Homework Help for Accounting

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Pure Pharmaceuticals, a company engaging in research on drugs, is having operations in the USA, the United Kingdom, Asia-Pacific region, include Vietnam. The firm is considering adopting cloud computing services which enable the organization to obtain its computing resources and applications from any location via an Internet connection. To be more specific, staff members are then able to receive emails stored in the cloud and share research projects with staff members working in another office easily. In such adoption, Pure Pharmaceuticals has to search for a cloud service provider, a thirdparty vendor providing application delivery, hosting, monitoring, and other services through cloud computing. You are the firm’s consultant and you are requested to provide advice to the board of directors before such adoption.

Required:

a. Perform a risk assessment on the adoption of cloud computing to the firm’s operations,

including both the opportunities and the risks involved.

b. Discuss if there would be any possible change to the existing IT organizational structure

after the adoption of cloud computing.

c. How does adoption of cloud computing affect the control environment of the

organization? What are the roles of the board of directors in the adoption of cloud

computing?

d. Discuss the general IT controls that may be expected in cloud computing environment.

The following cost data relate to Taylor Products Company for the year ended June 30, 2005.

Direct Materials                                                                      $ 55,600

Direct Labor                                                                                72,400

Factory Overhead                                                                       36,500

Work in process inventory, July 1, 2004                                     38,200

Work in process inventory, June 30, 2005                                  34,800

Required:

1. Calculate the manufacturing costs for the year.
2. Calculate the cost of goods manufactured for the year.

Ex 2-5: Iowa Products Company accumulated the following data for 2005.

                                                                                    Jan 1, 2005                 Dec 31, 2005

Inventories:

            Finished Goods                                               $ 52,000                      $ 54,000

            Work in Process                                                 29,600                         27,800

            Raw materials                                                    14,200                         15,000

Direct labor                                                                                                        95,000

Raw material purchase            s                                                                                     138,000

Indirect labor                                                                                                      15,300

Indirect materials and supplies                                                                                       10,800

Factory utilities                                                                                                   18,600

Depreciation expense- Factory                                                                                       14,000

Factory rent                                                                                                         18,000

Payroll taxes- Factory wages                                                                                8,100

Repairs and maintenance                                                                                      6,000

Insurance expense- Factory                                                                                  6,800

Miscellaneous factory expenses                                                                            5,200

Sales                                                                                                                  710,000

Sales discount                                                                                                     12,000

Selling expenses                                                                                                  95,600

General expenses                                                                                                75,300

Interest expenses                                                                                                   7,000

Required:

1. Prepare a statement of cost of goods manufactured.
2. Prepare an income statement (assume an income tax rate of 25%)

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Ex 2-5: Iowa Products Company accumulated the following data for 2005.

                                                                                    Jan 1, 2005                 Dec 31, 2005

Inventories:

            Finished Goods                                               $ 52,000                      $ 54,000

            Work in Process                                                 29,600                         27,800

            Raw materials                                                    14,200                         15,000

Direct labor                                                                                                        95,000

Raw material purchase            s                                                                                     138,000

Indirect labor                                                                                                      15,300

Indirect materials and supplies                                                                                       10,800

Factory utilities                                                                                                   18,600

Depreciation expense- Factory                                                                                       14,000

Factory rent                                                                                                         18,000

Payroll taxes- Factory wages                                                                                8,100

Repairs and maintenance                                                                                      6,000

Insurance expense- Factory                                                                                  6,800

Miscellaneous factory expenses                                                                            5,200

Sales                                                                                                                  710,000

Sales discount                                                                                                     12,000

Selling expenses                                                                                                  95,600

General expenses                                                                                                75,300

Interest expenses                                                                                                   7,000

Required:

1. Prepare a statement of cost of goods manufactured.
2. Prepare an income statement (assume an income tax rate of 25%)

11th commerce study material

EX 2-5: LOWA PRODUCTS COMPANY 

Accounting cycle 

 I AM THE SOLUTION GOD I BEAT MY CHEST ON IT

On June 1, 2023, Jill Bow and Aisha Adams formed a partnership to open a gluten-free commercial bakery, contributing $294,000 cash and $388,000 of equipment, respectively. The partnership also assumed responsibility for a $54,000 note payable associated with the equipment. The partners agreed to share profits as follows: Bow is to receive an annual salary allowance of $164,000, both are to receive an annual interest allowance of 10% of their original capital investments, and any remaining profit or loss is to be shared 40/60 (to Bow and Adams, respectively). On November 20, 2023, Adams withdrew cash of $114,000. At year-end, May 31, 2024, the Income Summary account had a credit balance of $520,000. On June 1, 2024, Peter Williams invested $134,000 and was admitted to the partnership for a 20% interest in equity.

Prepare journal entries for the following dates.

a. June 1, 2023
November 20, 2023

Calculate the balance in each partner’s capital account immediately after the June 1, 2024, entry.

You have been assigned to examine the financial statements of Mari, Inc. for the year ended December 31, 2023.  You discover the following situations in February 2024.

1. On December 31, 2023, Mari, Inc. decided to change the depreciation method on its machinery from double-declining-balance to straight-line.  The Machinery had an original cost of $100,000 when purchased on January 2, 2022. It has a 10-year useful life and $5,300 salvage value.  Depreciation expense recorded prior to 2023 under the double-declining-balance method was $20,000. Mari, Inc. has already recorded 2023 depreciation expense of $16,000. 

2. The physical inventory count has been incorrectly counted resulting in the following errors. 

                                          December 2021     Overstated      $7,600

                                           December 2022     Understated    $5,200

                                           December 2023     Overstated    $5,600 

3. Mari, Inc. purchased $3,400 of supplies on September 4, 2023, recording a debit to Supplies Expense and credit to Cash.  The Supplies account had a balance of $450 on January 1, 2023.  A count revealed there were $700 on hand on December 31, 2023. No entries have been made to Supplies all year

4. In 2023, the company sold equipment for $7,200 that had a book value of $4,200 and originally cost $60,000.  The company credited the proceeds from the sale to the Equipment account. The company made the following entry: 

                        Cash                                                           7,200

                                        Gain on Sale of Equipment                    7,200 

5. Mari, Inc. has not recorded any depreciation for a machine they purchased on October 1, 2021. They paid $250,000 for the machine which has a salvage value of $10,000 and useful life of 6 years. 

6. The company has estimated warranty expense to be 1.8% in the past and made an entry for $145,00 in 2023.  However, the company decided that it should only be 1.6% this year which amounts to $125,000.

7. A trademark was acquired January 2, 2022 for $40,000.  No amortization has been recorded since its acquisition.  The maximum allowable amortization period is 10 years

8. A $24,000 insurance premium was paid on September 1, 2022, for a six month policy that expires on February 28, 2023, was charged to insurance expense in 2022

9. In July 2021, a competitor company filed a patent-infringement suit against Jordan, Inc. claiming damages of $140,000.  In December 2021 the company's legal counsel has indicated that an unfavorable verdict is probable and a reasonable estimate of the court's award to the competitor is $85,000.  

 

                      The company made the following entry in 2023. 

                               Patent-infringement Expense           85,000 

                                         Lawsuit Liability                                    85,000

10. Mari, Inc. has not accrued commissions payable at the end of each of the last 3 years, as follows. Salaries are expensed when paid the 1st week of January in 2024.

                                          December 2021        $3,800 

                                           December 2022        $5,300 

                                           December 2023        $4,200

Reported Net Income is: 

      2021 

$745,000 

      2022 

$720,000 

      2023 

$690,000 

Instructions:

A. Assume the trial balance has been prepared but the books HAVE NOT been closed for 2023. Assuming all amounts are material, prepare journal entries showing the adjustments that are required.  (Ignore income tax considerations).   

B. Assume the trial balance has been prepared but the books HAVE been closed for 2023. Assuming all amounts are material, prepare journal entries showing the adjustments that are required.  (Ignore income tax considerations).   

C. Put together a schedule correcting net incomes for 2021, 2022 and 2023 assuming the books HAVE NOT been closed for 2023. 

Using the percent of change method only, what would Facebook's revenues be in 2015 using the

statements provided in the case.

A/ $59 billion

B/ $34 billion

C/ $14 billion

D/ $20 billion

do they really pay 25 dollars

A rocket is launched from the surface of the Earth with an initial velocity of 300 m/s upward. The rocket's acceleration due to gravity is approximately 9.8 m/s29.8m/s2, and it is also subject to air resistance, which can be modeled by the equation �air=−��Fair​=−kv, where �airFair​ is the air resistance force in newtons, �k is a positive constant, and �v is the velocity of the rocket in m/s. Source: helpinhomework.org 

a) Determine the rocket's velocity as a function of time, �(�)v(t), given that the air resistance is proportional to its velocity.

b) Find the time it takes for the rocket to reach its maximum height.

c) Calculate the maximum height the rocket reaches above the Earth's surface.

d) Determine the rocket's velocity as a function of time on its way down to the Earth, taking into account the air resistance.

e) Find the time it takes for the rocket to return to the surface.

f) Calculate the total time of flight for the rocket.

Guidelines for final exams economics Notre Dame 

Gap'o has projected sales of 650000 hospital gowns in october.each gown requires 2.5 yards of fabric. thebeginning inventory of fabric and gowns, respectively are 10000 yards and 42000 gowns. gap'o wants to have 9100 yards of fabric and 31600 gowns on hand at the end of october. the fabric comes in 15 yards bolts. if gap'o has no beginning or ending work in progress inventory, how many bolts of fabric must the company purchase in october?