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Accounting Questions

2) INSTRUCTIONS: Solve the following problems and record the answers in the Answers column. 0. If total direct labor costs are $100,000 for 25,000 units of production, the per-unit direct labor cost is 1-3. Fixed costs for Flag Stamp Co. are $250,000. The selling price per unit is $20.00, and variable costs are $15.00.

Accounting Fill in the Blanks

0. The manner in which a cost changes as a related activity changes is known as 1. In terms of cost behavior, direct materials and labor costs are generally classified as 2. The range of sales or production activity over which the behavior of the cost is of interest to management is called the 3. The activity that is

Variable and absorption costing comparison

Variable and absorption costing are two cost methods. Compare and contrast these two methods, including the implications of using either method. Include at least one example to support your comparison.


Question 7 What does it mean when overhead is over- or underapplied? What costs are affected by this and what are the two different ways to adjust for the over- or underapplied amount? Question 8 Aster Manufacturing uses the weighted-average method of process costing. The following information was available for th


Problem 4 You are trying to determine whether machine hours or direct labor dollars would be the best cost driver for overhead costs. You run two regression analyses and obtain the following results: Machine hours: Multiple R .39429 R square .15547 Adjusted

Three cost accounting problems

Problem 1 Bradford Products has the following product information available: Sales price $25.00 per unit Variable costs $15.00 per unit Fixed Costs (total) $50,000 Required: Answer each of the following independent questions. A.What is the contribution margin per unit? B.What is the contribution ma

Compute ROI

The Woods and Water Company has two operating divisions, the Service Division and the Irrigation Division. The company evaluates the performance of its division using the return on investment (ROI) measure. The following information pertains to the two divisions as of the end of the current year. See attachment for table.

Pearl Products and Supermix

Pearl Products sells toys. Three ounces of dye are required to manufacture each unit of Supermix, one of the company's products. The company is now planning raw material needs for the third quarter, the quarter peak in which peak sales of Supermix occur. To keep production and sales smooth, the company has the following inven

Accounting Problem - Payroll

Prepare payroll register and record payroll and payroll tax expense. (SO 2, 3) Canseco Company has the following data for the weekly payroll ending January 31. Hours Hourly Rate Federal Income Tax Withholding Health Insurance M T W T F S M. Hindi 8 8 9 8 10 3 $11 $34 $10 E. Benson 8 8 8 8 8 2 13 37 15 K. Est

Overhead Costs for Manufacturing

Use the following to answer questions 1-2: Mayfield Corporation estimates its manufacturing overhead costs to be $80,000 and its direct labor costs to be $160,000 for 2005. The actual manufacturing labor costs were $40,000 for job 1, $60,000 for job 2 and $80,000 for job 3 during 2005. Manufacturing overhead is applied to j

Conan O'Brian Logging and Lumber Company

Problem: P11-6 (Depreciation Timber and Extraordinary Loss) Conan O'Brian Logging and Lumber Company owns 3,000 acres of timberland on the north side of Mount St. Helens, Which was purchased in 1968, at a cost of $550. per acre. In 1980 O'Brien began selectively logging this timber tract. In May of 1980, Mount St. Helens

Rate of Growth and EPS for a Stock

Rowell Products stock is currently selling for $60 per share. The firm is expected to earn $5.40 per share this year and to pay a year-end dividend of $3.60. A) If investors require a 9 percent return, what rate of growth must be expected for Rowell? Assume the firm's growth rate is constant. B) If Rowell reinvests its r

Task: Profit and Shareholder Wealth Comparison

Instructions: a. The following is the scenario you should consider when answering: General Electric Corporation and Tyco International are both classified as "conglomerates" (having many diversified business lines). General Electric has pursued a conservative growth strategy by focusing on being the number one or number

Eleven Accounting Definitions

Define: 0. Merchandise Inventory?net increase 1. Retained Earnings?debit for stock dividends distributed 2. Common Stock?credit for issuance at par for cash 3. Bonds Payable?debit for redemption of bonds 4. Office Supplies?net decrease 5. Accounts Receivable?net decrease 6. Retained Earnings?debit for n

Accounting Definitions

See attached file for full problem description. 0. The statement that reports a firm's major cash inflows and outflows for a period is the 1-2. What are the two alternative methods of reporting operating activities in the statement of cash flows? 1. 2. 3-8. Indicate the section of the statement of cash flows (i

Accounting Discussion: Depreciation

1-CA11-3 Situation1 The controller's point would be valid if the depreciation method in use during the period of inactivity is the activity method. By this method, depreciation is based on the output produced or input measure. Since during the strike period the equipment was idle, there would then be no output of the equipment

Various Accounting Problems

See attached file for full problem description. 1. Today, Leila Lee, the manager of Technology Abounds, needs to make a decision on whether or not to outsource the Widget department. She needs to analyze the income statement and balance sheets for Technology Abounds' department to discover whether or not the Widget Departmen

Article Analysis - Trusts in Voluntary Sector

VOLUNTARY SECTOR MUST BE VIGILANT IN GUARDING ITS INDEPENDENCE Posted on 03/12/2003 A call for the voluntary sector to maintain its independence from Government and preserve its freedom to experiment and be creative comes today from the Chief Executive of the Carnegie UK Trust, John Naylor. Writing in the Trust's Annual Rep

B&T Auto Parts Store

B&T Auto Parts Store. See attached file for full problem description. 1. Why is the lack of a partnership agreement causing such problems for Terry and Bob? 2. Discuss the validity of the two positions: a) 50-50 sharing b) 1/3-2/3 sharing and the factors that help decide which is the correct position. 3. There was a c

Multiple Choice Accounting Problems

1. A characteristic of a fixed asset is that it is: a. intangible b. used in the operations of a business c. held for sale in the ordinary course of the business d. not currently used in the business but held for future use 2. Which of the following is included in the cost of constructing a building? a. interest on

Alternative Minimum Tax

1. Do you think that credits and other tax incentives actually cause companies to change economic behavior to utilize these tax provisions? Are they important to the economy? 2. Is the idea of an Alternative Minimum Tax (AMT) fair? Why or why not? Has the AMT worked in the manner in which it was originally intended?

Accounting problem

E10-18 (Nonmonetary Exchanges) Cannondlae Company purchased an electric wax melter on April 30,2008, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase . List price of new melter............................................. ..15,800 Cash paid ........................

Accounting problems for National Industries, Inc.

The most recently published statement of consolidated earnings of National Industries, Inc., appears as follows: NATIONAL INDUSTRIES, INC. Statement of Consolidated Earnings For the Year Ended March 31, 2004 Net Sales $38,041,200 Other revenue

Prepare retained earnings statement

Financial statement information about four different companies is as follows. Karma Molly McCain Bodie Company Company Company Company January 1, 2006 Assets $ 89,000 $110,000 (g) $170,000 Liabilities

Gross Profit Method

P9-4) Gross Profit Method: David Hasselholf Company lost most of its inventory in a fire in December just before the year end physical inventory was taken. Corporate records disclose the following. Inventory ......................80000 Purchases.....................280000 Purchases return..............28000

Net cash flow

Jim Bo's currently has annual cash revenues of $240,000 and annual operating expenses of $185,000 including $35,000 in depreciation. The firm's marginal tax rate is 40 percent. A new cutting machine can be purchased for $120,000 that will increase revenues by $50,000 per year while operating expenses would increase to $205,000,

Accounting Information System

Need help with answering the following two questions: 1) What are the security concerns with wireless and microwave technology? 2) Is a cashless society possible? Practical? Desirable? Please explain in detail.

Job and Process Cost Accounting Systems

Our cost per jet in terms of materials is 1.00 per and the labor is .50. Our total annual overhead is estimated to be $20000 and our overhead seems to be related to the number of jets we produce. Can you work me up the total costs for our order of 70 jets? Which system is a better choice between a job or a process cost accou