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Accounting for Fitness Solutions

Congratulations! You just graduated with a business degree and accepted a new position with the investigative unit of the FBI's white-collar crimes division. You are a leader on a team of law enforcement investigators called to examine alleged accounting fraud at Fitness Solutions. Fitness Solutions, headquartered in Dallas,

Analyzing the Effect of Business Transactions

Details: Your friend, Don Jones, has provided you with the following information about his new home inspection business, which he is operating as a sole proprietorship. Using the accounting equation, analyze and report Don's business transactions for the months of September, October and November. Since Don is planning to do his

Accounting: Lynam Company

1. Lynam Company's fixed budget for the 1st quarter of calendar year 2007 revealed the following. Prepare flexible budgets that show variable costs per unit, fixed costs, and 3 different flexible budgets for sale volumes of 6,000, 7,000 and 8,000 units. Sales (7,000 units) $2,800,000 Cost of Goods

Cost Flow Assumption for Jeanette Corporation

The president of Jeanette Corporation is in a dilemma regarding which inventory method (LIFO or FIFO) to use. The controller of Jeanette Corporation provides the following list of factors that should be considered before making a choice. 1. Jeanette Corporation has borrowed money during the current month and has entered into a

Account Multiple Choice questions.

1. A business organized as a corporation A) is not a separate legal entity in most states. B) requires that stockholders be personally liable for the debts of the business. C) is owned by its stockholders. D) has tax advantages over a proprietorship or partnership. 2. A business organized as a separate legal

KX Corporation: Produce vs. Buy Stools

KX Corporation makes stools and tables. The company can sell as many stools and/or tables as it can produce, buts machine-hour capacity is limited. Revenue and cost data for each unit are given as follows: Stool Table Selling Price

EEC full costing/absorption costing

EEC currently uses a basic standard cost system. Management knows very little about other concepts of costing and the benefits of having multiple costing methods. Your superior has asked that you and your team put together a presentation to management explaining various costing concepts as it relates to EEC. As an EEC corpor

Basic EPS and Effect

Please see attached. Thrifty Co. reported net income of $465,000 for its fiscal year ended January 31, 2009. At the beginning of that fiscal year, 200,000 shares of common stock were outstanding. On October 31, 2008, an additional 60,000 shares were issued. No other changes in common shares outstanding occurred during the yea


McDonald (In millions of USD) 2008 2007 2006 Net sales $23,522.40 $ 22,786.60 $20,895.20 Acct Recv 931.20 1,053.80 806.90 2008 23522.40/(1053.80+931.20)/2 = 23522.4/1985 =23.70 times or 15 days 2007 22786.6/(1053.80+806.9)/2= 22786.6/930.35=24.50 times or 15 days" now to compare it to Burger King (BKC) 2008

Taxation - Blue Corporation

Can you help me get started with this assignment? Paul, Janie, and Kyla, incorporate their perspective businesses and form Blue Corporation. On April 1 of the current year, Paul exchanges his property (the basis of 50,000 and value of 150,000) for 150 shares in Blue Corp. On May 15, Janie exchanges her property (the basis of

Net cash provided by operating activities

I am trying to figure out how to compute the net cash provided by operating activities and how to explain why the net cash provided by operating activities is greater than the net income? The company had net earnings of 2,408 million in the first fiscal year ending January 28...the following info is in millions year end

Sustainable rate of growth

The Green Giant has a 5% profit margin and a 40% dividend payout ratio. The total asset turnover is 1.40 and the equity multiplier is 1.50. What is the sustainable rate of growth? A. 6.30% B. 6.53% C. 6.72% D. 6.80% E. 6.83%

Total Asset Cost

Bet'r Bilt Toys just purchased some MACRS 5-year property at a cost of $230,000. Which of the following will correctly give you the book value of this equipment at the end of year 2? MACRS 5-Year property Year Rate 1 20.00% 2 32.00% 3 19.20% 4 11.52% 5 11.5

Absorption Cost and Variable Cost

Name: ______________________________ Jarbee Company, which has only one product, has provided the following data concerning its most recent month of operations: Selling price $129 Units in beginning inventory 500 Units produced 3,600 Units sold 3,800 Units in ending inventory 300 Variable costs pe

Segment and Interim Reporting

The following information for Quadrado Corporation relates to the three-month period ending September 30, 2009. Units Price Per Unit Sales....................110,000 $20 Beginning Inventory........20,000 12 Purchases.................100,000 14 Ending Inventory...........10,

Cash is king

What does the phrase "cash is king" mean to you?

Comprehensive intangible assets: Montana Matt's Golf Inc

Montana Matt's Golf Inc was formed on July 1,2006, when Matt Magilke purchased the old master golf company. Master provides video golf instructions at kiosks in shopping malls. Magilke plans to integrate the instruction business into his golf equipment and accessory stores. Magilke paid $750,000 cash for old master. At the time

Marshall Co: calculate earnings per share; reporting method for 20-50% ownership.

1. At December 21, 2004, Marshall Company had 500,000 shares of common stock issued and outstanding, 400,000 of which had been issued and outstanding throughout the year and 100,000 of which were issued on October 1, 2004. Net income for the year ended December 31, 2004, was $765,000. What should be Marshall's 2004 earnings p

Governmental and Not-for-Profit Accounting Multiple Choice

1. The traditional business model of accounting is inadequate for governments and not-for-profit organizations primarily because businesses differ from governments and not-for-profit organizations in that a. They have different missions b. They have fewer assets c. Their assets are intangible d. Taxes are a major expenditu

Accounting Multiple Choice Questions

All questions regading Use of Cost and Equity Methods. Can you help me get started with this assignment? ----------------- 1. Peel Company received a cash dividend from a common stock investment. Should Peel report an increase in the investment account if it uses the cost method or equity method of accounting? Cost Equi

Accounting Multiple Choice Questions: Goodwill, Depreciation.

1. Topper Company established a subsidiary and transferred equipment with a fair value of $72,000 to the subsidiary. Topper had purchased the equipment with an expected life of 10 years 4 years earlier for $100,000 and has used straight-line depreciation with no expected residual value. At the time of the transfer, the subsidiar

Acton Company: Compute overhead rate, overhead cost/unit, predetermined overhead

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. Product A requires 0.3 direct labor hours per unit and Product B requires 0.2 di