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Accounting

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

Non Value Activity

A. What is a non-value-added activity? B. How much did non-value-added activities cost Switzer this past year? C. Which of the two markets—sales to bookstores or sales to individuals—resulted in lower overall costs for incoming receipts, warehousing, and outgoing shipments? Evaluate these costs in both absolute d

Calculate Equivalent Units

Calculate Equivalent Units. Texas Products employs a process-costing system for its manufacturing operations. All materials are added at the beginning of the process, and conversion costs are incurred uniformly throughout production. The information that follows relates to September. Units Work in process

Compute equivalent units for direct materials and conversion costs.

(CMA,adapted) Consider the following data for November 2003 from Gray Manufacturing Company, which makes silk pennants and uses a process-costing system, All direct materials are added at the beginning of the process, and conversion costs are added evenly during the process. Spoilage is detected upon inspection at the completi

Public Accounting Profession - Negotiations

Like most young professionals, earning a reasonable livelihood ranked as a top priority for Scott Fane, a CPA specializing in taxation services who relocated to Florida in the mid-1980s. To practice as a CPA in Florida, Scott Fane registered with the Florida Board of Accountancy, which regulates the public accounting profession

Tax Problems for gain/loss calculations

30. Kareem bought a rental house in October 2001 for $250,000, of which $50,000 is allocated to the land and $200,000 to the building. Early in 2003, he had a tennis court built in the backyard at a cost of $5,000. Kareem has deducted $30,900 for depreciation on the house and $1,300 for depreciation on the court. In January 2006

Organizations Costs in Newatit Company

Newatit Company spent a substantial amount of money organizing and getting ready for business. These costs are considered organization costs. Required: a. Does the occurrence of organization costs meet the definition of assets? b. If organization costs are assets, would they be considered intangible assets? Explain. c

Tax Research and Planning

A. Explain the role of tax planning in the business environment. In writing this explanation, focus on the four maxims of tax planning (1. Tax costs decrease (and cash flows increase) when income is generated by an entity subject to a low tax rate. 2. In present value terms, tax costs decrease (and cash flows increase) when

Discussions and accounting problems

Identify at least one situation in which application of different accounting methods or accounting estimates results in difficulties in comparing companies? Can you bring in any examples from any workplace? 2-Please answer if you agree or disagree of this four points posted below, and discuss your point of view about it, and

Capitalization of Corporate Property

Roper Corporation purchased 100 storage boxes for the office. The boxes cost $15 each and should last ten years. Argue against the capitalization of the boxes. Your arguments should be grounded on the Conceptual Framework, emphasizing the objectives of financial reporting and the qualitative characteristics of accounting info

Net Income/Cash Flow - Best Manufacturing Company

1. The Best Manufacturing Company is considering a new investment. Financial projections for the investment are tabulated below. Cash flows are in $ thousands, and the corporate tax rate is 34 percent. Assume all sales revenue is received in cash, all operating costs and income taxes are paid in cash, and all cash flows occur a

Time and Billing System - Grace Ho and Associates

1. How can an automated time and billing system help Grace Ho and Associates? 2. What technology is available to automatically capture a professional employee's time spent on a particular client engagement?

EPS - Price Company

On January 1 of the current year, Price Company had 66,000 shares of $38 par common stock issued and outstanding and 16,000 shares of noncumulative 5%, $150 par preferred stock issued and outstanding. On October 1, Price Company issued an additional 24,600 common shares and another 27,600 common shares on December 1. Net inc

Value Added Process

What are value-added processes? How do you determine if a process adds value? How does identification of value-added processes help a company run more efficiently and effectively?

Gross Profits - McNeil Construction Company

McNeil Construction Company is involved in a long-term construction contract to build an office building. The estimated cost is $30 million and the contract price is $38 million. Other information follows: Office Building Cash Collection