1. Assume that Business Solutions does not acquire additional office equipment or computer equipment in 2022. Com for the year ended December 31, 2022, for Depreciation expense-Office equipment and for Depreciation expense- equipment (assume use of the straight-line method). 2. Given the assumptions in part 1, what is the book value of both the office equipment and the computer equipment a 31, 2022? 3. Compute the three-month total asset turnover for Business Solutions as of March 31, 2022.

ds Oncida Company's operations began in August. August sales were $215,000 and purchases were $125,000. The beginning cash balance for September is $5,000. Oneida's owner approaches the bank for a $100,000 loan to be made on September 2 and repaid on November 30. The bank's loan officer asks the owner to prepare monthly cash budgets. Its budgeted sales, merchandise purchases, and cash payments for other ex- penses for the next three months follow.

Prepare journal entries to record the cost of the 90 Millennium laptops sold on May 10, assuming that Hudson Computing uses the following. a. Specific identification method (62 of the units sold were purchased on April 9, and the remain- ing units were purchased on May 1). b. Average-cost method. c. FIFO method. d. LIFO method. e. Discuss briefly the financial reporting differences that may arise from choosing the FIFO method over the LIFO method.

The financial statements also revealed that had Gable been using LIFO, its cost of goods sold would have been $1,865,000. The company's income taxes and payments amount to approximately 40 percent of income before taxes. a. Explain how LIFO can result in a higher cost of goods sold. Would you expect LIFO to result in a greater or lesser valuation of the company's ending inventories? Defend your answer. b. Assuming that Gable had been using LIFO, compute the following amounts for the current year. Show your supporting computations, with dollar amounts in thousands. 1. Income before taxes 2. Income taxes expense (which are assumed equal to income taxes actually paid) 3. Net income 4. Net cash provided by operating activities

8.5 Jensen Tire had two large shipments in transit at December 31. One was a $130,000 inbound shipment of merchandise (shipped December 28, F.O.B. shipping point), which arrived at Jensen's receiving dock on January 2. The other shipment was a $95,000 outbound shipment of merchandise to a customer, which was shipped and billed by Jensen on December 30 (terms F.O.B. shipping point) and reached the customer on January 3. In taking a physical inventory on December 31, Jensen counted all goods on hand and priced the inventory on the basis of average cost. The total inventory amount was $600,000. No goods in transit were included in this figure. What amount should appear as inventory on the company's balance sheet at December 31? Explain. If you indicate an amount other than $600,000, state which asset or liability other than inventory also would be changed in amount, assuming that all inventory purchases are made on credit.

Instructions a. Using periodic costing procedures, compute the cost of the December 31 inventory and the cost of goods sold for the MP8 systems during the year under each of the following cost flow assumptions. 1. First-in, first-out. 2. Last-in, first-out. 3. Average cost (round to nearest dollar, except unit cost, and ignore small total rounding difference). b. Which of the three inventory pricing methods provides the most realistic balance sheet valu- ation of inventory in light of the current replacement cost of the MP8 units? Does this same method also produce the most realistic measure of income in light of the costs being incurred by Clear Sound Audio to replace the MP8 systems when they are sold? Explain.

(A) Determine Paula Promoter's employment income for 2021 in accordance with Subdivision a of Division B. Ignore the effects of a leap year in your answer. Show all aspects of the required calcualtions, whether or not necessary to the final answer. Provide support for benefits that are included by virtue of CRA's administrative position

1. Your firm is contemplating the purchase of a new $500,000 computer-based order entry system. The system will be depreciated using the MACRS 3-year depreciation schedule. It will be worth $50,000 at the end of the project in 5 years. You will save $50,000 before taxes per year in order processing costs, and you will be able to reduce working capital by $70,000. You will also increase sales by $100,000 per year for the first year and this number will increase by 3% per year. If the tax rate is 30 percent, and the required rate of return is 10%, what is the NPV of this project?

Create a six year budget template for a water treatment plant utilizing the following inputs. This will be used to complete the final project. Sludge There are 65,000 billing accounts residential 25,000 accounts are residential 3/4" meters 35,000 accounts are residential 1" meters 3000 accounts are commercial 2" meters 2000 accounts are commercial 4" meters 1000 unmetered fire line services on the commercial accounts The WTP will need a $10 million renovation in year 3 and 2 new employees will be needed at mid-year 3 Non-management 12 employees Management 3 employees Town manager Benefits Maintenance and other activities Uniforms Cell phone Electric Chemicals: Chlorine, lime, phosphate, polymer Sludge removal Contingency fund Current bond

BUS 101: Financial Accounting – Exam 3 Name: 1. (20 points) Complete the June 30 bank reconciliation for Grey Company using the following information and with the given format. Company ledger balance is $8,967; bank statement shows a balance of $8,394. (a.) Outstanding checks: No 372 $268 No 382 $410 No 391 $620 (b.) Check no 385 (for Repairs Expense was written for $452 but erroneously recorded in Grey’s records as $352 (difference $100) (c.) Deposit in transit $2,120 (d.) Note collected by bank as agent for Grey company (no interest) $1,250 (e.) Debit memoranda from bank for SF check of R. Rutherford $876 (f.) Bank service charge $25 BUS 101: Financial Accounting – Exam 3 Name: 1. (20 points) Complete the June 30 bank reconciliation for Grey Company using the following information and with the given format. Company ledger balance is $8,967; bank statement shows a balance of $8,394. (a.) Outstanding checks: No 372 $268 No 382 $410 No 391 $620 (b.) Check no 385 (for Repairs Expense was written for $452 but erroneously recorded in Grey’s records as $352 (difference $100) (c.) Deposit in transit $2,120 (d.) Note collected by bank as agent for Grey company (no interest) $1,250 (e.) Debit memoranda from bank for SF check of R. Rutherford $876 (f.) Bank service charge $25 (g.) Give in general journal format the entry or entries necessary to correct Grey’s accounting records as of June 30. (Explanations may be omitted; one compound journal entry is acceptable). 4. (20 points) The perpetual inventory records of Handy Hardware show 150 units of a product on hand, acquired at the following dates and costs. On June 3, Handy sold 120 units of this product.