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Homework Help for Accounting (page 2)

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Accounting

After the success of the company’s first two months, Santana Rey continues to operate Business Solutions. The November 30, 2019, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2019) follows. No. Account Title Debit Credit 101 Cash $ 38,264 106 Accounts receivable 12,618 126 Computer supplies 2,545 128 Prepaid insurance 2,220 131 Prepaid rent 3,300 163 Office equipment 8,000 164 Accumulated depreciation—Office equipment $ 0 167 Computer equipment 20,000 168 Accumulated depreciation—Computer equipment 0 201 Accounts payable 0 210 Wages payable 0 236 Unearned computer services revenue 0 307 Common stock 73,000 318 Retained earnings 0 319 Dividends 5,600 403 Computer services revenue 25,659 612 Depreciation expense—Office equipment 0 613 Depreciation expense—Computer equipment 0 623 Wages expense 2,625 637 Insurance expense 0 640 Rent expense 0 652 Computer supplies expense 0 655 Advertising expense 1,728 676 Mileage expense 704 677 Miscellaneous expenses 250 684 Repairs expense—Computer 805 Totals $ 98,659 $ 98,659 Business Solutions had the following transactions and events in December 2019. Dec. 2 Paid $1,025 cash to Hillside Mall for Business Solutions’ share of mall advertising costs. 3 Paid $500 cash for minor repairs to the company’s computer. 4 Received $3,950 cash from Alex’s Engineering Co. for the receivable from November. 10 Paid cash to Lyn Addie for six days of work at the rate of $125 per day. 14 Notified by Alex’s Engineering Co. that Business Solutions’ bid of $7,000 on a proposed project has been accepted. Alex’s paid a $1,500 cash advance to Business Solutions. 15 Purchased $1,100 of computer supplies on credit from Harris Office Products. 16 Sent a reminder to Gomez Co. to pay the fee for services recorded on November 8. 20 Completed a project for Liu Corporation and received $5,625 cash. 22–26 Took the week off for the holidays. 28 Received $3,000 cash from Gomez Co. on its receivable. 29 Reimbursed S. Rey for business automobile mileage (600 miles at $0.32 per mile). 31 The company paid $1,500 cash in dividends. The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the company’s first three months. The December 31 inventory count of computer supplies shows $580 still available. Three months have expired since the 12-month insurance premium was paid in advance. As of December 31, Lyn Addie has not been paid for four days of work at $125 per day. The computer system, acquired on October 1, is expected to have a four-year life with no salvage value. The office equipment, acquired on October 1, is expected to have a five-year life with no salvage value. Three of the four months' prepaid rent have expired. Required: 1. Prepare journal entries to record each of the December transactions and events for Business Solutions. 2-a. Prepare adjusting entries to reflect a through f. 2-b. Post the journal entries to record each of the December transactions, adjusting entries to the accounts in the ledger. 3. Prepare an adjusted trial balance as of December 31, 2019. 4. Prepare an income statement for the three months ended December 31, 2019. 5. Prepare a statement of retained earnings for the three months ended December 31, 2019. 6. Prepare a balance sheet as of December 31, 2019. 7. Record and post the necessary closing entries as of December 31, 2019. 8. Prepare a post-closing trial balance as of December 31, 2019.

 

Answered
18 May 2020
Accounting

The Nelson Company has $1,365,000 in current assets and $455,000 in current liabilities. Its initial inventory level is $300,000, and it will raise funds as additional notes payable and use them to increase inventory. How much can Nelson's short-term debt (notes payable) increase without pushing its current ratio below 2.0? Do not round intermediate calculations. Round your answer to the nearest dollar.

 

Answered
18 May 2020
Accounting

The Wolf Company uses a standard cost accounting system and estimates production for the year to be 60,000 units. At this volume, the company's variable overhead costs are $0.50 per direct labor hour.
The company's single product has a standard cost of $30.00 per unit. Included in the $30.00 are $13.20 for direct materials (3 yards) and $12.00 of direct labor (2 hours) and $4.80 for overhead. The company's variable overhead costs are $0.50 per direct labor hour.
Production information for the month of March follows:

 

Number of units produced 4,500 Materials purchased (13,300 yards) $61,600 Materials used in production (yards) 13,300 Variable overhead costs incurred $4,380 Fixed overhead costs incurred $20,400 Direct labor cost incurred ($6.50/hour) $57,750 Variances Materials price variance $3,080U Materials efficiency variance 880F Labor price variance 2,310U Labor efficiency variance 1,440U Variable OH price variance 240F Variable OH efficiency variance 120U Fixed OH price variance 1,400U Fixed OH volume variance 1,900U

Required:

In the chart above, the fixed overhead variances are given. Provide the calculations to prove those numbers.

Fixed OH price variance:

Fixed OH volume variance:

 

Answered
18 May 2020
Accounting

Why actual overhead costs are not traced to jobs?

 

Answered
18 May 2020
Accounting

Hula’s Heavyweights, Inc., is a company that manufactures forklifts. During the year, Hula’s purchased $1,450,000 of direct materials and placed $1,500,000 worth of direct materials into production. Hula’s beginning balance in the Materials Inventory account was $320,000. What is the ending balance in Hula’s Materials Inventory account?

 

Answered
14 May 2020
Accounting

Belmain Co. expects to maintain the same inventories at the end of 20Y7 as at the beginning of the year. The total of all production costs for the year is therefore assumed to be equal to the cost of goods sold. With this in mind, the various department heads were asked to submit estimates of the costs for their departments during the year. A summary report of these estimates is as follows: Estimated Fixed Cost Estimated Variable Cost (per unit sold) Production costs: Direct materials $26 Direct labor 17 Factory overhead $387,100 13 Selling expenses: Sales salaries and commissions 80,400 6 Advertising 27,200 Travel 6,000 Miscellaneous selling expense 6,700 5 Administrative expenses: Office and officers' salaries 78,600 Supplies 9,700 2 Miscellaneous administrative expense 9,100 3 Total $604,800 $72 It is expected that 6,300 units will be sold at a price of $288 a unit. Maximum sales within the relevant range are 8,000 units.

Prepare an estimated income statement for 2016.

Answered
13 May 2020
Accounting

Quatro Co. issues bonds dated January 1, 2019, with a par value of $750000. The bonds' annual contract rate is 9% and interest is paid semiannually on June 30 and December 31. The bonds mature in three years. The annual market rate at the date of insurance is 8% and the bonds are sold for $769,646

1.) What is the amount of the premium on these bonds at insurance?

2.) How much total bond interest expense will be recognized over the life of these bonds?

3.) Prepare a straight line-amortization table for these bonds 

Answered
11 May 2020
Accounting

Orchid Biotech Company is evaluating several development projects for experimental drugs. Although the cash flows are difficult to forecast, the company has come up with the following estimates of the initial capital requirements and NPVs for the projects. Given a wide variety of staffing needs, the company has also estimated the number of research scientists required for each development project (all cost values are given in millions of dollars).

Project Number  Initial Cost Number of Research Scientist NPV
1 RM10 2 RM10.1
2 15 3 19
3 15 4 22
4 20 3 25
5 30 12 60.2

Suppose that Orchid has a total capital budget of RM60 million. How should it prioritize these projects? Suppose in addition that Orchid currently has only 12 research scientists and does not anticipate being able to hire any more in the near future. How should Orchid prioritize these projects?

Answered
11 May 2020
Accounting

You are ready to buy a house, and you have $31,000 for a down payment and closing costs. Closing costs are estimated to be 4% of the loan value. You have an annual salary of $36,000, and the bank is willing to allow your monthly mortgage payment to be equal to 28% of your monthly income. The interest rate on the loan is 6% per year with monthly compounding (0.5% per month) for a 30-year fixed rate loan. How much money will the bank loan you?

Answered
11 May 2020
Accounting

Raybac is about to go public. Its present stockholders own 500,000 shares. The new public issue will represent 700,000 shares. The shares will be priced at $25 to the public with a 5% spread. The out-of-pocket costs in addition to the spread will be $450,000. What are the net proceeds to Raybac?

Answered
5 May 2020
Accounting

Coffer Co. is analyzing two projects for the future. Assume that only one project can be selected. 

  Project X Project Y
Cost of Machine $77,000 $55,000
Net Cash Flow:    
Year 1 $28,000 $2,000
Year 2 $28,000 $25,000
Year 3 $28,000 $25,000
Year 4 0 $20,000

If the company is using the payback period method and it requires a payback of three years or less, which project should be selected?

Answered
5 May 2020
Accounting

Record the declaration of cash dividend of 2$ per share

Answered
4 May 2020
Accounting

Cardinals Corporation purchased a computer on December 31, 2019, for $105,000, paying $30,000 down and agreeing to pay the balance in five equal installments of $15,000 payable each December 31 starting in 2020. An assumed interest rate of 10% is implicit in the purchase price.

Prepare the journal entry at the date of purchase.

Answered
4 May 2020
Accounting

X Company prepares monthly financial statements. On September 6, its accountant made an entry that resulted in a $45,000 increase in Cash and a $45,000 decrease in Accounts Receivable. Which of the following transactions is consistent with this entry?

Answered
30 Apr 2020
Accounting

How do I find Accumulated Cash flow from just having the Cash flows and return Percent?

 

Answered
29 Apr 2020
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