Melanie Mielke Construction Corporation is considering the appropriate accountingfor two unrelated events during the year. The first event related to the effects of alabor strike that resulted in a work stoppage on a major construction project.$2,000,000 of building material that was left exposed to weather conditions duringthe strike was lost. The second event was a $3,000,000 unrealized gain onavailable-for-sale securities that continue to be held as an investment.Melanie Mielke’s annual sales were $9,000,000, at a gross margin of 15%. Sellingexpenses totaled $300,000, and administrative expenses totaled $800,000.Mielke is subject to a 30% income tax rate.Prepare the 20XX income statement for Melanie Mielke Construction Corporation.MELANIE MIELKE CONSTRUCTION COMPANYIncome StatementFor the Year Ending December 31, 20XXSales$Cost of goods sold-Gross profit$-Operating expenses$-Loss from continuing operations before tax benefit$Income tax benefit from operating loss-Net loss$-Other comprehensive income$-Comprehensive income$-The accountant for Rimmerex Corporation used a spreadsheet to prepare informationneeded to prepare the statement of cash flows for the year ending December 31, 20X5.However, the data were accidentally sorted alphabetically into the following listing ofitems.To compound the problem, the "add" and "subtract" notations for each lineitem were also deleted. Review the information, and prepare a correct presentation,using the indirect approach. The beginning cash balance was $63,800, and the endingcash balance was $415,000.Bought building by issuing common stock$850,000Decrease in accounts payable34,000Decrease in accounts receivable21,000Depreciation expense68,000Dividends on common50,000Gain on sale of land20,000Increase in income taxes payableIncrease in inventoryIncrease in prepaid insuranceNet incomePurchase of equipment7,00027,8003,000215,00075,000Repayment of long-term note payable180,000Sale of land430,000RIMMEREX CORPORATIONStatement of Cash FlowsFor the Year Ending December 31, 20X5Cash flows from operating activities:Cash flows from investing activities:Cash flows from financing activities:Net increase in cash$Cash balance at January 1, 20X5Cash balance at December 31, 20X5-$-$———————————————————————————–Noncash investing/financing activities:Ashley Corporation provided the following list of cost data related to its manufacturingoperations for the month of September 20X4.Beginning raw materials inventory$966,400Raw materials purchased (net)2,345,500Ending raw materials inventory818,200Direct labor costs322,300Indirect materials125,500Indirect laborFactory utilities and maintenance88,900456,000Factory depreciation56,600Other factory related overhead24,400Beginning work in process777,000Ending work in process717,000(a)Arrange the cost data into a statement of cost of goods manufactured.(b)If Ashley’s cost of goods sold for the month was $4,000,000, how much was theincrease or decrease in finished goods inventory for the month of September?(a)ASHLEY CORPORATIONSCHEDULE OF COST OF GOODS MANUFACTUREDFOR THE MONTH ENDING SEPTEMBER 30, 20X4Direct materials:$-$-Raw materials transferred to production$Direct labor-Factory overhead$-Total manufacturing costs$-$-Cost of goods manufactured(b)$-Bright Eyes manufactures and sells two products. The first product is a disposable contactlens set that lasts about 3 months. The second product is a wetting solution. Customers ofthe first product use one bottle of solution each month. As a result, bottles of solutionoutsell lens sets by a 3:1 ratio. Lens sets sell for $36 per set, and have a contributionmargin ratio of 50%. The solution sells for $6 per bottle, but only generates variable costsof $1. The company’s total fixed costs are $9,900,000.(a)What level of total sales is necessary to achieve break even?(b)If a competitor began selling a wetting solution that forced Bright Eyes to reduce theprice for its solution to $3 (to maintain market share and the 3:1 ratio of solution tolens), how many lens sets must be sold for the company to break even?(a)(b)
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