Based on the analysis of the last six months' sales, your boss notices that sales of beef products are declining in your chain's restaurants. As beef entrée sales decline, so do profits. Fearing beef sales have declined due to several newspaper stories reporting E.coli contamination discovered at area grocery stores, he sugge
Company's current return on equity is 14%. It pays out one half of earnings as cash dividends (payout ratio = .5). Current book value per share is $50. Book value per share will grow as the company reinvests earnings. Assume that the ROE and payout ratio stay constant for the next four years. After that, competition forces ROE
Not-for-profit entities usually receive minimal - if any - revenue from traditional sources like sales. Discuss the accounting issues that arise because of this.
Please help answer the following question regarding accounting. Provide at least 200 words. Can you describe for me the two major constraints inherent in the presentation of accounting information and the significance they play in financial accounting?
The controller for Tulsa Photographic Supply company has established the following activity cost pool and cost drivers Activity cost pool budgeted overhead cost machine setup................. $250,000 Material handling.............. 75,000 Hazardous waste control........ 25,000 Qu
Break-Even Computation B&B company reports the following items: Direct materials per unit . . . . . . . . $ 2.25 Direct labor per unit . . . . . . . . . . 3.95 Variable overhead per unit . . . . 1.80 Monthly rent . . . . . . . 2,200.00 Monthly depreciation . . . . . 680.00 Other monthly fixed costs. . . . . . . . 2,40
See Attached file. Selected transactions for H Burns, Inc, an interior decorating firm, in its first month of business are as follows: Jan 2 Invested $15,000 cash in business in exchange for common stock. 3 Purchased used car fro $4,000 cash for use in business. 9 Purchased supplies on account for $500. 11
The Welding Department of Batista Manufacturing Company has the following production and manufacturing cost data for February 2008. All materials are added at the beginning of the process. Manufacturing Costs Production Data Beginning work in process Beginning work in process 15,000 units Materials $18,000 1/10 comple
5-43 Make-or-buy Tanner Appliance Company manufactures 12,000 units of part M4 annually. The part is used in the production of one of its principal products. The following cost information is available on part M4: Direct Materials $11 Direct Labor 9 Unit-related support 4 Batch-related support 5
Selig Sporting Goods Inc. has been experiencing growth in the demand for its products over the last several years. The last two Olympic Games greatly increased the popularity of basketball around the world. As a result, a European sports retailing consortium entered in to an agreement with Selig's Roundball Division to purchase
The following additional information is available about flight 581: A. Member of the flight crew are paid fixed annual salaries, whereas the flight assistance are paid by the flight. B. One-third of the liability insurance is a special charge assessed against Flight 581 because in the opinion of the insurance company, the d
Please see the attached excel file. There are 8 multiple choice questions. 1. HIJ Company paid $500 cash for salary expenses. Which of the following choices accurately reflects how this event would affect the company's financial statements? Assets = Liab. + Equity Rev. - Exp. = Net Inc. Cash Flow A)
1.Speedy Bike Company received a $940 check from a customer for the balance due. The transaction was erroneously recorded as a debit to Cash $490 and a credit to Service Revenue $490. The correcting entry is a. debit Cash, $940; credit Accounts Receivable, $940. b. debit Cash, $450 and Accounts Receivable, $490; credit Servi
Cheryl (a calendar year taxpayer) donates a statue to a local art museum (a qualified charity). The statue cost Cheryl $13,000 ten years ago and, according to one of Cheryl's friends (an amateur artist), is worth $50,000. On her income tax return, Cheryl deducts $50,000 as a charitable contribution. Upon later audit by the IRS,
The General's Favorite Fishing Hole Chart of accounts Assets Revenues 101 Cash 401 Registration Fees 142 Office Supplies 144 Food Supplies Expenses 145 Prepaid Insurance 511 Wages Expense 181 Fishing Boats 521 Rent Expens
1. The Equipment account's proper classification is: a. Revenue b. Liability c. Expense d. Asset 2. The Supplies account's proper classification is: a. Asset b. Revenue c. Liability d. Expense 3. The Cost of Goods Sold account's proper classification is: a. Asset b. Revenue c. Liability
Fill in the blanks in the following separate income statements a through e. Identify any negative amount by putting it in parenthesis. See attached file. Sales............................................... $60,000 $42,500 $36,000 $ ? $23,600 Cost of goods sold .............................. Merchandise In
Cripple Creek Company has one trusted employee who, as the owner said, "handles all of the bookkeeping and paperwork for the company." This employee is responsible for counting, verifying, and recording cash receipts and payments, making the weekly bank deposit, preparing checks for major expenditures, making small expenditures
The controller of Summit Systems Inc. devised a new costing system based on tracing the cost of activities to products. The controller was able to measure post-manufacturing activities, such as selling, promotional, and distribution activities, and allocate these activities to products in order to have a more complete view of th
Golden Years Easy Retirement Homes owns several adult care facilities throughout the southeast United States. A budget analyst for Golden Years has collected the data found in the file Dat9-10.xls on your data disk describing for each facility: the number of beds(X1), annual number of medical in-patient days(X2), the total annua
Please see the attached file. Stone Tools, Inc., had the following account balances as of January 1: Direct Materials Inventory $8,700.00 Work in Process Inventory $76,500.00 Finished Goods Inventory $53,000.00 Manufacturing Overhead $- During the month of January, all of the following occurred:
What is fund accounting? How does it compare to proprietary accounting? Why is it necessary? What are the major fund types?
Discuss the Robinson' family's 2007 tax return. Develop a presentation for the Robinson' to explain their 2007 tax return and based on the completed return for 2007, make suggestions for other tax-savings strategies. My portion of the tax return is to explain Schedule D and E and come up with some tax savings strategies. I hav
Bad Debt expense for Pure-Air Distributing. Why is there a difference in Bad Debts expense and the Allowance for Debt Doubtful accounts?
As the accountant for Pure-Air Distributing, you attend a sales managers meeting devoted to a discussion of credit policies. At the meeting, you report that Bad Debts expense is estimated to be $59,000 and Accounts Receivable at year amount to be $1,750,000, less a $43,000 allowance for Doubtful accounts. Sid Omar, a sales manag
Identify one or more control procedures (either general or application controls, or both) that would guard against each of the following errors or problems. a. Leslie Thomas, a secretary at the university, indicated that she had worked 40 hours on her regular time card. The university paid her for 400 hours worked that week.
Identify and research three different accounting software applications. Compare and contrast each accounting application. Describe the industries and organization size that the application is best suited for. Identify each application's strengths and weakness. Prepare a 10-minute PowerPoint® presentation that documents your ana
Jack Robinson is considering selling his computer consulting business. Discuss the possible tax consequences of the sale fo the business Deliver with references
The electronic fund transfer (EFT) system includes ATM's, point-of-sale terminals, direct deposits and withdrawals and payments by phone or computer, using PIN numbers instead of signatures. Do you feel the conveniences are worth the risks? How does the UCC deal with electronic transfers?
Esther Industries developed the following standards for one of its products: Material 6 feet $15/foot $ 90 Labor 10 hours $12/hour 120 Total variable cost $210 Actual results for September were: Units produced 13,000 Material purchased 40,000 feet for $14.25/foot Material used 80,000 feet Direct Labor 1
What are the tax advantages of qualified private pension plans?