Expected total sales: Month Sales January $25,000 February 30,000 March 35,000 April 40,000 The company expects 70% of its sales to be an account (credit sales). Credit sales are collected as follows: 25% in the month of sale, 72% in the month following the sale with the remainder being un
What are the differences between variable and absorption costing? Why is variable costing not allowed for GAAP reporting? Which method is more useful for internal decision-making? Why? As a manager, which would you prefer? Why?
Easton Co. at the end of 2004, its first year of operations, prepared a reconciliation between pretax financial income and taxable income as follows: Pretax financial income $ 400,000 Estimated litigation expense 1,000,000 Installment sales (800,000) Taxable income 600,000 The estimated litigation expense o
Benton County voted to establish an internal service fund to account for printing and copying for all its department and agencies. The County engaged in the following activities related to the new fund. Prepare transactions to record these events in the internal service fund. If no entry is required, write "No Entry Required.
Can you help me outline 12 bullet points comparing and contrasting the accounting reporting criteria between Forda and Honda using GAAP? Do both companies use GAAP or just Ford? If Honda doesn't use GAAP, what do they use compared to Ford? Can you help me cite three references noting the contrast and comparison?
Assume the role of an accounting intern who receives an email from an old high school friend. Your friend is planning to open a new business and does not have an accounting background. He has been talking to a bank about a loan to start his business and he knows he will need an accounting system for his new enterprise. He is ask
Wolfgang's AGI is $140,000. He has the following itemized deductions for 2007: Medical expenses [$12,000 - (7.5% x $140,000)] $1,500 State income taxes $4,200 Charitable contributions $5,000 Home mortgage interest on his personal residence $6,500 Casualty loss (a
This solutions provides the learner with an undestanding of the three classes of assets that can be found on a balance sheet and provides examples of what belongs in each category
Use the following information to answer questions 1 through 3. Domino Co. manufactures three sizes of dog carriers: small, medium, and large. Potential sales include 100 units of small, 120 units of medium, and 100 units of large per month. The barrier in reaching the sales level revolves around the maximum machine hours avai
A Co recently received an order from a potential customer outside the Co. normal geographic service region for a price of $9,000. The size of the proposed job is 22,000 square feet. The Co. normal service costs are as follows: Unit level materials $0.18 per square foot Unit Level Labor $0.25 per square f
Water valves costs $20.00 each. A company is considering making water valves internally at the following projected annual production costs: Unit level material costs $ 3.00 Unit level labor cost 2.00 Unit level overhead 1.00 Batch level set up costs (5,000 units per batc
Enterprise Storage Company has 400,000 shares of cumulative preferred stock outstanding, which has as stated dividend of $4.75. It is six years in arrears in its dividend payments. a. How much in total dollars is the company behind in its payments? b. The firm proposes to offer new common stock to the preferred stockholders
Please help, before I turn this homework in, I want to be sure I have done it correctly. Your help is greatly appreciated. See attached file. Thank you very much for your help!!!!!!!!!!!!
Green company has prepared the following information for three of its divisions: (see attached) Division Historical cost of investments Division operating income X $560,000 $66,500 Y 532,000 64,400 Z 35
P acquired 100% of S's outstanding common stock on 1/1/06 for $400,000. Selected information for S as of 1/1/06 follows: Capital stock $ 50,000 Retained earnings 250,000 Book Current Value Value Inventory 60,000 50,000 Land 170,000 200,000 Bldgs/equip440,000(a) 500,000 (a)Net of accum
Tax planning can involve unbelievably complex maneuvers. Some of the strategies may be less certain than others. As a strictly opinion-type question or series of questions, consider the following. In completing any tax planning for a corporation for which you are the CFO, to what degree would you be willing to be aggressive?
Please help me with this question: CASH FORECAST PROJECT. Bob Evans gift shop is going out of business and we have been approached by a wealthy person who wants to buy the business but does not know anything about the cash side of the business. He has asked us to put together some policies and procedures that he can use i
How does management use an operating budget? How do they use an activity-based budget? What are the similarities and differences between these two budgets?
This formatted MS Excel file contains calculations that can be used to determine the gross profit and net profit margins for a company.
Gross profit margin 76589/78807×100=97% What is it mean if my gross profit margin is that high and what represent if the next year this percentage goes higher or lower? Net profit margin -15400/ 30000x 100%= -51% What is it mean if my net profit margin is that low, goes to negative, what does it mean if this percentage g
Could anyone please assist me with the questions in the attached Case Study.
One July 19, Noras salon issued a 90-day note with face value of $40,000 to Charah hair products for merchandise inventory. Determine the proceeds of the note assuming the note is discounted at 4%
On March 14, batting co. traded in one of it's cages for one that cost $300,000. The seller of the batting cage is willing to allow a trade in amount of $20,000. The initial cost of old equipment was $100,000 with an accumilated depreciation of $80,000. Depreciation has been taken up at the end of the year. The difference will b
Company Background: Smiths Incorporated makes model cars to sell to toy stores & has a repair dept to repair clients cars for a fee & in business for 5 yrs. At the end of 2005, the accting records reflect total assets of $500,000 and total liabilities of $200,000. During the current year, 2006 the following events took place.
Diaz Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. Instructions Analyze the foregoing transactions using the following column headings. Insert the number of each transaction in the Item space, and insert the amounts
Woolery, Inc. had 50,000 shares of common stock outstanding at January 1, 2006. On March 31, 2006, an additional 12,000 common shares were sold for cash. Woolery also had $4,000,000 of 6% convertible bonds outstanding throughout the year. The bonds are convertible into 40,000 shares of common stock. Net income for the year
The information that follows pertains to Raymond Company. Temporary differences for the year 2006 are summarized below. Expenses deducted on the tax return, but not included on the income statement: Depreciation $60,000 Prepaid expense 8,000 Expenses reported on the income statement, but not deducted on the
What happens to your estate after your death.
Prepare the disclosure notes required for the entries made in the problem, detailing the errors in and the changes you have made to the journal entries, and the changes will affect the financial statements. (Accounting Change and Error Analysis) On December 31, 2008, before the books were closed, the management and accountant
Emerson Corporation which uses throughput costing just completed its first year of operations. Planned and actual production equaled 10,000 units and sales total 9600 units at $72 per unit. Costs data for the year are as follows: Direct material per unit $12.00 Conversion Costs Direct Labor $45,000 Variable manufa
Can you help me with accounting spreadsheet with the following problem? I think I am trying to make to much into the financial information and continue to miss steps on the accounting spreadsheet and responses. Overview Company organized 1/1/205 by 4 people. Each person invested $10,000 in the company and issued 8,000 shares