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Seiko's current salary is $98,500. Her marginal tax rate is 32 percent and she fancies European sports cars. She
purchases a new auto each year. Seiko is currently a manager for Idaho Office Supply. Her friend, knowing of her interest
in sports cars, tells her about a manager position at the local BMW and Porsche dealer The new position pays only
$87100 per year, but it allows employees to purchase one new car per year ata discount of $17,700. This discount
qualifies as a nontaxable fringe benefit. In an effort to keep Seiko as an employee, Idaho Office Supply offers her a
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c. What…
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Sherry, who is 52 years of age, opened a Roth IRA three years ago. She has contributed a total of $12.900 to the Roth IRA ($4,300 a
year). The current value of the Roth IRA is $21,700. In the current year Sherry withdraws $19.400 of the account balance to purchase a
car. Assuming Sherry's marginal tax rate is 24 percent, how much of the $19,400 withdrawal will she retain after taxes to fund her car
purchase?
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Cullumber Co. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to
accrue interest except at December 31.
r.com: 24/7 On-
Tutoring
Nov. 1 Loaned $53,400 cash to C. Bohr on a 12-month, 9% note.
ary Resources
Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $5,400, 90-day, 8% note.
16 Received a $9,600, 180-day, 8% note to settle an open account from A. Murdock.
31 Accrued interest revenue on all notes receivable.
Journalize the transactions for Cullumber Co. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered.…
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MODULE SIX PROBLEM SET
Question 13
Sheffield Corp. is planning to replace an old asset with new equipment that will operate more efficiently. The following amounts may be relevant to this analysis.
Cost of old asset
Book value of old asset
$12,800
$2,000
Selling price of old asset
$2,000
Purchase price of new replacement asset
$20,600
Estimated salvage value of new asset
$2,100
Estimated useful life of new asset
5 years
Estimated annual net operating cash inflows
$3,100/year for 5 years
Discount rate
Tax rate
9%
20%
Determine which amounts listed are relevant cash flows for Sheffield Corp. as it considers this…
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Alicia has been working for JMM Corp. for 32 years. Alicia participates in JMM's defined benefit plan. Under the plan. for every year of
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January 1, 2019. Before retirement, her annual salary was $603,000, S633.000, and S663.000 for 2016, 2017. and 2018. What is the
maximum benefit Alicia can receive in 2019?
Answer is complete but not entirely correct.
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$…
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24,000
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A process with no beginning work in process, completed and transferred out 85200 units during a period and had 50100 units in the
ending work in process inventory that were 20% complete. The equivalent units of production for the period for conversion costs were:
O 95220 equivalent units.
O 135300 equivalent units.
O 70200 equivalent units.
O 85200 equivalent units.
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is estimated to be $10,400. Income taxes are estimated to be $208,000.
Prepare a budgeted multiple-step income statement for the year ending December 31, 2022.
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Concord Industries has equivalent units of 7100 for materials and for conversion costs. Total manufacturing costs are $124370. Total
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O $17.52.
O $4.70.
$12.82.
O $30.33
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Table of Contents > Week 9: Operational and legal Considerations > Lecture Notes > 09 Operational and Legal Considerations
09 Operational and Legal Considerations -
>
Calculating Capacity
• How many machines do you need?
• You expect your sales to be
3,000,000 granola bars (20g each)
• How large is your plant?
per month
• How many workers do you need?
The machine:
• How much is the investment?
Capacity: 100 kgs per hour
• What are the operating costs?
Requires 2 people to operate it
Takes 8 ft x 40 ft space
• Cost per machine $15,000
Energy and maintenance: $5 per hour
• Cost of material and packaging:
$0.12 per bar
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Michael is single and 35 years old. He is a participant in his employer's sponsored retirement plan. How much can Michael
contribute to a Roth IRA in 2019 in each of the following alternative situations? (Leave no answer blank. Enter zero if
applicable.)
c. Michael's AGI is $128,000 before any IRA contributions.
Answer is complete but not entirely correct.
Contribution to Roth IRA
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Rafner Manufacturing has the following budgeted data for its two production departments.
Budgeted Data
Overhead cost
Direct labor hours.
Machine hours
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Assembly
Finishing
$ 1,200,000
$ 800,000
12,000 direct labor hours
4,000 machine hours
20,000 direct labor hours
16,000 machine hours
Allocate overhead to a job that uses 80 direct labor hours in the Assembly department and uses 30 machine hours in th
Finishing department.
Department
Assembly
2
3
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4
Departmental Overhead Rate
960
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The following is the adjusted trial balance of Sierra Company.
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Prepaid insurance
Notes receivable (due in 5 years)
Buildings
Accumulated depreciation-Buildings
Accounts payable
Notes payable (due in 3 years).
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(1) Prepare an income statement for the year ended December 31.
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Quick ratio
Adieu Company reported the following current assets and current liabilities for two recent years:
Dec. 31, 20Y4 Dec. 31, 20Y3
Cash
$830
$1,090
Temporary investments
1,200
1,500
Accounts receivable
820
910
Inventory
2,100
2,500
Accounts payable
1,900
2,500
a. Compute the quick ratio on December 31 for each year. Round to one decimal place.
20Υ4
20Υ3
Quick Ratio
b. Is the quick ratio improving or declining?
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Exercise 12-10 Net Present Value Analysis (LO12-2]
Kathy Myers frequently purchases stocks and bonds, but she is uncertain how to determine the rate of return that she is earning. For
example, three years ago she paid $13,000 for 200 shares of Malti Company's common stock. She received a $420 cash dividend on
the stock at the end of each year for three years. At the end of three years, she sold the stock for $16,000. Kathy would like to earn a
return of at least 14% on all of her investments. She is not sure whether the Malti Company stock provide a 14% return and would like
some help with the necessary computations.
Click here to view Exhibit 12B-1 and Exhibit 12B-2, to…
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Return to the original data. Monk Builders has just signed a contract with the state government to replace the windows in low-
income housing units throughout the state. Monk needs 80,000 windows to complete the job and has offered to buy them from
Wilson at a price of $120.00 per window. Monk will pick up the windows at Wilson's plant, so Wilson will not incur the $2 per
window shipping charge. In addition, Wilson will not need to pay a distributor's commission, since the windows will not be sold
through a distributor.
Calculate the contribution from special order, contribution lost from regular sales and the net…
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You have the following information for Sheridan Inc. for the month ended June 30, 2022. Sheridan uses a periodic inventory system.
Unit Cost or
Date
Description
Quantity
Selling Price
June
Beginning inventory
40
$34
June
4.
Purchase
135
37
June
10
Sale
110
64
June
11
Sale return
15
64
June
18
Purchase
55
40
June
18
Purchase return
10
40
June
25
Sale
65
70
June
28
Purchase
35
44
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how am i suppose to what account is which for all of them?
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Florist Grump, Inc., had beginning retained earnings of $137,000. During the year, Florist Grump had net income of $63,000 and declared
and paid dividends of $18,000. What will be shown for ending retained earnings on Florist Grump's year-end balance sheet?
QUESTION 9
For the year ended December 31, Year 2
For the year ended December 31, Year 1
Revenues
$ 7,500
$ 500
Expenses
1,500
Net Income
December 31, Year 2
December 31, Year 1
Assets
$ 16,500
$ 1,000
500
Liabilities
Stock
300
300
Retained Earnings
1.$
200
Assume Year1 is the company's first year of business and there were $100 dividends in Year 1 and $100 dividends in Year 2. After
determining the missing amounts ($
Earnings 1.$
in the above…
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Sheffield Corp. uses the percentage-of-receivables basis to record bad debt expense and concludes that 3% of accounts receivable will become
uncollectible. Accounts receivable are $430,800 at the end of the year, and the allowance for doubtful accounts has a credit balance of $2,864.
(a) Prepare the adjusting journal entry to record bad debt expense for the year.
(b) If the allowance for doubtful accounts had a debit balance of $887 instead of a credit balance of $2,864, prepare the adjusting journal entry for
bad debt expense.
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Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of
the transaction. (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 O for the amounts.)
connect
Owner invested $66,500 in exchange for common stock of the corporation.
Hired an employee to be paid $500 per week, starting tomorrow.
Paid two years' rent in advance, $7,100.
Paid the worker's weekly wage.
Recorded service revenue…
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Perez Company is considering an investment of $28,245 that provides net cash flows of $9,300 annually for four years.
(a) What is the internal rate of return of this investment? (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from
the tables provided. Round your present value factor to 4 decimals.)
(b) The hurdle rate is 7%. Should the company invest in this project on the basis of internal rate of return?
Complete this question by entering your answers in the tabs below.
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Tax rate Penalty rate Tax Penalty After tax withdrawal retainedarrow_forwardEdit View History Bookmarks People Tab Window Help N Academic Tools :: Northern Virgi X 63% Mon 12:07 PM weCS Virginia Community College Syst X N CHAPTER 08 HW NOVA learn.vccs.edu/courses/240149/assignments/4704240?module_item_id=17254910 https://checkout.wileyplus.com/ X des View Policies rse Evaluations Current Attempt in Progress A Policies Cullumber Co. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31. r.com: 24/7 On- Tutoring Nov. 1 Loaned $53,400 cash to C. Bohr on a 12-month, 9% note. ary Resources Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $5,400, 90-day, 8% note. 16 Received a $9,600, 180-day, 8% note to settle an open account from A. Murdock. 31 Accrued interest revenue on all notes receivable. Journalize the transactions for Cullumber Co. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered.…arrow_forwardMy Courses Discussions List - ACC-31 x D2L 6-1 Problem Set - ACC-31 × WileyPLUS Course Resour x Wiley Course Resources x Question 13 of 13 - Modu x Question 13 (Read Only) WP Factor Tables education.wiley.com/was/ui/v2/question-player/index.html?renderMode=readOnly&questionid=585fc921-3b1c-4ffb-a504-82497cd0d89b&questionIndex=12&launchld=e993c19a-3513-4177-8162-4e28d00a5888#/read MODULE SIX PROBLEM SET Question 13 Sheffield Corp. is planning to replace an old asset with new equipment that will operate more efficiently. The following amounts may be relevant to this analysis. Cost of old asset Book value of old asset $12,800 $2,000 Selling price of old asset $2,000 Purchase price of new replacement asset $20,600 Estimated salvage value of new asset $2,100 Estimated useful life of new asset 5 years Estimated annual net operating cash inflows $3,100/year for 5 years Discount rate Tax rate 9% 20% Determine which amounts listed are relevant cash flows for Sheffield Corp. as it considers this…arrow_forwardezto.mheducation.com/ext/map/index.html?_con%3Dcon&extermal_browser%3D0&launchUrl-https%253A%252F9%252Fblackboard.strayer.edu%252Fwebapps%252Fportal.. SA Course in Miracles A New Earth MyNeopost 1 ACTIVE | University... E https://secure.times... Guide to forecastin... Assume Inventory d.. yHealing The... er 13 Homework 0 Saved Help Save Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Retur Alicia has been working for JMM Corp. for 32 years. Alicia participates in JMM's defined benefit plan. Under the plan. for every year of service for JMM she is to receive 2 percent of the average salary of her three highest years of compensation from JMM. She retired on January 1, 2019. Before retirement, her annual salary was $603,000, S633.000, and S663.000 for 2016, 2017. and 2018. What is the maximum benefit Alicia can receive in 2019? Answer is complete but not entirely correct. Maximum benefit in 2019 $…arrow_forwardI need help on this questionarrow_forwardScreenshot of question is attached. thanks in advancearrow_forwardmyOpenMath Course Messages Forums Calendar | Gradebook Home > Math 173-4 Spring 2024> Assessment Quiz 2 (Sec. 1.5-1.7) 54 points possible 5/12 answered Question 6 The graph of the function y = f(x - 39) can be obtained from the graph of y = f(x) by one of the following actions: > Next Question Home | My Oshifting the graph of f(x) to the right 39 units shifting the graph of f(x) to the left 39 units shifting the graph of f(x) upwards 39 units shifting the graph of f(x) downwards 39 unitsarrow_forwardBookmarks Promes Prince Caspian - Chapter Sumi X West Chester University: Finan X D2L Quizzes-2022 Spring-ACC20 x Accountin X quizzing/user/attempt/quiz_start_frame_auto.d2l?ou=3269344&isprv=&drc=0&qi=2006539&cfql=0&dnb=0&fromQB=0 WWest Chester Uni... Vintage Cameral iz #4 (30 m/c, 1 hour allowed) Time Left:0:25:52 Emaan Jafri: Attempt 1 4) Listen ▶ Admire County Bank agrees to lend Givens Brick Company $600,000 on January 1. Givens Brick Company signs a $600,000, 8%, 9-month note. What is the adjusting entry required if Givens Brick Company prepares financial statements on June 30? Interest Expense a) 24,000 Cash 24,000 b) Interest Expense 24,000 24,000 Oc) Interest Payable 24,000 Cash 24,000 d) Interest Payable 24,000 24,000 A O 80 F3 F4 Interest Payable Interest Expense 2 % C F5arrow_forwardMy Questions | bartleby b + Camden County College References Chapter 3 Quiz Ha X //camdenccinstructure.com/courses/3788/assignments/35967?module item id=88693 Next> Send to Gradebook < Prev Submitted to Gradebook, Fri, Oct 4, 2019, 9:34:35 AM (America/New York -04:00) Question 19 -/1 View Policies Current Attempt in Progress A process with no beginning work in process, completed and transferred out 85200 units during a period and had 50100 units in the ending work in process inventory that were 20% complete. The equivalent units of production for the period for conversion costs were: O 95220 equivalent units. O 135300 equivalent units. O 70200 equivalent units. O 85200 equivalent units. eTextbook and Media Attempts: 0 of 1 used Submit Answer Save for Later 11:21 AM 10/4/2019 hp ins prt sc 12 end 11 home f10 delete fg f8 f5 f4 II & num backspace 6 5 lock } { P T U Y home + 96arrow_forwardarrow_back_iosSEE MORE QUESTIONSarrow_forward_ios
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