3. (5 points) During 2020, Larsen Company's accounts receivable averaged $750,000. Larsen's 2020 income statement reported net sales of $6,780,000, uncollectible accounts expense of $160,000, and net income of $768,000. (Assume 365 days in a year.) Using the information, above compute the following for Larsen Company: (a.) Accounts receivable turnover: (Round to the nearest two decimals) (b.) Average number of days to collect accounts receivable (Round to nearest day) 5. (35 points total) Depreciation in financial statements (a.) (15 points) Dynasty Co. uses straight-line depreciation in its financial statements, with depreciation for a partial year rounded to the nearest full month. On September 28, 2018 Dynasty purchased equipment at a cost of $140,000. For financial reporting purposes, the useful life of this equipment was estimated at 5 years, with a $30,000 salvage value. Calculate the depreciation expense relating to this equipment that Dynasty will recognize in its financial statements in the following years. If no depreciation will be recognized in a particular year, write zero. (b.) Domino, Inc uses straight-line depreciation with a half-year convention in its financial statements. On March 10, 2018, Domino acquired a computer system at a cost of $98,800. Estimated useful life is six years, with residual value of $5,200. 1) (15.75 points) Complete the following schedule, showing depreciation expense Domino expects to recognize each year in the financial statements. 2) (4.25 points) Assume Domino sells the computer system on October 3, 2021 for $26,650 (hint: pay attention to the start month (March) of depreciation & sell date (October)). For financial statement purposes, compute the book value of the computer system at date of disposal and the gain or loss on disposal (indicate gain or loss by circling the correct response). Book value (date of sale): Gain or loss on disposal (please circle your response & provide the dollar amount):

Question.2 You have purchase $10000 inventory from XYZ ltd, on this purchase you have paid 18% GST and 10% TDS. Pass the General Entry.

1. Explain the relevance of the Partnership Act and the Partnership Deed 2. Prepare the following a. Statement of Profit and Loss and Appropriation Account b. The Partners Current Account c. The Statement of Financial Position

Question 1 (based on Week 1 Excel Examples - Chapters 1-4) You are considering purchasing a car in 4 years, anticipating a purchase price of $40,000. (Note: This question doesn't require a written answer, but you need to clearly indicate your answers to parts a, b, and c.) a. How much do you need to deposit in an account today, if you want to have $40,000 in the account in 4 years, assuming the account earns 5% annual interest rate? (assume annual compounding) b. If you deposit $30,000 in the account today, what rate of interest would you need to earn annually in order to have exactly $40,000 in the account in 4 years? (assume annual compounding) c. If your account earns 0.25% of interest every month, and if you make an initial deposit of $10,000 today, how much do you need to deposit every month in your account in order to have exactly $40,000 in 4 years? (assume monthly compounding)

Question 2 (based on Week 1 Excel Examples - Chapters 1-4) Note: This question is a little more complex than the previous one, and will require you compute your answer in 2 stages. You plan on retiring in 25 years. In order to increase your retirement income, you open a retirement account today, and make a $20,000 deposit. In addition, you will deposit $5,000 every year for the next 25 years. Your plan is to start making annual withdrawals of $50,000 from the account, after you retire. Assuming the account is earning 7% rate of interest, how many years will it take, after you retire, before the funds in your account are completely exhausted? Please include a written answer in a text box. (assume annual compounding)

Question 3 (based on Week 1 Excel Examples - Chapters 1-4) You are planning on buying a new house, and want to make sure you can afford the monthly payments. The house you picked will necessitate you borrow $300,000. You think you can get the following mortgage terms: borrow $300,000 at a fixed quoted (nominal) annual rate of 3.775%; to be paid off in equal monthly payments over 15 years. Compute the required monthly payment, and prepare an amortization table, showing for each month the beginning balance, payment, payment applied to interest, payment applied to principal, and ending balance. (assume monthly compounding) (Note: This question doesn't require a written answer.)

Required a. Determine the number of pairs of each product that Converse must sell to obtain an after-tax profit of $50,000. b. Determine the number of pairs of each product Converse must sell to obtain identical before-tax profit. c. For the solution to requirement (b), calculate Converse's after-tax profit or loss. d. Which product should Converse produce if both products were guaranteed to sell at least 18,000 pairs? Verify your solution with calculations. e. How much would the variable costs per pair of the product not selected in requirement (d) have to fall before both products provide the same profit at sales of 18,000 pairs? Verify your solution with calculations.

a. Determine the annual break-even dollar sales volume. b. Determine the current margin of safety in dollars. c. Prepare a cost-volume-profit graph for the guitar shop. Label both axes in dollars with maximum values of $1,000,000. Draw a vertical line on the graph for the current ($800,000) sales level, and label total variable costs, total fixed costs, and total profits at $800,000 sales. d. What is the annual break-even dollar sales volume if management makes a decision that increases fixed costs by $50,000?

Contribution Income Statement and Operating Leverage Willamette Valley Fruit Company started as a small cannery-style operation in 1999. The company now processes, on average, 20 million pounds of berries each year. Flash-frozen berries are sold in 30 pound packs to retailers. Assume 650,000 packs were sold for $75 each last year. Variable costs were $42 per pack and fixed costs totaled $14,250,000. Required a. Prepare a contribution income statement for last year. b. Determine last year's operating leverage. c. Calculate the percentage change in profits if sales decrease by 10%. d. Management is considering the purchase of several new pieces of packaging equipment. This will increase annual fixed costs to $15,500,000 and reduce variable costs to $40 per crate. Calculate the effect of this acquisition on operating leverage and explain any change.

Required a. Prepare a contribution income statement for July. b. Determine Jail and Sail's monthly break-even point in units. c. Determine Jail and Sail's margin of safety in units for July. d. Determine the unit sales required for a monthly after-tax profit of $20,000. e. Prepare a cost-volume-profit graph. Label the horizontal axis in units with a maximum value of 4,000. Label the vertical in dollars with a maximum value of $600,000. Draw a vertical line on the graph for the current (2,200) unit level and label total variable costs, total fixed costs, and total before-tax profits at 2,200 units.