I am severely confused by the problem, if you can just help me pinpoint what to do. P7-1A Pro Sports Inc. manufactures basketballs for the National Basketball Association (NBA). For the first 6 months of 2008, the company reported the following operating results while operating at 90% of plant capacity and producing 112,500
Computing unit product costs for two products using a conventional costing system and also computing using an activity based costing system. --------------------------- A company makes two products and uses a conventional costing system in which a single plantwise predetermined overhead rate is computed based on direct la
5 66 1. Caltex computer, operating income: $14,000 FiberCom, Inc. manufactures fiber optic cables for the computer and telecommunications industries. At the request of the company vice president of marketing, the cost management staff has recently completed a customer-profitability study. The following activity-based costing
1. Efficient portfolios are portfolios that: (A) Offer the highest rate of return for the same amount of risk. (B) Offer the lowest rate of return for the same amount of risk. (C) Offer the lowest amount of risk for the same amount of return. (D) Both A and C 2. If IS and DS are combined in a portfolio with 50% invested i
1. A security has an expected return of 10% and a standard deviation of .03. If the security is normally distributed, about 68% of the time the security return will be: (A) Between 4% and 10%. (B) Between 7% and 10%. (C) Between 7% and 13%. (D) Between 10% and 13% 2. Kids Toy Co. has had total returns over the past five y
Idaho Slopes (IS) and Dakota Steppes (DS) are both seasonal businesses. IS is a downhill skiing facility, while DS is a tour company that specializes in walking tours and camping. The returns on each company over the next year are expected to be: Economy; Idaho Slopes; Dakota Steppes Strong Downturn; -10%; 2% Mild
State of Economy - Probability - Smith Stores Returns Depression .05 -50% Recession .10 -15% Mild Slowdown .20 5% Normal .30 15% Broad Expansion
The following differences between financial and taxable income were reported by Dider Corporation for the current year. (a) Excess of tax depreciation over book depreciation $60,000 (b) Interest revenue on municipal bonds 9,000 (c) Excess of estimated warranty expense over actual exp
Recognize the loss: Can a taxpayer who realizes a loss on the exchange of like-kind property elect to recognize the loss?
A taxpayer who realizes a loss on the exchange of like-kind property can elect to recognize the loss.
A firm has fixed costs of $60 and varable costs as indicated in the table below. Complete the table. (a) Graph total fixed cost, total varable cost, and total cost. Explain how the law of diminishing returns influences the shapes of the variable-cost and total-cost curves. (b) Graph AFC, AVC ATC and MC. Explain the derivat
Please, I need help writing a memo for the assignment below. Your department's accounting software is extremely outdated, and you have included the purchase of new software in this year's fiscal budget. You have decided it is time to start looking into purchasing your company's accounting software and have chosen someone in y
Hachey Company has accounts receivable of $95,100 at March 31, 2007. An analysis of the accounts shows these amounts. Prepare entries for recognizing accounts receivable. Balance, March 31 Month of Sale 2007 2006 March $65,000 $75,000 February 12,600 8,000 December and Janu
Calculate gross pay for the current week including employee and employer payroll taxes and withholdings.
I am employed by HN Construction. Hourly rate of $32 with overtime of 1.5 times regular pay rate for all hours more than 40 per week. Total hours worked:52 Federal Income tax withheld $275 Cumulative earnings prior to the current week: $45,800 Payroll taxes: FICA Taxes-owed by both Employee and Employer: Social Security 6
Book and Tax gain for Q&J, Inc. This transaction involves a Section 1031 exchange which is carefully explained in the solution.
Five years ago, Q&J Inc. transferred land with a $345,000 book and tax basis for a different parcel of land worth $472,000. Q&J included its $127,000 realized gain in book income, but the exchange was nontaxable. This year, Q&J sold the parcel of land received in the exchange for $533,000 cash. Compute Q&J's book and tax gain on
Several Years ago McCoy's purchased a small building adjacent to it's manufacturing plant in order to have room for expansion when needed. Since the company had no immediate need for the extra space, the building was rented out to another company for rental revenue of $40,000 per year. The renter's lease will expire next month,
19. The process by which a financial transaction is recorded so that its flow through the system can be followed is called: a. Financial shadowing b. Managerial trace technique c. Concatenation d. Audit trail 20. The essential steps in performing a systems study are (in order of occurrence): a. Analysis, design, imp
The Company produces a component that is subsequently used in the aerospace industry. The component consists of three parts (A, B, and C) that are purchased from outside and cost 40, 35, and 15 cents per piece respectively. Parts A and B are assembled first on assembly line 1, which produces 140 components per hour. Part C under
Write a report that defines internal controls. List specific examples that Done Jones should use in his small business. Use the Library, the Internet, or any other resources to help you with this task. Be sure to use APA style writing. Spell check and proofread your document before posting. Remember to cite your sources.
A company has a loss that meets the requirement of a loss contingency in the amount of $500,000. The company has insurance coverage in the amount of 1,000,000 with a deductible of 250,000. What amount should be accrued for the loss contingency?
The Sonne Company produces a perfume called Whim. The direct materials and direct labor standards for one bottle of Whim are given in the attached file in a chart. During the most recent month, the following activity was recorded: a. Twenty thousand ounces of material were purchased at a cost of $2.40 per ounce. b. All o
Need help putting together and completeing a paper on accounting. ( using Coca Cola Co.) Please Google the Coca Cola Co. for specific Coca Cola info.
12. Which of the following is a change in accounting principle? a. A change in the estimated service life of machinery b. A change from FIFO to LIFO c. A change from straight-line to double-declining balance d. A change from FIFO to LIFO and a change from straight-line to double-declini
Garth Brooks Specialty Company, a division of Fresh Horses Inc., manufactures three models of gear shift components for bicycles that are sold to bicycle manufacturers, retailers, and catalog outlets. Since beginning operations in 1975, Brooks has used normal absorption costing and has assumed a first-in, first-out cost flow in
14. Actual results might differ from the static budget because _____. a. sales and other cost-driver activities were not the same as originally forecasted b. revenues or variable costs per unit of activity were not as expected c. fixed costs per period were not as expected d. all of these answers are correct 15. Effect
Assume that the tax law allows individuals to claim an itemized deduction for the cost of music lessons for the taxpayer or any member of his family. Instead of this deduction, individuals may claim the first 1000 of the cost as a nonrefundable tax credit (no carry forward or carry back of any excess credit). In each of the foll
Discuss how the following transactions would fit into the accounting equation. Fitness Solutions sold 1,250 of its $600 annual memberships to its fitness centers in 2006. Fitness Solutions earned $400,000 in revenues from providing the services of a personal trainer. Fitness Solutions reported $850,000 in sales from sell
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,
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
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
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