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Reasons for issuing FASB Statement No.144

Analyze the reason(s) for issuing FASB Statement No. 144 and compare and contrast the accounting information on this statement, Statement No. 121, and Accounting Principles Board Opinion (APB) # 30. DISCUSS THESE; (1) Analysis of the reason(s) for issuing FASB Statement No. 144 (2) Differences among FASB Statement No. 144

Weller Company: Predetermined Overhead Rates

Please see attached problem for properly formatted charts. Weller Company's flexible budget for manufacturing overhead (in condensed form) follows: Overhead Costs Cost formula Machine hours (per machine hour) 8,000 9,000 10,000 Variable cost $1.05 $8,400 $9,450 $10,500 Fixed cost 24,800 24,800 24,8

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

Compumeds Company: Manufacture Process

Compumeds Company manufactures products A and B from a joint process. Product A has been allocated $2,500 of the $20,000 in total joint costs associated with the production of 1,000 units each of A and B each year. A can be sold at the split-off point for #3 per unit, or it can be processed further with additional costs of $1,00

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

Manufacturing Overhead - Silo's Company

Silo's Company uses a predeterminated overhead rate based on labor-hours to apply manufacturing overhead to jobs. Estimate and actual data for direct labor and manufacturing overhead for last year are as follows: Estimated Actual Direct Labor Hours.............600,000 550,000 Manufacturing o

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.

Mean Temperatures for January and July

1. The Excel file Weather.xls contains mean temperatures for January and July and average annual precipitation for selected cities across the United States. Construct 90% confidence intervals for the mean temperature and precipitation. See the attach Excel 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.

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

PV of the interest tax shields, gains from using leverage

1) If a firm has $7.4 million in debt, $22.4 million in equity, a tax rate of 34%, and pays 6% interest on debt, what is the firm's PV of the interest tax shields? a. $444,000 b. $150,960 c. $15 million d. $2.516 million e. $456,960 2) What do you need to know to calculate the gains from using levera

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