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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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RENEW YOUR SUBSCRIPTION To keep using your Office applications without interruption, please renew by December 5, 2021.
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Practice Question 2
Consider the following transactions for the company of Powell Corporation, a small company
located in the Northern Vancouver
1)After all the posting is up to date the statement shows the cash balance (book balance) of
$32760 and the bank statement (bank) shows the balance of the $77040.
2) Check 5523 for 9620 and 6547 for $10000 are outstanding.
3) Check 5386 for $2,000…
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N Academic Tools :: Northern Virgi X
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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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13)
The following table shows annual rates for various types of loans in 2015. Assume monthly
payments and compounding periods. HINT [See Examples 5 and 7.]
5-Year
4-Year
Car
Loan
30-Year
15-Year
Credit
Car
Турe
Mortgage
Mortgage
Cards
Loan
Loan
October
3.93
3.14
4.30
4.24
13.10
Rate (%)
November
4.09
3.31
4.31
4.26
13.10
Rate (%)
December
4.09
3.34
4.34
4.29
13.10
Rate (%)
You currently owe $9000 on your credit card, which charges interest at the October 2015
rate. What is the least you need to pay per month to pay off the card in 5 years? (Round
your answer to the nearest cent.)
2$
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July 31
Not
1-30
31-60
61-90
Over 90
Past
Days
Days
Days
Days
Customer
Balance
Due
Past Due
Past Due
Past Due
Past Due
Subtotals
1,050,000 600,000
220,000
115,000
৪5,000
30,000
Boyd Industries
36,000
36,000
Hodges Company
11,500
11,500
Kent Creek Inc.
6,600
6,600
Lockwood Company
7,400
7,400
Van Epps Company
13,000
13,000
Totals
1,124,500 607,400
233,000
121,600
96,500
66,000
Percentage uncollectible
1%
3%
12%
30%
75%
Allowance for Doubtful Accounts
106,106
6,074
6,990
14,592
28,950
49,500
Assume that the allowance for doubtful accounts for Evers Industries has a credit balance of $8,240 before adjustment on July 31.
Journalize the adjusting entry for uncollectible accounts as of July 31. If an amount box does not requre an entry, leave it blank.
88
July 31
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Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis
Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the
manufacture of 78,000 units of product were as follows:
Standard Costs
Actual Costs
Direct materials
195,000 lbs. at $5.00
193,100 Ibs. at $4.80
Direct labor
19,500 hrs. at $18.00
19,950 hrs. at $18.40
Factory overhead.
Rates per direct labor hr.,
based on 100% of normal
capacity of 20,350 direct
labor hrs.:
Variable cost, $3.80
$73,360 variable cost
Fixed cost, $6.00
$122,100 fixed cost
Each unit requires 0.25 hour of direct labor.
Required:
a. Determine the direct materials price variance,…
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Assume a hypothetical age. Assume you drink one coffee per day, 5 days a week. Assume the coffee price is $4.00.
1. That makes it $20 per week and $80 per month. Assume you can invest $80 per month in the stock market and assume you can cam 11% per year compouded monthly on your stock investment.
i
ii.
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Presented here are the components in Bradley Company's income statement. Determine the missing amounts.
Net
Operating
Expenses
Cost of
Gross
Sales
Income
Goods Sold
Profit
Revenue
2$
$17,000
$35,000
$75,000
$86,000
$59,000
$48.000
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Labor Variances.
Verde Company produces wheels for bicycles. During the year, 656,000 wheels were produced. The actual labor used was 364,000 hours at $9.20 per hour. Verde
has the following labor standards: 1) $10.40 per hour; 2) 0.48 hour per wheel.
Required:
1. Compute the labor rate variance.
2. Compute the labor efficiency variance.
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Current Attempt in Progress
Manufacturing cost data for Orlando Company, which uses a job order cost system, are presented below.
Indicate the missing amount for each letter. Assume that in alltases manufacturing overhead is applied on the basis of direct labor
cost and the rate is the same. (Round overhead rate to 2 decimal places, eg. 15.25 and final answers to 0 decimal places, eg. 5,275.)
Case A
Case B
Direct materials used
2$
(a)
$86,500
Direct labor
56,000
142,700
Manufacturing overhead applied
42,000
(d)
Total manufacturing costs
149,750
(e)
Work in process 1/1/20
(b)
25,200
Total cost of work in process
207,500
(f)
Work in process 12/31/20
(c)
13,800
Cost of goods manufactured…
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3) Northern Industries accepted a credit card sale for $14,000. The credit card company charges
2%.
What is the entry for this transaction on the horizontal equation?
b. What is the impact of collecting the payment from the credit card company?
(Show the individual accounts impacted in the asset section)
Stockholders' Equity
Expenses
Net Income
Cash
Liabilities
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Using the IRR approach to capital budgeting, should
the firm adopt this project?
Hint: you will need to apply the CAPM to estimate the
firm's cost of equity capital.
Please compare the IRR to the cost of capital:
IRR
Cost of Capital (Required Return)
Difference (IRR - Cost of Capital)
#1 What is that difference?
A Between -10.0% and -4.0%
B Between -4.0% and 0.0%
C Between 0.0% and 4.0%
D Between 4.0% and 10.0%
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Awree Natcatnotus Inc had the following select transactions with Green
Landscaping Inc between September 2021 to December 2021.
1. September 7: Awree Natcatnatus provided business consulting
services of $25,000 and billed Green Landscaping Inc for the
services. Green Landscaping will be in 30 days.
2. September 12: Awree Natcacnotus signed a $42,000 six-month
consulting contract with ABC Tutors. Services will commence in
January of next year and payment will be made monthly after
services start.
3. October 6: Green Landscaping paid the $25,000 it owed.
4. October 12: Awree Natcatnotus received $25,000 from Green
Landscaping for services to be provided over the next two months.
5. October 25: Awree Natcacnotus provided business consulting
services worth $17,000 and billed Green Landscaping. Green
Landscaping acknowledged the invoiced and…
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2.
3
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6
14. In periods of inflation, use of FIFO (as opposed to LIFO) would cause:
a. Gross Profit to be higher
b. Purchases to be higher
c. Cost of Goods sold to be the same as LIFO
d. Inventory to be lower
e. Working Capital to be lower
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K.J. Lee, CFA, an analyst with
Water's Edge
Securities, estimates the
market risk premium is 6.80%
and the risk-free rate is
2.10%. She's calculated the
beta for Summerfield Tech as
0.94, and she estimates the
expected return is:
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9)
The following table shows the average returns for some of the largest mutual funds
commonly found in retirement plans. (Assume end-of-month deposits and withdrawals and
monthly compounding, and assume that the quoted rate of return continues indefinitely.)
Fidelity
Growth
Vanguard
Total Bond
Market Index
Mutual
Vanguard
500 Index
ΡIMCO
Fund
Total Return
Company
Rate of
15.83%
13.25%
2.77%
2.67%
Return
Туре
Stock fund
Stock fund
Bond fund
Bond fund
How much would be accumulated after 25 years in a retirement account invested entirely in
the Vanguard stock fund with payments of $320 per month? HINT [See Quick Example 1.]
(Round your answer to the nearest cent.)
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Ayayai Mowers Ltd. agreed to sell the City of Halifax four riding mowers and 20 push lawn mowers. The contract price was $72,00O.
Ayayai normally sells its riding mowers for $14,400 and its push lawn mowers for $960. The contract required the City of Halifax to
pay Ayayai once all of the merchandise has been delivered to the city's public works yard. Ayayai's management does not expect any
returns or any issues with payment.
Ayayai delivered all four of the riding mowers and 14 of the push mowers on April 26. The remaining six push mowers were delivered
on May 5. Ayayai received payment from the city on May 18. Ayayai's cost for each riding mower is $9,960, while the push mowers
cost…
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- Question #4 in this imagearrow_forwardG me Insert Design Layout References Management Accounitng-1 Student Activity-Word 6 Mailings Review View Tell me what you want to do... Sign in Shan bri (Body) -11AA Aa E-E-S-3811 Iu・axxx ・ツ・A・ミョ AA = Find- AaBbCcDc AaBbCcDc AaBbC AaBbCcl Replace ·田 1 Normal No Spac... Heading 1 Heading 2 Select- Font Paragraph 2 Styles GI Editing 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…arrow_forward8:26 PM Mon Nov 22 O 1 73% 32 Zoom v •.. Leave Unmute Start Video Share Content Participants More 02:57:50 W AutoSave Document1 - Word P Search (Alt+Q) Mahrukh Chaudhary MC ff File Home Insert Draw Design Layout References Mailings Review View Help P Comments S Share P Find Calibri (Body) - A A Aa - As 三、三、i。 处T v 11 Normal No Spacing Heading 1 & Replace Paste В I U v ab x, x A 三。 Dictate Editor A Select - Undo Clipboard Font Paragraph Styles Editing Voice Editor RENEW YOUR SUBSCRIPTION To keep using your Office applications without interruption, please renew by December 5, 2021. Buy Remind Me Later Practice Question 2 Consider the following transactions for the company of Powell Corporation, a small company located in the Northern Vancouver 1)After all the posting is up to date the statement shows the cash balance (book balance) of $32760 and the bank statement (bank) shows the balance of the $77040. 2) Check 5523 for 9620 and 6547 for $10000 are outstanding. 3) Check 5386 for $2,000…arrow_forward
- Edit 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_forwardWord katie sert Draw Design Layout References Mailings Review View Help O Search Verdana - A A Aa A AaBbCcDd AaBbCcDd AaBbC AaBb AaBbCcD AaB AaBbCcD O Find BIU ab x, x' A A EE E= E- Y P Repl. 1 Normal 1 No Spac. Heading 1 Heading 2 er Heading 3 Title Subtitle Selec Font Paragraph Styles Editing 13) The following table shows annual rates for various types of loans in 2015. Assume monthly payments and compounding periods. HINT [See Examples 5 and 7.] 5-Year 4-Year Car Loan 30-Year 15-Year Credit Car Турe Mortgage Mortgage Cards Loan Loan October 3.93 3.14 4.30 4.24 13.10 Rate (%) November 4.09 3.31 4.31 4.26 13.10 Rate (%) December 4.09 3.34 4.34 4.29 13.10 Rate (%) You currently owe $9000 on your credit card, which charges interest at the October 2015 rate. What is the least you need to pay per month to pay off the card in 5 years? (Round your answer to the nearest cent.) 2$ O Focus e to search 93arrow_forwardNOWV2 | Online teachin x + EAssignment/takeAssignmentMain.do?invoker3&takeAssignmentSessionLocator%=&inprogress=false eBook Show Me How July 31 Not 1-30 31-60 61-90 Over 90 Past Days Days Days Days Customer Balance Due Past Due Past Due Past Due Past Due Subtotals 1,050,000 600,000 220,000 115,000 ৪5,000 30,000 Boyd Industries 36,000 36,000 Hodges Company 11,500 11,500 Kent Creek Inc. 6,600 6,600 Lockwood Company 7,400 7,400 Van Epps Company 13,000 13,000 Totals 1,124,500 607,400 233,000 121,600 96,500 66,000 Percentage uncollectible 1% 3% 12% 30% 75% Allowance for Doubtful Accounts 106,106 6,074 6,990 14,592 28,950 49,500 Assume that the allowance for doubtful accounts for Evers Industries has a credit balance of $8,240 before adjustment on July 31. Journalize the adjusting entry for uncollectible accounts as of July 31. If an amount box does not requre an entry, leave it blank. 88 July 31 Next Check My Work Email Instructor Save and Exit Submit Assignment for Gradinarrow_forward
- Fri Nov 6 10:24:50 AM * CengageNOWv2 | Online teach x Men's Long Sleeve Box NSE Te X Irn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false DS M ACC-2013-06-20... A Main - msstate.edu Banner - msstate.... еBook Calculator Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 78,000 units of product were as follows: Standard Costs Actual Costs Direct materials 195,000 lbs. at $5.00 193,100 Ibs. at $4.80 Direct labor 19,500 hrs. at $18.00 19,950 hrs. at $18.40 Factory overhead. Rates per direct labor hr., based on 100% of normal capacity of 20,350 direct labor hrs.: Variable cost, $3.80 $73,360 variable cost Fixed cost, $6.00 $122,100 fixed cost Each unit requires 0.25 hour of direct labor. Required: a. Determine the direct materials price variance,…arrow_forwardHome Insert Draw Page Layout Aa Colors Themes Aa Fonts 2 AutoSave OFF 2 C E30 4A) 5 B) 6C) 7 218) 22 23 24 28 29 25 C) 26 27 30 Dy 31 36 37 38 39 32 33 34 E) * x 8D) 9 10 E) 11 12 13 14 15 Answer all questions using Excel functions, no mathematical solutions. 16 A) 17 Month 18 19 20 A Margins Orientation Size Formulas Data Review H Print Breaks Background Print Page Area Titles Setup Years V fx 8 D E F G H Assume a hypothetical age. Assume you drink one coffee per day, 5 days a week. Assume the coffee price is $4.00. 1. That makes it $20 per week and $80 per month. Assume you can invest $80 per month in the stock market and assume you can cam 11% per year compouded monthly on your stock investment. i ii. Homework.xls - Compatibility Mode - Saved to my Mac View Automate Tell me FEA TA I J Width: Height: What is your holding period retum both in dollars and in percentage? What is your Effective Annual Retum in percentage? Automatic K Automatic L M v All answers must be done using PV, FV,…arrow_forward#3arrow_forward
- 16% D Fri 12:09 w History Bookmarks Window Help A education.wiley.com W https://msroederbhs.weebly.com/uploads/2/2/4/0/2240201 NWP Assessment Player UI Application Quiz 2 -/3 E Question 1 of 10 View Policies Current Attempt in Progress Presented here are the components in Bradley Company's income statement. Determine the missing amounts. Net Operating Expenses Cost of Gross Sales Income Goods Sold Profit Revenue 2$ $17,000 $35,000 $75,000 $86,000 $59,000 $48.000 Attempts: 0 of 1 used Submit Answer Save for Later tv 80 888 DI DD F3 F4 F5 F6 F7 F8 F9 F10 F11 @ # $ % A & + 2 3 4 7 8 9 { [ W R Y Parrow_forwardPlease correct answer and step by step solutionarrow_forwardprovude formula pleasearrow_forward
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