The following data were extracted from the 2018 financial statements of New Way Automotive Corporation. This company operates automobile and commercial vehicle dealerships in many countries. The...

There is an array A made of N integers. Your task is to choose as many integers from A as possible so that, when they are put in ascending order, all of the differences between all pairs of...

A manufacturing business finds that on average 50 people per week (assume a 5 day work week) apply for shop-floor employment through their web-site with the company. All applications are initially...

Jose acquired a passive activity several years ago. At the beginning of 2017, his at-risk amount was $65,000. Jose had the following income and losses from this activity: 2017 <89,000> passive...

b. Prepare all consolidating entries needed to prepare consolidated statements for 20X5. (If no entry is required for a transaction/event, select "No journal entry required" in the first account...

In a particularly addictive game (Helicopter Game) you have to get a helicopter to fly some distance in arbitrary units. Suppose the distance you travel can be modeled as a random variable D having...

In February of 2023, during the preparation of Julia's 2022 return, you explained to her the options for using either the section 179 deduction or special depreciation for the purchases of her 2022...

Additional analysis 1) Journal entry needed WIP- Forming WIP-Blending 2) Total cost per unit: Blending DM 3) 4) Inventory Analysis WIP Inventory- Blending WIP Inventory Forming Finished Goods...

Aman and Juanita have $150,000 in their business bank account. You have calculated their warehouse stock and equipment to be valued at a total of $480,000. They want to take out a policy for...

Assume that a Parent company acquires a 75% interest in its Subsidiary on January 1, 2015. On the date of acquisition, the fair value of the 75 percent controlling interest was $600,000 and the fair...

PLEASE PREPARE THE COMPARATIVE FINANCIAL STATEMENTS OF THE FOLLOWING: Statement of Changes in Shareholders Equity Statement of Cash Flows. ALL INFORMATION ARE GIVEN ABOVE Fall Bake Shop Corporation...

Use google to find out how CA RE taxes are prorated (references sources!). Suppose any tax payments are made on the due date, and the annual tax bill is $12,000. Compute who owes who (seller vs...

Waterways Corporation is preparing its budget for the coming year, 2020. The first step is to plan for the first quarter of that coming year. The company has gathered information from its managers in...

Operating Budget, Comprehensive Analysis Ponderosa, Inc., produces wiring hamess assemblies used in the production of semi-traller trucks. The wiring harness assemblies are sold to various truck...

You are about to begin a summer internship in Logistics working for a company Express Mover that provides packaging and shipping services to customers moving large amounts of materials from 2,000...

Frank and Dale Cumack are married and filing a joint 2017 income tax return. During 2017, Frank, age 63, was retired from government service and Dale, 55, was employed as a university instructor. In...

A Biotech company is in the process of developing a new fertilizer. The company wants to use Monte Carlo Simulation to see if it is a profitable investment. You have been invited to model and execute...

Pharmagen Pharmaceutical Development Funding On January 1, 2006, Pharmagen, a pharmaceutical company (Pharma or the Company), entered into a funding agreement (Agreement) with Company XYZ, an...

At December 31, year 1, Charter Holding Co. owned the following investments in capital stock of publicly traded companies (classified as available-for-sale securities). Cost Current Market Value L...

Santana Rey created Business Solutions on October 1, 2019. The company has been successful, and its list of customers has grown. To accommodate the growth, the accounting system Is modified to set up...

San Pico is a rapidly growing Latin American developing country. The country is blessed with miles of scenic beaches that have attracted tourists by the thousands in recent years to new resort hotels...

Calculate the bonus award (percent of base salary) that would be given to the manager of each of the following four divisions under the proposed new bonus system. These divisions are representative...

Pavement Corp. ("Pavernent) nas been operating sinoe 1398. Ht is now Docember 31, 2004, and Pavement is about to prepare consolidated finendial etetements for Favement and ts subeidiary. Sigur. Co...

Your hospital has built a new freestanding facility that includes a 36- bed medical telemetry care unit. The patients and staff from the existing smaller units will be combined into the new unit. The...

Allotastock, Inc. (or A) is a corporation that engages in business and also owns stock in various other corporations. On January 1, 2018, As stock holdings are as follows: A holds 85,132 common...

1 Without discounting cash flows to take into account the time value of money, how soon will MBC break even on the following customers? In all cases, assume that revenues and variable costs to staff...

Youve just secured a new client in your accounting practice, Peter's Pool Corporation (PPC), a brand new small business specializing in pool service. The owner, Peter Peck, is a terrific swimmer and...

Wild Foods A huge highly regarded consumer packaged goods firm wishes to branch into pet food. The company knows a lot about packaging, communications and pricing. It has a great reputation in trade...

Goldman Sachs SEC filing for the quarter ended March 31, 2019, report contains the following lease footnote. Leases (ASC 842). In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842)....

The vice-president for sales of Huber Corporation has received the following income statement for November, which was prepared on a variable-costing system. The firm has just adopted variable costing...

PCAOB Disciplinary Orders Utilize the PCAOB website to respond. PCAOB Release No. I05-2017-054, dated December 19, 2017, is a PCAOB Order formally sanctioning Grant Thornton and fining the firm $1.5...

Richard Brandt graduated from York University with his BAS although he spent more time in the gym than in the classrooms and libraries. His parents and grandparents were very proud and happy of this...

Derrick and Ani Jones are married taxpayers, filing jointly and have a son named Jackson. They live at 474 Rustic Drive, Spokane, WA 99201. Ani works as the director of information systems at...

The percentage changes in prepaid expenses and other current assets jumped up 16.5% in scal 2014 and then fell by 35.2% in scal 2015. Did the changes in the dollar amounts of this account have a huge...

Jake's Sporting Goods sells sporting goods and apparel in Omaha, NE. On October 17, Jakes purchased $50,000 of sporting goods from Cincinnati Wholesale Distributors with terms FOB shipping point and...

The audit manager has provided you with visualizations (created using visualization software) that include additional analytical information about Dandelions investment portfolio. She has asked you...

1.1 Assuming that Mortgage A is selected, calculate the levered cost of equity. 1.2 Assuming that Mortgage B is selected, calculate the levered cost of equity. (Answer the questions in the...

Micro Technologies sells two products: X and Y. The selling price, variable cost, and sales mix for the products are presented in the table below. Product Unit Sales Price Unit Variable Cost...

Roland Company began operations on December 1 and needs assistance in preparing December 31 financial statements, including its year-end adjustments. The Tableau dashboard is provided to assist in...

Your employer, an Australian-based investment bank, has issued a Structured Financial Product (SFP) to high net worth investors. You have been requested to determine the risk exposure to the bank and...

Joseph and Diane Smith 1580 West Street Chatham, VA 24531 Joseph and Diane are both 35 and have no dependents. If your clients receive a refund, they want the full amount refunded to them. Diane is...

49. Cost Behavior at Best Buy. The following condensed income statement is for Best Buy Co., Inc., a large retailer of consumer electronics. Required: Assume that cost of goods sold comprises only...

The Chestnut Street Company plans to issue a bond semiannually on March 31st and September 30th. The Controller has asked you to calculate information about the bond assuming two different market...

July 1. The following assets were received from Steffy Lopez in exchange for common stock: cash, $13,500; LATE accounts receivable, $20,800; supplies, $3,200; and office equipment, $7,500. There were...

Sanders Cycle Company is a family-owned bicycle manufacturing company located in Stow, Ohio. It has two product lines, a road bike, the Tourist, and a high-end racing bike, the Racer. The design for...

Cost-Volume-profit (CVP) analysis is a powerful tool that helps managers understand the relationships among cost, volume, and profit. CVP focuses on how profits are affected by the following five...

1) Assume that you are employed by the company. What recommendations would you make to the management team of the company? 2) Prepare the revised cash budget for the quarter ending March 31, 2021...

In this module you will apply attribute sampling to Brony's Bikes' prenumbered sales invoices to evaluate whether sales have been processed properly. Recall from Module II that several deficiencies...

Marty has been driving his Dads old beat up car to work and school. To embarrass him, Biff, the local bully, has challenged Marty to a race. If he wins, he gets $1,000 but if he loses, he pays...

BOB'S BACK HOES STUDENT EXERCISE Overview In this case-study, you, the student, will set up a new service company file using the Easy Step Interview found by clicking on Detailed Start after clicking...

Cool College Startups The U.S. Bureau of Labor Statistics states that its role is as the "principal fact-finding agency for the federal government in the broad field of labor economics and...

Johnson Mining Company purchased land containing mineral ore on February 1, 20Y1, at a cost of $1,250,000. It estimated that a total of 60,000 tons of mineral were available for mining. It incurred...

Cordovas net income for the years 2017, 2018 and 2019 is $ 180,000, $200,000 and $280,000, respectively. During the 2019 audit, the following item came to your attention: On January 1, 2017, Cordova...

EYE SPY sells sophisticated video surveillance equipment. EYE SPY sells the equipment and computer integration services together. It does not sell these separately. The equipment cannot operate...

Rob Thomas, the controller of MatchBox 20 (Match), has a disease (in other words, he is unwell) and wont be able to report for work today. In his absence, you (the assistant controller) must prepare...

Based on the scenario below, you will complete a Balance Sheet. Read the scenario. Identify pertinent information and use it to fill in numbers on the Balance Sheet below. Not all information may be...

TSO, Inc., began operations on January 2, Year 10. For the year ended December 31, Year 10, TSO had pretax financial income of $200,000. TSO's enacted tax rate for Year 10 and future years is 40%....

Aaron Thompson of 725 Midwest Ave, Omaha, NE 68107 died on November 24, 2016. He was survived by his wife, Rachel, and their son, John. At the time of his death, Aaron was employed by a microchip...

Required: 1 (20 pts) Conduct a 2-year weighted annual sales forecast for the years 2023-2027. Place your results on the Sales line of the Milestone 1 Sales Forecast tab in the highlighted area. 2 (20...

Alexander Wilson operates Metroplex Courier and Delivery Service. The company has four employees who are paid on an hourly basis. During the workweek beginning December 15 and ending December 21,...

Department II of Charity Manufacturing Company presents the following production data for the month of May, 2011: Opening inventory, 3/8 completed 4, 000 units Started in process 13, 000 units...

BuyCo is a privately held technology developer and manufacturer in the transportation industry. On October 31, 20X1, BuyCo entered into an agreement with SellCo to purchase certain assets and assume...

Create a Budget Analysis Report for the month of September, to include creating a Master Budget, and calculating the variance analyses between Actuals versus the Flexible Budget and versus the Master...

A machine costs Rs 90,000 and is deemed to have a scrap value at 5% at the end of its effective life. A machine costs Rs 90,000 and is deemed to have a scrap value at 5% at the end of its effective...

1. Using the data input provided (Exhibit 1), prepare LAFs master budgets in Excel. Do not hard-code numbers into the spreadsheet, except in the financing section of the cash budget. 2. Conduct a...

1) Waren has a $60,000 two-year note payable to First American Bank & Trust dated December 18, 2017. The stated annual interest rate on the note is 5%. The terms of the note payable call for the...

Refer to Groupons 2018 10-K filings answer blew q 1.What future events will cause s future earnings to be lower (higher) because current earnings are potentially overstated (understated)? 2.Identify...

Customers arrive to a two server system in accordance with a Poisson process with rate . Server 1 is the preferred server, and an arrival finding server 1 free enters service with 1; an arrival...