Joshua hired his brothers firm to provide accounting services, to his business. During the current year, Michael paid his brothers firm $82,000 for services even though other firms were willing to provide the same services for $40,000. How much of this expenditure, if any, is deductible as an ordinary and necessary business ex
List what you consider to be three of the most important control procedures that should be implemented for microcomputers. Give a reason for each.
Discuss some of the unique control risks associated with the use of PCs and laptop computers compared to using mainframes. List what you consider to be three of the most important control procedures that should be implemented for microcomputers. For each control procedures, give your reason for including this procedure as an imp
The work in process inventory for the Smith Corporation has a balance of $4800 at the end of an accounting period. The job-cost sheets of two incomplete jobs show charges of $800 and $400 for materials used and charges of $600 and $1000 for direct labor used. From this information, it appears that Smith Corporation is using a
A company issued 14%, 5 year bonds with a par value of $5,000,000 on Jan 1, 2003. Interest to be paid semiannually on June 30 and December 31. The bonds are issued for $5,368,035 cash when the market interest rate for this bond was 12%. What would be the journal entries to record the issuance of this company's bonds, and the f
Need assistance with four accounting homework problems (see requirements below but get problem facts from attached file). Required: a. Calculate the contribution margin ratio of each product. b. Calculate the firm's overall contribution margin ratio c. Calculate the firm's monthly break-even point in sales dollars. d. Cal
Please help with this problem. Assume a builder is constructing three houses simultaneously. The direct materials and direct labor costs for each house are shown below: House 1 House 2 House 3 Direct Materials $ 140,000 $ 70,000 $ 90,000 Direct Labor 210,000 130,000 60,000 Overhead Indirect cos
Using the column headings provided below, show the effect, if any, of the transaction on each financial statement category by indicating whether it is an addition (+) or subtraction (-) and showing the amount in the appropriate column. Do not show items that affect net income in the retained earnings column. You should assume th
Gwinnett Park Co. reported net income of $916,800 for its fiscal year ended September 30, 2011. At the beginning of that year, 150,000 shares of common stock were outstanding. On February 1, 2011, an additional 30,000 shares were issues. On August 1, 2011, 12,000 shares were purchased as treasury stock. During the year, the comp
Redbird Corporation, a calendar year taxpayer, receives dividend income of $250,000 from a corporation in which it holds 10% interest. Redbird also received interest income of $35,000 from municipal bonds. (The municipality used the proceeds from the bond issue to construct a library). Redbird borrowed funds to purchase the muni
Can you help me get started on this assignment? Acquatic Manufacturing uses a job order cost system in each of its three manufacturing departments. Manufacturing overhead is applied to jobs on the basis of direct labor cost in Department A, direct labor hours in Department B, and machine hours in Department C. In establish
Relevant and non-relevant costs For my assignment I am using Starbucks. Identify a decision that has recently been made or will be made in the near future at Starbucks INC. Identify two relevant and two non-relevant costs in the decision. If you cannot identify specific actual amounts, make a reasonable estimate and
Janet and Ted have two children, Mary (age 10) and Seth (age 12). Janet's Aunt Martha resides with the family in an apartment over the garage. Martha's only income is $1,500 a month in Social Security benefits. Janet and Ted receive no rent payments from Martha and provide all remaining support for her living arrangements. How m
Utility costs at one of Hambley Corporation's factories are listed below: Machine-Hours Utility Cost February 4,221 $39,308 March 4,268 $39,573 April
E 8.6 Common stock-calculate issue price and dividend amount The balance sheet for common stock is the following: Common stock without par value, 2,000,000 shares authorized, 400,000 shares issued, and 360,000 shares outstanding - $2,600,000 Required: a. Calculate the average price at which the shares were issued.
Determine the total amount of (a) delivery service (product) costs and (b) period costs. An incomplete cost of goods manufactured schedule is presented below. Madlock Manufacturing Company Cost of Goods Manufactured Schedule For the Year Ended December 31, 2005 Work in process (1/1) $210,000 Direct materials Raw mate
Sample question to help me with my homework; I am having a hard time figuring out the steps. Thanks! Thomas Kratzer is the purchasing manager for the headquarters of a large insurance company chain with a central inventory operation. Thomas' fastest moving inventory item has a demand of 6000 units per year. The cost of each u
Betty Boop Corp 2008 financial statements showed the following statement: Sales Revenue $900,000 Cost of Goods Sold: $770,000 Beginning Inventory $56,000 Ending Inventory $70,000 What was the company's gross profit percentage for 2008?
From the data given below, calculate the retained earnings balance as of December 31, 2009. Retained Earnings, December 31, 2008 $420,000 Cost of equipment purchased during 2009 125,000 Net loss for the year ended December 31, 2009 43,000 Dividends declared and paid in 2009 55,000 Decrease in cash balance
Bad Boy Sporting Goods sells sports equipment retail. Item Amount Inventory, April 1st 7500 Inventory, April 30th 6000 Purchases during April 12000 Sales Revenue 35000 Based upon the inventory, purchase and Sales Revenue, what was the store's gross profit percentage? Please describe the answer in detai
Total Company G Division R Division Sales 850,000 250,000 600,000 Less variable expenses 505,000 145,000 360,000 Contribution margin 345,000 105,000 240,000 Less traceable fixed costs 145,000 45,000 100,000 Division segment margin 200,000 60,000 140,000 Less common fixed cost 130,000 Net income 70,000 a.
See attached file. Please show all steps and reasoning behind selected answers for problems 11 thru 14. 1. Wages paid to a timekeeper in a factory are a: Prime Cost YES.....Conversion Cost NO Prime Cost YES.....Conversion Cost YES Prime Cost NO....Conversion Cost NO Prime Cost NO.....C
Before entering graduate school, a student estimated the value of earning an MBA at $300,000. Based on that analysis, the student decided to go back to school. After completing the first year, the student ran the NPV calculations again. How would you expect the NPV to look after the student has completed one year of the program?
Stickley Furniture 1. Which type of production processing-job shop, batch, repetitive, or continuous --- is the primary mode of operation at Stickley Furniture? Why? What other type of processing is used to a lesser extent? Explain. 2. How does management keep track of job status and location during production? 3. Su
Have yet to understand how to compute throughput. I can calculate the MCE, but I do not know what to do with it once I have calculated the information. units started in production 300 total defect-free units complete 294 total hrs of value-added production time 191,100 total hrs of divisio
54. Adler Industries is a vertically integrated firm with several divisions that operate as decentralized profit centers. Adler's Systems Division manufactures scientific instruments and uses the products of two other Adler divisions. The Board Division manufactures printed circuit boards (PCBs). One PCB model is made exclusivel
Lowwater Sailmakers manufactures sails for sailboats. The company has the capacity to produce 25,000 sails per year, and is currently producing and selling 20,000 sails per year. The following information relates to current production: Sale price per unit $150 Variable costs per unit: Manuf
Morton Corp. purchased equipment for 46000. they also paid 1200 for freight insurance while in transit, sales tax 850, insurance taxes maintenance for the first year of use was 1000. How much should Morton capitalize as the cost of the equipment? A. 46000 B. 46850 C. 48050 D. 49050
"A Look at Each Side of the Ongoing Debate on Whether Fair Value Accounting Rules should have been Modified?" -
"A Look at Each Side of the Ongoing Debate on Whether Fair Value Accounting Rules should have been Modified?" - Arguments in favor & against of the changes - What is your opinion? Do you believe the FABS should have made the changes on 4/2/09 resulting in a probable decrease in asset write-downs? - What d
47. Simon Hinson Company operates two divisions: Gordon and Ronin. A segmented income statement for the company's most recent year is as follows: Total Company Gordon Division Ronin Division Sales $850,000 $250,000 $600,000 Less variable expenses 505,000 145,000 360,000
55. Corinne's Country Rockers uses flexible budgeting. The company's budget for variable overhead is $24,000 and for fixed overhead is $15,000. When Corinne's analyzes this overhead using activity-based costing, the budgeted overhead of $39,000 is traced to six activities: materials handling, machinery setup, assembly, finishing