Fort Corporation had the following transactions during its first month of operations
1. Purchased raw materials on account, $85,000.
2. Raw Materials of $30,000 were requisitioned to the factory.
3. An analysis of the materials requisition slips indicated that $6,000 was classified as indirect materials labor costs incurred were $175,000 of which $145,000 pertained to factory wages payable and $30,000 pertained to employer payrol
4. Time tickets indicated that $145,000 was direct labor and $30,000 was indirect labor.
5. Overhead costs incurred on account were $198,000
6. Manufacturing overhead was applied at the rate of 150% of direct labor cost.
7. Goods costing $115,000 are still incomplete at the end of the month; the other goods were completed and transferred to finished goods
8. Finished goods costing $100,000 to manufacture were sold on account for $130,000.
Journalize the above transactions for Fort Corporation. (Record journal entries in the order presented in the problem.

Answer:

DR Raw materials inventory                           $85,000  

      CR Accounts payable                                                     $85,000

DR Work in process Inventory                         $24,000  

      Manufacturing overhead                             $6,000  

       CR Raw materials inventory                                    $30,000

Working

Work in Process = 30,000 - 6,000 = 24,000

DR Factory Labor                                               $175,000  

      CR Factory wages payable                                                  $145,000

            Payroll taxes payable                                                       $30,000

DR Work in process Inventory                           $145,000  

     Manufacturing overhead                               $30,000  

      CR Factory Labor                                                                  $175,000

DR Manufacturing overhead                               $198,000  

     CR Accounts payable                                                             $198,000

DR Work in process Inventory                             $217,500  

       CR Manufacturing overhead                                        $217,500

Working

Work in Process Inventory = 145,000*150% = $217,500

DR Finished goods Inventory                               $271,500  

     CR Work in process Inventory                                           $271,500

Working

Finished goods = 24,000 + 145,000 + 217,500 - 115,000  = $271,500

DR Cost of goods sold                                                 $100,000  

     CR Finished goods Inventory                                                    $100,000

DR Account receivables                                       $130,000  

      CR Sales                                                                            $130,000

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On September 1 of the current year,Scots Company experienced a flood that destroyed the company's entire inventory.Because the company had not completed its month end reporting for August,it must estimate the amount of inventory lost using the gross profit method.At the beginning of August,the company reported beginning inventory of $215,450.Inventory purchased during August was $192,530.Sales for the month of August were $542,500.Assuming the company's typical gross profit ratio is 40%,estimate the amount of inventory destroyed in the flood.A) $87,480B) $134,520C) $109,980D) $82,480E) $81,480

Plum Corporation began the month of May with $1,400,000 of current assets, a current ratio of 1.90:1, and an acid-test ratio of 1.70:1. During the month, it completed the following transactions (the company uses a perpetual inventory system).

May 2 Purchased $75,000 of merchandise inventory on credit.
8 Sold merchandise inventory that cost $55,000 for $150,000 cash.
10 Collected $26,000 cash on an account receivable.
15 Paid $29,500 cash to settle an account payable.
17 Wrote off a $5,000 bad debt against the Allowance for Doubtful Accounts account.
22 Declared a $1 per share cash dividend on its 69,000 shares of outstanding common stock.
26 Paid the dividend declared on May 22.
27 Borrowed $120,000 cash by giving the bank a 30-day, 10% note.
28 Borrowed $135,000 cash by signing a long-term secured note.
29 Used the $255,000 cash proceeds from the notes to buy new machinery.

Required
Prepare a table showing Plum's (1) current ratio, (2) acid-test ratio, and (3) working capital, after each transaction. Round ratios to two decimals.

Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added evenly throughout the process. Direct materials are added at the beginning of the first process. During November, the first process transferred 715,000 units of product to the second process. Additional information for the first process follows. At the end of November, work in process inventory consists of 201,000 units that are 90% complete with respect to conversion. Beginning work in process inventory had $416,780 of direct materials and $201,578 of conversion cost. The direct material cost added in November is $2,789,220, and the conversion cost added is $3,829,972. Beginning work in process consisted of 80,000 units that were 100% complete with respect to direct materials and 80% complete with respect to conversion. Of the units completed, 80,000 were from beginning work in process and 635,000 units were started and completed during the period.

Required:
Determine the equivalent units of production with respect to direct materials and conversion.

If a firm's beta was calculated as 1.6 in a regression equation, a commonly-used adjustment technique incorporating a weighting on long-run beta of 1.0 would provide an adjusted beta of

Tidwell Industries has the following overhead costs and cost drivers. Direct labor hours are estimated at 100,000 for the year. Activity Cost Pool Cost Driver Est. Overhead Cost Driver Activity Ordering and Receiving Orders $ 120,000 500 orders Machine Setup Setups 297,000 450 setups Machining Machine hours 1,500,000 125,000 MH Assembly Parts 1,200,000 1,000,000 parts Inspection Inspections 300,000 500 inspections If overhead is applied using activity-based costing, the overhead application rate for ordering and receiving is:__________
A. $6,834 per order.
B. $240 per order.
C. $0.12 per part.
D. $1.20 per direct labor hour.

Which activity combines inventory management, order processing, warehousing, material handling, and transportation

Predetermined Overhead Rate, Application of Overhead to Jobs, Job Cost On April 1, Sangvikar Company had the following balances in its inventory accounts:

Materials Inventory $12,670
Work-in-Process Inventory 21,090
Finished Goods Inventory 8,680

Work-in-process inventory is made up of three jobs with the following costs:

Job 114 Job 115 Job 116
Direct materials $2,360 $2,647 $3,807
Direct labor 1,780 1,540 4,120
Applied overhead 1,157 1,001 2,678

During April, Sangvikar experienced the transactions listed below. Materials purchased on account, $28,520. Materials requisitioned: Job 114, $16,190; Job 115, $12,340; and Job 116, $4,850. Job tickets were collected and summarized: Job 114, 170 hours at $11 per hour; Job 115, 210 hours at $14 per hour; and Job 116, 90 hours at $17 per hour. Overhead is applied on the basis of direct labor cost. Actual overhead was $4,590. Job 115 was completed and transferred to the finished goods warehouse. Job 115 was shipped, and the customer was billed for 125 percent of the cost.

Required:

a. Calculate the predetermined overhead rate based on direct labor cost.
b. Calculate the ending balance for each job as of April 30.

Suppose that the ToyCo Shoppe allocates overhead by a traditional production volume-based method using direct labor dollars as the allocation base and one cost pool. Determine the overhead rate per direct labor dollar and the per unit overhead assigned to the strawberry cheesecake. (Round answers to 3 decimal places, e.g. 15.254.) Overhead rate $enter a dollar amount per direct labor dollar rounded to 3 decimal places per direct labor dollar Direct labor cost $enter a dollar amount per unit rounded to 3 decimal places per unit Overhead assigned $enter a dollar amount per unit rounded to 3 decimal places per unit

What is a "debt-to-income" ratio?
OA. How much money you have to make every year in your job.
OB. How much money you owe in total versus how much you make.
O C. How much money you have to pay back on your income.
How much money you owe on your student loan compared with how much
OD.
you want to make in your job.

On December 31, 2019, Main Inc. borrowed $3,000,000 at 12% payable annually to finance the construction of a new building. In 2020, the company made the following expenditures related to this building: March 1, $360,000; June 1, $600,000; July 1, $1,500,000; December 1, $1,500,000. The building was completed in February 2021. Additional information is provided as follows.
1. Other debt outstanding 10.year, 13% bond, December 31, 2013, interest payable annually $4,000,000 6-year, 10% note, dated December 31, 2017, interest payable annually $1,600,000
2. March 1, 2020, expenditure included land costs of $150,000
3. Interest revenue earned in 2020 $49,000
Instructions:
Determine the amount of interest to be capitalized in 2020 in relation to the construction of the building.The amount of interest $SHOW LIST OF ACCOUNTSPrepare the journal entry to record the capitalization of interest and the recognition of interest expense, if any, at December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)Date Account Titles and Explanation Debit CreditDecember 31, 2020

1. Calculate the income elasticities of demand for the following:
A. Income rises by 20%; demand increases by 10%.
B. Income rises from $30,000 to $40,000; demand increases (at a constant price) from 16 to 19.
2. For each of the following pairs of goods, state whether the cross-price elasticity is likely positive, negative, or zero. Explain.
A. Pen, pencil.
Close to zero. While they are substitutes they are not close substitutes.
Negative. They are complements.
Positive. They are close substitutes.
B. Ketchup, hot dogs.
Negative. They are complements.
Positive. They are close substitutes.
Close to zero. While they are substitutes they are not close substitutes.
C. Tortillas, lobster tail.
Negative. They are complements.
Positive. They are close substitutes.
Close to zero. While they are substitutes they are not close substitutes.
D. Home heating oil, natural gas.
Positive. They are close substitutes.
Negative. They are complements.
Close to zero. While they are substitutes they are not close substitutes.
3. One football season Domino’s Pizza, a corporate sponsor of the Washington Redskins (a football team), offered to reduce the price of its $8 medium-size pizza by $1 for every touchdown scored by the Redskins during the previous week. Until that year, the Redskins weren’t scoring many touchdowns. Much to the surprise of Domino’s, in one week in 1999, the Redskins scored 1 touchdown. (Maybe they like pizza.) Domino’s pizzas were selling for $7 a pie! The quantity of pizzas demanded soared the following week from 50 pies an hour to 60 pies an hour. What was price elasticity of demand for Domino’s pizza?
4. When tolls on the Dulles Airport Greenway were reduced from $2.00 to $0.75, traffic increased from 12,000 to 34,000 trips a day. Assuming all changes in quantity were due to the change in price, what is the price elasticity of demand for the Dulles Airport Greenway?
5. Determine the price elasticity of demand if, in response to an increase in price of 20%, quantity demanded decreases by 25%.
6. When the price of ketchup falls by 17%, the demand for hot dogs rises by 4%b. Income rises from $75,000 to $90,000; demand increases (at a constant price) from 50 to 55..
A. Calculate the cross-price elasticity of demand.
B. Are the goods complements or substitutes: .
C. In the original scenario, what would have to happen to the demand for hot dogs for us to conclude that hot dogs and ketchup are substitutes?
1. The demand for hot dogs would have to decline.
2. The demand for hot dogs would have to remain unchanged.
3. The demand for hot dogs would have to rise.
7. Calculate the income elasticities of demand for the following:
A. Income rises by 5%; demand increases by 5%.
B. Income rises from $75,000 to $90,000; demand increases (at a constant price) from 50 to 55.
8. One football season Domino’s Pizza, a corporate sponsor of the Washington Redskins (a football team), offered to reduce the price of its $8 medium-size pizza by $1 for every touchdown scored by the Redskins during the previous week. Until that year, the Redskins weren’t scoring many touchdowns. Much to the surprise of Domino’s, in one week in 1999, the Redskins scored 1 touchdown. (Maybe they like pizza.) Domino’s pizzas were selling for $7 a pie! The quantity of pizzas demanded soared the following week from 50 pies an hour to 60 pies an hour. What was price elasticity of demand for Domino’s pizza?

Sales and Purchase-Related Transactions Using Perpetual Inventory System The following were selected from among the transactions completed by Essex Company during July of the current year. Essex uses the net method under a perpetual inventory system.

July 3. Purchased merchandise on account from Hamling Co., list price $72,000, trade discount 15%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $1,450 added to the invoice.
5. Purchased merchandise on account from Kester Co., $33,450, terms FOB destination, 2/10, n/30.
6. Sold merchandise on account to Parsley Co., $36,000, terms n/15. The cost of the goods sold was $25,000.
7. Returned merchandise with an invoice amount of $6,850 purchased on July 5 from Kester Co.
13. Paid Hamling Co. on account for purchase of July 3.
15. Paid Kester Co. on account for purchase of July 5, less return of July 7.
21. Received cash on account from sale of July 6 to Parsley Co.
21. Sold merchandise on MasterCard, $108,000. The cost of the goods sold was $64,800.
22. Sold merchandise on account to Tabor Co., $16,650, terms 2/10, n/30. The cost of the goods sold was $10,000.
23. Sold merchandise for cash, $91,200. The cost of the goods sold was $55,000.
28. Paid Parsley Co. a cash refund of $7,150 for returned merchandise from sale of July 6. The cost of the returned merchandise was $4,250.
31. Paid MasterCard service fee of $1,650.

Required:
Journalize the transactions.

Balance sheet information for Pawn Company and its 90%-owned subsidiary, Sox Corporation, at December 31, 20X1, is summarized as follows:
Pawn Sox
Current assets-net $200,000 $50,000
Property, plant, and equipment-net 1,000,000 600,000
Investment in Sox 558,000
$1,758,000 $650,000
Current liabilities $100,000 $30,000
Capital stock 800,000 400,000
Retained earnings 858,000 220,000
$1,758,000 $650,000
Pawn acquired its interest in S for cash when S's assets and liabilities were smaller than their fair values. The consolidated balance sheet of P and S at December 31, 20X1 will show:
a. non-controlling interest, $65,000
b capital stock, $800,000
c. investment in Sioux, $558,000
d. retained earnings, $1,078,000

Dale’s Business Services experienced the following events during its first year of operations:
1. Acquired $20,000 cash from the issue of common stock.
2. Borrowed $12,000 cash from First Bank.
3. Paid $5,000 cash to purchase land.
4. Received $25,000 cash for providing boarding services.
5. Acquired an additional $5,000 cash from the issue of common stock.
6. Purchased additional land for $4,000 cash.
7. Paid $10,000 cash for salary expense.
8. Signed a contract to provide additional services in the future.
9. Paid $1,200 cash for rent expense.
10. Paid a $1,000 cash dividend to the stockholders.
11. Determined the market value of the land to be $18,000 at the end of the accounting period.
Required:
Classify each event as an asset source, use, or exchange transaction or as not applicable (NA).

How has cuba changed torughtout history

On December 31, 2012, Mass Construction Inc. signs a contract with the state of Massachusetts Department of Transportation to manufacture a bridge over the Merrimack. Mass Construction anticipates the construction will take three years. The company's accountants provide the following contract details relating to the project:
Contract price $520 million
Estimated construction costs $300 million
Estimated total profit $220 million
During the three-year construction period, Tri-State incurred costs as follows:
2013 $ 30 million
2014 $180 million
2015 $ 90 million
Tri-State uses the percentage of completion method to recognize revenue. Which of the following represent the revenue recognized in 2013, 2014, and 2015?
A. $52 million, $312 million, $156 million
B. $12 million, $72 million, $36 million
C. $140 million, $140 million, $140 million
D. $30 million, $180 million, $90 million
E. None of the above

In the past 20 years the United States has entered into several "free trade agreements." The commonality of these free trade agreement has been making it easier for foreign companies to sell their goods in the United States (imports) and for American companies to sell their goods overseas (exports). In your initial post, summarize the key points of specific trade agreement the United States has entered into in the last 25 years. Be sure to include the other counties involved and what kinds of trade restrictions and/or tariffs were changed as a result of that agreement. Include citations at the end of your post (should be easy to find info on trade agreements on the web). In your response posts please discuss how you think these trade agreements have impacted the United States. Be sure to include in your response something about which Americans benefit form the agreement, which Americans are hurt by the agreement, and the impact the agreement has had on GDP.

Analyze the impact of transactions on the accounting equation (LO2-2)
Below are the external transactions for Shockers Incorporated.
1. Issue common stock in exchange for cash.
2. Purchase equipment by signing a note payable.
3. Provide services to customers on account.
4. Pay rent for the current month.
5. Pay insurance for the current month.
6. Collect cash from customers on account.
Assets = Liabillities + Stockholder's Equilty
1. Increase = No effect + Increase
2.
3.
4.
5.
6.
Required: Analyze each transaction. Under each category in the accounting equation, indicate whether the transaction increases, decreases, or has no effect. The first item is provided as an example.

Combination Fraction of Portfolio in Diversified Stocks Average Annual Return Standard Deviation of Portfolio Return (Risk)
(Percent) (Percent) (Percent)

A 0 2.00 0
B 25 4.50 5
C 50 7.00 10
D 75 9.50 15
E 100 12.00 20

If Rosa reduces her portfolio's exposure to risk by opting for a smaller share of stocks, he must also accept a average annual return. Suppose Rosa currently allocates 25% of her portfolio to a diversified group of stocks and 75% of her portfolio to risk-free bonds; that is, she chooses combination B. She wants to increase the average annual return on her portfolio from 4.5% to 9.5%. In order to do so, she must do which of the following?

a. Sell some of her bonds and use the proceeds to purchase stocks
b. Sell some of her stocks and use the proceeds to purchase bonds
c. Place the entirety of her portfolio in bonds
d. Accept a lower average annual rate of return

The City of Clear Lake signed a lease agreement with Mountainside Builders whereby Mountainside will construct a new office building for city administrative use and lease it to the City for 30 years. The fair market value of the building is $12 million. The City has agreed to make an initial payment of $822,441 and annual payments in the same amount for the next 29 years. (This assumes a 6 percent discount rate.) The lease includes a funding clause, which allows Clear Lake to terminate the lease agreement if the government does not appropriate funds for the lease payments. Clear Lake does not intend to exercise this option unless there is a financial emergency. Upon completion, the building had an appraised value of $13 million and an estimated useful life of 40 years.

Required:
Provide journal entries the city should make for both the capital projects fund and governmental activities at the government-wide level to record the lease at the date of inception.

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Read the following scenario and answer the question in 5 sentences at least.
You are the president of the American Association of Construction Manufacturers (AACM), a trade association that represents seven hundred companies who build and sell heavy construction equipment. Members have proposed a number of initiatives to advance AACM interests. First, some members want an AACM advocacy group to lobby Congress for relaxing trade barriers on importing raw materials and parts. Second, some of the smaller AACM members want an advertising campaign promoting the importance of the AACM in order to increase small firm membership. Third, some members propose to segregate regions of the United States into sales territories, whereby only certain members have access to certain customers within a geographic area. Fourth, a group of socially conscious AACM firms want its members to boycott a large supplier that sources from nations with poor human rights records. Evaluate the business and legal (antitrust) implications of each of these proposals.

A General Power bond carries a coupon rate of 8%, has 9 years until maturity, and sells at a yield to maturity of 7%. (Assume annual interest payments.) a. What interest payments do bondholders receive each year

On December 31, 2021, Interlink Communications issued 6% stated rate bonds with a face amount of $102 million. The bonds mature on December 31, 2051. Interest is payable annually on each December 31, beginning in 2022. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Determine the price of the bonds on December 31, 2021, assuming that the market rate of interest for similar bonds was 7%. (Round your final answers to nearest whole dollar amount.)

Marigold Inc. disposes of an unprofitable segment of its business. The operation of the segment suffered a $192000 loss in the year of disposal. The loss on disposal of the segment was $99000. If the tax rate is 30%, and income before income taxes was $1630000.

a. the income tax expense on the income before discontinued operations is $378300.
b. the income from continuing operations is $1141000.
c. net income is $1339000.
d. the losses from discontinued operations are reported net of income taxes at $291000.

Analysis of Accounts Receivable and Allowance for Doubtful Accounts Steelcase, Inc. reported the following amounts in its 2014 and 2013 10-K reports (years ended February 28, 2014 and February 22, 2013). $ millions)
From the income statement
Net sales
From the balance sheet
Accounts receivable, net
Customer deposits
From the disclosure on allowance for doubtful accounts:
Balance at beginning of period Additions (reductions) charged to income
Adjustments or deductions
Balance at end of period
2014 2013
$2,989 $2,869
306.8 287.3
16.0 13.5
4.5 19.6
2.8 3.1
(4.3) (8.2)
13.0 14.5
b. Calculate Steelcase's gross receivables for the years given, and then determine the allowance for doubtful accounts as a percentage of the gross receivables. 2014 2013 Gross accounts receivable (in millions) Allowance as a % of gross receivables Round to one decimal place.)
c. Calculate Steelcase's accounts receivable turnover for 2014. (Use Accounts receivable, net for the calculation.) Round answer to one decimal place times
d. How much cash did Steelcase receive from customers in 2014? 3,005 million

Praveen Co. manufactures and markets a number of rope products. Management is considering the future of Product XT, a special rope for hang gliding, that has not been as profitable as planned. Since Product XT is manufactured and marketed independently of the other products, its total costs can be precisely measured. Next year’s plans call for a $210 selling price per 100 yards of XT rope. Its fixed costs for the year are expected to be $193,200, up to a maximum capacity of 550,000 yards of rope. Forecasted variable costs are $168 per 100 yards of XT rope.
1. Estimate Product XT's break-even point in terms of sales units and sale dollars.
2. Prepare a CVP chart for Product XT. Use 7,000 units (700,000 yards/100 maximum number of sales units on the horizontal axis of the graph, and $1,400,000 as the maximum dollar amount on the vertical axis.3. Prepare a contribution margin income statement showing sales, variable costs, and fixed costs for Product XT at the break-even point.

Zola Inc. paid a $10,000 legal fee to the attorney who resolved a dispute over Zola's title to investment land. Zola's auditors required the corporation to expense the payment for financial statement purposes. The tax law required Zola to capitalize the payment to the basis of the land. This difference in accounting treatment results in a:

The performance plan will include a section that identifies all of the following EXCEPT