Brown Company's bank statement for September 30 showed a cash balance of $1,350. The company's Cash account in its general ledger showed a $995 debit balance. The following information was also available as of September 30.
a. A $125 debit memoranda is included with the bank statement and dealt with a customer's check for $100 marked NSF and returned to Brown Company by the bank. In addition, the bank charged the company's a $25 processing fee.
b. The September 30 cash receipts, $1,250, were placed in the bank's night depository after banking hours on that date and this amount did not appear on the September 30 bank statement.
c. A $15 debit memorandum for checks printed by the September 30 bank was included with the canceled checks.
d. Outstanding checks amounted to $1,145.
e. A customer's note for $900 was collected by the bank. A collection fee of $25 was deducted by the bank and the difference was deposited in the account.
f. Included with the canceled checks was a check for $275, drawn on another company, Browne Inc.

Omitted question.  Prepare  Bank reconciliation for Brown's company for September 30.

Answer:Please see explanation for answers.

Explanation:

Brown Company"s     Bank Reconciliation  for September 30

Cash Balance as per bank statement         $ 1,350

Add:    

Deposit in transit                                        +  $ 1,250  

Bank error in recording of check                 + $ 275  

Deduct:  

Outstanding checks                                  -  $ 1,145

Adjusted bank balance                             $ 1,730

Cash balance per books                             $995

Add: Electronic transfer collected by bank

(900-25)                                                        +$875

Deduct:

Bank service charges (25+15)                         - $40

NSF Check                                                       -$100  

Adjusted book balance                                 $ 1,730

Suppose you are the agent for a baseball pitcher. Suppose he is offered the following contract by the New York Yankees: a signing bonus of $3,000,000 (to be received immediately), a first year’s salary of $6,000,000 (to be received one year from today), a second year’s salary of $7,000,000 (to be received two years from today), and a third year’s salary of $8,000,000 (to be received three years from today). Suppose he is offered the following contracts by the San Francisco Giants: a signing bonus of $6,000,000, a first year’s salary of $5,500,000, a second year’s salary of $6,000,000, and a third year’s salary of $6,000,000.
If you believe the interest rate is 10%, which offer would you advise the pitcher to accept?
Would your advice change if you believed the interest rate were 5%?

What makes financial professions popular in Nepal?​

A construction worker was working at the construction site of a new building. An open elevator, which had been installed in the building by the elevator manufacturer, was used to haul workers and building materials between floors. While the worker was riding the elevator, it stalled between floors due to a manufacturing defect in the elevator. The worker called for assistance and was in no danger, but after waiting 15 minutes for help, he became anxious and jumped 12 feet to get out. He severely injured his back when he landed.
In an action by the worker against the elevator manufacturer to recover for his back injury, is the worker likely to obtain a judgment for 100% of his damages?

NYJ, Inc. borrowed $800,000 on June 1, 2020, and signed a nine-month note bearing interest at 5%. Principal and interest are payable in full at maturity. In connection with this note, NYJ, Inc. should record interest expense in 2021 in the amount of:

Orange Inc., an orange juice producer with a current debt-to-equity ratio of 2, is considering expanding its operations to produce toothpaste. Unsurprisingly, the toothpaste industry faces a different set of risks than the orange juice industry. However, the executives at Orange Inc. observe that Paste Inc., a toothpaste company, has a cost of equity of 12%, a cost of debt of 6%, and a debt-to-value ratio of 40%. Orange Inc. plans to finance its expansion into toothpaste production with 50% debt and 50% equity. The cost of debt for Orange Inc. is also 6%, and the corporate tax rate is 25%. Solve for the discount rate that Orange Inc. should use when evaluating whether to go forward with the expansion Note: Orange Inc. does not want to use the Adjusted Present Value method.
Appropriate Rate = 12.08%
Appropriate Rate = 9.60%
Appropriate Rate = 13.20%
Appropriate Rate = 8.85%
Assume Last Inc. has no cash on hand, but wants to take on a project that adds $30 million in market value to the firm's assets, and has an NPV of $20 million. The project requires an initial investment of $10 million. LastQ Inc. wants to maintain its 50% Debt to Value Ratio.
How much debt should LastQ issue, and how much should they pay stockholders in dividends?
Issue $30 million in debt, pay $5 million to shareholders
Issue $15 million in debt, pay $5 million to shareholders Issue $10 million in debt, pay $20 million to shareholders
Issue $20 million in debt, pay $8 million to shareholders

Determine the taxable income for a firm as described here: The firm recorded revenues of $46,000 and recaptured depreciation of $2,000 for the year just ended During the year, the firm incurred cash expenses of $27,500 and depreciation expenses of $15,575.

[accounting] A retailer completed a physical count of ending merchandise inventory. When counting inventory, employees did not include $2,200 of incoming goods shipped by a supplier on December 31 under FOB shipping point. These goods had been recorded in Merchandise Inventory, but they were not included in the physical count because they were in transit. This means shrinkage was incorrectly overstated by $2,200.

Compute the amount of overstatement or understatement for each of the following amounts for this period.

a. ending inventory
b. total assets
c. net income
d. total equity

The cash account of Aguilar Co. showed a ledger balance of $3,969.85 on June 30, 2020. The bank statement as of that date showed a balance of $4,150. Upon comparing the statement with the cash records, the following facts were determined.

1. There were bank service charges for June of $25.
2. A bank memo stated that Bao Dai’s note for $1,200 and interest of $36 had been collected on June 29, and the bank had made a charge of $5.5 on the collection. (No entry had been made on Aguilar’s books when Bao Dai’s note was sent to the bank for collection.)
3. Receipts for June 30 for $3,390 were not deposited until July 2.
4. Checks outstanding on June 30 totaled $2,136.05.
5. The bank had charged the Aguilar Co.’s account for a customer’s uncollectible check amounting to $253.2 on June 29.
6. A customer’s check for $90 (as payment on the customer’s Accounts Receivable) had been entered as $60 in the cash receipts journal by Aguilar on June 15.
7. Check no. 742 in the amount of $491 had been entered in the cash journal as $419, and check no. 747 in the amount of $58.2 had been entered as $582. Both checks had been issued to pay for purchases and were payments on Aguilar’s Accounts Payable.

Required:
a. Prepare a bank reconciliation dated June 30, 2020, proceeding to a correct cash balance.
b. Prepare any entries necessary to make the books correct and complete.

12.
Planning is a
a. Useless Function
b. Obsolete Concept
c. Mental Exercise
d. One time process

A factory costs $290,000. You forecast that it will produce cash inflows of $85,000 in year 1, $145,000 in year 2, and $230,000 in year 3. The discount rate is 10%. a. What is the value of the factory

The Butler-Perkins Company (BPC) must decide between two mutually exclusive projects. Each costs $6,750 and has an expected life of 3 years. Annual project cash flows begin 1 year after the initial investment and are subject to the following probability distributions:
Project A Project B
Probability Cash Flows Probability Cash Flows
0.2 $6,000 0.2 $0
0.6 $6,750 0.6 $6,750
0.2 $7,500 0.2 $17,000
BPC has decided to evaluate the riskier project at 11% and the less-risky project at 8%.
What is each project's expected annual cash flow?
A. Project A. B. Project B. Project B's standard deviation (?B) is $5,444 and its coefficient of variation (CVB) is 0.73. What are the values of (?A) and (CVA)?

In a company's SWOT analysis, which of the following is an example of a strength?
A.
A law is passed that decreases demand for the company's product.
B.
A demographic trend increases demand for the company's product.
C.
The company's employees are efficient and productive.
D.
The company doesn't have many competitors.

Panarin Company entered into two contracts on the same date with Hjalmarsson Corporation. Pana has provided the following analysis of price and cost for the contracts: Hjalmarsson, the customer, may cancel both contracts if either of them is not fulfilled by Panarin in a timely manner. Stand-alone prices are typically $120,000 for the goods in Contract A and $80,000 for the goods in Contract B.
Required:
1. Should the two contracts be combined for purposes of applying the 5-step revenue recognition model?
2. What amount of revenue should Panarin associate with each of the contracts?
3. When should revenue be recognized on each of the contracts?

Privott, Inc., manufactures and sells two products: Product Z9 and Product N0. The company is considering adopting an activity-based costing system with the following activity cost pools, activity measures, and expected activity:
Estimated Expected Activity
Activity Overhead
Measures Cost Product Z9 Product N0 Total
Labor-related DLHs $328,018 6,800 3,400 10,200
Product testing tests 47,747 600 700 1,300
Order size MHs 473,108 4,400 4,700 9,100
$848,873
The activity rate for the Labor-Related activity cost pool under activity-based costing is closest to:______.
a. $28.88 per DLH.
b. $48.81 per DLH.
c. $53.94 per DLH.
d. $431.44 per DLH.

Builders Corporation (Builders) is a general contractor. Builders wished to bid on a construction project and solicited bids from a variety of subcontractors. Four electrical subcontractors, Alpha, Beta, Gamma, and Delta, submitted bids to Builders. The bids were as follows: Alpha- $75,000; Beta- $85,000; Gamma- $90,000; Delta- $95,000. As Builders was preparing its bid on the construction project based upon the low bid submitted by Alpha, Builders’ president called Alpha and told him, "We won’t be able to do it with your present bid, but if you can shave off $5,000, I’m sure that the numbers will be there for us to get that project." Alpha responded, "No way! In fact, that bid we submitted was based on a $15,000 error; we can’t do it for a cent less than $90,000." Nevertheless, Builders submitted its bid for the construction project using Alpha’s original $75,000 bid. Builders was not awarded the construction job and subsequently sued Alpha. Alpha is liable for:________.

Combat Fire, Inc. manufactures steel cylinders and nozzles for two models of fire extinguishers: (1) a home fire extinguisher and (2) a commercial fire extinguisher. The home model is a high-volume (54,000 units), half-gallon cylinder that holds 2 1/2 pounds of multi-purpose dry chemical at 480 PSI. The commercial model is a low-volume (10,200 units), two-gallon cylinder that holds 10 pounds of multi-purpose dry chemical at 390 PSI. Both products require 1.5 hours of direct labor for completion. Therefore, total annual direct labor hours are 96,300 or [1.5 hours × (54,000 + 10,200)]. Expected annual manufacturing overhead is $1,570,706. Thus, the predetermined overhead rate is $16.31 or ($1,570,706 ÷ 96,300) per direct labor hour. The direct materials cost per unit is $18.50 for the home model and $26.50 for the commercial model. The direct labor cost is $19 per unit for both the home and the commercial models.
The company’s managers identified six activity cost pools and related cost drivers and accumulated overhead by cost pool as follows.
Expected Use of
Drivers by Product
Activity Cost Estimated Expected Use of
Cost Pools Drivers Overhead Cost Drivers Home Commercial
Receiving Pounds $87,100 335,000 215,000 120,000
Forming Machine hours 157,500 35,000 27,000 8,000
Assembling Number of parts 390,600 217,000 165,000 52,000
Testing Number of tests 61,200 25,500 15,500 10,000
Painting Gallons 36,806 5,258 3,680 1,578
Packing and Pounds 837,500 335,000 215,000 120,000
shipping
$1,570,706
1.) Under traditional product costing, compute the total unit cost of each product. (Round answers to 2 decimal places, e.g. 12.25.)
2.) Under ABC, complete the schedule showing the computations of the activity-based overhead rates (per cost driver). (Round your answers to 2 decimal places, e.g. 2.25.)
3.) Complete the schedule assigning each activity's overhead cost pool to each product based on the use of cost drivers. (Use rates from part b above and round cost assigned to 0 decimal places, e.g. 12,250. Round overhead per unit to 2 decimal places, e.g. 2.25. Note that due to rounding your total cost assigned will be slightly different than calculated above.)
Cost Driver Home Model
Commercial Model
Cost Assigned
4.) Compute the total cost per unit for each product under ABC. (Round your answers to 2 decimal places, e.g. 12.25.)
Home Model $
Commercial Model $
5.)Classify each of the activities as a value-added activity or a non-value-added activity.
Activity
Receiving value-addednon-value-added
Forming non-value-addedvalue-added
Assembling value-addednon-value-added
Testing value-addednon-value-added
Painting non-value-addedvalue-added
Packing and shipping value-addednon-value-added

U-RIDE, Inc. currently produces the electric engines that are used in golf carts made and sold by the Company. Electco has offered to sell the electric engines to U-RIDE at a price of $235 each.

Current production information follows:
Unit-level material and labor $200
Facility-level depreciation of manufacturing equip. $5,500 /month
Product-level engine production supervisor's salary $2,500 /month
Annual facility-level utilities $17,500

U-RIDE is currently operating profitably producing and selling 2,000 engines a year using 90% of its manufacturing capacity. Which of the following is true?

a. U-RIDE should make the engines for cost savings of $25 per unit.
b. Buying the units would increase U-RIDE's cost by $13 per unit.
c. U-RIDE has avoidable costs of greater than $200 per unit and should therefore buy the engines.
d. Buying the units would increase profitability by $38 per unit.

Buying the engines will free up manufacturing capacity that could be used to make a new economy line golf cart that would produce an additional $65,000 profit per year. U-RIDE is currently operating profitably producing and selling 2,500 engines annually. Based on this information, which of the following is true?

a. The $36,000 is not relevant because it is an estimate.
b. Buying the units would increase U-RIDE's cost by $13 per unit.
c. U-RIDE has avoidable costs of less than $200 per unit and should therefore buy engines.
d. The cost of buying the engines is $5 per unit less than the relevant cost of making the units.

On June 30, 2021, Georgia-Atlantic, Inc. leased a warehouse equipment from IC Leasing Corporation. The lease agreement calls for Georgia-Atlantic to make semiannual lease payments of $464,149 over a four-year lease term, payable each June 30 and December 31, with the first payment at June 30, 2021. Georgia-Atlantic's incremental borrowing rate is 8%, the same rate IC uses to calculate lease payment amounts. Amortization is recorded on a straight-line basis at the end of each fiscal year. The fair value of the equipment is $3.2 million. (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.)Required:1. Determine the present value of the lease payments at June 30, 2021 that Georgia-Atlantic uses to record the right-of-use asset and lease liability.2. What pretax amounts related to the lease would Georgia-Atlantic report in its balance sheet at December 31, 2021?3. What pretax amounts related to the lease would Georgia-Atlantic report in its income statement for the year ended December 31, 2021?(For all requirements, enter your answers in whole dollars and not in millions. Round your final answers to the nearest whole dollar.)

The following balance sheet for the Hubbard Corporation was prepared by the company:
HUBBARD CORPORATION
Balance Sheet
At December 31, 2016
Assets
Buildings $760,000
Land 280,000
Cash 70,000
Accounts receivable (net) 140,000
Inventories 260,000
Machinery 290,000
Patent (net) 110,000
Investment in marketable equity securities 80,000
Total assets $1,990,000
Liabilities and Shareholders' Equity
Accounts payable $225,000
Accumulated depreciation 265,000
Notes payable 520,000
Appreciation of inventories 90,000
Common stock, authorized and issued
110,000 shares of no par stock 440,000
Retained earnings 450,000
Total liabilities and shareholders' equity $1,990,000
Additional information:
1. The buildings, land, and machinery are all stated at cost except for a parcel of land that the company is holding for future sale. The land originally cost $60,000 but, due to a significant increase in market value, is listed at $140,000. The increase in the land account was credited to retained earnings.
2. Marketable equity securities consist of stocks of other corporations and are recorded at cost, $30,000 of which will be sold in the coming year. The remainder will be held indefinitely.
3. Notes payable are all long-term. However, a $200,000 note requires an installment payment of $50,000 due in the coming year.
4. Inventories are recorded at current resale value. The original cost of the inventories is $170,000.
Required:
Prepare a corrected classified balance sheet for the Hubbard Corporation at December 31, 2016.

The following list includes a series of accounts for Sanjeev Corporation, which has been operating for three years. These accounts are listed and numbered for identification. Following the accounts is a series of transactions. For each transaction, indicate the account(s) that should be debited and credited by entering the appropriate account number(s) to the right of each transaction. The first transaction is used as an example.
Account No. Account Title Account No. Account Title
1 Cash 10 Income Taxes Payable
2 Accounts Receivable 11 Common Stock
3 Supplies 12 Additional Paid-in Capital
4 Prepaid Expenses 13 Retained Earnings
5 Equipment 14 Service Revenue
6 Patents 15 Operating Expenses (wages, supplies)
7 Accounts Payable 16 Income Tax Expense
8 Note Payable 17 Interest Expense
9 Wages Payable

Slaq Computer Company manufactures notebook computers. The economic lifetime of a particular model is only four to six months, which means that Slaq has very little time to make adjustments in production capacity and supplier contracts over the production run. For a soon-to-be-introduced notebook, Slaq must negotiate a contract with a supplier of motherboards. Because supplier capacity is tight, this contract will specify the number of motherboards in advance of the start of the production run. At the time of contract negotiation, Slaq has forecasted that demand for the new notebook is normally distributed with a mean (�) of 10,000 units and a standard deviation (�) of 2,500 units. The net profit from a notebook sale is $500 (note that this includes the cost of the motherboard, as well as all other material; production, and shipping costs). (Hint: �! = $500) Motherboards cost $200 and have no salvage value (i.e., if they are not used for this particular model of notebook, they will have to be written off). (Hint: �" = $200) Use the news vendor model to compute a purchase quantity of motherboards that balances the cost of lost sales and the cost of excess material.

The following information to perform the calculations below (using the indirect method).
Net income $401,000 Beginning accounts payable $119,000
Depreciation expense 97,000 Ending accounts payable 146,000
Beginning accounts receivable 420,000 Purchase of long-term assets 612,000
Ending accounts receivable 439,000 Issuance of long-term debt 220,000
Beginning inventory 516,000 Issuance of stock for cash 180,000
Ending inventory 550,000 Issuance of stock for long-term assets 110,000
Beginning prepaid insurance 42,000 Purchase of treasury stock 64,000
Ending prepaid insurance 48,000 Sale of long-term investment at cost 56,000
Calculate the amount of cash used by investing activities. Only enter the number. No brackets or negative signs required

We assume that in a village there are farmers, carpenters, and tailors, who provide the three essential goods: food, housing, and clothing. Suppose the farmers consume 2/5 of the food (produced by farmers), 1/3 of the housing (produced by carpenters) and 1/2 of the clothes (produced by tailors). The carpenter consumes 2/5 of the food, 1/3 of the housing, and 1/2 of the clothes. The tailors consume 1/5 of the food, 1/3 of the housing, and no clothes. Assume this is a closed Leontief model.

If we know that the tailors produce 560 units of clothes, then the farmers produce ___________units of food, and the carpenters produce_________ units of housing.

The following is selected information from Bonita Corporation for the fiscal year ending October 31, 2018
Cash received from customers $301000
Revenue recognized 376000
Cash paid for expenses 184000
Cash paid for computers on November 1, 2017 that will be used for 3 years (annual depreciation is $16100) 48300
Expenses incurred, including interest, but excluding any depreciation 218000
Proceeds from a bank loan, part of which was used to pay for the computers 95000
Based on the accrual basis of accounting, what is Monty Corporation’s net income for the year ending October 31, 2018?

Forest Components makes aircraft parts. The following transactions occurred in July. Purchased $16,950 of materials on account. Issued $16,780 in direct materials to the production department. Issued $1,340 of supplies from the materials inventory. Paid for the materials purchased in transaction (1) using cash. Returned $2,020 of the materials issued to production in (2) to the materials inventory. Direct labor employees earned $32,500, which was paid in cash. Purchased miscellaneous items for the manufacturing plant for $17,250 on account. Recognized depreciation on manufacturing plant of $36,700. Applied manufacturing overhead for the month. Forest uses normal costing. It applies overhead on the basis of direct labor costs using an annual, predetermined rate. At the beginning of the year, management estimated that direct labor costs for the year would be $434,600. Estimated overhead for the year was $412,870. The following balances appeared in the inventory accounts of Forest Components for July.
Beginning Ending
Materials Inventory ? $12,490
Work-in-Process Inventory ? 10,560
Finished Goods Inventory $2.700 6.930
Cost of Goods Sold ? 75,1000
a. Prepare Journal Entries to record these transactions (1-9)
b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold

Price Shares (millions) 1/1/16 1/1/17 1/1/18 Douglas McDonnell355 $86 $91 $103 Dynamics General455 55 52 66 International Rockwell270 84 73 87 a. Calculate the initial value of the index if a price-weighting scheme is used.

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.

Washington State Fisheries, Inc., processes salmon for various distributors. Two departments, processing and packaging, are involved. Data relating to tons of salmon sent to the processing department during May follow:
Percent Completed Tons of Salmon Direct Materials Conversion
Work-in-process inventory, May 1 1,960 80 % 70 %
Work-in-Process inventory, May 31 3,340 50 % 30 %
Started processing during May 8,150
Required:
1. Calculate the number of tons completed and transferred out during the month.
2. Calculate the number of equivalent units for both direct materials and conversion for the month of May, assuming that the company uses the weighted-average method.
3. How would your answer in requirement 2 change if the percentage of completion in ending inventory were as follows:
direct materials 30%, conversion 40%

20. Which one of the following statements about national income is correct?
O A. National income is the income earned by US resource suppliers plus taxes on production and imports.
O B. National income is the market value of the annual output net of consumption of fixed capital.
C. National income is the income received by households less personal taxes,
D. National income is the before-tax income received by households.

Unemployment Type Rate (Percent) Frictional 3.2 Cyclical 0.0 Structural 1.1 Total unemployment 4.3 True or False: This economy is not currently at its natural rate of unemployment. gs