Share
Explore BrainMass

Accounting

Multiple-step statement with retained earning -Brokaw Corporation

Please help. Please put in excel and give explanations so I can better understand. Presented below is information related to Brokaw Corp. for the year 2010. Net sales $1,200,000 Cost of goods sold 780,000 Selling expenses 65,000 Administrative expenses 48,000 Dividend revenue 20,000 Interest revenue 7

Importance of Metrics in OEE

Can you tell me what OEE is and why it is an important metric for a manufacturing company? What do you think are the most important metrics to a business of your choice?

Case Study: Blue Ridge Manufacturing

Attached is an excel spread sheet that I need assistance with... Thank you for your help! ------------- Blue Ridge Manufacturing Blue Ridge Manufacturing produces knit apparel in a modern plant located in the Blue Ridge Mountain-region of North Carolina. Overall, the company is profitable, as the segmented income state

How Many Units Were Completed and Transferred to Finished Goods?

Prue Chemical uses an automated mixing machine in its Mixing Department to combine three raw materials into a product call Triogo. On the average, each unit of Triogo contains $3 of Material X, $6 of Material Y, $9 of Material Z, $2 of direct labor, and $12 of overhead. Total costs charged to the Mixing Department's Work in Proc

Impacts of Changing from Hydrometallurgical to Pyrometallurgical

The Al Khali Corporation's copper mines contain 63 percent of the 23.2 million tons of copper in Saudi Arabia. The owners of the mining operation are willing to invest millions of dollars in the latest pyrometallurgical copper-extraction process. Production managers are currently examining both batch and continuous versions of t

Amount under or overapplied, and effect to cost of goods sold

At year end, records show that actual overhead costs incurred were $25,870 and the amount of overhead costs applied to production was $27,000. Identify the amount of under- or overapplied overhead, and indicate whether the Cost of Goods Sold account should be increased or decreased to reflect actual overhead costs.

Compute product unit cost for job 14

What is the product unit cost for job 14, which consists of 300 units and has total manufacturing costs of direct materials, $4,500; direct labor, $7,500; and overhead, $3,600? What are the prime costs and conversion costs per unit?

Johnson's Effectiveness in Preparing his Report

Jeff Johnson is the sales manager for Sunny Days Greeting Cards, Inc. At the beginning of the year, the organization introduced a new line of humorous birthday cards to the U.S. market. Management held a strategic planning meeting on August 31 to discuss next year's operating activities. One item on the agenda was to review t

Tarquin's Trophies: Calculating Accounting Costs

See attached file. Tarquin's Trophies makes trophies, plaques, and medallions and operates at capacity. Tarquin does large custom orders, for example the participant trophies for the Mishawaka Little League. The Controller has asked you to compare plantwide, department, and activity-based cost allocation. 1. Calculate th

Fairly Reliable Manufacturing: Entry to record warranty expense, liability amount

LTB5-1: The Fairly Reliable Manufacturing Company offers a 3-year warranty with all of its products. The Company estimates its warranty costs at 5% of sales and assumes that warranty claims will occur equally over the 3-year warranty period. However, the company does not remove any unused estimated liability under warrantie

Accounting: Flexible budgets

8-2 "The flex in the flexible budget relates solely to variable costs." Do you agree? Explain 8-3 "We want a flexible budget because costs are difficult to predict. We need the flexibility to change budgeted costs as input prices change." Does a flexible budget serve this purpose? Explain.

Internal Accountant's Report to Management

You are the internal accountant at a company that is preparing for an upcoming government contract bid. The management in your company is deciding if it is necessary for the company to perform a full financial status review prior to the bid. As an internal accountant, prepare a report for management that provides supporting info

Name 4 IRS pronouncements; comment on proposed regulations, PLR

1. The IRS issues numerous pronouncements. Name the four that are the most important in conducting Federal tax research. 2. "A tax researcher should not ignore Proposed Regulations." Comment on this statement 3. Sometimes a Private Letter Ruling is generalized and included in an official IRS publication. What form does

Economic versus accounting income

Economists and accountants agree that the concept of income is vitally important. However, the two disciplines disagree on what income is and how it should be measured. A. Present an argument in favor of the economist's view of the concept of income. B. Present an argument in favor of the accountant's view of the concept of

Recording Petty Cash Transactions

On July 1, Acton Company established an Imprest (petty cash) fund in the amount of $400.00 in cash from a check drawn for the purpose of establishing the fund. On July 31, the petty cash fund has cash of $31.42 and the following receipts on hand: for merchandise received $204.30; freight-in, $65.74; laundry service, $84.00; and

Another explanation needs

17.) On June 30, 2009, Sampras Company reported the following account balances: Receivables $ 80,000 Current liabilities $ (10,000) Inventory 70,000 Long-term liabilities (50,000). Buildings (net) 75,000 Common stock (90,000)' Equipment (net) 25,000 Retained earnings (100,000) Total assets $250,000 Total li

Prepaid and Regular Expenses

How does prepaid expenses differ from regular expenses? What are the seven objectives of internal controls for various business cycles, such as, revenue, purchasing, and payroll cycles?

Fuel Costs of Categorized

How would a decision being made affect the classification of an expense. For example, how would fuel cost be categorized in the following examples: * Whether or not to add one more passenger on your bus? * Whether to add one more mile to your bus route?

Return on investment and residual income

Can you please assist me with this problem? It is the same problem that has already been answered on Posting ID: 258518 (Compute the return on investment and residual income for the current situation). I just want you to verify if the answer is correct. I trust your judgment. The answer given in Posting ID: 258518 is in th

Equity method of accounting

Assume that P uses the equity method of accounting for its investment in S. Solve for the unknown in each of the following independent cases. CASE A CASE B CASE C P's ownership of S A 30% 405 investment in S - beg. of year $100 B

Multiple Choice Accounting Questions

1. Which of the following terms best describes the assumption made in applying the four inventory methods? Cost flow Goods flow Asset flow Physical flow 2. An understatement of year 1's beginning inventory will: Cause year 2's margin to be overstated Cause year 1's cost of goods sold to be understated Cause year

Analyze the business use of insurance for various risks

Please help answer the following questions. Include references in the solution. Why might an issuer seek to perfect his or her security interest in a piece of collateral? Is this a guarantee of payment? May the issuer take the collateral under any circumstance, and why might the issuer do this?

Negotiable instruments

Week 4 DQ 1 - Due NLT 1-21 Describe various types of negotiable instruments. Why might a person choose one over the other? What are the financial and regulatory limitations of each negotiable instrument and who can issue negotiable instruments? Country: USA Approx. 250-300 words

Overhead and Flexible-Budgeted Variances

From the above information, fill in the blanks below. Be sure to mark your variances F for favorable and U for unfavorable. a. Flexible-budget variance $______ Fixed $______ Variable $______ b. Production-volume variance $______ Fixed $______ Variable $______ c. Spending variance $______ Fi

Research and Development Costs

Why are research and development costs expensed? Is this consistent with how other similar costs are handled? Why or why not? Should research and development costs be expensed? Why or why not?

True/False Accounting

True or False: 1. In order for a taxpayer to deduct a medical expense, the amount must be paid to a certified medical doctor (M.D.). 2. Generally, tax legislation is introduced first in the Senate and referred to the Senate Finance Committee. 3. Medical expenses incurred on behalf of children of divorced parents are d