...A. Background Burberry was founded in 1856 when 21 year old Thomas Burberry, a former apprentice to a country draper, opened an outfitters shop in Basingstoke, Hampshire, England. Business thrived and by 1870 Burberry became known as an 'emporium' with an increased focus on the development of outdoor wear for local residents and visiting sportsmen who frequented the store. In 1879, Thomas Burberry invented gabardine - a breathable fabric made using an innovative process whereby the yarn was waterproofed before weaving. This fabric was not only water-resistant but also extremely durable. A patent was taken out in 1888. In 1891, Thomas Burberry opened his first shop in London at the Haymarket, now the site of Burberry's corporate headquarters. In 1901, Burberry was commissioned by the War Office to design a new service uniform for British officers. The Burberry check, registered as a trademark, was introduced as a lining to the trench coat in 1924. Soon the red, camel, black and white check became synonymous with Burberry. Burberry also played an important part in aviation, producing specially designed garments for aviators. The Burberry check had been primarily used as a coat lining until a presentation in 1967 saw the trademark design applied to umbrellas, luggage and scarves. In 1970, Burberry opened a New York flagship store at East 57th Street. The 1980s were a period of retail development in the United States. Burberry complemented the New York flagship with store openings...
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...Accounting – Assignment 1 Question 1 | | The following are selected 2011 transactions of Darby Corporation. Sept. 1 | | Purchased inventory from Orion Company on account for $53,800. Darby records purchases gross and uses a periodic inventory system. | Oct. 1 | | Issued a $53,800, 12-month, 9% note to Orion in payment of Darby’s account. | 1 | | Borrowed $77,600 from the bank by signing a 12-month, non—interest—bearing $81,900 note | Prepare journal entries for each transaction Date | | Account Titles | | Debit | | Credit | Sept. 1 | | Purchases | | 53,800 | | | | | | Accounts Payable | | | | 53,800 | | Oct. 1 | | Accounts Payable | | 53,800 | | | | | | Notes Payable | | | | 53,800 | | Oct. 1 | | Cash | | 77,600 | | | | | | Notes Payable | | | | 77,600 | Prepare adjusting entries at December 31, 2011 Date | | Account Titles | | Debit | | Credit | Dec. 31 | | Interest Expense | | 1,211 | | | | | | Interest Payable ($53,800 × 9% × 3/12) | | | | 1211 | | Dec. 31 | | Interest Expense | | 1075 | | | | | | Notes Payable [($81,900 − $77,600) × 3/12] | | | | 1075 | Calculate the net liability, in total, to be reported on the December 31, 2011 balance sheet for the following Note payable | | $ | 53,800 | Interest payable | | | 1,211 | | | $ | 55,011 | | Note payable | | $ | 77,600 | ...
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...Journalize the transactions (Step 1) Post journal entries and get balance for each account (Step 2) Prepare a Trial Balance (Step 3) Kendall Consulting Inc. Trial Balance October 31, 2012 | Debit | | Credit | Cash | $35,200 | | | Accounts Receivable | 0 | | | Supplies | 500 | | | Prepaid Rent | 3,000 | | | Computer | 4,800 | | | Notes Payable | | | $10,000 | Accounts Payable | | | 4,800 | Unearned Service Revenue | | | 2,800 | Common Stock | | | 20,000 | Dividends | 1,400 | | | Service Revenue | | | 7,300 | | $44,900 | | $44,900 | | | | | | | | | | | | | | | | | | | | | | | | | Journalize adjusting entries (Step 4) GENERAL JOURNAL | Date | Account Titles and Explanation | Debit | Credit | | Adjusting Entries | | | Oct 31 | Rent Expense | $1,000 | | | Prepaid Rent | | $1,000 | | (To record used October rent) | | | Oct 31 | Unearned Service Revenue | $800 | | | Service Revenue | | $800 | | (To record revenue for services performed) | | | Oct 31 | Supplies Expense | $200 | | | Supplies | | $200 | | (To record supplies used) | | | Oct 31 | Depreciation Expense - Computer | $80 | | | Accumulated Depreciation - Computer | | $80 | | (To record monthly depreciation of computers) | | | Oct 31 | Salaries and Wages Expense | $600 | | | ...
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...in 1912 and is located in Fresno County; near the center of California in the heart of the agricultural-rich San Joaquin Valley. Residents of the city enjoy a lower-than-average unemployment rate of 9.1% (compared to the 2011 Fresno County average of 16% and businesses within the city are poised to take advantage of the area’s highest per-capita taxable spending. Clovis is a full-service city and has been operating with a budget surplus for greater than ten fiscal years. Through a combination of appropriate spending controls, fee and tax level adjustments, and reserves for future emergencies, the city ended 2011 with total assets of $900M (up 2% over the prior year) and total liabilities of $253M (down 3% over the prior year). The accounting department within the City of Clovis has received annual recognition via a Certificate of Achievement for Excellence in Financial Reporting for the preceding twenty three years. Additionally, for the July 1, 2011 budget document, the city received the Government Finance Officers Association Distinguished Budget Presentation award for proficiency in: Policy Document Inclusion, Financial Plan competence, City Operations guides, Governmental Communications. Part 1: CAFR Analysis As is the case with all full-service cities, the City of Clovis prepares an annual Comprehensive Annual Financial Report (CAFR). The CAFR is divided into major sections, as follows: * Introductory Section * Financial Section * Statistical Section ...
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...Managerial Acct 505 Project a PROJECT A - Case 9-30 Accounting 505 Student Name: SALES BUDGET: Budgeted unit sales Selling price per unit Total Sales April 65,000 10 650,000 May 100,000 10 1,000,000 June 50,000 10 500,000 SCHEDULE OF EXPECTED CASH COLLECTIONS: February sales March sales April sales May sales June sales Total Cash Collections 70%, 10% 20%,70%,10% 20%,70% 20% 10% April 26,000 280,000 130,000 May June 40,000 455,000 200,000 695,000 65,000 700,000 100,000 865,000 436,000 MERCHANDISE PURCHASES BUDGET: Budgeted unit sales Add desired ending inventory (40% of next months sales) Total needs Less beginning inventory Required purchases Cost of purchases @ $4 per unit April 65,000 40,000 105,000 26,000 79,000 316,000 May 100,000 20,000 120,000 40,000 80,000 320,000 June 50,000 12,000 62,000 20,000 42,000 168,000 BUDGETED CASH DISBURSEMENTS FOR MERCHANDISE PURCHASES: April Accounts payable 100,000 April purchases 158,000 May purchases June purchases Total cash payments 258,000 May 158,000 160,000 318,000 June 160,000 84,000 244,000 Cash balance Add collections from customers EARRINGS UNLIMITED CASH BUDGET FOR THE THREE MONTHS ENDING JUNE 30 April May 74,000 50,000 436,000 695,000 June 50,000 865,000 Total cash available Less Disbursements Merchandise purchases Advertising Rent Salaries Commissions Utilities Equipment purchases Dividends paid Total Disbursements Excess (deficiency) of receipts over disbursements Financing: Borrowings Repayments Interest Total...
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...1. Provide a brief historical background useful in gaining a perspective on the company and better understanding the company’s past and present relevance. What major events or decisions have shaped the company and partly explain the company’s current position and condition? What is its mission and vision, its strategic objective, source of sustainable competitive advantage? Royal Caribbean Cruise Line was founded in 1969 by Arne Wilhelmsen and Edwin Stephan. Arne and Edwin both thought it would be a great idea to start a cruise line that would provide relaxation and travel to the Caribbean for wealthy men and women that resided in Florida. Royal Caribbean’s first ship was the Song of Norway that launched in 1970 with the ability to carry 700 passengers and included a lounge area to have a drink. Later, in 1971, Royal Caribbean added two more cruise line ships called Nordic Prince and Sun Viking. In 1978 they began renovations on the Song of Norway that added an extra 164 rooms. In the 1980s Royal Caribbean added two more ships called the Song of America and Sovereign of the Seas. Sovereign of the Seas was considered to be the largest cruise liner in the world during that time, because it had the ability to carry over 2200 people and weighed in at 73,000 tons. Royal Caribbean began adding other destinations for passengers to choose from such as: Mexico, Europe, and Alaska. It also was the first cruise line to utilize the ability to book cruises on-line to make it easier and...
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...Project A | | | | | | | | | | Student Name: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | SALES BUDGET: | | | | | | | | | | | | | January | February | March | April | May | June | Quarter | July | August | Budgeted Unit Sales | | $ 20,000.00 | $ 26,000.00 | $ 40,000.00 | $ 65,000.00 | $ 100,000.00 | $ 50,000.00 | $ 215,000.00 | $ 30,000.00 | $ 28,000.00 | Selling Price per unit | | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | Total Sales | | $ 200,000.00 | $ 260,000.00 | $ 400,000.00 | $ 650,000.00 | $ 1,000,000.00 | $ 500,000.00 | $ 2,150,000.00 | $ 300,000.00 | $ 280,000.00 | | | | | | | | | | | | SCHEDULE OF EXPECTED CASH COLLECTIONS | | | | | April | May | June | Quarter | | current mo | | | | | | | | | | | next mo | February Sales | | | | | $ 26,000.00 | | | $ 26,000.00 | | following mo | March Sales | | | | | $ 280,000.00 | $ 40,000.00 | | $ 320,000.00 | | | April Sales | | | | | $ 130,000.00 | $ 455,000.00 | $ 65,000.00 | $ 650,000.00 | | | May Sales | | | | | | $ 200,000.00 | $ 700,000.00 | $ 900,000.00 | | | June Sales | | | | | | | $ 100,000.00 | $ 100,000.00 | | | Total Cash Collections | | | | | $ 436,000.00...
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...Alli Co. is a merchandising business. The account balances for Alli Co. as of November 30, 2012 (unless otherwise indicated), are as follows: 110Cash$ 73,920 112Accounts Receivable 37,875 113Allowance for Doubtful Accounts 3,500 115Merchandise Inventory 133,900 116Prepaid Insurance 3,750 117Store Supplies 2,850 123Store Equipment 100,800 124Accumulated Depreciation-Store Equipment 20,160 210Accounts Payable 21,450 211Salaries Payable 0 218Interest Payable 0 220Note Payable (Due 2017) 10,000 310P. Williams, Capital (January 1, 2012) 89,510 311P. Williams, Drawing 40,000 312Income Summary 0 410Sales 853,040 411Sales Returns and Allowances 20,600 412Sales Discounts 13,200 510Cost of Merchandise Sold 414,575 520Sales Salaries Expense 74,400 521Advertising Expense 18,000 522Depreciation Expense 0 523Store Supplies Expense 0 529Miscellaneous Selling Expense 2,800 530Office Salaries Expense 40,500 531Rent Expense 18,600 532Insurance Expense 0 533Bad Debt Expense 0 539Miscellaneous Administrative Expense 1,650 550 Interest Expense 240 Alli Co. uses the perpetual inventory system and the last-in, first-out costing method. Transportation-in and purchase discounts should be added to the Inventory Control Sheet, but since this will complicate...
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...1 K&J BAKERY INC. A SIMPLIFIED MANAGEMENT ACCOUNTING PROJECT Raymond J Elson, DBA, CPA Associate Professor of Accounting Langdale College of Business Valdosta State University Valdosta, GA 31698 229-219-1214 (office) relson@valdosta.edu Stephen M. Rice, MAcc Langdale College of Business Valdosta State University Valdosta, GA 31698 smrice@valdosta.edu Tracey McGregor Graduate Student Langdale College of Business Valdosta State University Valdosta, GA 31698 smrice@valdosta.edu 2 K&J BAKERY INC. A SIMPLIFIED MANAGEMENT ACCOUNTING PROJECT INTRODUCTION The objective of this project is to provide students with a practical application of some of the key concepts discuss in the managerial accounting course. It can be used as a half-semester long or concept driven project i.e., used along with the concepts/topics as they are introduced throughout the course. LEARNING OUTCOMES Students should be able to: 1. Identify the various costs that are part of a business environment and the three elements of product cost 2. Differentiate between the different costing systems 3. Illustrate business transactions using T-account analysis 4. Prepare the statement of cost of goods manufactured and an income statement 5. Calculate the break-even point in units and dollars, and target sales in units and dollars K&J BAKERY INC. Business Background As she sat in her Accounting I class bored while listening to the lecture on journal entries, Keisha Jones could not...
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...Company A Income Statement December 31, 20XX Sales Sales Revenue 2,000,000 Less Sales Discount (120,000) Net Sales 1,880,000 Cost of Goods Sold 1,000,000 Gross Profit 880,000 Operating Expenses Selling Expenses Selling Expenses 300,000 Depreciation Expense 40,000 Total Selling Expenses 340,000 Administrative Expenses Administrative Expenses 350,000 Depreciation Expense 60,000 Total Administrative Expenses 410,000 Total Operating Expenses 750,000 Income from Operations 130,000 Other Revenues and Gains Rental Income 50,000 Dividend Income 30,000 Interest Revenue 25,000 Total Other Revenues and Gains 105,000 Income before Taxes 235,000 Income Tax Expense 82,250 Net Income 152,750 Earnings per Share Per Share of Common Stock $40.00 Income from Operations $10.90 Income from Other Revenues and Gains $8.40 Income before Tax $21.40 Net Income $13.18 Company A Balance Sheet December 31, 20XX Assets Current Assets Cash 42,485 Accounts Receivable 165,824 Less: Allowance for Doubtful Accounts (1,850) 163,974 Inventories 499,493 Securities Available for Sale at Fair Market Value 28,250...
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...ACC 227 WEEK 9 FINAL PROJECT COST ACCOUNTING ANALYSIS To purchase this visit here: http://www.nerdypupil.com/product/acc-227-week-9-final-project-cost-accounting-analysis/ Contact us at: nerdypupil@gmail.com ACC 227 WEEK 9 FINAL PROJECT COST ACCOUNTING ANALYSIS ACC 227 Week 9 Final Project Cost Accounting Analysis Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 227 Week 9 Final Project Cost Accounting Analysis in order to ace their studies. ACC 227 WEEK 9 FINAL PROJECT COST ACCOUNTING ANALYSIS To purchase this visit here: http://www.nerdypupil.com/product/acc-227-week-9-final-project-cost-accounting-analysis/ Contact us at: nerdypupil@gmail.com ACC 227 WEEK 9 FINAL PROJECT COST ACCOUNTING ANALYSIS ACC 227 Week 9 Final Project Cost Accounting Analysis Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 227 Week 9 Final Project Cost Accounting Analysis in order to ace their studies. ACC 227 WEEK 9 FINAL PROJECT COST ACCOUNTING ANALYSIS To purchase this visit here: http://www.nerdypupil.com/product/acc-227-week-9-final-project-cost-accounting-analysis/ Contact us at: nerdypupil@gmail.com ACC 227 WEEK 9 FINAL PROJECT COST ACCOUNTING ANALYSIS ACC 227 Week 9 Final Project Cost Accounting Analysis Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 227 Week 9 Final Project Cost Accounting Analysis in order to ace their studies. ACC...
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...ACC 201 Final Project Part I Accounting Cycle Report Your Name Southern New Hampshire University Accounting records provide detail information of all transactions and events occurred in a business enterprise during the accounting year. To maintain accounting records, accounting cycle has a vital role. In this project we are going to discuss about the accounting cycle, its role in maintaining records, steps in accounting cycle, effects of omitting steps in accounting cycle on business progress, important financial statements and their importance. The accounting cycle consists of the following steps: Opening accounts in the ledger with the opening balance; identifying and recording transactions events occurred during the accounting year;...
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...Required ratios in the following table: Company name: CVS RATIO 2011 2010 2009 CURRENT RATIO 1.56:1 1.60:1 1.43:1 CURRENT CASH DEBT COVERAGE RATIO 0.51 times 0.41 times 0.31 times INVENTORY TURNOVER 10.66 times 9.01 times 9.55 times ACCOUNTS RECEIVABLE TURNOVER 17.71 times 19.58 times 18.09 times Is the overall liquidity position improving, worsening, staying the same or cannot say, between 2009 and 2011? Why do you say so? Taking into consideration the outcome from the current ratio, CVS improved from 2009 to 2010 but then it deteriorated in 2011. The most favorable liquidity positioning for current ratio was during the year 2010, that for every dollar of current liabilities the company had $ 1.60 of current assets. Although it’s important to note that this liquidity calculation and analysis is in disadvantage since it only uses the year end balances in the calculation to derive to the already stated results, which misleads the company’s position during most of the year. To correct this problem current cash debt coverage ratio presents a better picture of liquidity representation on the average day. CVS experienced a constant liquidity improvement from 2009 to 2011 When analyzing inventory turnover on 2009 the company experienced a good amount of inventory on hand relative to cost of goods sold. But when comparing this result to 2011 it reached a much higher inventory turnover improving their efficiency in its inventory management. CVS’s account receivable...
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...1. (TCOs 1 and 2) Discuss the differences between federal court and the United States Tax Court for litigating tax issues. (Points : 20) | Question 2.2. (TCOs 1, 2, 3, and 5) During the year, Marcus had the following transactions: Long-term loss on the sale of business use equipment: | $6,000 | Long-term loss on the sale of personal use camper: | $2,000 | Long-term gain on the sale of personal use boat: | $1,000 | Short-term loss on the sale of stock investment: | $3,000 | Long-term loss on the sale of land investment: | $4,000 | How are these transactions handled for income tax purposes? Explain your answer. (Points : 20) | Question 3.3. (TCOs 4 and 5) Gladys owns a retail hardware store in Tangipahoa. She is considering opening a business in Hammond, a community located 25 miles away. She incurs expenses of $60,000 in 2011 in investigating the feasibility and desirability of doing so. What amount can Gladys deduct in 2011 if the business is I. another retail hardware store which she opens in December 2011? II. another retail hardware store which she decides against opening? III. a video rental store which she opens in December 2011? IV. video rental store which she decides against opening? (Points : 20) | Question 4.4. (TCOs 4 and 5) In 2011, Jean earns a salary of $150,000 and invests $20,000 for a 20% interest in a partnership not subject to the passive loss rules. Through the use of...
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...Accounting 505 Course Project B Jodi Metzger Capital Budgeting Decision Clark Paints has been investigating possible ways to trim production costs. One option is to make their paint cans instead of purchasing them from a supplier. The company estimates that it will need to manufacture 1,100,000 paint cans over the next 5 years. They have determined that their minimum rate of return for all new projects is 12%. Upon calculating the total cost of materials, labor and other variable production costs against the cost of purchasing the paint cans from a supplier, there is an annual cash savings of $72,540 in favor of making the paint cans. There is an addition cash savings due to depreciation of $32,000 and after taxes the total positive impact to cash flows is $58,351. This amount when figured into the payback period of the new equipment cost of $200,000 will make the payback period 3.4275 years which is a positive indicator for the project which has a 5 year length. The annual rate of return has been calculated at 13.18% which is above the required 12% for new projects. The net present value of the project is a positive $33,035.36 and the internal rate of return is 17.99% which is also above the required 12% for new projects. Every indicator shows a positive impact on the company. The decision should be made to move forward with the project to manufacture their own paint cans and discontinue the purchase of paint cans from a...
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