Ice Cream Systems (ICS)

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Ice Cream Systems (ICS): Balance sheet income statement post-closing trial balance Ice Cream Systems (ICS): Balance sheetIncome statementPost-closing trial balance

Ice Cream Systems (ICS): Balance sheet income statement post-closing trial balance

Ice Cream Systems (ICS):

  • Balance sheet
  • Income statement
  • Post-closing trial balance

    Ice Cream Systems (ICS): Balance sheet income statement post-closing trial balance Ice Cream Systems (ICS): Balance sheetIncome statementPost-closing trial balance

    Ice Cream Systems (ICS): Balance sheet income statement post-closing trial balance Ice Cream Systems (ICS): Balance sheetIncome statementPost-closing trial balance 1

    Ice Cream Systems (ICS): Balance sheet income statement post-closing trial balance Ice Cream Systems (ICS): Balance sheetIncome statementPost-closing trial balance 2

    Ice Cream Systems (ICS): Balance sheet income statement post-closing trial balance Ice Cream Systems (ICS): Balance sheetIncome statementPost-closing trial balance 3

    Ice Cream Systems (ICS): Balance sheet income statement post-closing trial balance Ice Cream Systems (ICS): Balance sheetIncome statementPost-closing trial balance 4

    Ice Cream Systems (ICS): Balance sheet income statement post-closing trial balance Ice Cream Systems (ICS): Balance sheetIncome statementPost-closing trial balance 5

    Ice Cream Systems (ICS): Balance sheet income statement post-closing trial balance Ice Cream Systems (ICS): Balance sheetIncome statementPost-closing trial balance 6

    Ice Cream Systems (ICS): Balance sheet income statement post-closing trial balance Ice Cream Systems (ICS): Balance sheetIncome statementPost-closing trial balance 7

    Ice Cream Systems (ICS): Balance sheet income statement post-closing trial balance Ice Cream Systems (ICS): Balance sheetIncome statementPost-closing trial balance 8

    Narrative of Transactions
    January 2—Paid Mass Media $4,200.00 for prepaid advertising in local newspapers for the next 12 months.
    January 2—Paid Pierce Properties $2,750.00 for January rent. Of this amount, 25% is for office facilities and

    75% is for factory facilities.
    January 2—Paid Owen’s Insurance $6,000.00 for prepaid insurance for the first quarter of the year
    January 3—Received a check from Horsfield Happy Ice Cream as partial payment on account in the amount of

    $5,000.00.
    January 3—Paid Rockaway Metal the balance of $2,873.00 on account.
    January 4—Sold two ice cream systems to Day Dreamer’s Ice Cream. The estimated direct labor is $8,200.00.
    The estimated direct material is $3,350.00. The estimated indirect material is $350.00. Day Dreamer’s is to be billed

    in the amount of $20,925.00 on account. A check for $5,000.00 will be collected as a deposit against that sale.

    The start date will be January. The date promised will be January 23. Assign the contract to Job 74.
    January 5—Mountain Swirl Ice Cream purchased and took delivery of one ice cream machine for $7,500.00.

    Record the sale and the cost of the sale. Markup is 150% of cost. Transfer cost from Finished Goods to COGS.
    January 6—Purchased indirect material on account from Electrical Systems Corp. in the amount of $3,643.00.

    Set up a new Accounts Payable account, and record the purchase.
    January 6—Purchased factory supplies on account from Grommet Supplies in the amount of $847.21.

    Set up a new Accounts Payable account, and record the purchase.
    January 9—Assign the manufacture of one ice cream machine to Job 75. A direct material requisition shows

    $1,450.00 of direct materials, and an indirect materials requisition shows $170.00 of indirect materials. A time card

    shows $3,650.00 of direct labor for the completed job. Factory overhead is based on 25% of direct labor cost.

    Transfer the completed job from Direct Material and Indirect Material to the Finished Goods account.

    When making the journal entry for applying direct labor, debit Finished Goods for the gross pay and credit

    FWT Payable and FICA Tax Payable for the appropriate amounts with the net pay going to Salaries Payable.
    January 10—Receive a check from Horsfield Happy Ice Cream as partial payment on account in the amount

    of $5,000.00.
    January 10—Receive a phone bill in the amount of $1,402.22 from Unique Telephone Systems on account.
    January 15—Paid Liberty Bank $2,435.79 for December payroll taxes payable for the amounts of FWT Payable,

    $1,613.11; FICA Tax Payable, $822.68.
    January 15—Assign Job 76 to Cold Refrigeration for the purchase of a refrigeration system. The start date will be

    January 16. The completion date will be no later than February 28. The estimated direct material is $9,175.00.

    The estimated indirect material is $1,860.00. The estimated direct labor is $15,600.00. The contract amount is

    $45,800.00. A deposit of $10,000.00 was provided by Cold Refrigeration in signing the contract. The deposit is

    unearned revenue. Half of the contract will be billed upon 50% completion with the deposit applied against that

    billing with the remaining amount due immediately. A quarter of the contract will be billed upon 75% completion

    of the contract with the amount due immediately. The remaining amount of the contract is to be billed

    when the job is 100% complete and is payable within 30 days of the billing.
    January 16—Purchased $4,441.00 of factory supplies from Johnston Equipment paid in cash.
    January 16—Purchased $2,965.00 of direct materials from Smith Synthetics on account.
    January 16—Purchased $427.50 of office supplies from OfficeMax on account.
    January 19—Apply from direct materials requisition $2,800.00 of direct materials. Apply from indirect materials

    requisition $325.00 of indirect materials. Apply from time cards $7,950.00 of direct labor to Job 74 completing the job.

    Applied factory overhead is based on 25% of direct labor cost. Transfer the completed job to the COGS account from

    Direct Material and Indirect Material and Factory Overhead accounts. When making the journal entry for applying

    direct labor, debit COGS for the gross pay and credit FWT Payable and FICA Tax Payable for the appropriate

    amounts with the net pay going to Salaries Payable.
    January 20. —Paid the electric bill from Susquehanna Electric in the amount of $2,356.21 for the month of December.

    Allocate 30% to Factory Overhead.
    January 20—Paid the FUTA Tax Payable for the previous year.
    January 20—Paid the SUTA Tax Payable for the previous year.
    January 23—Ashman Alcove Designs paid the balance on account.
    January 27—Paid O-Ring Enterprises the balance owed on account.
    January 27—Paid post office $300.00 cash for postage added to postage meter.
    January 28—Apply from direct materials requisition $4,600.00 of direct materials. Apply from indirect materials

    requisition $950.00 of indirect materials. Apply $8,000.00 (from time cards) of direct labor and factory overhead to

    Job 76, completing 50% of the job. Factory overhead is based on 25% of direct labor cost. Transfer the partially

    completed job from Direct Material and Indirect Material to WIP. When making the journal entry for applying direct

    labor, debit WIP for the gross pay and credit FWT Payable and FICA Tax Payable for the appropriate amounts with

    the net pay going to Salaries Payable. Set up the accounts receivable and bill Cold Refrigeration for 50% of the

    contract on account, applying the initial $10,000.00 deposit against the billing.
    January 29—Received a check from Cold Refrigeration in the amount of $12,900.00 on account.
    January 31—Received the following data for the monthly payroll:
    Direct labor (already recorded) $19,600.00
    Sales commission                         5,132.50
    Officers’ salaries                           5,000.00
    Office salaries                               1,920.00
    Record the monthly payroll. Direct labor payroll has already been recorded, as it was incurred in January.

    Debit other salary expense accounts for the appropriate amounts; credit FWT Payable for 15% of gross pay; credit

    FICA Tax Payable for 7.65% of gross pay; and credit Salaries Payable for the net pay. Record the payroll taxes

    imposed on the employer for all personnel for the month of January. (Prepare the “Schedule of Employer

    Payroll Taxes Allocation” using the appropriate tax rates.)
    January 31—Received a check from Messina Missions for the balance on account.
    January 31—Received a check from Horsfield Happy Ice Cream for the remaining balance on account.
    January 31—Paid all employee wages earned in January.
    1. Set up the General Ledger accounts, Accounts Receivable, and Accounts Payable accounts. Use the following blank forms (make as many copies as necessary). Insert the beginning balances from the Trial Balance and Schedules of Accounts Receivable and Payable. You can also obtain copies of the blank forms by going to the Financial Accounting section of the Penn Foster Library and selecting the Blank Forms tab

    2. Journalize the entries shown in the Narrative of Transactions for the month of January in the General Journal. Use the following blank forms (make as many copies as necessary) or print the forms from the  Financial Accounting section of the Penn Foster Library. When using the Work in Process account, be sure to post to the appropriate Job Cost Record.

    3.Post the general journal entries to the General Ledger, the Accounts Receivable Ledger, and the Accounts Payable Ledger. Use the Post Ref. column to ensure that each line item of the journal entries is posted correctly to each general ledger account. Posting from the journal to the ledger is nothing more than rearranging the information; however, focus and concentrate because it’s easy to make a mistake.

    4.Calculate the balances in the general ledger accounts. Use an Excel spreadsheet or a printing calculator to run the numbers several times. Don’t use a hand-held calculator, as it’s far too easy to make a mistake using it.

    5.Prepare the Schedules of Accounts Receivable and Accounts Payable.

    6.Prepare an Unadjusted Trial Balance using the balances from the general ledger accounts.

    1. Journalize the following adjusted entries in the general journal.
    Adjusting Entries
    January 31—Expense Prepaid Advertising for the month of January.
    January 31—Expense Prepaid Insurance for the month of January.
    January 31—Office supplies physical inventory as of January 31 is $276.21.
    January 31—Depreciation for the month of January for Factory Equipment is $2,987.12.
    Depreciation for Office Equipment is $266.99.
    January 31—Close out Factory Overhead of $190.24 to Cost of Goods Sold.

    8.Post the adjusting journal entries to their respective ledger accounts and calculate new balances for those accounts.

    9.Prepare an Adjusted Trial Balance using the balances from the general ledger accounts. Use the blank form provided in step six.

    10.Prepare an Income Statement following the formats shown in the Example Company Statements using the following blank form as a worksheet or by visiting the Financial Accounting section of the Penn Foster Library and downloading the forms:

    11.Journalize and post the closing journal entries in the general journal. Jan. 31— Prepare closing entries to close revenue and expense accounts to Income Summary and transfer the net income to Retained Earnings.

    12.Post the closing journal entries to the respective ledger accounts and calculate new balances for those accounts.

    13.Prepare a Post-Closing Trial Balance using the balances from the general ledger accounts. Use the blank form that was provided in step six.

    14. From the Post-Closing Trial Balance, create the Balance Sheet following the formats shown in the Example Company Statements using the following blank form as a worksheet or by visiting the Financial Accounting section of the Penn Foster Library and downloading the form:After creating the balance sheet, income statement, and the post-closing trial balance on the blank forms provided, the financial statements must now be typed up in one Word document and saved as a .doc or .docx file.

Discusses credit risk management in commercial banks

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Create a 26 pages page paper that discusses credit risk management in commercial banks (first bank nigeria plc).

Create a 26 pages page paper that discusses credit risk management in commercial banks (first bank nigeria plc). Credit Risk Management is one of the most crucial operations for any financial company. The financial crises occurred in USA, the Euro zone countries and in other parts of the world. It made the global economy fragile and susceptible to any kind of shocks. One of the major reasons behind the global meltdown was the lack of proper finance management practices including a poor credit risk management system by many of the top global financial corporations (George, Sinha and Murali, 2007, pp.18-19). But the financial crisis was an eye opener. It prompted the top managements of all the banks to give special attention to the management of their credit risk. The rise in competition coupled with the risk-taking attitude of individuals and enterprises have led to the invention of several financial instruments for transferring risks. This has caused much imbalance in the global financial system. Therefore further studies are required to understand the problem of credit risks and challenges that encompass it. To achieve that we need to have a better understanding of the core issues and the problems they cause. We also need to search for their solution. Taking the risk of investment is very crucial for a bank to make profit. Without risk there will be no returns. But due to that risk, assessment of such risk and ways to deal with it becomes very necessary.Any bank or financial institutions face such risks and they must balance their risk through various methods.The challenges for a bank are to survive in the current competitive market and maintain a large customer base. So it must offer a range of loans at a reasonable interest rate. But the interest rate cannot be too low or the bank would face losses. At the same time it must maintain a wide capital base to comply with the law and to avoid economic fragility. However it cannot be so large that the bank does not have much money to invest. The nature of risk management is often investigative- collecting information about the borrower and then analyzing their capacity to repay the loan. It also contains some policy prescriptions from the bank to the borrower so that the chances of default are reduced. So assessment of risk is very necessary for any financial institutions including banks to make a prudent investment decision. It is necessary for the bank to manage its portfolio by striking a balance between its risk and return. The kinds of credit risks that a modern bank faces are varied in nature. The bank may have undertaken a risk if they have provided a loan to an individual or an enterprise. The risk of loss of principal and interest if the borrower defaults on their loan is one risk that the banks have to face. The bank needs to have a sound credit management policy not only to offer loans to the right candidates but also to gain the confidence of the depositors. If the depositors lose their confidence the banks will be short of fund to offer loans. A sudden loss of confidence of the depositors may even lead to a bank run. The banks face other risks if they offer securities and other modes investments. To avoid that risk the banks must maintain a capital base to ensure its solvency. The second Basel Accord provides guidelines for the capital a bank must to give a certain amount of loan. The higher risk the bank takes the higher is the capital base it must have. Credit Risk Management thus have to comply itself with the Basel II or other financial regulatory bodies. Usually apart from core banking activities these days the banks are also involved in investment activities. Therefore for a bank it is also very important to analyze their investment and risk portfolios to balance their risk. Review of loans and portfolio analysis are two of the main functions of credit risk management.

The use of social networks

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The topic I chose to use is “The use of social networks” since it is an important topic for my point of view because there are people who can use it to good use but there are also other people who use

The topic I chose to use is “The use of social networks” since it is an important topic for my point of view because there are people who can use it to good use but there are also other people who use it to harm, hurt or make fun of someone and it can end in a bad way because just as it is good to sometimes inform us of something it is also bad to make a person feel bad and many times without knowing the person who is hurting him and what that person can commit for being verbally and psychologically assaulted. <— this is my topic for the informative speech

You must submit a preliminary (rough draft) outline of your informative speech  by 11:59 pm on 3/18. Follow the outline formats presented at the end of Chapter 8 to guide you, or feel free to use the following outline as a guide:

CASE 4-2 Supply and Demand

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CASE 4-2 Supply and Demand INSTRUCTIONS You are to follow the case instructions in the text as you complete your selected case. Items to include are outlined as follows:  500 words in length that ad

CASE 4-2 Supply and Demand

INSTRUCTIONSYou are to follow the case instructions in the text as you complete your selected case. Items to include are outlined as follows: 500 words in length that addresses all of the criteria for the selected case. Your assignment must be in current APA format.  You must support your assertions with at least two citations. In addition, you will provide a biblical application for the subject matter of the case.  Acceptable sources include peer-reviewed journal articles, FASB Codification, the textbook, and the Bible. Note: Your assignment will be checked for originality via the Turnitin plagiarism tool.

ASE 4-2 Supply and Demand INSTRUCTIONS You are to follow the case instructions in the text as you complete your selected case. Items to include are outlined as follows:  500 words in length that ad

This study source was downloaded by 100000793288509 from CourseHero.com on 03-17-2022 12:48:42 GMT -05:00 https://www.coursehero.com/file/34626224/CASE-42-Module-Week2docx/ CASE 4 ‐ 2 Supply and Demand The efficient market hypothesis is an extension of the supply and demand model.

The efficient market hypothesis (EMH.) is an extensively criticized theory that supports the concept that securities markets are really efficient in representing the information on stocks and the stock market. Once some information was available, it would directly affect the prices of the securities. As a result, studies on stock prices run by analysts such as the technical analysis and the fundamental analysis would not benefit an investor’s any higher returns than anyone else who randomly picked individual stocks (Malkiel, 2003).

In fact, if the prices are affected by the day’s news, and news are unpredictable, then the stock prices are unpredictable. Thus “ even uninformed investors buying a diversified portfolio at the tableau of prices given by the market will obtain a rate of return as generous as that achieved by experts” (Malkiel, 2003).

a Discuss the assumptions of the supply and demand model inherent in the EMH.

In order to identify the correlation between the assumptions of supply and demand and EMH, it is important to define the assumptions of perfect competition, on which the efficient market is based. Perfect competition relies on different assumptions (Fakhry, 2016):

 The number of buyers or sellers is large, therefore the price will not be affected by one buyer or one seller.

 The buyers and sellers have complete and perfect knowledge of the market prices.

 All the factors of productions such as goods and services can be employed in other industries, that is, there is perfect mobility among them.

 There are no limitations or restrictions on buying and selling as long as it is at the market price, avoiding special deals and discounts.

b Why is the securities market viewed as a good example of the supply and demand model?

The securities market is a great example because it reflects the reactions of buyers and sellers to the information available. The information is received through different channels such as financial statements, quarterly earnings reports, competitor’s financial information, released through news media, contract awards announced by the government and private contractors etc. ( Schroeder et al., 2017). As soon as new information is available, the market reacts to it.

c Discuss the three forms of the EMH.

Weak Form : according to this form, the market is efficient reflecting the information coming from the market and the historical prices do not influence future prices. If this form were correct, an investor could make decisions on securities based on their past performance and not by utilizing information provided by analysts. In addition, an investor could simply select the portfolio of securities by randomly looking at those with This study source was downloaded by 100000793288509 from CourseHero.com on 03-17-2022 12:48:42 GMT -05:00 https://www.coursehero.com/file/34626224/CASE-42-Module-Week2docx/ Powered by TCPDF (www.tcpdf.org)past high performance. This form is called weak as it relies on readily available information that anyone can get.

Semi-strong Form : because the forms are all based on the level of information provided, the semi-strong form implies the market to be efficient regardless of all publicly available information. Publicly available information is not as strong and investors cannot get great returns based on it because it has already been used to establish the securities price. Strong Form:

Schroeder, R. G., Clark, M., & Cathey, J. M. (2017). Financial accounting theory and analysis: Text and cases (12th ed.). Hoboken, NJ: Wiley.

FAKHRY, B. (2016). A literature review of the efficient market hypothesis. Turkish Economic Review, 3(3), 431-442.

doi:http://dx.doi.org.ezproxy.liberty.edu/10.1453/ter.v3i3.928 Malkiel, B. G. (2003). The efficient market hypothesis and its critics. The Journal of Economic Perspectives, 17(1), 59-82. doi:10.1257/089533003321164958