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# Accounting

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### 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

### Calculation of the budgeted profit for a specific month

Calculation of the budgeted profit for a specific month. Details attached. Smithton, Inc. makes and sells one product, the standard costs of which are as follows:

### Accounting Transactions Based on Estimates

We all know that in many cases, accounting transactions are based on estimates. Present value calculations are no exception. Interest rates, term, stream of cash flows, or future values may need to be estimated for recording transactions. What impact do these estimates have on the financial statements?

### Various Types of Evidential Matter Gathered

A part of the audit process is the review of the various types of evidential matter gathered. What is your opinion of the relative persuasiveness of: Auditor observation and recalculation evidence Confirmation by external sources Combination of information from external and internal sources Data from inside the company

### Nonmonetary Exchanges: Hyde, Inc. and Wiggins, Inc.

On August 1, Hyde, Inc. exchanged productive assets with Wiggins, Inc. Hyde's asset is referred to below as Asset A, and Wiggins is referred to as Asset B. The following facts pertain to these assets. Asset A Asset B Original cost

### Managerial Accounting

Deliverable Length: 1-2 page memo Details: You are the manager of an accounting department and would like to hire another managerial accountant to focus on internal accounting. The CEO is not convinced that a managing accountant position is needed. Prepare a 1-2 page memo for the CEO on the following: * Explain the obj

### accounting and compilation services

What assurance is provided by CPAs who perform accounting and compilation services for a client? Explain the benefits received by a client who requests accounting and compilation services. References

### Accounting: Pension Plan

1. In accounting for a pension plan, any difference between the pension cost charged to expense and the payments into the fund should be reported as: A) an offset to the liability for prior service cost. B) pension asset/liability. C) other comprehensive income (G/L). D) accumulated other comprehensive income (PSC). 2.

### Tax Return and Research

John Gemstone, a wealthy client, has recently been audited by the IRS. The agent has questioned the following deduction items on Mr. Gemstone's tax return for the year under review: A \$10,000 loss deduction on the rental of his beach cottage. A \$20,000 charitable contribution deduction for the donation of a painting to a loc

### Return on investment, residual income, and economic value added.

Explain return on investment, residual income, and economic value added metrics. What does each metric explain? When should each be used?

### Explain the types of accounting information important when making decisions.

List the types of Accounting information when making decisions within a large company. Details: Consider the following scenario: You are a senior level manager in a large company: List and explain the types of accounting information that are important to you and your staff when making decisions. Explain how your

### Explain objectives and characteristics of an internal accounting system, importance

Details: You are the manager of an accounting department and would like to hire another managerial accountant to focus on internal accounting. The CEO is not convinced that a managing accountant position is needed. Prepare a memo for the CEO on the following: Explain the objectives and characteristics of an internal account

### Contemporary Accounting: 5-10 pros and 5-10 cons of implementing IFRS in the US

The new hires need to develop an understanding of what is happening in the international corporate accounting climate. Many countries have already made the change to IFRS. The United States is moving in that direction. It will be important for them to have a foundation to build on with regard to their future development of exper

### Is the Small Case Division of the IRS Optimal?

"Assume that your client has a tax deficiency less than \$50,000 - would you advise the client to use the "Small Cases Division" which is somewhat similar to the "Small Claims court"? If so - why? What are the risks of advising the client to use this venue?

### Justin Mining Co: Prepare Entries

On July 23 of the current year, Justin Mining Company pays \$4,836,000 for land estimated to contain 3,900,000 tons of recoverable ore. It installs machinery costing \$390,000 that has a 10-year life and no salvage value and is capable of mining the ore deposit in eight years. The machinery is paid for on July 25, seven days befor

### NIU Company's budgeted sales

Budgeted sales NIU Company's budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted D.M. Purchases January \$258,000 \$38,700 February 283,800 45,150 March 348,300 52,890 NIU's sales are 40% cash and 60% credit. Credit sales are collected 10% in the month of sale, 50% i

### The problem deals with estimating the elasticity measures of a certain product offered by the Kwikmeal service.

KWIKMEAL After you complete your MBA, you decide to open a restaurant, named KWIKMEAL. KWIKMEAL is a fast food restaurant with a very limited menu. It serves only a steak sandwich on a whole-wheat roll plus a salad with any beverage of the customer's choice. Normally the sandwich, salad and beverage meal sells for \$12.00 and th

### Budgeted profit, what if analysis

Monterio Mfg. Co. manufactures and sells folding umbrellas. 2006 Income Statement is: Sales (200000 units) \$1000000 Cost of goods sold \$600000 Gross Margin=\$400,000 Selling expenses \$150000 Admin. expenses \$100000 Net Profit (before income taxes) \$150,000 Monteiro's budget changes for 2007 are: 30% increase in number of un

### Asset be Sold Now or Kept for Another 5 Years

Storrs Corporation can sell an asset today for \$1 million, or the asset can be kept for an additional 5 years and then scraped for an estimated value of \$200,000. If kept, the asset will generate cash flows of \$200,000 at the end of each year for the next 5 years, exclusive of scrap value. The price will decline very rapidly, so