The following items were taken from the post adjusted trial balance of Flip Company. (All balances are normal.) Mortgage payable $ 1,443 Accumulated depreciation 3,655 Prepaid expenses 880 Accounts payable 1,444 Equipment 11,000 Notes payable after 2013 1,200 Long-term investments 1,100 Flip's capital 13,480 Short-term investments 3,690 Accounts receivable 1,696 Notes payable in 2013 1,000 Inventories 1,756 Cash 2,100 Instructions: Prepare a classified balance sheet in good form as of December 31, 2012.

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The following information is available for Flip Company: Beginning inventory 600 units at $4 First purchase 900 units at $6 Second purchase 500 units at $7.20 Assume that Flip uses a periodic inventory system and that there are 700 units left at the end of the month. Instructions: Compute the cost of ending inventory and Cost of Good Sold under the (a) FIFO method. (b) LIFO method. (c) Average-cost method

Prepare journal entries to record the following transactions entered into by Flip Company: 2012 June 1 Received a $10,000, 12%, 1-year note from Flop as full payment on her account. Nov. 1 Sold merchandise on account to Flap, Inc. for $12,000, terms 2/10, n/30. Nov. 5 Flap, Inc. returned merchandise worth $500. Nov. 9 Received payment in full from Flap, Inc. Dec. 31 Accrued interest on Flop's note. 2013 June 1 Flop honored her promissory note by sending the face amount plus interest. No interest has been accrued in 2013

Flip earns a salary of $7,500 per month during the year. FICA taxes are 8% on the first $100,000 of gross earnings. Federal unemployment insurance taxes are 6.2% of the first $7,000; however, a credit is allowed equal to the state unemployment insurance taxes of 5.4% on the $7,000. During the year, $25,600 was withheld for federal income taxes and $5,700 was withheld for state income taxes. Instructions (a) Prepare a journal entry summarizing the payment of Flip’s total salary during the year. (b) Prepare a journal entry summarizing the employer payroll tax expense on Flip’s salary for the year. (c) Determine the cost of employing Flip for the year.

The feasible region shown below is bounded by lines 2x ? Y = 4, x + y = 3, and y = 0. Find the coordinates of corner point A. Show work.

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