Bob and Jane Kelso file a joint tax return. The couple's AGI averages $500,000. Consequently, their total exemption amount is subject to the maximum reduction. The Kelsos provide about 90 percent of the financial support for their 20-year-old daughter, Brenda, who is a junior at San Diego State University. This year, their daug
Bird's Eye Treehouses, Inc., a Kentucky company, has determined that a majority of its customers are located in the Pennsylvania area. It therefore is considering using a lockbox system offered by a bank located in Pittsburgh. The bank has estimated that use of the system will reduce collection time by two days. Based on the fol
See attached file. The management of Rocko's Pizzeria is considering a special promotion for the last two weeks of October, which is normally a low demand period. The special promotion would involve selling two medium pizzas for the price of one, plus 1 cent. The medium pizza normally sells for $ 12.99 and has variable expen
Bill Jones, Superintended of Griggs Company's Milling Department, is very happy with his performance report for the past month. The report follows: Griggs Company Overhead Performance Report-Milling Department Actual Budget Variance Machine hours 30,000 35,000 Variable manufacturing overhead: Indirect labor
Don's company has a comprehensive budgeting system in operation for several years. Feelings vary among the managers as to the value and benefit of the system. The line supervisors are very happy with the reports being prepared on their performance, but upper management often expresses dissatisfaction over the reports being prepa
This should be an easy fix for anyone with accounting experience. I have two attachments. The first attachment is called problem and that will guide you. The second attachment is the same template used in a very similar question but with different numbers and company name. Make the necessary changes on the excel sheet using the
At year-end 2007, total assets for Bertin, Inc. were 1.2 million and accounts payable were $375,000. Sales, which in 2007 were $2.5 million, are expected to increase by 25% in 2008. Total assets and accounts payable are proportional to sales, and that relationship will be maintained. Bertin typically uses no current liabilities
A tutorial that explains how to calculate the Equilibrium price of a product, cross price elasticity of demand, Income elasticity of Demand and Elasticity of Demand. The tutorial also explains how to determine the exogenous and endogenous variables in a function.
1. Suppose the market demand curve for a Product is given by Q = 250 - 5P and the market supply curve is given by Q = -50 + 25P. 1. What are the equilibrium price and quantity in this market? 2. At the market equilibrium, what is the price elasticity of demand? 3. Suppose the price in this market is $8. What is the amou
This is a discussion question about tax provisions. A paragraph will be enough. Please explain the solution in your own words. If there is a tax provision pending before Congress that will negatively effect a transaction of a client, what would you advise your client to do? In this environment, I would advise my client to
Need help in preparing a report answering the following questions: Who are the users of accounting information in businesses? Describe each user group. What are the responsibilities of accountants to each user group? Please list references and do not copy word for word. The paper will go through Turnitin.
1. Which of the following is the most appropriate and modern definition of accounting? A) The information system that identifies, records, and communicates the economic events of an organization to interested users B) A means of collecting information C) The interconnected network of subsystems ne
Can someone please help me with the attached homework Piedmont University case 22-5 and the 4 questions on page 3 (last page)? I am a little lost and need some help and guidance.
The historical cost vs fair market value relating to national and international companies. There are four components. 1. Defining historical cost 2. Defining fair market value 3. historical cost vs. fairmarket value ( based on accounting reporting criteria) 4. comparing and contrasting accounting reporting criteria of a co
Items 8-A1, 8-A3, and 8-26 (circled). Please show all work/calculations. Any questions you may have will get quick responses. thanks! 8-A1 Flexible and Static Budgets Burton Transportation Company's general manager reports quarterly to the company president on the firm's operating performance. The company uses a budget
You are considering investing $1,000 in a complete portfolio. The complete portfolio is composed of treasury bills that pay 5% and a risky portfolio, P, constructed with 2 risky securities X and Y. The weight of X and Y in portfolio, P, are 60% and 40% respectively. X has an expected rate of return of 14% and Y has an expecte
Please help with homework problem P9-5A, see attachment. Book used Essentials of Accounting, 3rd Edition by Kimmel, Weygandt and Kieso Instructions (a) Compute the contribution margin for Divisions I and II. (b) Prepare an incremental analysis concerning the possible discontinuance of (1) Division I and (2) Division I
Candice Company has decided to introduce a new product. The new product can be manufactured by either a capital intensive method or labor intensive method. The manufacturing method will not affect the quality of the product. The estimated manufacturing costs by the two methods are as follows. Capital Intensive Labor In
Hernandex, Inc., manufactures 3 models of picture frames for a total of 5,000 frames per year. The unit cost to produce a metal frame follows: Direct Materials $8.50 Direct Labor $6.00 Variable Overhead $2.00 Fixed Overhead (70% unavoidable) $5.00
Your Company operates in 25 countries around the world and have diverse products, service and business portfolio. Your are looking at ways to maximise profits for your company as a whole and as such, you are investigating different ways to measure the performance of individual managers who each have responsibility for one part
Mr. and Mrs. WG's AGI averages $425,000, and they are in the 35 percent tax bracket. They support their 22-year-old son who is a full-time college student. Mr. and Mrs. WG are considering giving him a bond portfolio that generates $20,000 annual interest income. He could support himself with this income stream (he would be finan
Santos, Inc. currently has no debt and 30,000 shares outstanding. Current share price is $12. Management projects that EBIT is $36,000 if the economic condition is normal (the probability is 0.5), $45,000 if the economy is strong (probability 20%), and $27,000 if a recession occurs (probability 30%). Santos is considering
The following events occurred for Favata Company: a. Received $20,000 cash by organizers and issued stock to them. b. Borrowed $6,000 cash from a bank. c. Purchased land for $12,000; paid $1,000 in cash and signed a note for the balance. d. Loaned $300 to an employee who signed a note. e. Purchased $8,000 of equipment, payi
1. a.Sales in 2000 were 125 million; sales in 2005 were 275. What is the "percent of sales" in 2005 as compared to 2000? b.What is the percent increase of sales from 2000 to 2005. c.What would 2005 sales have to be to make the percent change 150%? 2. a.Using the CPI factors find the "real" sales (in mil
Level of Activity January-Low April High Number of units produced $12,000.00 $15,000.00 Cost of goods manufactured $250,000.00 $300,000.00 Work in process inventory, beginning $5,000.00 $16,000.00 Work in process inventory, ending $6,000.00 $9,000.00 Direct materials cost per unit $4.00 $4.0
Please see the attached file. 1) The job cost sheet for 1,000 units of toy trucks is: Job Number 555 Date Started 4/13 Date Completed 6/18 Raw Materials Direct Labor Date Type Cost Qty. Amount Cost Hours Amount 4/13 565 $ 3 1,000 $3,000 $18 20 $ 360 5/24 889 1 4,000 4,000 12 10 120 6/18
Please help with the following accounting problem. The Huffman Corporation manufactures a single product with the following full unit costs at a volume of 2,000 units: Direct materials $ 400 Direct labor $ 160 Manufacturing overhead (30% variable) $ 300 Selling expenses (50% variable) $ 150 Administrative expenses (10
Shateria of Zurich, Switzerland, has just introduced a new fashion watch for which the company is trying to find an optimal selling price. Marketing studies suggest that the company can increase sales by 5,000 units for each SFr2 per unit reduction in the selling price. (SFr2 denotes 2 Swiss francs.) The company's present sellin
Hi, Can someone review the below e-mail and make any suggestions/comments on how to improve the flow of the e-mail? Thanks. Hi Darren, I've been working on the Related Party Reconciliation and I am still continuing to understand and learn about the activity that is posted to this account for the off balance sheet pools.
The Hum Division of the Ho Company reported the following data for last year: Sales $800,000 Operating expenses $650,000 Interest expense $50,000 Tax expense $30,000 Stockholders' equity $200,000 Average operating assets $600,000 Minimum required rate of return 12% 9(b). The residual income for the Hum
Acton Company has two products: A and B. The annual production and sales of Product A is 800 units and of Product B is 500 units. The company has traditionally used direct labor-hours as the basis for applying all manufacturing overhead to products. The company is considering switching to an activity-based costing system for th