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Goods Sold & Net Income

14. Webb Co. purchased 100% of Rand Inc. on January 5, 2003. During 2003, Webb sold Rand for $2,400,000 goods that cost $1,900,000. Rand still owned 40% of the goods at the end of the year. Cost of goods sold was $10,800,000 for Webb and $6,400,000 for Rand. What was consolidated cost of goods sold? A) $17,200,000 B) $15,

Depreciation Calculations

I have completed this practice problem minus the depreciation that I am having issues calculating. I need all the depreciation calculations for the assets associated with this problem before I can move on to the next one. If you could include the depreciation schedules from the tax return that would be helpful! please explain ho

Theory of Constraints in a Non-Profit Organization

Theory of Constraints in a Non-Profit Organization. See attached file for full problem description. A university bookstore is a nonprofit retail outlet for textbooks, computers, and general merchandise (including trade books, supplies, and university-licensed apparel and gifts). It is located near the main campus of State Uni

Business and non profit organizations argument

It has been said that private business people do not do enough for the societies they live in. After graduation, some students choose to go into the public, non-profit sector instead of the private business sector because they want to help others. However, business people claim that they actually do more to help others than non-

Advantages and disadvantages of 'by-product processing'

I'm not sure if you can help with this, but I've searched the net to get some kind of starting point for this question and still haven't found an answer for 'by-product processing'. As a result of the apple drink manufacturing process, TOO produces a large amount of apple waste. The operations manager proposes a use for the a

Journal Entries for Governmental Accounting

Assume that the City of Pasco maintains its books and records in a manner that facilities preparation of the fund financial statements. The Cit engaged in the following transactions related to its general fund during the current fiscal year. The City formally integrates the budget into the accounting records. The City does not m

Summary of Treasury Department's Circular 230

I need a summary of Circular 230. There doesn't need to be any specific layout-just a plain summary of the most important parts & the general meaning. I have to make a presentation to my business class. I attached the full circular 230 I found on the IRS website.

Audit Questions: observation, fixed assets, unrecorded transactions

Please help with these four questions _____ 12. The use of a "blind" purchase order is designed to prevent errors by the: A. Purchase department B. Receiving department C. Stores department D. Accounting department _____13. Which of the following best describes the auditors' typical

Decision Analysis

1. A firm is considering two business projects. Project A will return a loss of $5 if conditions are poor, a profit of $35 if conditions are good, and a profit of $95 if conditions are excellent. Project B will return a loss of $15 if conditions are poor, a profit of $45 if conditions are good, and a profit of $135 if conditions

Parent Company

PARENT COMPANY CONCEPT David Company Book Value Current Assets: $620,000 Equipment: $260,000 Buildings: $410,000 Liabilities:($390,000) Revenues: ($900,000) Expenses: $500,000 Investment income: not given Mark Company Book Value Current assets: $300,000 Equipment: $200,000 Buildings: $150,000 Liabilities: ($120

Cost Based Pricing and profit calculations

A Grocery store makes pricing decisions based on cost of the products. All other costs are fixed at $800,000 per year. The average cost of inventory at the store is $1,000,000. The inventory turns over eight times a year. a. If prices are set at 12% above costs, what is the profit of the grocery store for the year? b. What

Accounting Regression Analysis

During the last 10 months, Arcade Corporation has had the following indirect costs. It is tryng to determine a good cost driver for the indirect costs. That usage of two potential cost drivers, direct labor hours and machine hours has been recorded over the last 10 months. Month Indirect Costs Direct Labor Hours Machine Hour

Accounting example problems

I need assistance with these three problems regarding a break-even problem solving. 6-12 Magic Realm, Inc., has developed a new fantasy board game. The company sold 15,000 games last year at selling price of $20 per game. Fixed costs associated with the game total $182,000 per year, and variable costs are $6 per game. Pro

Management Accounting

Accounting and ABM. See attached file for full problem description. Katherine Mitchell Salem Enterprises How are accountants likely to response? How does ABM helps uncover what causes cost. What are types and level of details required for ABC Pitfalls or barriers for successful implementation of ABC

Uncollectible Account Receivable-Allowance method

Explain Direct write off method and Allowance method of estimating bad debts expense. Give general journal entries for the following transactions separately for (Direct write off (2) Allowance method (Percentage of sales and (3) Allowance method (Percentage of accounts receivable. 1 during year 1 a corporation made credi

Calculate: Absorption and Variable Costing

Far North Telecom, Ltd., of Ontario has organized a new division to manufacture and sell specialty cellular telephones. The division's monthly costs are shown below. Manufacturing Costs: Variable Cost per Unit: Direct materials: $48 Variable manufacturing overhead: $2 Fixed manufacturing overhead costs (total): $360,000

Accounting Information Systems

Describe some considerations useful in the design of accounting codes. For each consideration you name, provide an example to illustrate your point.

cost accounting value to an organization

1. Does cost accounting differ from financial accounting? If so, how? When is cost accounting valuable to an organization? Where is cost accounting information stored and maintained? 2. If cost accounting serves internal more than external purposes, do ethics matter not only in the development of the cost accounting system b

Account Receivable-Gross method and Net Method of recording sales discount.

Explain Gross method and Net method of recording sales discount allowed to account receivables. Give general journal entries for the following transactions separately for gross and Net methods of collecting account receivables. I (a)Gross method assuming that the Payment is made within discount period Jan 1 2006 A corpora

Pension Plan accounting questions

PLEASE INCLUDE EXPLANATION FOR EACH QUESTION'S ANSWER. 1.Which of the following statements typifies defined contribution plans? A)Investment risk is borne by the corporation sponsoring the plan. B)The plans are more complex than defined benefit plans. C)Present value factors are used to determine the annual contribu

Governmental Accounting and Not-For Profit Organizations

Accounting practices for interest expenditures may neither reflect actual economic costs nor mirror those for interest revenues. A town plans to borrow about $10 million and is considering three alternatives. A town official requests your guidance on the economic cost of each of the arrangements and advice as to how each woul

Accounting Multiple Choice Questions

Toffee (bars) Cashews (bags) Units Marginal Total Marginal Total Utility Utility Utility Utility 1 10 10 12 12 2 8 18 10 22 3 5 23 7 29 4 3 26 5 34 5 1 27 2 36 6 0 27 1 37 TABLE 6-1 5) Refer to Table 6-1. If the prices of both toffee bars and bags of cashews are both $1 and this consumer has

Accounting/Economic Multiple Choice Questions

1) Diminishing marginal utility implies that the A) first unit of a good consumed will contribute most to the consumer's satisfaction. B) last unit of a good consumed will contribute most to the consumer's satisfaction. C) total utility is negative. D) total utility is increasing. E) marginal utility of a good diminishe

High-Income Bracket calculations and explanations

High-income bracket. The expression 90,514.5 +(plus) 0.35(x - (minus) 311,950) represents the amount for the 2003 federal income tax in dollars for a single taxpayer with x dollars of taxable income, where x is over $311,950 ( a) Simplify the expression. b) Use the graph in the accompanying figure to estimate

Accounting Questions

Part One: Balance Sheet and Income Statement Classifications. Specify on the answer sheet the letter of the financial statement classification the account would appear in. Use only the classifications shown. Balance Sheet Income and Retained Earnings Statement a. Current Assets j. Sales Revenue b. Investments k. Cost of

Short-Run and Long-Run Price Elasticity

1. Estimate Short-Run and Long Run Price Elasticity of Demand for Selected Commodities, United States Commodity Short-Run Long Run Clothing 0.90 2.90 Household natural gas 1.40 2.10 Tobacco Prod

Basic Variance Analysis

Basic Variance Analysis. See attached file for full problem description. PROBLEM 10-14 Basic Variance Analysis Becton Labs, Inc., produces various chemical compounds for industrial use. One compound, called Fludex, is prepared using an elaborate distilling process. The company has developed standard costs for one unit