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Accounting

Not for Profit Organization: Restricted Resources and Gifts

Help prepare written answers to the following: 1. Provide examples of resources that are temporarily restricted as to: (a) purpose; (b) time; and (c) the occurrence of a specific event. Provide an example of permanently restricted resources. 2. A not-for-profit organization receives a restricted gift. When, and in which t

Understanding Elements of CAFR Reporting

Help prepare written answers to the following problems: a. Continuing Problems 1 through 6. For this assignment, use the CAFR from http://www.ofm.wa.gov/accounting/financial.asp Continuing Problem Review the comprehensive annual financial report (CAFR) you obtained. 1. Indicate the activities accounted for in both in

Shynee Minerals: Should three joint products be sold as is, or processed further

Shynee Minerals processes materials extracted from mines. The most common raw material that it processes results in three joint products: Sarco, Barco, and Larco. Each of these products can be sold as is,r it can be processed further and sold for a higher price. The company incurrs joint costs of n$180,000 to process one bat

Kadowaki Corp. Installment Sales Method

Kadowaki Corp., a capital goods manufacturing business that started on January 4, 2007, and operates on a calendar-year basis, uses the installment-sales method of profit recognition in accounting for all its sales. The following data were taken from the 2007 and 2008 records. 2007 2008 Instal

Accounting standards and theories

1. Accounting standards could be established using descriptive theory, which explains practice, or normative theory, which leads practice. Which theory is currently being used in setting standards? Which do you think should be used? Justify your response. 2. Accounting standards are very complex and require expertise in the

Angela Company: How Should Angela Report the Safety Hazard?

Please help with the following: Angela Company is a manufacturer of toys. During the year, the following situations arose: -- A safety hazard related to one of its toy products was discovered. It is considered probable that liabilities have been incurred. Based on past experience, a reasonable estimate of the amount of los

Intangible Asset Account: Reichenbach Company

Can you help me get started with this assignment? Correct Intangible Asset Account Question Details: Reichenbach Co., organized in 2009, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2009 and 2010. Intangible Assets: 7/1/09--8 year

The Effects of Technology on the Accounting Profession

Reference articles describing how information systems are changing the various aspects of the accounting profession. o Include a description of a variety of new technologies and their effects on accounting processes. o Discuss how these technologies have changed the way accounting is performed at your organization or at an

Diluted EPS: Given data, calculate diluted earnings per share

Net profit for the year $18,160,000 Ordinary shares of $1: $40,000,000 Number of ordinary shares in issure : 40,000,000 Average fair value of one ordinary share during the year : $1.5 Number of shares under options during the year : 2,000,000 Exercise price for shares under options during the year : $1.2 Calculatio

Accountants' primary responsibilities: Relevant and Reliable

An Accountant's primary responsibility is to provide information which is: Useful - Relevant (forecasting/predicting - feedback and timely), Reliable (verifiable - faithful representation) and consistent (comparable). Assuming that you concur with the foregoing commentary - how does the accountant carry out their responsibil

Contemporary Accounting Issues: United States

Scenario: You have recently obtained a new position as a manager of an international accounting firm, Smith, Lindsey, and Lueders, CPA (SLL). SLL is primarily an auditing firm. Part of your duties will be to analyze the current state of accounting with an emphasis on the international environment. An additional responsibility

Tax effect of exchange of taxi business for limo service

T has arranged to exchange his taxi business for a limo service (U's) in order to move to a new city because if T sells his business he will have substantial gain. In order to strike the deal, U insists that T sign a covenant-not-to-compete that U and T value at $25,000. Balance sheets are: T's Autos - $700,000 Computers -

Probabilities in the game of Keno

1) At the casino you can play the game of Keno (similar to the "lottery" problem); where 80 balls are in an urn, 20 balls are required for the jackpot, and 20 balls are drawn overall. Additionally there are "winning" payouts if you pick: 0,1,2,7,8,9,10,11,12,13,14,15,16,17,18,19, or 20 correct. You receive no payout for 3,4,5,

Assembly Dept of Webster Manufacturing cost report

Problem 1 Study guide The Assembly Department of Webster Manufacturing uses a process cost accounting system and a weighted-average cost flow assumption. The department adds materials at the beginning of the process and incurs conversion costs uniformly throughout the process. During July, $190,000 of materials costs and $135

Heart Ltd Cost & Revenue Variances: Volume variance, over- under-applied overhead

Use the following information to answer questions 1 and 2 Heart Ltd. applies overhead on the basis of machine hours. One and one�half (1.5) machine hours are required for each unit of product. The master budget showed planned production of 6,000 units for the upcoming period, with manufacturing overhead budgeted at $205,2

Predetermined overhead rate: Over-applied or under-applied

PLEASE USE MS EXCEL. Indigo Inc. assigns overhead to specific jobs based on machine hours. At the beginning of the current year, estimated overhead costs were $2,150,000 & estimated machine hours were 500,000. By the end of the year, actual overhead costs were calculated to be $1,900,000 & actual machine hours were 475,000.

Calculate the Amount of Dividends from a Corporation After Tax

You are a shareholder in a corporation. The corporation earns $2 per share before taxes. Once it has paid taxes, it will distribute the rest of its earnings to you as a dividend. the corporation tax rate is 40% and the personal tax rate on both dividend and non-dividend income is 30%. A. How much is left for you after all tax

Calculate diluted EPS involving convertible debentures

Would anyone help me to answer the diluted EPS using the following information - year ended 31 Mar 2008: Profit after tax: $1,812,000, ordinary shares of $1 (fully paid) $40,000,000 the average market price for year of ordinary shares $1.5 i) The company issued $20m of 6% convertible loan stock on 1 Mar 2007. The t

CPA exam sample question: Best Avaition Associates partnership issues

Following is a sample writing (essay) question for the CPA exam. The answers are to be a paragraph each (in essay form) explaining your reasoning. Best Aviation Associates is a general partnership engaged in the business of buying, selling, and servicing used airplanes. Best's original partners were Martin and Kent. They

FASB Codification System Eight Data Bases

FASB Codification System contains eight different data bases. When providing guidance and direction to management concerning business decisions and how accounting treatment of these decisions will impact the financial treatment of these decisions, which data base would you rely upon to give management the proper advice.

Commentary for Mutual Fund sales, net income, and chart to display results

As the fund manager for a large mutual fund, you are preparing for a conference call with all your major investors. You plan to e-mail everyone with an attachment that will serve as a guide for the upcoming call. You know investors time is limited so you want to be focused in your brief report. As there are numerous figures to d

Marshall Corp Future Tax Asset - Amounts to be Realized

Marshall Corp. had a future tax asset account with a balance of $101,500 at the end of 2007 due to a single temporary difference of $290,000 related to warranty liability accruals. At the end of 2008, this same temporary difference has increased to $315,000. Taxable income for 2008 is $887,000. The tax rate is 35% for all yea

Forensic Accounting: Compare internal to external auditor; examples of fraud

Please include your opinions and personal experience if you can. You may also do some Internet and library research to add to your response. 1. Contrast and compare the role of the following: a. The internal auditor. b. The external auditor. c. The external forensic accounting consultant in an external audit 2. List the

Diluted EPS including effects of options granted to directors

Calculate the diluted EPS by using the following information for the year ended 31 May 2008: Profit after tax: $1,812,000, Ordinary shares of $1 (fully paid) $40,000,000 The average market price for year of ordinary shares $1.5 Share options have been granted to directors giving them the righ to subscribe for ordinary

Use of cost accounting

How could a cookie manufacturing company use cost accounting systems to determine its product costs?