Explore BrainMass


Major Funds

Using a Governmental Agency or Not-for-Profit organization identify what are considered to be its major funds? In what key ways are major funds reported differently than non-major funds?

Career Opportunities for Accountants

1. Describe two business sectors you might want to work in if you were an accountant and explain why in 150 to 200 words. 2. Research a specific company in one of the business sectors that interests you and describe how you imagine it might be to work there.

Assessing Key Productivity Measurements

9-48 In early 20X1, United Communications, a U.S.-based international telephone communications company, purchased the controlling interest in Bucharest Telecom, Ltd. (BTL) in Romania. A key productivity measure monitored by United is the number of customer telephone lines per employee. Consider the following data for United:

Burton Transportation Company: Flexible and Static Budgets and variances

8-A1 Burton Transportation Company's general manager reports quarterly to the company president on the firm's operating performance. The company uses a budget based on detailed expectations for the forthcoming quarter. The general manager has just received the condensed quarterly performance report shown in Exhibit 8-10.

Analyzing Pro Forma Statements

Instructions Decide upon an initiative you want to implement that would increase sales over the next five years, (for example, market another product, corporate expansion, and so on). Using the sample financial statements, create pro forma statements of five year projections that are clear, concise, and easy to read. Be su

CFO memo: predetermined overhead rates, applied overhead

Data for month ending 1/31/200X Direct labor expended on jobs completed in month 1 $100,000 Direct material used up $500,000 Budgeted manufacturing overhead $2,000,000 Budgeted production volume 4,000 units Actual production volume 4,500 units Supplies, indirect labor, maintenance repair costs totaled $2,200,000 Beginning

Percentage of sales vs. Percentage of Receivables

What is the difference between using the percentage of sales and percentage of receivables method for calculating doubtful accounts? Is it appropriate to use a hybrid of the percentage of sales and the percentage of receivables methods of calculating? Do generally accepted accounting principles allow for using both methods at th


Olter, Inc. is starting its risk management program for the company and has asked for your help in determining critical risk measurements for the firm. The company has identified several factors in the market that they believe are critical for your tasks: •The risk-free rate is 6% •The required return on the average stoc

The Best-Case Scenario

Olin Transmissions, Inc., has the following estimates for its new gear assembly project: price = $3,000 per unit; variable costs = $600 per unit; fixed costs = $1.8 million; quantity = 90,000 units. Suppose the company believes all of its estimates are accurate only to within ±20 percent. What values should the company use for

Corporate Annual Report NIKON

Using the 2012 annual report for NIKON: 1. Analyse the major areas of the report. 2. Discuss the key factors that determined the company's financial performance during the year. 3. Discuss what the primary assets held by the company are. 4. Demonstrate how management portrays the internal control environment of NIKON.

Noncontrolling interest in net income: Lance Co 2011

C3. On January 1, 2010, Mace Co. acquired 75% of Lance Co.'s outstanding common stock. On the same date, Lance acquired an 80% interest in Curle Co. Both of these investments were acquired when book value was equal to fair value of identifiable net assets acquired. Both of these investments were accounted using the initial value

Flexible Budgets and Cost Variances

See the attached file. Objectives To be able to compute the revenue and cost variances and interpret whether the variances signal favourable or unfavourable performance. Mr Doctor is the brand name of a therapeutic pillow produced by the Streussles Company. For 2013, the operating budget is based on an estimated sale

Categorizing product versus period costs and fixed versus variable costs

At a dinner party you hosted, a friend of yours who is a college accounting professor—upon hearing you had started your own business—told you to make sure to properly categorize product versus period costs and fixed versus variable costs. The friend did not have time to explain the difference or the importance of proper cate

Consolidating worksheet adjusting entry

Sapling, Inc. is a 95%-owned subsidiary of Fir Enterprises. Fir Enterprises sells Sapling an industrial wood chipper for $10,000 on January 1, 20x8. Fir Enterprises paid $17,000 for the wood chipper and the asset currently has a book value of $8,000. The asset has a remaining useful life of 4 years, with no salvage value.

Permanent and Temporary Accounts

Discuss the differences between temporary and permanent accounts. What will happen if the temporary accounts like revenue, expense and dividend accounts are not closed in the ledger? Should the permanent accounts like all asset, Stockholders' equity and liability accounts be closed as well?

Calculate: Tax Reduction Amount for a Donation

Allison is the sole shareholder of Destiny Corporation, which operates a travel agency for business travelers. Allison would like the corporation to donate some used computers to a local private school dedicated to the education of young ladies. The private school is a tax-exempt organization that qualifies donors for the charit

MACRS Deprication, MACRS Computation, Income Tax Returns

Dorothy purchased a car in the current year to be used three-fourths of the time in her business and one-fourth of the time for personal purposes. The car cost $8,000 and is 5-year recovery property. No Sec. 179 expense deduction is taken. The car's basis for MACRS depreciation is A. $1,600 B. $2,000 C. $6,000 D. $8,000

Calculate the coupon rate in the given case.

Page Enterprises has bonds on the market making annual payments, with eight years to maturity, and selling for $988. At this price, the bonds yield 7.90 percent. What must the coupon rate be on the bonds? (Round your answer to 2 decimal places. (e.g., 32.16))

Moving expenses, tax deductions, adjusted gross income

Marc Clay was unemployed for all of year 1. In January of year 2, Clay obtained full-time employment 60 miles away from the city where he had resided during the 10 years preceding year 2. Clay kept his new job for all of year 2. In January of year 2, Clay paid directly moving expenses of $3,000 in relocating to his new city of r

IRA contributions, early withdrawal penalty

Mr. Knox wants to make contributions to an IRA (spousal IRA) for his wife. For Mr. Knox to be eligible to make such contributions, which of the following requirements must be met? I. They must file a joint return for the tax year. II. He must have compensation that must be included in his income for the tax year. III. Sh

Taxation Questions: Capatilization

Which of the following expenditures incurred in the operation of a business is not required to be capitalized? I. Cost of replacing an old shingle roof with a new tile roof II. Cost of changing from one heating system to another III. Cost of replacing small tools A. I only B. II only C. III only D. I and II only

Gross Income, Benefits, Insurance Policy Payments

Mr. T has been a night watchman at Y Company for 10 years. During the current year, he received the following payments from Y Company: Salary: $15,000 Hospitalization insurance premiums: $3,600 Required lodging on Y's premises for Y's convenience as a condition to T's employment: $2,400 Reward for preventing a break-in

Bond Investments for Gary and Gladys

Gary and Gladys invest in bonds. In the current year, they received the following interest: California general revenue bonds: $800 New York City sanitation fund bonds: $1,000 Seattle School District bonds: $400 AT&T 20-year bonds: $600 The state and local bonds are neither private activity bonds nor arbitrage bonds

Gross income, constructive receipt of income, claimed income

1. Which of the following does not have to be included in gross income? I. Lottery winnings II. Damages from personal injury suit involving back injuries III. Prize from church raffle A. I only B. II only C. III only D. I and II only E. I, II, and III 2. Which of the following is not considered actual receipt or "

Corporate Financial Scandal

Research a company that has been involved in a corporate financial scandal 1. Identify the company and the ethical dilemma. 2. Analyze the key elements in the situation: a. Who benefited or was harmed? How did they benefit? How were they harmed? b. What rights or claims were violated? c. What specific in

Business Structure Formation and Status

1. Review the IRS website (, and then provide a link to some information related to partnership formation or termination. Provide a brief summary of the link's contents? 2. Describe the requirements and process to elect S corporation status?

Manufacturing Costs, Income Statements, Variable Costs

1. Classifying Manufacturing Costs Your Boat, 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 Gig Harbor, Washington, boathouse. Below are listed some of the costs that are incurred at the company. Fo

Air Production Company

Air Production Company produces pneumatic lifts used to assist emergency rescue teams used to assist victims of auto and other accidents. The costs of manufacturing and marketing the pneumatic lifts at the company's normal volume of 3000 per month are shown in Exhibit 1. Exhibit 1 Unit manufacturing costs: Variable materi