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# Accounting

### Internal control weaknesses in church cash collection procedures

P7-2B The board of trustees of a local church is concerned about the internal accounting controls pertaining to the offering collections made at weekly services. They ask you to serve on a three-person audit team with the internal auditor of the university and a CPA who has just joined the church. At a meeting of the audit team

### Calculate a payroll in Excel for a computer repair business

See attached file. 1. The Orange colored cells on the worksheet indicate places where you will put in the formulas and functions. 2. Calculate the total Gross Pay for each employee. Keep in mind that employees are paid time and a half for all over-time hours. Here is an example formula that demonstrates how you would make

### Harrison Cothiers Stock Constant growth valuation: expected stock price, ROR

Harrison Cothiers' stock currently sells for \$20 a share. It just paid a dividend of \$1.00 a share (that is , D 0 = \$1.00). The dividend is expected to grow at a constant rate of 6 percent a year. What stock price is expected 1 year from now? What is the required rate of return?

### Zillman Co.

Presented below is an aging schedule for Zillmann Company. Number of Days Past Due Customer Total Not Yet Due 1-30 31-60 61-90 Over 90 Arndt \$23,410 \$11,220 \$12,190 Blair 40,360 \$40,360 Chase 61,890 17,720 7,060 \$37,110 Drea 36,430 \$36,430 O

### What is tax research?

What is tax research? What is the purpose of conducting tax research? Are results of tax research conclusive? Why or why not?

### On the basis of the current value of the business, what is the minimum price Stacy should accept?

Please help...I need any and all assistance with this...please put in excel...thanks ---------------------- During the past year, Stacy Mcgill planted a new vineyard on 150 acres of land that she leases for \$30,000 a year. She has asked you as her accountant to assist her in determining the value of her vineyard operation.

### Tax issues for Don and Jane in withdrawing money

The ABC Company was incorporated (as an LLC) two years ago. The success of the company is exceeding the owners' expectations. The land owned by the company is used as a site for special events and parties. The rental income from the events and fees for services rendered at these events are substantial for a new business. The

### Job Cost Accounting: Harris, Inc and Jobs 78 and 79

Harris, Inc., has just completed job nos. 78 and 79, which were similar in terms of complexity, production processes, and units manufactured. Job no. 78 was manufactured by Joe Barton who earns \$14 per hour, whereas job no. 79 was completed by Susan Franklin who earns \$20 per hour. If Joe and Susan are equally efficient, would t

### Britternman (Nitterman) eliminate the Big Bart lin of golf clubs

Britterman, Inc., manufactures golf clubs in three models. For the year, the Big Bart line has a net loss of \$5,000 from sales \$200.000, variable costs \$175,000, and fixed cost \$30,000. If the Big Bart line is eliminated, \$15,000 of fixed cost will remain. Prepared an analysis showing whether the Big Bart line should be eliminat

### Computation for a retirement fund

Please help, I do not understand... Stephen Bosworth, a super salesman contemplating retirement on his 55th birthday, decides to create a fund on an 8% basis that will enable him to withdraw \$25,000 per year on June 30th, beginning in 2014 and continuing through 2017. To develop this fund, Stephen intends to make equal contri

### Identify initiatives or actions after reading an annual report,

In a recent annual report, read management's letter to the stockholders. This section of an annual report typically discusses initiatives or actions that the company implemented during the year as part of its strategic plan. Identify at least three such initiatives or actions that you believe affected the company's annual

### Use the high-low method to develop a monthly cost formula

When Jerome Company's monthly costs were \$75,000, sales were \$80,000; when its monthly costs were \$60,000, sales were \$50,000. Use the high-low method to develop a monthly cost formula for Jerome's coming year.

### Measures can Amber Lutz take to improve her business

Amber Lutz started a retail clothing business two years ago. Lutz's first year was very successful, but sales dropped 50 percent in the second year. A friend who is a business consultant analyzed Lutz's business and came up with two basic reasons for the decline in sales: (1) Lutz has been placing orders late in each seaso

### Politicalization of Accounting Standards

Some accountants have said that politicalization in the development and acceptance of generally accepted accounting principles (i.e., standard setting) is taking place. Some use the term politicalization in a narrow sense to mean the influence by governmental agencies, particularly the Securities and Exchange Commission, on the

### Types of business decisions that managers could make, tools used, measure success

What are some business decisions that managers could make? What tools will they use to make recommendations regarding these business decisions? Why? How will they measure the success of their recommendations?

### What are some nonfinancial performance measures and how are they used?

What are some nonfinancial performance measures? What do they tell us about the performance of an organization? Why is it important for managers to include nonfinancial performance standards in their analysis of their operations?

### Relative sales value method

PC Plus buys 1,000 computer game CDs from a distributor who is discontinuing those games. The purchase price for the lot is \$6,000. PC Plus will group the CDs into three price categories for resale, as indicated below. Group Price per CD No. of CDs 1 \$ 5.00

### Cash can increase when there is a net loss

The president of Frogger Company is puzzled. During the latest accounting period, the company experienced a net loss of \$800,000 yet its cash increased \$300,000 during the same period. Discuss the circumstances under which this scenario could occur. Present evidence based on the various components of the statement of cash flo

### Taxation: How much income will be reported from installment sale of land

On September 16, 2009, Donald Dunn sold for \$80,000 property with an adjusted basis of \$20,000. The buyer paid \$20,000 down with the remaining \$60,000 to be paid in four equal annual installments of \$15,000 beginning in September 2010 with interest at 12%. How much income does Donald report in 2009 and the following four

### Greetings Inc: Cost driver, job order costing system, overhead rate, product cost

See attached files.

### Journalize Long-Term Investments in Stock-Equity Method

On January 1,2008,Compustat Co.bought 30% of the outstanding common stock of Freelance Corp. for \$258,000 cash. Compustat Co. accounts for this investment by the equity method. At the date of acquisition of the stock, Freelance Corp. 's net assets had a carrying value of \$590,000. Assets with an average remaining life of five ye

### What business decisions do managers make? What tools do they use? Measurement?

What are some business decisions that managers could make? What tools will they use to make recommendations regarding these business decisions? Why? How will they measure the success of their recommendations?

### Compute cash flow from operating and from investing

EXERCISE 14-41 GAIN AND LOSSES AND THE STATEMENT OF CASH FLOWS Miss Maggie Company entered into the following transactions during the year: Miss Maggie had no investment securities at the beginning of the year. The cost of the trading securities sold was \$300; the cost of the available-for-sale securities sold was \$150.

### 1. How does Ben's age affect his decision to get an MBA? 2. What other, perhaps nonquantifiable factors, affect Ben's decision to get an MBA? 3. Assuming all salaries are paid at the end of each year, what is the best option for Ben, from a strictly financial standpoint? 4. In choosing between the two schools, Ben believes that the appropriate analysis is to calculate the future value of each option. How would you evaluate this statement? 5. What initial salary would Ben need to receive to make him indifferent between attending Wilton University and staying in his current position? Assume his tax rate after graduating from Wilton University will be 31 percent regardless of his income level. 6. Suppose, instead of being able to pay cash for his MBA, Ben must borrow the money. The current borrowing rate is 5.4%. How would this affect his decision to get an MBA?

Finance Problem: Ben Bates and his MBA Ben Bates graduated from college six years ago with a finance undergraduate degree. Although he is satisfied with his current job, his goal is to become and investment banker. He feels that a MBA degree would allow him to achieve his goal. After examining schools, he has narrowed his choic

### Managerial Accounting

1.What is the appropriate journal entry if \$100,000 of materials were purchased on account for the month of August? a. Manufacturing Overhead Control 100,000 Accounts Receivable Control 100,000 b. Manufacturing Allocated 100,000 Accounts Receivable Control 100,000 c. Materials Control 100,000 Accounts Payab

### Absorption costing format vs variable-costing format

What are three ways that an absorption costing format differs from a variable-costing format and why is it important?

### Assume that in the two-server system, an arriving car will join the shorter queue. When the queues are equal length, there is a 50-50 chance the driver will enter the queue for either window. a. Simulate both the one and two teller systems. Compute the average queue length, waiting time, and percentage utilization for each system. b. Suggest a decision about which system to employ.

See attached excel spreadsheet (example) for queing simulation. I need help to put the info from problem #1 into Excel. 1.) First American Bank is trying to determine whether it should install one or two drive-thru teller windows. The following probability distribution for arrival intervals and service times have been dev

### Fixed overhead applied to products & why is it important

How is fixed overhead applied to products? Why is it important?

### Four cost-allocation bases that a manufacturing company

Identify four cost-allocation bases that a manufacturing company might use to apply factory overhead costs to jobs.

### Total fixed cost per month produced

A.) The Bear and Bull Company produces two products: bears and bulls. The following information is available: Bears Bulls Unit Selling Price \$6 \$9 Unit Variable Costs 2 3 Unit Contribution Margin 4 6 Sales Mix 65% 35% Additional information: Total company-wide fixed costs are \$156,200. Given the sta