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Q1: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.See Answer
Q2: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.See Answer
Q3: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:- TargetSee Answer
Q4:1. 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 GoodwillSee Answer
Q5:+ Johnson paid a fixed consideration of $275,000 to acquire 100% of Willis Corporation in a statutory merger. In addition, Johnson also agreed to pay the shareholders of Willis $0.40 in cash for every dollar in income from continuing operations of the combined entity over $75,000 in the first three years following acquisition. Johnson projects that there is a 20% (45%, 35%) probability that the income from continuing operations in the first three years following acquisition is $65,000 ($80,000, $115,000 respectively). Johnson uses a discount rate of 4%. Information for Willis Corporation immediately before the merger was as follows: Book value Fair value Current assets Plant assets Liabilities 40,000 120,000 50,000 50,000 70,000 45,000 Previously unreported items identified as belonging to Willis:/nContracts under negotiation with potential customers In-process research and development Skilled workforce Recent favorable press reports on Willis Proprietary databases Fair value 15,000 21,000 23,000 2,000 7,000 (i) Show your determination of the contingent consideration. (ii) Show your determination the goodwill to be reported in this acquisition.See Answer
Q6:5. 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.See Answer
Q7: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 pageSee Answer
Q8:Compare Financial Structure: AECOM & Intel a. Go onto the internet and find financial information about Intel. (https://tinyurl.com/y9xt99vw) Read some information about the Intel business model. There is nothing to turn in. b. Create two very simple "CE502-like" 'normalized" side by side Income Statements and Balance Sheets to compare the most recent results of AECOM and Intel for their latest fiscal year. "Normalize them". In other words, I'd like you to compare the Profitability ratios and balance sheets to one another so you can compare their composition side by side. c. What do the "Income Statement" ratios look like side by side? How profitable is Intel compared with AECOM? What accounts for this difference? d. Create a side by side comparison of AECOM and "normalized-INTEL" for the Income Statements and Balance Sheets using Revenues as 100%. Turn these in as part of your homework. e. Do the same sort of comparison for the Intel and AECOM Balance Sheets. Use Total Assets as "100%" and then relate each balance sheet item back to that. For example, what percent of Total Assets are AECOM's Accounts Receivables? Do this same thing for the other simple items of the Balance Sheet? What are the differences? Why?See Answer
Q9: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, but its actual level of activity was 5,030 tenant-days. The kennel has provided the following data concerning the formulas used in its budgeting and its actual results for March: Data used in budgeting: Revenue Wages and salaries Food and supplies Facility expenses Administrative expenses Total expenses Actual results for March: Fixed element per month $0 $ 2,200 1,400 7,800 6,300 $ 17,700 Revenue Wages and salaries Food and supplies Facility expenses Administrative expenses The revenue variance for March would be closest to: $ 151,125 $ 28,690 $ 79,225 $ 29, 130 $ 7,109 Variable element per tenant-day $35.50 $8.90 15.40 4.40 0.20 $28.90See Answer
Q10: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 4,300 tenant-days, but its actual level of activity was 4,340 tenant-days. The kennel has provided the following data concerning the formulas used in its budgeting and its actual results for March: Data used in budgeting: Revenue Wages and salaries Food and supplies Facility expenses Administrative expenses Total expenses Actual results for March: Fixed element per month. $0 $ 3,200 2,200 8,700 7,200 $ 21,300 Variable element per tenant-day $35.20 $ 8.20 14.70 3.70 0.10 $26.70 Revenue Wages and salaries $ 140,230 $28,620 $ 66,350 Food and supplies Facility expenses $ 24,110 $ 7,102 Administrative expenses The spending variance for food and supplies in March would be closest to:See Answer
Q11:The LaGrange Corporation had the following budgeted sales for the first half of the current year: January February March April May June Cash Sales Credit Sales $70,000 $75,000 $45,000 $40,000 $50,000 $100,000 $170,000 $190,000 $150,000 $125,000 $220,000 $190,000 The company is in the process of preparing a cash budget and must determine the expected cash collections by month. To this end, the following information has been assembled: Collections on sales: 45% in month of sale 40% in month following sale 15% in second month following sale The accounts receivable balance on January 1 of the current year was $69,000, of which $44,000 represents uncollected December sales and $25,000 represents uncollected November sales. The total cash collected during January by LaGrange Corporation would be:See Answer
Q12:PROBLEM 2-7 Categorizing Forms of Business Organizations INSTRUCTIONS Match the letter next to each form of business with the appropriate items in the following list of advantages and disadvantages. You may use a letter more than once. Use the form provided in your working papers. A. Sole Proprietorship B. Partnership C. Corporation 1. Easier to raise money 2. Limited expertise 3. Higher start-up costs 4. Owner has total control 5. Shared profits 6. Higher taxes 7. Fewer regulations to follow 8. Easy transfer of ownership 9. Risk of conflict between owners 10. Easy to expandSee Answer
Q13:KK12.com learning.k12.com/az/com Member Login-US. OLS Login E Impact-as-a-Service... PROBLEM 2-8 Working as an Entrepreneur INSTRUCTIONS Using the form in your working papers, identify each of the following as an advantage or disadvantage of being an entrepreneur. For each item you, label a disadvantage, decide what actions you would take to overcome that disadvantage. Analyze and describe how your actions might affect the profit your business carns 1. Risking the loss of your savings 2. Deciding what you and everyone else needs to do each day 3. Lacking steady wages and employee benefits NWEA Connection 4. Choosing when and where to work 5. Keeping the financial benefits of your hard work 6. Choosing the people you want to work with 7. Paying all the expenses of a new businessSee Answer
Q14:a ↑↓ 15 of 19 12. U.S. Steel -+ Automatic Zoom PROBLEM 2-5 Understanding Accounting Assumptions INSTRUCTIONS In your working papers, indicate the assumption from the list below that best numbered statement. Accounting Period Business Entity Going Concern 1. Accounting reports may cover a month, a quarter, or a year. 2. Accountants expect a business to last indefinitely 3. The personal property of a business owner is not included in the accounting records of the business. 4. The business has been in operation for several years and is expected to continue. 5. An owner's personal activities or properties are not mixed with the business activities or properties 6. The accountant's report shows how much profit the business carned for one monthSee Answer
Q15:PROBLEM 2-6 Understanding Business Operations Mary Torres owns and operates a bakery. During the past week, she sold 500 loaves of bread at $2.25 per loaf. The raw materials for each loaf cost Ms. Torres $1.80. INSTRUCTIONS In your working papers, write the answers to the following questions 1. What type of business does Ms. Tores operate? 2. What was the profit on bread sales for the week? 3. Aside from the costs for raw materials, what other costs will Ms. Torres use to calculate her profit for the week? Chapter 2 The World of Business and AccountingSee Answer
Q16:PROBLEMS CAN BE SOLVED USING: - Print or Online Working Papers PROBLEM 2-4 Identifying Types of Businesses INSTRUCTIONS In your working papers, indicate whether each of the following businesses is a service business, a merchandising business, or a manufacturing business. 1. International Business Machines (IBM) 2. Cup 3. Glendale Memorial Hosptal 4. Avis Rent A Car System 5. Ford Motor Company 6. Bank of America 7. Ace Hardware Stores & Michigan City Animal Hospiul 9. Office Depes 10. Wal-Mart Sourc 11. Alle Imarance 12. US SteelSee Answer
Q17:2 of 8 Working Papers for Section Problems Problem 3-1 Balancing the Accounting Equation (textbook p. 56) Assets Owner's Equity 1 2 3 4 5 6 7 8 9 $17,000 $10,000 $ 8,000 $20,000 $30,000 $22,000 10 $25,000 11 12 $ 7,500 Date = Liabilities $ 7,000 $ 6,000 $9,000 $ 2,000 $ 7,000 $12,000 $1,000 $ 5,000 $10,000 + + + + + + + + + + + + Class + $20,000 $ 7,000 $17,000 $ 4,000 $22,000 $25,000 $ 3,000See Answer
Q18:Problem 3-2 Determining the Effects of Transactions on the Accounting Equation (textbook p. 62) Trans 1 2 3 4 5 6 Bal. Cash in Bank Accounts Receivable Assets Computer Equipment Office Furniture Liabilities Accounts Payable Owner's Equity Jan Swift, Capital Code ASee Answer
Q19:Problem 3-3 Determining the Effect of Transactions on the Accounting Equation (textbook p. 66) Cash in Trans. Bank Bal. 24,000 1 2 3 4 5 Bal. Accounts Receivable 700 Assets Computer Equipment 4,000 office Equipment 5,000 Liabilities Accounts Payable 3,000 Owner's Equity Jan Swift, Capital 30,700See Answer
Q20:Working Papers for End-of-Chapter Problems Problem 3-4 Classifying Accounts (textbook p. 71) 1. 2. 3. 4. Analyze: 5. 6. 7. 8. 9. 10.See Answer

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