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Ayer Self Storage purchased land, paying $ 175,000 cash as a down payment and signing a $ 155,000 note payable for the balance. Ayer also had to pay delinquent property tax of $ 3,000,title insurance costing $ 3,500,and $ 8,000 to level the land and remove an unwanted building. The company paid $ 55,000 to add soil for the foundation and then constructed an office building at a cost of $ 650,000. It also paid $ 53,000for a fence around the property,$15,000for the company sign near the property entrance, and $ 11,000for lighting of the grounds. Requirement1. What is the […]

Question 1:Blue-Red Company started 7,400 units during the month of March. There were 1,880 units inthe beginning work in process inventory and 2,880 units in the ending work in processinventory. Calculate units completed and transferred out during March.Units completed and transferred out:Question 2:Montreal Manufacturing Inc. has the following cost and production data for the month of April.Beginning WIP 20,000 unitsStarted in production 104,000Completed production 94,300Ending WIP 29,700The beginning inventory was 60% complete for conversion costs. The ending inventory was 40%complete for conversion costs. Materials are added at the beginning of process.Costs pertaining to the month of April are as follows:Beginning […]

Financial Accounting:Economics for Managers (Third Edition) by Paul G. Farnham.Questions cover material on Chapters 5 thru 13.Q1 Wallah Company agreed to accept $3,000 in cash along with an $8,000, 90­day, 11% note fromcustomer Judith Taylor to settle her $11,000 past­due account. How should Wallah record thistransaction?A.B.C.D.DR Cash 3,000 CR Note Receivable 8,000 CR Accounts Receivable – J. Taylor 11,000DR Note Receivable 8,000 CR Sales 8,000DR Cash 3,000 DR Note Receivable 8,000 CR Sales 11,000R Sales 11,000 CR Note Receivable 8,000 CR Cash 3,000Q2 Leo issued 25­year, 7% bonds with a par value of $400,000. Interest is paid semiannually. Themarket rate […]

In February, one of the processing departments at Manger Corporation had beginning work in process inventory of $25,000 and ending work in process inventory of $34,000. During the month, $290,000 of costs were added to production and the cost of units transferred out from the department was $281,000. In the department’s cost reconciliation report for February, the total cost to be accounted for under the weighted-average method would be:

Research Problem 1. During 2016, John was the chief executive officer and a share- holder of Maze, Inc. He owned 60% of the outstanding stock of Maze. In 2013, John and Maze, as co-borrowers, obtained a $100,000 loan from United National Bank. This loan was secured by John’s personal residence. Although Maze was listed as a co-borrower, John repaid the loan in full in 2016. On Maze’s Form 1120 tax returns, no loans from shareholders were reported. Discuss whether John is entitled to a bad debt deduction for the amount of the payment on the loan.

You set up a higher education fund in which you pay $500 at the beginning of each month. How much money will you have accumulated in the fund after 20 years, if your fund earns 2.25% compounded monthly.

Sanford Co. sells $513,700 of 8% bonds on March 1, 2014. The bonds pay interest on September 1 and March 1. The due date of the bonds is September 1, 2017. The bonds yield 12%.Prepare a bond amortization schedule using the effective-interest method for discount and premium amortization. Amortize premium or discount on interest dates and at year-end. (Round answers to 0 decimal places, e.g. 38,548.)Schedule of Bond Discount AmortizationEffective-Interest MethodBonds Sold to YieldDateCashPaidInterestExpenseDiscountAmortizedCarryingAmount ofBonds3/1/14$$$$9/1/143/1/159/1/153/1/169/1/163/1/179/1/17

Describe at least two things that could happen within this company that would make it necessary for the controller to dig into the numbers and provide a write up to management. (for instance, the controller might notice that inventory has shrunk by over 50% what might he look for in the numbers and what ratios might he use to check things before alerting management)

Based on the t tables, the critical values of the t-statistic for atwo-tailed test withdf = 17 and ap level of 0.01 are________.

A significance test is performed and p = .20. Why can’t the experimenter claim that the probability that the null hypothesis is true is .20?