ACC 315 5-1 Problem Set Question 10 of 10
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ACC 315 5-1 Problem Set Question 10 of 10 < 429/5 = View Policies Show Attempt History Your Answer Correct Answer ........................................................................................................................................................................
Following are defining statements for the three types of change management environments. Label each statement with the most appropriate change management environment. A statement may have more than one match. Statement Environment 1. Also known as the “sandbox,” this is where developers design and test l Test environment V‘ their coding. 2. Developer no longer has access to ensure segregation of duties. l Tl T LT e Py VI 3. User acceptance takes place here. l Model environment vl 4. Outputs include testing and official documentation for production. " T, T T ey e V" 5. Outputs include live code in the system. [ Production environment vl 6. Outputs include initial code. | Test environment o | 7. Thebusiness user or IT analyst no longer has access to the code to ljroduction environment j ensure segregation of duties.
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7-35 Cash Budget
Consider the budgeted income statement for Carlson Company for June 20X4 in Exhibit 7-13.
The cash balance, May 31, 20X4, is $15,000.
Sales proceeds are collected as follows: 80% the month of sale, 10% the second month, and 10%
the third month.
Accounts receivable are $44,000 on May 31, 20X4, consisting of $20,000 from April sales and
$24,000 from May sales.
Accounts payable on May 31, 20X4, are $145,000.
Carlson Company pays 25% of purchases during the month of purchase and the remainder during
the following month.
All operating expenses requiring cash are paid during…
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Mocha Company manufactures a single product by a continuous process, involving three production departments. The records.
indicate that direct materials, direct labor, and applied factory overhead for Department 1 were $100,000, $125,000, and
$150,000, respectively. The records further indicate that direct materials, direct labor, and applied factory overhead for
Department 2 were $50,000, $60,000, and $70,000, respectively. Department 2 has transferred-in costs of $390,000 for the
current period. In addition, work in process at the beginning of the period for Department 2 totaled $75,000, and work in process
at the end of the period totaled $90,000. The journal entry to record the flow of costs into Department 3 during the period is
Oa. Work in Process-Department 3…
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If a company overstates its closing inventory, it will
O understate income but the balance sheet will appear stronger.
O overstate income but the balance sheet will appear weaker.
O understate income and the balance sheet will appear weaker.
O overstate income and the balance sheet will appear stronger.
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assigned to each job according to actual cost. Jobs are marked up 20% above total manufacturing cost to determine the selling price. If Job M-47 used $350 of direct materials and took
20 direct hours of labor to complete, what is the selling price of the job?
$456
$720
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7. Uneven cash flows
A series of cash flows may not always necessarily be an annuity. Cash flows can also be uneven and variable in amount, but the concept of the time
value of money will continue to apply.
Consider the following case:
The Purple Lion Beverage Company expects the following cash flows from its manufacturing plant in Palau over the next five years:
Annual Cash Flows
Year 2
Year 3
Year 4
Year 5
Year 1
$100,000
$20,000
$330,000
$450,000
$750,000
this investment is 4%. What is the present value of this uneven cash flow
The CFO of the company believes that an appropriate annual interest rate
stream, rounded to the nearest whole dollar?
O $450,000
O $2,025,000
O $1,675,000
O $1,409,121
flows or annuity payments:
Identify whether the situations described in the following table are examples of uneven
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Chapter 4 Assignment
Maria is a divorce attorney who practices law in San Francisco. She wants to join the American Divorce Lawyers Association (ADLA), a professional
organization for divorce attorneys. The membership dues for the ADLA are $500 per year and must be paid at the beginning of each year. For
instance, membership dues for the first year are paid today, and dues for the second year are payable one year from today. However, the ADLA also
has an option for members to buy a lifetime membership today for $4,500 and never have to pay annual membership dues.
Obviously, the lifetime membership isn't a good deal if you only remain a member for a couple of years, but if you remain a member for 40 years, it
it's
a great deal. Suppose that the appropriate annual interest rate is 8.5%.
O 13 years
O 15 years
What is the minimum number of years that…
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Cullumber Consulting Company is headquartered in Atlanta and has branch offices in Nashville and Birmingham. Cullumber uses an
activity-based costing system. The Atlanta office has its costs for Administration and Legal allocated to the two branch offices.
Cullumber has provided the following information:
Activity Cost Pool
Cost Driver
Costs
Administration
% of time devoted to branch
$703000
Legal
Hours spent on legal research
$141000
Hours
% of time
spend
devoted to branch
on legal
research
Nashville
000
Birmingham
How much of Atlanta's cost will be allocated to Nashville? (round to nearest dollar)
O $632900
O $670862
O $672962
O $675200
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Romain Surgical Hospital uses the direct method to allocate service department costs to operating departments. The hospital has two service departments,
Information Technology and Administration, and two operating departments, Surgery and Recovery.
Service Department
Operating Department
Information
Technology
$ 34,850
Administration
Recovery
Surgery
$ 516,070
Departmental costs
$ 35,907
$ 714,110
Computer workstations
Employees
38
30
69
54
34
20
80
40
Information Technology Department costs are allocated on the basis of computer workstations and Administration Department costs are allocated on the basis of
employees.
The total Surgery Department cost after service department allocations is closest to:
Multiple…
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Bank Reconciliation
The following data were accumulated for use in reconciling the bank account of Nakajima Co. for July:
1. Cash balance according to the company's records at July 31, $49,910.
2. Cash balance according to the bank statement at July 31, $48,250.
3. Checks outstanding, $4,460.
4. Deposit in transit, not recorded by bank, $6,450.
5. A check for $590 issued in payment of an account was erroneously recorded in the check register as $95
6. Bank debit memo for service charges, $30.
a. Prepare a bank reconciliation, using the format shown in Exhibit 12.
Nakajima Co.
Bank Reconciliation
July 31
Cash balance according to bank statement
Adjusted balance
Cash balance according to company's…
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Ramapo Company produces two products, Blinks and Dinks. They are manufactured in two departments, Fabrication and Assembly. Data for the products and
departments are listed below.
Number of Direct Labor Hours Machine Hours
Product
Units
Per Unit
Per Unit
Blinks
972
4
4
Dinks
1,877
6.
All of the machine hours take place in the Fabrication department, which has an estimated overhead of $114,400. All of the labor hours take place in the Assembly
department, which has an estimated total overhead of $94,200.
Ramapo Company uses a single plantwide overhead rate to apply all factory overhead costs based on direct labor hours. The factory overhead…
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Tony Ring wants to attend Northeast College. If he deposits $43,722 today, how much will he have 6 years from now at 8% interest
compounded semiannually? (Use the Table provided.) (Do not round intermediate calculations. Round your answer to the nearest
cent.)
Amount
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At the beginning of 2021, VHF Industries acquired a machine with a fair value of $9,415,785 by signing a four-year lease. The lease is
payable in four annual payments of $3.1 million at the end of each year. (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. What is the effective rate of interest implicit in the agreement?
2-4. Prepare the lessee's journal entries at the beginning of the lease, the first lease payment at December 31, 2021 and the second
lease payment at December 31, 2022.
5. Suppose the fair value of the machine and the lessor's implicit rate were unknown at the time of the lease, but that…
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[The following information applies to the questions displayed below.]
Leach Incorporated experienced the following events for the first two years of its operations.
Year 1:
1. Issued $16,000 of common stock for cash.
2. Provided $84,600 of services on account.
3. Provided $42,000 of services and received cash.
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4. Collected $75,000 cash from accounts receivable.
5. Paid $44,000 of salaries expense for the year.
6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent
of the ending accounts receivable balance will be uncollectible.
7. Closed the revenue account.
8. Closed the expense accounts.
Prev
***********
Year 2:
1. Wrote off an uncollectible account…
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Chapter 17 Financial Statement Analysis
Problems Series B
PR 17-1B Horizontal analysis of income statement
ов. 1
V 1. Net sales,
30.0% increase
For 2014, Macklin Inc. reported its most significant increase in net income in years. At
the end of the year, John Mayer, the president, is presented with the following condensed
comparative income statement:
1
SPREADSHEET
Macklin Inc.
Comparative Income Statement
2itilid For the Years Ended December 31, 2014 and 2013
GENERALLEDGER
2014
2013
Sales .....
$936,000
$720,000
Sales returns and allowances
26,000
20,000
Net sales.....
$910,000
$700,000
350,000
441,000
Cost…
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9. MC.12.09
Research and Development
10. MC.12.10
Instructions
Chart Of Accounts
General Journal
11. RE.12.01.BLANKSHEET
Instructions
12. RE.12.02
Notting Hill Company incurred the following costs for R&D activities:
13. RE.12.03.BLANKSHEET
Material used from inventory
$15,000
14. RE.12.04.BLANKSHEET
Equipment purchased (with cash) for R&D with no other use
85,000
Depreciation on building housing multiple R&D activities
10,000
15. RE.12.05.BLANKSHEET
Wages and salaries paid to R&D employees
38,500
16. RE.12.06.BLANKSHEET
Required:
17. RE.12.07.BLANKSHEET
Prepare Notting Hill's journal entry(ies) to record its R&D.
18. RE.12.08
19. RE.12.09.BLANKSHEET
20. RE.12.10.BLANKSHEET
21. EX.12.01
22. EX.12.02.BLANKSHEET
O…
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The management team of Wickersham Brothers Incorporated is preparing its annual financial statements. The statements are
complete except for the statement of cash flows. The completed comparative balance sheets and income statements are summarized.
Current Year
Prior Year
Balance Sheet
Assets
Cash
$ 91,500
$ 111,000
Accounts Receivable
Inventory
Property and Equipment
Less: Accumulated Depreciation
97,500
00006
000'06
(48,800)
$ 422,700
Total assets
$ 378,500
Liabilities:
$ 15,000
$ 18,000
Accounts Payable
Salaries and Wages Payable
Notes Payable, Long-Term
Stockholders' Equity:
000'e
000 sL
00s T
000 '06
Common Stock
120,000
Retained Earnings
189,700
000 6tT
Total Liabilities and Stockholders'
$ 422,700
$ 378,500
equity…
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Problem 15-4 (Algo) Finance/sales-type lease; lessee and lessor [LO15-1, 15-2, 15-3]
Rand Medical manufactures lithotripters. Lithotripsy uses shock waves instead of surgery to eliminate kidney stones. Physicians'
Leasing purchased a lithotripter from Rand for $2,450,000 and leased it to Mid-South Urologists Group, Inc., on January 1, 2021. (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.)
Lease Description:
Quarterly lease payments
$159,882-beginning of each period
5 years (20 quarters)
Lease term
No residual value; no purchase option
Economic life of lithotripter
Implicit interest rate and lessee's incremental…
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You are considering opening your own restaurant. To do so, you will have to quit
your current job, which pays $46k per year, and cash in your life savings of $200k,
which have been in a certificate of deposit paying 6% per year. You will need this
$200k to purchase equipment for your restaurant operations. You estimate that you
will have to spend $4k during the year to maintain the equipment so as to preserve
its market value at $200k. Fortunately, you own a building suitable for the
restaurant. You currently rent out this building on a month-by-month basis for
$2,500 per month. You anticipate that you will spend $50k for food, $40k for extra
help, and…
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- St. ( My The Mic O Ma Mcl O Bus 6 Bad Д АРА М Mic O Ben + Do O MA O Wh 1 Ab Ans + Util A0 A mycourses.sgu.edu/access/content/attachment/172d3b94-c459-4b3b-b9da-2cc57a93c3cb/Assignments/d50e87b8-155e-4aa6-845d-9f9986bcaa31/Chp%2007%2... A I Apps 1 APA citation genera. Grenada SDA Com. Y The Premier Choice. Gmail > YouTube Free, Powerful Engli. O A Planting Calendar. A Maps in Interpretive Simulat. 6 iffer 7-35 Cash Budget Consider the budgeted income statement for Carlson Company for June 20X4 in Exhibit 7-13. The cash balance, May 31, 20X4, is $15,000. Sales proceeds are collected as follows: 80% the month of sale, 10% the second month, and 10% the third month. Accounts receivable are $44,000 on May 31, 20X4, consisting of $20,000 from April sales and $24,000 from May sales. Accounts payable on May 31, 20X4, are $145,000. Carlson Company pays 25% of purchases during the month of purchase and the remainder during the following month. All operating expenses requiring cash are paid during…arrow_forwardZarrow_forward1. MC.14.81.ALGO 2. MC.14.96.ALGO 3. MC.11.69.ALGO 4. MC.11.112.ALGO 5. MC.15.86.ALGO 6. MC.15.125 7. MC.16.71.ALGO 8. MC.16.86.ALGO 9. MC.17.87.ALGO 10. MC.17.129 11. MC.18.58.ALGO 12. MC.18.45.ALGO 13. MC.20.81.ALGO Mocha Company manufactures a single product by a continuous process, involving three production departments. The records. indicate that direct materials, direct labor, and applied factory overhead for Department 1 were $100,000, $125,000, and $150,000, respectively. The records further indicate that direct materials, direct labor, and applied factory overhead for Department 2 were $50,000, $60,000, and $70,000, respectively. Department 2 has transferred-in costs of $390,000 for the current period. In addition, work in process at the beginning of the period for Department 2 totaled $75,000, and work in process at the end of the period totaled $90,000. The journal entry to record the flow of costs into Department 3 during the period is Oa. Work in Process-Department 3…arrow_forward
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- * 0O T # 3 la Uni X L Grades for Cristian Catala: 22s X WP Ch7quiz with TF5 WP NWP Assessment Player UI Ap X + tion.wiley.com/was/ui/v2/assessment-player/index.html?launchld%3Dafd8fa6a-bc9b-4f11-82e4-3c0d1d4a7063#/question/8 TF5 Question 9 of 10 -/1 Cullumber Consulting Company is headquartered in Atlanta and has branch offices in Nashville and Birmingham. Cullumber uses an activity-based costing system. The Atlanta office has its costs for Administration and Legal allocated to the two branch offices. Cullumber has provided the following information: Activity Cost Pool Cost Driver Costs Administration % of time devoted to branch $703000 Legal Hours spent on legal research $141000 Hours % of time spend devoted to branch on legal research Nashville 000 Birmingham How much of Atlanta's cost will be allocated to Nashville? (round to nearest dollar) O $632900 O $670862 O $672962 O $675200 Save for Later Attemnts: 0 of 1 used MacBook Pro G Search or type URL 000 +, 000 %23 %24 7. 8. 4. 9-…arrow_forwardlaunchon-ntips%253A%252F%252Fnewconnect.mheducation.com%... R To nfor.. Scinapse | Academi. G Top 10 Soft Skills E.. (3 Universiti Teknologi. AllI Notes - Evernot. CAS MYUTM Login Page 6 UTMWIFI > Login O Sci-Hub: removing. I Other bookm ss Costing i Saved Help Save & Exit SL Romain Surgical Hospital uses the direct method to allocate service department costs to operating departments. The hospital has two service departments, Information Technology and Administration, and two operating departments, Surgery and Recovery. Service Department Operating Department Information Technology $ 34,850 Administration Recovery Surgery $ 516,070 Departmental costs $ 35,907 $ 714,110 Computer workstations Employees 38 30 69 54 34 20 80 40 Information Technology Department costs are allocated on the basis of computer workstations and Administration Department costs are allocated on the basis of employees. The total Surgery Department cost after service department allocations is closest to: Multiple…arrow_forward%24 %24 Home | USCIS & Forms By Mail | L X Content CengageNOWv2 x *CengageN 1/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=fa... 6 ☆ Home GkTorrent.biz: Téléc... Série Streaming Epi. Brazil vs Ecuador O PAPYSTREAMING Fi... .**. eBook Show Me How Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Nakajima Co. for July: 1. Cash balance according to the company's records at July 31, $49,910. 2. Cash balance according to the bank statement at July 31, $48,250. 3. Checks outstanding, $4,460. 4. Deposit in transit, not recorded by bank, $6,450. 5. A check for $590 issued in payment of an account was erroneously recorded in the check register as $95 6. Bank debit memo for service charges, $30. a. Prepare a bank reconciliation, using the format shown in Exhibit 12. Nakajima Co. Bank Reconciliation July 31 Cash balance according to bank statement Adjusted balance Cash balance according to company's…arrow_forward
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