Dinham Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During March, the kennel budgeted for 5,000 tenant-days,

CASE 8-33 Master Budget with Supporting Schedules LO8-2, LO8-4,LO8-8,LO8-9, LO8-10 You have just been hired as a new management trainee by Earrings Unlimited, a distributor of earrings to various retail outlets located in shopping malls across the country. In the past, the company has done very little in the way of budgeting and at certain times of the year has experienced a shortage of cash. Since you are well trained in budgeting, you have decided to prepare a master budget for the upcoming second quarter. To this end, you have worked with accounting and other areas to gather the information assembled below. The company sells many styles of earrings, but all are sold for the same price-$10 per pair. Actual sales of earrings for the last three months and budgeted sales for the next six months follow (in pairs of earrings): January (actual) February (actual) March (actual) April (budget) May (budget) June (budget) July (budget) August (budget) September (budget) The concentration of sales before and during May is due to Mother's Day. Sufficient inventory should be on hand at the end of each month to supply 40% of the earrings sold in the following month. Suppliers are paid $4 for a pair of earrings. One-half of a month's purchases is paid for in the month of purchase; the other half is paid for in the following month. All sales are on credit. Only 20% of a month's sales are collected in the month of sale. An additional 70% is collected in the following month, and the remaining 10% is collected in the second month following sale. Bad debts have been negligible. Monthly operating expenses for the company are given below: 20,000 26,000 40,000 65,000 100,000 50,000 30,000 28,000 25,000 Variable: Sales commissions 4% of sales Fixed: Advertising Rent Salaries Utilities Insurance Depreciation $200,000 $18,000 $106,000 $7,000 $3,000 $14,000 Page 404 Insurance is paid on an annual basis, in November of each year. The company plans to purchase $16,000 in new equipment during May and $40,000 in new equipment during June; both purchases will be for cash. The company declares dividends of $15,000 each quarter, payable in the first month of the following quarter. The company's balance sheet as of March 31 is given below:/nAssets Cash Accounts receivable ($26,000 February sales; $320,000 March sales) Inventory Prepaid insurance Property and equipment (net) Total assets Liabilities and Stockholders' Equity Accounts payable Dividends payable Common stock Retained earnings Total liabilities and stockholder's equity Required: Prepare a master budget for the three-month period ending June 30. Include the following detailed schedules: $ 74,000 1. a. A sales budget, by month and in total. b. A schedule of expected cash collections, by month and in total. c. A merchandise purchases budget in units and in dollars. Show the budget by month and in total. d. A schedule of expected cash disbursements for merchandise purchases, by month and in total. 346,000 104,000 21,000 950,000 $1,495,000 The company maintains a minimum cash balance of $50,000. All borrowing is done at the beginning of a month; any repayments are made at the end of a month. The company has an agreement with a bank that allows the company to borrow in increments of $1,000 at the beginning of each month. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. At the end of the quarter, the company would pay the bank all of the accumulated interest on the loan and as much of the loan as possible (in increments of $1,000), while still retaining at least $50,000 in cash. $ 100,000 15,000 800,000 580,000 $1,495,000 2. A cash budget. Show the budget by month and in total. Determine any borrowing that would be needed to maintain the minimum cash balance of $50,000. 3. A budgeted income statement for the three-month period ending June 30. Use the contribution approach. 4. A budgeted balance sheet as of June 30.

Assignment #1 - Chapter Review Problem 7-1. Instructions: 1. Manually complete Keith's tax return including all required schedules and forms, using the fillable forms package. 2. As part of this assignment, complete Step 5 Part A for Katie's tax return (for taxable income of $87,321). 3. Save these forms on your computer. 4. Log in to uLearn to answer the questions in your transcript. The assignment asks questions about the completed return and there is a mix of multiple choice and numeric fill in the blank questions (i.e. asking for values from specific lines of the tax return). uLearn Fill in the blank instructions. When entering the numbers, the dollar symbol ($) is never to be used and all entries must be entered as numbers with the correct use of commas (,) and decimal point and need to be entered to exactly two decimal places. All answers need to be correctly rounded to two decimal places get the mark. (i.e. even if an answer is off by only a penny it is wrong.)

The contract price will be received in four equal instalments on the last day of the last month of each quarter. The rate of inflation is 2% per annum and the quarterly bank interest rate is 1%. X cleaners will be employed during the first quarter rising to (X+4) in the second, third and fourth quarters. Their rate of pay is £Y.YY per hour during the first quarter rising by £0.25 each quarter (final quarter’s pay is therefore £Y.YY+0.75) Each cleaner will work for 15 hours per week (13 weeks per quarter) and will receive a Christmas bonus of £300 each. In addition to the above, two part-time supervisors will be employed from 1 January on a starting gross annual salary of £15,000 each. They are to receive a 10% salary increase at the start of the final quarter. Ten cleaning machines costing £Z each will be required at the start of the contract. After six months, a further two more machines will be needed. The rate of inflation for the machines is 5% per quarter. Isla is to depreciate the machines at 50% per annum in her accounts. A motor vehicle is to be rented/hired at £275 per month from the start of the contract. Isla wants to make a profit of at least £12,000 per annum on the contract to cover her time. £2,000 is to be introduced into the business at the start of the contract by Isla. Ignore VAT, Income tax and National Insurance. Isla has asked you to use your knowledge and experience (common sense !!) to include estimates for the other overheads expected to be incurred in a contract of this nature e.g. machine maintenance, motor expenses etc. etc.

Required: a) Enter the opening balances from the August 2023 balance sheet into the general ledger accounts. b) Prepare the journal entries for the month of September and post them to the appropriate general ledger accounts. c) Create the trial balance in the worksheet, and then complete the remaining section of the worksheet. d) Create the income statement, statement of owner's equity and the classified balance sheet. e) Prepare the journal entries for the adjustments and post them to the appropriate general ledger accounts. f) Prepare the journal entries to close the books for the month of September 2023 (use the income summary account), and post the journal entries to the appropriate general ledger accounts. g) Create the post-closing trial balance.

1. S is an 80% owned subsidiary of P, Inc. P accounts for S using the equity method. The following facts apply: On January 2, 2020, S purchased a machine with a cost of $100,000 and accumulated depreciation of $20,000 from P for $110,000. The machine had a 5-year remaining life on January 2, 2020, and is being depreciated by the straight-line method. In 2023 P reported net income of $150,000 without including income from S. S reported net income of $100,000.

1. 2. 3. The following items have been identified for an acquiree company. Which one(s) are separately capitalized by the acquiring company, per FASB ASC 805? a. In-process research and development, brands names, developed technology b. Skilled workforce, potential contracts, future costing savings, favorable press reports c. Potential contracts, in-process research and development, favorable press reports d. Developed technology, brand names, favorable location Blair Company acquires all of the assets and liabilities of Tomlinson Corporation, in a transaction reported as a merger. How are the assets and liabilities of Blair and Tomlinson reported? a. Tomlinson's assets and liabilities remain at book value, and Blair's assets and liabilities are reported at fair value at the date of acquisition b. The assets and liabilities of both Blair and Tomlinson are reported at fair value at the date of acquisition c. Blair's assets and liabilities remain at book value, and Tomlinson's assets and liabilities are reported at fair value at the date of acquisition d. The assets and liabilities of both Blair and Tomlinson are reported at book value at the date of acquisition Company Y is purchased by Company X, at an acquisition cost that resulted in a $100,000 of goodwill. One of the assets acquired is a building, originally valued at $37,000 at the date of acquisition. Six months after the acquisition, it is discovered that the building was really only worth $25,000 at the date of acquisition. What entry is made to reflect this new information? a. A debit of $12,000 to Loss on Impairment b. A debit of $12,000 to Goodwill c. A credit of $12,000 to Gain from Bargain Purchase d. A debit of $100,000 to Goodwill

2. S is an 80% owned subsidiary of P, Inc. The following facts apply to 2023: On January 1, 2023, S held $50,000 of merchandise sold to it from P. P made sales to S during 2023 totaling $160,000. On December 31, 2023, S had $60,000 of such goods purchased from P in its ending inventory P always sells to Sat a 20% gross profit. In 2023 P reported net income of $400,000 without including income from S. S reported net income of $300,000. P accounts for S using the equity method.

Overview : sec.gov Always include your company's name in the subject line and the link to the SEC 10- K in your posting. Answer all of the questions below and do NOT cut and paste from the 10-K. Use your own words to answer. This week's discussion assists in your preparation of the report due next week on the Statement of Shareholders' Equity for your company. Discussion Requirements Q1) For each column or section of the statement of shareholders' equity displayed for your SEC 10-K company, list the title and comment on significant line items for the three years presented. Section or column titles likely include: Beginning Balance Common Stock Retained Earnings or Accumulated Deficit Accumulated Other Comprehensive Income or Loss Net Income or Loss Your comments should explain the current value of Retained Earnings or Accumulated Deficit and how it changed for each year presented: Dividends paid Stock repurchased Other line items Explain any other significant items of changes you learned from reading the Statement of Shareholders' Equity for your SEC 10-K company. Name of the company:- Target

5. HC Corporation issued 7,500 shares ofits $3 par value common stock at a market price of $20 per share to acquire all the outstanding common stock of Barry Corporation. HC paid $1,500 of legal fees for this business combination and $3,300 for issuing the securities. Barry was merged into HC and dissolved. Information for Barry Corporation immediately before the merger was as follows: Cash Building Patents Total Book value Fair value 2,000 30,000 Accounts payable Common stock 2,000 25,000 7,000 34,000 5,000 32,000 5,000 2,000 Add. paid-in capital 10,000 Retained earnings 15,000 Total 32,000 Prepare the journal entries on HC Corporation's books to account for the business combination.

Activity Instructions In your essay, address the following questions as they pertain to your company's strategy: 1. Show and explain how your company's (techco)WACC is calculated using both DCF and CAPM. 2. Discuss whether your company's WACC provides an appropriate risk-return relationship. At the end of your submission, include a brief Design Statement explaining the process and tools you used to develop your work. Your statement should be about a paragraph or so, in your own words (rather than formally written), and unique to this assignment. . Approximately 500 words in length, not including title page or reference page