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# Accounting

### 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

### Explain how controls and security are related for information assets

Explain how controls and security are related for information assets.

### 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

### What is the equation to predict estimated total vehicle costs for a moving company?

PLEASE USE MS EXCEL. A moving company detailed the miles driven and total moving van costs for the past 5 months as follows: Number of Miles Total Vehicle Costs Sept. 3,000 \$4,800 Oct. 3,500 5,200 Nov. 5,000 6,100 Dec. 4,000 5,000 Jan. 6,000 6,000 In order to budget vehicl

### 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

### Phonetronix: Calculate CVP and Break Even

Proposal A Proposal B Proposal C Selling Price \$99 \$129 \$99 Variable Costs 55 55 49 Contribution Margin Contribution Margin Ratio Fixed Costs \$

### 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?

### Make or Buy decision at Nantucket Nectars

Assume that Nantucket Nectars reports the following costs to make 17.5 oz. bottles for its Juice Cocktails: Nantucket Nectars Company Cost of Making 17.5-Ounce Bottles Total Cost for 1,000,000 Bottles Cost per Bottle Direct materials \$80,000 \$0.08 Direct labor 30,000

### Analyse distribution of IQ scores in Americans

From a population of 25,000 Americans in 1969; it was discovered that their collective IQ Score mean was 105 with a standard deviation of 12. a. how many IQ scores exceeded 115? b. what is the probability of IQ scores that fell between 68 and 75? c. how many IQ scores fell above 3 standard deviations? d. what is t

### Flexible Budgets: Connor Company

I am completely lost. Can you help me?? ------------- 7-17 Flexible budget. Connor Company's budgeted prices for direct materials, direct manufacturing labor, and direct marketing (distribution) labor per attaché case are \$40, \$8, \$12, respectively. The president is pleased with the following performance report.

### Prepare a schedule showing corrected income before taxes

Error Analysis The before-tax income for Lonnie Holdiman Co. for 2007 was \$101,000 and \$77,400 for 2008. However, the accountant noted that the following errors had been made: 1 Sales for 2007 included amounts of \$38,200 which had been received in cash during 2007, but for which the related products were del

### As an experiment, a self-confessed connoisseur of cheap popcorn carefully counted 773 kernels and put them in a popper. After popping, the unpopped kernels were counted. There were 86.

As an experiment, a self-confessed connoisseur of cheap popcorn carefully counted 773 kernels and put them in a popper. After popping, the unpopped kernels were counted. There were 86. (a) Construct a 90 percent confidence interval for the proportion of all kernels that would not pop. (b) Check the normality assumption.

### Manning Company: Percent of sale method to determine need for external financing

See attached file for data. The Manning Company has financial statements as shown (attached) which are representative of the company's historical average. The firm is expecting a 20 percent increase in sales next year and management is concerned about the company's need for external funds. The increase in sales is expect

### Managerial and cost accounting problems for manufacturing and process costing

The following data (in thousands of dollars) have been taken from the accounting records of Larsen Corporation for the year completed. Sales.......................................................\$860 Purchases of raw materials.......................\$150 Direct labor.............................................\$110 Manufact

### Determine the cost driver rate

Use the information below to answer the following question(s). Apple Valley Corporation uses a job order cost system and has two production departments, A and B. Budgeted manufacturing costs for the year are: Department A Department B Direct materials \$700,000

### Mason Engineering Company Equipment Purchase

On October 10, 2005, Mason Engineering Company completed negotiations on a contract for the purchase of new equipment. Under the terms of the agreement, the equipment may be purchased now or Mason may wait until January 10, 2006, to make the purchase. The cost of the equipment is \$400,000. It will be financed by a note bearing i

### Review the Comprehensive Annual Financial Report

Review the Comprehensive Annual Financial Report (CAFR) from http://www.ofm.wa.gov/accounting/financial.asp 1. How many capital projects funds does the government maintain? How can you tell? Are any of these major funds? If so, for what purposes are they maintained? 2. How many debt service funds does the government

### Prepare pseudocode for programmer using accountant's instruction for sale data

Accountants understand their jobs very well. Programmers also understand their jobs. Unfortunately, accountants are rarely programmers and programmers are rarely accountants. Although an accountant does not need to program, the accountant must be able to communicate his requirement to the programmer, an individual who may not un

### Tax Treatment of Installment Method for Sale of Tracts of Land

Ranch Corporation sells five acres of land in 2009 for a total contract price of \$125,000. The company received a down payment of \$25,000 and is to receive \$20,000 in each of the following five years. Ranch's gross profit from the sale is \$80,000. Part A: What are the tax consequences if: Ranch reports its gain on the install

### Reconciliation of financial to taxable income; deferred revenue

The Tango Co. is an accrual-method, calendar-year taxpayer in the business of giving dance lessons. On November 1, 2009, Tango received an advanced payment of \$4,800 for a two-year contract to provide up to 96 dance lessons (\$50 per lesson). Tango provided eight lessons in 2009, 48 lessons in 2010 and 40 lessons in 2011. In its

### Green Initiatives Implemented Sustainability

Evaluate a business that has not implemented a sustainability plan or is currently working toward one. Must determine what initiatives the company has implemented, what driving forces initiated the transformation, and what the benefits have been or might be if the company has not started the plan. The assignment will help me gai

### Explain how 'rules-based' accounting standards differ from 'principles-based' standards

Explain how 'rules-based' accounting standards differ from 'principles-based' standards. How might fundamentally changing accounting standards from bright-line rules to principle-based standards help prevent another Enron-like fiasco in the future? Are there dangers in removing bright-line rules? What difficulties might be asso

### Calculate the bid on a Special Order using two methods

Lyan needs the custom-designed equipment to increase its bottle-making capacity so that it will not have to buy bottles from an outsider supplier. Lyan company Requires 5,000,000 bottles annually. Its prsent equipment has a maximum capacity of 4,500,000 bottles with a directly traceable cash outlay cost of 18 cents

### Finkler & Ward and Cleverly & Cameron Accounting

The accounting principles are presented differently between Finkler & Ward and Cleverly & Cameron. Pick one principle in Finkler and Ward and compare it to Cleverly & Cameron. The paper for this week should use the principles presented by Finkler & Ward. Pick one of these principles that has not been selected as much by your