Need help with this asap! The file is attached below.

Problem 1 Chapter 17 Statement of Cash Flows (25 points) The comparative balance sheet for Chelsea Company appears below: Chelsea Company Comparative Balance Sheet Dec. 31, 2010 Assets Cash .......................................................................................... Accounts receivable .................................................................... Inventory ...................................................................................... Prepaid expenses ........................................................................ Building ........................................................................................ Accumulated depreciationbuilding ............................................ Total assets ............................................................................ Dec. 31, 2009 $51,000 6,000 10,000 2,000 30,000 (3,000) $96,000 $15,000 8,000 7,000 3,000 15,000 (2,000) $48,000 $ 3,000 12,000 38,000 43,000 $96,000 $ 5,000 13,000 18,000 12,000 $48,000 Liabilities and Stockholders' Equity Accounts payable ........................................................................ Long-term note payable ............................................................... Common stock ............................................................................ Retained earnings ....................................................................... Total liabilities and stockholders' equity ................................. The income statement for the year is as follows: Chelsea Company Income Statement For the Year Ended December 31, 2010 Sales (all on credit) ...................................................................... Expenses and losses Cost of goods sold ................................................................. Operating expenses, exclusive of depreciation....................... Depreciation expense ............................................................ Interest expense .................................................................... Loss on sale of land ............................................................... Income taxes ......................................................................... Total expenses and loss ................................................... Net income .................................................................................. $410,000 $252,000 94,300 1,000 1,200 2,500 9,000 360,000 $ 50,000 Cash dividends of $19,000 were paid during the year. Land costing $20,000 was acquired by the issuance of common stock. The property was subsequently sold for $17,500 cash. (HINT: The acquisition of the land should be disclosed in a footnote only. The loss on the sale of the land will be added back under the Operating section of the cash flow. The proceeds received will be recorded under Investing.) Instructions Prepare a statement of cash flows for the year ended December 31, 2010 using the indirect method. Problem 2 Chapter 20 Job Order Cost Accounting (25 points) Costly Manufacturing uses a job order cost accounting system. On Oct 1, the company has a balance in Work in Process Inventory of $6,500 and two jobs in process: Job No. 329, $4,000 and Job No. 330, $2,500. During Oct, a summary of source documents reveals the following: For Job No. 329 Job No. 330 Job No. 331 Job No. 332 General Use Materials Requisition Slips $ 2,500 3,600 4,400 3,000 1,000 $14,500 Labor Time Tickets $ 8,400 3,400 3,200 3,000 1,500 $19,500 Costly Manufacturing applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 329 is completed during the month. Instructions (a) Prepare summary journal entries to record the requisition slips, time tickets, the assignment of manufacturing overhead to jobs, and the completion of Job No. 329. Show computations. (b) Answer the following questions. 1. What is the balance in Work in Process Inventory at Oct 31? 2. If Costly Manufacturing incurred $8,000 of manufacturing overhead in addition to indirect materials and indirect labor, was overhead over- or underapplied in Oct and by how much? 3. Without regard to your answer in (2) above, assume manufacturing overhead was underapplied in Oct. How would this amount be reported in the company's monthly financial statements at Oct 31? Problem 3 Chapter 21 Process Cost Accounting (25 points) The Detailing Department of Jackson Manufacturing Company has the following production and manufacturing cost data for February. Production: Beginning inventory 5,000 units that are 100% complete as to materials and 30% complete as to conversion costs; units started into production 15,000; ending inventory of 4,000 units that are 30% complete as to conversion costs. Manufacturing Costs: Beginning work in process inventory of $50,000, comprised of $30,000 of materials and $20,000 of conversion costs. Materials added during the month, $94,000; labor and overhead applied during the month, $72,000 and $45,000, respectively. Instructions (a) Compute the equivalent units of production for materials and conversion costs for the month of February. (b) Compute the unit costs for materials and conversion costs. (c) Determine the costs to be assigned to the units transferred out and ending work in process. Problem 4 Chapters 22 and 23 PART A Cost-Volume-Profit (12 points) Edward Company prepared the following income statement for 2011: Edward Company Income Statement For the Year Ended December 31, 2011 Sales (30,000 units) ......................................................................................... $900,000 Variable expenses ............................................................................................ 560,000 Contribution margin ......................................................................................... 340,000 Fixed expenses ................................................................................................ 240,000 Net income ....................................................................................................... $ 100,000 Instructions Answer the following independent questions and show computations to support your answers. 1. What is the company's break-even point in units? 2. How many more units would the company have had to sell to earn net income of $140,000 in 2011? 3. If the company expects a 30% increase in sales volume in 2011, what would be the expected net income in 2011? 4. How much sales dollars would the company have to generate in order to earn a target net income of $150,000 in 2011? Part B Budgeting (13 points) Jones Company has budgeted the following unit sales for the first quarter of 2011: January February March Units 40,000 60,000 50,000 It takes three pounds of direct materials, which cost $6 per pound, to manufacture one unit of product. It is the company's policy to have a finished goods inventory on hand at the end of each month equal to 10% of next month's sales and to maintain a direct materials inventory at the end of the month equal to 20% of the next month's production needs. The inventory levels at December 31, 2010, were in accordance with company policy. Instructions Answer the following independent questions and show computations which support your answers. 1. Calculate the number of units that should be scheduled for production in the month of February. 2. What was the number of units in ending finished goods inventory at December 31, 2010? 3. What was the number of units in ending direct materials inventory at December 31, 2010? 4. What was the number of units and the dollar amount of direct materials purchases budgeted for the month of January? Problem 5: Chapters 24 and 26 PART A: Flexible Overhead Budget (15 points) Skywalker Company budgeted a level of activity of 30,000 machine hours to be worked each month in the Painting Department. At this level of activity, manufacturing overhead costs were budgeted as follows: Variable manufacturing overhead Indirect materials $ 40,000 Indirect labor 50,000 Repairs 7,500 Utilities 12,500 Fixed manufacturing overhead Supervisory salaries 30,000 Other fixed expenses 1,000 Depreciation 15,000 Total manufacturing overhead $156,000 Instructions The actual manufacturing costs incurred for the month of March, when 26,000 machine hours were worked, are listed below on a partially completed budget report. Complete the budget report in a manner that would be most useful for evaluating the performance of the Machining Depart-ment manager for the month of March, 2012. Skywalker Company Manufacturing Overhead Budget Report Machining Department For the Month Ended March 31, 2012 Variable manufacturing overhead Indirect materials Indirect labor Repairs Utilities Total variable Fixed manufacturing overhead Supervisory salaries Other fixed expenses Depreciation Total fixed Total costs Budget at Actual at $ $ 38,700 45,500 8,900 11,900 105,000 $ 32,000 1,000 15,000 48,000 $153,000 Difference Favorable F Unfavorable U $ $ PART B Incremental Analysis (10 points) Globrite Manufacturing incurs unit costs of $16 ($10 variable and $6 fixed) in making a part for its finished product. A supplier offers to make 16,000 of the assembly part at $12 per unit. If the offer is accepted, all variable costs and $2 of fixed costs per unit will be saved. Instructions (a) Prepare an analysis to show whether Globrite Manufacturing should make or buy the assembly part. (b) Would your answer be different if Globrite could earn $38,000 of income with the facilities currently used to make the part? (Show your calculations to prove your answer!) Problem 6: Chapter 25 Variance Analysis (25 points) Julius Company developed the following standard costs for its product for 2012 Standard Cost Card Direct materials Direct labor Manufacturing overhead Variable Fixed (6 pounds @ $3 per pound) (4 hours @ $10 per hour) (5 hours @ $4 per hour) (3 hours @ $3 per hour) Unit Standard Cost $18 40 20 9 $87 The company planned to work 220,000 direct labor hours and produce 55,000 units of product in 2012. Actual results for 2012 are as follows: 52,000 units of product were produced. Actual direct materials purchased and used during the year amounted to 320,000 pounds at a cost of $951,600. Actual direct labor costs were $1,800,000 for 170,000 direct labor hours worked. Total actual manufacturing overhead incurred amounted to $1,435,000. Instructions Calculate the following variances showing all computations supporting your answers. Indicate if the variances are favorable (F) or unfavorable (U). (a) Direct materials price and direct material quantity variances. (b) Direct labor price and direct labor quantity variances. (c) Overhead controllable and overhead volume variances