due in 30 mins

Question 2 The ledger of Custer Company has the following work in process account. Work in Process—Painting 5/1  Balance  4,480   5/31 Transferred out ? 5/31  Materials  7,070        5/31  Labor  3,870        5/31  Overhead  2,380        5/31  Balance  ?       Production records show that there were 550 units in the beginning inventory, 30% complete, 1,430 units started, and 1,580 units transferred out. The beginning work in process had materials cost of $2,760 and conversion costs of $1,720. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process.   Warning   Don’t show me this message again for the assignment Ok    Cancel

(a), (b) and (c) (a) How many units are in process at May 31? Work in process, May 31      units (b) What is the unit materials cost for May? (Round unit costs to 2 decimal places, e.g. 2.25.) The unit materials cost for May   $ (c) What is the unit conversion cost for May? (Round unit costs to 2 decimal places, e.g. 2.25.) The unit conversion cost for May

 

  Accounting
: Master
: Essay
: English (U.S.)
: 1 pages/275 words One source apa format 

Due in 15 hours

Required Resources

Text

Schneider, A. (2017). Managerial Accounting: Decision making for the service and manufacturing sectors (2nd ed.) [Electronic version]. Retrieved from https://content.ashford.edu/

• Chapter 9:  Managerial Decisions: Analysis of Relevant Information
• Chapter 10:  Capital Investment Decisions

 Ranking Investment Alternatives

(Problem 10-41) Grosvenor Industries has designated $1.2 million for capital investment expenditures during the upcoming year.  Its cost of capital is 14 percent.  Any unused funds will earn the cost of capital rate.  The following investment opportunities along with their required investment and estimated net present values have been identified:

ProjectNet InvestmentNPVProjectNet InvestmentNPVA$200,000$22,000F$250,000.00$30,000.00B$275,000$21,000G$100,000.00$7,000.00C$150,000$6,000H$200,000.00$18,000.00D$190,000-$19,000I$210,000.00$4,000.00E$500,000$40,000J$250,000.00$35,000.00

In your response, complete the following:

• Rank the projects using the profitability index. Considering the limit on funds available, which projects should be accepted?
• Using the NPV, which projects should be accepted, considering the limit on funds available?
• If the available investment funds are reduced to only $1,000,000:
  • Does the list of accepted projects change from Part 2?
  • What is the opportunity cost of the eliminated $200,000?

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Continue?’;     JS_RESOURCES[‘validation.option.required’] = ‘At least one option must be selected from the list.’;     JS_RESOURCES[‘validate.alignment.missing.content’] = ‘You selected alignments but did not select any alignable content to copy.’;     JS_RESOURCES[‘validate.range.morethen.str’] = ‘More Than {0}’;     JS_RESOURCES[‘validation.radio.required’] = ‘Make a selection to continue.’;     JS_RESOURCES[‘validation.negative’] = ‘A valid non-negative value must be entered: {0}.’;     JS_RESOURCES[‘validate.range.between.str’] = ‘Between {0} and {1}’;     JS_RESOURCES[‘validation.password’] = ‘Password cannot be empty or contain only spaces.’;     JS_RESOURCES[‘invalid_char.space’] = ‘space’;     JS_RESOURCES[‘common.list.separator.comma’] = ‘{0}, {1}’;     JS_RESOURCES[‘validate.invalidate.number.space’] = ‘Space’;     JS_RESOURCES[‘validation.date_past.confirm’] = ‘The time is in the past.nContinue with this time?’;     JS_RESOURCES[‘validation.date.required’] = ‘A complete date value must be provided: {0}.’;     JS_RESOURCES[‘validation.invalid_chars’] = ‘Contains illegal characters: {0}.nDelete these characters: {1}’;     JS_RESOURCES[‘validation.mismatch’] = ‘The values entered do not match: {0}.nConfirm: {0}.’;     JS_RESOURCES[‘validate.login.invalid.username.or.pass’] = ‘Enter a username and password.’;     JS_RESOURCES[‘validation.date_equal’] = ‘The start date cannot be equal to the end date.’;     JS_RESOURCES[‘validation.valid_course_id’] = ‘Course id contains illegal characters or multibyte characters.’;     JS_RESOURCES[‘validation.cmp_field.rejected’] = ‘The {0} cannot be used without a corresponding {1} value.’;     JS_RESOURCES[‘validation.percent’] = ‘A valid percent value between 0 and 100 must be entered.’;     JS_RESOURCES[‘validation.maximum_length.singular’] = ‘Must not contain more than {1} characters: {0}.nReduce the size of the input by one character.’;     JS_RESOURCES[‘validation.minimum_length’] = ‘A minimum of {0} characters must be entered: {1}.’;     JS_RESOURCES[‘active.filter.free.form.text.blank’] = ‘Specify a value for the search text field’;     JS_RESOURCES[‘validation.invalid_value’] = ‘Invalid numeric value provided: {0}.’;     JS_RESOURCES[‘validation.multiSelect.maxItems’] = ‘Multiselect box should not contain more than {0} number of items.’;     JS_RESOURCES[‘vtbe.artifact.footer.validate.nameIfSaveArtifact’] = ‘Specify a Name in order to Save as a Reusable Object.’;     JS_RESOURCES[‘validation.multiSelect.minItems’] = ‘Multiselect box should contain at least {0} number of items.’;     JS_RESOURCES[‘validate.enrolloptions.error.codeconflict’] = ‘The Access Code Enrollment option conflicts with the selection of {instructor} Led enrollment.’;     JS_RESOURCES[‘validation.maximum_length’] = ‘Must not contain more than 255 characters’;     JS_RESOURCES[‘validation.maximum_length.plural’] = ‘Must not contain more than {1} characters: {0}.nReduce the size of the input by {2} characters.’;     JS_RESOURCES[‘validate.enrolloptions.error.nooption’] = ‘Warning: Choose either the {instructor} Led or the Self-Enrollment option.’;     JS_RESOURCES[‘validation.portal.tool.items.remove’] = ‘Delete: {0}?’;     JS_RESOURCES[‘active.filter.search.terms’] = ‘Search Terms’;     JS_RESOURCES[‘assessment.incomplete.confirm.backtrackProhibited.survey’] = ‘The following questions may be incomplete:n {0}nClick cancel to return to the survey. Click Ok to save the incomplete answer.’;     JS_RESOURCES[‘warning.email’] = ‘Email address is a recommended field. Users will be unable to use parts of the system without an email address.’;     JS_RESOURCES[‘invalid_char.comma’] = ‘comma’;     JS_RESOURCES[‘assessment.incomplete.confirm.survey’] = ‘The following questions may be incomplete:n {0}nClick cancel to return to the survey. Click Ok to submit assessment.’;     JS_RESOURCES[‘validation.plain_text.confirm’] = ‘To display equations correctly in this document, Smart Text or HTML format must be selected.nClick ‘OK’ to save in selected Plain Text format or click ‘Cancel’ to select a new format.’;     JS_RESOURCES[‘validation.date_past’] = ‘The end date cannot be earlier than the start date.’;     JS_RESOURCES[‘validation.allow_negtive.percent’] = ‘A valid percent value between -100 and 100 must be entered.’;     JS_RESOURCES[‘validation.integer_number’] = ‘A valid integer numeric value must be entered: {0}.’;     JS_RESOURCES[‘validation.association.refresh.confirm’] = ‘The associated items information might have been updated.nClick ‘OK’ to refresh the list or click ‘Cancel’ to keep the current page.’;     JS_RESOURCES[‘validation.image_type’] = ‘Unknown image type: {0}. Image may not display correctly.’;     JS_RESOURCES[‘validation.system_role.reserve’] = ‘”bb” is not permitted at the beginning of a role ID.’;     JS_RESOURCES[‘validation.email’] = ‘A fully qualified email address (for example, info@blackboard.com) must be entered.’;     JS_RESOURCES[‘validation.maximum_length.no_name.singular’] = ‘Must not contain more than {0} characters.nReduce the size of the input by one character.’;     JS_RESOURCES[‘validate.invalidate.number’] = ‘Please input valid number instead of {0}.’;     JS_RESOURCES[‘validation.required’] = ‘A value must be provided: {0}.’;     JS_RESOURCES[‘list.checkToSelectAllItems’] = ‘Check to select all items’;     JS_RESOURCES[‘validation.maximum_length.no_name.plural’] = ‘Must not contain more than {0} characters.nReduce the size of the input by {1} characters.’;     JS_RESOURCES[‘validation.url’] = ‘A valid URL (for example, http://www.myschool.edu) must be entered.’;     JS_RESOURCES[‘validate.range.overlap’] = ‘criteria ({0}) overlaps criteria ({1}).’;     JS_RESOURCES[‘hide.helptext’] = ‘Hide Help Text’;     JS_RESOURCES[‘confirm.delete_item_value’] = ‘This item {0} will be deleted. Continue?’;     JS_RESOURCES[‘assessment.incomplete.confirm’] = ‘The following questions may be incomplete:n {0}nClick cancel to return to the test. Click Ok to submit assessment.’;     JS_RESOURCES[‘list.uncheckToDeselectAllItems’] = ‘Uncheck to deselect all items’;     JS_RESOURCES[‘assessment.incomplete.confirm.backtrackProhibited’] = ‘The following questions may be incomplete:n {0}nClick cancel to return to the test. Click Ok to save the incomplete answer.’;     JS_RESOURCES[‘validation.time.required’] = ‘A complete time value must be provided: {0}.’;     JS_RESOURCES[‘vtbe.artifact.footer.validate.saveLocationIfSaveArtifact’] = ‘Specify a location for the Reusable Object.’;     JS_RESOURCES[‘validation.cmp_field.required’] = ‘A value must be provided for {0}nwhen {1} field is not empty’;     JS_RESOURCES[‘active.filter.changed.alert’] = ‘criteria now contains’;     JS_RESOURCES[‘validate.enrolloptions.error.emailrequestconflict’] = ‘The selected email enrollment option conflicts with the self-enrollment selection.’;     JS_RESOURCES[‘show.helptext’] = ‘Show Help Text’;     JS_RESOURCES[‘portalmodule.section.remove’] = ‘Delete: {0}?’;      JS_RESOURCES.getString = i18n_get_string;     JS_RESOURCES.getFormattedString = i18n_get_formatted_string;  }  _init_bundle_JS_RESOURCES();     var LOCALE_SETTINGS = new Object();  function _init_bundle_LOCALE_SETTINGS() {      LOCALE_SETTINGS[‘LOCALE_SETTINGS.CALENDAR_TITLE_FORMAT_DAY.03258’] = ‘dddd, MMM d, yyyy’;     LOCALE_SETTINGS[‘BBI18N.WINDOWS_CHARSET’] = ‘ISO-8859-1’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.SHORT_SURNAME’] = ‘{3}, {1}’;     LOCALE_SETTINGS[‘number_format.thousands_sep’] = ‘,’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.CALENDAR_COLUMN_FORMAT_MONTH.03255’] = ‘ddd’;     LOCALE_SETTINGS[‘float.allow.negative.format’] = ‘^((([-]?[0-9]{1,3}(\,[0-9]{3})*)|[-]?[0-9]*)(\.[0-9]+)?|\.[0-9]+)?$’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.NAME.COLUMN_ORDER’] = ‘title,givenName,middleName,familyName,suffix,otherName’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.DAY_FULL.02098’] = ‘Sunday Monday Tuesday Wednesday Thursday Friday Saturday’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.internal_date_format’] = ‘MM/dd/yy’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.TIME_ORDER.00519’] = ‘HMP’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.date_display_pattern’] = ‘MM/DD/YY’;     LOCALE_SETTINGS[‘number_format.decimal_point’] = ‘.’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.NAME.COLUMN.1’] = ‘{0}’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.NAME.COLUMN.2’] = ‘{1}’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.NUMBERS_HIJRI.00521’] = ‘0 1 2 3 4 5 6 7 8 9’;     LOCALE_SETTINGS[‘BBI18N.SOLARIS_CHARSET’] = ‘ISO8859-1’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.AM_PM.00522’] = ‘AM PM’;     LOCALE_SETTINGS[‘float.format’] = ‘^(([0-9]{1,3}(\,[0-9]{3})*)|[0-9]*)(\.[0-9]+)?$’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.NAME.SORT_COLUMN’] = ‘familyName’;     LOCALE_SETTINGS[‘efloat.format’] = ‘^[+-]?[0-9]*(\.[0-9]+)?([eE][+-]?[0-9]+)?$’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.MONTH_FULL.02100’] = ‘January February March April May June July August September October November December’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.CALENDAR_TYPE’] = ‘GREGORIAN’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.DATE_ORDER.00519’] = ‘MDY’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.GREETING’] = ‘Welcome, {1}’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.ADDRESS_FIELD_ORDER’] = ‘STREET_1 STREET_2 CITY STATE ZIP_CODE COUNTRY’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.24HR_SUPPORT.03208’] = ‘0’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.NUMBERS_HIJRI_LOCALIZED.00521’] = ‘NO’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.DAY_CHARACTER.03253’] = ”;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.FIRST_DAY_OF_WEEK.03207’] = ‘0’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.ADDRESS_ORDER.07832’] = ‘street,city,region,postal_code,country’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.CALENDAR_COLUMN_FORMAT_DAY.03257’] = ‘dddd M/d’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.REPORT_FONT_PATH.03170’] = ‘C:/WINNT/Fonts’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.YEAR_CHARACTER.03255’] = ”;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.SHORT’] = ‘{1} {3}’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.EXTENDED_SURNAME’] = ‘{3}’;     LOCALE_SETTINGS[‘number_format.exponent’] = ‘eE’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.DAYS.00521′] = ’01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.CALENDAR_COLUMN_FORMAT_WEEK.03256’] = ‘ddd M/d’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.WORK_FIELD_ORDER’] = ‘JOB_TITLE DEPARTMENT COMPANY B_PHONE_1 B_PHONE_2 B_FAX’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.CALENDAR_TITLE_FORMAT_MONTH.03259’] = ‘MMMM yyyy’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.GIVEN_INITIAL_FAMILY_NAME’] = ‘{4} {3}’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.REPORT_FONT_SIZE.03168’] = ‘8’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.PHONE_FIELD_ORDER’] = ‘H_PHONE_1 H_PHONE_2 H_FAX M_PHONE’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.MONTH_SHORT.00520’] = ‘Jan Feb  Mar Apr  May Jun Jul Aug Sep Oct Nov Dec’;     LOCALE_SETTINGS[‘thousand.sep.format’] = ‘,’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.MONTH_FULL_HIJRI.02100’] = ‘Muḥarram,á¹¢afar,RabÄ«Ê¿’al-Awwal,RabÄ«Ê¿’ath-ThānÄ«,Jumādā’al-Ūlā,Jumādā’ath-Thāniya,Rajab,ShaÊ¿bān,Ramaḍān,Shawwāl,DhÅ«’al-QaÊ¿da,DhÅ«’al-Ḥijja’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.DAY_SHORT.02097’] = ‘SUN MON TUE WED THU FRI SAT’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.LONG’] = ‘{0} {1} {2} {3}’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.DAY_MIN.02099’] = ‘Su Mo Tu We Th Fr Sa’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.MONTH_CHARACTER.03254’] = ”;     LOCALE_SETTINGS[‘BBI18N.LINUX_CHARSET’] = ‘iso88591’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.CALENDAR_TITLE_FORMAT_WEEK.03260’] = ‘MMM d[ yyyy]{ ‘—'[ MMM] d yyyy}’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.REPORT_FONT_NAME.03169’] = ‘ARIAL.TTF’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.MONTH_SHORT_HIJRI.00520’] = ‘Muḥarram,á¹¢afar,RabÄ«Ê¿’I,RabÄ«Ê¿’II,Jumādā’I,Jumādā’II,Rajab,ShaÊ¿bān,Ramaḍān,Shawwāl,DhÅ«’al-QaÊ¿da,DhÅ«’al-Ḥijja’;      LOCALE_SETTINGS.getString = i18n_get_string;     LOCALE_SETTINGS.getFormattedString = i18n_get_formatted_string;  }  _init_bundle_LOCALE_SETTINGS();     var LOCALE_SETTINGS = new Object();  function _init_bundle_LOCALE_SETTINGS() {      LOCALE_SETTINGS[‘LOCALE_SETTINGS.CALENDAR_TITLE_FORMAT_DAY.03258’] = ‘dddd, MMM d, yyyy’;     LOCALE_SETTINGS[‘BBI18N.WINDOWS_CHARSET’] = ‘ISO-8859-1’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.SHORT_SURNAME’] = ‘{3}, {1}’;     LOCALE_SETTINGS[‘number_format.thousands_sep’] = ‘,’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.CALENDAR_COLUMN_FORMAT_MONTH.03255’] = ‘ddd’;     LOCALE_SETTINGS[‘float.allow.negative.format’] = ‘^((([-]?[0-9]{1,3}(\,[0-9]{3})*)|[-]?[0-9]*)(\.[0-9]+)?|\.[0-9]+)?$’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.NAME.COLUMN_ORDER’] = ‘title,givenName,middleName,familyName,suffix,otherName’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.DAY_FULL.02098’] = ‘Sunday Monday Tuesday Wednesday Thursday Friday Saturday’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.internal_date_format’] = ‘MM/dd/yy’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.TIME_ORDER.00519’] = ‘HMP’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.date_display_pattern’] = ‘MM/DD/YY’;     LOCALE_SETTINGS[‘number_format.decimal_point’] = ‘.’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.NAME.COLUMN.1’] = ‘{0}’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.NAME.COLUMN.2’] = ‘{1}’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.NUMBERS_HIJRI.00521’] = ‘0 1 2 3 4 5 6 7 8 9’;     LOCALE_SETTINGS[‘BBI18N.SOLARIS_CHARSET’] = ‘ISO8859-1’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.AM_PM.00522’] = ‘AM PM’;     LOCALE_SETTINGS[‘float.format’] = ‘^(([0-9]{1,3}(\,[0-9]{3})*)|[0-9]*)(\.[0-9]+)?$’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.NAME.SORT_COLUMN’] = ‘familyName’;     LOCALE_SETTINGS[‘efloat.format’] = ‘^[+-]?[0-9]*(\.[0-9]+)?([eE][+-]?[0-9]+)?$’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.MONTH_FULL.02100’] = ‘January February March April May June July August September October November December’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.CALENDAR_TYPE’] = ‘GREGORIAN’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.DATE_ORDER.00519’] = ‘MDY’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.GREETING’] = ‘Welcome, {1}’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.ADDRESS_FIELD_ORDER’] = ‘STREET_1 STREET_2 CITY STATE ZIP_CODE COUNTRY’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.24HR_SUPPORT.03208’] = ‘0’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.NUMBERS_HIJRI_LOCALIZED.00521’] = ‘NO’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.DAY_CHARACTER.03253’] = ”;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.FIRST_DAY_OF_WEEK.03207’] = ‘0’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.ADDRESS_ORDER.07832’] = ‘street,city,region,postal_code,country’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.CALENDAR_COLUMN_FORMAT_DAY.03257’] = ‘dddd M/d’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.REPORT_FONT_PATH.03170’] = ‘C:/WINNT/Fonts’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.YEAR_CHARACTER.03255’] = ”;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.SHORT’] = ‘{1} {3}’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.EXTENDED_SURNAME’] = ‘{3}’;     LOCALE_SETTINGS[‘number_format.exponent’] = ‘eE’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.DAYS.00521′] = ’01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.CALENDAR_COLUMN_FORMAT_WEEK.03256’] = ‘ddd M/d’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.WORK_FIELD_ORDER’] = ‘JOB_TITLE DEPARTMENT COMPANY B_PHONE_1 B_PHONE_2 B_FAX’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.CALENDAR_TITLE_FORMAT_MONTH.03259’] = ‘MMMM yyyy’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.GIVEN_INITIAL_FAMILY_NAME’] = ‘{4} {3}’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.REPORT_FONT_SIZE.03168’] = ‘8’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.PHONE_FIELD_ORDER’] = ‘H_PHONE_1 H_PHONE_2 H_FAX M_PHONE’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.MONTH_SHORT.00520’] = ‘Jan Feb  Mar Apr  May Jun Jul Aug Sep Oct Nov Dec’;     LOCALE_SETTINGS[‘thousand.sep.format’] = ‘,’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.MONTH_FULL_HIJRI.02100’] = ‘Muḥarram,á¹¢afar,RabÄ«Ê¿’al-Awwal,RabÄ«Ê¿’ath-ThānÄ«,Jumādā’al-Ūlā,Jumādā’ath-Thāniya,Rajab,ShaÊ¿bān,Ramaḍān,Shawwāl,DhÅ«’al-QaÊ¿da,DhÅ«’al-Ḥijja’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.DAY_SHORT.02097’] = ‘SUN MON TUE WED THU FRI SAT’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.LONG’] = ‘{0} {1} {2} {3}’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.DAY_MIN.02099’] = ‘Su Mo Tu We Th Fr Sa’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.MONTH_CHARACTER.03254’] = ”;     LOCALE_SETTINGS[‘BBI18N.LINUX_CHARSET’] = ‘iso88591’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.CALENDAR_TITLE_FORMAT_WEEK.03260’] = ‘MMM d[ yyyy]{ ‘—'[ MMM] d yyyy}’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.REPORT_FONT_NAME.03169’] = ‘ARIAL.TTF’;     LOCALE_SETTINGS[‘LOCALE_SETTINGS.MONTH_SHORT_HIJRI.00520’] = ‘Muḥarram,á¹¢afar,RabÄ«Ê¿’I,RabÄ«Ê¿’II,Jumādā’I,Jumādā’II,Rajab,ShaÊ¿bān,Ramaḍān,Shawwāl,DhÅ«’al-QaÊ¿da,DhÅ«’al-Ḥijja’;      LOCALE_SETTINGS.getString = i18n_get_string;     LOCALE_SETTINGS.getFormattedString = i18n_get_formatted_string;  }  _init_bundle_LOCALE_SETTINGS();                                 

Accounting for Pension Plans. Please respond to the following:From the e-Activity, create an argument for the use of the mark-to-market accounting method for pension accounting. Evaluate the impact of earnings volatility on financial reporting using mark-to-market accounting, and indicate whether or not you believe this is a fair representation of pension obligations.Defend the current GAAP rules for pension accounting reporting on the balance sheet and the income statement. Recommend a change you would make to the current pension accounting to more accurately reflect the future obligations of a company

  

Part 1

•Exercise 1-9A on page 40

Exercise 1-9A Components of the accounting equation 

Jones Enterprises was started when it acquired $6,000 cash from creditors and $10,000 from 

owners. The company immediately purchased land that cost $12,000. 

Required 

a. Record the events under an accounting equation. 

b. After all events have been recorded, Jones’s obligations to creditors represent what percent of 

total assets? 

c. After all events have been recorded, Jones’s stockholders’ equity represents what percent of 

total assets? 

d. Assume the debt is due. Given that Jones has $10,000 in stockholders’ equity, can the company repay the creditors at this point? Why or why not?

•Exercise 1-10A on page 40

Exercise 1-10A Components of the accounting equation 

Common Retained

Assets 5 Liabilities 1 Stock 1 Earnings

Allen $10,000 5 $7,500 1 $2,000 1 $ 500

White $12,000 5 $3,000 1 $7,200 1 $1,800 

Required 

a. Based on this information alone, can you determine whether White can pay a $2,000 cash 

dividend? Why or why not? 

b. Reconstruct the accounting equation for each company using percentages on the right side 

of the equation instead of dollar values. Which company is more financially stable? Why? 

c. Assume Allen incurs a $3,500 operating loss. The remaining assets are sold for the value 

shown on the books, and the cash proceeds are distributed to the creditors and investors. 

How much money will be paid to creditors and how much will be paid to investors? 

d. Assume White incurs a $3,500 operating loss. The remaining assets are sold for the value 

shown on the books, and the cash proceeds are distributed to the creditors and investors. 

How much money will be paid to creditors and how much will be paid to investors?

•Exercise 1-4A on page 38

Exercise 1-4A Missing information in the accounting equation 

Required 

Calculate the missing amounts in the following table. 

Stockholders’ Equity 

Company Retained 

Company Assets 5 Liabilities 1 Stock 1 Earnings 

A $ ? $25,000 48,000 $50,000 

B 40,000 ? 7,000 30,000 

C 75,000 15,000 ? 42,000 

D 125,000 45,000 60,000 ?

•Exercise 1-7A on page 39

Exercise 1-7A Missing information and recording events 

As of December 31, 2016, Moss Company had total cash of $195,000, notes payable of $90,500, 

and common stock of $84,500. During 2017, Moss earned $42,000 of cash revenue, paid $24,000 for cash expenses, and paid a $3,000 cash dividend to the stockholders. 

Required 

a. Determine the amount of retained earnings as of December 31, 2016. 

b. Create an accounting equation and record the beginning account balances under the appropriate elements. 

c. Record the revenue, expense, and dividend events under the appropriate elements of the accounting equation created in Requirement b . 

d. Prove the equality of the accounting equation as of December 31, 2017. 

e. Identify the beginning and ending balances in the Cash and Common Stock accounts. Explain why the beginning and ending balances in the Cash account are different but the beginning and ending balances in the Common Stock account remain the same.

•Exercise 1-6A on page 39

Exercise 1-6A Effect of transactions on general ledger accounts 

At the beginning of 2016, Better Corp.’s accounting records had the following general ledger accounts and balances.

BETTER CORP. 

Accounting Equation 

Acct. Titles 

Event Assets 5 Liabilities 1 Stockholders’ Equity for RE 

Notes Common Retained 

Cash Land Payable Stock Earnings 

Balance 

1/1/2016 10,000 20,000 12,000 7,000 11,000

Better Corp. completed the following transactions during 2016: 

1. Purchased land for $5,000 cash. 

2. Acquired $25,000 cash from the issue of common stock. 

3. Received $75,000 cash for providing services to customers. 

4. Paid cash operating expenses of $42,000. 

5. Borrowed $10,000 cash from the bank. 

6. Paid a $5,000 cash dividend to the stockholders. 

7. Determined that the market value of the land purchased in event 1 is $35,000. 

Required 

a. Record the transactions in the appropriate general ledger accounts. Record the amounts of 

revenue, expense, and dividends in the Retained Earnings column. Provide the appropriate 

titles for these accounts in the last column of the table. 

b. As of December 31, 2016, determine the total amount of assets, liabilities, and stockholders’ 

equity and present this information in the form of an accounting equation. 

c. What is the amount of total assets, liabilities, and stockholders’ equity as of January 1, 2017?

•Exercise 1-8A on page 39

Exercise 1-8A Account titles and the accounting equation 

The following account titles were drawn from the general ledger of Holt Food Supplies, Incorporated (HFSI): Computers, Operating Expenses, Rent Revenue, Building, Cash, Notes Payable, Land, Utilities Payable, Utilities Expense, Trucks, Gasoline Expense, Retained Earnings, Supplies, Accounts Payable, Office Furniture, Salaries Expense, Common Stock, Service Revenue, Interest Expense, Dividends, Supplies Expense.

Required 

a. Create an accounting equation using the elements assets, liabilities, and stockholders’ equity. 

List each account title under the element of the accounting equation to which it belongs. 

b. Will all businesses have the same number of accounts? Explain your answer.

Part 2

•Question 1: What is the accounting equation? Why is this important to the practice of accounting? Please provide an example of how the accounting equation works with recording transactions within a business.

•Question 2: Is there a difference between bookkeeping and accounting? Discuss.

•Question 3: Accounting reports past performance. How can this be useful when planning future operations?

1. Lara owns a 60 percent interest and Lance owns a 40 percent interest in LL Partnership, a general partnership. On January 1, 2011, Lara’s adjusted basis in her partnership interest was $60,000 and Lance’s adjusted basis for his partnership interest was $10,000. During 2011, LL Partnership had net taxable ordinary income of $50,000 and the following separately stated items: qualified dividend income of $1,000; taxable interest income of $2,600; charitable contributions of $3,000; and Section 179 expense of $20,000. During 2011, partnership liabilities decreased by $25,000 and there were no distributions made to either partner (assume liabilities are allocated in proportion to their percentage ownership of the partnership). Which of the following correctly states the basis in each partner’s interest in LL Partnership on December 31, 2011?

A. Lara: $63,360 and Lance: $12,240.

B. Lara: $65,520 and Lance: $12,680.

C. Lara: $90,360 and Lance: $30,240.

D. Lara: $92,160 and Lance: $31,440.

 

2. Ten years ago, Lisa acquired a one-third interest in Dee Associates, a general partnership. In the current taxable year, when Lisa’s entire interest in the partnership was liquidated, Dee Associates’ assets consisted of cash of $20,000 and tangible property with an adjusted basis to the partnership of $46,000 and a fair market value of $40,000 on the date of distribution. Dee Associates had no liabilities. Lisa’s adjusted basis in her one-third interest in the partnership was $22,000. Lisa received cash of $20,000 in complete liquidation of her entire interest. How much loss will Lisa recognize upon receipt of the liquidating distribution?

A. 0.

B. $2,000 short-term capital loss.

C. $2,000 long-term capital loss.

D. $2,000 ordinary loss.

 

3. Mark, Pete and Mickey are equal partners in the 2MP Partnership, a general partnership. On January 1, 2011, Mark’s adjusted basis in his partnership interest was $15,000, Pete’s adjusted basis in his partnership interest was $10,000, and Mickey’s adjusted basis in his partnership interest was $20,000. The partnership had taxable income of $30,000 in 2011 which was allocated equally among the partners. On December 31, 2011, the partnership made a non-liquidating distribution of $25,000 cash to Pete. How much income or gain did Pete recognize as a result of the distribution?

A. 0.

B. $5,000.

C. $15,000.

D. $25,000.

 

4. Ellen is a 25 percent partner in EFGH Partners, a general partnership. Ellen’s adjusted basis in her partnership interest is $18,000. During the current taxable year, Ellen received a non-liquidating distribution of land from EFGH Partners that had an adjusted basis to the partnership of $23,000 and a fair market value of $45,000 on the date of distribution. What is Ellen’s basis in the land received in the non-liquidating distribution?

A. 0.

B. $18,000.

C. $23,000.

D. $45,000.