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    National Linen Contribution Income Statement

    What makes a contribution income statement unique? Using the company (National Linen) discuss how a contribution income statement could be used to improve planning in that particular company.

    Master budget and flexible budget

    The marketing, finance and accounting students estimate sales of 15,000 units for the upcoming period at Chance Company. The budget was based on the assumptions that follow: Per Unit Sales $60 Variabl

    Management Tool used for Decision Making and Control

    Budgeting is a useful management tool used for decision making and control. Therefore, Quicksand Company has set the following standards for one unit of products: Direct materials 50 yards x $3 = $150 Direct labor 10 hours x 18=

    Materials and Labour Budget Revisions: Give arguments

    Discuss each request below for a budget revision, putting what you see as both sides of the argument and reach a conclusion as to whether a budget revision should be allowed. Materials: A local material supplier was forced into liquidation. Criss-cross' buyer managed to find another supplier, 150 miles away at short notice

    Chaff Co: Manager Performance using variances matl labour

    Chaff Co processes and sells brown rice. It buys unprocessed rice seeds and then, using a relatively simple process, removes the outer husk of the rice to produce the brown rice. This means that there is substantial loss of weight in the process. The market for the purchase of seeds and the sales of brown rice has been, and is e

    New Corporation Tax Advantages

    On creating a new 100 percent-owned corporation, Ben was advised by his tax consultant to treat 50 percent of the total amount that was invested as a loan and 50 percent as a purchase of corporate stock. What tax advantage does this arrangement have over structuring the entire investment as a purchase of stock? Discuss (AICPA ad

    Joint Cost Allocation: Elsie Dairy Products Corp

    Elsie Dairy Products Corp. buys one input, full-cream milk, and refines it in a churning process. From each gallon of milk Elsie produces three cups of butter and nine cups of buttermilk. During May 2010, Elsie bought 12,000 gallons of milk for $22,250. Elsie spent another $9,430 on the churning process to separate the milk into

    Variable, Fixed, Mixed, and Step Costs

    Describe a variable, fixed, mixed and step cost in an organization. Would this organization be more likely to benefit from using a manufacturing cost hierarchy or a customer cost hierarchy for determining cost drivers? Why? Identify a cost in each of the four cost hierarchies.

    Information from a Common Size Balance Sheet

    P11.10 Solve the requirements of information below for the year ended July 31, 2011. Required: - Total current assets - Plant assets, net of depreciation - Goodwill - Total other long-term assets - Total assets - Total current liabilities - Total long-term liabilities (including deferred taxes) - Total equity

    Manufacturing vs. Customer Cost Hierarchy

    Use a selected company or your current work environment to identify at least one cost or expense that would fit under each of the following categories: - Variable - Fixed - Mixed - Step Would your company be more likely to benefit from using a manufacturing cost hierarchy or a customer cost hierarchy for determining cost

    Taxation: Deductible Commuting Miles

    Sally incurred a 90-mile round-trip commute every day, mainly because she could not get along with her supervisor at the sales office located four miles from her home. Sally works under a one-year contract, and her assignment to the nearer office is affirmed in the current year's contract, but management has allowed her to trave

    Theory: GAAP vs. IFRS, finance choices, best financial statement

    1. The Financial Accounting Standards Board (FASB) sets the accounting rules for public companies in the United States. These accounting rules are known as Generally Accepted Accounting Standards (GAAP). The International Accounting Standards Boards (IASB) proposes international accounting rules. These rules are known as Inte

    P12.20 contribution margin format income statement unit changes

    Contribution margin format income statement "what-if" questions P12.20 Prepare a traditional income statement and a contribution margin format income statement (and contribution margin ratio) for a firm with a sales volume of 15,000 units: Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . .

    P12.17 High-low method Alpha Co. October activity

    P12.17 High-low method A department of Alpha Co. incurred the following costs for the month of September. Variable costs, and the variable portion of mixed costs, are a function of the number of units of activity: Activity level in units. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000 Variable costs . . .

    Sammy Co. Solve for Net Income

    At the beginning of the current fiscal year, the balance sheet for Sammy Co. showed liabilities of $352,000.  During the year liabilities decreased by $19,800, assets increased by $71,500, and paid-in capital increased from $33,000 to $211,200.  Dividends declared and paid during the year were $27,500.  At the end of the y

    Finding the Retained Earnings Balance

    What is the process for finding ending Retained Earnings? Retained earnings, beginning - $ 308,000 Cost of equipment purchased during year $49,000 Net loss for the year $4,600 Dividends declared/paid in year $15,800 Decreased in cash balance from beginning to end of year $10,100 Decrease in long-term debt during year $15,

    Taxation: Casualty Loss Deduction

    Sarah came home one day to find significant water damage in her home. Apparently one of the hoses to her washing machine had worn out and split, spilling water all over the place. Over the next month, mildew appeared as well. Is there any casualty loss deduction for Sarah? Ignore any computational floors and assume that she did

    Government Accouting: Vero Beach

    3-6 Exploring Vero Beach's financial report Refer to the financial statements of the City of Vero Beach that are included in this chapter. 3. Per the government-wide statement of activities, what was the ending balance in net assets associated with governmental activities? Is this consistent with the government-wide statem

    Financing deficit

    Financing Deficit Balance Sheet as of December 31, 2013 Cash...........................$ 180,000 Accounts payable.....................$ 360,000 Receivables....................360,000 Notes payable.............................156,000 Inventories......................720,000 Line of credit...............................

    Stock price vs net income

    George Smith owns a lot of investments in common stock. He says that he does not care what a company's net income is because the stock price tells him everything he needs to know. How would you respond to George?

    Analyzing decentralized organizations

    I need help analyzing the advantages and disadvantages of decentralized organizations based on decision-making, include examples of performance measurement in decentralized organizations.

    Target Corporation: Liquidity and Efficiency

    Examine Target for the years 2004-2006 and compare to Walmart. Comment on the relative liquidity and efficiency these firms. How does Target compare to Walmart? Would you invest in this company? Defend your position with reasons and facts.

    Organization Accountability

    Which statement best describes an organization's accountability? Legal liability to creditors Ethical responsibility to the public, employees and other stakeholders Fiduciary responsibility to manage the resources of an organization Obligation to pay local, state and federal taxes

    Determining Prepaid Rent Remaining

    Oddessy Consulting pays $90,000 for three years of rent in advance on September 1, 2008. Oddessy prepares yearly financial statements on December 31, 2008. Referring to Case 3.2, how much Prepaid Rent remains after the 12-31-09 adjusting entry? $70,000 $60,000 $10,000 $50,000.

    Applying Overhead; Underapplied or Overapplied Overhead; Income Statement

    Durham Company uses a job-order costing system. The following transactions took place last year: raw materials requisitioned for use in production, $40,000 80% direct and 20% indirect. Factory utility costs incurred, $14,600. Depreciation on plan and equipment $28,000. Cost for Salaries and wages : Direct labor $40,000, Ind

    Budekville: Journal Entries

    Complete in excel. Omit C. 5-9. The Village of Budekville, which has a fiscal year July 1 to June 30, sold $3,000,000 in 6 percent tax-supported bonds at par to construct an addition to its police station. The bonds were dated and issued on July 1, 2011. Interest is payable semiannually on January 1 and July 1, and the first

    Annotated Bibliography on Innovation

    Find four peer- or jury-reviewed articles on an innovation related to your specialization. Evaluate each article for the following: Reliability of evaluation of research methods and of the theories and data on which the article is based Appropriateness for intended audience Authority or background of the author Limitati

    Business Combination (VIEs and Consolidation statements)

    Please treat (1) (2) and (3) as separate units: (1) Hambly Corp. owned 80% of the voting common stock of Stroban Co. During 2011, Stroban sold a parcel fo land to Hambly. The land ad a book value of $82,000 and was sold to Hambly for $145,000. Stroban's reported net income for 2011 was $119,000. What was the noncontrolling int