SMOLIRA GOLF, INCORPORATED Balance Sheets as of December 31. 2021 and 2022 Assets 2021 2022 Current assets Cash $6,358 $7,866 Accounts receivable 9248. 11,445 Inventory. 14,580 29,641 Total $30,186...

This is a new manufacturing corporation that issued $50000 common stock for cash on the first day. All overhead expenses are paid immediately by cash. To make it easy, there are no other operating...

On January 1, the Wiek Company contracted with its president, T. Mae, to make a single deposit immediately to establish a fund with a trustee that pays Mae $40,000 per year for each of the three...

You have been hired as the new controller for Paulson Paint, Inc. You will have the opportunity to utilize your financial and managerial accounting experience. You will be responsible for preparing...

The fraud triangle identifies conditions or circumstances that are often precursors to financial fraud. 1)Define the three categories of fraud risk factors that are included in the fraud triangle and...

The dividends are at $1.00 and $1.15, respectively. As financial reporting advisors, we are asked by the head of Sterling Company to advise in accounting for stock investments. This is the first year...

Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Beginning work in process inventory Units started this...

Suppose that Firm X has 1 million shares outstanding, valued currently at $20 per share. A "raider" has recently acquired 100,000 shares, paying the market price for those shares. The announcement of...

Kramer Corporation enters a contract to sell 100 custom-made iron pipes to a customer for $300,000 on December 31, 2016, and the customer pays the full amount on that date. The sales contract...

Pat is a single 28-year-old resident who works as a project manager in Perth. During the 2021/22 income year, Pat earned $92,000 in salary, from which his employer withheld $22,256 in tax under the...

Enter the following sales transaction into the Ledger/Journal. You have negotiated the sale of Mr and Mr Emerald's home at 8 Knowle Court, Ocean Grove for $1,000 000. The purchasers, Mr and Mrs Teal...

Steven owns and runs a store called Zodiac General Dealer. He allows goods to be sold on credit. Zodiac's year-end is 28 February. Steven went over all information pertaining to debtors to find out...

You have recently been hired as a financial advisor for Aura Intelligence, Inc. The company is considering investing in a new affordable cell phone that has improved video quality, battery life, and...

DM Yard Services has now added residential and commercial customers and is providing services on a regular basis. Review the Income Statement and Sales by Customer Summary Report: January 1 - May 31....

Mendina, Incorporated produces an advanced type of coffee maker. Information about the coffee maker is below: Total Variable Cost at 200 units Total Cost per Unit Sales Price Target Profit Volume...

Other information: Intercompany sales: On January 1, Year 10: Salt had on hand $30,000 of inventory purchased from Pillar. Pillar had on hand $90,000 of inventory purchased from Salt. Both companies...

Gordon Temper is a single taxpayer (birthdate July 1, 1985, and Social Security number 242-11-6767) who operates a food truck that specializes in food from South Africa. His business is named "Mobile...

A dog training business began on December 1. The following transactions occurred during its first month. December 1 Receives $23,000 cash as an owner investment in exchange for common stock. December...

Complete the statement of cash flow for January through June on the CashFlow worksheet by completing the following tasks. As part of the process, you will need to use a circular reference. You will...

Whittier Company produced 10,000 cases of cookies this year. It sold 9,500 cases for $20 each. There were no beginning inventories. Variable manufacturing costs were $60,000, and fixed manufacturing...

Average waiting times and ride times for two of DizzyWorld's rides are as follows: Magic Mushroom: Average waiting time- 20 minutes, length of ride-10 minutes, total process time-30 minutes Haunting...

Dittman's Variety Store is completing the accounting process for the current year just ended, December 31. The transactions during year have been journalized and posted. The following data with...

Corrected Trial Balance The Colby Group has the following unadjusted trial balance as of August 31, 2019. The Colby Group Unadjusted Trial Balance August 31, 2019 Debit Balances Credit Balances Cash...

Entries into T accounts and Trial Balance Connie Young, an architect, opened an office on October 1, 2019. During the month, she completed the following transactions connected with her professional...

1. Jennifer Pontesso, from Lincoln, Nebraska, wants to better understand her financial situation. Use the following balance sheet and cash flow statement information to determine her net worth and...

XZ owned Asset A that was reflected in the accounts as: cost, $60,000 and accumulated amortization, $35,000. Its market value in present condition is reliably estimated to be $38,000. XZ acquired...

For the year ending December 31, 2016, the Income Statement of Saratoga Springs Company was prepared in accordance with generally accepted accounting principles. There are a number of items that the...

You work in A/P and see expenses being paid to executives that are not proper business deductions or are for personal expenses and reimbursement is not a tax deductible expense (where expense will be...

Journal Entries and Trial Balance On June 1, 2019, Kris Storey established an interior decorating business, Eco-Centric Designs. During the month, Kris completed the following transactions related to...

An office building was purchased on December 9th several years ago for $2,500,000. The purchase price was allocated as follows: building $1,900,000, landscaping $100,000, and land $500,000. During...

Allain, Inc. has the following budgeted figures: Calculate the ending merchandise inventory for the month of March. Sales Cost of goods sold Required ending inventory Inventory on hand on Jan 1 Jan...

For the year ending December 31, 2016, the Income Statement of Saratoga Springs Company was prepared in accordance with generally accepted accounting principles. There are a number of items that the...

Verik Engineering Company manufactures three different types of Calculators and classifies them as Scientific, Business and Graphing according to their computing capabilities. The production...

Martin contributes cash of $24,000, and Steven contributes office equipment that cost $20,000 but is valued at $16,000 to the formation of a new partnership. Prepare the journal entry to form the...

ABC Corporation has two major divisions: Agricultural Products and Industrial Products. It provides the following information for the year 2014 Calculate the residual income for the Agriculture...

How would you propose to address and analyze the general merchant transactions (walmart) that are missing purchase item information? What are some internal controls that could be undertaken by the...

Bill Lawrence has been an employee at Huntington Manufacturing for nearly fifteen years. During this time, he's steadily worked his way up from a frontline worker to management. Plaques and awards...

1. The current value of the New Zealand dollar (NZ$) is $0.83. Last year, it was $0.80. The New Zealand dollar: a) Depreciated by 3.75% b) Appreciated by 3.75% c) Appreciated by 3.6% d) Depreciated...

A company used $35,000 of direct materials, incurred $73,000 in direct labor cost, and had $114,000 in factory overhead costs during the period. If beginning and ending work in process inventories...

Assume that Yosuke wants to rent a room at a Lakeview apartment, the landlord requires a one-time, non-refundable $50 application fee and a contract cancelable with 5 days notice, charges $500 per...

The following matrix shows the payoffs for advertising game between Coke and Pepsi. The firms can choose to advertise or to not advertise. Number in the matrix represent profits; the first number in...

Warren and Young Kim are married taxpayers, filing jointly. They live at 777 Kingston Place, Anaheim, CA 92805. They are both retired. Their SSNs are Warren, 412-34-5670; and Young, 412-34-5671....

Rondo Ltd. (RL) is a wholesaler operation, with an active warehouse. Staff at RL have prepared a preliminary list count on November 30. a. Goods counted in the physical inventory................

Kirsten believes her company's overhead costs are driven (affected) by the number of direct labor hours because the production process is very labor intensive. During the period, the company produced...

Adriaan Taylor Corporation is a newly formed entity that engages in the purchase and resale of amphibious tour vehicles. Purchases for the first year of operation were as follows: Date Purchases...

Efficient Business Systems uses a perpetual inventory system. The adjusted trial balance of Efficient Business Systems at March 31,2018, follows: Prepare Efficient?s multi-step income statement for...

Beginning inventory, purchases and sales data for tennis rackets are as follows: Complete the inventory cost card assuming the business maintains a perpetual inventory system and calculates the cost...

Read the vyaderm pharmaceuticals case study. Write a paper that addresses the questions on the case. Include the following in your analysis: compute the year 2000 eva for the North American...

Kropf Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours....

Plano had 50,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 30%. Plano Co. 12/31/2018 Partial Trial Balance Data Debits...

An aging analysis on June 30 of the accounts receivable of U-Z Door Corporation indicates that Uncollectible accounts amount to $86,000. Prepare the journal entry to record uncollectible accounts...

1. Post the transactions to the general ledger accounts in chronological order. Use posting reference J1 for Jan. 1- Jan. 10 transactions and J2 for Jan. 11- Jan. 29 transactions. If an amount box...

An inexperienced bookkeeper prepared the following trial balance that does not balance. Prepare a correct trial balance, assuming all account balances are normal. Cash Prepaid Insurance Accounts...

Describe the main types of business entities and their defining characteristics. Apply product liability law and determine what issues are present. How would you advise your client to mitigate those...

Should the replacement asset be purchased? That is, does it make economic (financial) sense for XYZ to replace the existing machine? Support your answer by clearly showing the tax basis of the...

You are an associate in a boutique tax consulting firm that specializes in the real estate industry. You have been assigned to work with a client who needs advice on the tax implications of his...

The Montana Appliance Company is installing as assembly line to produce one of its small appliances, and you have been asked to balance the line. The tasks that are to be performed are listed below,...

A supermarket XYZ is determined to please its customers with a customer advantage card. Currently 30% of all shoppers are loyal to XYZ. A loyal customer shops at XYZ 80% of the time. An unloyal...

Adjustment information as of January 31, not already given in the original transaction(s): 1. Based on prior experience, GBI estimates that approximately % of the net credit sales (gross credit...

How many hours should it take an articulated wheel loader equipped with a 4-yd (3.06-m 3 ) bucket to load 3000 cu yd (2294 m 3 ) of gravel from a stockpile into rail cars if the average haul distance...

Respond that the following statements are TRUE or FALSE: 1) In a production cost report, the number of units to account for must always be greater than the number of units accounted for. 2) A...

A. Navigate to the threaded discussion below: B. Imagine that you have invested $1 million in a McDonalds franchise restaurant. The investment includes expenses for land, buildings, and franchise...

Assume that you and another accounting student are working on a class project together. This project involves reviewing a set of accounting records to look for errors. She has just prepared a trial...

Read the case study Eastern Electronics and answer the following questions: 1) Analyze the performance of Eastern Electronics over the 20x3 through 20x6 time period. Also, determine if the budget...

The following is a pre-closing trial balance for Sun City's General Fund as of June 30, 2014 What is the fund balance as of June 30, 2014 after all closing entries have been made? Cash Taxes...

The integrated delivery system you work for is thinking about dropping your sleep disorder program for financial reasons. The program serves 4,000 patients a year with annual revenues of $2 million....

$1,500 in meal and entertainment expenses show as a permanent difference for tax. Prepare the necessary adjusting entry. The company uses straight line depreciation for book and MACRS depreciation...

Given the following information, construct the firms balance sheet: Cash and cash equivalents................$ 300,000 Accumulated depreciation on plant and equipment..800,000 Plant and...

Dirt Bikes management wants to be sure it is pursuing the right competitive strategy. You have been asked to perform a competitive analysis of the company using the Internet to find the information...

The books have been closed for the first year of business for Sanchez Computer Center. The company ended up with a marginal profit for the first three months in operation. Tony expects faster growth...

Michelle Sayer is Johnson & Johnsons Walmart account manager, meaning that she oversees all operational interactions between Walmart and Johnson & Johnson. The Walmart account is so important...

Chaloux Company borrowed $73,680 from National bank on September 1 for three months; 5% interest is payable the first of each month, starting October 1. Chalouxs year end is October 31 and the...

State Bank has hired you as a loan officer. You have been given a file containing a loan request from XYZ Company, a manufacturer of farm machinery components. The requested loan is in the amount of...

Conduct research on Dell Computers and discuss the benefits of the direct sales model developed by Michael Dell. Are there inherent disadvantages to the direct model? Are there industries in which...

Powell's book warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Powell's inventory consisted of books purchased...

Write a paper about knowledge management strategy formulation this project provides an opportunity for you to identify opportunities for knowledge management at a real-world business and to suggest...

A major pharmaceutical wholesaler buys brand drugs from a manufacturer at wholesale prices and sells them to pharmacies at retail prices. It estimates that the wholesale (W) price, the retail (R)...

1. Jeff and Linda got married in December of 2018. They are both U.S. citizens with valid Social Security numbers. They do not elect to file a joint return for 2018. Jeff worked all year and received...

What amount will reduce the amount due on an invoice of $1940 by $740 if the terms of the invoice are 5/10, n/30 and the payment was made during the discount period?

A surfboard shop sells 45 surfboards per month when it charges $500 per surfboard. For each $20 decrease in price, the store sells 5 more surfboards per month. How much should the shop charge per...

Lou and Joann Girardi are married and file a joint return. They recently bought a new home on 21680 Skyline Drive, Henderson, NV 89077. Their son, Stuart, attends the University of Pennsylvania...

Read the Madison Gilmores Ethical Dilemma (a GVV CASE) And answer the following: Is the accounting for revenue in the Victor transaction a case of operational earnings management or accounting...

A clothing retailer purchased a line of fall leather coats which were priced to sell at $600 each. This price reflected a markup of 45% on the selling price. At the end of the season the retailer had...

Explain how alignment to relevant regulations and ethical reporting influenced your accounting practices and notes, providing examples to support your claims

Employee Retention at D&Y Demand for systems analysts in the consulting industry is greater than ever. Graduates with a combination of business and computer knowledge, some even from liberal arts...

A country?s debt is $636 billion at the end of Year 0. Using the information below (in billions of dollars), fill in the blanks for its budget balance and debt for the following years: Year 1 Year 2...

Lilly County, faced with the prospect of declining revenues, decides it can save money by doing all printing in-house. The county creates the Lilly Printing Fund (an Internal Service Fund), directs...

Five years ago, Megan Thomas was a busy executive seeking to keep her and her employees current with new technology. She realized that many small companies were facing the same dilemma. Using her...

Topp Manufacturing Company acquired 90 percent of Bussman Corporation's outstanding common stock on December 31, 20X5, for $1,152,000. At that date, the fair value of the noncontrolling interst was...

Greetings Inc. has operated for many years as a nationally recognized retailer of greeting cards and small gift items. It has 1,500 stores throughout the United States located in high-traffic malls....

1. The 100-employee information technology department of a financial services company had a high turnover rate. A survey of employees revealed that the reason most left was dissatisfaction with the...

Ferris Company has an old machine that is fully depreciated but has a current salvage value of $5,000. The company wants to purchase a new machine which would cost $60,000 and have a 5-year useful...

A small manufacturer has two plants located in New York and Ohio. It is possible to produce any of the three products A, B, and C at either of the two plants. The gross profit without labor cost from...

Maryhill Corp. purchased all of Hood River Company's common stock for $3,612,000 cash on January 1. When analyzing the purchase price, Maryhill Corp. determined that the other assets of Hood River...

Marks Music is a store that buys and sells musical instruments and uses a perpetual inventory system. Transactions for the business are shown below: Nov. 2 Purchased two electric guitars from Fender...

During 2017, Cassandra Albright, who is single, worked part-time at a doctors office and received a W-2. She also had a cash-basis consulting practice that had the following income and expenses:...

The company had two locations and due to poor performance, they decided to discontinue operations related to the south location. The revenue for this location (which is included in the above trial...

Prepare three contribution-format income statements for the Bullarama event based on: 5a) an optimistic projection (no onsite competitors), 5b) a conservative projection (one onsite competitor), and...

Dundas Desks buys desks for $80 each and sells them for $140 each. On 1 August 2016, 86 desks were in inventory. Dundas Desks completed the transactions below during August. Aug. 2 Paid freight cost...

A proposed cost-saving project requires a device with an installed cost of $540,000. The project will last for five years. The device has a CCA rate of 20%. The required initial net working capital...