Here is my accounting project, please help me answer all of them . Thank you in advance

1. value: 10.00 points Serial Problem Business Solutions L.O. P3 Use the following selected data from Business Solutions' income statement for the three months ended March 31, 2012, and from its March 31, 2012, balance sheet to complete the requirements below: computer services revenue, $28,885; net sales (of goods), $18,126; total sales and revenue, $47,011; cost of goods sold, $14,798; net income, $20,928; quick assets, $89,592; current assets, $95,936; total assets, $119,968; current liabilities, $1,015; total liabilities, $1,015; and total equity, $118,953. Required: 1. Compute the gross margin ratio (both with and without services revenue) and net profit margin ratio. (Round your answers to 1 decimal place. Omit the "%" sign in your response.) Gross margin ratio With service revenue % Net profit margin ratio Without service revenue % % 2. Compute the current ratio and acid-test ratio. (Round your answers to 1 decimal place.) Current ratio Acid-test ratio 3. Compute the debt ratio and equity ratio. (Round your answers to 1 decimal place. Omit the "%" sign in your response.) Debt ratio Equity ratio % % 4. What percent of its assets are current? What percent are long term? (Round your answers to the nearest whole percent. Omit the "%" sign in your response.) Current assets Long-term assets 2. value: 10.00 points % % Serial Problem Business Solutions L.O. C2, C4, P2 Santana Rey, owner of Business Solutions, decides to diversify her business by also manufacturing computer workstation furniture. Required: 1. Classify the following manufacturing costs of Business Solutions by behavior and traceability. Product Costs 1. Monthly flat fee to clean workshop 2. Laminate coverings for desktops 3. Taxes on assembly workshop 4. Glue to assemble workstation component parts 5. Wages of desk assembler 6. Electricity for workshop 7. Depreciation on tools Cost by Behavior Cost by Traceability Direct materials: $2,900 Factory overhead: $490 Direct labor: $700 Beginning goods in process: none (December 31, 2011) Ending goods in process: $560 (January 31, 2012) Beginning finished goods inventory: none (December 31, 2011) Ending finished goods inventory: $300 (January 31, 2012) 2. Assume the above manufacturing costs. Prepare a manufacturing statement for Business Solutions for the month ended January 31, 2012. (Input all amounts as positive values. Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.) Business Solutions Manufacturing Statement For Month Ended January 31, 2012 $ Total manufacturing costs Total cost of goods in process $ 3. Prepare the cost of goods sold section of a partial income statement for Business Solutions for the month ended January 31, 2012. (Input all amounts as positive values. Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.) Business Solutions Partial Income Statement For Month Ended January 31, 2012 $ Cost of goods sold $ 3. value: 10.00 points Serial Problem Business Solutions L.O. P1, P2, P3 The computer workstation furniture manufacturing that Santana Rey started in January is progressing well. As of the end of June, Business Solutions' job cost sheets show the following total costs accumulated on three furniture jobs. Job Job Job 6.02 6.03 6.04 Dir $ 1,50 ect 0 mat $ 3,00 0 $ 2,50 0 erial s Dir ect labo r Ov erhe ad 800 1,60 0 400 1,80 0 800 900 Job 6.02 was started in production in May, and these costs were assigned to it in May: direct materials, $500; direct labor, $160; and overhead, $80. Jobs 6.03 and 6.04 were started in June. Overhead cost is applied with a predetermined rate based on direct labor costs. Jobs 6.02 and 6.03 are finished in June, and Job 6.04 is expected to be finished in July. No raw materials are used indirectly in June. (Assume this company's predetermined overhead rate did not change over these months). Required: 1. What is the cost of the raw materials used in June for each of the three jobs and in total? (Omit the "$" sign in your response.) Job 6.02 Job 6.03 Job 6.04 $ Total $ 2. How much total direct labor cost is incurred in June? (Omit the "$" sign in your response.) Total direct labor $ 3. What predetermined overhead rate is used in June? (Omit the "%" sign in your response.) Predetermined overhead rate % 4. How much cost is transferred to finished goods inventory in June? (Omit the "$" sign in your response.) Total transferred cost $ Comprehensive Problem Major League Bat Company Major League Bat Company manufactures baseball bats. In addition to its goods in process inventories, the company maintains inventories of raw materials and finished goods. It uses raw materials as direct materials in production and as indirect materials. Its factory payroll costs include direct labor for production and indirect labor. All materials are added at the beginning of the process, and direct labor and factory overhead are applied uniformly throughout the production process. Required: You are to maintain records and produce measures of inventories to reflect the July events of this company. Set up the following general ledger accounts and enter the June 30 balances: Raw Materials Inventory, $28,000; Goods in Process Inventory, $11,505 ($2,780 of direct materials, $3,750 of direct labor, and $4,975 of overhead); Finished Goods Inventory, $114,000; Sales, $0; Cost of Goods Sold, $0; Factory Payroll, $0; and Factory Overhead, $0. 1. Prepare journal entries to record the following July transactions and events. (Omit the "$" sign in your response.) a. Purchased raw materials for $135,000 cash (the company uses a perpetual inventory system). b. Used raw materials as follows: direct materials, $63,870; and indirect materials, $16,000. c. Incurred factory payroll cost of $251,000 paid in cash (ignore taxes). d. Assigned factory payroll costs as follows: direct labor, $221,000; and indirect labor, $30,000. e. Incurred additional factory overhead costs of $66,300 paid in cash. f. Allocated factory overhead to production at 50% of direct labor costs. General journal Debit Credit a. b. c. d. e. f. 2. Information about the July inventories follows. Use this information with that from part 1 to prepare a process cost summary, assuming the weighted-average method is used. (Round your cost per EUP answers to 2 decimal places for "Cost per EUP" and "Cost assignment and reconciliation". Omit the "$" sign in your response.) Units Beginning inventory Started Ending inventory Beginning inventory Materials Percent complete Labor and overheadPercent complete Ending inventory 7,500 units 14,000 units 10,000 units 100% 70% Materials Percent complete Labor and overheadPercent complete 100% 40% MAJOR LEAGUE BAT CO. Process Cost Summary For Month Ended July 31 Costs Charged to Production Costs of beginning goods in process $ Total beginning goods in process Costs incurred this period $ $ Total incurred this period Total costs to account for $ Unit cost information Units accounted for Units to account for Total units to account for Total units accounted for Equivalent units of production Direct Materials Direct Labor Factory Overhe EUP EUP Equivalent units of production Cost per EUP Direct Direct Labor EUP EUP EUP EUP Factory Overhead Materials $ $ $ Total costs $ $ $ EUP Cost per EUP $ EUP per EUP $ per EUP Cost assignment and reconciliation Costs transferred out $ Total transferred out Costs of ending goods in process $ $ Total ending goods in process Total costs to account for $ 3. Using the results from part 2 and the available information, make computations and prepare journal entries to record the following (Omit the "$" sign in your response): a. Total costs transferred to finished goods for July. b. Sale of finished goods costing $282,452 for $650,000 in cash. General journal a. b. Debit Credit $ 4. Post entries from parts 1 and 3 to the ledger accounts set up at the beginning of the problem. (Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.) Date Jun. 30 Date Jun. 30 Date Jun. 30 Date Debit GENERAL LEDGER Raw Materials Inventory Credit Balance Goods in Process Inventory Debit Credit Balance Finished Goods Inventory Debit Credit Balance Debit Sales Credit Balance Debit Cost of Goods Sold Credit Balance Date Debit Factory Payroll Credit Balance Date Debit Factory Overhead Credit Balance Date 5. Compute the amount of gross profit from the sales in July. (Add any underapplied overhead to, or deduct any overapplied overhead from, the cost of goods sold. Ignore the corresponding journal entry. Omit the "$" sign in your response.) Gross profit $ 5. value: 10.00 points Serial Problem Business Solutions After reading an article about activity-based costing in a trade journal for the furniture industry, Santana Rey wondered if it was time to critically analyze overhead costs at Business Solutions. In a recent month, Rey found that setup costs, inspection costs, and utility costs made up most of its overhead. Additional information about overhead follows. Activity Setting up machines Inspecting components Providing utilities Cost Driver $ 18,460 26 batches $ 5,300 $ 10,600 5,300 parts 5,300 machine hours Overhead has been applied to output at a rate of 55% of direct labor costs. The following data pertain to Job 6.15. Direct $ 2,300 materials Direct labor Batches Number of parts Machine hours $ 3,500 4 batches 440 parts 570 machine hours Required: 1. Classify each of its three overhead activities as unit level, batch level, product level, or facility level. Setting up machines Inspecting components Providing utilities 2. What is the total cost of Job 6.15 if Business Solutions applies overhead at 55% of direct labor cost? (Omit the "$" sign in your response.) Total cost $ 3. What is the total cost of Job 6.15 if Business Solutions uses activity-based costing? (Omit the "$" sign in your response.) Total cost $ 6. value: 10.00 points Serial Problem Business Solutions L.O. P4 Business Solutions sells upscale modular desk units and office chairs in the ratio of 4:2 (desk unit:chair). The selling prices are $1,190 per desk unit and $440 per chair. The variable costs are $690 per desk unit and $190 per chair. Fixed costs are $350,000. Required: 1. Compute the selling price per composite unit. (Omit the "$" sign in your response.) Selling price $ 2. Compute the variable costs per composite unit. (Omit the "$" sign in your response.) Variable costs $ 3. Compute the break-even point in composite units. Break-even point composite units 4. Compute the number of units of each product that would be sold at the break-even point. Desk units Unit sales Chairs units 7. value: 10.00 points Serial Problem Business Solutions Santana Rey expected sales of her line of computer workstation furniture to equal 300 workstations (at a sales price of $3,300) for 2012. The workstations' manufacturing costs include the following. Direct material s Direct labor Variabl e overhea d Fixed overhea d $ 740 per unit $ 350 per unit $ 90 per unit $ 19,200 per year The selling expenses related to these workstations follow. Variabl e selling $ 30 per unit expens es Fixed selling expens es $ 4,000 per year Santana is considering how many workstations to produce in 2012. She is confident that she will be able to sell any workstations in her 2012 ending inventory during 2013. However, Santana does not want to overproduce as she does not have sufficient storage space for many more workstations. Required: 1. Compute Business Solutions' absorption costing income assuming. (Omit the "$" sign in your response.) a. b. 300 Workstations 320 Workstations $ $ 2. Compute Business Solutions' variable costing income assuming. (Omit the "$" sign in your response.) a. b. 300 Workstations 320 Workstations $ $ 8. value: 10.00 points Serial Problem Business Solutions L.O. P2 Santana Rey expects second quarter 2012 sales of her new line of computer furniture to be the same as the first quarter's sales (reported below) without any changes in strategy. Monthly sales averaged 42 desk units (sales price of $1,270) and 22 chairs (sales price of $520). Sales Cost of goods sold Gross profit $ 194,340 $ 145,440 48,900 Expenses Sales commissions (10%) Advertising expenses Other fixed expenses Total expenses Net income 19,434 9,600 18,600 $ 47,634 $ 1,266 Reflects revenue and expense activity only related to the computer furniture segment. Revenue: (126 desks $1,270) + (66 chairs $520) = $160,020 + $34,320 = $194,340 Cost of goods sold: (126 desks $770) + (66 chairs $270) + $30,600 = $145,440 Santana Rey believes that sales will increase each month for the next three months (April, 50 desks, 34 chairs; May, 54 desks, 37 chairs; June, 58 desks, 40 chairs) if selling prices are reduced to $1,170 for desks and $470 for chairs, and advertising expenses are increased by 10% and remain at that level for all three months. The products' variable cost will remain at $770 for desks and $270 for chairs. The sales staff will continue to earn a 10% commission, the fixed manufacturing costs per month will remain at $10,200 and other fixed expenses will remain at $6,200 per month. Required: 1. Prepare budgeted income statements for each of the months of April, May, and June that show the expected results from implementing the proposed changes. Use a three-column format, with one column for each month. (Input all amounts as positive values except any net loss which should be indicated by a minus sign. Omit the "$" sign in your response.) BUSINESS SOLUTIONS Budgeted Income Statement For Months of April, May, and June April May $ June $ $ $ $ Expenses Total expenses Net income (loss) $ 2. Recommend whether Santana Rey should implement the proposed changes. Should implement the proposed changes Should not implement the proposed changes 9. value: 10.00 points Serial Problem Business Solutions L.O. P1 Business Solutions' second quarter 2012 fixed budget performance report for its computer furniture operations follows. The $177,130 budgeted expenses include $119,280 in variable expenses for desks and $18,850 in variable expenses for chairs, as well as $39,000 fixed expenses. The actual expenses include $40,800 fixed expenses. Fixed Budget Desk sales (in units) Chair sales (in units) Desk sales (in dollars) Chair sales (in dollars) Total expenses Income Actual Results Variances 142 65 $ 148 73 180,340 $ 33,150 $ 177,130 $ 36,360 $ 186,480 $ 38,325 $ 186,640 $ 38,165 $ 6,140 F $ 5,175 F $ 9,510 U $ 1,805 F from operations Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and variable expenses separately. (Input all amounts as positive values. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Omit the "$" sign in your response.) BUSINESS SOLUTIONS Flexible Budget Performance Report For Quarter Ended June 30 Flexible Budget Actual Results $ $ $ $ Variances $ $ 10. value: 10.00 points Serial Problem Business Solutions L.O. P1, P2 After reading an article about activity-based costing in a trade journal for the furniture industry, Santana Rey wondered if it was time to critically analyze overhead costs at Business Solutions. In a recent month, Rey found that setup costs, inspection costs, and utility costs made up most of its overhead. Additional information about overhead follows. Activity Setting up machines Inspecting components Providing utilities Cost Driver $ 16,060 22 batches $ 5,800 5,800 parts $ 8,600 4,300 machine hours Overhead has been applied to output at a rate of 40% of direct labor costs. The following data pertain to Job 6.15. Direct materials $ Batches Number of parts 430 parts $ Direct labor 3,000 4,300 Machine hours 640 machine hours 3 batches Required: 1. What is the total cost of Job 6.15 if Business Solutions applies overhead at 40% of direct labor cost? (Omit the "$" sign in your response.) Total cost $ 2. What is the total cost of Job 6.15 if Business Solutions uses activity-based costing? (Do not round your intermediate calculations. Omit the "$" sign in your response.) Total cost $ 11. value: 10.00 points Serial Problem Business Solutions L.O. P1, A1 Santana Rey has found that her line of computer desks and chairs has become very popular and she is finding it hard to keep up with demand. She knows that she cannot fill all of her orders for both items, so she decides she must determine the optimal sales mix given the resources she has available. Information about the desks and chairs follows. Desks Selling price per unit Variable costs per unit $ Chairs 1,087.50 430.00 $ 350.00 130.00 Contributi on margin per unit $ Direct labor hours per unit Expected demand for next quarter 657.50 $ 220.00 5 hours 4 hours 163 desks 52 chairs Santana has determined that she only has 971 direct labor hours available for the next quarter and wants to optimize her contribution margin given the limited number of direct labor hours available. Required: Determine the optimal sales mix and the contribution margin the business will earn at that sales mix. (Input all amounts as positive values. Do not round intermediate calculations and round your final answers to 2 decimal places. Omit the "$" sign in your response). Desks Sales Variable costs Contribution margin Chairs Total $ $ $ $ $ $ 12. value: 10.00 points Serial Problem Business Solutions L.O. P1, P2 Santana Rey is considering the purchase of equipment for Business Solutions that would allow the company to add a new product to its computer furniture line. The equipment is expected to cost $357,000 and to have a seven-year life and no salvage value. It will be depreciated on a straight-line basis. Business Solutions expects to sell 100 units of the equipment's product each year. The expected annual income related to this equipment follows. Sales Costs Materials, labor, and overhead (except depreciation) Depreciation on new equipment Selling and $ 382,000 192,000 51,000 31,500 administrative expenses Total costs and expenses 274,500 Pretax income Income taxes (30%) 107,500 32,250 Net income $ 75,250 Required: (1) Compute the payback period. (Round your answer to 1 decimal place.) Payback period years (2) Compute the accounting rate of return for this equipment. (Round your answer to 1 decimal place. Omit the "%" sign in your response.) Accounting rate of return %