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Accounting

Accounting Theory

The purpose of this paper is to identify the objectives of financial reporting, the organizations and responsibilities of the standards setting process, and the authoritative sources of accounting information. My part of the paper i need to talk about Ethics in Financial Reporting and I have to identify at least three ethical ro

Annual Report Question/Analysis

A) How should you evaluate the firm's annual report in light of this footnote? In particular, how does this footnote affect your recommendation regarding the loan? Be very specific. b) In preparing for your meeting with the firm's president and CFO, what questions do you want to ask regarding this footnote? Be very detailed.

3 short & objectives accounting question

1. Vince's Woodworking purchased a wood lathe on January 1, 20X3, at a cost of $45,000. At the time of purchase, the lathe was expected to have a five-year economic life and a residual value of $3,000. Vince's uses straight-line depreciation. At December 31, 20X5, before recording depreciation expense for 20X5, Vince estimated

Accounting Multiple Choice

A) Costs in a process cost system are traced to? Would it be: 1. Specific jobs 2. Specific customers 3. Specific production departments 4. Specific corporate administrators Not absolutely sure on a choice. B) Which of the following is a period cost? Would it be: 1. Manufacturing plant maintenance 2. Wages for pro

Accounting Problems

Problem A. The building maintenance department for Packard Manufacturing Corp. budgets annual costs of $3,000,000 based on the expected operating level for the coming year. The costs are allocated to two production departments. Packard Manufacturing Corp. is considering 2 allocation bases for assignment of costs to department

Accounting Questions

A) As manager of a house appliance store, indicate 2 costs that are controllable and 2 costs that are non-controllable. Next, explain why you would consider them controllable or non-controllable costs. B) As the manager of a restaurant, list 2 costs that may be considered fixed costs and 2 that may be considered variab

Gains and losses on fixed assets

KMG Corporation is in the business of manufacturing and selling seasonal handcrafts and other decorative items. The company operates one retail shop in the Seattle area, and also rents space at the famous Pike Place Market at which it displays and sells its merchandise. The following transactions for KMG Corporation occ

Taxation Question

What makes the disposition of an asset a "capital gain" or "capital loss" instead of an ordinary gain or loss? Why do you think the distinction was written into the tax code? Why the distinction between long and short term?

The Assembly division of Canadian Car Company: Transfer pricing

The Assembly division of Canadian Car Company has offered to purchase 90,000 batteries from the Electrical division for $104 per unit. At a normal volume of 250,000 batteries per year, production costs per battery are as follows: Direct materials Direct mfg. labour Variable factory overhead Fixed mfg. overhead Total $40

Cost Accounting

The new manager of the insurance division does not understand how the company can have so many overhead rates for assigning costs to the activities of the company's life insurance underwriters. One rate schedule is used to calculate average assignable costs when agents write standard policies. Another rate schedule is applied wh

R&D Effectiveness of Ballard

In particular, review the Web Sites in the posting "Roadmaps" complete a Topic Summary by doing the following: a. Using a company of Ballard, create and defend a technology roadmap for that company based on the web site reading assigned. b. Describe the stages of technology development as demonstrated in the team's

Return on stock investments

One year ago, Mr. Seth Cohen invested $10,400 in 200 shares of First Industries, Inc., stock and just received a dividend of $600. Today, he sold the 200 shares at $54.25 per share. He is asking for your help to figure out: a. His capital gain; b. His total dollar return; c. His percentage return; and d. The stock's divide

Continuing Expenditures

See attached file for full problem description. Problem 1 Recording continuing Expenditures for plant Assets. Big Sky, Inc., recorded the following transactions over the life of a piece of equipment purchased in 2005; Jan 1,2005 Purchased the equipment for $36,000 cash, The equipment is estimated to have a 5 yr life and

Accounting variances on price and efficiency

Materials and manufacturing labour variances, standard costs. Consider the following selected data regarding the manufacture of a line of upholstered chairs: Direct materials 2 square metres of input at $10 per square metre Direct manufacturing labour 0.5 hour of input at $20 per hour The following data were compiled reg

Taxation - Apportionment

In most states, a taxpayer's income is apportioned on the basis of a formula measuring the extent of business contact, and allocated according to the location of property owned or used. True or False?

Tax Questions

An S corporation has a lesser degree of limited liability than a C corporation. True or False? A limited partner in a limited partnership has limited liability whereas a general partner in a limited partnership has unlimited liability. True or False?

Example of Exclusions in Taxation

Which of the following is not immune from state income taxation, even if P.L. 86-272 is in effect? A. Sale of a factory building. B. Sale of office equipment that constitutes inventory to the purchaser. C. Sale of office equipment to be used in the taxpayer's business. D. All of the above are protected by P.L. 86-272 immu

Taxation- Gift

In which, if any, of the following independent situations has Geraldine made a gift? A. Geraldine gives her 19-year old son $20,000 to be used by him for his college expenses. B. Geraldine buys her grandfather a new Jaguar for his birthday. C. Geraldine sends $20,000 to Duke University to cover her nephew's tuition. The ne

Treasury Stock

Camby Corporation's balance sheet reported the following: Capital stock outstanding, 5,000 shares, par $30 per share $150,000 Paid-in capital in excess of par 80,000 Retained earnings 100,000 The following trans

Tax Questions about corporations and partnerships

All should be answered true or false. (1) An S corporation shareholder's stock basis is increased by that shareholder's share of corporate profits, but not by a share of increases in corporate liabilities. (2) The general objective of the tax on unrelated business income is to tax such income as if the entity were a corp

Important information about Accounts and Notes Payable

Described below are certain transactions of Carson Company for 2007: 1. On May 10, the company purchased goods from Jay Company for $50,000, terms 2/10, n/30. Purchases and accounts payable are recorded at net amounts. The invoice was paid on May 18. 2. On June 1, the company purchased equipment for $60,000 from Nolan Compa

Basic and Diluted EPS

Berry Company 1) Net income (including an extraordinary gain (net tax) of $70,000 $230,000 2) Capital Structure a) cumulative 8% preferred stock, $100 par 6,000 shares issued/outstanding $600,000 b) $10 par common stock, 74,000 shares outstanding on January 1. $1,000,000 On A

Accounting for Merchandising Operations

I don't understand how to account for the different shipping terms (FOB shipping point, destination and etc.) How do you specially account for terms such as 1/10, n/30? For your convenience and as per your instructions, I have attached a APA formatted MS Word file, which explains the meaning of the different shipping terms (

Minimizing Costs

PROBLEM: The Bunker Manufacturing firm has five employees and six machines and wants to assign the employees to the machines to minimize cost. A cost table showing the cost incurred by each employee on each machine follows: Machine Employee A B C D E F

Accounting Analysis

A new snowboard rental store rents snowboards for skiing on a weekly basis for $75/week including the boots. The skiing season is 20 weeks long. The store owner can buy a snowboard and boots for $550, rent them for a season and sell them for $250 at the end of the season. The store rent is $7,200/year. During the off-season, the