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    Accounting

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    Explain Internal weaknesses over cash receipts

    See attached page for problem. List internal control weaknesses over cash receipts and suggest improvements. The following control procedures are used in Elke Company for over-the-counter cash receipts. Cashiers are experienced; thus, they are not bonded. All over-the-counter receipts are registered by three clerks w

    Statement of Retuned Earnings

    Please provide input. 1. Last year, Jefferson Motors had retained earnings of $710,000 at the end of the year. This year, Jefferson paid a dividend of $55,000 and its end of the year retained earnings was $780,000. What was the net income of Jefferson motors? 2. In your opinion if the firm has a high retained earnings bal

    Data flow diagram and systems flowchart

    The Joseph Brant Manufacturing Company makes athletic footwear. Processing of production orders is as follows: At the end of each week, the production planning department prepares a list of shoes and quantities to be produced during the next week. Using this list as a source, data entry clerks key in production order release rec

    The Effects of Transactions on the Bad Debts Allowance

    Calistoga Produce estimates bad debt expense at ½% of credit sales. The company reported accounts receivable and allowance for uncollectible accounts of $471,000 and $1,650 respectively, at December 31, 2008. During 2009, Calistoga's credit sales and collections were $315,000 and $319,000, respectively, and $1,720 in accounts r

    P21-2A Fultz Company: Manufacturing overhead flexible budget

    Problem P21-2A Fultz Company manufactures tablecloths. Sales have grown rapidly over the past 2 years. As a result, the president has installed a budgetary control system for 2010. The following data were used in developing the master manufacturing overhead budget for the Ironing Department, which is based on an activity index

    Warranty Costs on Computer Sales

    Equipment Company sells computers for $1,500 each and also gives each customer a 2-year warranty that requires the company to perform periodic services and to replace defective parts. During 2006, the company sold 700 computers. Based on past experience, the company has estimated the total 2-year warranty costs as $30 for parts

    Compute the variable manufacuting overhead allocated

    Automotive products (AP) designs and produces automotive parts. In 2009, actual variable manufacturing overhead is $308,600. AP's Simple costing system allocates variable manufacturing overhead to its three customers based on machine-hours and prices its contracts based on full costs. One of its customers has regularly compla

    Lee acquired a Canadian subsidiary whose sole asset is a piece of land.

    Lee acquired a Canadian subsidiary whose sole asset is a piece of land. Lee acquired the subsidiary on 12/31/04 for the exact value of the land, CA$100,000. Lee owns 100% of the subsidiary. Go to www.x-rates.com and use the historic look-up feature to determine exchange rates on 12/31/04, 12/31/05, and 12/31/06. ·

    ABC Corporations: Average Cash Gain/Loss

    Cash budget ABC Corporation's budgeted monthly sales are $4,000. Forty percent of its customers pay in the first month and take the 3 percent discount. The remaining 60% pay in the month following the sale and don't receive a discount. ABC's bad debts are very small and are excluded from this analysis. Purchases for next mont

    Cost of new preferred stock

    M & M Motors is financed with the following optimal capital structure: Source Market Value Bonds $55,000,000 Preferred Stock $25,000,000 Common Stock $45,000,000 New bonds can be sold at par

    Accounting Investments for Santo Corp

    Question 2. Santo Corp., a company whose stock is publicly traded, provides a noncontributory defined benefit pension plan for its employees. The company's actuary has provided the following information for the year ended December 31, 2008: Projected benefit obligation $1,200,000 Accumulated benefit obligation 1,050,000

    PowerPoint Presentation for the Introduction of Nature of Costs

    Create a 10-20 slide PowerPoint presentation describing what you have learned from each chapter of this course so far. Be creative! Lesson 1: Introduction; the Nature of Costs Lesson 2: Opportunity Cost of Capital and Capital Budgeting; Organizational Architecture Lesson 3: Responsibility Accounting and Transfer Pricing; Bu

    ACCOUNTING

    12-9 Healing Touch manufactures massage chairs with the following standard cost structure: Standard Cost Sheet: Massage Chair Metal tubing 6 meters @ $3 $18.00 Leather 2 square meters @ $7 14.00 Padding 3 Kilograms @$4 12.00 Direct labor 4 hours @ $15 60.00 Total standard cost $104.00

    Accounting for Smashing Pumpkins Company

    1. (Lower-of-Cost-or-Market) Smashing Pumpkins Company uses the lower-of-cost-or-market method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2008, consists of products D, E, F, G, H, and I. Relevant per-unit data for these products appear below. Item D Item E Item F Item G Item H I

    Different types of intangibles in accounting

    1. Why does the accounting profession make a distinction between internally created intangibles and purchased intangibles? 2. Explain the difference between artistic-related intangible assets and contract-related intangible asset.

    Bear Creek Inc

    Assume that the following data relate to Bear Creek, Inc. for the year 2004: (TCO A) Net income (30% tax rate) $3,200,000 Average common shares outstanding 2004 1,000,000 shares 10% cumulative conver

    Cost of Job

    Raymond Company produces pipes for concert-quality organs. Each job is unique. In April 2009, it competed all outstanding orders, and then in May 2009, it worked on only two jobs M1 and M2 Direct Materials Job M1 = $75,000 Direct Materials Job M2 = $50,000 Direct Manufacturing Labor for Job M1 = 275,000 Direct

    Calculate cost of Job

    4-22 Printers, Inc. Produces annual reports and marketing materials for large companies. There are three categories of costs in its normal job-costing system: Direct materials, direct labor, and overhead (both variable and fixed), allocated on the basis of direct labor costs. Jill Liu, the controller, is concerned that an in

    The mechanics of raising equity capital

    Starware software was founded last year to develop software for gaming applications. The founder initially invested $800,000 and received 8 million shares of stock. Starware now needs to raise a second round of capital, and it has identified a venture capitalist who is interested in investing. This venture capitalist will invest

    Preparing Operating Activities

    See attached file please. Statement of Cash Flows (1) Prepare the operating activities section of the statement of cash flows based on the following information for A Company: Net Income $195,000 Depreciation Expense $45,000 Loss on Sale Of Equipment $5,000 Decrease in Accounts Receivable Compared to Prior Year $15,

    Common and Preferred Dividends

    See attached file. Preferred Stock Dividends Based on the following information, illustrate the distribution of both common and preferred stock dividends based on these two scenerios: (1) Preferred stock is 7% and non-cummulative. (2) Preferred Stock is 8% and cummulative. (This will result in a total of 6 allocations, 2 f

    Partnership Accounting - Capital, Invest Rates and Profits

    See attachment file. Partnership Accounting Calvert and Powers are partners with an agreement that income is to be distributed based on the schedule below. Using that information, calculate the amounts to be distributed to each partner for net income amounts #1 and #2. Net Income #1 $50,000 Net Income #2 $36,000 Calver

    Depreciation Accounting

    See attach file. Based on the following information, calculate depreciation for straight line, units of activity and double decling balance methods. Prepare the journal entry for year one straight line method and illustrate the balance sheet presentation for the DDB method after the first year. Purchase Date 1-1-2008 Tr

    After-tax return

    The XYZ Corporation has $100,000 which it plans to invest in marketable securities. The corporation is choosing between the following three equally risky securities: Greenville County tax-free municipal bonds yielding 7 percent; AB corp. bonds yielding 11.5 percent; XZ corp. preferred stock with a dividend yield of 10 percent.

    After-tax return

    The XYZ Corporation has $100,000 which it plans to invest in marketable securities. The corporation is choosing between the following three equally risky securities: Greenville County tax-free municipal bonds yielding 7 percent; AB corp. bonds yielding 11.5 percent; XZ corp. preferred stock with a dividend yield of 10 percent.

    Spreadsheet to Create an Invoice for a Picnic

    You are now ready to create the invoices you will present to each family that attends the high school reunion picnic. Each family will pay a portion of the general expenses and for their own food and sweatshirts. You will also create invoices to give to each classmate when they pick up their sweatshirts at the reunion. Before

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