Week 3 - Final Project Milestone 1

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Required information Chapter 03 Discussion Case 3-35 LO 3-7, 3-9 [The following information applies to the questions displayed below.] Forestcrest Woolen Mills is a closely held North Carolina company that has existed since 1920. The company manufactures high-quality woolen cloth for men's and women's outerwear. Your firm has audited Forestcrest for 15 years. Five years ago, Forestcrest signed a consent decree with the North Carolina Environmental Protection Agency. The company had been convicted of dumping pollutants (such as bleaching and dyeing chemicals) into the local river. The consent decree provided that Forestcrest construct a water treatment facility within eight years. You are conducting the current-year audit, and you notice that there has been virtually no activity in the water treatment facility construction account. Your discussion with the controller produces the following comment: "Because of increased competition and lower sales volume, our cash flow has decreased…

Question 1 Part 1 Gopaul Electronics designs and manufactures specialized switches for the telecommunications industry. The accounting records of the business reflect the following data at December 31, 2023: Inventory 1/1/2023 31/12/2023 Raw Materials $260,000 $230,000 Work In Progress $333,800 $218,800 Finished Goods $1,075,200 $615,000 Other information: Sales Revenue Factory supplies Direct Factory Labor Special Design Cost Raw Materials Purchased Plant janitorial service Depreciation: Plant & Equipment Plant Utilities Plant supervisor's salary Property Taxes 1 R & D for Graphic Designs Office Utilities Insurance on Plant & Equipment Delivery truck driver's wages Depreciation: Delivery truck Administrative Wages & Salaries Sales Commission $5,765,000 45,000 735,000 15,000 540,000 52,000 165,000 385,000 480,000 300,000 70,500 165,000 120,000 125,000 52,000 850,150 97,650 ¹ The property taxes should be shared: 60% manufacturing & 40% general & administrative costs. Required: a)…

QUESTION 4 WT Ltd is a large company that consists of many divisions. The following are scenarios that need to be discussed: Scenario 1: Management decided to combine the packaging department into the retail department. Management created a detailed, formal plan for restructuring and the plan was announced publicly to all the shareholders on 30 September 2022. The company has a year end of 31 December 2022 The following costs will be incurred: Implementation costs R250 000 R 50 000 Future Operating Losses Advertising R 25 000 Discuss with reference to IAS37 whether the restructuring can be recognized as a provision. Indicate the amount at which it can be recognised? Scenario 2: An employee of RT Ltd was injured at work on 15 June 2022 due to faulty equipment, He is suing RT LTD. The lawyers have advised that it is probable that the company will be held liable and the most likely outcome would be R5 000 000. Discuss with reference to IAS37 whether the restructuring can be recognized as…

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QUESTION 5 P19.5A (Pg. 19-37) P19.5A (LO 3) Empire Company is a manufacturer of smart phones. Its controller resigned in October 2020. An inexperienced assistant accountant has prepared the following income statement for the month of October 2020. Prepare a cost of goods manufactured schedule and a correct income statement. Empire Company Income Statement For the Month Ended October 31, 2020 Sales revenue $780,000 Less: Operating expenses Raw materials purchases $264,000 Empire Company Income Statement For the Month Ended October 31, 2020 Direct labor cost Advertising expense 190,000 90,000 Selling and administrative salaries Rent on factory facilities Depreciation on sales equipment Depreciation on factory equipment Indirect labor cost Utilities expense 75,000 60,000 45,000 31,000 28,000 12,000 Insurance expense 8,000 803,000 Net loss $(23,000) Prior to October 2020, the company had been profitable every month. The company's president is concerned about the accuracy of the income…

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Problem 14-46 (Algo) Equipment Replacement and Performance Measures (LO 14-2) Oscar Clemente is the manager of Forbes Division of Pitt, Inc., a manufacturer of biotech products. Forbes Division, which has $3.5 million in assets, manufactures a special testing device. At the beginning of the current year, Forbes invested $3.5 million in automated equipment for test machine assembly. The division's expected income statement at the beginning of the year was as follows.           Sales revenue $ 15,600,000   Operating costs       Variable   2,000,000   Fixed (all cash)   7,100,000   Depreciation       New equipment   1,490,000   Other   1,200,000   Division operating profit $ 3,810,000       A sales representative from LSI Machine Company approached Oscar in October. LSI has for $7.6 million a new assembly machine that offers significant improvements over the equipment Oscar bought at the beginning of the year. The new equipment would expand division output by 10…

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Assignment 6.1: Session 6 Comprehensive Problem (Chapter 8) Instructions In this session, we have a 6-part comprehensive problem. Download the Session 6 Comprehensive Problem Templates below to complete the 6 required parts of the problem. You will need your Bergevin and MacQueen book for reference. Rancho Cucamonga Inc. began business on January 1, 2020. The firm earned $100 from sales in its first year of business. Rancho Cucamonga collected $90 of revenue earned in cash during 2020 and reported a $10 account receivable on its 2020 balance sheet. The firm paid $70 cash for operating expenses in 2020 and reported a $5 account payable for unpaid operating expenses on its 2020 balance sheet. Income tax laws only recognize cash collected from sales and cash paid for expenses as taxable items in the year collected or paid. Rancho Cucamonga also reported a $10 fine, paid in cash, to the federal government for unfair business practices. Generally accepted accounting principles allow firms…

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Question 3 - Chapter 17 HW Ass X CengageNOWv2 | Online teachin X + ow.com/ilrn/takeAssignment/takeAssignment Main.do?invoker=&t... A ← 10 The Mountain Springs Water Company has two departments, Purifying and Bottling. The Bottling Department received 62,750 liters from the Purifying Department. During the period, the Bottling Department completed 60,420 liters, including 3,000 liters of work in process at the beginning of the period. The ending work in process was 5,330 liters. How many liters were started and completed during the period? liters started and completed St 10 14 * M R e 3 SPE 48°F Previous Next 9:01 PM 3/13/2023 €

oom Add Page Insert Table Chart Text Shape Media Comment Issue: It is the end of an accounting year for Juliet Kravetz, controller of a medium- sized, publicly held corporation specializing in toxic waste cleanup. Within the corporation, only Kravetz and the president know that the firm has been negotiating for several months to land a very large contract for waste cleanup in Western Europe. The president has hired another firm with excellent contacts in Western Europe to help with the negotiations. The outside firm charges an hourly fee plus expenses, but has agreed not to submit a bill until the negotiations are in their final stages (expected to occur in another three to four months). Even if the contract falls through, the outside firm is entitled to receive payment for its services. Based upon her discussion with a member of the outside firm, Kravetz knows that its charge for services provided to date will be $150,000. This is a material amount for the company. Kravetz knows that…

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Question 1 of 2 View Policies Current Attempt in Progress Wildhorse Company manufactures its product, Vitadrink, through two manufacturing processes: Mixing and Packaging. All materials are entered at the beginning of each process. On October 1, 2022, inventories consisted of Raw Materials $31,720, Work in Process- Mixing $0, Work in Process-Packaging $305,000, and Finished Goods $352,580. The beginning inventory for Packaging consisted of 12,200 units that were 50% complete as to conversion costs and fully complete as to materials. During October, 61,000 units were started into production in the Mixing Department and the following transactions were completed. 1. Purchased $366,000 of raw materials on account. 2. Issued direct materials for production: Mixing $256,200 and Packaging $54,900. 3. Incurred labor costs of $340,258. (Use Wages Payable.) anAw~~ Used factory labor: Mixing $222,650 and Packaging $117,608. 5. Incurred $988,200 of manufacturing overhead on account. Applied…

Part 3 Analytics Assignment: Managerial Decision Making [The following information applies to the questions displayed below.] These questions relate to the Integrated Analytics Case: Bene Petit. Select the appropriate eBook link to open the Case Overview, Case Background, and Part 3: Managerial Decision Making. The following table summarizes the operating results for Bene Petit's first year of operations: Bene Petit First Year Operating Data: Single (1 Dual (1) serving) serving) 3,000 5,000 3,000 750 10,000 1,250 5,000 3,000 6 10 Family (1) Total serving) 12,000 20,000 48,000 61,000 3,000 5,000 12,000 20,000 24 40 Customer Meals Sold Total Customer Servings Customer Orders (Average = 4 meals per order) Number of Donated Meals (Average = 4 meals per order) Number of Donated Deliveries (500 meals per delivery) Additional information about selling prices, variable costs, and fixed costs is summarized below: • The average sales price for customer meals is $5 per serving. • The average…

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Item5 eBookPrintReferencesCheck my workCheck My Work button is now disabled1Item 5 Dacker Products is a division of a major corporation. The following data are for the most recent year of operations: Sales $ 36,480,000 Net operating income $ 2,808,960 Average operating assets $ 8,000,000 The company's minimum required rate of return 16% The division's residual income is closest to: Multiple Choice $2,808,960 $4,088,960 $(3,027,840) $1,528,960

Question 1 of 7 View Policies Show Attempt History Click here to view factor tables. Tamarisk Inc. manufactures cycling equipment. Recently, the vice president of operations of the company has requested construction of a new plant to meet the increasing demand for the company's bikes. After a careful evaluation of the request, the board of directors has decided to raise funds for the new plant by issuing $3,151,400 of 7% term corporate bonds on March 1, 2025, due on March 1, 2040, with interest payable each March 1 and September 1. At the time of issuance, the market interest rate for similar financial instruments is 6%. Selling price of the bonds $ eTextbook and Media Save for Later 0/6 As the controller of the company, determine the selling price of the bonds. (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to O decimal places, e.g. 458,581.) 61767440 ||| ⠀ Attempts: 1 of 5 used Submit Answer

Ch05 Excel Assignment EX 05 -17 (14th ed) Break-even analysis for a service company Use the provided Excel template to complete the following question using Excel formulas where appropriate. ..... .. Sprint Nextel is one of the largest digital wireless service providers in the United States. In a recent year, it had approximately 32.5 million direct subscribers (accounts) that generated revenue of $35,345 million. Costs and expenses for the year were as follows (in millions): Cost of revenue $20,841 9,765 Selling, general, and administrative expenses Depreciation 2,239 Assume that 70% of the cost of revenue and 30% of the selling, general, and administrative expenses are variable to the number of direct subscribers (асcounts). 1. What is Sprint Nextel's break-even number of accounts, using the data and assumptions given? Round units (accounts) and per-account amounts to one decimal place. 2. How much revenue per account would be sufficient for Sprint Nextel to break even if the number…

Wv2 | Online teachin X + takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress... A The following events took place for Technology Treasures Manufacturing Company during January, the first month of its operations as a produ digital video monitors: a. Purchased $138,600 of materials. b. Used $93,540 of direct materials in production. c. Incurred $182,560 of direct labor wages. d. Incurred $213,040 of factory overhead. e. Transferred $426,220 of work in process to finished goods. f. Sold goods for $660,000. g. Sold goods with a cost of $367,500. h. Incurred $86,200 of selling expense. i. Incurred $70,250 of administrative expense. Required: Using the information given, complete the following: a. Prepare the January income statement for Technology Treasures Manufacturing Company. Be sure to complete the statement heading. Refer to the lists of Accounts, Labels and Amount Descriptions list provided for the exact wording of the answer choices for text…

References Chapter 3 Quiz Camden County College /camdenccinstructure.com/courses/3788/assignments/35967?module itern id-88693 Question 6 View Policies Current Attempt in Progress The Assembly Department shows the following information: Units Beginning Work in Process 20200 Ending Work in Process 64800 Units Transferred Out 30400 How many total units are to be accounted for by the Assembly Department? O64800 O95200. O 75000. O 85000. eTextbook and Media At X

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