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Accounting

Manufacturing vs. Customer Cost Hierarchy

Use a selected company or your current work environment to identify at least one cost or expense that would fit under each of the following categories: - Variable - Fixed - Mixed - Step Would your company be more likely to benefit from using a manufacturing cost hierarchy or a customer cost hierarchy for determining cost

Taxation: Deductible Commuting Miles

Sally incurred a 90-mile round-trip commute every day, mainly because she could not get along with her supervisor at the sales office located four miles from her home. Sally works under a one-year contract, and her assignment to the nearer office is affirmed in the current year's contract, but management has allowed her to trave

Theory: GAAP vs. IFRS, finance choices, best financial statement

1. The Financial Accounting Standards Board (FASB) sets the accounting rules for public companies in the United States. These accounting rules are known as Generally Accepted Accounting Standards (GAAP). The International Accounting Standards Boards (IASB) proposes international accounting rules. These rules are known as Inte

P12.20 contribution margin format income statement unit changes

Contribution margin format income statement "what-if" questions P12.20 Prepare a traditional income statement and a contribution margin format income statement (and contribution margin ratio) for a firm with a sales volume of 15,000 units: Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . .

P12.17 High-low method Alpha Co. October activity

P12.17 High-low method A department of Alpha Co. incurred the following costs for the month of September. Variable costs, and the variable portion of mixed costs, are a function of the number of units of activity: Activity level in units. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000 Variable costs . . .

Sammy Co. Solve for Net Income

At the beginning of the current fiscal year, the balance sheet for Sammy Co. showed liabilities of $352,000.  During the year liabilities decreased by $19,800, assets increased by $71,500, and paid-in capital increased from $33,000 to $211,200.  Dividends declared and paid during the year were $27,500.  At the end of the y

Finding the Retained Earnings Balance

What is the process for finding ending Retained Earnings? Retained earnings, beginning - $ 308,000 Cost of equipment purchased during year $49,000 Net loss for the year $4,600 Dividends declared/paid in year $15,800 Decreased in cash balance from beginning to end of year $10,100 Decrease in long-term debt during year $15,

Taxation: Casualty Loss Deduction

Sarah came home one day to find significant water damage in her home. Apparently one of the hoses to her washing machine had worn out and split, spilling water all over the place. Over the next month, mildew appeared as well. Is there any casualty loss deduction for Sarah? Ignore any computational floors and assume that she did

Government Accouting: Vero Beach

3-6 Exploring Vero Beach's financial report Refer to the financial statements of the City of Vero Beach that are included in this chapter. 3. Per the government-wide statement of activities, what was the ending balance in net assets associated with governmental activities? Is this consistent with the government-wide statem

Financing deficit

Financing Deficit Balance Sheet as of December 31, 2013 Cash...........................$ 180,000 Accounts payable.....................$ 360,000 Receivables....................360,000 Notes payable.............................156,000 Inventories......................720,000 Line of credit...............................

Stock price vs net income

George Smith owns a lot of investments in common stock. He says that he does not care what a company's net income is because the stock price tells him everything he needs to know. How would you respond to George?

Analyzing decentralized organizations

I need help analyzing the advantages and disadvantages of decentralized organizations based on decision-making, include examples of performance measurement in decentralized organizations.

Target Corporation: Liquidity and Efficiency

Examine Target for the years 2004-2006 and compare to Walmart. Comment on the relative liquidity and efficiency these firms. How does Target compare to Walmart? Would you invest in this company? Defend your position with reasons and facts.

Organization Accountability

Which statement best describes an organization's accountability? Legal liability to creditors Ethical responsibility to the public, employees and other stakeholders Fiduciary responsibility to manage the resources of an organization Obligation to pay local, state and federal taxes

Determining Prepaid Rent Remaining

Oddessy Consulting pays $90,000 for three years of rent in advance on September 1, 2008. Oddessy prepares yearly financial statements on December 31, 2008. Referring to Case 3.2, how much Prepaid Rent remains after the 12-31-09 adjusting entry? $70,000 $60,000 $10,000 $50,000.

Applying Overhead; Underapplied or Overapplied Overhead; Income Statement

Durham Company uses a job-order costing system. The following transactions took place last year: raw materials requisitioned for use in production, $40,000 80% direct and 20% indirect. Factory utility costs incurred, $14,600. Depreciation on plan and equipment $28,000. Cost for Salaries and wages : Direct labor $40,000, Ind

Budekville: Journal Entries

Complete in excel. Omit C. 5-9. The Village of Budekville, which has a fiscal year July 1 to June 30, sold $3,000,000 in 6 percent tax-supported bonds at par to construct an addition to its police station. The bonds were dated and issued on July 1, 2011. Interest is payable semiannually on January 1 and July 1, and the first

Annotated Bibliography on Innovation

Find four peer- or jury-reviewed articles on an innovation related to your specialization. Evaluate each article for the following: Reliability of evaluation of research methods and of the theories and data on which the article is based Appropriateness for intended audience Authority or background of the author Limitati

Business Combination (VIEs and Consolidation statements)

Please treat (1) (2) and (3) as separate units: (1) Hambly Corp. owned 80% of the voting common stock of Stroban Co. During 2011, Stroban sold a parcel fo land to Hambly. The land ad a book value of $82,000 and was sold to Hambly for $145,000. Stroban's reported net income for 2011 was $119,000. What was the noncontrolling int

Mike's Meats Joint Costs: physical units, sales-value-at-split-off method

Problem 2: Mike's Meats incurs costs of $4,000 while processing raw chicken meat into three products: breasts, wings, and thighs. The meat is then sold to local grocery stores based on the following. Sales Price per lb. Quantity produced (lbs) Breast $2.00 3,000 Wings $0.50 1,000 Thighs $1.00 2,000 Required: (Calculate re

Bubble Corp Joint Costs: Allocate using physical units, NRV, constant GP %

Problem 1: Bubble Corporation manufactures two products, I and II, from a joint process. A single production costs $4,000 and results in 100 units of I and 400 units of II. To be ready for sale, both products must be processed further, incurring separable costs of $1 per unit for I and $2 per unit for II. The market price for P

FASB: Inventory

1. Locate the Master Glossary in the FASB Codification, and answer the following questions: a. What is the formal definition in the glossary of the term "Inventory?" b. ABC Company has a number of machines used for manufacturing its products. One of ABC's machine suppliers is trying to get rid of its existing machines to

Determining filing status in the United States

Marion and Howard are married. Howard left home in February of 2012 and has not lived with Marion since. Marion has not spoken to Howard since November and does not wish to file a joint return regardless. They are not blind or disabled. No one may claim them as dependents. Marion does not wish to designate $3 for the Presidentia

Managerial Accounting- Activity Based Accounting

I am working on a project for a class and I am having problems arriving at the right numbers, I don't need the report typed up or anything. But I need help with the answers and understanding the work so that I can compare my work and learn the process so I can write the accompanying report. The excel file has two sheets with

Relevant financial information for investors

Assume there is a well-financed, one-year-old company in the biotech industry that is concentrating on developing chemical-based compounds that are aimed at developing drugs to reduce the effects or onset of Alzheimer's Disease. What financial information (ratios or otherwise) would you think would be relevant or irrelevant from

Federal Income Tax and Expensing

1. Many people believe that the federal income tax is far too complex. But are there good reasons for this complexity? Provide an example of complexity in the Federal individual income tax code and describe the reason lawmakers included the provision in the tax code. Do you believe complexity is a necessary part of the internal

Risk of Exposure from Import and Export

Companies that import or export goods from other countries are exposed to risk because of currency fluctuations. Explain how a company might minimize its risk of exposure. Is there a way to eliminate all uncertainty related to fluctuations in currency? Explain why or why not.

Business Decision Making Questions

The steps in management's decision-making process are listed in random order below. Indicate the order in which steps should be executed. Please see attached document for details and more questions.