Coronado Company’s inventory records show the following data: UnitsUnit CostInventory, January 1 103

Coronado Company’s inventory records show the following data:

UnitsUnit CostInventory, January 1 10300$940Purchases: June 18 9100700 November 8 6500800

A physical inventory on December 31 shows 3600 units on hand Coronado sells the units for $13 each The company has an effective tax rate of 22% Coronado uses the periodic inventory method

Under the FIFO method, the December 31 inventory is valued at

Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after

Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. Halifax only makes credit sales. The company began 2013 with an allowance for sales returns of $300,000. During 2013, Halifax sold merchandise on account for $11,500,000. This merchandise cost Halifax $7,475,000 (65% of selling prices). Also during the year, customers returned $450,000 in sales for credit. Sales returns, estimated to be 4% of sales, are recorded as an adjusting entry at the end of the year.

(Learning Objective 3: Design and use a bank reconciliation) The cash data of Big City Automotive… 1 answer below »

(Learning Objective 3: Design and use a bank reconciliation) The cash data of Big City Automotive for July 2014 follow:

Big City Automotive received the following bank statement on July 31, 2014:

Additional data for the bank reconciliation include the following:

a. The EFT deposit was a receipt of monthly rent. The EFT debit was a monthly insurance expense.

b. The unauthorized signature check was received from a customer and returned by the bank unpaid.

c. The correct amount of check number 3115, a payment on account, is $1,390. (Big City Automotive’s accountant mistakenly recorded the check as $1,930.)

d. The bank collected a note receivable for Big City Automotive.

 

In a double-entry system of accounting, why must total debits always equal total credits?View…

In a double-entry system of accounting, why must total debits always equal total credits?View Solution:
In a double entry system of accounting why must total debits

Under double-entry accounting, what are the debit/credit relatio 1 answer below »

Under double-entry accounting, what are the debit/credit relationships of accounts?

Suppose that Lincoln is currently producing and selling 300.000 units per year. Lincoln Ironworks… 1 answer below »

Suppose that Lincoln is currently producing and selling 300.000 units per year. Lincoln Ironworks is considering eliminating the salary paid to manufacturing workers and replacing it with a piece rate of 510 per unit in the hopes of increasing output and sales to 300.000 + D units per year. What is the minimum value of D for which changing the compensation system is economically justified?
Question 4 4 pts
Suppose that Lincoln decides not to change its compensation plan. Lincoln is considering investing 56.000.000 in capital improvements that will improve working conditions on the premises for the next 20 years in the hopes of boosting output. The capital improvements would be depreciated on a straight-line basis over the next 20 years. Annual output and sales with improved working conditions would be 300.000+ d units. What is the minimum value of d that Lincoln would have to achieve for the new investment to be economically justified?

If Allowance for Doubtful Accounts has a credit balance of $2,300 in the trial balance,…

If Allowance for Doubtful Accounts has a credit balance of $2,300 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 2% of net sales, and (2) 11% of accounts receivable. what the credit and debit?

Inventory Costing Methods Vander Meer Inc. reported the following information for the month of…

Inventory Costing Methods

Vander Meer Inc. reported the following information for the month of February:

During February, Vander Meer sold 140 units. The company uses a periodic inventory system.

Required

What is the value of ending inventory and cost of goods sold for February under the following assumptions:

1. Of the 140 units sold, 55 cost $20, 35 cost $22, 45 cost $23, and 5 cost $24.

2. FIFO

3. LIFO

4. Weighted average

 

Complete the following exercise. Fill in the Excel spreadsheet provided via the link below to provid

Complete the following exercise. Fill in the Excel spreadsheet provided via the link below to provide your answers to part a. Then paste the Excel data into a Word document on which you can also write the answer to part b.
income_statement.xlsx

Administrative Expenses…………………………………………………………………………….
$ 70,000
Finished Goods Inventory January 1, 2011……………………………………………………..
120,000
Cost of Goods Manufactured during the year…………………………………………………
200,000
Finished Goods Inventory December 31, 2011………………………………………………..
60,000
Selling Expenses……………………………………………………………………………………….
40,0 00
Sales……………………………………………………………………………………………………….
680,000

Required:
Using the information for Superior Manufacturing Company, prepare the income statement for the year ended December 31, 2011. (Assume a 30 % income tax.)
Create a report between 200 and 300 words in length for leadership. The topic is the state of this company. Make some suggestions if there are areas you feel need to be further investigated.

Refer to the Kitchenhelp Coffeemaker example in the chapter. Sup 1 answer below »

Refer to the Kitchenhelp Coffeemaker example in the chapter. Suppose that Exhibits 8-6 and 8-7 remain the same but that engineers developed different numerical correlations, shown below, for the QFD matrix in Exhibit 8-8.

Required
(a) Prepare an exhibit similar to Exhibit 8-9 showing percentage contributions of each component to customer requirements.
(b) Prepare a value index exhibit similar to Exhibit 8-10. Which components are candidates for cost reduction?