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Accounting

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

Compute how much a new car can cost based on income constraints.

You have finally decided that this is the year that you purchase that exotic car (Aston Martin Vanquish (007's car), Porsche Carrerra GT, Bentley Continental etc...etc.). But your spouse (Salma Hayak or Brad Pitt depending on who you are) insists that you must decide on the maximum purchase price you can afford before you ever

Accounting Problems

Calculate the total dividends and the per-share dividends declared on each class of stock for each of the six years. Calculate the average annual dividend per share for each class of stock for the six-year period. Assuming that the preferred stock was sold at par and common stock was sold at $8 at the beginning of the six

Tax Accounting Problems

1) IRS 351- Simultaneous transfers Albert Able, Brenda Baker, Carla Cox, and Dan Davis are all shareholders of Corporation A. Corporation A has 100 shares if capital stock outstanding. Able, Baker, and Cox each transferred property on February 11, 20*4 and each received 25 shares of capital stock. Dan Davis transferred proper

Aumont Company: Entries for Bond Transactions

On January 1, 2007, Aumont Company sold 12% bonds having a maturity value of $500,000 for $537,907.37, which provides the bondholders with a 10% yield. The bonds are dated January 1, 2007, and mature January 1, 2012, with interest payable December 31 of each year. Aumont Company allocates interest and unamortized discount or pre

Price Variance

Can you help me with this assignment? Standard cost systems can have motivational effects; some are desirable, some are not. Consider the following situation: The materials purchasing manager is paid a salary plus a bonus based on the net favorable materials price variance. Generally, this bonus amounts to 30 - 40% of th

Production cost report

The Welding Department of Hirohama Manufacturing Company has the following production and manufacturing cost data for February 2005. All materials are added at the beginning of the process. Hirohama uses the FIFO method to calculate equivalent units. Manufacturing Costs Beginning work in process $32,175 Costs

Fixed Costs

Can you explain the justification for allocation of fixed costs to constructed assets versus the justification for applying no fixed costs.

Accounting/Tax Questions

A.) Dorothy acquired passive Activity A in January 2001 and Activity B in September 2002. Through 2004, Activity A was profitable, but it produced losses of $200,000 in 2005 and $100,000 in 2006. Dorothy has passive income from Activity B of $20,000 in 2005 and $40,000 in 2006. After offsetting passive income, how much of the ne

Spence Soup Co. - Accounting Transactions

Spence Soup Co. uses a process cost system to record the costs of processing soup, which requires a series of three processes. The inventory of Work in Progress?Filling on July 1 and debits to the account during July 2006 were as follows: Bal., 1,800 units, 1/3 completed: Direct materials (1,800 * $4.72)

Rebecca Company, Piccola Company, Guard Company, Ernesto

E. Chapter 5: Exercise E5-4 Journalize sales transactions. Presented below are transactions related to Rebecca Company. 1. On December 3, Rebecca Company sold $480,000 of merchandise to Simonis Co., terms 2/10, n/30, FOB shipping point. The cost of the merchandise sold was $350,000. 2. On December 8, Simonis Co. was gran

ABC Company sold its 5-year, $1,000 face value, xx% bonds dated March 1, 2008.

On March 1, 2008, ABC Company sold its 5-year, $1,000 face value, xx% bonds dated March 1, 2008, at an effective annual interest rate (yield) of yy%. Interest is payable semiannually, and the first interest payment date is September 1, 2008. ABC uses the effective interest method of amortization. Bond issue costs were incurred i

Prepare horizontal and vertical analysis

The company balance sheets of Ramsey Corp. are presented below. Ramsey Corp. Comparative Balance Sheets December 31 2007 2006 Assets $ $ -current assets 76,000 80,000 Property,plant,and 99,000 90,000 equipment(net) Intangibles