Sorry for the misunderstanding. Are you going to answer my

Sorry for the misunderstanding. Are you going to answer my Homework Problem. I really need a solution for this immediately I have to turn it in today.,,COMPREHENSIVE PROBLEM 1, PERIOD 2: ,THE ACCOUNTING CYCLE,,, , Bob Night’s fishing camp, “The General’s Favorite Fishing Hole,” is in the second month of operation. The camp is open from April through September, which allows for many college basketball coaches to attend during their off-season. The camp’s attendees arrive on Sunday afternoon and return home the following Saturday afternoon. Each attendee pays a registration fee that includes room and board, the use of fishing boats, and professional instruction in fishing techniques. Based on suggestions from clients, Night plans to expand the facilities and provide additional services. The post-closing trial balance as of April 30, and chart of accounts are provided below. ,,,,The General’s Favorite Fishing Hole,Post-Closing Trial Balance,April 30, 20—,,Account Acct.,No. Debit,Balance Credit,Balance,Cash 101 130,650 ,Office Supplies 142 100 ,Food Supplies 144 8,000 ,Prepaid Insurance 145 7,500 ,Fishing Boats 181 60,000 ,Accumulated Depreciation–Fishing Boats 181.1 1,000,Accounts Payable 202 66,500,Wages Payable 219 500,Bob Night, Capital 311 138,250, 206,250 206,250,,,During the month of May 2010, The General’s Favorite Fishing Hole engaged in the following transactions. These transactions required an expansion of the chart of accounts as shown below. ,,,,Assets Revenues ,101 Cash 401 Registration Fees,122 Accounts Receivable 404 Vending Revenue,142 Office Supplies ,144 Food Supplies Expenses ,145 Prepaid Insurance 511 Wages Expense,146 Prepaid Subscriptions 512 Advertising Expense,161 Land 521 Rent Expense,171 Building 523 Office Supplies Expense,171.1 Accum. Depr.–Buildings 524 Food Supplies Expense,181 Fishing Boats 525 Telephone Expense,181.1 Accum. Depr.–Fishing Boats 533 Utilities Expense,182 Surround Sound System 535 Insurance Expense,182.1 Accum. Depr.–Surround Sound Sys. 536 Postage Expense,183 Big Screen TV 537 Repair Expense,183.1 Accum. Depr.–Big Screen TV 540 Depr. Exp.–Buildings, 541 Depr. Exp.–Surround Sound Sys.,Liabilities 542 Depr. Exp.–Fishing Boats,,202 Accounts Payable 543 Depr. Exp.–Big Screen TV,219 Wages Payable 546 Satellite Programming. Exp., 548 Subscriptions Expense,Owner’s Equity ,311 Bob Night, Capital ,312 Bob Night, Drawing ,313 Income Summary , ,, , The following transactions took place during May 20– ,,May ,1 In order to provide snacks for guests on a 24 hour basis, Night signed a contract with Snack Attack. Snack Attack will install vending machines with food and drinks and pay a 10% commission on all sales. Estimated payments are made at the beginning of each month. Night received a check for $200, the estimated commission on sales for May., ,2 Night purchased a surround sound system and big screen TV with a Digital Satellite System for the guest lounge. The surround sound system cost $3,600 and has an estimated useful life of 5 years, and no salvage value. The TV cost $8,000 and has an estimated useful life of 8 years, and a salvage value of $800. Night paid cash for both items., ,2 Paid for May’s programming on the new Digital Satellite System, $125., ,3 Night’s office manager returned $100 worth of office supplies to Gordon Office Supply. Night received a $100 reduction in our account with Gordon., ,3 Deposited registration fees, $52,700, ,3 Paid rent for lodge and campgrounds for the month of May, $40,000., ,3 In preparation for the purchase of a nearby campground, Night invested an additional $600,000. , ,4 Paid Gordon Office Supply on account, $400., ,4 Purchased the assets of a competing business and paid cash for the following: land $100,000, lodge $530,000 and fishing boats $9,000. The lodge has a remaining useful life of 50 years and a $50,000 salvage value. The boats have remaining lives of 5 years and zero salvage value. , ,5 Paid May’s insurance premium for the new camp, $1,000, ,5 Purchased food supplies from Acme Super Market on account, $22,950., ,5 Purchased office supplies from Gordon Office Supplies on account, $1,200. ,7 Night paid $40 each for one-year subscriptions to Fishing Illustrated, Fishing Unlimited, and Fish Master., ,10 Deposited registration fees, $62,750, ,13 Paid wages to fishing guides, $30,000., ,14 A guest because ill and was unable to stay for the entire week. A refund was issued in the amount of $1,000., ,17 Deposited registration fees, $63,000., ,19 Purchased food supplies from Acme Super Market on account, $18,400., ,21 Deposited registration fees, $63,400, ,23 Paid $2,500 for advertising spots on National Sports Talk Radio, ,25 Paid repair fee for damaged boat, $ 850., ,27 Paid wages to fishing guides, $30,000., ,28 Paid $1,800 for advertising spots on billboards in the mid-west., ,29 Purchased food supplies from Acme Super Market on account, $14,325., ,30 Paid utilities bill, $3,300, ,30 Paid telephone bill, $1,800., ,30 Paid Acme Super Market on account, $47,350., ,31 Bob Night withdrew cash for personal use, $7,500., , ,Adjustment information at the end of May is provided below. , ,a. Total vending machine sales were $2,300 for the month of May.,,b. Straight-line depreciation is used for the 10 boats purchased on April 2nd for $60,000. The useful life for these assets is 5 years and there is no salvage value. A full month’s depreciation was taken in April on these boats.,,c. Straight line depreciation is used for the 2 boats purchased in May.,,d. Straight line depreciation is used to depreciate the surround sound system. ,,e. Straight line depreciation is used to depreciate the big screen TV.,,f. Straight line depreciation is used for the building purchased in May.,,g. On April 2nd Night paid $9,000 for insurance during the six-month camping season. May’s portion of this premium was used up during this month.,,h. Night received his May issues of Fishing Illustrated, Fishing Unlimited, and Fish Master.,,i. Office supplies remaining on hand, $150.,,j. Food supplies remaining on hand, $5,925.,,k. Wages earned, but not yet paid, at the end of May, $6,000., ,REQUIRED,,1. Enter the above transactions in a general journal. Enter transactions from May 1-4 on page 5, May 5-28 on page 6, and the remaining entries on page 7.,,2. Post the entries to the general ledger. (If you are not using the working papers that accompany this text, you will need to enter the account titles and account numbers in the general ledger accounts.),,3. Prepare a trial balance on a work sheet.,,4. Complete the work sheet.,,5. Prepare the income statement.,,6. Prepare the statement of owner’s equity,,7. Prepare the balance sheet.,,8. Journalize the adjusting entries on page 8 of the general journal.,,9. Post the adjusting entries to the general ledger.,,10. Journalize the closing entries on page 9 of the general journal.,,11. Post the closing entries to the general ledger.,,12. Prepare a post-closing trial balance.,

A federal regulation sets a quantitative limitation on the amount

A federal regulation sets a quantitative limitation on the amount of a certain pollutant that may be emitted fro industrial smoke stacks. Your state also has a standard, but the permisissible amount is lower, in determining whether the state’s standard is applicable, a courts decision will depend upon,A) the way in which the balance of intersts(state verses federal) is best served,B) whether the state standard tends to interface with the purpose of the federal regulation,C) the way in which the balance of interest(helath verses economics) is best served,D) whether the state standard tends to be more restrictive or more permissive than the federal standard

Problem 8-66 Profit-sharing plan at oechst

Problem 8-66 ,,Profit-sharing plan at oechst Celanese ,Hoechst Celenase, a pharmaceutical manufacturer, has used a profit-sharing plan, the Hoechst Celanese Performance Sharing Plan, to motivate employees. To operationalize the plan, the Hoechst Celanese executive committee set a target earnings from operations (EFO). This target was based on the company’s business plans and the economy’s expected performance. The performance sharing plan also used two other critical values: the earnings from operations threshold amount and the earnings from operations stretch target. The targets for 1994 are shown here: ,,Threshold Target Stretch ,EFO EFO EFO ,$250M $320M $390M , Earnings from Operations ,,The plan operates as follows. If earnings from operations fall below the threshold value, there is no profit sharing. If earnings from operations lie between the threshold amount and the target, the profit-sharing percentage is prorated between the threshold award of 1% and the target payment of 4%. For example, if earnings from operations were $285 million, the profit-sharing percentage would be 2.5%: ,,Profit-sharing percentage=1% +{3%*[(285-250)/(320-250)]}=2.5% ,Profit-sharing pool=2.5%*$285,000=$7,125,000 ,,If earnings from operations are between the target and the stretch target, the profit-sharing percentage is prorated between the target payment of 4% and the stretch-sharing payment of 7%. For example, if earnings from operations were $350 million, the profit-sharing percentage would be 5.29%, and the profit-sharing pool would be $18.5 million: ,,Profit-sharing percentage=4%+{3%*[(350-320)/(390-320)]} , 5.28571% ,Profit-sharing pool=5.28571%*$350,000,000=$18,500,000 ,,If earnings from operations equal or exceed the stretch target level, the profit-sharing pool would be $27.3 million: ,,Profit-sharing pool=7%*$390,000,000=$27,300,000 ,,,a. List, with explanations, what you think are desirable features of the Hoechst Celanese Performance Sharing Plan. ,,,,b. List, with explanations, what you think are the undesirable features of the Hoechst Celanese Performance Sharing Plan. ,,,,c. The EFO for 1994 was $332 million. Compute the size of the profit-sharing pool. ,,,,d. In 1995, th Performance Sharing Plan parameters were threshold Efo-$420 million; targt EFO – $490 million; and stretch EFO – $560 million. What do you think of the practice of raising the parameters from one year to the next?

Burt, CPA issued an unqualifed opinion on an financial statement

Burt, CPA issued an unqualifed opinion on an financial statement of Midwest Corp. These financail statements were included in Midwests annual report, and Form 10K was filed with the SEC. As a result of Burts reckless disregarded for GAAS material misstatements in the financial statements were not detected. Subsequenetly, Davis purchased stock in Midwest in the secondary market without ever seeing Midwests annual report or Form 10K. Shortly thereafter, Midwest became insolvent and the price of the stock declined drastically. Davis sued Burt for damages based on Section 10(b) and Rule 10b-5 of the securities exchange act of 1934, Burts best defense os that,A) there has been no subsequent sale for which a loss can be computed,B) Davis did not purchase the stock as part of an initial offering,C) Davis did not rely on the financial statements or Form 10-K,D)Davis was not in pivity wit Burt

16. Calculate the present value of an annual payment of $3,000

16. Calculate the present value of an annual payment of $3,000 per year for ten years at 8% (ordinary annuity) ,,17. How much will you have at the end of the 6th year if you invest $5,000 annually for six years at 7% annual rate, if you start one year from today?,, Calculate the present value for # 18, 19, and 20, if the discount rate is 12%., , 18. $45,000 today in one lump sum., 19. $70,000 paid to you in seven equal payments of $10,000 at the end of each of the , next seven years.,,20. $80,000 paid in one lump sum 7 years from now.,,21. Your Aunt Matilda Mae makes you the following offer: $15,000 upon graduation in one year or $18,000 upon MBA graduation in 3 years. Which offer should you take if current rates are 14%,

Airline has 3 cockpit positions, flight officer, cockpit, and

Airline has 3 cockpit positions, flight officer, cockpit, and pilot. It has been policy of requiring flight officers to advance to the post of pilot or be fired, a progression that takes about 10 to 15 years. The FAA requires retirement at age 60. Applicant is 45 years old and otherwise fully qualifies. Airline rejects her application on the basis of its policy of bot hiring flight officers over the age of 30. Applicants files suit. At trial, evidence is presented showing that the incedence of aviation accident decreases as a pilot gains experience and that the best experience for airline purposes is acquired by flying in airlines 3 cockpits positions. Applicants will most likely,A) lose because age is permissable basis for discrimination,B) lose because Airline has a bona fide occupational qualification defense,C) win because the BFOQ defense applies only to discrimination based on sex, religion, and national origin,D) win because the age discrimination in employment act applices to person at least 40 but not yet 65

3. For the following income statement and balance sheet, fill in

3. For the following income statement and balance sheet, fill in the missing information for the calendar year ending December 31.,,Sales ($) 600,000__________, COGS 200,000, Gross Profit 400,000__________, Expenses 300,000, EBIT (Operating Income)100,000___________, Interest Expense 10,000, EBT 90,000___________, Tax Expense(40%) 36,000, Net Income 54,000___________,, Retained Earnings, (Jan 1) 150,000, Dividends Paid 25,000,,,,,,,All assets, liabilities, and equity items are as of the end of the year., Current Assets $150,000, Non-current Assets ____________, Total Assets ____________, Current Liabilities $ 75,000, Long-term Liabilities ____________, Total Liabilities $ 171,000_____, CS and Capital in excess of par $ 300,000, Retained Earnings ____________, Total Stockholders’ Equity ____________,,,

Prepare the necessary journal entries to record the following

Prepare the necessary journal entries to record the following transactions relating to the long-term issuance of bonds by Titus Co.:,,January 1,Issued $600,000 face value, 8%, 5-year bonds for $651,000, a 6% yield. Interest is payable semiannually on January 1 and July 1. The bonds are callable at 102.,,July 1,Paid semiannual interest on the bonds. Use effective-interest amortization of any discount/premium.,,December 31,Accrued semiannual interest on the bonds,