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    Long-lived asset and imparment with FASB codification

    1. How is "Impairment" defined in the Master Glossary? 2. Give one example of an event or change that would require a long-lived asset to be tested for recoverability. (Provide the Codification reference for your answer) 3. Should a long-lived asset that is held for sale be depreciated? (Provide the Codification referenc

    Computation of AFN

    Problem 12-9 Financing Deficit Garlington Technologies Inc.'s 2013 financial statements are shown below: 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 0 Total current assets $1,260,000 Accruals 180

    What cost allocation methods are used for National Linen

    National Linen launders commercial tablecloths, bedding, garments and rags for restaurants, medical facilities, hotels and auto repair shops. Why is the cost allocation method used by an organization an important part of its cost accounting system? Also, going back to the company (National Linen) what type of cost allocation

    Analysis of Key Accounts: McDonald's & Wendy's

    1. For 2011 and 2012, analyze the trends and compare revenues, cost of goods sold, accounts receivable, accounts payable, and inventory. 2. Which company shows the best performance? Explain. 3. How is the information you reviewed helpful from a managerial point of view? Explain. 4. Comment on how the income state

    Intermediate Accounting: account classifications

    1. The following are the common classifications used in a balance sheet: A. Current assets F. Current liabilities B. Investments G. Long-term liabilities C. Property, plant and equipment H. Paid-in-

    Effect of transactions on assets, liabilities and net income

    Can you assist with this project question? For each of the following transactions or adjustments, indicate the effect of the transaction or adjustment on assets, liabilities, and net income by entering for each account affected the account name and amount and indicating whether it is an addition (+) or a subtraction (-). Tran

    Present Value of Down Payments, Lotteries and Leases

    Assist with the below present value situation. Using a present value table, calculator, or a computer program present value function, calculate the present value for the following: (Use appropriate factor(s) from the tables provided.) a. A car down payment of $30,000 that will be required in eight years, assuming an in

    Allocation of Administrative Costs

    Nashville Corporation allocates administrative costs on the basis of staff hours. Short-run monthly usage and long-run monthly usage of staff hours for Operating Departments 1 and 2 follow: Dept. 1 Dept. 2 Total Short-run usage (hours) 45,000 55,000 100,000 Long-usage (hours)

    Job and Process Costing

    Distinguish between job costing and process costing. Describe the difficulties associated with each type. What can companies do in order to price products competitively and avoid some of these difficulties?

    Global Book and Music Store, Direct, Sequential methods

    Global Book and Music Store, Direct, Sequential (step down) methods Global Book and Music Store has two service departments, Warehouse and Data Center. Walter Burke, controller of Global Book and Music Store, wants department managers to be aware that their use of other service departments costs the firm a substantial amount

    Activities, assets and capitalization of interest

    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 "Activities" as it relates to property, plant & equipment? b. PFW Company is constructing a specialized machine for use in manufacturing its product. Construction had been on

    Schedule D, Taxation

    Gabe sold his business for $120,000 and transferred a building, FMV $80,000, land FMV $10,000; and furniture and fixtures, FMV $30,000 and adjusted basis $22,500. What is the value of goodwill and ongoing concern? An investment-use casualty loss is carried from Form 4684 to which line. Schedule A, Itemized deductions. line

    Reconciling the Physical Counts of Inventory

    Periodically reconciling the physical counts of inventory to total counts reflected in accounting records by using someone who does not handle inventory or record purchases is considered to be: - Segregation of duties - Physical safeguards - Independent checks - None of the above.

    Solving for the Net Realizable Value of Accounts Receivable

    ABC Company had the following account balances after adjusting journal entries on 12-31-09. Cash $120,000 Accounts Receivable $450,000 Bad Debt Expense $65,000 Inventory $342,000 Allowance for doubtful accounts $23,100 Question: What is the net realizable value of accounts receivable at 12-31-

    Court rule for joint chequing accounts

    Please analyze the 2 question below: 1. Steven had a joint checking account with his mother at City National Bank. Between January and May 1990, a number of checks were allegedly forged on the account. Steven asked City National to recredit the account for the amount of the checks, but the bank refused. In March 1992, Steven

    Alomar Co: Cost Account Sales Value at Split Off Method

    Sales-Value-at-Split-off Method Alomar Company manufactures four products from a joint production process: barlon, selene, plicene, and corsol. The joint costs for one batch are as follows: DIRECT MATERIALS $67,900 DIRECT LABOR 34,000 OVERHEAD 25,500 At the split-off point, a batch yields 1,400 barlon, 2,600 selene

    Inventory valuation methods: GAAP

    1. Are there any other inventory valuation methods acceptable under GAAP besides LIFO, FIFO, average cost and specific identification? If so, when is it appropriate to use the other method(s)? (Provide the Codification reference for your answer) 2. What does the Codification say about consistency regarding the application of

    Business Combination (VIEs and Consolidation statements)

    Please treat the following - (a) (b) and (c) as separate units: (a) Bay Company owned 70% of the voting common stock of Clay Corporation. Clay Corporation owned 20% of Bay Company. For 2011, Bay Company and Clay Corporation reported net income (not including the investment) of $600,000 and $300,000 respectively. Bay Company

    Financial Analysis - Case Study

    Module 1: Case Study A. What effect did the expansion have on sales and net income? What effect did the expansion have on the asset side of the balance sheet? What effect did it have on liabilities and equity? The sales increased by $2.4 million in 2013 over 2012. The net income decreased by $183,096. The assets increa

    Greenwich PLC: Transfer Pricing Policies

    Greenwich PLC A mediator has been appointed by the head office of Greenwich plc to agree the purchasing of products X and X100. The original agreement was for the North Division to purchase X and the Essex Division to purchase X100 and the level of purchases to remain the same as the previous year. The mediator appointed

    HSBC Drug Cartel Money Laundering Guide

    Define the major problem or problems. Indicate how the problems are related to one another: What has happened to the key players since the events in this case? Use appropriate references supporting problem definition and subsequent experience of key players. Analyze the situation. Explain the mechanisms that are causing the

    Governing authorities over financial reporting

    You have recently hired several new members to your team who will be assisting with financial statement analysis for your clients. As part of their training, you want to make sure that they fully understand the requirements of the SEC regarding financial reporting and the tools available to analyze the financial performance of a

    Production Budget, CVP Analysis, Relevant Costs

    1. Palermo Company estimates that unit sales will be 10,000 in Quarter 1; 12,000 in Quarter 2; 15,000, in Quarter 3; and 18,000 in Quarter 4. Management desires to have an ending finished goods inventory equal to 25% of the next quarters expected unit sales. Prepare a production budget by quarters for the next six months in 20

    Accounting Brief: Health Care Organizations

    Outline some of the similarities and differences in accounting and reporting among (a) private, not-for-profit health care organizations, (b) governmental health care organizations, and (c) private, for-profit health care organizations. Include the sources of GAAP, accounting and reporting for equity accounts, and statements req

    Participating in an employer retirement plan

    Karen is single and is an active participant in her employer retirement plan. She contributed $5,500, the maximum amount allowable, to an individual retirement account (IRA). For each of the following, select the best answer: 1. ___ She is early in her career and had AGI of $50,000. She expects that when she retires she will be

    Contribution margin ratio, degree of operating leverage etc

    Mr. Labler owns and operates Labac Inc. and Mr. Capler owns and operates Capac Inc. Both firms produce and sell a relatively new product called Acerr. Since the product is relatively new, these are the only two firms in the Acerr industry. Labac is very labor intensive with very little machinery. In contrast, Capac is very

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