This problem tests the ability to calculate total revenue, total expenses and net income or loss from an analysis of comparative balance sheets.
E2-2 (Qualitative Characteristics) The qualitative characteristics that make accounting information useful for decision-making purposes are as follows. Relevance Timeliness Representational faithfulness Reliability Verifiability Comparability Predictive value Neutrality Consistency Feedback value Instructions Identify the
Dear OTA, Please help guide and help me with steps as per the requirement. Please see attached file for full problem description. Cost Accounting - A managerial emphasis 1. Cost behaviors: Exercise 2-21 on page 53 → try to use Excel for the graphs 2. CVP: Exercise 3-20 on page 84 → build an Excel workshee
Balance Sheet Preparation From the following data, prepare a classified balance sheet for Simon Company at December 31, 2006. Spreadsheet Accounts payable $62,500 Accounts receivable 123,000 Buildings 418,500 Owners' equity, 1/1/06 210,000 Cash 179,750 Distributions to owners during 2006 21,750 S
It is payday at ET Ice Cream and you need to ensure that the correct payroll and tax adjustments are made to the company books. In a typical payroll entry taxes are withheld from employees pay and must be paid to various state agencies. Identify the payroll and tax adjustments to be made. Identify the agencies to which ta
Wynne Corp. and its divisions are engaged solely in manufacturing operations. The following data (consistent with prior years' data) pertain to the industries in which operations were conducted for the year ended December 31, 2004. Revenue Profit Assets 1 2/
A) Price elasticity of demand is telling us about the slope of the demand curve. Price elasticity of demand is asking: Is the demand curve really steep or even vertical (inelastic) where a large price change will have very little effect on the quantity demanded? Is the demand curve really flat or horizontal (elastic) where a
QED Electronics Company had the following transactions during April while conducting its television and stereo repair business. 1. A new repair truck was purchased for $19,000. 2. Parts with a cost of $1,600 were received and used during April. 3. Service revenue for the month was $33,400, but only $20,500 was cash sales.
A firm sells 25,000 widgets annually that it purchases from a widget supplier for $10 each. It costs the firm $62.50 in administrative costs to place an order for the widgets and, on the average, costs $0.50 in carrying costs to maintain a widget in inventory. What is the optimal quantity of widgets to be purchased in ea
Please help with the following problem. When using discounted cash flow analysis to value an asset, explain why it is important to measure the risk of the asset and to associate an expected return with that risk measure.
Accounting theory course related instruction on For your convenience, I have attached a formatted MS Word file containing requested information on how our governmental standard setting policies affect investor confidence. I have also included information on the history and practices of govermental involvement in the standard setting practice that might help to increase your understanding of the subject.
How does government involvement in standard setting affect investor confidence? This paper answers this question with a thorough history on the accounting standards setting process.
In your own words, based on experience in business, add your explanation. Thanks. A) Are microeconomic conditions influenced a lot or a little by the macroeconomic conditions? And visa versa? B) Do you think that managers manage differently if they are at a for-profit verses and not-for-profit company? C) Some t
1) Design a simulation of a business situation by preparing a table based on the Monte Carlo model for machine breakdown repair. 2) How does the simulation work and how was the data for the probabilty distribution obtained?
Dolce Refinery, Inc. processes coconuts. Coconuts are processed in batches. A batch of coconuts costs $60 to buy from farmers and $13 to crush in the company's plant. Two intermediate products, coconut fiber and coconut oil, emerge from the crushing process. The coconut fiber can be sold as is for $29 or processed further for $1
Greene Enterprises prepares monthly departmental reports in an effort to control its operating costs. Each department has a manager to whom the report is addressed and who is held responsible for the operating results in his or her department. The report made to Department D for October follows: Budgeted Actual Sales
Watson Company pays a bonus to any of its five division managers who increase their percentage of income to sales over that of the year before. The manager of Division A is displeased because of the results of operations of the line for the current year. The division showed a decrease in net income percentage, as follows:
One basic investing tenet is that prices appreciate to reflect the earnings power of a stock. Fast growing stocks should therefore outperform slow growing stocks. Suppose we classify stocks into 2 categories today: high growth stocks and low growth stocks. We can then form two groups of stocks that have the same beta - a grou
JDS & Associate is a local public accounting firm. Its job costing system has a sing cost category (i.e. professional labor) and a single indirect cost pool (i.e. Audit Support Services) where all other operating costs are accumulated. Professional accountants on each job allocate both direct and indirect costs to individual job
PLEASE REFER TO WORD.DOC FOR PROPERLY FORMATTED PROBLEM AND SET OF QUESTIONS Gigantic, Inc. manufactures three products for the computer industry: Gizmoz (product G): annual sales, 8,000 units Thangz (product T): annual sales, 15,000 units Whatziz (product W): annual sales, 4,000 units The company uses a tradit
Tribeca Company manufactures a variety of products. The following data pertain to the company's operations over the last two years: Variable costing net operating income, last year $82,700 Variable costing net operating income, this year $87,800 Increase in ending inventory, last year 900 Decrease
Part A. Gorvin Industries makes 100,000 units per year of a part called a BINC gasket for use in one of its products. Data concerning the unit production costs of the BINC gasket follow: Direct materials $0.15 Direct labor 0.10 Variable manufacturing overhead 0.13 Fixe
Has the global business environment created needs that can no longer be addressed by the existing concept framework?
Many industries have excess capacity. Among them are the airline and telecommunications industries, as well as several manufacturing industries, such as steel, aluminum, and aircraft manufacturing. Some management accountants argue that absorption costing provides an incentive to continue producing goods for inventory,
Accounting Problems - ABC Corporation prepared the following reconciliation for its first year of operations
ABC Corporation prepared the following reconciliation for its first year of operations: Pretax financial income for 2008 $ 900,000 Tax exempt interest (75,000) Originating tempo
What are the pros and cons of a S corporation vs. a C corporation.
You recently received the following note from the production supervisor of the company where you serve as controller. "I don't understand these crazy variable-overhead efficiency variances. My employees are very careful in their use of electricity and manufacturing supplies, and we use very little indirect labor. What are
Please help answer the following and provide references: 1. Can anyone explain why pension accounting is totally at the whim of the corporation? Given that they are free to select their anticipated growth on investment, it seems this figure could be jockeyed to suit the balance sheet. 2. I would like to have more clari
You just graduated from XYZ University. You have applied for a job with the prestigious Abacus Management Consulting Corp. There are many qualified candidates; in order to narrow down the field the firm has assigned each applicant the following hypothetical case: Required: Supply the requested comments in each of the fo
8. Hoover Industries Cash Flow (in millions) CASH RECEIVED FROM: Customers $ 1,800 Interest on investments 200 Sale of land 5,100 Sale of capital stock 600 Issuance of debt securities 2,000 CASH PAID FOR: Interest on debt $ 300 Income tax 80 Debt principal reduction 1,500 Purchase of equipment 3,000 P
Monrad Corporation uses variable costing for internal reporting purposes. Its preadjusted trial balance for the year ended December 31 shows: Cost of goods sold (at variable cost) $750,000 Finished goods inventory (at variable cost) 75,000 Nonvariable product costs 462,000