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Accounting questions

Accounting questions Please answer the following questions writing between 200 to 300 words to each questions (ONLY QUESTION 4 NEEDS TO HAVE BETWEEN 250 TO 300 WORDS): 1. What are the three internal control objectives for financial reporting? 2. Describe the basic principles of cash management. Have you had any good or

Equivalent units accounting problem

Jus Company uses the weighted-average method in its process costing system. The Assembly Department started the month with 4,000 units in its beginning work in process inventory that were 20% complete with respect to conversion costs. An additional 62,000 units were transferred in from the prior department during the month to be


1. why notes before accounts payable? 2. what is the drawing acct 3. what is preferred stock? 4. what is the retained earnings acct, and why does this acct play an important roll in equity on the financial? 5. what is common stock and what role does this have on raising capital? 6. what are some tax implications for corpora

Statement of Users Needs and System Outputs Required

Your company, ABC Corp., is considering making a change in its accounting information system. The Finance Director has tasked your team with analyzing the needs of the accounting and financial re-porting system's current users. You must complete a user needs assessment and prepare a document that will be submitted to your organi


Could you help me to understand these sample questions please. 3.Hachey Company has accounts receivable of $95,100 at March 31, 2007. An analysis of the accounts shows these amounts. Balance, March 31 Month of Sale 2007 2006 March $65,000 $75,000 February 12,600 8,000 December and January 10,100 2,400

Accounting equation: effect of transactions

Questions as attached. Indicate the two (or more) effects on the accounting equation of the business or company. The first one has been completed. The owner invests personal cash in the business. Assets: Increase Decrease No Effect Liabilities: Increase Decrease NoEffect Owner's (or Stockholders') Equity: Increas

Holding Periods of Assets

Provide an example and explain what the holding period is for an asset when a sale or disposition occurs

Accounting problem

What is better figure for this about in between $8.00 and $14.70?? Not sure...thanks At a factory price of $8.00 Frank figured they could sell 50,000 timers. He figured there should be a $50,000 advertising budget that would be spent regardless of sales volume. He figured the $1.00 per unit for general admin. And selling

Lap Company Units Transfered out of the department 4-10

Uses the weighted-average method in its process costing system. The beginning work in process inventory in a particular department consisted of 75,000 units, 95% complete with respect to materials and 28% complete with respect to conversion costs. The total dollar value of this inventory was $228,000. During the month, 147,000 u

Garber Corporation Unused Capacity Report 2-9

Question 9: (Appendix 3A) At the beginning of the current year, Garber Corporation estimated that its manufacturing overhead would be $532,000 and the activity level would be 23,000 machine-hours. The level of activity at capacity is 40,000 machine-hours. The actual manufacturing overhead for the year was $504,900 and the ac

XYZ, Inc: Earnings After Taxes

XYZ, Inc. had sales of $1,500,000 for 2007. Cost of goods sold are 73% of sales, selling and administrative expenses were 8% of sales. Depreciation expense was $22,000 and interest expense for the year was $19,000. The company pays income tax at a rate of 28%. a. Compute earnings after taxes b. The company has come up a

Calculate the future value of payments

Based on the following information, determine the future value of the payments on December 31, 2015. Amount deposited every January 1st $20,000 length of deposits 2008 - 2015 Assumed interest rate 9% Interest computed Semi-annually Please show work

Tax Returns and Retained Earnings

How would you explain the difference in retained earnings and, earnings and profits to a client who questions your preparation of a tax return?

Accounting Questions - Multiple Choice

See attached. 1. If total liabilities increased by $25, 000 during a period of time and stockholders' equity increased by $5, 000 during the same period, the amount and direction (increase or decrease) of the period's change in total asset is: a. $20, 000 increase b. $30, 000 decrease c. $25, 000 increase d. $30, 000 incr

Direct/Indirect Materials for Bottum Corporation and Washtenaw Corporation

Question 18: Bottum Corporation, a manufacturing company, has provided data concerning its operations for May. The beginning balance in the raw materials account was $21,500 and the ending balance was $36,700. Raw materials purchases during the month totaled $63,200. Manufacturing overhead cost incurred during the month was

Schaf Corp. Q17: Archeson Corp. Raw Materials and overhead rate

Question 16: On January 1, Schaf Corporation had $25,000 of raw materials on hand. During the month, the company purchased an additional $56,000 of raw materials. During January, $56,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materia

Q12, Q13: Avery overapplied or underapplied overhead. Arvelo raw material entries

Question 12: Avery Co. uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. For the month of October, Avery's estimated manufacturing overhead cost was $279,000 based on an estimated activity level of 93,000 direct labor-hours. Actual overhead amounted to $310,000 with actua

Darrow Co Manufacturing overhead cost: calculate the predetermined overhead rate

Question 7: Darrow Company uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. Last year, the company worked 9,900 direct labor-hours and incurred $89,400 of actual manufacturing overhead cost. If overhead was underapplied by $2,100, the predetermined overhead rate for the c

Manufacturing Overhead: dispose of the underapplied or overapplied

See attached Mallet Company has only Job 844 in process on March 1 of the current year. The job has been charged with $2,100 of direct material cost, $2,600 of direct labor cost, and $1,850 of manufacturing overhead cost. The company assigns overhead cost to jobs at a predetermined rate of 71% of direct labor cost. Any undera

Kohler Clothiers, Crede Manufacturing, Mo Vaughn: variances, overhead costs

See attached problems. Kohler Clothiers manufactures women's business suits. The company uses a standard cost accounting system. In March 2005, 11,800 suits were made. The following standard and actual cost data applied to the month of March when normal capacity was 15,000 direct labor hours. All materials purchased were use

Mortgage Industry

Do you think what's going on with the Mortgage Industry now is a result of poor Risk Management, Fraud or mismanagement?