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Kelly Co. standard absorption cost per pound

Question 1 Standard absorption cost per unit. Kelly Co. Processes corn into corn starch and corn syrup. The Company's productivity and cost standards follow: From every bushels of corn processed,12 pounds of starch and 3 pounds of syrup should be produced. Standard direct labor and variable overhead totals $.42 per bushels

Explan over and underapplied overhead based on machine hours

Question 1 Manufacturing overhead ---over/underapplied. Fortune inc produces automobile bumpers. Overhead is applied on the basis of machine hours required for cutting and fabricating. A predetermined overhead application rate of $12.70 per machine hour was established for 2006. A) If 9000 machine hours were expected to b

Minnetonka Corporation: Buy or produce bindings for new cross country skis line

The Minnetonka 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

Accounting: Concepts & Applications

See file attached. PE 2-4 THE ACCOUNTING EQUATION PE 2-6 CURRENT ASSETS PE 3-16 JOURNAL ENTRIES PE 3-20 TRIAL BALANCE PROBLEM 17 -1 CALCULATING RATIOS

PV of Tax Savings with MACRS, with Straight Line

Charleston Corporation will acquire a computer system for $1,000,000 on January 1, 2009. The computer system will have a 5-year life for tax purposes. The company's marginal tax rate is expected to be 15% in 2009 and 2010, but is expected to be 40% in later years. The company's required rate of return is 12%. (a) What is the

Ski Pro Corporation: Activity-Based Costing & Process Costing

Consider the following scenario: 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 ha

What is the corporate tax liability for last year?

Your corporation had the following cash flows last year: Operating Income - $2,500,000 Interest Received - $100,000 Interest Paid - $450,000 Dividends Received - $200,000 Dividends Paid - $500,000 Your firm pays taxes at a rate of 40% (federal and state combined) and was profitable last year. Calculate the firm's corp

Perry Corporation: Which expenses are Selling Expenses

Perry Corp. reports operating expenses in two categories: (1) selling and (2) general and administrative. The adjusted trial balance at December 31, 2010, included the following expense accounts: Accounting and legal fees $140,000 Advertising $120,000 Freight-out $75,000 Interest $60,000 Loss on sale of long-term invest

Journalize transactions for Trudy, Brainiac, Ingles, Herzogg and Hixon

Question 1 Trudy Company incurred the following costs. 1. Sales tax on factory machinery purchased $5,000 2. Painting of and lettering on truck immediately upon purchase 700 3. Installation and testing of factory machinery 2,000 4. Real estate broker's commission on land purchased 3,500 5. Insurance premium paid for first

Intangible assets: patent, franchise, advertising

I've been doing homework for hours and my brain has checked out...I need help working this problem, please. The intangible assets section of Redeker Company at December 31, 2008, is presented below. Patent ($70,000 cost less $7,000 amortization) $63,000 Franchise ($48,000 cost less $19,200 amortization) 28

Standards for Tax Service - Donations for Tax Reporting

A client, Mal Manley, fills out his client questionnaire for the previous year and on it provides information for the preparation of his individual income tax return. The IRS has never audited Mal's returns. Mal reports that he made over 100 relatively small cash contributions totaling $24,785 to charitable organizations. In the

Quinn report as a result of increase in fair value of investments

Are Unrealized or realized gain/losses from changes in fair market value for available for sale securities supposed to be reported in the income statement? 24. On its December 31, 2006, balance sheet, Quinn Co. reported its investment in available-for-sale securities, which had cost $600,000, at fair value of $550,000. At De

Create an excel worksheet to calculate SSxx,SSyy, SSxy

(a) Make an Excel worksheet to calculate SSxx, SSyy, and SSxy. (b) Use the formulas to calculate the slope and intercept. (SEE Chart below) Part-Time Weekly Earnings by College Students Hours Worked (X) Weekly Pay (Y) 10 93 15 171 20

Scatter plot to calculate the sample correlation, SSxx, SSyy, SSxy

(a) Make an Excel scatter plot. What does it suggest about the population correlation between X and Y? (b) Make an Excel worksheet to calculate SSxx , SSyy, and SSxy. Use these sums to calculate the sample correlation coefficient. (Use table below to solve regression) Part-Time Weekly Earnings ($) by College Students

Zenon Chemical, Inc: Joint Cost Allocation to each product

Zenon Chemical, Inc., processes pine rosin into three products: turpentine, paint thinner, and spot remover. During May, the joint costs of processing were $240,000. Production and sales value information for the month is as follows: Product Units Produced Sales Value at Splitoff Point Turpentine 6,000 liters $60

Realizable Value Method for Cost per Case by Product

Red Sauce Canning Company processes tomatoes into catsup, tomato juice, and canned tomatoes. During the summer of 20X8, the joint costs of processing the tomatoes were $420,000. There was no beginning or ending inventories for the summer. Production and sales value information for the summer is as follows: Product Cases

Robbins Real Estate, Lippizan Co, Bristol Co, Surepar Golf

See attached Excel for template. E2-4 Presented below is information related to Robbins Real Estate Agency, Inc. Oct. 1 Lynn Robbins begins business as a real estate agent with a cash investment of $20,000 in exchange for common stock. Oct. 2 Hires an administrative assistant. Oct. 3 Purchases office furniture for

Appeals Process Basics and Selected Items

1. Describe the steps in the appeal process for an individual tax payer. Define the following and give examples: a. gross income b. income excluded from tax c. imputed interest d. adjusted gross income e. standard deduction f. itemized deductions g. phaseouts h. kid

Dish Network & DirecTv Business: Need examples related to the field.

Dish Network & DirecTv based business which caters to commercial & residential properties. Need specific examples related to the field. Subtopic 1: problems associated with facility location Subtopic 2: problems associated with organizational control and employee relations Subtopic 3: product or service development

Operating system using standard absorption cost: Anderson Ltd.

Anderson Ltd. manufactures gearboxes for use in cars. At the start of the year, the management of Anderson Ltd. estimated that its costs would be: Direct labor 8% sales value Direct material 50% sales value Variable production overhead 8% sales value Fixed production overhead 12% sales value Administration overhead 5%

Your father now has $1,000,000 invested in an account that pays 9.00%

Your father now has $1,000,000 invested in an account that pays 9.00%. He expects inflation to average 3%, and he wants to make annual constant dollar (real) beginning-of-year withdrawals over each of the next 20 years and end up with a zero balance after the 20th year. How large will his initial withdrawal (and thus constan

Lake sports sells jet skis.

Please use excel and see attachment file (I understand excel better.) Lake sports sells jet skis. Customers pay 1/3 of the sales price of the jet ski when they initially purchase the ski, and then pay another 1/3 each year for the next two years. Because Lake has little information about collectibility of these

Money Laundering and Weakest Point of this Scheme

Cavos Metdolas ia a money laundering organization for a drug cartel in Wisconsin and Illinois. A money laundering method that they use is to prepay, from an Internet bank account, balances on credit cards controlled by the organization. The credit card companies will send refund checks back to the credit card holder when the pos

Taxation III

Comprehensive Problem 81 (Ch. 8) 81. Joe operates a business that locates and purchases specialized assets for clients, among other activities. Joe uses the accrual method of accounting but he doesnâ??t keep any significant inventories of the specialized assets that he sells. Joe reported the following financial information

Accruals and Deferrals

Question 1 Company DEF has three employees and does the payroll every Friday. Determine the gross pay, total deductions and net pay for each employee. Use the following for FICA: Cap = $100,000, rates are 6% for social security and 1.5% for Medicare. Steve--worked 45 hours and earns $30/hour. His year to date earnings