Zeppe Inc. purchased potatoes from farmers. The potatoes are then peeled, producing two intermediate products- peeled and depeeled spuds. The peels can then be processed further to make a cocktail of organic nurtrients. And the depeeled spuds can be processed further to make frozen french fries. A batch of potatoes cost $63 to b
38) Account Record of Loan Oak Products: Raw materials purchases $175,000 Direct labor 254,000 Indirect labor 109,000 Selling and administrative salaries 133,000 Building depreciation* 80,000 Selling & admin expense 195,000 Other factory cost 344,000 Sales revenue ($130 per unit) 1,495,000
Please provide an answer to the following questions below that contains 250 to 300 words for each. 1. Compare the three forms of business entities: corporation, partnership and sole proprietor. What are the advantages and disadvantages or each form of entity? Share with the class your experience with the different forms of en
Do firms really lose money to fraud? If so, How much? And when does it become material?
Grace, drops by the office on the Monday after Thanksgiving. She says that over the holiday she was reviewing her books and projecting the remainder of the tax year. She projects that her Schedule C will show a net profit of $300,000 this year. This is substantially higher than in the prior year. She is concerned that she wi
Danny Ferry Co. sells $250,000 of 10% bonds on March 1, 2007. the bonds pay interest on September 1 and March 1. The due date of the bonds is September 1, 2010. The bonds yield 12%. Give entriels through December 21, 2008. Instructions: Prepare all the relevant journal entries from the time of sale until the date indica
The CPA is advising counsel of a problem, and telling him/her that additional steps will be taken by the CPA. Those steps would include meeting with the board of directors of the firm, and advising them of the fraud. Can the CPA stay clean by doing that?
Distinguish among the following bases of comparison: intracompany, industry average and intercompany and give an example of each.
See attached files for full details of two separate problems. For Ethan Allen Interiors and Swish Watch Company, prepare accounting data and interpret results
Resources: U.S. Department of Labor, Bureau of Labor Statistics Web site and Careers in Accounting Web site Post a 200- to 300-word response to the following: There are many career opportunities in the field of accounting. Visit the U.S. Department of Labor, Bureau of Labor Statistics at http://www.bls.gov/oco/ocos001.htm for
Provide an example from the Internet that demonstrates a situation in which a company's net profits looked good in the statements, but the gross or operating profits presented a different picture. Discuss how this might have occurred. "Why is the bottom-line figure, net income, not necessarily a good indicator of a firm's
Bobby Jenks Company purchased machinery for $160,000 on January 1, 2004. Straight-line depreciation has been recorded based on a $10,000 salvage value and a 5-year useful life. The machinery was sold on May 1, 2008 at a gain of $3,000. How much cash did Bobby Jenks receive from the sale of the machinery? Keach Company trade
Jeter Company purchased a new machine on May 1, 1998 for $176,000. At the time of acquisition, the machine was estimated to have a useful life of ten years and an estimated salvage value of $8,000. The company has recorded monthly depreciation using the straight-line method. On March 1, 2007, the machine was sold for $24,000. Wh
WorldCom: The Final Catalyst on pp. 114-118 1. Describe the mechanisms that WorldCom's management used to transfer profit from other time periods to inflate the current period. 3. How should WorldCom's board of directors have prevented the manipulations that management used? 4. Bernie Ebbers was not an accountant, so he
You are a junior accountant at a small accounting firm. A partner of the firm has asked you to communicate the new SAS 112 (Statement of Accounting Standards [Rules auditors have to follow]) regulation to certain groups and how this change would affect them. He has asked you to create and submit a package of materials that inclu
After many years as a successful orthodontist, Martha has decided to buy a ranch in the country. Martha has always liked horses and anticipates acquiring several for the ranch. On the weekends, Martha can relax at the ranch and ride her horses. The cost of operating the ranch and owning horses will be substantial so she plans to
The manager of Watson Cosmetics's Perfume Division is evaluated on her division's return on investment and residual income. The company requires that all divisions generate a minimum return on invest assets of 8 percent. Consistent failure to achieve this minimum target is grounds for the dismissal of a division manager. The
The Empire Hotel is a full-service hotel in a large city. Empire is organized into three departments that are treated as investment centers. Budget information for the coming year for these three departments is shown below. The managers of each of the departments are evaluated and bonuses are awarded each year based
I need assistance in identifying any activity in the attached financial statements Report on Best Buy Co., Inc where I can apply breakeven analysis. I also need help in defining: ? A unit of measurement for the activity ? Revenue per unit for the activity ? Variable costs for the activity ? Fixed costs for the period in
Looking for assistance with solving the following problems attached. Question 1 Derrick Enterprises (DE) makes surge protectors that are used to protect equipment in electrical storms. The costs associated with making a surge protector are shown below: Derrick normally makes and sells 10,000 surge protectors
Please see the attached and assist. Jimmy Carter Company has provided information on intangible assets as follows A patent was purchased from Gerald Ford Company for $2,000,000 on January 1, 2006. Carter estimated the remaining useful life of the patent to be 10 years. The patent was carried in Ford's accounting r
Please complete attached. 4. Problem 8-12A Comprehensive Variance Analysis, pp. 366 - 367. Kramer Toy Company manufactures a plastic swimming pool at its East Crest Plant. The plant has been experiencing problems as shown by its September contribution format income statement below: Budgeted Actual Sales (15,000 pools)
Preparing an Overhead Performance Report Several years ago, Edwards Inc. developed a comprehensive budgeting system for profit planning and control purposes. The line supervisors have been very happy with the system and with the reports being prepared on their performance, but both middle and upper management have expressed
Please see attached file. 14. Centennial Tours is trying to decide which one of two tours it will introduce. The costs and revenues associated with each alternative are listed below: What are the incremental (differential) costs of Tour B? A) $2,000 B) $3,000 C) $4,000 D) None of the above 18. Crowe
Stereo Goods is a distributor of videotapes. Video Mart is a local retail outlet which sells blank and recorded videos. Video mart purchases tapes from Stereo Goods at $5 per tape; tapes are shipped in packages of 25. Stereo Goods pays all incoming freight, and Video Mart does not inspect the tapes due to Stereo Good's reputatio
Please see the attached file. (1) Rayburn's Tents makes backpacking tents. It has the capacity to produce 10,000 tents per year and currently is producing and selling 7,000 tents. Normal selling price for a tent is $470. Unit-level costs are $100 for direct materials, $200 for direct labor, and $25 for other manufacturing co
E9.6 Calculate gross profit, cost of goods sold and selling price: MBI, Inc. had sales of $141.6million for fiscal 2009. The company' gross profit ratio for that yr was 31.6%. a. Calculate the gross profit and cost of goods sold for MBI, Inc., for fiscal 2009. b. Assume that a new product is developed and that it will cost
Mannix Company has gathered the following data related to its production process of two of its products for the week ended April 30: Model #100 B #250C Quantity produced 60 100 Unit-level material cost $ 42,000 $ 100,000 Variable conversion cost 72,000 300,000 Total direct costs $114,000 $ 400,000 Indirect c
Bill and Ann are unrelated taxpayers. Both had their taxes prepared last year by the same tax preparer. Bill paid $300 for his tax return preparation while Ann paid $500 for hers. Bill is an employee (receives a Form W-2) while Ann is self-employed (files Form Schedule C). Two years later, as a result of an agreement with state
Your aunt is in a high tax bracket and would like to minimize the tax burden of her investment portfolio. She is willing to buy and sell in order to maximize her after-tax return and she has asked for your advice. What would you suggest that she do?