The Phoenix Corporation's fiscal year ends on December 31. Phoenix determines inventory quantity by a physical count of inventory on hand at the close of business on December 31. The company's controller has asked for your help in deciding if the following items should be included in the year-end inventory count.

1. Merchandise held on consignment for Trout Creek Clothing.
2. Goods shipped f.o.b. destination on December 28 that arrived at the customer's location on January 4.
3. Goods purchased from a vendor shipped f.o.b. shipping point on December 26 that arrived on January 3.
4. Goods shipped f.o.b. shipping point on December 28 that arrived at the customer's location on January 5.
5. Phoenix had merchandise on consignment at Lisa's Markets, Inc.
6. Goods purchased from a vendor shipped f.o.b. destination on December 27 that arrived on January 3.
7. Goods sold to a customer sitting on the loading dock on December 31 waiting to be picked up by the customer.
8. Freight charges on goods purchased in 3.

Required:
Determine if each of the items above should be included or excluded from the company's year-end inventory.

Answer:

Explanation:

1. Merchandise held on consignment would be included in Phoenix's ending inventory as Phoenix is the consignor or supplier and Trout creek clothing is the consignee.

2. FOB destination goods are included in Phoenix's ending inventory as till the point goods reaches destination, it will be considered as part of the seller's inventory and would be transferred to buyer's inventory after goods reach destination.

3. In case of FOB shipping point, goods are included in buyer's inventory the day goods are shipped irrespective when it reaches the buyer. Here, Phoenix is the buyer so goods will be included in its ending inventory.

4. This would not be part of Phoenix's ending inventory as goods are shipped FOB shipping on December 28. So, this would be included in buyer's inventory.

5. In this case, Phoenix is the consignee and Lisa's market is consignor. So, merchandise on consignment would not be included in Phoenix's inventory.

6. Here, goods would not be included in Phoenix's ending inventory as terms are FOB destination and Phoenix is the buyer. Since, goods will arrive at the destination only On january 3, it will not be included.

7. Goods sold to a customer sitting on loading truck that has not yet been picked up by customer will not be included in Phoenix's inventory. It would be considered as customer's inventory.

8. Freight charges on goods bought are included in inventory cost of the buyer.

Sarah has investments in four passive activity partnerships purchased several years ago. Last year the income and losses were as follows:

Activity Income (Loss)
A $30,000
B (30,000)
C (15,000)
D (5,000)

In the current year, she sold her interest in Activity D for a $10,000 gain. Activity D, which had been profitable until last year, had a current loss of $1,500. Answer the following questions to determine how the sale of Activity D affects Sarah's taxable income in the current year.

a. The amount of suspended losses carried forward to the year of the sale is: ______________.
b. What amount of the suspended losses is allocated to Activity D?

Comfort chair company manufacturers a standard recliner. During February, the firm's Assembly Department started production of 73,000 chairs. During the month, the firm completed 78,600 chairs, and transferred them to the Finishing Department. The firm ended the month with 10,100 chairs in ending inventory. There were 15,700 chairs in beginning inventory. All direct materials costs are added at the beginning of the production cycle and conversion costs are added uniformly throughout the production process. The FIFO method of process costing is used by Comfort. Beginning work in process was 35% complete as to conversion costs, while ending work in process was 85% complete as to conversion costs.

Direct materials $24,000
Conversion costs $35,000

Manufacturing costs added during the accounting period:

Direct materials $168,000
Conversion costs $278,000

1. What were the equivalent units for conversion costs during February?

a. 81,500
b. 83,000
c. 73,000
d. 77,500

2. What is the amount of direct materials cost assigned to ending work-in-process inventory at the end of February?

a. $19,000
b. $23,000
c. $25,000
d. $27,000

3. What is the cost of the goods transferred out during February?

a. $417,750.5
b. $454,694.8
c. $476,750.6
d. $505,000.2

Which of the following statements is correct?
A. All else the same, an investor will require less return to invest in a callable bond than one that is not callable.
B. All else the same, an investor will require more return to invest in a callable bond than one that is not callable.
C. The call feature does not impact the return that investors demand.
D. We would need to know the current level of interest rates to answer this question.

You have been tasked to conduct Market Research for an acquisition focusing on Wireless Devices (cell phones, PDAs, etc.) The results of your research will be presented to both management and the IPT that will work on this requirement and will be relied upon throughout the life of the resulting contract. This acquisition will incorporate requirements for several different federal agencies with an annual estimated value of $2 million.

Required:
What is true regarding how you should execute the market research for this acquisition?

Fogel Co. has $2,500,000 of 8% convertible bonds outstanding. Each $1,000 bond is convertible into 30 shares of $30 par value common stock. The bonds pay interest on January 31 and July 31. On July 31, 2010, the holders of $800,000 bonds exercised the conversion privilege. On that date the market price of the bonds was 105 and the market price of the common stock was $36. The total unamortized bond premium at the date of conversion was $175,000. Fogel should record, as a result of this conversion, aa. credit of $136,000 to Paid-in Capital in Excess of Par.b. credit of $120,000 to Paid-in Capital in Excess of Par.c. credit of $56,000 to Premium on Bonds Payable.d. loss of $8,000.

Wei Chi always spell-checks his written reports before giving them to his boss. Which of Wei Chi's skills is best shown by
using the spelling checker?
O critical thinking
O deductive reasoning
attention to detail
O technical skills

What is Growth-oriented definition of Economics? Explain the main virtues of this definition.

Filter Systems produces air filters for domestic and foreign cars. One filter, part number JJ39877, is supplied on an exclusive contract basis to Oil Changers at a constant 200 units monthly. Filter Systems can produce this filter at a rate of 50 per hour. Setup time to change the settings on the equipment is 1.5 hours. Worker time (including overhead) is charged at the rate of $55 per hour, and plant idle time during setups is estimated to cost the firm $100 per hour in lost profit.

Filter Systems has established a 22 percent annual interest charge for determining holding cost. Each filter costs the company $2.50 to produce; they are sold for $5.50 each to Oil Changers. Assume 6-hour days, 20 working days per month, and 12 months per year for your calculations.

Required:
a. How many JJ39877 filters should Filter Systems produce in each production run of this particular part to minimize annual holding and setup costs?
b. Assuming that it produces the optimal number of filters in each run, what is the maximum level of on-hand inventory of these filters that the firm has at any point in time?
c. What percentage of the working time does the company produce these particular filters, assuming that the policy in part (a) is used?

Employment agencies are either ____ or ____.

professional
public
personal
private

Led Foot drives his car carelessly into another car. The second car contains dynamite, a fact that Led had no way of knowing. The collision causes an explosion, which shatters a window of a building half a block away on another street. The flying glass inflicts serious cuts on Sally, who is working at a desk near the window. The explosion also harms Vic, who is walking on the sidewalk near the point of the collision. Toward whom is Led Foot negligent?

If overhead applied is less than actual overhead incurred, it is:
Fully applied

Valcarcel Corporation manufactures and sells one product. The following information pertains to the company’s first year of operations:




Variable cost per unit:
Direct materials $ 67
Fixed costs per year:
Direct labor $ 886,500
Fixed manufacturing overhead $ 2,068,500
Fixed selling and administrative expenses $ 1,254,000


The company does not have any variable manufacturing overhead costs or variable selling and administrative expenses. During its first year of operations, the company produced 59,100 units and sold 57,000 units. The company’s only product is sold for $152 per unit.



Required:

a-1. Assume the company uses super-variable costing. Compute the unit product cost for the year.

a-2. Prepare an income statement for the year.

b-1. Assume that the company uses a variable costing system that assigns $15 of direct labor cost to each unit that is produced. Compute the unit product cost for the year.

b-2. Prepare an income statement for the year.

c. Prepare a reconciliation that explains the difference between the super-variable costing and variable costing net incomes.

Uing the direct method, and the information in the exhibits, prepare the financing activities section of the statement of cash flows for Alaskan Travels, Inc., as of December 31, Year 2. In the first column, from the option list provided, select the description for cash flows that are clearly from financing activities. In the second column, enter the amounts that will be reported in the financing activities section of the statement of cash flows. Indicate negative numbers by using a leading minus (-) sign.

Cash flows from financing activities: Net cash provided by (used in) financing activities:

1.
2.
3.
4.
5.
Total:

In 2020, Theresa was in an automobile accident and suffered physical injuries. The accident was caused by Ramon's negligence. In 2021, Theresa collected from his insurance company. She received $15,000 for loss of income, $10,000 for pain and suffering, $50,000 for punitive damages, and $6,000 for medical expenses that she had deducted on her 2020 tax return (the amount in excess of 7.5% of adjusted gross income). As a result of this, Theresa's 2021 gross income is increased by ___________

Use the following information to answer this question.

Windswept, Inc. 2017 Income Statement ($ in millions)

Net sales $9,390
Cost of goods sold 7,660
Depreciation 455
Earnings before interest and taxes $1,275
Interest paid 100
Taxable income $1,175
Taxes 411
Net income $764

Windswept, Inc. 2016 and 2017 Balance Sheets ($ in millions)

2016 2017 2016 2017
Cash $210 $240 Accounts payable $1,290 $1,335
Accounts rec. 960 860 Long-term debt 1,080 1,280
Inventory 1,750 1,665 Common stock 3,300 3,190
Total $2,920 $2,765 Retained earnings 620 870
Net fixed assets 3,370 3,910 Total assets $6,290 $6,675


Required:
What is the quick ratio for 2017?

provide one to two strategies you might incorrect to ensure effectiveness of persuasive message in business.

provide one to two strategies to help ensure the most polite professional and appropriate manner to deliver bad news in business.​

Outdoor Expo provides guided fishing tours. The company charges $200 per person but offers a 10% discount to parties of four or more. Consider the following transactions during the month of May.

May 2 Charlene books a fishing tour with Outdoor Expo for herself and four friends at the group discount price ($900 = $180 × 5). The tour is scheduled for May 7.
May 7 The fishing tour occurs. Outdoor Expo asks that payment be made within 30 days of the tour and offers a 5% discount for payment within 15 days.
May 9 Charlene is upset that no one caught a single fish and asks management for a discount. Outdoor Expo has a strict policy of no discounts related to number of fish caught.
May 15 Upon deeper investigation, management of Outdoor Expo discovers that Charlene’s tour was led by a new guide who did not take the group to some of the better fishing spots. In concession, management offers a sales allowance of 40% of the amount due.
May 20 Charlene pays for the tour after deducting the sales allowance.

Required:
a. Record the necessary transaction(s) for Outdoor Expo on each date.
b. Calculate net sales.
c. Show how Outdoor Expo would present net sales in its income statement.

Money serves a good store of value unless an economy experiences a period of rapid inflation.

True
False

Can someone give me 2-3 main points for why it is important for a business to have transparency and how does it benefit them and others?

On January 1, the Matthews Band pays $65,800 for sound equipment. The band estimates it will use this equipment for four years and after four years it can sell the equipment for $2,000. Matthews Band uses straight-line depreciation but realizes at the start of the second year that this equipment will last only a total of three years. The salvage value is not changed.

On January 1, 2019, Crane Company granted Sam Wine, an employee, an option to buy 1,000 shares of Crane Co. stock for $30 per share, the option exercisable for 5 years from date of grant. Using a fair value option pricing model, total compensation expense is determined to be $5880. Wine exercised his option on October 1, 2021 and sold his 1,000 shares on December 1, 2021. Quoted market prices of Crane Co. stock in 2021 were:

July 1 $30 per share
October 1 $36 per share
December 1 $40 per share

The service period is for three years beginning January 1, 2019. As a result of the option granted to Wine, using the fair value method, Ellison should recognize compensation expense on its books in the amount of:_______

a. $1,800.
b. $600.
c. $450.
d. $0.

Match each type of business insurance with its description.
professional liability insurance
data theft insurance
commercial auto insurance
property insurance

In preparing a company's statement of cash flows for the most recent year using the indirect method, the following information is available:
Net income for the year was $ 52,000
Accounts payable decreased by 18,000
Accounts receivable increased by 25,000
Inventories increased by 5,000
Depreciation expense was 30,000
Net cash provided by operating activities was
A. $34,000.
B. $60,000.
C. $70,000.
D. $80,000.
E. $52,000.

We discussed that President Roosevelt shifted SRAS to the left when he cartelized industries and boosted prices, making the economic downturn really bad. While some of government spending went to social programs, a rather large amount of government activity involved creating inflation. There are other things he could have done to mitigate, rather than exacerbate, the problem. Which of the following would have instead brought the economy back to full employment? (Check all that apply.)
A. Increase business taxes.
B. Reduce business regulations.
C. Strengthen labor unions
D. Spend money only on social programs.

This ratio is anticipated and expected to be announced at shareholder meetings, since as a stock continues to increase in value, the shareholders are not as concerned about dividend payouts. The ratio is _____.
price-to-book value ratio
price-to-cash flow ratio
price-to-sales ratio
price-to-earnings ratio

Roadside Travel Court was organized on July 1, 2016, by Betty Johnson. Betty is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper, Betty prepared the following income statement for her fourth quarter, which ended June 30, 2017.
ROADSIDE TRAVEL COURT
Income Statement
For the Quarter Ended June 30, 2017
Revenues
Rent revenue $210,900
Operating expenses
Advertising expense $ 4,385
Salaries and wages expense 82,465
Utilities expense 930
Depreciation expense 3,150
Maintenance and repairs expense
4,065

Total operating expenses
94,995

Net income
$115,905


Betty suspected that something was wrong with the statement because net income had never exceeded $30,000 in any one quarter. Knowing that you are an experienced accountant, she asks you to review the income statement and other data.

You first look at the trial balance. In addition to the account balances reported above in the income statement, the trial balance contains the following additional selected balances at June 30, 2017.
Supplies $ 8,685
Prepaid Insurance 14,400
Notes Payable 14,000
You then make inquiries and discover the following.
1. Roadside rentals revenues include advanced rental payments received for summer occupancy, in the amount of $57,150.
2. There were $1,930 of supplies on hand at June 30.
3. Prepaid insurance resulted from the payment of a one-year policy on April 1, 2017.
4. The mail in July 2017 brought the following bills: advertising for the week of June 24, $135; repairs made June 18, $4,795; and utilities for the month of June, $240.
5. Wages expense is $300 per day. At June 30, four daysâ wages have been incurred but not paid.
6. The note payable is a 6% note dated May 1, 2017, and due on July 31, 2017.
7. Income tax of $13,740 for the quarter is due in July but has not yet been recorded.



Prepare any adjusting journal entries required at June 30, 2017. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
No.

Account Titles and Explanation

Debit

Credit

1.




2.




3.



4.


5.


6.


7.


Prepare a correct income statement for the quarter ended June 30, 2017.
ROADSIDE TRAVEL COURT
Income Statement
June 30, 2017For the Year Ended June 30, 2017For the Quarter Ended June 30, 2017

ExpensesRevenuesTotal ExpensesTotal RevenuesNet Income / (Loss)Retained Earnings, April 1Retained Earnings, June 30Dividends

$
ExpensesRevenuesTotal ExpensesTotal RevenuesNet Income / (Loss)Retained Earnings, April 1Retained Earnings, June 30Dividends
$

Expenses Revenues Total Expenses Total Revenues Net Income / (Loss) Retained Earnings, April 1 Retained Earnings, June 30 Dividends



ExpensesRevenuesTotal ExpensesTotal RevenuesNet Income / (Loss)Retained Earnings, April 1Retained Earnings, June 30Dividends

$

List the 5 tests of whether personal property has become a fixture

To raise operating funds, Signal Aviation sold an airplane on January 1, 2018, to a finance company for $770,000. Signal immediately leased the plane back for a 13-year period, at which time ownership of the airplane will transfer to Signal. The airplane has a fair value of $800,000. Its cost and its book value were $600,000. Its useful life is estimated to be 15 years. The lease requires Signal to make payments of $102,771 to the finance company each January 1. Signal depreciates assets on a straight-line basis. The lease has an implicit rate of 11%.

Required:
Prepare the appropriate entries for Signal on:
1. January 1, 2018, to record the transaction
2. December 31, 2018, to record necessary adjustments

cookery tools help huhu​

the summary of important trends in retailing are​