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Which of the following statements is true regarding the definition

Question Which of the following statements is true regarding the definition of a fund? a. A fund is a fiscal and accounting entity. b. A fund has a self-balancing set of accounts recording cash and other financial resources, together with all related liabilities and residual equities or balances and changes therein. c. Resources, related liabilities, and residual equities or balances and changes therein are segregated for the purpose of carrying out specific activities or attaining certain objectives. d. All of the above. e. None of the above

Paragas, Inc., is considering the purchase of a machine that would

Question Paragas, Inc., is considering the purchase of a machine that would cost $370,000 and would last for 8 years. At the end of 8 years, the machine would have a salvage value of $52,000. The machine would reduce labor and other costs by $96,000 per year. Additional working capital of $4,000 would be needed immediately. All of this working capital would be recovered at the end of the life of the machine. The company requires a minimum pretax return of 19% on all investment projects. (Ignore income taxes.) Click here to view Exhibit 12B-1 and Exhibit 12B-2, to determine the appropriate discount factor(s) using the tables provided. The net present value of the proposed project is closest to:A. $9,584B. $78,530C. $22,532D. $19,528

PROBLEM 1
Prepare the necessary journal entry for each of the

Question PROBLEM 1
Prepare the necessary journal entry for each of the following transactions for Terpsichorp Corporation. Journalize the transactions(a)Issued 2,000 shares of its $10 par value common stock for $20 per share. (b)Issued 5,000 shares of its stock for land advertised for sale at $90,000. Terpsichorp’s stock is actively traded at a market price of $16 per share.PROBLEM 2Rowlands Corporation has 100,000 shares of $40 par value preferred stock authorized. During the year, it had the following transactions related to its preferred stock. Journalize the transactions(a)Issued 20,000 shares at $55 per share.(b)Issued 10,000 shares for equipment having a $700,000 asking price. The stock had a market value of $75 per share.PROBLEM 3Bridgeport Corporation began operations on April 1 by issuing 51,500 shares of $5 par value common stock for cash at $13 per share. On April 19, it issued 1,650 shares of common stock to attorneys in settlement of their bill of $25,300 for organization costs. In addition, Bridgeport issued 1,200 shares of $1 par value preferred stock for $7 cash per share.Journalize the issuance of the common and preferred shares, assuming the shares are not publicly traded. PROBLEM 4Blue Spruce Corporation issued 3,200 shares of stock.Prepare the entry for the issuance under the following assumptions. (a)The stock had a par value of $8 per share and was issued for a total of $50,000.(b)The stock had a stated value of $8 per share and was issued for a total of $50,000.(c)The stock had no par or stated value and was issued for a total of $50,000.(d)The stock had a par value of $8 per share and was issued to attorneys for services during incorporation valued at $50,000.(e)The stock had a par value of $8 per share and was issued for land worth $50,000.

11 The following is the Easton Company adjusted Trial Balance.

AccountingQuestion Question 11 The following is the Easton Company adjusted Trial Balance. Easton CompanyAdjusted Trial BalanceDecember 31, 2018Account Title Debit CreditCash $88,665 Accounts Receivable 232,400 Supplies 17,000 Equipment 395,000 Accumulated Depreciation $224,260Accounts Payable 72,555Capital Stock 220,000Retained Earnings 127,145 Service Revenue 881,105Interest Income 5,500Dividends 9,000 Rent Expense 59,500 Wages Expense 529,000 Supplies Expense 42,000 Utilities Expense 8,000 Depreciation Expense 150,000 ________ Totals $1,530,565 $1,530,565Use this information to prepare the Single-Step Income Statement for the fiscal year. There are additional lines in the formatted income statement form to allow for authorized alternate presentations.Question 12The following is the Easton Company’s adjusted Trial Balance.Easton CompanyAdjusted Trial BalanceDecember 31, 2018Account Title Debit CreditCash $88,665 Accounts Receivable 232,000 Supplies 17,000 Equipment 395,000 Accumulated Depreciation $224,260Accounts Payable 72,555Capital Stock 220,000 Retained Earnings 127,145Service Revenue 877,105 Interest Income 5,500 Dividends 7,000 Rent Expense 59,900 Wages Expense 529,000 Supplies Expense 40,000 Utilities Expense 8,000 Depreciation Expense 150,000 ________ Totals $1,526,565 $1,526,565Use this information to prepare the Balance Sheet for the fiscal year. There are additional lines in the formatted Balance Sheet form to allow for authorized alternate presentations.

Yoshi Company manufactures three different models of colour plasma

Question Yoshi Company manufactures three different models of colour plasma screens: PS1, PS2, and PS3. Data on the three models is presented below: PS1 PS2 PS3 Selling Price $360 $540 $480 Unit variable cost $240 $360 $340 Annual production units 4,800 3,200 4,200 Machine-hours per unit 6 12 8 Avoidable fixed costs if product line is eliminated $46,800 $38,200 $52,500 Yoshi’s production capacity is 90,000 machine-hours per year. Chiyo Company has offered to purchase 4,800 units of a simpler version of PS3 for $435. Yoshi estimates that this version of the PS3 would result in variable costs of $305 per unit to manufacture and 7 machine hours per unit, plus an additional fixed cost of $62,000 for a new assembly machine. The order has to be either taken in full or rejected totally. If Yoshi takes the special order, it will not produce and sell PS3 to compete with Chiyo. a) Given the machine hour constraint, rank the order of priority for the models to be produced. Use calculations to support your ranking. b)Given the machine hour constraint, for which model should production be reduced and by how many units? If Yoshi can purchase additional machine hours from another plant, how much would Yoshi be willing to pay to meet its production requirement?

Cullumber Company, a machinery dealer, leased a machine to Dexter

Question Cullumber Company, a machinery dealer, leased a machine to Dexter Corporation on January 1, 2017. The lease is for an 8-year period and requires equal annual payments of $33,300 at the beginning of each year. The first payment is received on January 1, 2017. Cullumber had purchased the machine during 2016 for $140,000. Collectibility of lease payments by Cullumber is probable. Cullumber set the annual rental to ensure a 4% rate of return. The machine has an economic life of 10 years with no residual value and reverts to Cullumber at the termination of the lease. Assume that Dexter Corporation does not know the rate implicit in the lease used by Cullumber, and Dexter’s incremental borrowing rate is 6%. In addition, assume that Dexter incurs initial direct costs of $10,000

Which is not true of the various methods of allocating service department costs?

Question Which is not true of the various methods of allocating service department costs? 1.Application of the reciprocal method in a complex corporation usually requires the use of a computer2The direct method is quick to compute, accurate, and has low information requirements3 There are multiple sequence possibilities for the step-down method4 The choice of method affects the optimal allocation of resources5 All of the above are true

Little Cindy -Lou Who Incorporated exchanged land and paid $22,000 cash for

Question Little Cindy -Lou Who Incorporated exchanged land and paid $22,000 cash for newequipment. The book value of the land was $82,000 and the fair value of the land was $95,000 at the time of the exchange. The exchange has commercial substance. The amount at which Little Cindy-Lou would record the new equipment in her accounting records is:

Please explain for the options: a. Direct labor costs in process A and assembly

Question Please explain for the options: a. Direct labor costs in process A and assembly b. The credit to the finished goods accountc. The credit to the work in process account in the assembly processd. The debit to the work in process account when transferring a subcomponent from Process A to the assembly processe. The direct materials used in process A and assemblyf. The indirect material and indirect labor used for process A and the assembly process

QUESTION 5 (20 Marks)

Information:

A standard quantity of 2kg of material X at a standard price of R4 per kg

Question QUESTION 5 (20 Marks)

Information:

A standard quantity of 2kg of material X at a standard price of R4 per kg is allowed for the production of one unit of product Messi. The cost figures for the first quarter of 2020 showed that 4 400 kg of material X was purchased at R4.10 per kg.2000 units of product Messi were produced using 4 200 kg of material X.Required:In respect of material, calculate and briefly comment on the following variances:5.1 Material Purchase price variance. (5 marks)5.2 Material Issue price variance. (5 marks)5.3 Material Quantity variance. (5 marks)5.4 Total material variance for the 4 200 kg of material issued. (5 marks)

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