Wednesday, 13 November 2019

The balance sheets of Tully Corp. showed the following at December 31, 2017, and 2016:

.
The balance sheets of Tully Corp. showed the following at December 31, 2017, and 2016:
December 31, 2017 December 31, 2016
Equipment, less accumulated depreciation of $97,600 at December 31, 2017, and $61,000 at December 31, 2016. $ 71,200 $ 107,800

Required:
a. If there have not been any purchases, sales, or other transactions affecting this equipment account since the equipment was first acquired, what is the amount of depreciation expense for 2017?

ompute Earnings Per Share using the information below:

ompute Earnings Per Share using the information below: Net income for the year 2018: $1,500,000
6% cumulative preferred stock outstanding on December 31, 2018: $3,000,000
$15 par value common stock outstanding on December 31, 2018: $2,376,000
The numbers of shares of both types of stock are same as they were on January 01, 2018 because the company has not issued any new shares of common or preferred stock during the year.

Robert Company purchased $100,000 of 8 percent bonds of Evergreen Corp. on January 1

Robert Company purchased $100,000 of 8 percent bonds of Evergreen Corp. on January 1, 20x1, at $92,278. The bonds mature January 1, 20x16, and yield 10%. Interest is payable each July 1 and January 1. The market value on December 31, 20x1 was $92,500 and all bonds were sold for $93,300 on January 1, 20x2.  
Required: prepare journal entries on January 1, 20x1, July 1, 20x1, December 31, 20x1 and January 1, 20x2 assuming the bond investment is classified as
(1) Held-to-Maturity
(2) Trading
(3) Available-for-Sale

On January 1, 20X8, Pullman Company acquired 30 percent of Skate Company's common stock, at

On January 1, 20X8, Pullman Company acquired 30 percent of Skate Company's common stock, at underlying book value of $100,000. Skate has 100,000 shares of $2 par value, 5 percent cumulative preferred stock outstanding. No dividends are in arrears. Skate reported net income of $150,000 for 20X8 and paid total dividends of $72,000. Pullman uses the equity method to account for this investment.
6) Based on the preceding information, what amount would Pullman Company receive as dividends from Skate for the year?
A) $62,000
B) $21,600
C) $18,600
D) $54,000
7) Based on the preceding information, what amount of investment income will Pullman Company report from its investment in Skate for the year?
A) $45,000
B) $42,000
C) $62,000
D) $35,000
8) Based on the preceding information, what amount would be reported by Pullman Company as the balance in its investment account on December 31, 20X8?
A) $100,000
B) $123,400
C) $120,400
D) $142,000
the answers i bolded are the correct answers but please explain to me how to get the answers please show calulations for all of them

ABC Corporation has the following budgeted product cost information for the year 3XX5.

ABC Corporation has the following budgeted product cost information for the year 3XX5.
Practical capacity:    12,800 machine hours
Budgeted consumption: 10,000 machine hours
Direct materials: $400,000
Direct labor (8,000 hours @ 11.00/hour): 88,000
Indirect labor: 10,000
Plant facility rent: 50,000
Depreciation on plant machinery and equipment: 20,000
The Predetermined Overhead Rate (PDOR): The amount of overhead transferred to the cost object when one unit of the allocation base is consumed is called the pre-determined overhead rate (PDOR). The traditional formula for the PDOR is
                                 Budgeted factory overhead / Budgeted consumption of the allocation base
The budgeted consumption of the allocation base is the expected realized capacity of the allocation base. The PDOR represents the theoretical value of the indirect resources consumed when one unit of the allocation base is consumed.
A. (4) Calculate the planned utilization for the year 3XX5
B. (8) Calculate the amount of direct labor cost that should be budgeted for planned utilization of 88%
C. (6) Calculate the PDOR using budgeted direct labor hours as the allocation base D.
(6) Calculate the PDOR using budgeted machine hours as the allocation base
E. (16) Calculate the budgeted reported unit cost, assuming direct labor hours is the allocation base, for a cost object that requires 0.4 direct labor hours to complete and $2.00 dollars per unit of direct materials

Teal Mountain Inc. reported income from continuing operations before taxes during 2017 of $2,275,000.

Teal Mountain Inc. reported income from continuing operations before taxes during 2017 of $2,275,000. Additional transactions occurring in 2017 but not considered in the $2,275,000 are as follows.
1.
A gain of $112,000 (pretax) as a result of selling securities from its investment portfolio.
2.
A $30,000 loss before taxes as a result of operating the discontinued clothing division during 2017.
3.
A loss of $78,000 before taxes as a result of disposing of its clothing division. Assume that this transaction meets the criteria for discontinued operations.
4.
An uninsured $126,000 loss due to a fire.
5.
At the beginning of 2015, the corporation purchased a machine for $240,000 (salvage value of $40,000) that had a useful life of 10 years. The bookkeeper used straight-line depreciation for 2015, 2016, and 2017, but failed to deduct the salvage value in computing the depreciation base.
6.
The corporation decided to change its method of inventory pricing from average-cost to the FIFO method. The effect of this change on prior years is to increase 2015 income by $59,000 and decrease 2016 income by $28,000 before taxes. The FIFO method has been used for 2017.

Prepare an income statement for the year 2017 starting with income from continuing operations before taxes. Compute earnings per share as it should be shown on the face of the income statement. Common shares outstanding for the year are 450,000 shares. (Assume a tax rate of 30% on all items.)

ABC currently produces product 123, which has direct costs by department as shown in the table below.

ABC currently produces product 123, which has direct costs by department as shown in the table below. Calculate the full-absorption reported unit cost of Product 123.
Cost Wafer Fab Wafer Test ICA DWB ICA MTF IC Test Total
Direct Materials $.1135 $.0000 $.3656 $.0429 $.000 $.5220
Direct Labor $.2626 $.0205 $.4764 $.5429 $.6382 $1.9406


A company manufactures jackets and provided you with the following production info for the period:

A company manufactures jackets and provided you with the following production info for the period:
Beginning balance finished goods............ $120,000
Beginning balance work-in-process.......... $35,000
Beginning balance in raw materials.......... $18
Ending balance in finished goods............. $105,000
Ending balance work-in process............... $37,500
Ending balance raw materials................... $128
Cost of goods manufactured..................... $ 147,500
Manufacturing costs................................... $150,000
Manufacturing overhead............................ $25,000
Direct labor................................................ $55,000
A. How much raw material was used during the period?
B. What was the gross margin at the end of the period if the company spent $12,500 on advertising and had sales of $360,000?

Matthew, Inc. owns 30 percent of the outstanding stock of Lindman Company and has the ability to

Matthew, Inc. owns 30 percent of the outstanding stock of Lindman Company and has the ability to significantly influence the investee’s operations and decision making. On January 1, 2018, the balance in the Investment in Lindman account is $348,000. Amortization associated with this acquisition is $16,900 per year. In 2018, Lindman earns an income of $98,000 and declares cash dividends of $49,000. Previously, in 2017, Lindman had sold inventory costing $29,400 to Matthew for $42,000. Matthew consumed all but 25 percent of this merchandise during 2017 and used the rest during 2018. Lindman sold additional inventory costing $46,200 to Matthew for $70,000 in 2018. Matthew did not consume 40 percent of these 2018 purchases from Lindman until 2019.
a. What amount of equity method income would Matthew recognize in 2018 from its ownership interest in Lindman?
b. What is the equity method balance in the Investment in Lindman account at the end of 2018?

How would you prepare an adjusted trail balance, income statment, and balance sheet for the following

How would you prepare an adjusted trail balance, income statment, and balance sheet for the following information?
The adjusted trial balance amount should be $22,556. The income statement balance should be $1,354. The balance sheet balance should be $17,430.
JACKSON TUTORING SERVICES, INC. WORKSHEET 1/31/2018

Unadjusted
Adjusted


Trial Balance Adjusting Entries Trial Balance Income Statement Balance Sheet
Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash         6,275


        6,275
   
        6,275
Supplies            450

           250            200
   
   
Accounts Rec.            200
           330
           530


           200
Prepaid Advertising            375

               375


   
Equipment      10,050


     10,050


   
Accum. Depr.


        2,480
        2,480


   
Notes Payable




   


   
Interest Payable
        5,000
              42
        5,042


   
Unearned Revenue
        5,125         1,000

        4,125


   
Accounts Payable
        1,350


        1,350


        1,350
Utilities Payable


           150
           150


   
Inc. Taxes Payable


   
   


   
Sal. & Wages Pay.


        2,060
        2,060


   
Common Stock
        4,000


        4,000


        4,000
Dividends         1,000

            1,000

           
Retained Earnings


   
   
   
   
Service Revenue             4,125             1,330             5,455             5,455    
Sal. & Wages Exp.

        2,060
        2,060
        2,060


Depr. Exp.

        2,480
        2,480
        2,480


Insurance Expense            225


           225
           225


Utilities Expense

           150
           150
           150


Income Tax Exp.





   


Interest Exp.

              42
              42
              42


Suppies Expense

           250
           250
           250


Rent Expense            900


           900
           900


Advertising Exp.            125


           125
           125



     19,600      19,600         6,312         6,312      24,662      24,662         6,232
       

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