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Accounting

Operations for Tennant Securities

*write how to calculate Tennant Security, which began operations in 2009, invests in Long-term available-for-sale securities. Folloing is a series of transactions and events determining its long-term investment activity. 2009: Jan.20 Purchased 1,200 shares of Johnson& Johnson at $20.50 per share plus a $240 commission.

Detecting Accounting Gimmicks and Fraud

Please help write a brief description on the following: Select a company investigated or under investigation by the SEC for some financial impropriety. Discuss at least one issue they are being investigated for in the context of the below seven financial shenanigans. The Wall Street Journal, CFO.com, and major newspapers are

Contingent liability

Vita Technologies is involved in cancer research. Vita is involved in a number of lawsuits related to their operations. For each case, indicate the disclosure that should be provided by Vita Technologies in the annual financial statement. (1) One of their drugs, Hypothiaman, resulted in dangerous side effects of which Vita wa

Principles of Accounting: Example Questions

Identify the limitations of the internal control system. Provide at least 2 limitations. Provide at least 3 examples of internal control procedures, and explain how these procedures can be implemented. Identify symptoms of a lack of internal control. Explain the impact of the missing journal entry on the financial statements of

Carter Air Lines: Equipment's After-tax Net Salvage Value

Carter Air Lines is now in the terminal year of a project. The equipment originally cost $20 million, of which 80% has been depreciated. Carter can sell the used equipment today to another airline for $5 million, and its tax rate is 40%. What is the equipment's after-tax net salvage value?

Nixon Communications Operating Cash Flow for first year

Nixon Communications is trying to estimate the first-year operating cash flow (at t = 1) for a proposed project. The financial staff has collected the following information: Project sales $10 million Operating costs (not including depreciation) $7 million Deprecia

Possible causes for price and efficiency variances

You are a student preparing for a job interview with a Fortune 100 consumer products manufacturer. You are applying for a job in the Finance Department. This company is known for its rigorous case-based interview process. One of the students who successfully obtained a job with them upon graduation last year advised you to "kn

Accounting for Overhead Costs

The following information was compiled by Georgia Company: Expected volume of production 50,000 units Actual level of production 47,500 units Budgeted fixed overhead $400,000 Actual fixed overhead $415,000 Variable overhead rate per direct-labor hour $18 Actual variable overhead $790,

Autopitch Control Charts with Control Limits

17- 9. When set at the standard position, Autopitch can throw hard balls toward a batter at an average speed of 60 mph. Autopitch devices are made for both major-and minor- league teams to help them improve their batting averages. Autopitch executives take samples of 10 Autopitch devices at a time to monitor these devices and t

Who are the different users of accounting information?

1. Who are the different users of accounting information? 2. What are the differences between managerial and financial accounting? 3. What are the differences between the CMA and CPA certifications? 4. What is the value of the accounting function in school organization, both internally and externally? Answer this

Prepare an allocate schedule, income and investment balance

Earth-Q Corporation paid $1,680,000 for a 30 interest in Tremor Corporation's outstanding voting stock on January 1, 2006. The book values and fair values of Tremor's assets and liabilities on January 1, along with amortization data, are as follows: Book Value Fair Value Cash

Average cost method

Logan, Inc., had 9,000 units of work in process in Department M on March 1 that were 50 percent complete as to conversion costs. Materials are introduced at the beginning of the process. During March, 18,000 units were started, 20,000 units were completed, and there were 1,000 units of normal losses. Logan had 6,000 units of

The Comparative Balance Sheet of Stuart Company

12. The comparative balance sheet of Stuart Company appears below: 20pt STUART COMPANY Comparative Balance Sheet December 31, Assets 2007 2006 Current assets $ 340 $280 Plant assets 675 520 Total assets $1,015 $800 Liabilities and stockholders

Help

Question 30 Information about Blum Company is as follows: 2009 2010 Output (units) 10,000 9,300 Input quantities: Labor (hours) 4,000 3,875 Input prices: Labor (per hour) $7 $8 What is the partial operational productivity measure for labor for 2009? 2.4 2.5

Accounting

BRISCOE COMPANY Worksheet For the Month Ended June 30, 2008 Trial Balance Account Titles Dr. Cr. Cash $2,320 Accounts Receivable 2,440 Supplies 1,880 Accounts Payable

Basic and diluted earnings per share

Franklin Corporation had 100 shares of common stock issued and outstanding at December 31, 2010. On July 1, 2011, Franklin issued a 10 percent stock dividend. Unexercised stock options to purchase 20 shares of common stock (adjusted for the 2011 stock dividend) at $20 per share were outstanding at the beginning and end of 2011.

What should be reported for the note payable?

Frederickson Company obtains $40,000 in cash by signing a 9%, 6-month, $40,000 note payable to First Bank on July 1. Frederickson's fiscal year ends on September 30. What information should be reported for the note payable in the annual financial statements?

Principles of Accounting for a Retail Store

See the attached file. Schmitt, Inc., a retail store, has the following data for the year ended December 31, 200: Sales $90,000 Extraordinary Loss due o hurricane 5,000 Income Tax Tax Saving on Extraordinary Loss (1,100) Cost of Goods sold 55,

Cash Collections Computation

The sales budget of a company for the fourth quarter of 2009 is as follows: October November December Sales $96,000 $72,000 $108,000 Sales are 20% cash, 80% credit. Cost of goods sold is 70% of total sales. Desired ending inventory for each mo

Taxable income

Most money we receive, unless it is a loan, is taxable income. There are exceptions. Can you cite one example and explain why it is not subject to income tax?

Accounting Calculations: Breakeven Points

Calculate the unknown for the following situations based on the data below. All situations are independent of each other. Total fixed costs $100,000 Unit selling price $50 Unit variable cost $30 a) Calculate the following: 1) break-even point in units 2) break-even poin

Predetermined Manufaturing Overhead Rates

A company has two Departments, X and Y. Manufacturing overhead is allocated based on direct labor cost in Department X and direct labor hours in Department Y. The following additional information is available: Estimated Amounts Department X Department Y Direct labor cost $249,6

Accounting: variable costing method

The following data relate to Venture Company, a new corporation, during a period when the firm produced and sold 100,000 units and 90,000 units, respectively: -Direct Materials Used $400,000 -Direct Labor $200,000 -Fixed Manufacturing Overhead $250,000 -Variable Manufacturing Overhead $120,000 -Fixed Selling and A

Accounting Problem

Nancy Simon is the long-time catering director of Naples-on-the-Beach, a hotel noted throughout the industry for quality, profitability, and cost control. The hotel recently catered a steak dinner for a 2,000-person convention. Strict standards were in place for the dinner: 0.75 pounds of beef per plate at $9 per pound. A rev

After Tax Profit

Two firms, A and B, both produce gadgets. the price of gadgets is $2 each. Firm A has total fixed costs of $1000,000 and variable costs of $1.00 per gadget. Firm B has total fixed costs of $300,000 and variable costs of $1.40 per gadget. The corporate tax rate is 30% If the economy is strong, each firm will sell 2,000,000 ga

Accounting Problem

Quicksand Company has set the following standards for one unit of product: Direct material Quantity: 6.2 pounds per unit Price per pound: $11 per pound Direct labor Quantity: 6 hours per unit Rate per hour: $23 per hour Actual costs incurred in the production of 2,800 units were as follows: Direct material: $

Two-Asset Portfolio

Stock A has an expected return of 12% and a standard deviation of 40%. Stock B has an expected return of 18% and a standard deviation of 60%. The correlation coefficient between Stocks A and B is 0.2. What are the expected returns and standard deviation of a portfolio invested 30% in Stock A and 70% in Stock B?

Current stock price

SBC Corp. just paid a dividend of $0.65 per share, and that dividend is expected to grow at a constant rate of 7.00% per year in the future. The company's beta is 0.95, the required return on the market is 10.50%, and the risk free rate is 5.00%. What is the company's current stock price?