Route Manufacturing purchased 80 percent of the stock of Hampton Mines Inc. in 20X3. In preparing the consolidated financial statements at the end of 20X5, Route's controller discovered that Route had purchased $75,000 of raw materials from Hampton Mines during the year and that the parent company had not paid for the last purch
Month of Dec Units of completion Costs Beginning wip inventory, Dec 20,000 direct materials 80% 200,000 conversion costs 90% 450,000 Units started in Dec
Using the financial statements for Tootsie Roll and Hershey located in Appendix A and B, respectively, you will calculate and compare the financial ratios listed below for the year ended in 2004.In Word, write a two-page analysis evaluating and comparing Hershey's and Tootsie Roll's overall liquidity, solvency, and profitability
As a banking customer, what concerns do you have about online banking? What benefits and disadvantages can you identify? What can you do to prevent identity theft?
See attached file: 1. Interest is usually associated with a. accounts receivable. b. notes receivable. c. doubtful accounts. d. bad debts. 2. When an account becomes uncollectible and must be written off,
The costs of publishing a grade school textbook can be assumed to be as follows: Fixed expenses for each new edition of the book: Copy editing $3,000 Art work $1,000 Typesetting $36,000 Variable expenses per copy of the book: Printing and binding $2.60 Bookstore discounts $2.00 Salespersons
I know the formula is net income minus preferred Dividends / Weighted-Average of Common Shares Outstanding, but how do you get that from this information. Can some one please expalin it to me? A Corporation has outstanding at December 31, 2008, 50,000 shares of $20 par value, cumulative, 8% preferred stock and 200,000 shar
Ebony Corporation's balance sheet and income statement is attached. (attached) Cash dividends were $1.00 The company sold equipment for $19.00 that was originally purchased for $15.00. The equipment had accumulated depreciation of $4.00. The net cash provided by (used by) investing activities for the year was ________.
I need some help with this problem: John and Carole file a joint return in 2007 and have three children: Jack, age 23; David, age 20; and Kristen, age 15. All three children live at home the entire year. Below is information about each of the children: ? Jack: graduated from college in December 2006 and is going to medical
Why is the storage of accounting data important to an accounting information system? Describe some important concerns, and explain why each one is important.
The company is organized into two lines of business(software and consulting), and profit statements are prepared as follows: software consulting Sales $10,000,000 $5,000,000 Less direct costs 5,000,000 3,
9-16 Variable and absorption costing, explaining operating-income differences. Nascar Motors assembles and sells motor vehicles and uses standard costing. Actual data relating to April and May 2006 are: The selling price per vehicle is $24,000. The budgeted level of production used to calculate the budgeted fixed manufactu
Revenue (8,000 units) 16,000 Variable costs 4,000 Contribution margin 12,000 Fixed costs 4,000 Net income 8,000 If actual production totals 8,400 units, flexible budget would show variable costs of??
Please see the attached file. Sales faux Traditional Less cost of goods sold $800,000 $200,000 Unit level production cost 500,000 120,000 Depreciation, production equipmen
If a company made a 100,000 investment in new equipment. Assuming the company's margin is 4%, what income will be earned if the investment generates $300,000 in additional sales?
Please help me with this question. Thanks. Information for June: cash receipts $542,000 beginning cash balance 10,000 cash payments 560,000 desired ending cash balance 50,000 If there is shortage, the company borrows money from the bank. All cash is borrowed at the beginning
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
What are the different types of corporations? What is the process for incorporating?
A company is currently working two jobs. The job order cost sheets for job 101 and job 102 showed the following information: Job 101 Job 102 Direct materials $12,000 $15,000 Direct labor 24,000 45,000 If overhead is applied to jobs at $.80 per direct labor dollar, the tota
A Co. reported the following information for 2003. Sales $787,000 Average Operating Assets $375,000 Desired ROI 12% Residual Income $11,250 The Co. operating income for 2003 was: a) $94,440 b)$33,750 c)$45,000 d)56,250
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