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Purchase Production - NEC Company

NEC Company produces 8,000 part each year, which are used in the production of one of its products. The unit product cost of part is $36, computed as follows: Variable Production Costs .......... $16 Fix Production Costs ............... 20 Unit Product Cost .................. $36 The parts can be purchased from an o

Net Operating Income - LLC Corporation

Please verify my answer. LLC Corporation has received a request for a special order of $6,000 units of product Z50 for $21.20. Product Z50's unit product cost is $16.20, determine as follows: Direct Materials ........... $6.10 Direct Labor ............... $4.20 Variable Manufacturing Overhead ................... $2.30 F

Opportunity Costs in Acquisitions

Company X is a four year-old advertising agency that has grown rapidly in the last two years. The company specializes in marketing for professional and semi-professional sports teams, but in the last two years they have branched out to additional markets, such as fitness clothing, energy foods, and sports equipment. Company X

Split off point - Wallace Company

Please see attached problem. Wallace Company produces two products from a common input. Data relating to the two products are given below: Product A Product B Sales value at the split off point.... $60,000 $120,000 Allocated joint product costs... $45,000 $90,000 Sales value after further processing... $90,00

Calculating Production Runs

Details: You have just met with the Director of Purchasing. He has been attempting to reduce his costs by placing fewer, but larger, orders for raw materials. You suspect that his department's actions have been contributing to your organization's high COS. Your assignment is to calculate the EOQ/ELS for the following two cases.

FASB and EITF pronouncements dealing with extraordinary items.

Several FASB and Emerging Issues Task Force (EITF) pronouncements deal with accounting for extraordinary items. If you should search the Financial Accounting and Reporting Section (FARS) database and the Financial Accounting Standard Board (FASB) Web site to identify the FASB and EITF pronouncements dealing with extraordinar

Flexible Budgets

Please see attached problem. Item Cost Formula Utilities... $6,000 per year, plus $0.30 per machine hour (MH) Supplies... $10,000 per year, plus $0.80 per machine hour Depreciation... $25,000 per year Indirect labor... $21,000 per year, plus $0.40 per machine hour Using these cost formulas, complete the following f

Flexible Budgets - Hardball Corporation

Hardball Corporation uses the following cost formulas in its flexible budget for manufacturing overhead: Item Cost Formula Utilities... $6,000 per year, plus $0.30 per machine hour (MH) Supplies... $10,000 per year, plus $0.80 per machine hour Depreciation... $25,000 per year Indirect labor... $21,000 per year, plus $

Net Income - Streuling Company

Net Income A summary of the operations of Streuling Company for the year ended May 31, 2006, is shown below. Advertising expense . . . . . . . . . $ 2,760 Supplies expense . . . . . . . . . . . 37,820 Rent expense . . . . . . . . . . . . . . 1,500 Salaries expense . . . . . . . . . . . . 18,150 Miscellaneous expense . . .

Standard Costs: Dana Corp's Operations

Please assist with the attached problem. Selected data relating to Dana Corp's operations for April are given below: Number of units produced.... 500 Units Number of actual direct labor hours worked... 1,400 Hours Total actual direct labor cost.... $10, 850 The standard cost card indicates that 2.5 hours of di

Sources of Operating Leverage

1.What are the sources of operating leverage and financial leverage and explain their impact on operating and net income? 2.Mini Case: Your organization (a not for profit group) is considering hiring a professional fund raise to assist in selling raffle tickets. This consultant is going to charge $10,000 (fixed cost) plus 45

Stock Sale - ABC Corp. acquired a 15% interest in XYZ, Inc.

In Year 2, ABC Corp. acquired a 15% interest in XYZ, Inc., for $50,000. During the year, XYZ paid dividends of $10,000 and had net income of $30,000. ABC sold the shares of XYZ for $65,000 cash. What entry will ABC make to record the sale? Please see the attached word file.

Internal controls for plant assets

Harris, CPA, has accepted an engagement to audit the financial statements of Grant Manufacturing Co., a new client. Grant has an adequate control environment and a reasonable segregation of duties. Harris is about to assess control risk for the assertions related to Grant's property and equipment. Required Describe the key i

Accounting Internships: A Win-Win Arrangement

Please summarize the following article in 2 pages or less (12 font double spaced): "Accounting Internships: a win win arrangement" By VanSyckle, Larry D. http://www.allbusiness.com/human-resources/careers-job-training/440653-1.html

Realization, Matching, Materiality

Define and explain the following accounting concepts: - Entity - Money Measurement - Going concern - Cost - Dual Aspect or Dual Accounting - Objectivity - Time period - Conservatism - Realization - Matching - Consistency - Materiality

Maple Products, Ltd.

Hello, Help me with the attached problem Please. Thanks MAPLE PRODUCTS, LTD. Direct Materials Price and Quantity Variances for Last Year Standard quantity of materials per hockey stick: Direct materials added to work in process Standard direct materials cost per foot Standard

Dissolution of partnership & liquidation of partnership property

1-What is the difference between the dissolution of a partnership and the liquidation of partnership property? After liquidating all property and paying partnership obligations, what is the basis for allocating remaining cash among the partners? 2-When a partner withdraws from a partnership, why is the final distribution ofte

Accounting Effects of New Credit Policies

The treasurer of Gould's Stores, Inc., was interested in what effect, if any, new credit terms have had on collections of customer accounts. The usual 30-day payment period was shortened to 20 days in an attempt to reduce the investment in accounts receivable. The following information for the current year and the preceding ye

Payroll Tax Entries in Excel

(Payroll Tax Entries) The payroll of Auber Corp. for September 2008 is as follows: Total payroll was $495,000. Pensionable (CPP) and insurable (EI) earnings were $375,000. Income taxes in the amount of $90,000 were withheld, as was $9,000 in union dues. The employment insurance tax rate was 1.80% for employees and 2.52% for empl

Scattergraph Analysis; High-Low Method

Month X-Rays Taken X-Ray Costs January...... 6,250 $28,000 February..... 7,000 29,000 March........ 5,000 23,000 April........ 4,250 20,000 May.......... 4,500 22,000 June......... 3,000 17,000 July......... 3,750 18,000 August.......

Generally Accepted Accounting Principles in Companies

Present your opinion on whether generally accepted accounting principles can apply to both large public companies and smaller non-public companies. Why, or why not? Be specific. Please include any websites that I can follow up with thank-you.

Rental Income, Insurance Expense, Tax Expense

Rental receipts (cash) received $43,000 Cash paid for insurance $ 5,000 Cash Paid for taxes $ 6,000 Cash received from sale of used equipment $11,000 Of the rental receipts collected, $2,000 was reported as rent r

Case analysis - Birch Paper Co, Transfer Case

Hello, I am reading through my text book and am hoping for some help with three questions that correspond with a case. My instructor indicates that for my midterm, it will be very similar to this case analysis. We are to provide the following by answering the questions. The questions do not have to be answered in order. Ra