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Accounting

Detailed Explanation to Accounting questions

Solve sample problems. * credit will be given. due date today around 6PM Circle the one best answer. 1. The ACE Company has five plants nationwide that cost $100 million. The current market value of the plants is $500 million. The plants will be recorded and reported as assets at a. $100 million. b. $600 million. c. $4

Compute total production per day and contribution margin

Speed Dress Manufacturing has two work stations, cutting and finishing. The cutting station is limited by the speed of operating the cutting machine. Finishing normally waits for work from cutting. Each department works an eight-hour day. If cutting begins work two hours earlier than finishing each day, the two departments gener

Costing accounting for Ballpark Concessions

Ballpark Concessions currently sells hot dogs. During a typical month, the stand reports an operating income of $9,000 with sales of $50,000, fixed costs of $21,000, and variable costs of $0.64 per hot dog. (The selling price per hot dog should be calculated given the information.) Next year, the company plans to start se

Determining Cash Balance for Clint Eastwood Co

E7-1 (Determining Cash Balance) The controller for Clint Eastwood Co. is attempting to determine the amount of cash to be reported on its December 31, 2007, balance sheet. The following information is provided. 1. Commercial savings account of $600,000 and a commercial checking account balance of $900,000 are held at First

Caleb Corporation: Compute Post-retirement expense

Caleb Corporation has the following information available concerning its post-retirement benefit plan for 2008. Service cost $40,000 Interest cost 52,400 Actual and expected return on plan assets 26,900 Compute Caleb's 2008 post-retirement expense.

Identifying Variances in Budgets

Well you made it and you have hung up your shingle that your are a CPA and are prepared to take on new clients. You sit down at your desk, turn on your shiny new Dell Laptop with wireless connection, take a sip of your steamy hot Starbucks Coffee and gaze at that beautiful shiny new wooden desk (that set you back $1000). Just

Effect of Information on Journal Entries

With the provided balance sheet of Johnson Corporation as of 12/31/2007 and the relevant data for 2008: 1. Record the effects of the information given and provide in journal entry form. 2. Prepare an income statement, statement of retained earnings, and a balance sheet for year ending December 31, 2008. Johnson Corporatio

Identify planned costs

Identify planned costs: variable costs, discretionary fixed costs, committed fixed costs, mixed costs or step costs 1. straight-line depreciation of office furniture 2. electricity used in operating equipment 3. a lump sum amount of advertising costs planned by a local restaurant 4. nursing supervisors' sal

Compute and Compare Investing Excess Cash

Envision you have served as a business manager for over 2 years. You have noticed that for the last 12 months the business has regularly had cash assets of $20,000 or more at the end of each month. You have found a 6 month-certificate of deposit that pays 6% compounded monthly. To obtain this rate of interest, you must invest

Volume and Contribution Margin

Under the assumptions used in cost-volume-profit analysis, as volume increases: A. fixed costs increase in proportion to the increase in volume. B. variable costs per unit remain the same. C. fixed costs per unit remain the same. D. variable costs per unit increase in proportion to the increase in

The Equity Method of Accounting for Investments

On January 1, 2008, acme co, is considering purchasing a 40 percent ownership interest in PC co, a privately held enterprise for $700,000. PHC predicts its profit will be $185,000 in 2008, projects a 10 percent annual increase in profits in each of the next four years, and expects to pay a steady annual dividend of $30,000 for t

Question about Taxable Income & Tax Liability

D&D, Inc. reported the following results for 2007. Calculate D&D's taxable income and resulting tax liability using the tax rates given. Sales $20,000,000 Cost of sales $8,000,000 Operating expenses $1,000,000

Key West Company: Memo Help

I have the answers for the problems, I just need help with a 800 word memo. I've tried but am having really problems putting it into words. Please help me. ------- DATE : September 18, 2009 TO : John Smith Audit Partner [Name of Audit Firm] FROM : [Your Name] Auditor-in-Charge Audit Team Key We

Basic Earnings per Share Calculations

Current assets 8,000 Total assets 30,000 Current liabilities 4,000 total liabilities 5,000 stockholders equity 27,000 net income 9,000 Average number of common shares outstanding = 10,000 shares How much is basic earnings per share? If the company's bonds can be converted by the bond holder into 20,000 additional com

Schmidt and Carlson Accounting

During the month of December 2000, Schmidt and Carlson, LLP's employee salaries totaled $45,000. Employees are paid on the first of the following month. What journal entries should be made to account for this transaction?

Bank reconciliation, accounting

1. What's bank reconciliation? Is it important to reconcile books on a regular basis? What are the steps? Please prepare bank reconciliation for the following scenario: Prepare a July 31 bank reconciliation statement and the resulting journal entries for the Simmons Company. The July 31 bank statement indicated a cash balan

Accounting: Instructions for the Microsoft Excel Templates

Instructions for the Microsoft Excel Templates Detail and information on Excel is contained within the manual. Striking the "F1" key or following the path "Windows>Excel Help" will invoke the Office Assistant and bring up one of several help menus. Type your name into the cell to the right of the label "Name." This wil

Cost tracing, cost allocations; Manufacturing acocunting methods

#1 Well that glorious day has arrived and you have opened up your owned beautiful business consulting practice in that new tower located on the corner of 56th Street and Lexington, New York City!!! Who would have believed the day that you were sitting on top of the world. You unlock the doors and await that first client.

Practice question 2 - University Level

Please assist with practice question. Please show step by step. The ledger of Piper Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. Debit Credit Debit Credit Prepaid Insurance 3,600.00 Supplies 2,80

Cost Accounting

Below are two essay questions Solve the following problems. Show all your calculations. You may use the space provided. (If you prefer to use Excel or add supplemental pages within this document, please clearly identify the problem number.) 12. Furniture, Inc., sells lamps for $30. The unit variable cost per lamp is $22

Activity-Based Costing, Job Costing, Process Costing

Use the Internet or other credible resources to find an article relevant to activity-based costing (ABC), job costing, or process costing. Prepare a 125-word summary of the article. Briefly summarize the major topics of the article, and explain what you learned as a result of your reading.

Differences Between Variable and Absorption Costing

Could please assist me answering the questions below. What are the differences between variable and absorption costing? Why is variable costing not allowed for GAAP reporting? Which method is more useful for internal decision-making? Why? As a manager, which would you prefer? Why? The word count needs to be 200 or 30

Business Schools: 10 Variables and Formulation of Ranking

See attached file. 8. In a recent ranking of top graduate business schools in the United States published by U.S. News & World Report, data were provided on a number of attributes of recognized graduate programs. Specifically, the following variables were considered by U.S. News & World Report in establishing its overall ran

Applied and estimated overhead

APPLIED OVERHEAD IN A BANK Estimated bank production capacity 800,000,000 Predetermined overhead rate (based on estimated production capacity) $0.01 per transaction (one unit = one transaction) Quarter Actual Units of Production 1 200,000,000 2 200,000,000 3 200,000

Actual Cost and Normal Cost Methods

Information Provided Actual Direct Materials $5,000.00 Actual Direct Labor $9,000.00 Actual Variable Overhead Costs $20,000 Actual Fixed Overhead Costs $26,000 Variable Direct Labor Predetermined Measure 200% Fixed Direct Labor Predetermined Measure 300%

Theoretical Foundation of Accounting Principles

During the past several years, the Financial Accounting Standards Board has attempted to strengthen the theoretical foundation for the development of accounting principles. Two of the most important results of this attempt are the Conceptual Framework Project and the Emerging Issues Task Force. During this same period, the FASB

Measures of Central Tendency

You must decide which group to choose. Consider at least two measures of central tendency and at least one measure of dispersion for each group and use those to make your choice. Be sure to justify your choice with at least one page of discussion and analysis. Can you base a decision on the information provided and the measu