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CLA Assignment 3
Michael Ayala Coba
Westcliff University
FIN500: Financial & Accounting Skills for Managers
Professor Blount
June 6th, 2024
2
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CLO Assignment 3
Minicase: Planning for Growth at S&S Air
After Chris completed the ratio analysis for S&S Air (see Chapter 3), Mark and Todd approached him about planning for next year's sales. The company had historically used little planning for investment needs. As a result, the company experienced some challenging times because of cash flow problems. The lack of planning resulted in missed sales, as well as periods when Mark and Todd were unable to draw salaries. To this end, they would like Chris to prepare a financial plan for the next year so the company can begin to address any outside investment requirements. The income statement and balance sheet are shown here:
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2 Project: Company Accour X
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Current Position Analysis
The following items are reported on a company's balance sheet:
$365,600
Marketable securities
285,700
Accounts receivable (net)
254,900
Inventory
236,400
Accounts payable
394,000
Determine (a) the current ratio and (b) the quick ratio. Round to one declmal place.
a. Current ratio
b. Quick ratio
Check My Work
a. Divide current assets by current liabilities.
b. Divide quick assets by current liabilities. Quick assets are cash, temporary investments, and receivables.
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INTERMED. ACCOUNTING (ACC 3110/312
Kieso, Intermediate Accounting, 16e
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Exercise 17-10
At December 31, 2017, the available-for-sale debt portfolio for Sheffield, Inc. is as follows.
Unrealized
Gain (Loss)
Fair Value
Security
Cost
$(11,375 )
$68,250
$79,625
A
6,825
63,700
56,875
B
11,375
116,025
104,650
C
$247,975
6,825
$241,150
Total
1,820
Previous fair value adjustment balance-Dr.
$5,005
Fair value adjustment-Dr.
On January 20, 2018, Sheffield, Inc. sold security A for $68,705. The sale proceeds are net of brokerage fees.
Sheffield Inc. reports net income in 2017 of $546,000 and in 2018 of $637,000. Unrealized holding gains and gains equal
$182,000 in 2018.
Prepare a statement of comprehensive income for…
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Kieso, Intermediate Accounting, 16e
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Exercise 17-22
Whispering Company has the following investments as of December 31, 2017:
$1,570,000
Investments in common stock of Laser Company
Investment in debt securities of FourSquare Company
$3,180,000
In both investments, the carrying value and the fair value of these two investments are the same at December 31, 2017.
Whispering's stock investments does not result in significant influence on the operations of Laser Company. Whispering's
debt investment is considered held-to-maturity. At December 31, 2018, the shares in Laser Company are valued at
$1,120,000; the debt investment securities of FourSquare are valued at $2,310,000. Assume that these…
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Accounting chapter 13?
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Changes in Current Operating Assets and Liabilities-Indirect Method
Covington Corporation's comparative balance sheet for current assets and liabilities was as follows:
Dec. 31, 20Y2
Dec. 31, 20Y1
Accounts receivable
$15,300
Inventory
66,500
67,200
Accounts payable
20,100
0098
Dividends payable
000'
Adjust net income of $84,200 for changes in operating assets and liabilities to arrive at net cash flow from operating activities.
( Previou:
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ACCT-1170-017-Fall 2024-Principles of Managerial Accounting
Question Completion Status:
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QUESTION 1
Take Test: Unit 4 Homework
Relaunch to update:
Freeman Furnishings has summarized its data as shown. Direct labor hours will be used as the activity
base to allocate overhead:
Raw materials purchased
$ 320,000
Raw materials, beginning inventory
Raw materials, ending inventory
15,000
14,000
Work in process, beginning inventory
35,000
0
Work in process, ending inventory
37,000
Estimated overhead
300,000
Depreciation of factory building
50,000
Factory real estate taxes
Factory utility expenses
Indirect materials
7,382
45,000
20,000
Indirect labor
Direct labor cost
Direct labor hours incurred
11,000
100,000
24,000
Estimated direct labor hours
25,000
Compute the cost of goods manufactured.
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Accounting practice problem (first three sub parts have been answered , just need remaining sub parts answered)- I attached a picture of the instructions and I attached a picture of the excel spreadsheet. Anywhere it says "formula" on the excel spreadsheet, needs the formulas (answers).
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Each of the following accounts is closed to Income Summary except
Expenses.
Dividends.
Revenues.
All of these are closed to Income Summary.
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e5-01
Exercise 5-03
Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these
transactions occurred.
5-05
Sept. 6 Purchased calculators from Wildhorse Co. at a total cost of $1,680, terms n/30.
Paid freight of $60 on calculators purchased from Wildhorse Co.
Returned calculators to Wildhorse Co. for $65 credit because they did not meet specifications.
Sold calculators costing $520 for $670 to Fryer Book Store, terms n/30.
Granted credit of $35 to Fryer Book Store for the return of one calculator…
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Accounting excel practice problem - I already solved the first few sub parts to this question - I just need the last sub part answered. I attached a picture of the instructions and a picture of the excel spreadsheet to answer the remaining "formulas".
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Academic access to the FASB Codification is available through university subscriptions, obtained from the American Accounting Association. This subscription covers an unlimited number of students within a single institution. Once this access has been obtained by your school, you should log in to prepare responses to the following exercises.
CE1.1 Describe the main elements of the link labeled “Help, FAQ, Learning Guide, and About the Codification.”
CE1.2 Describe the procedures for providing feedback.
CE1.3 Briefly describe the purpose and content of the “What’s New” link.
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Hi I need help with the balance sheet
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The adjustment of overapplied manufacturing overhead cost results in all the following, EXCEPT:
O a. decrease in net operating income.
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O b. increase in net operating income.
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decrease in cost of goods sold
O d. none of the given answers
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XYZ Company had the following information for the year:
red
Direct materials used
OMR 110,000
dout of
Direct labor incurred (5,000 hours)
OMR 150,000
Actual manufacturing overhead incurred
OMR 166,000
on
The Company used a predetermined overhead rate of OMR 30 per direct labor hour for the year. Assume the only inventc
an ending Work in Process Inventory balance of OMR 17,000. What was cost…
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E Chapter 5 Homework - FINANCIA X
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Question 1 of 6
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Koch Corporation's adjusted trial balance contained the following asset accounts at December 31, 2020: Cash $7,000, Land
$40,000, Patents $12,500, Accounts Receivable $90,000, Prepaid Insurance $5,200, Inventory $30,000, Allowance for Doubtful
Accounts $4,000, and Equity Investments (to be sold in the next quarter) $11,000.
Prepare the current assets section of the balance sheet. (List Current Assets in order of liquidity.)
КОСН СORPORATION
Balance Sheet (Partial)
2$
2$
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Question 5 of 6
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The major classifications of activities reported in the statement of cash flows are operating, investing, and financing. Classify each of
the transactions listed below as:
1.
Operating activity-add to net income.
2.
Operating activity-deduct from net income.
3.
Investing activity.
4.
Financing activity.
5.
Reported as significant noncash activity
The transactions are as follows.
Transactions
Classifications of Activities
(a)
Issuance of common stock.
(b)
Purchase of land and building.
(c)
Redemption of bonds.
(d)
Sale of equipment.
(e)
Depreciation of machinery.
(f)
Amortization of patent.
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The comparative balance sheets of Constantine Cavamanlis Inc. at the beginning and the end of the year 2020 are as follows.
CONSTANTINE CAVAMANLIS INC.
BALANCE SHEETS
Dec. 31, 2020
Jan. 1, 2020
Inc./Dec.
Assets
Cash
$ 45,000
$ 13,000
$32,000
Inc.
Accounts receivable
91,000
88,000
3,000
Inc.
Equipment
39,000
22,000
17,000
Inc.
Less: Accumulated Depreciation-Equipment
17,000
11,000
6,000
Inc.
Total
$158,000
$112,000
Liabilities and Stockholders' Equity,
Accounts payable
$ 20,000
$ 15,000
5,000
Inc.
Common stock
100,000
80,000
20,000
Inc.
Retained earnings
38,000
17,000
21,000
Inc.
Total
$158,000
$112,000
Net…
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Retained earnings statement
Instructions
Labels and Amount Descriptions
Retained Earnings Statement
Instructions
Financial information related to Healthy Products Company for the month ended November 30, 2018, is as follows:
Net income for November
$160,000
Cash dividends paid during November
23,500
Retained earnings, November 1, 2018
371,000
1. Prepare a retained earnings statement for the month ended November 30, 2018. Refer to the lists of Labels and Amount Descriptions
for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred or
dividends were paid, enter that amount as a negative number using a minus sign.
2. Why is the retained earnings statement…
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Ch 08: Assignment - Risk and Rates of Return
మా
Five years of realized returns for CCC are given in the following table. Remember:
1. While CCC was started 40 years ago, its common stock has been publicly traded for the past 25
A-Z
years.
2. The returns on its equity are calculated as arithmetic returns.
Office
3. The historical returns for CCC for 2012 to 2015 are:
2013
2012
2014
2015
2016
Stock return
13.75%
9.35%
16.50%
23.10%
7.15%
Given the preceding data, the average realized return on CCC's stock is
of CCC's historical returns. Based on this conclusion, the
The preceding data series represents
standard deviation of CCC's historical returns is
If investors expect the average realized return from 2012 to 2016 on CCC's…
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Ch 08: Assignment - Risk and Rates of Return
మా
For example, the continuous probability distributions of rates of return on stocks for two different companies are
shown on the following graph:
A-Z
PROBABILITY DENSITY
Office
Company A
Company B
-40
-20
0
20
40
60
RATE OF RETURN (Percent)
Based on the graph's information, which of the following statements is true?
O Company A has a smaller standard deviation
Company B has a smaller standard deviation
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1. EX.07.02.ALGO
Income Statements under Absorption Costing and Variable Costing
Gallatin County Motors Inc. assembles and sells snowmobile engines. The company began operations on July 1 and operated at 100% of capacity during
2. TMM.07,01
the first month. The following data summarize the results for July:
3. EX.07.12.ALGO
Sales (18,500 units)
$2,405,000
Production costs (24,000 units):
4. EX.07.05.ALGO
Direct materials
$1,154,400
5. TMM.07.05
Direct labor
554,400
Variable factory overhead
276,000
Fixed factory overhead
184,800
2,169,600
Selling and administrative expenses:
Variable selling and administrative expenses
$336,300
Fixed selling and administrative expenses
130,200
466,500…
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متوقف مؤقتا
elearn.squ.edu.om/mod/quiz/review.php?attempt=D16687
G... Obs -Jblicyl .lyI all zihll Go
SQU E-LEARNING SYSTEM (ACADEMIC) E-LEARNING SERVICES SQU LIBRARIES SQU PORTALATTENDANCE
The correct answer is: OMR 35,200
Question
10
Company XYZ is currently producing AND selling 10,000 units of product A. At this level, the total product cost was $60,000.
This included $10,000 direct materials, $20,000 direct labor and $30,000 manufacturing overhead cost, which included 20%
variable manufacturing overhead cost. The selling and administrative expenses were $100,000, which included $60,000
variable selling and administrative costs. Assume that the selling price per unit $20, how much was the total contribution
margin?
Theorrect
Mark0.00 out of
2.00
Flag
question
a. $134,000
b. None of the given answers
C. $40,000
d. $104,000
e. $194,000
The correct answer is: $104,000
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Part 9:
The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of the
concepts.
Note: You must complete parts 1, 2, 3, 4, 6, 7 and 8 before completing part 9. Part 5 is optional.
Part 9: Prepare the closing entries below. Then, using the attached spreadsheet from part 2, post the entries to your general ledger. If an amount box does not require an entry, leave it blank.
Date
Account Name
Post. Ref.
Debit
Credit
20Y8 Closing Entries
May 31 Fees Earned
40,000 ✓
0
✓
1,705 ✓
0✔
0✓
1,600 ✔
0 ✓
1,370 ✔
0✓
330
0✔
275
✓
1,295 ✔
33,425 ✔
0
10,500
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Kieso, Intermediate Accounting, 16e
INTERMED. ACCOUNTING (ACC 3110/3120)
actice
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gnment
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Problem 15-2
Stellar Company had the following stockholders' equity as of January 1, 2017.
Common stock, $5 par value, 20,500 shares issued
$102,500
Paid-in capital in excess of par-common stock
304,000
Retained earnings
321,000
Total stockholders' equity
$727,500
During 2017, the following transactions occurred.
Stellar repurchased 1,950 shares of treasury stock at a price of $18 per share.
Feb. 1
720 shares of treasury stock repurchased above were reissued at $16 per share.
Mar. 1
520 shares of treasury stock repurchased above were reissued at $14 per share.
Mar. 18
580 shares of treasury stock repurchased above were reissued at $19 per share.…
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Assignment Problem
Anand Kalaimani Al Harthi SAOG located in Muscat Sultanate of Oman involved in manufacturing of
Drugs and Pharmaceutical Industry from 1981 to till now. The SAOG Company has provided the
following information for the months of September, October, November and December 2023.
Month
Sales
Material
Wages
Postage
Electrical
Other
September
Expense
Expense
10,000
6,000
350
1,200
1,000
5,000
October
12,500
7,500
550
2,400
2,000
6,000
November
13,600
8,200
850
3,600
3,000
5,500
December
19,400
9,000
950
4,800
4,000
3,200
Additional information:
a) Cash Balance on 1/10/2023 is RO X000000
b) Sales 25 per cent is for Cash in the same month. 50 per…
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Chapter 13 Homework
O Do Iti Review 13-026
O Exercise 13-01
Problem 13-01A a-c
(Part Level Submission)
Problem 13-05A
Z Your answer is partially correct. Try again.
Fouts Corporation purchased 2,000 shares of its $10 par value common stock for $130,000 on August 1. It will hold these shares in the treasury until resold. On December 1, the corporation
sold 1,200 shares of treasury stock for cash at $72 per share.
Journalize the treasury stock transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do
not indent manually.)
Review Score
Review Results by Study
Objective
Date
Account Titles and Explanation
Debit
Crea
Aug. 1 Treasury Stock…
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1UWI Open CampusACCT 1002INTRODUCTION TOFINANCIAL ACCOUNTINGWorksheet 1Unit # 2 WorksheetFinancial Accounting Cycle- Part I1. The accounting equation is often described as being very important inaccounting. Explain the purpose of the accounting equation and state twodifferent forms or ways in which it can be written.2. Distinguish between assets and liabilities and provide three (3) examples ofeach to support your arguments.3. Distinguish between income and expenses and provide three (3) examples ofeach to support your arguments.4. Suppose a business receives a bill for services rendered from one of itssuppliers. The business will pay the supplier next month. When the businessreceives the bill from its supplier, explain how this affect the accounting equationin terms of increasing or decreasing assets, liabilities, or owner’s equity?5. Suppose equipment is sold for cash in an amount equal to the cost of theequipment recorded on the books. How does this sale affect the…
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EXERCISE 4-2 Computation of Equivalent Units-Weighted-Average Method [LO4-2]
Clonex Labs, Inc., uses a process costing system. The following data are available for one depart-
ment for October:
Percent Completed
Units
Materials
Conversion
Work in process, October 1
30,000
65%
30%
Work in process, October 31
15,000
80%
40%
The department started 175,000 units into production during the month and transferred
190,000 completed units to the next department.
Required:
Compute the equivalent units of production for October assuming that the company uses the
weighted-average method of accounting for units and costs.
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INTERMED. ACCOUNTING (ACC 3110
ce Assignment
се
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ent
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Exercise 15-9
Your answer is partially correct. Try again.
Bramble Corporation has 10,800 shares of $100 par value, 7 %, preferred stock and 46,500 shares of $10 par value
common stock outstanding at December 31, 2017.
Answer the questions in each of the following independent situations.
(a) If the preferred stock is cumulative and dividends were last paid on the preferred stock on December 31, 2014, what
are the dividends in arrears at December 31, 2017?
Amount of dividends in arrears
226,800
How should these dividends be reported?
not reported
The cumulative dividend is
as a liability.
(b)If the preferred stock is convertible into 7 shares of $10 nar value common stock…
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