ABC Tech Company has been growing rapidly and has recently engaged a firm as its auditor. it is actively traded over the counter (OTC) and believes it has outgrown the service capabilities of its previous auditor. However, on contacting the previous auditor it was learned that a dispute led to the firms dismissal. The client wan
Explain a chart of accounts
(1) A defined contributing plan provides for seven year vesting schedule. Fred Ziegler completes the following service Year Hours of Service 2002 1,000 2003 3
How do you put labor cost increase and higher fuel cost has caused food cost increase to your business into a contribution margin formula?
Describe the Scott Rothstein fraud case to organize the pertinent facts and issues you've found in your research. about 600 words, five references Starts with.... The fraud case affected several investors who claim that they have lost fortune in the massive scam that was brainwork of Scott Rothstein. Rothstein, along
The Clemson Company reported the following results last year for the manufacture and sale of one of its products known as a Tam. (chart attached) Clemson Company is trying to determine whether or not to discontinue the manufacture and sale of Tams. The operating results reported above for last year are expected to contin
In this position, how might you impact Texas Mutual's efforts to deliver excellent customer service?
Smith and Jones each owns tracts of land. Because of the location of their current operations, each would prefer to have the other's land. Smith and Jones agree to exchange tracts. Jones pays Smith $36,000 based upon the following data. Smith Land Jones Land Origi
Behr Paint Company manufactures and sells multiple lines of paints in various colors. Recently, with the introduction of a number of new products, management has sensed that some cost characteristics of the production process have changed. First, some of the new products require more set up time between production runs. Certa
Month Total Maintenance Cost Production Volume (units) January $1,880 1,750 units February $1,800 1,500 units March $2,200
1. Use the following information to complete A, B, and C. Laboe Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During February, the kennel budgeted for 2,900 tenant-days, but its actual level of activity was 2,940 tenant-days. The kennel has provi
A company uses a process cost accounting system and the weighted-average method. The following information is available for its current year: Goods in process, January 1, 2008.............................5,500 units, 80% complete Goods in process, December 31, 2008........................8,800 units, 40% complete Units
An ordinary asset is an asset that is held for sale in the ordinary course of a taxpayer's business (e.g. inventory) or arises from sales in the ordinary course of business (e.g. accounts receivable). Capital assets are held for investment (expecting appreciation) or are personal-use assets (e.g. a taxpayer's personal belonging
1. Total work-in-process during the period is the sum of the beginning work-in-process inventory and the total manufacturing costs incurred during the period. True False 2. The variable cost per unit is defined to be constant despite changes in the volume of activity within the relevant range. True False 3. Per
The Ski Pro Corporation, which produces and sells to wholesalers a highly successful line of water skis, has decided to diversify to stabilize sales throughout the year. The company is considering the production of cross-country skis. After considerable research, a cross-country ski line has been developed. Because of the con
ABC, Inc. is a newly organized manufacturing business this year. The following company's costs and expenses are: Sales price per unit $55 Manufacturing costs: Direct materials Direct labor Variable Manufacturing overhead Fixed Manufacturing overhead Period expenses: Variable Selling an
Compute the absorption-costing operating income for the following: B. Inventory: 0 Production: 480,000 units Ending Inventory: 30,000 units Sales: 450,000 units Selling Price = $79.20 Standard variable costs per unit: Direct Materials: $24.00 Direct Manuf labor: $6.00 Manufacturing Overhead: $14.40 Variable Marketi
(Cash flows after tax) Revenues increase by $400,000, cash operating expenses increase by $180,000, and depreciation increases by $45,000. The tax rate is 34% a. Calculate the cash flow after tax using the formula that CFAT is operating cash flows after tax plus the depreciation tax shield. b. Calculate the cash flow after t
J Income: $280,000 Revenue: $_______ Invested capital: $______ Return on sales: 7% Capital turnover: 4 Rate on return on invested capital: _____% Cost of capital: 16% Economic profit: $_____ K Income: $_____ Revenue: $_______ Invested capital: $3,000,000 Return on sales: 4% Capital turnover: _____ Rate on retur
The predetrmiend overhead allocation rate for Forsythe, Inc. is based on estimated $250,000 for direct materials; 410,000 for direct labor; 55,000 for Indirect materials; 125,000 for Indirect labor; 50,000 for sales commission; 170,000 for Factory depreciation; 15,000 for factory property taxes; 35,000 for Factory utilities; 62,
Allied Laboratories is combining some of its most common tests into one-price packages. One such package will contain three tests that have the following variable costs: Test A Test B Test C Disposable syringe $3.00 $3.00 $3.00 Blood vial
July 2 Bought Splashdown in it's entirety for a total price of $540,800. The assets include pool furniture, $3,800; the pool/slide facility(includes filter system, pools, pump, and slides), $148,800; building, $96,200; and land, $292,000. Paid $120,000 down and signed a mortgage note for the remainder. Journalise the transaction
Osage farm supply had poor internal control over its cash transaction. Facts about the company's cash position at nov 30 are described below. The accounting records showed a cash balance of $35,400 which included a deposit in trainsit of $1,245. The balance indicated in the bank statement was $20,000. Included in the ban
Martin Electronics has and account receivable turnover equal to 15 times. If accounts receivable are equal to $80,000 what is the average daily credit sales? (round your answer to the nearest dollar amount) Average daily credit sales: ?
Summarize "Facebook could cost you your job" (attached)
GE does business in Puerto Rico. Compute the quick and current liquidity ratios, the DuPont ratio, profit margin, asset utilization, and financial leverage for GE. Discuss how measurement conventions (IASB and FASB) affect presentations. If your chosen company uses the cash basis of accounting, how would that differ from the
On January 1, 2010, the stockholders equity section of Lopez Corporation shows: Common stock ($5 par value) $1,500,000; paid-in capital in excess of par value $1,000,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 30,000 shares for cash at $15 per sh
Which of the following statements concerning the impairment of fixed assets is true? I. Impairment losses are shown on the income statement net of tax. II. An impairment loss is recognized if the present value of all expected future cash flows produced by the fixed asset is less than carrying value. III. To deter
A fixed asset has a cost of $12,000 and a salvage value of $3,000. The asset has a three-year life. If depreciation in the third year amounted to $1,500, which depreciation method was used? o Straight-line. o Double-declining-balance. o Units of production. o Sum-of-the-years digits.
Managerial Accounting. Cost Accounting. Practice Exam (41 Questions) on costing methods, work in process, fixed costs, variable costs, more
1. Calculate the conversion costs from the following information: A. $3,000 B. $4,000 C. $4,500 D. $5,000 E. $7,000 Mukwonago Industries has developed two new products but has only enough plant capacity to introduce one product during the current year. The following data will assist management in deciding whi