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Accounting Help Needed

Good Evening, Please help with the attached problems. Thank you. The editor of Spunk Magazine is considering three alternative prices for her new monthly periodical. Her estimate of price and quantity demanded are: Quantity Price Demanded $6.95 20,000 $5.95 25,000 $4.95 32,000

Turner and Plaster: Consolidated balance of the Building account

On January 1, 2009, Turner Inc. reports net assets of $480,000 although a building (with a 10-year life) having a book value of $260,000 is now worth $300,000. Plaster Corporation pays $540,000 on that date for a 90 percent ownership in Turner. On December 31, 2011, Turner reports a Building account of $182,000 while Plaster r

Computation, Recording, and Funding of Pension Expense

Problem 17-43 Computation, Recording, and Funding of Pension Expense Averon Industrial, Inc., computed the following components of pension expense for the years 2011-2013: (In thousands) Components of Pension Expense 2011 2012 2013 Service cost.............................................................

Accounting Literature: Match the description to the pronouncements

Match the description to the pronouncements. 1. _____ Staff Positions 2. _____ Interpretations (of the Financial Accounting Standards Board) 3. _____ Statement of Financial Accounting Standards 4. _____ EITF Statements 5. _____ Opinions 6. _____ Statement of Financial Accounting Concepts (a) Official pronouncements of

Calculate operating income after tax and net financial expense

A firm reported $818 million of net income in its income statement after $140 million of net interest expense and income tax expense of 4402 million. Calculate the operating income after tax and net financial expense after tax, using a statutory tax rate of 35 percent.

Accouting Problems

A) Irrelevant costs include costs that are: 1 different among alternatives. 2 avoidable. 3 sunk. 4 opportunity costs. b) The difference in total costs between two alternatives is referred to as the: 1 direct cost. 2 incremental cost. 3 sunk cost. 4 opportu

Accounting Questions (3 of 5)

Please help with the attached questions. Total of 5 files. - I am attaching each file separately. File 3 of 5 Question 13: The Nelson Company experienced the following costs in 2007: During 2007 the company manufactured 120,000 units and sold 145,000 units. Assume the same unit costs in all years. Total variab

Decline of Cookie Costs

Consider the following scenario: Assume you are the division controller for Norwich Cookie Company. You are looking over some cost of production reports segmented by cookie line. You notice there is a drop in the material and labor costs for "Chips for Days", a best-selling cookie. On further investigation you discover why ch

Another Meaning For A Positive Variance

The materials price variance is due strictly to differences in cost per unit. If unfavorable, the cost per unit is higher than the standard (or expected) cost. Either the standard is too low, or the purchase price is higher than expected. Can a positive materials price variance be a bad thing? Explain. Can it affect the e

Raw materials price variance

Actual price per unit of input (per lb ) $ 7.80 Standard price per unit of input (per lb) $ 7.00 Standard inputs allowed per unit of output 10 lbs Actual units of input 115,000 lbs Actual units of output (product) 14,400 What is the formula to compute

Material Price and Quantity Variances

Bangkok Custom Shirt Company uses a special fabric in the production of dress shirts. During August, Bangkok Custom Shirt purchased and used 7,900 square yards in the production of 3,800 shirts at a total cost of B5,490,500. (B stands for the Thai baht. There are roughly 35 bahts to the U.S. dollar). The standard allows two yard

Absorption vs. Variable Costing

Lang Glass Company makes stained glass lamps. Each lamp that it sells for $210 per lamp requires $12 of direct materials and $48 of direct labor. Fixed overhead costs are expected to be $135,000 per year. Lang Glass expects to sell 1,000 lamps during the coming year. Selling and administrative expenses were zero. Required.

Gilman Corporation: Improve Computation of per Unit Costs

Consider the following scenario: Due to seasonal fluctuations, Gilman Corporation has a problem determining the unit cost of its products. For example, high heating costs during the winter months cause the cost per unit to be higher than the per unit cost in the summer months, even when producing the same number of units of t

Pooling of interests vs Purchase: Recording of Equipment

How would equipment obtained a business combination have been recorded under each of the following methods: Pooling of Interests Purchase a) Recorded value Recorded value b) Recorded value Fair Value c) Fair Value Fair Value d) Fair Value Recorded value

Equity income in Steinbart to be reported by Alex

Alex, Inc, buys 40 percent of Steinbart Company on January 1, 2008 for $530000. The equity method of accounting is to be used. Steinbarts net assets on that date were $1.2 million. Any excess of cost over book value is attributable to trade name with a 20-year remaining life. Steinbart immediatlely begins suppling inventory

Taxing Non-Cash Winnings; Bad Debt Deduction; Tax Base

1.Tom Y, a longtime client and golfing buddy, has asked you to prepare his tax return. In looking at the material he has prepared for you, you notice that he has not mentioned the BMW that he won in the annual club tournament. When you ask Tom about this, he says that he knows that the club never reports these items to the I

Greenleaf Manufacturing: Journalize transactions

Greenleaf Manufacturing Company has two production departments: Cutting and assembly. August 1 inventories are: Raw Material $4,200 Finished Goods $31,900 Work-in Process Cutting $3,900 Work-in Process Assembly $10,600 Journalize these transactions 1. Purchased raw materials for $56,300 2.Incurreed factor labor

Total Contribution Margin and Gross Margin

Pinewood Company, which has only one product, has given the following data regarding its last month of operations: Selling Price.......................................................................$200 Units in beginning inventory....................................0 Units produced.......................................

Accounting multi choice: process costing, job costing, inventories

Which of the following is true about both process costing systems and job costing systems? 1. Either one can be easily implemented in any type of manufacturing situation. 2. The use of finished goods accounts is unnecessary in either method. 3. None of the other answers 4. Both utilize work in process accounts to accumulat

Westmore, Ltd. is a British subsidiary of a U.S. company

Westmore, Ltd. is a British subsidiary of a U.S. company. Westmore's functional currency is the pound sterling. The following exchange rates were in effect during 2009: Jan 1 $1 = £.625 June 30 $1 = £.610 Dec 31 $1 = £.620 Weighted average rate for the year $1 = £.630 Required: 1) Westmore reported sal

Recording Transactions and their Effects on Financial Statements

Mikor has an account payable of $7,700 due to Smiley, Inc., one of its suppliers. The amount was due to be paid on October 15, 2008. Mikor only had enough cash on hand then to pay $1,700 of the amount due, so Mikor's treasurer called Smiley's treasurer and agreed to sign a note payable for the balance. The note was dated October