The following list includes a series of accounts for Sanjeev Corporation, which has been operating for three years. These accounts are listed and numbered for identification. Following the accounts is a series of transactions. For each transaction, indicate the account(s) that should be debited and credited by entering the appropriate account number(s) to the right of each transaction. The first transaction is used as an example.
Account No. Account Title Account No. Account Title
1 Cash 10 Income Taxes Payable
2 Accounts Receivable 11 Common Stock
3 Supplies 12 Additional Paid-in Capital
4 Prepaid Expenses 13 Retained Earnings
5 Equipment 14 Service Revenue
6 Patents 15 Operating Expenses (wages, supplies)
7 Accounts Payable 16 Income Tax Expense
8 Note Payable 17 Interest Expense
9 Wages Payable

Answer:

Note: The question is attached as picture

(a)  Example has been illustrated

(b)   Dr 15. Operating Expenses (wages, supplies)  

         Cr 1. Cash

(c)  Dr 7. Account Payable

       Cr 1. Cash

(d)  Dr 3. Supplies

       Cr 1. Cash

(e)  Dr 2. Account Receivable

        Cr 14. Service Revenue

(f)  Dr 1. Cash

       Cr 2. Account Receivable

(g) Dr 1. Cash

        Cr 11. Common Stock

(h)   Dr 15. Operating Expenses (wages, supplies)

         Cr 1. Cash

(i)   Dr 15. Operating Expenses (wages, supplies)

       Cr 9. Wages Payable

(j)    Dr 6. Patent

        Cr 1. Cash

(k)   Dr 1. Cash  

         Cr. 14. Service Revenue

(l)   Dr 15. Operating Expenses (wages, supplies)

        Cr 3. Supplies

(m) Dr 16. Income Tax Expense

         Cr 1. Cash

         Cr. 10. Income Tax Payable

(n)    Dr 8. Note Payable

      Dr 17. Interest Expense

         Cr 1. Cash

(o)  Dr 4. Prepaid Expense

          Cr 1. Cash

The purpose of a bond sinking fund is to: Multiple Choice accumulate funds needed to pay the tax liability on the bond proceeds. accumulate funds to pay the regular interest payments. hold the bond proceeds until the funds need disbursed. repay bonds early either through purchases or calls. repay bondholders from a trust fund if the issuer defaults.

Brace Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the estimated direct labor-hours were 21,600 hours. At the end of the year, actual direct labor-hours for the year were 20,400 hours, the actual manufacturing overhead for the year was $506,920, and manufacturing overhead for the year was underapplied by $23,440. The estimated manufacturing overhead at the beginning of the year used in the predetermined overhead rate must have been:_________
A. $501,920
B. $531,445
C. $483,480
D. $511,920

A company reports the following beginning Inventory and two purchases for the month of January. On January 26, the company sells 360 units. Ending Inventory at January 31 totals 130 units.
Units Unit Cost
Beginning inventory on January 1 320 $3.10
Purchase on January 9 70 3.30
Purchase on January 25 100 3.40
Required:
Assume the Perpetual Inventory system is used. Determine the costs assigned to ending Inventory when costs are assigned based on LIFO.

Windsor, Inc. uses a perpetual inventory system and reported $548,000 of inventory at the beginning of the month. During the month, the company bought $50,000 of inventory and sold inventory that had cost $35,250. At the end of the month, the physical count of inventory shows $560,000 on hand. How much shrinkage occurred during the month

Praveen Co. manufactures and markets a number of rope products. Management is considering the future of Product XT, a special rope for hang gliding, that has not been as profitable as planned. Since Product XT is manufactured and marketed independently of the other products, its total costs can be precisely measured. Next year’s plans call for a $210 selling price per 100 yards of XT rope. Its fixed costs for the year are expected to be $193,200, up to a maximum capacity of 550,000 yards of rope. Forecasted variable costs are $168 per 100 yards of XT rope.
1. Estimate Product XT's break-even point in terms of sales units and sale dollars.
2. Prepare a CVP chart for Product XT. Use 7,000 units (700,000 yards/100 maximum number of sales units on the horizontal axis of the graph, and $1,400,000 as the maximum dollar amount on the vertical axis.3. Prepare a contribution margin income statement showing sales, variable costs, and fixed costs for Product XT at the break-even point.

Which activities are often required of someone who is in the performing arts?

A. writing creatively, remembering a script, and entertaining people

B. going on auditions, using pottery wheels, and scheduling tasks

C. creating artwork, designing a dance routine, and interviewing people to get information

D. coordinating performances, attending events to market themselves, and operating technical equipment

Ruiz Co. provides the following sales forecast for the next four months:

April May June July
Sales (units) 560 640 590 680

The company wants to end each month with ending finished goods inventory equal to 30% of next month's forecasted sales. Finished goods inventory on April 1 is 168 units. Assume July's budgeted production is 590 units. In addition, each finished unit requires six pounds (lbs.) of raw materials and the company wants to end each month with raw materials inventory equal to 30% of next month’s production needs. Beginning raw materials inventory for April was 1,051 pounds. Assume direct materials cost $4 per pound.

Required:
Prepare a direct materials budget for April, May, and June.

Different compounding periods, are used for different types of investments. In order to properly compare investments or loans with different compounding periods, we need to put them on a common basis. In order to do this, you need to understand the difference between the nominal interest rate (INOM) and the effective annual rate (EAR). The _________ interest rate is quoted by borrowers and lenders, and it is also called the annual percentage rate (APR). If the compounding periods for different securities is the same, then you _______ use the APR for comparison. If the securities have different compounding periods, then the Iper must be used for comparison.

Which of the following correctly lists the needs of consumers which should be met?

you exercise for 30 minutes twice each day what's approximate percentage of your day is been on exercise?​

Gold Company was experiencing financial difficulties, but was not bankrupt or insolvent. The National Bank, which held a mortgage on other real estate owned by Gold, reduced the principal from $110,000 to $85,000. The bank had made the loan to Gold when it purchased the real estate from Silver, Inc. Pink, Inc., the holder of a mortgage on Gold’s building, agreed to accept $40,000 in full payment of the $55,000 due. Pink had sold the building to Gold for $150,000 that was to be paid in installments over 8 years. As a result of the above, Gold must:____________
a. Include $40,000 in gross income.
b. Reduce the basis in its assets by $40,000.
c. Include $25,000 in gross income and reduce its basis in its assets by $15,000.
d. Include $15,000 in gross income and reduce its basis in the building by $25,000.
e. None of these.

You want to buy a house that costs $140,000. You have $14,000 for a down payment, but your credit is such that mortgage companies will not lend you the required $126,000. However, the realtor persuades the seller to take a $126,000 mortgage (called a seller take-back mortgage) at a rate of 5%, provided the loan is paid off in full in 3 years. You expect to inherit $140,000 in 3 years, but right now all you have is $14,000, and you can afford to make payments of no more than $22,000 per year given your salary. (The loan would call for monthly payments, but assume end-of-year annual payments to simplify things.)

Required:
a. If the loan was amortized over 3 years, how large would each annual payment be? Could you afford those payments?
b. If the loan was amortized over 30 years, what would each payment be? Could you afford those payments?
c. To satisfy the seller, the 30-year mortgage loan would be written as a balloon note, which means that at the end of the third year, you would have to make the regular payment plus the remaining balance on the loan. What would the loan balance be at the end of Year 3, and what would the balloon payment be?

Trevor is a single individual who is a cash-method, calendar-year taxpayer. For each of the next two years (2020 and 2021), Trevor expects to report AGI of $80,000, contribute $8,000 to charity, and pay $2,800 in state income taxes.

Required:
a. Estimate Trevor’s taxable income for 2020 and 2021 using the 2020 amounts for the standard deduction for both years.
b. Now assume that Trevor combines his anticipated charitable contributions for the next two years and makes the combined contribution in December of 2020. Estimate Trevor’s taxable income for each of the next two years using the 2020 amounts for the standard deduction.
c. Trevor plans to purchase a residence next year, and he estimates that additional property taxes and residential interest will cost $2,000 and $10,000, respectively, each year. Estimate Trevor’s taxable income for each of the next two years (2020 and 2021) using the 2020 amounts for the standard deduction and also assuming Trevor makes the charitable contribution of $8,000 and state tax payments of $2,800 in each year.
d. Trevor plans to purchase a residence next year, and he estimates that additional property taxes and residential interest will cost $2,000 and $10,000, respectively, each year. Assume that Trevor makes the charitable contribution for 2021 and pays the real estate taxes for 2021 in December of 2020. Estimate Trevor’s taxable income for 2020 and 2021 using the 2020 amounts for the standard deduction.

Additionally, a $57 check written and recorded by the company correctly, was recorded by the bank as a $75 deduction. The adjusted cash balance per the bank records should be:

This exercise illustrates that poor quality can affect schedules and costs. A manufacturing process has 100 customer orders to fill. Each order requires one component part that is purchased from a supplier. However, typically, 2% of the components are identified as defective, and the components can be assumed to be independent(a) If the manufacturer stocks 100 components, what is the probability that the 100 orders can be filled without reordering components?(b) If the manufacturer stocks 102 components, what is the probability that the 100 orders can be filled without reordering components?(c) If the manufacturer stocks 105 components, what is the probability that the 100 orders can be filled without reordering components?

An operation that closes due to an imminent health hazard can reopen only after getting approval from what agency?

The Saunders Investment Bank has the following financing outstanding.

Debt: 60,000 bonds with a coupon rate of 5.1 percent and a current price quote of 106.1; the bonds have 15 years to maturity and a par value of $1,000. 18,900 zero coupon bonds with a price quote of 21.6, 27 years until maturity, and a par value of $10,000. Both bonds have semiannual compounding.

Preferred stock: 155,000 shares of 2.9 percent preferred stock with a current price of $84 and a par value of $100.
Common stock: 2,300,000 shares of common stock; the current price is $92 and the beta of the stock is 1.20.
Market: The corporate tax rate is 25 percent, the market risk premium is 6.9 percent, and the risk-free rate is 3.5 percent.

Required:
What is the WACC for the company?

• One-pound baby carrots, $0.99
Two pounds baby carrots, $1.89
One-pound full-sized carrots, $0.68
What is the price per pound for each

Which account is an example of a contra-expense account? A. purchases B. purchase returns C. sales D. sales returns

Does anyone know the answer to this management question?​

Case ScenarioOver the past four years, the LSS organization, a nonprofit organization headquartered in Minneapolis, MN, has become renowned nationally for its Camp Noah project. Following floods, tornadoes or other weather emergencies, children lose their daily routine, their schools and oftentimes their homes. Parents are often stressed and unavailable during emergencies, and children have few resources to help them understand their situation. In Camp Noah, volunteers with skills in child psychology and counseling meet in a two day support group environment with children in flood ravaged areas. They encourage the children to share their stories and develop important resiliency skills and learn how to cope emotionally with the disaster.Due to the need for such services, LSS has developed a training system that lets them partner with resource organizations located near flood or tornado areas. They have partnered with many local organizations around the U.S. to train, equip and empower volunteers to staff local camps attended by children during their summer vacation. LSS also provides pre-packaged Camp Noah supplies that range from workbooks, crayons and puppets to a quilt for each child.Recently, powerful rainstorms in southeastern France triggered flash flooding that displaced more than 1000 families, and left 200,000 people without electricity for more than two weeks. City officials in France called the LSS Director of Camp Noah Services, Chris Walker, and asked if she could provide training and equip 20 volunteers in southeastern France to deliver the Camp Noah curriculum to up to 500 children. The French officials have asked that a decision to proceed be made within 2 weeks, and that the training and they want the equipment be delivered 6 weeks after the decision is made. Chris Walker wants to help but isn’t sure how to start. Currently, Camp Noah supplies are all written in English, and the counselor training documents are only written in English as well. The floods occurred in an area of France that has few English speakers.You are a contract employee who has been engaged to help LSS because you speak French fluently and because you are an expert, experienced project manager with great interpersonal skills. Your job is to assist the director, Chris Walker, during project initiation. If the project is approved, you may be asked to lead the remainder of the project as well. You and Chris have been in meetings together all day discussing the opportunity for a French Camp Noah. You’ve been listening very carefully and asking dozens of questions about the potential effort. Now, you’re ready to get started and put your considerable project management skills and knowledge to work.Questions based on above scenario and answer need to be 1/2 page long:1. Is this (or will this be) a project or operations? Justify your choice.2. What process group is this project currently in? How do you know?3. As an experienced project manager, you are aware that analyzing the environment in which a project operates is critically important. Select two (2) OPA and two (2) EEF that you believe are important to understand for this project. Apply these to the case scenario and justify why the four items you selected are important. 4. Once the decision is made to proceed with the project, Chris Walker, the director, will need to select a project manager. You know that LSS is a strong-matrix org. What does this mean in terms of how the project will be conducted and the role of the project manager? (5. You and Chris Walker, the director, will work on trying to define what project success will look like as you define the project objectives. What should you keep in mind about the process of writing objectives? Why are good statements of project objectives important to project success?

When she was in college, Kiersten Walburg wrote a case study on Grokster, an online peer-to-peer (P2P) file-sharing network, and knew that it was shut down because its services were illegal. Several years later, Montgomery Records, Inc., which owned the copyrights to a large number of music recordings, discovered that "tereastarr", a user name associated with Walburg's Internet protocol address, had made twenty-four songs available for distribution on another P2P network. Montgomery notified Walburg that she had been identified as engaging in the unauthorized trading of music. She replaced the hard drive on her computer with a new drive that did not contain the songs in dispute. Is Walburg liable for copyright infringement?
1. Making material available on a P2P network or through the cloud is called Select (file-sharing/ obtaining copyright protection)
2. Is file-sharing always prohibited? Select (Yes/ No)
3. File sharing is prohibited Select (when it is used to download and store copyrighted music/when it is used to listen to music)
4. Under the Digital Millennium Copyright Act, a person who file-shares Select (can/ cannot) use the fair use doctrine to justify the file-sharing.
5. Montgomery notified Walburg that she had been identified as engaging in the unauthorized trading of music. She replaced the hard drive on her computer with a new drive that did not contain the songs in dispute. Walburg Select (can/ cannot) remedy her wrongful conduct by replacing her hard drive?
6. Why or why not? The illegal file sharing Select (was/ was not) already done.
7. Who is an innocent infringer? A person who Select (is/ is not) aware and had no reason to believe that his or her acts constituted copyright infringement.
8. Walburg likely Select (was/ was not) an innocent infringer.
9. Why? She had written a case study on Napster and knew file sharing was Select (right/ wrong)
10. It is Select (likely/ not likely) that Walburg replaced her hard drive to conceal her acts.
11. If that is true, Walburg's act of replacing her hard drive Select (was / was not) ethical.
12. If Walburg did commit an illegal act in sharing copyrighted material without earning a profit, she Select (can/ can not) face criminal sanctions
13. A court likely Select (would/ would not) find Walburg liable for copyright infringement.

Statement of Cash Flows
Colorado Corporation was organized at the beginning of the year, with the investment of $251,500 in cash by its stockholders. The company immediately purchased an office building for $304,900, paying $212,700 in cash and signing a three-year promissory note for the balance. Colorado signed a five-year, $60,500 promissory note at a local bank during the year and received cash in the same amount. During its first year, Colorado collected $93,970 from its customers. It paid $66,500 for inventory, $20,500 in salaries and wages, and another $4,000 in taxes. Colorado paid $6,200 in cash dividends.
Required
1. Prepare a statement of cash flows for the years
2. What does this statement tell you that an income statement does not?

On January 1, 2021, the Moody Company entered into a transaction for 100% of the outstanding common stock of Osorio Company. To acquire these shares, Moody issued $400 in long-term liabilities and also issued 40 shares of common stock having a par value of $1 per share but a fair value of $10 per share. Moody paid $20 to lawyers, accountants, and brokers for assistance in bringing about this acquisition. Another $15 was paid in connection with stock issuance costs. Prior to these transactions, the balance sheets for the two companies were as follows:
Moody Osorio
Cash $180 $40
Receivables 810 180
Inventories 1,080 280
Land 600 360
Buildings (net) 1,260 440
Equipment (net) 480 100
Accounts payable (450) (80)
Long-term liabilities (1,290) (400)
Common stock ($1 par) (330)
Common stock ($20 par) (240)
Additional paid-in capital (1,080) (340)
Retained earnings (1,260) (340)
Note: Parentheses indicate a credit balance.
In Moody's appraisal of Osorio, three assets were deemed to be undervalued on the subsidiary's books: Inventory by $10, Land by $40, and Buildings by $60. Compute the amount of consolidated inventories at date of acquisition.
A. $1,080.
B. $1,420.
C. $1,065.
D. $1,425.
E. $1,440.

is a specialty popcorn store. It offers two varieties of​ popcorn: plain and flavored. The flavors range from Caramel Popcorn to Dark Chocolate Drizzled Popcorn to White Cheddar Popcorn. The plain popcorn sells for per box and costs per box to make. The flavored popcorn sells for per box and costs per box to make. has fixed costs per month of . sells 1 box of plain popcorn for every 4 boxes of flavored popcorn. How many boxes of plain popcorn and how many boxes of flavored popcorn must sell each month to break​ even?

Puffin Industries acquired all of Sunset Coast Digital's stock on January 1, 2014, for $3,500,000, $2,100,000 in excess of book value. At that time, Sunset Coast's inventory (LIFO) was overvalued by $500,000 and its plant assets (10-year life) were overvalued by $1,000,000. The remaining excess of cost over book value is attributed to undervalued identifiable intangible assets being amortized over 20 years. Sunset Coast depreciates plant assets and amortizes intangibles by the straight-line method. During 2014 and 2015, Sunset Coast reported total net income of $650,000 and paid out 50 percent in dividends. Puffin carries its investment in Sunset Coast using the complete equity method. Sunset Coast's inventory increased each year since it was acquired by Puffin, and Sunset Coast's reported net income for 2016 was $200,000, and dividends totaled 50 percent of reported income.

Required:
a. Compute Puffin's 2016 equity in net income of Sunset Coast.
b. Compute the balance in the Investment in Sunset Coast account at December 31, 2016, after all equity method entries have been booked.
c. Prepare the working paper eliminating entries needed in consolidation at December 31, 2016.

During the month of September, the Texas Go-Kart Company had the following business activities:
a- On September 1, paid rent on the track facility for six months at a total cost of $13,800.
b. On September 1, received $58,800 for season tickets for 12-month admission to the race track.
c. On September 1, booked the race track for a private organization that will use the track one day per month for $2,500 each time, to be paid in the following month. The organization uses the track on September 30.
d. On September 1, hired a new manager at a monthly salary of $3,400, to be paid the first Monday following the end of the month.
Required: 1. Prepare the journal entry, if any, required to record each of the initial business activities on September
1. (If no entry is required for a transaction/event, select ''No Journal Entry Required'' in the first account field.) Journal Entry Worksheet Record the payment of rent on the track facility for six months at a total cost of $13,800. Transaction General Journal Debit Credit
2. Prepare the adjusting journal entries, if any, required on September 30. (if no entry is required for a transaction/event, select ''No Journal Entry Required'' In the first account field.) Journal Entry Worksheet Record the payment of rent on the track facility for six months at a total cost of $13,800.
Record the adjusting entry for the payment of rent on the track facility for six months at a total cost of $13,800.

Given the following information regarding an income producing property, determine the internal rate of return (IRR) using levered cash flows. Expected Holding Period: 5 years; 1ˢᵗ year Expected NOI: $89,100; 2ⁿᵈ year Expected NOI: $91,773; 3ʳᵈ year Expected NOI: $94,526; 4ᵗʰ year Expected NOI: $97,362; 5ᵗʰ year Expected NOI: $100,283; Debt Service in each of the next five years: $58,444; Current Market Value: $885,000; Required equity investment: $221,250; Net Sale Proceeds of Property at end of year 5: $974,700; Remaining Mortgage Balance at end of year 5: $631,026.A) 10.6%B) 12.2%C) 22.9%D) 33.4%

Fort Corporation had the following transactions during its first month of operations
1. Purchased raw materials on account, $85,000.
2. Raw Materials of $30,000 were requisitioned to the factory.
3. An analysis of the materials requisition slips indicated that $6,000 was classified as indirect materials labor costs incurred were $175,000 of which $145,000 pertained to factory wages payable and $30,000 pertained to employer payrol
4. Time tickets indicated that $145,000 was direct labor and $30,000 was indirect labor.
5. Overhead costs incurred on account were $198,000
6. Manufacturing overhead was applied at the rate of 150% of direct labor cost.
7. Goods costing $115,000 are still incomplete at the end of the month; the other goods were completed and transferred to finished goods
8. Finished goods costing $100,000 to manufacture were sold on account for $130,000.
Journalize the above transactions for Fort Corporation. (Record journal entries in the order presented in the problem.

AB InBev categorizes its brands into at least three categories: global brands, international brands, and local champions. Discuss the differences across these three different types of brands.