Fit-for-Life Foods reports the following income statement accounts for the year ended December 31.

Gain on sale of equipment $6,350 Depreciation expense—Office copier $600
Office supplies expense 770 Sales discounts 15,700
Insurance expense 1,240 Sales returns and allowances 4,000
Sales 215,000 TV advertising expense 2,100
Office salaries expense 31,500 Interest revenue 600
Rent expense—Selling space 11,000 Cost of goods sold 88,100
Sales staff wages 23,000 Sales commission expense 13,600

Required:
Prepare a multiple-step income statement.

Answer: Check attachment

Explanation:

Note that, in the attachment, the total expense was calculated as the addition of the selling expense and the general and administrative expenses. This will be:

= $49700 + $34110

= $83810

Operating income was calculated as:

= Gross profit - Total expenses

= $107200 - $83810

= $23390

Check the attachment for further details.

A pie graph uses _________to represent information. a. Lines c. Odd numbers b. Dots d. Percentages

Winona and Hubert need to decide which one of them will take time off from work to complete the rather urgent task of shearing their llamas. Winona is pretty good with a pair of shears; she can shear the llamas in 1 hour. Hubert is somewhat slow; it takes him 9 hours to shear the llamas. Winona earns $200 per hour as a psychiatrist, while Hubert earns $25 per hour as a cobbler. Keeping in mind that either Winona or Hubert must take time off from work to shear the llamas, who has the lowest opportunity cost of completing the task?

a. Jacques
b. Kyoko and Jacques face equal opportunity costs
c. Kyoko

Orange Inc., an orange juice producer with a current debt-to-equity ratio of 2, is considering expanding its operations to produce toothpaste. Unsurprisingly, the toothpaste industry faces a different set of risks than the orange juice industry. However, the executives at Orange Inc. observe that Paste Inc., a toothpaste company, has a cost of equity of 12%, a cost of debt of 6%, and a debt-to-value ratio of 40%. Orange Inc. plans to finance its expansion into toothpaste production with 50% debt and 50% equity. The cost of debt for Orange Inc. is also 6%, and the corporate tax rate is 25%. Solve for the discount rate that Orange Inc. should use when evaluating whether to go forward with the expansion Note: Orange Inc. does not want to use the Adjusted Present Value method.
Appropriate Rate = 12.08%
Appropriate Rate = 9.60%
Appropriate Rate = 13.20%
Appropriate Rate = 8.85%
Assume Last Inc. has no cash on hand, but wants to take on a project that adds $30 million in market value to the firm's assets, and has an NPV of $20 million. The project requires an initial investment of $10 million. LastQ Inc. wants to maintain its 50% Debt to Value Ratio.
How much debt should LastQ issue, and how much should they pay stockholders in dividends?
Issue $30 million in debt, pay $5 million to shareholders
Issue $15 million in debt, pay $5 million to shareholders Issue $10 million in debt, pay $20 million to shareholders
Issue $20 million in debt, pay $8 million to shareholders

Portions of the financial statements for Peach Computer are provided below.
PEACH COMPUTER
Income Statement
For the year ended December 31, 2021
Net sales $1,800,000
Expenses:
Cost of goods sold $1,050,000
Operating expenses 560,000
Depreciation expense 50,000
Income tax expense 40,000
Total expenses 1,700,000
Net income $100,000
PEACH COMPUTER
Selected Balance Sheet Data
December 31
2021 2020 Increase (I) or Decrease (D)
Cash $102,000 $85,000 $17,000 (I)
Accounts receivable 45,000 49,000 4,000 (D)
Inventory 75,000 55,000 20,000 (I)
Prepaid rent 3,000 5,000 2,000 (D)
Accounts payable 45,000 37,000 8,000 (I)
Income tax payable 5,000 10,000 5,000 (D)
Required:
Prepare the operating activities section of the statement of cash flows for Peach Computer using the direct method.

If a company paid $6,000 in advance for a year's worth of insurance, how
much money would need to be adjusted after one month?
O A. $500
B. $6,000
O C. $1,000
O D. $3,000

Four Types of Organizational Culture Organizational culture is a system of shared beliefs and values that develops within an organization and guides its members' behavior. Culture can vary considerably across organizations, with each placing different emphases on risk-taking, treatment of employees, teamwork, rules and regulations, conflict and criticism, and rewards. This activity is important because different types of cultures are better suited to achieving different strategic goals, and managers can use this knowledge to their benefit.
The goal of this activity is to challenge your knowledge of the four types of organizational culture.
Read the description of an organization's culture and write each name to the type of organizational culture it best depicts.
Daveed Miranda Olivia
Caprice Joseph Aaron
Wallace Leslie
Clan Adhocracy Hierarchy Market
1. Daveed- Works for a real estate company with a culture that values employees'ability to focus on the customer, react quickly, an deliver quality work on time.
2. Miranda- works for a new entrepreneurial company that is characterized as being creative, making innovative products, and being adaptable in the marketplace.
3. Olivia works for an investment firm with a culture that focuses on productivity and profits over employee development and satisfaction.
4. Caprice- works for a regional airline whose corporate culture encourages employees to collaborate and become involved to increase their job satisfaction.
5. Joseph- works for a telecommunications company whose culture devotes considerable resources to hiring and developing employees.
6. Aaron- works for a computer company whose corporate culture is characterized by a formalized, structured work environment aimed at achieving effectiveness.
7. Wallace- works for an advertising agency whose corporate culture encourages employees to take risks and experiment with new ways of getting things done.
8. Leslie- works for a pharmaceutical company with a corporate culture that institutes a variety of control mechanisms to measure efficiency, timeliness, and reliability in the creation and delivery of products.

1. What, historically, have been Apple's competitive advantages in the personal computer market (compared to other PC makers)?

1. You are 26 years old, married, and have two small children. You have a household income (take-home pay) of $3,500 per month and currently rent your home. You have and pay many bills, and make many purchases (usually by debit card) each month. You often lose track of spending and end up paying unnecessary bank fees. You would like to buy a new car in five months and a new home in two years. To avoid overdrafts, you chose "opt-in" overdraft protection with your bank. You just received your bank statement, which states a balance of $691, while your check register says you have a balance of $800. Which of the following accounts would be best for?
Purpose Type of accountA) Satisfying your day-to-day spending needs? ___________ B) Making and holding funds for your car purchase? ___________C) Making and holding funds for your home purchase? ___________D) Making and holding funds for your retirement?
A. Stock and bond portfolio.
B. NOW account.
C. NOW account.
D. Mutual funds.
2. Which of the following accounts is typically not insured?A. Mutual Funds.B. NOW account.
C. Certificate of deposit.
D. Statement savings account.
3. Which of the following practices would help you keep accurate records regarding the funds in your bank account?
A. Keep track of your balance online.B. Immediately record the date and amount of each transaction in your check register and calculate the new balance.C. Wait for the printed bank statement to arrive in the mail to know what payments and receipts have cleared your account.4. You can avoid a service fee on an average-balance account if you:______.
A. Issue a stop-payment order when you find yourself overdrawn.B. Keep a certain average daily balance in the account through a specified time.C. Avoid an overdraft for a specified time.D. Have your paycheck automatically deposited into your account each pay period.

Builders Corporation (Builders) is a general contractor. Builders wished to bid on a construction project and solicited bids from a variety of subcontractors. Four electrical subcontractors, Alpha, Beta, Gamma, and Delta, submitted bids to Builders. The bids were as follows: Alpha- $75,000; Beta- $85,000; Gamma- $90,000; Delta- $95,000. As Builders was preparing its bid on the construction project based upon the low bid submitted by Alpha, Builders’ president called Alpha and told him, "We won’t be able to do it with your present bid, but if you can shave off $5,000, I’m sure that the numbers will be there for us to get that project." Alpha responded, "No way! In fact, that bid we submitted was based on a $15,000 error; we can’t do it for a cent less than $90,000." Nevertheless, Builders submitted its bid for the construction project using Alpha’s original $75,000 bid. Builders was not awarded the construction job and subsequently sued Alpha. Alpha is liable for:________.

The following information is available for Windsor Inc. for the year ended December 31, 2017:_______.
Loss on discontinued operations $66,000 Retained earnings January 1, 2017 $1,260,000
Rent revenue 98,000 Selling expenses 876,000
Income tax applicable to continuing operations 297,000 Income tax applicable to loss on discontinued operations 23,000
Administrative expenses 507,000 Cost of goods sold 1,648,000
Loss on write-down of inventory 37,000 Sales revenue 3,775,000
Gain on sale of equipment 31,000 Cash dividends declared 230,000
Unrealized gain on available-for-sale securities 27,000 Interest expense 57,000
200,000 shares were outstanding during all of 2017.

A steel rolling mill can produce I-beams at the rate of 20 tons per week. Customer demand for the beams is 5 tons per week. To produce the I-beams, the mill must go through a setup that requires changing to the required rolling patterns. Each setup costs the mill $10,000 in labor and lost production. The I-beam cost the mill $2,000 per ton and has an inventory holding rate of 25 percent. Assume the plant operates for 50 weeks in a year. Using Microsoft Excel, calculate the following:
a) the optimal production batch size of the mill.
b) The maximum (highest) inventory level at the plant
c) The annual inventory holding cost
d) The annual setup cost of the plant
e) The annual product cost f) Total Annual Inventory Cost (TAIC)

Intangible Assets and Goodwill: Amortization and Impairment In early 2011, Bowen Company acquired a new business unit in a merger. Allocation of the acquisition cost resulted in fair values assigned as follows:

Intangible Asset Fair Value Estimated Value
Customer lists $400,000 5 years
Developed technology 640,000 10 years
Internet domain name 1,040,000 Indefinite
Goodwill 4,960,000 Indefinite

The goodwill is assigned entirely to the acquired business unit. Impairment reviews at the end of 2011 and 2012 did not identify any impairment losses. After the business suffered a downturn during 2013, the year-end impairment review yielded the following information: Customer lists are estimated to have undiscounted future cash flows of $200,000 and discounted future cash flows of $144,000.

The internet domain name is estimated to have undiscounted future cash flows of $800,000 and discounted future cash flows of $600,000. The acquired business unit has a fair value of $13,600,000, a carrying amount of $14,800,000, and the fair value of its identifiable net assets is $11,360,000.

Required:
Determine Bowen's amortization expense and impairment write-offs for 2013.

If annualized interest in the U.S. and France are 9% and 13%, respectively, and the spot value of the French franc is $0.1109, then at what 180-day forward rate will interest rate parity hold

To repeat an important concept, the focus of marketing must constantly involve what 4 things?_________________
YO! PLEASE HELP ME
__________________________________________________________________________________

37 POINTS

A client heard through its hotline that John, the purchases journal clerk, periodically enters fictitious acquisitions. After John creates a fictitious purchase, he notifies Alice, the accounts payable ledger clerk, so she can enter them in her ledger. When the payables are processed, the payment is mailed to the nonexistent supplier’s address, a post office box rented by John. John deposits the check in an account he opened in the nonexistent supplier’s name.
Required
a. Define fraud, fraud deterrence, fraud detection, and fraud investigation.
b. List four personal (as opposed to organizational) fraud symptoms, or red flags, that indicate the possibility of fraud. Do not confine your answer to this example.
c. List two procedures you could follow to uncover John’s fraudulent behavior. (CIA Examination, adapted)

Tyrone and Akira, who are married, incurred and paid the following amounts of interest during 2019:
Home acquisition debt interest $ 15,000
Credit card interest 5,000
Home equity loan interest (used for home improvement) 6,500
Investment interest expense 10,000
Required: With 2019 net investment income of $2,000, calculate the amount of their allowable deduction for investment interest expense and their total deduction for allowable interest. Home acquisition principal, and the home equity loan principal combined are less than $750,000.

Suppose that in a competitive market without government regulations, the equilibrium price of a hamburger is $7 each.
Complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it is binding or nonbinding.
Statement Price Control Binding or Not
Due to new regulations, fast-food restaurants that would like to pay better wages in order to hire more workers are prohibited from doing so.
The government prohibits fast-food restaurants from selling hamburgers for more that $5 each.

The following information is available for Trinkle Company for the month of June:

1. The unadjusted balance per the bank statement on June 30 was $56,518.
2. Deposits in transit on June 30 were $2,340. A debit memo was included with the bank statement for a service charge of $26.
3. A $3,331 check written in June had not been paid by the bank.
4. The bank statement included a $1,050 credit memo for the collection of a note. The principal of the note was $1,015, and the interest collected amounted to $35.

Required:
Determine the true cash balance as of June 30.

What can you conclude about a firm in the short run from its marginal product numbers as its output approaches capacity production

Sales and purchase-related transactions using perpetual inventory system The following were selected from among the transactions completed by Essex Company during July of the current year. Essex uses the net method under a perpetual inventory system.
July 3. Purchased merchandise on account from Hamling Co., list price $85,000, trade discount 25%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $960 added to the invoice.
5. Purchased merchandise on account from Kester Co., $47,550, terms FOB destination, 2/10, n/30.
6. Sold merchandise on account to Parsley Co., $16,680, terms n/15. The cost of the goods sold was $9,440.
7. Returned merchandise with an invoice amount of $13,500 purchased on July 5 from Kester Co. 13. Paid Hamling Co. on account for purchase of July 3.
15. Paid Kester Co. on account for purchase of July 5, less return of July 7. 21. Received cash on account from sale of July 6 to Parsley Co.
21. Sold merchandise on MasterCard, $212,670. The cost of the goods sold was $144,350.
22. Sold merchandise on account to Tabor Co., $60,200, terms 2/10, n/30. The cost of the goods sold was $33,820.
23. Sold merchandise for cash, $38,610. The cost of the goods sold was $22,180. 28. Paid Parsley Co. a cash refund of $6,070 for returned merchandise from sale of July 6.
The cost of the returned merchandise was $3,630. 31.
Paid MasterCard service fee of $3,510.
Instructions Journalize the transactions.

Lansbury Inc. had the following balance sheet at December 31, 2019.

LANSBURY INC. BALANCE SHEET DECEMBER 31, 2019

Cash $20,000 Accounts payable $30,000
Accounts receivable 21,200 Notes payable (long-term) 41,000
Investments 32,000 Common stock 100,000
Plant assets (net) 81,000 Retained earnings 23,200
Land 40,000 $194,200
$194,200

During 2021 the following occurred:

1. Lansbury Inc. sold part of its investment portfolio for $15,000 This transaction resulted in a gain of $3,400 for the firm. The company classifies its investments as available-for- sale.
2. A tract of land was purchased for $18,000 cash.
3. Long-term notes payable in the amount of $16,000 were retired before maturity by paying $16,000 cash.
4. An additional $20,000 in common stock was issued at par.
5. Dividends totaling $8,200 were declared and paid to stockholders.
6. Net income for 2021 was $32,000 after allowing for depreciation of $11,000
7. Land was purchased through the issuance of $30,000 in bonds.
8. At December 31, 2021, Cash was $32,000 Accounts Receivable was $41,600 and Accounts Payable remained at $30,000

Requried:
a. Prepare a statement of cash flows for 2017.
b. Prepare an unclassified balance sheet as it would appear on December 31, 2017.
c. Compute two cash flow ratios.

Eggz, Inc., is considering the purchase of new equipment that will allow the company to collect loose hen feathers for sale. The equipment will cost $430,000 and will be eligible for 100 percent bonus depreciation. The equipment can be sold for $48,000 at the end of the project in 5 years. Sales would be $279,000 per year, with annual fixed costs of $48,000 and variable costs equal to 35 percent of sales. The project would require an investment of $27,000 in NWC that would be returned at the end of the project. The tax rate is 21 percent and the required return is 8 percent. Calculate the NPV of this project. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) NPV

A Corporation sells a single product for $20 per unit. Last year, the company's sales revenue was $300,000 and its net operating income was $24,000. If fixed expenses totaled $96,000 for the year, the break-even point in unit sales was: A) 12,000 units B) 9,900 units C) 15,000 units D) 14,100 units

Under corporate law, corporations are given the same rights as
A. the Federal Reserve
B. intellectual property
C. individuals
D. foreign countries

Flintlnc. provided the following information for the year 2017.
Retained earnings, January 1, 2017 $ 589,400
Administrative expenses 246,000
Selling expenses 307,200
Sales revenue 1,812,200
Cash dividends declared 83,000
Cost of goods sold 821,500
Loss on discontinued operations 78,200
Rent revenue 40,200
Unrealized holding gain on available-for-sale securities 16,900
Income tax applicable to continuing operations 192,700
Income tax benefit applicable to loss on discontinued operations 43,010
Income tax applicable to unrealized holding gain on available-for-sale securities
2,000
1. Prepare a single-step income statement for 2017. Shares outstanding during 2017 were 100,000. (Round earnings per share to 2 decimal places, e.g. $1.48.)
2. Prepare aretained earning statement for 2017. Shares outstanding for 2017 were 100000.

What are the nominal and effective costs of trade credit under the credit terms of 3/10, net 30? Assume a 365-day year. Do not round intermediate calculations. Round your answers to two decimal places.

a. Insurance expense 2,807
Prepaid insurance 2,807

b. Teaching supplies expense 2,433
Teaching supplies 2,433

c. Depreciation expense—Equipment 11,227
Accumulated depreciation—Equipment 11,277

d. Depreciation expense—Professional library 5,614
Accumulated depreciation—Professional library 5,614

e. Unearned training fees 2,700
Training fees earned 2,700

f. Accounts receivable 2,819
Tuition fees earned 2,819

g. Salaries expense 100
Salaries payable 100

h. Rent expense 2,097
Prepaid rent 2,097

Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2017, follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31, 2017, follow.


Additional Information:
a. An analysis of WTI's insurance policies shows that $2,807 of coverage has expired.
b. An inventory count shows that teaching supplies costing $2,433 are available at year-end 2017.
c. Annual depreciation on the equipment is $11,227. Annual depreciation on the professional library is $5,614.
d. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,900, and the client paid the first five months' fees in advance. When the cash was received, the Unearned Training Fees account was credited. The fee for the sixth month will be recorded when it is collected in 2018. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $2,619 tuition per month payable at the end of the class. The class started on October 15, but no payment has yet been received. (WTI's accruals are applied to the nearest half-month; for example, October recognizes one-half month accrual.) WTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $100 per day for each employee. The balance in the Prepaid Rent account represents rent for December.

Geoffrey brought $50,000 into his business at the start of the accounting period. During the year, he needed $5,000 for a personal emergency. He borrowed this money from the business’s accounts. Under which accounting heads will the business record these transactions?
Geoffrey’s business will credit $50,000 to the
account and debit $5,000 from the
account.

You borrow $14,500 to buy a car. The terms of the loan call for monthly payments for 6 years at a 6.9 percent rate of interest. What is the amount of each payment

How is an excise tax different from a sales tax?

A). An excise tax is not deductible.
B). An excise tax applies to specific products.
C). An excise tax applies only to imported goods.
D). An excise tax is an indirect tax.