Share
Explore BrainMass

Accounting

Step by Step solutions S11-1

1. ABC Company purchased manufacturing equipment on February 1, 2007 for $504,000 to be used in a new manufacturing facility production. The equipment is expected to have a salvage value of $24,000 at the end of 12 years of production. It should produce 435,000 units and maintain 49,000 hours of production. During 2008 the equip

Compute the Fixed Asset Turnover

Current assets, end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 35,000 Fixed assets, end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180,000 Fixed assets, beginning of year . . . . . . . . . . .

Accounting for Goodwill

Fred Moss, owner of Moss Interiors, is negotiating for the purchase of Zweifel Galleries. The balance sheet of Zweifel is given in an abbreviated form below. Zweifel Galleries Balance Sheet As of December 31, 2008 Assets: Cash $100,000 Land 70,000 Building (net) 200,000 Equipment (net) 175,000

Professional Research: FASB Codification

I need a lot of help on this, I am completely lost. Thank you. Preferred language style: English (U.S.) In memo format: answer the question from "Professional Research: FASB Codification". On each written assignment, students should follow the APA guide for referencing and citations. 3-5 pages Three-four references per questi

Accounting for Organization Costs

Please see attached file. Fontenot Corporation was organized in 2009 and began operations at the beginning of 2010. The company is involved in interior design consulting services. The following costs were incurred prior to the start of operations. Attorney's fees in connection with organization of the compan

Computing overhead rate, variances and cost of goods sold

Athens Corporation uses a job-cost system and applies manufacturing overhead to products on the basis of machine hours. The company's accountant estimated that overhead and machine hours would total $800,000 and 50,000, respectively, for 20x1. Actual costs incurred follow. The manufacturing overhead figure presented above ex

Calculating Units Necessary for a Certain Net Operating Income

Evergreen corp has provided the following data: sales per period: 1,000 units selling price: $40 per unit Variable manufacturing cost: $12 per unit Selling expense: $5,100 plus 5% of selling price Administrative expenses: $3000.00 plus 20% of selling price The number of units needed to achieve a target net operating i

Mesmer Analytic

Mesmer Analytic, a biotechnology firm, floated an initial public offering of 2,000,000 shares at a price of $5.00 per share. The firm's owner/managers held 60 percent of the company's $1.00 par value authorized and issued stock following the public offering. One month after the IPO, the firm's board of directors declared a one-t

Federal Tax Research

1.What is the function of commercial tax services? 2. Why would a practitioner need a tax service when most primary tax sources are available for free on the internet? 3. Describe the function of a citator in tax research process?

Steadry Corporation Consolidation: Prepare eliminating entries

Steadry Corporation purchased 80 percent of Lowe Corporation's stock on January 1, 20X2. At that date Lowe reported retained earnings of $80,000 and had $120,000 of stock outstanding. The fair value of its equipment and buildings was $32,000 more than the book value. Steadry paid $190,000 to acquire the Lowe shares. The remain

Herman Corporation operates two divisions

Herman Corporation operates two divisions, the A Division and the B Division. Both divisions manufacture and sell logs to paper manufacturers. The company is considering disposing of the B Division since it has been consistently unprofitable for a number of years. The income statements for the two divisions for the year ended De

Major Users of Accounting Information

The information needs of a specific user of financial accounting information depends upon the kinds of decisions that user makes. Identify the major users of accounting information and discuss what questions financial accounting information answers for each group of users.

Video Conferencing Tool: Students Closed Book Exams at Home

You are the IT manager of a university. The School president has given you a directive to find a way to allow students to take closed - book exams at home and be SURE that the person taking them is at all times during the exam the one enrolled in the course. What is your plan?

Valuation Allowance of Deferred Tax Asset

50. Emmett Company has a deferred tax asset of $1,000,000 at December 31, 2011. This amount arises from the recording of the company's liability for postretirement benefits other than pensions. The company's CPA has asked management whether a valuation allowance should be recorded to reduce the deferred tax asset to zero.

ROI Analysis using DuPont Model

ROI analysis using DuPont model. a. Firm D has net income of $27,900, sales of $930,000, and average total assets of $465,000. Calculate the firm's margin, turnover, and ROI. b. Firm E has net income of $75,000, sales of $1,250,000, and ROI of 15%. Calculate the firm's turnover and average total assets. c. Firm F has

Accounting Assignment for course in Business Administration

ASSIGNMENT FOR ACCOUNTING COURSE in Business Administration. Please see attachment file below. Tried to get answer/assistance from Justanswer.com but to NO avail. Still Need assistnce with the assignment even though it's past due. Can you still help, assignment still needs to be addressed by the end of this week. I have attached

Financial reporting purposes and tax reporting purposes

42. Dodger Corporation reported a loss for both financial reporting purposes and tax reporting purposes of $231,000 in 2011. For financial reporting purposes, Dodger reported income before taxes for years 2008-2010 as listed below: 2008 ............................ $ 66,000 2009 ............................ 99,000 2010 ...

Survey Method Attitudes and Exhibits

A museum of arts in a large city wants to conduct a study of museum patrons' attitudes concerning its collection of exhibits. What survey method would you suggest? Why?

Business Investment

Cindy invested $200,000 into a business that earned a profit of $2,700 during the past month. Cindy believes the business will earn an annual profit equal to 12 times the monthly profit. Assume Cindy wants to take $25,000 from the business each year for her personal use. See table: Resources created from sales: $19,000 R

Accounting

The balance sheet of David Luza Corporation contains the following information in its equity section: Stockholders' equity Common stock, $10 par value, 1,000,000 shares authorized and issued and outstanding $10,000,000 additional paid-in capital 8,000,000 retained ear

Kenyon's overhead arises because of various activities

Kenyon Company produces two products (F56 and F57), applying manufacturing overhead on the basis of direct labor hours. Anticipated unit production costs (material, labor, and overhead) and manufacturing volumes are: F56: 2,000 units, $234 F57: 3,500 units, $271 Kenyon's overhead arises because of various activ

Activity-based overhead rates

I have a problem that I need help with. I need to compute the activity-based overhead rates for 4 cost pools. Stereo City Co. manufactures speakers and receivers and uses activity-based costing. The following information is available: Instructions: Compute the activity-based overhead rates. Expected Use of Cost Driver

Gross Profit Method: Eastman Company

I am lost on this and I need your help... Please put in excel. Thank you. ------------------------------ Eastman Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. Corporate records disclose the following. Inventory (beginning) $80,000 Purchases

Purchases recorded gross and net

Some of the transactions of Torres Company during August are listed below. Torres uses the periodic inventory method. August 10 Purchased merchandise on account,$12,000, terms 2/10, n/30. 13 Returned part of the purchase of August 10, $1,200, and received credit on account. 15 Purchased merchandise on account,