P 9-5 Stanislaw Corporation

P 9-5 Stanislaw Corporation in $4 only

The only accounting record saved was the general ledger, from which the trial balance below was prepared.

Trial Balance March 31, 2011

Cash 20000

Accts Recv 40000

Inventory 12/31/07 75000

Land 35000

Building and Equip 110000

Accumulated depreciation 41300

4 Finance Questions

4 Finance Questions in $7.50

1. Taxes and the cost of debt: A firm has a pre-tax cost of debt of 11.20% and faces a 34% tax rate. The firm’s after tax cost of debt is

2. Current cost of a bond: You are analyzing the cost of debt for a firm. You know that the firm’s 14-year maturity, 9.75 percent coupon bonds are selling at a price of $1,111.68. The bonds pay interest semiannually. If these bonds are the only debt outstanding for the firm, what is the after-tax cost of debt for this firm if the firm is in the 30 percent marginal tax rate?

3. WACC for a firm: Capital Co. has a capital structure that is financed, based on current market values, with 31 percent debt, 6 percent preferred shares, and 63 percent common shares. If the return offered to the investors for each of those sources is 11 percent, 11 percent, and 16 percent for debt, preferred shares, and common shares, respectively, then what is Capital’s after-tax WACC? Assume that the firm’s marginal tax rate is 40 percent.

4. Cost of preferred stock: Kresler Autos has preferred shares outstanding that pay annual dividends of $9 and the current price of the shares is $81. What is the after-tax cost of new preferred shares for Kresler if the flotation (issuance) costs for a new issue of preferred are 5 percent?

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ACC423 Final Exam

ACC423 Final Exam in $48

Question 1

Buttercup Corporation issued 310 shares of $13 par value common stock for $6,045. Prepare Buttercup’ journal entry.(List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)

Description/Account Debit Credit

Question 2

Wilco Corporation has the following account balances at December 31, 2012.

Common stock, $5 par value $547,790

Treasury stock 92,420

Retained earnings 2,358,180

Paid-in capital in excess of par 1,330,540

Prepare Wilco’s December 31, 2012, stockholders’ equity section.

WILCO CORPORATION

Stockholders’ Equity

December 31, 2012

GB 518 UNIT 1

GB 518 UNIT 1  in $13 only

P1-1A P1-8A P2-3AP1-1A P1-8A P2-3A
P1-1A Identify how each of the following separate transactions affects financial statements. For the balance sheet, identify how each transaction affects total assets, total liabilities, and total equity.
1 Owner invests cash in exchange for stock
2 Incurs legal costs on credit
3 Pays cash for employee wages
4 Borrows cash by signing long-term note payable
5 Receives cash for services provided
6 Buys land by signing note payable
7 Buys office equipment for cash
8 Provides services on credit
9 Collects cash on receivable from transaction (8)
10 Owner withdraws cash

Eddie Zambrano Corporation

Eddie Zambrano Corporation in $4 only

Eddie Zambrano Corporation began operations on January 1, 2011. During its first 3 years of operations, Zambrano reported net income and declared dividends as follows.

Year Net income Dividends declared
2013 $40,000 $0
2014 125,000 50,000
2015 160,000 50,000

ACC291 Week 2 E8-3 BE9-13 Do it!9-4 E9-9 E9-10 P9-5A

ACC291 Week 2 E8-3 BE9-13 Do it!9-4 E9-9 E9-10 P9-5A in $21 onlyACC291 Week 2 E8-3 BE9-13 Do it!9-4 E9-9 E9-10 P9-5A
Exercise E8-3 (in Class)
Exercise BE9-13
Exercise Do It! 9-4
Exercise E9-9
Exercise E9-10
Problem P9-5A
E8-3 The ledger of Hixson Company at the end of the current year shows Accounts Receivable $120,000, Sales $840,000, and Sales Returns and Allowances $30,000.Instructions
(a) If Hixson uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Hixson determines that Fell’s $1,400 balance is uncollectible.(b) If Allowance for Doubtful Accounts has a credit balance of $2,100 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 1% of net sales, and (2) 10% of accounts receivable.
(c) If Allowance for Doubtful Accounts has a debit balance of $200 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 0.75% of net sales and (2) 6% of accounts receivable.
BE 9-13 Information related to plant assets, natural resources, and intangibles at the end of 2011 for Spain Company is as follows: buildings $1,100,000; accumulated depreciation—buildings $650,000; goodwill $410,000; coal mine $500,000; accumulated depletion—coal mine $108,000.Prepare a partial balance sheet of Spain Company for these items.
Do it! 9-4Match the statement with the term most directly associated with it.
(a) Goodwill                  (d) Amortization
(b) Intangible assets    (e) Franchise(
c) Research and development costs
1. ______ Rights, privileges, and competitive advantages that result from the ownership of long lived assets that do not possess physical substance.
2. ______ The allocation of the cost of an intangible asset to expense in a rational and systematicmanner.
3. ______ A right to sell certain products or services, or use certain trademarks or trade nameswithin a designated geographic area.
4. ______ Costs incurred by a company that often lead to patents or new products. These costs must be expensed as incurred.
5. ______ The excess of the cost of a company over the fair market value of the net assets acquired.
E9-9 Presented below are selected transactions at Ingles Company for 2011.
Jan. 1 Retired a piece of machinery that was purchased on January 1, 2001.The machine cost $62,000 on that date. It had a useful life of 10 years with no salvage value.
June 30 Sold a computer that was purchased on January 1, 2008.The computer cost $40,000. It had a useful life of 5 years with no salvage value.The computer was sold for $14,000.
Dec. 31 Discarded a delivery truck that was purchased on January 1, 2007.
The truck cost $39,000. It was depreciated based on a 6-year useful life with a $3,000 salvage value.
Instructions
Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Ingles Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2010.)
 
E9-10Beka Company owns equipment that cost $50,000 when purchased on January 1, 2008.
It has been depreciated using the straight-line method based on estimated salvage value of $5,000 and an estimated useful life of 5 years.
Instructions
Prepare Beka Company’s journal entries to record the sale of the equipment in these four independent situations.
(a)Sold for $28,000 on January 1, 2011.
(b)Sold for $28,000 on May 1, 2011.
(c)Sold for $11,000 on January 1, 2011.
(d)Sold for $11,000 on October 1, 2011.
 
P9-5A At December 31, 2011, Jimenez Company reported the following as plant assets.
and so on …At December 31, 2011, Jimenez Company reported the following as plant assets.
Land $ 4,000,000
Buildings $28,500,000
Less: Accumulated depreciation—buildings 12,100,000 16,400,000
Equipment 48,000,000
Less: Accumulated depreciation—equipment 5,000,000 43,000,000
Total plant assets $63,400,000
During 2012, the following selected cash transactions occurred.
April 1 Purchased land for $2,130,000.
May 1 Sold equipment that cost $780,000 when purchased on January 1, 2008. The equipment was sold for $450,000.
June 1 Sold land purchased on June 1, 2002, for $1,500,000.The land cost $400,000.
July 1 Purchased equipment for $2,000,000.
Dec. 31 Retired equipment that cost $500,000 when purchased on December 31, 2002. No salvage value was received.
Instructions
(a) Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year life and no salvage value. The equipment is estimated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement.
(b) Record adjusting entries for depreciation for 2012. (c) Prepare the plant assets section of Jimenez’s balance sheet at December 31, 2012.

Exercise E8-3 (in Class)

ACC291 Week 6 Individual Exercises and Problems

ACC291 Week 6 Individual Exercises and Problems in $14 only

Individual Exercises and Problems – Week Six Resources: Ch. 11 & 12 of Financial Accounting

Complete Exercises E11-15, E12-1, & E12-2
Complete Problem 11-6A.
Submit as a Microsoft® Excel® or Word document.

Individual Exercises and Problems – Week Six Resources: Ch. 11 & 12 of Financial Accounting
Complete Exercises E11-15, E12-1, & E12-2.
Complete Problem 11-6
A.Submit as a Microsoft® Excel® or Word document.E11-15 On October 31, the stockholders’ equity section of Omar Company consists of common stock $600,000 and retained earnings $900,000. Omar is considering the following two courses of action:
(1) declaring a 5% stock dividend on the 60,000, $10 par value shares outstanding, or (2) effecting a 2-for-1 stock split that will reduce par value to $5 per share. The current market price is $14 per share.
Instructions

P21-5 Comparative Balance Sheets of Metagrobolize Industries

P21-5 Comparative Balance Sheets of Metagrobolize IndustriesP21-5 Comparative Balance Sheets of Metagrobolize Industries

P21-5 Comparative balance sheets for 2013 and 2012 and a statement of income for 2013 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided.

Additional information from the accounting records:

a. During 2013, equipment with a cost of $300,000 (90% depreciated) was sold.

b. The statement of shareholders’ equity reveals reductions of $225,000 and $450,000 for stock dividends and cash dividends, respectively.

Required:

Prepare the statement of cash flows of Metagrobolize for the year ended December 31, 2013. Present cash flows from operating activities by the direct method. (You may omit the schedule to reconcile net income to cash flows from operating activities.)

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P4-2 Week 2 Printware Products, Inc

P4-2 Week 2 Printware Products, Inc in $14 onlyP4-2 Week 2 Printware Products, Inc

P4-2 Printware Products, Inc. produces printers for wholesale distributors. It has just completed packaging an order from Hawes Company for 450 printers. Before the order is shipped, the controller wants to compare the unit costs computed under the company’s new activity-based costing system with the unit costs computed under its traditional costing system. Printware’s traditional costing system assigned overhead costs at a rate of 240 percent of direct labor cost.
Data for the Hawes order are as follows: direct materials, $17,552; purchased parts, $14,856; direct labor hours, 140; and average direct labor pay rate per hour, $17.
Data for activity-based costing related to processing direct materials and purchased parts for the Hawes order follow.

College Accounting Comprehensive Review Problem II Paradigm 5th edition

College Accounting Comprehensive Review Problem II Paradigm 5th edition in $85 onlyCollege Accounting- Comprehensive Review Problem II - Paradigm 5th edition

CRPII(2) – Mills sporting Goods store – College Accounting – Comprehensive Review Problem II – paradigm 5th edition

Mills Sporting Goods Store -College Accounting – Comprehensive Review Problem II – paradigm 5th edition

You have now completed the accounting cycle for a merchandising business and are ready to try to put it all together in this second comprehensive review problem.

You are keeping the accounting records for Cindi Mills, owner of Mills Sporting Goods Store. You begin with the balances in her accounts and go through the accounting cycle for two months.

Directions:

1. Open accounts in the general ledger with the following balances as of January 1, 20X1

Account Balance

111 Cash $6,560

Wild Wood Company Question

Wild Wood Company Question in $15 only (Instant Download)

Wild Wood Company’s management asks you to prepare its master budget using the following information. The budget is to cover the months of April, May, & June 2014

Molly Dolls Balance Sheet March 31, 2014

Assets Liabilities
Cash $50,000 Accounts payable $156,000
Accounts receivable 175,000 Short-term note payable 12,000
Inventory 126,000 Total current liabilities 168,000
Total current assets 351,000 Long-term notes payable 200,000
Equipment 480,000 Total liabilities 368,000
Accumulated depreciation (90,000) Common stock 235,000
Total assets $741,000 Retained earnings 138,000
Total liabilities & equity $741,000

Additional Information:

Seafood Processing System of Food Processing Company

Seafood Processing System of Food Processing Company

A food processing company is considering adopting a new seafood processing system. The system will cost $750,000 plus $23,000 for shipping and installation. It will result in an increase of $5,000 in the net working capital at the beginning. No further change in the net working capital is expected after the system is put into operation.

The expected economic life of the unit is five years. It will be depreciated under the 5-year class of MACRS for the tax purpose. At the end of five years, the machine will be expected to sell for $80,000 and the accumulated change in the net working capital will be fully recovered.

After the firm adopts the new system, its annual revenues will be expected to increase by $80,000 and its annual operating costs will be expected to decrease by $25,000.

The company’s tax rate is 40%. The 3-month T-bill yield is 5%, the market return is 15% and the project’s beta is 0.7. Should the company take the project? Why? (20 points)

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Problem 9.7A Millar Inc

Problem 9.7A Millar Inc in $4 only

Problem 9.7A Millar, Inc., purchased a truck to use for deliveries and is attempting to determine how much depreciation expense would be recognized under three different methods. The truck cost $20,000 and is expected to have a value of $4,000 at the end of its five-year life. The truck is expected to be used at the rate of 10,000 miles in the first year, 20,000 miles in the second and third years, and 15,000 miles in the fourth and fifth years.

a. Determine the amount of depreciation expense that will be recognized under each of the following depreciation methods in the first and second years of the truck’s useful life. A full year’s depreciation will be recognized in the first year the truck is used. (Omit the “$” sign in your response.)

CCC4 Cookie Creations

CCC4 Cookie Creations in $41 onlyCCC4 Cookie Creations

CCC4 Cookie Creations is gearing up for the winter holiday season. During the month of December 2014, the following transactions occur.

Dec. 1 Natalie hires an assistant at an hourly wage of $8 to help with cookie making and some administrative duties.

5 Natalie teaches the class that was booked on November 25. The balance outstanding is received.

8 Cookie Creations receives a check for the amount due from the neighborhood school for the class given on November 30.

9 Cookie Creations receives $750 in advance from the local school board for five classes that the company will give during December and January.

Comparative Statements of Lucille Company

Comparative Statements of Lucille Company in $7

The comparative statements of Lucille Company are presented here.

LUCILLE COMPANY

Income Statements

For the Years Ended December 31

Year 2012 2011

Net sales $1,890,540 (2012 year) $1,750,500 (2011 year)

Cost of goods sold 1,058,540 (2012 year) 1,006,000 (2011 year)

WileyPLUS Week 3 Assignment

WileyPLUS Week 3 Assignment 

Week 3 WileyPLUS   /  Complete the following Week 3 Assignment in WileyPLUS

P9-7A In recent years, Farr Company has purchased

E10-5 During the month of March, Olinger Company’s

E10-8 On August 1, 2014, Ortega Corporation issued $813,600

E10-13 Romine Company issued $530,700 of 9%, 10-year bonds

E10-22 Cole Corporation issued $432,000, 7%, 25-year

E10-24 Nance Co. receives $306,800 when it issues a $306,800

BYP10-1The financial statements of Tootsie Roll are presented below

BYP10-2 The financial statements of The Hershey Company and Tootsie Roll are presented below

P10-9A Wempe Co. sold $3,367,000, 8%, 10-year bonds on January 1, 2014

P10-13A Grace Herron has just approached a venture capitalist for

IFRS 10-4Ratzlaff Company issues €2 million, 10-year

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ACCT 2202 Master Budgeting Project

ACCT 2202 Master Budgeting Project – Earrings Unlimited in $32 only

You have just been hired as a new management trainee by Earrings Unlimited, a distributor of earrings to various retail outlets located in shopping malls across the country. In the past, the company has done very little in the way of budgeting and at certain times of the year has experienced a shortage of cash.

Since you are well trained in budgeting, you have decided to prepare comprehensive budgets for the upcoming second quarter in order to show management the benefits that can be gained from an integrated budgeting program. To this end, you have worked with accounting and other areas to gather the information assembled below.

The company sells many styles of earrings, but all are sold for the same price—$10 per pair. Actual sales of earrings for the last three months and budgeted sales for the next six months follow (in pairs of earrings):

Janus Products Merchandising Company

Janus Products Merchandising Company in $9 only

Janus Products, Inc. is a merchandising company that sells binders, paper, and other school supplies. The company is planning its cash needs for the third quarter. In the past, Janus Products has had to borrow money during the third quarter to support peak sales of back-to-school materials, which occur during August. The following information has been assembled to assist in preparing a cash budget for the quarter:

a. Budgeted monthly absorption costing income statements for July-October are as follows:

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