Lightfoot Inc., a software development firm, has stock outstanding as follows (A+ Guaranteed)

Lightfoot Inc., a software development firm, has stock outstanding as follows: 40,000 shares of cumulative preferred 1% stock, $125 par, and 100,000 shares of $150 par common. During its first four years of operations, the following amounts were distributed as dividends: first year, $36,000; second year, $58,000; third year, $75,000; fourth year, $124,000. Calculate the dividends per share on each class of stock for each of the four years. Round all answers to two decimal places. If no dividends are paid in a given year, enter “0″

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For each of the following errors, describe to a recently hired bookkeeper (A+ Guaranteed)

  1. Identify a publically held multinational company of your choice. Research its filings to the SEC, particularly the 10-K and 10-Qs. Also, examine its annual report online. You will then prepare an APA research paper including the follow elements:
  2. What assumptions is the financial reporting model based on?
  3. What principles support the financial reporting model?
  4. Who oversees the accounting profession?
  5. What is the role of Congress in settling the concerns that arise with accounting firms and their clients?
  6. Describe how the annual report differs from the 10-K. What is contained in the annual report that is not in the 10-K and vice versa.
  7. How does the 10-K report differ in content from the 10-Q? What is the reason for the difference?
  8. Describe 2 disclosures in the 10-K that were surprising or interesting to you? Why were they interesting or surprising to you?

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ECO 204 Week 2 – You have been hired by Nobody State University (NSU)

You have been hired by Nobody State University (NSU) as a consultant to help the university with how to increase their total revenue. The university has been struggling in recent years, so they have hired you to help them in their last attempt to find an appropriate solution so that the university can survive.

Raise or Lower Tuition? Suppose that, in an attempt to raise more revenue, Nobody State University increases its tuition.

Assess a raise in tuition and if it will necessarily result in more revenue.

Describe the conditions under which revenue will (a) rise, (b) fall, or (c) remain the same.

Explain the process of revenue at NSU, focusing on the relationship between the increased revenue from students enrolling at NSU despite the higher tuition and the lost revenue from possible lower enrollment.

If the true price elasticity were (-1.2), discuss what you would suggest the university do to expand revenue.

Using what you have learned in this course, explain how you would resolve this problem if you were the President of NSU.

In a three- to five-page paper (not including title and reference pages), provide subheadings or separate paragraphs for each of the questions listed to help focus your paper for the executives that have requested it. Support your paper with at least two academic sources from the Ashford Library.

 You are required to format you paper according to APA style guidelines.

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Diablo Company leased a machine from Juniper Corporation on January 1, 2013 (A+ Guaranteed)

Diablo Company leased a machine from Juniper Corporation on January 1, 2013. The machine has a fair value of $20,000,000. The lease agreement calls for four equal payments at the end of each year in the amount of $6,309,410. The useful life of the machine was expected to be four years with no residual value. The appropriate interest rate for the lease is 10%

 Required:

1. Prepare the journal entry for Diablo Company at the inception of the lease

2. Prepare the journal entry for the first lease payment

3. Prepare the journal entry for the second lease payment

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Fresh Mint Candy Company budgeted the following costs for anticipated production (A+ Guaranteed)

Fresh Mint Candy Company budgeted the following costs for anticipated production for July 2008. Advertising expenses $275,000 Manufacturing supplies 14,000 Power and light 42,000 Sales Commissions 290,000 Factory Insurance 23,000 Production Supervisor Wages $125,000 Production control salaries 33,000 Executive officer salaries 205,000 Material management salaries 29,000 Factory depreciation 17,000 Prepare a factory overhead cost budget, separating variable and fixed costs. Assume that factor y insurance and depreciation are the only factory fixed costs.

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The Pacific Manufacturing Company operates a job-order system (A+ Guaranteed)

The Pacific Manufacturing Company operates a job-order system and applies overhead cost to jobs on the basis of direct labor costs.  Its predetermined overhead rate was based on a cost formula that estimated $126,000 of manufacturing overhead for an estimated allocation base of $84, 000 direct labor dollars. The company has provided the following data.

 

Beginning Ending
Raw Materials $ 21,000 $ 16,000
Work in Process $ 44,000 $ 40,000
Finished Goods $ 68,000 $ 60,000

 

The following actual costs were incurred during the year:

Purchase of raw materials (all direct) $ 133,000
Direct labor cost $ 80,000
Manufacturing overhead costs:
Insurance, factory $ 7,000
Depreciation of equipment $ 18,000
Indirect labor $ 42,000
Property taxes $ 9,000
Maintenance $ 11,000
Rent, building $ 36,000

 

Required:

1.a. Compute the predetermined overhead rate for the year.

1.b. Compute the amount of underapplied or overapplied overhead for the year.

2. Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are used in production as direct materials.

3.a. Compute the unadjusted cost of goods sold for the year. (Do not include any underapplied or overapplied overhead in your cost of goods sold figure.)

3.b. Identify the options available for disposing of underapplied or overapplied overhead?

4. Job 137 was started and completed during the year. What price would have been charged to the customer if the job required $3,200 in materials and $4,200 in direct labor cost, and the company priced its jobs at 40% above the job cost according to the accounting system?

5. Direct labor made up $8,000 of the $40,000 ending Work in Process inventory balance.

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In 2012, Amirante Corporation had pretax financial income of $233,800 and taxable income of $193,600

In 2012, Amirante Corporation had pretax financial income of $233,800 and taxable income of $193,600. The difference is due to the use of different depreciation methods for tax and accounting purposes. The effective tax rate is 40%. Compute the amount to be reported as income taxes payable at December 31, 2012.

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Tommie Co. has fixed costs of $250,000 and a CM ratio of .35 (A+ Guaranteed)

Tommie Co. has fixed costs of $250,000 and a CM ratio of .35. How much revenue would Tommie need to generate to make a profit of $60,000?

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Bluebird Manufacturing makes carrying cases for portable electronic devices (A+ Guaranteed)

Bluebird Manufacturing makes carrying cases for portable electronic devices. Its costing records yield the following information:

Job
No.
Date Total Cost of Job
at October 31
Total Manufacturing Costs
Added in November
Started Finished Sold
1 10/3 10/12 10/13 $1,900
2 10/3 10/30 11/1 1,800
3 10/17 11/24 11/27 400 $1,500
4 10/29 11/29 12/3 800 1,200
5 11/8 11/12 11/14 550
6 11/23 12/6 12/9 700

Requirements:

1. Which type of costing system is Bluebird using? What piece of data did you base your answer on?

2. Use the data in the table to identify the status of each job. Compute Bluebird’s account balance at October 31 for Work in process inventory, Finished goods inventory, and Cost of goods sold. Compute, by job, account balances at November 30 for Work in process inventory, Finished goods inventory, and Cost of goods sold.”

3. Prepare journal entries to record the transfer of completed units from Work in process to Finished goods for October and November.

4. Record the sale of Job 3 for $2,100. 5. What is the gross profit for Job 3? What other costs must this gross profit cover?

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On July 1, Chesapeake Corporation purchases 550,000 shares of its $6 (A+)

On July 1, Chesapeake Corporation purchases 550,000 shares of its $6 par value common stock for the treasury at a cash price of $10 per share.  On September 1, it sells 275,000 shares of the treasury stock for cash at $13 per share.  The balance in the retained earnings account is $6,345,000.

Instructions:

Journalize the two treasury stock transactions.

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