Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Intangibles $ 26,000 Accounts payable 2,400 Accrued liabilities payable 4,100 Notes payable (current) 26,000 Notes payable (noncurrent) 1,800 Common stock 53,000 Additional paid-in capital 94,000 Retained earnings 3,700 $ 16,000 2,700 6,200 44,000 9,900 89,100 43, 100
During the current year, the company had the following summarized activities:
a. Purchased short-term investments for $8,300 cash.
b. Lent $5,300 to a supplier who signed a two-year note.
c. Purchased equipment that cost $28,000; paid $5,000 cash and signed a one-year note for the balance.
d. Hired a new president at the end of the year. The contract was for $81,000 per year plus options to purchase company stock at a set price based on company performance. The new president begins her position on January 1 of next year.
e. Issued an additional 2,100 shares of $0.50 par value common stock for $14,000 cash.
f. Borrowed $17,000 cash from a local bank, payable in three months.
g. Purchased a patent (an intangible asset) for $2,800 cash.
h. Built an addition to the factory for $25,000; paid $7,300 in cash and signed a three-year note for the balance.
i. Returned defective equipment to the manufacturer, receiving a cash refund of $1,200.
1. & 2. Post the current year transactions to T-accounts for each of the accounts on the balance sheet. (Two items have been given in the cash T-account as examples).
Cash 26,000 Investments (short-term) 2,400 Beg. Bal. Beg. Bal. 8,300 (a) 5,300 (6) 5,000 (c) (d) End. Bal. 2,400 End. Bal. 7,400 Accounts Receivable 4,100 Inventory 26,000 Beg. Bal. Beg. Bal. End. Bal. 4,100 End. Bal. 26,000 Notes Receivable (long-term) 1,800 Equipment 53,000 Beg. Bal. Beg. Bal. End. Bal. L 1,800 End. Bal. 53,000

Answer:

Jaguar Plastics Company

T- Accounts:

Cash

Account Titles                         Debit         Credit

Beginning balance               $16,000

a. Short-term Investments                      $8,300

b. Note receivable (long-term)                 5,300

c. Equipment                                            5,000

e. Common stock                    1,050

e. Additional Paid-in Capital 12,950

f.  Note payable (current)     17,000

g. Intangible                                             2,800

h. Factory Building                                  7,300

i.  Equipment (refund)           1,200

Investments (short-term)

Account Titles                         Debit         Credit

Beginning balance                $2,700

a. Cash                                    8,300

Accounts receivable

Account Titles                        Debit         Credit

Beginning balance               $6,200

Inventory

Account Titles                       Debit         Credit

Beginning balance              $44,000

Notes receivable (long-term)

Account Titles                      Debit         Credit

Beginning balance             $ 9,900

b. Cash                                   5,300

Equipment

Account Titles                      Debit         Credit

Beginning balance             $89,100

c. Cash                                   5,000

c. Note Payable (short)       23,000

i.  Cash (refund)                                    $1,200

Factory building

Account Titles                     Debit         Credit

Beginning balance             $43,100

h. Cash                                   7,300

h. Note payable

      (non-current)                15,700

Intangibles

Account Titles                     Debit         Credit

Beginning balance                             $26,000

g. Cash                             $2,800

Accounts payable

Account Titles                     Debit         Credit

Beginning balance                             $2,400

Accrued liabilities payable

Account Titles                     Debit         Credit

Beginning balance                                 4,100

Notes payable (current)

Account Titles                     Debit         Credit

Beginning balance                               26,000

c. Equipment                                        23,000

f. Cash                                                   17,000

Notes payable (noncurrent)

Account Titles                     Debit         Credit

Beginning balance                                 1,800

h. Factory Building                              15,700

Common stock

Account Titles                     Debit        Credit

Beginning balance                            53,000

e. Cash                                                 1,050

Additional paid-in capital

Account Titles                     Debit         Credit

Beginning balance                            94,000

e. Cash                                               12,950

Retained earnings

Account Titles                     Debit         Credit

Beginning balance                               3,700

Explanation:

a) Data and Calculations:

Trial Balance as at December 31:

                                                Debit      Credit

Cash                                     $16,000

Investments (short-term)        2,700

Accounts receivable               6,200

Inventory                               44,000

Notes receivable (long-term) 9,900

Equipment                             89,100

Factory building                    43,100

Intangibles                                            $26,000

Accounts payable                                     2,400

Accrued liabilities payable                        4,100

Notes payable (current)                        26,000

Notes payable (noncurrent)                     1,800

Common stock                                      53,000

Additional paid-in capital                      94,000

Retained earnings                                   3,700

Totals                              $211,000    $211,000

Damon Industries manufactures 20,000 components per year. The manufacturing cost of the components was determined as follows:

Direct materials $100,000
Direct labor 160,000
Variable manufacturing overhead 60,000
Fixed manufacturing overhead 80,000

An outside supplier has offered to sell the component for $17. If Damon purchases the component from the outside supplier, the manufacturing facilities would be unused and could be rented out for $10,000. If Damon purchases the component from the supplier instead of manufacturing it, the effect on income would be:

a. a $30,000 increase.
b. a $50,000 decrease.
c. a $70,000 increase.
d. a $10,000 decrease.

On November 1, Arvelo Corporation had $34,500 of raw materials on hand. During the month, the company purchased an additional $75,500 of raw materials. During November, $90,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $3,500. Prepare journal entries to record these events. Use those journal entries to answer the following questions:

Tierney Construction, Inc. recently lost a portion of its financial records in an office theft. The following accounting information remained in the office files:
Cost of goods sold $88,250
Work in process inventory, January 1, 2016 21,800
Work in process inventory, December 31, 2016 17,250
Selling and Administrative Expenses 20,400
Net Income 35,500
Factory overhead 21,650
Direct materials inventory, January 1, 2016 28,200
Direct materials inventory, December 31, 2016 15,375
Cost of goods manufactured 107,350
Finished goods inventory, January 1, 2016 35,675
Direct labor cost incurred during the period amounted to 2.5 times the factory overhead. The CFO of Tierney Construction, Inc. has asked you to recalculate the following accounts and to report to him by the end of tomorrow.
What should be the amount in the finished goods inventory at December 31, 2016?

On January 1, Year 1, a contractor began work on a $3.2 million construction contract that is expected to be completed in 3 years. The contractor concludes that it is appropriate to recognize revenue over time using the input method based on costs incurred (cost-to-cost method). At the inception date, the estimated cost of construction was $2.4 million. The following data relate to the actual and expected construction costs:

Year 1 Year 2 Year 3
Costs incurred $720,000 $1,170,000 $1,110,000
Expected future costs $1,680,000 $810,000 $0

For this long-term construction contract, the contractor needs to calculate the estimated dollar values of the revenue and gross profit (loss) to be recognized each year. Complete the contractor's long-term construction contract using the information above. Write the appropriate amounts in the associated cells. Indicate losses by using a leading minus (-) sign. Round all amounts to the nearest dollar. If no entry is necessary, enter a zero (0).

Revenue Gross profit (loss)
Year 1
Year 2

Tiger Trade has the following cash transactions for the period.
Accounts Amounts
Cash received from sale of products to customers $ 35,000
Cash received from the bank for long-term loan 40,000
Cash paid to purchase factory equipment (45,000)
Cash paid to merchandise suppliers (11,000)
Cash received from the sale of an unused warehouse 12,000
Cash paid to workers (23,000)
Cash paid for advertisement (3,000)
Cash received for sale of services to customers 25,000
Cash paid for dividends to stockholders (5,000)
1. Calculate the ending balance of cash, assuming the balance of cash at the beginning of the period is $4,000.
2. Prepare a statement of cash flows. (Cash outflows should be indicated by a minus sign.)

On January 1, 2017, Crown Company sold property to Leary Company. There was no established exchange price for the property, and Leary gave Crown a $400,000 zero-interest-bearing note payable, promising 5 equal annual installments of $80,000, with the first payment due December 31, 2017. The prevailing rate of interest for a note of this type is 8%.

Required:
What is the carrying value of the notes payable at 12/31/14, after the first payment is made (assuming that the effective-interest method is used)?

Grimm Manufacturing is trying to determine the equivalent units for conversion costs with 15,000 units of ending work in process at 40% completion when there is a total 45,000 physical units. There are no beginning units in the department. Conversion costs occur evenly throughout the entire production period. What are the equivalent units for conversion costs for the current period

When developing baseline standards, it is vital to use industry best practices. Industry best practices standards enable one to justify choices being made to regulators. Furthermore, there is increased efficiency to be gained by modifying an existing standard as opposed to creating one from the ground up.
A. True
B. False

HELP A company can have a competitive advantage if it

produces a comparable product at the same cost as others in the market.
builds the best reputation for quality of all companies in the market.
has about the same manufacturing costs as other companies in the market.
All of the above.

In the market for financial capital,
a. those who supply financial capital pay interest on loans.
b. those who demand financial capital receive interest on loans.
c. the demand for financial capital comes from savings, and the supply goes to making loans.
d. the supply of financial capital comes from savings, and the demand goes to making loans.

On January 2, 2021, Miller Properties paid $28 million for 1 million shares of Marlon Company's 6 million outstanding common shares. Miller's CEO became a member of Marlon's board of directors during the first quarter of 2021.
The carrying amount of Marlon's net assets was $117 million. Miller estimated the fair value of those net assets to be the same except for a patent valued at $36 million above cost. The remaining amortization period for the patent is 10 years.
Marlon reported earnings of $54 million and paid dividends of $6 million during 2021. On December 31, 2021, Marlon's common stock was trading on the NYSE at $27.50 per share.
Required: 2. Assume Miller accounts for its investment in Marlon using the equity method. Ignoring income taxes, determine the amounts related to the investment to be reported in its 2021. (Do not round intermediate calculations. Enter all amounts as positive values. Enter your answers in millions rounded to 1 decimal places, (i.e., 5,500,000 should be entered as 5.5).):
a. Income statement million
b. Balance sheet million
c. Statement of cash flows
Operating cash flow million
Investing cash flow million

Tom is comparing two printers for his small business. The purchase price for Printer A is $1,000, with maintenance and operations costs of $400. Printer B increases productivity by $100, and reduces the maintenance and operations costs by half. The expected lifetime value is one year for both printers. What is the economic value to the customer (EVC) of Printer B

Last year Kruse Corp had $410,000 of assets (which is equal to its total invested capital), $403,000 of sales, $28,250 of net income, and a debt-to-total-capital ratio of 39%. The new CFO believes the firm has excessive fixed assets and inventory that could be sold, enabling it to reduce its total assets and total invested capital to $252,500. The firm finances using only debt and common equity. Sales, costs, and net income would not be affected, and the firm would maintain the same capital structure (but with less total debt). By how much would the reduction in assets improve the ROE? Do not round your intermediate calculations. Question 2 options: 7.05% 6.69% 6.41% 7.26% 7.82%

Limited Liability Companies (LLCs) are gaining in popularity over sub-chapter S corporations because:_____.
A. LLCs offer better liability protection to their members.
B. Sub-chapter S corporations are being phased out by the government which is promoting.
C. LLCs as they requires less paperwork on the part of the IRS.
D. Sub-chapter S corporations are being taxed at a higher rate by the IRS.
E. They are simpler when it comes to paperwork, offer some of the same tax advantages and also protect members from unlimited financial exposure.

preparing its Manufacturing Overhead Budget for the fourth quarter of the year. The budgeted variable manufacturing overhead rate is $1.70 per direct labor-hour; the budgeted fixed manufacturing overhead is $116,000 per month, of which $30,000 is factory depreciation. If the budgeted direct labor time for December is 4,000 hours, then the predetermined manufacturing overhead per direct labor-hour for December would be:

A researcher wants to understand how customers' social interaction with online retailers impact their loyalty to online retailers. This researcher understands that extraneous variables such as gender and age could influence the result, but these variables cannot be eliminated and their effects cannot be canceled out in this case. In order to deal with extraneous variables, which of the following techniques this researcher can choose?

a. Randomization
b. Inclusion
c. Statistical Control
d. Elimination
e. Induction
f. Manipulation

Eric wants to invest in government securities that promise to pay $1,000 at maturity. The opportunity cost (interest rate) of holding the security is 13.80%. Assuming that both investments have equal risk and Ericâs investment time horizon is flexible, which of the following investment options will exhibit the lower price?

a. An investment that matures in four years
b. An investment that matures in five years

Which phrase best completes the list?
Characteristics of the U.S. Economy
Free market with some government regulation
Competition between businesses encouraged
A. No centralized banking system
B. Banks owned mostly by the government
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Ο Ο
C. Tax rates set by private companies
D. Individuals and businesses given economic freedom

you are in a 98 story building taking the elevator to the top from the bottom. Each story is 15 feet. The elevator travels at 20 miles per hour. There are 5,280 feet in a mile. How long do you have for your elevator pitch ?

The standard deviation of monthly changes in the spot price of live cattle is (in cents per pound) 1.2. The standard deviation of monthly changes in the futures price of live cattle for the closest contract is 1.4. The correlation between the futures price changes and the spot price changes is 0.7. It is now October 15. A beef producer is committed to purchasing 200,000 pounds of live cattle on November 15. The producer wants to use the December live cattle futures contracts to hedge its risk. Each contract is for the delivery of 40,000 pounds of cattle. What strategy should the beef producer follow?

The following information is available for the adjusting entries. Accrued interest on the notes payable at year-end amounted to $4,000 and will be paid January 1, 2022. Accrued salaries at year-end amounted to $3,000 and will be paid on January 5, 2022. Supplies remaining on hand at the end of the year equal $3,800. Problem 3-9B Part 9 9. Record closing entries.

Hi, please help me
A garage band wants to hold a concert. The expected crowd has a Normal distribution with the mean of 3000 and standard deviation of 200. The average expenditure on concessions is Uniformly distributed with a minimum of $10 and maximum of 25 dollars. Tickets sell for $10 each, and the band’s profit is 80% of the gate (ticket sale) and concession sales, minus a fixed cost of $12,000. Use the provided spreadsheet model and conduct a Monte Carlo simulation with 500 trials to analyze the band profit.
In your analysis,
a. find the minimum, maximum, average, and standard deviation for band profit.
b. create the frequency distribution (using FREQUENCY function) and the histogram for
band profit.
c. Find the probability that band profit will be greater than $62000.

Kara files her income tax return 64 days after the due date of the return without obtaining an extension from the IRS. Along with the return, she remits a check for $15,400, which is the balance of the tax she owes. Note: Assume 30 days in a month.

Required:
Disregarding the interest element, enter Kara's penalty amount for each, failure to file and failure to pay.
Failure to pay________$
Failure to file________$

Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2021 Net sales $ 1,725,000 Expenses: Cost of goods sold $ 1,020,000 Operating expenses 530,000 Depreciation expense 47,000 Income tax expense 37,000 Total expenses 1,634,000 Net income $ 91,000 PEACH COMPUTER Selected Balance Sheet Data December 31 2021 2020 Increase (I) or Decrease (D) Cash $ 99,000 $ 83,500 $ 15,500 (I) Accounts receivable 46,300 50,500 4,200 (D) Inventory 72,000 53,500 18,500 (I) Prepaid rent 2,700 4,400 1,700 (D) Accounts payable 42,000 35,500 6,500 (I) Income tax payable 4,700 8,500 3,800 (D) Required: Prepare the operating activities section of the statement of cash flows for Peach Computer using the indirect method.

The law firm of Furlan and Benson accumulates costs associated with individual cases, using a job order cost system. The following transactions occurred during July:
Jul. 3 Charged 175 hours of professional (lawyer) time to the Obsidian Co. breech of contract suit to prepare for the trial, at a rate of $150 per hour.
10 Reimbursed travel costs to employees for depositions related to the Obsidian case, $12,500.
14 Charged 260 hours of professional time for the Obsidian trial at a rate of $185 per hour.
18 Received invoice from consultants Wadsley and Harden for $30,000 for expert testimony related to the Obsidian trial.
27 Applied office overhead at a rate of $62 per professional hour charged to the Obsidian case.
31 Paid administrative and support salaries of $28,500 for the month.
31 Used office supplies for the month, $4,000.
31 Paid professional salaries of $74,350 for the month.
31 Billed Obsidian $172,500 for successful defense of the case.
Required:
A. Provide the journal entries for each of these transactions.
B. How much office overhead is over- or underapplied?
C. Determine the gross profit on the Obsidian case, assuming that over- or underapplied office overhead is closed monthly to cost of services.

Question 7 of 10
Your company emphasizes the important of conserving (not wasting)
resources. How can you support that value when you print an 8-page report
you were asked to bring to your department's monthly meeting?
A. Use the Print option for two-sided printing.
B. Post the report online before printing it.
C. Use the Print option to create extra copies.
D. Use the Save option to choose a format readers can open.
SUBMIT

A purchase of a pair of Italian designer jeans by a resident of Japan would be considered an_____when counting GDP in Japan. As a result, this purchase would be_____Japanese GDP. A purchase of a light pickup truck made in Japan and sold in Canada would be considered an_____for Japanese GDP, which would be_____Japanese GDP.

An economic profit includes implicit costs and accounting profit does not. A distinction between them is important because an accounting profit is a relative amount of money. Some amount of accounting profit may or may not be a sufficient amount of profit to keep an entrepreneur in:________

After graduating from college, you are hired by the Ford automobile company as an economic analyst. For your first project, you are asked to estimate what would happen to the sales of Ford Mustangs as a result of a change in (i) the price of a Chevrolet Camaro, (ii) the price of gasoline, and (iii) consumer incomes. You are given the following elasticities:

price elasticity Of demand for Ford Mustangs= -2.5
Cross-price elasticity between Ford Mustangs and Camaros =1.5
Cross-price elasticity between Ford Mustangs and gasoline= -0.80
Income elasticity of demand for Ford Mustangs= 3.00

a. Suppose the price Of a Camaro falls by 10%. With all else being equal, sales of Ford Mustangs would______ by_______%
b. If the price of gasoline increases by 20%, the quantity of Ford Mustangs would _________by_______%

Iris, a calendar year cash basis taxpayer, owns and operates several TV rental outlets in Florida, and wants to expand to other states. During 2018, she spends $14,000 to investigate TV rental stores in South Carolina and $9,000 to investigate TV rental stores in Georgia. She acquires the South Carolina operations, but not the outlets in Georgia. As to these expenses, Iris should: Group of answer choices Expense $9,000 for 2018 and capitalize $14,000. Capitalize $23,000. Capitalize $14,000 and not deduct $9,000. None of the above. Expense $23,000 for 2018.