Explore BrainMass

Explore BrainMass

    Accounting

    BrainMass Solutions Available for Instant Download

    Classifying Manufacturing Costs

    Boating, Inc., assembles custom sailboats from components supplied by various manufacturers. The company is very small and its assembly shop and retail sales store are housed in a boathouse in Charleston SC. Below are listed some of the costs that are incurred at the company. For each cost, indicate whether it would most like

    Financial Leverage and EBIT-EPS Analysis

    1. Geoff's Golf Clubs is considering purchasing a small firm in the same line of business. The purchase would be financed by the sale of common stock or a bond issue. The financial manager needs to evaluate how the two alternative financing plans will affect the earnings potential of the firm. Total financing required is $4.5 mi

    Liquidity Ratios and Solvency Ratios in accounting

    I have to choose two publicly traded companies and compute liquidity ratios and solvency ratios. I have chosen Dell and HP as my companies and the financial information for the FY2008 has been attached for each company. The list below is what I have to derive from the information. Compute the following liquidity ratios for

    Principles of Accounting

    Please help with the following problem. The following unit data were assembled for the heating process of Morgan Processing, Inc., for the month of August. Direct materials are added at the beginning of the process. Conversion costs are added uniformly over the production process. The company uses the FIFO process costing me

    Multiple Choice Accounting questions

    I need some guidance with this sample quiz so I know which chapters to study further. Thanks! Certain U.S. accounting standards have been, and will be, amended to aid in the international convergence process. The process of changing these standards usually involves a short deliberation followed by a vote of the U

    Discount on Bonds Payable and Interest Expenses

    Since the club opened, a major concern has been the pool facilities. Although the existing pool is adequate, Mindy, Oscar, and Lori all desire to make LifePath a cutting-edge facility. Until the end of 2008, financing concerns prevented this improvement. However, because there has been steady growth in clientele, revenue, and in

    Property taxes payment by Gwen for benefit of Quincy

    Due to substantial medical expenses, Quincy is delinquent by $11,000 in paying the property taxes on his home. To avoid an adverse effect on his credit rating, Quincy's mother, Gwen, offers to pay the property taxes. What are the tax consequences to Quincy and to Gwen: a. If she makes the payment? b. If she gives the $11,

    Constraints on filing joint tax returns with foreign income

    DeWayne is a U.S. citizen and resident. He spends much of each year in the United Kingdom on business. He is married to Petula, a U.K. citizen and resident of London. DeWayne has heard that it is possible that he can file a joint income tax return for U.S. purposes. If this is so, what are the constraints he should consider

    Basis and holding period for land acquired by Jessica

    Jessica inherits land from her uncle. His adjusted basis in the land (purchased in 1997) was $60,000 and it was included in his estate at a value of $150,000. a. Determine Jessica's basis and holding period for the land. b. Determine Jessica's basis and holding period for the land if it was included in her uncle's estate a

    Recognized gain and basis for land exchanged by Eunice Jean

    Eunice Jean exchanges land held for investment located in Rolla, Missouri, for land to be held for investment located near Madrid, Spain. Her basis for the land given up is $250,000 and the fair market value of the land received is $350,000. Eunice Jean also receives cash of $15,000. a. What is Eunice Jean's recognized gain?

    Basis in the land to Cheryl after death of Ed

    Ed and Cheryl have been married for 27 years. They own land jointly with a basis of $140,000. Ed dies in 2008, when the fair market value of the land is $220,000. Under the joint ownership arrangement, the land passed to Cheryl. a. If Ed and Cheryl reside in a community property state, what is Cheryl's basis in the land? b

    Basis for land; recognized gain or loss in gift transaction

    Mel gives a parcel of land to his son, Scott. He had purchased the land in 1996 for $140,000 and its fair market value on the date of the gift is $125,000. No gift tax is paid. Scott subsequently sells the land for $131,000. a. What is Scott's basis for the land? b. What is Scott's realized and recognized gain or loss from

    Principles of accounting

    45. Prepare a flexible budget for 8,000, 9,000, and 10,000 units of output, given the following data: Variable costs: Budgeted fixed overhead $90,000 Direct materials $5 Direct labor 4 Overhead 8 Ans: Flexible Budget Variable Cost Units Produced Category per Unit Variable costs:

    Principles of Accounting and Types of Cost

    Please see the attached file. 40. The graph below depicts two different types of costs. Questions related to the graph should be answered in the spaces provided. a. The line H-B represents what type of cost? Variable cost b. Production at point J versus point L would increase total variable costs. Variable costs wil

    Tax Effects of sale of Hsui's process to preserve fresh fruit.

    Hsui, who is single, is the owner of a sole proprietorship. Two years ago, Hsui developed a process for preserving fresh fruit that gives the fruit a much longer shelf life. The process is not patented or copyrighted, but only Hsui knows how it works. Hsui has been approached by a company that would like to buy the process.

    Adjusted gross income

    Phil and Susan are married, filing a joint return. The couple has two dependent children. Susan has wages of $34,000 in 2008. Phil does not work due to a disability, but he is a buyer and seller of stocks on the Internet. He generally buys and holds for long-term gain, but occasionally gets in and out of a stock quickly. Th

    Calculate the realized gain on the sale of Anne's home

    Anne sold her home for $260,000 in 2008. Selling expenses were $15K. She had purchased it in 2001 for $190K. During the period of ownership, Anne had done the following: Deducted $50,500 office-in-home expenses, which included $4,500 in depreciation. Deducted a casualty loss for residential trees destroyed by a hurrica

    Fundamental Accounting Principles

    Fundamental Accounting Principles Which of the following inventory costing methods will always result in the same values for ending inventory and cost of goods sold regardless of whether a perpetual or periodic inventory system is used? Answer FIFO and LIFO. LIFO and weighted-average cost. specific identification

    Market vs Book Value

    The Newburg Flyers operate a major sports franchise from a bldg in downtown Newburg. Built in 1940 at a cost of $5,000,000 and is fully depreciated, so that it shows a value of $1 on the balance sheet. the land the bldg is on was purchased in 1935 for $10,000 and is valued at this amount for bal sheet purposes. The franchise

    Yount and Lance Division of Partnership Income

    Please see the attachment. Division of Partnership Income Yount and Lance have a partnership agreement which includes the following provisions regarding sharing net income and net loss: 1. Since Yount will work only part time in the partnership, he will be allocated a salary allowance that is one half the salary allowance

    Accounting

    Selected financial data of ABCand XYZfor 2005 are presented here (in millions). ABC XYZ Corporation Stores, Inc. Income Statement Data for Year Net sales $45,845 $287,042 Cost of goods sold 31,561 221,290 Selling and administrative expenses 10,480 51,354 Interest expense 570 986 Other inc

    Weighted Average Common Shares and Time Interest Earned

    The income statement for Christensen, Inc., appears below. CHRISTENSEN, INC. Income Statement For the Year Ended December 31, 2008 Sales $425,000 Cost of goods sold 243,000 Gross profit 182,000 Expenses (including $18,000 interest and $14,600 income taxes) 107,300 Net income $74,700 Additional informati

    Horizontal/Vertical AnalysisAccounting

    The comparative condensed income statements of Hendi Corporation are shown below. HENDI CORPORATION Comparative Condensed Income Statements For the Years Ended December 31 2009 2008 Net sales $604,400 $506,400 Cost of goods sold 487,800 426,400 Gross profit 116,600 80,000 Operating

    Reporting gross income from a free pumpkin

    Two days before Halloween, Gene was driving in his car and noticed that he was low on fuel. He stopped at a gas station which offered a free pumpkin with the purchase of a full tank of gas. The pumpkin has a fair market value of $2.00, and the price of the gasoline was the same as at another station located across the street.

    ADVERTISEMENT