Homework Help for Accounting

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?

Where will I get these notes?

are they paying to answer? if not stop wasting your time here 

Prepare a correct trial balance.

P2.4 (LO 4) The trial balance of De Bortoli Co. shown below does not balance.

Pittman Company is a small but growing manufacturer of telecommunications equipment. The company has no sales force of its own; rather, it relies completely on independent sales agents to market its products. These agents are paid a sales commission of 15% for all items sold.

Barbara Cheney, Pittman’s controller, has just prepared the company’s budgeted income statement for next year as follows:
 

*Primarily depreciation on storage facilities.

As Barbara handed the statement to Karl Vecci, Pittman’s president, she commented, “I went ahead and used the agents’ 15% commission rate in completing these statements, but we’ve just learned that they refuse to handle our products next year unless we increase the commission rate to 20%.”

“That’s the last straw,” Karl replied angrily. “Those agents have been demanding more and more, and this time they’ve gone too far. How can they possibly defend a 20% commission rate?”

“They claim that after paying for advertising, travel, and the other costs of promotion, there’s nothing left over for profit,” replied Barbara.

“I say it’s just plain robbery,” retorted Karl. “And I also say it’s time we dumped those guys and got our own sales force. Can you get your people to work up some cost figures for us to look at?”

“We’ve already worked them up,” said Barbara. “Several companies we know about pay a 7.5% commission to their own salespeople, along with a small salary. Of course, we would have to handle all promotion costs, too. We figure our fixed expenses would increase by $3,900,000 per year, but that would be more than offset by the $5,200,000 (20% × $26,000,000) that we would avoid on agents’ commissions.”

The breakdown of the $3,900,000 cost follows:

“Super,” replied Karl. “And I noticed that the $3,900,000 equals what we’re paying the agents under the old 15% commission rate.”

“It’s even better than that,” explained Barbara. “We can actually save $119,600 a year because that’s what we’re paying our auditors to check out the agents’ reports. So our overall administrative expenses would be less.”

“Pull all of these numbers together and we’ll show them to the executive committee tomorrow,” said Karl. “With the approval of the committee, we can move on the matter immediately.”

Required:

1. Compute Pittman Company’s break-even point in dollar sales for next year assuming:

a. The agents’ commission rate remains unchanged at 15%.

b. The agents’ commission rate is increased to 20%.

c. The company employs its own sales force.

2. Assume that Pittman Company decides to continue selling through agents and pays the 20% commission rate. Determine the dollar sales that would be required to generate the same net income as contained in the budgeted income statement for next year.

3. Determine the dollar sales at which net income would be equal regardless of whether Pittman Company sells through agents (at a 20% commission rate) or employs its own sales force.

4. Compute the degree of operating leverage that the company would expect to have at the end of next year assuming:

a. The agents’ commission rate remains unchanged at 15%.

b. The agents’ commission rate is increased to 20%.

c. The company employs its own sales force.

Use income before income taxes in your operating leverage computation.

On 01 July 2022, Persian Ltd acquired 551,250 ordinary shares of Sumo Ltd, that is, Persian Ltd holds 70% shares in Sumo Ltd. The purchase consideration was as follows:

• Cash paid $ 950,000
• A deferred cash settlement to be paid in three years’ time of $ 475,000
• By an exchange of one share in Persian Ltd for every four shares in Sumo Ltd. The market price of Persian Ltd share at the date of acquisition was $ 2.95 and the market price of each Sumo Ltd share at the date of acquisition was $ 3.15

Legal fees associated with the acquisition were $ 10,500.

The discount rate of Persian Ltd is 10 %.

(a) Calculate the fair value consideration (Costs of investment) transferred to acquire control of Sumo Ltd at the date of acquisition. Your answer should include a brief explanation if any of the above issue(s) is/are not required to be accounted in your working(s).                    

prova ushdahdhaw7dhahd9

Name a problem in your community and how you would solve it if you had the power.

B. Put your thoughts in the form of a 'letter to the editor' of your local newspaper.

C. Visit this wikipedia link to learn more about a 'letter to t

Seventy two inc. a developer of radiology equipment Has stock outstanding as follows 80,000 shares of cumulative preferred 3% Stock $20 per Ann 405,000 shares of $25 per comment during its first four years of operation. The following amounts were distributed as dividends first year 30,000 2nd year 75,000 3rd year 80,000 4th year 100,000.

ASK ME ANYTHING