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Intercompany Transfer and Route Manufacturing

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

Production Cost Report

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

Tootsie Roll and Hershey: calculate and compare the financial ratios

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

Calculations of Earnings Per share

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

Cash from Investing activities

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 ________.

Dependency Exemptions

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

Storage of accounting data

Why is the storage of accounting data important to an accounting information system? Describe some important concerns, and explain why each one is important.

Profit Reports

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,

Variable and absorption costing for a vehicle

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

Variable costs

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??

Selecting a business segment

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

Cast Shortages

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

Cash Inflows

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

Variable and Absorption Costing

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?

Taxes and Deferred Taxes

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

Governmental Accounting Journal Entries

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.

Accounting Criteria of Ford and Honda

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?

Accounting concepts and business structures memo

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

AMT and Wolfgang's Itemized Deductions

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

Categories of Assets

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

Overhead costs

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

Operating income

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

Segmenting questions

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

Overhead costs

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

Costs of production of water valve

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