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Accounting

Opinion based on ABC system: which costing sstem is preferable?

I hope this is enough information, but I am seeking a professional opinion on which costing system would work best based on the information below. This is a two question request. Estimated Activity        Overhead Cost pool         Costs       Product C Product D Total Machin

Production Capacity Requirements in Excel

Assume that Kathy's market share will increase by 0.5% per year rather than 1%. What production capacity will Kathy require in year 2007 and 2009? a. Production capacity requirement for 2007 = ? b. Production capacity requirement for 2009 = ? See the attached file.

Reporting Payroll Taxes

Describe employer responsibilities for reporting payroll taxes in the United States. ***Where applicable reference the form to be filed for each tax.***All levels of US Gov't taxes - Federal ie FICA, State and City.

Employers' Accounting for Pension Plans

(Implications of FASB Statement No. 87) Ruth Moore and Carl Nies have to do a class presentation on the pension pronouncement "Employers' Accounting for Pension Plans." In developing the class presentation, they decided to provide the class with a series of questions related to pensions and then discuss the answers in class. Giv

Fing's Residual Income for 2008

During 2008, Fing Co. reported sales of $1,800,000 and a return on investment of 7.5%. Unfortunately, Fing's profit margin of 5% left its net income 25% short of the required target for the year. What was Fing's residual income for 2008? PLEASE PROVIDE A BRIEF EXPLANATION. A. - $60,000 B. - $30,000 C. - $12,200 D.

Defining Basic Accounting Terminology

Define the following: a) asset b) current asset c) liability d) current liability e) contributed capital f) retained earnings Question 4: What is the basic accounting equation?

Paper company produces paper for photocopier.

Paper company produces paper for photocopier. The company has developed standard overhead rates based on a monthly capacity of 180,000 direct labor hours as follows: Standard cost per un it ( one box of paper) Variable overhead (2 hours @ $3 per hour).............. $6 Fixed overhead (2 hours @ $5 per hour).................

AccountingI

What is a corporation? Identify the key advantages and disadvantages of corporations.

Provide assistance with the below accounting question

Interrelationships among Financial Statements O'Shea Enterprises started the 2002 accounting period with $30,000 of assets (all cash), $18,000 of liabilities, and $4,000 of common stock. During the year, O'Shea earned cash revenues of $48,000, paid cash expenses of $32,000, and paid a cash dividend to stockholders of $2,000.

Estate - Taxable Value

The estate of Bobbi Jones has the following provisions: total value of estate assets $2,000,000, amount specified to convey to a spouse $1,000,000, amount specified to convey to children $200,000, total debts 400,000, administrative expenses $50,000 and funeral expenses of $30,000. What is the value of the taxable estate? A) $3

Purpose of Dividend Received Deduction

Please help with the given questions: 1. What is the purpose of the dividend received deduction? What corporations are entitled to claim this deduction? What dividends qualify for this deduction? 2. What is the purpose of the reconciliation of taxable income with book income?

Second Stage Allocation

Larner Corporation is a diversified manufacturer of industrial goods. The company's activity-based costing system contains the following six activity cost pools and activity rates: Activity Cost Pool Activity Rates Supporting direct labor.................................. $7.00 per direct labor-hour Machine processing....

EBIT - EPS analysis

A firm has 9k shares of equity outstanding and a market price of $100. The company does not have any debt and management is looking at 2 alternative recapitalization plans. The 1st one calls for issueing $200k of debt. The 2nd calls for issuing $400k of debt. The proceeds from the issuance would be used to purchase equity sh

Will - probate: Calculate the correct distribution of assets to heirs

The provisions of a will currently undergoing probate are: "One thousand shares of Wal-mart stock to my son; $10,000 in cash from my savings account to my brother; $5,000 in cash to my daughter; and any remaining property divided equally between my son and daughter."At the time of death, the estate included 1,400 shares of Walma

Non Profit Organization accounting

The following gifts are received in Year One by a not-for-profit organization: (I.) $2,000 specified by the donor to be used to pay salaries. (II.) $10,000 for new conference room furniture. III. $5,000 to be held for one year before being expended. The salaries are paid in Year Two and the conference room furniture is purch

Accounting

Data for the jones corporation planned volume for year(static) budget 4000 units standard direct materials cost per unit 3.1 lbs @ $1.50 per pound standard direct labor cost per unit 2 hours @ $4.10 per hr total expected fixed overhead cost $18,800 Actual volume for the year(flexibl

Accounting

Item Hours Billing Rate Total Cost Attorney hours planning and court time 150 $185/hr 27750 Admin. and clerical support 60 $75/hr 4500 Witness fees n/a n/a 1500 court costs n/a n/a

Accounting

Green co. is considering the addition of a new machine in its mold injection plant. Green already has 5 machines that are operating 3 shifts a day. The company uses a standard cost accounting system. The number of pieces that currently are being produced ont eh existing machines is 300 per worker-hour. The vendor of the new

Accounting

In the budget-setting process, budget A was put together by lower management, including sales representatives, purchasing managers and factory supervisors. Budget B ws put together by senior management. A B Unit Sales 10000 15000 Dolla

Accounting

The following is the budget for a new high tech product launched in July: July August Expected Sales in Units 2000 3000 Selling price per unit 50 50 Total Sales 100000 100000

Joint products accounting for Lamont Industries

Lamont Industries produces chemicals for the swimming pool industry. In one joint process, 10,000 gallons of GSX are processed into 7,000 gallons of xenolite and 3,000 gallons of banolide. The cost of the joint process, including the GSX, is $19,000. The firm allocates $13,300 of the joint cost to the xenolite and $5,700 of the

Flexible budget for computer services

Jeffrey Washington, the president of centech computer services needs your help. He wonders about the potential effects on the firms net income if he changes the service rate that the firm charges its customers. The following basic data pertain to fiscal year 2009. Standard Rate and variable cost service rate per hour

Deferred income taxes: temporary or permanent difference

The asset-liability approach for recording deferred income taxes is an integral part of generally accepted accounting principles. Instructions a. Indicate whether each of the following independent situations should be treated as a temporary difference or as a permanent difference and explain why. 1. A company properly u

Keltner Inc: Accounting Change and Error Analysis; prepare journal entries

On December 31, 2008, before the books were closed, the management and accountants of Keltner Inc. made the following determinations about three depreciable assets. 1. Depreciable asset A was purchased January 2, 2005. It originally cost $495,000 and, for depreciation purposes, the straight-line method was originally chosen.

Absorption versus Variable Costing

Beeny Hoopers Inc. produces nonfat frozen yogurt. The product is sold in 5 gallon containers, which have the following price and standard variable cost. Sales price..... $15 Direct Material..... $5 Direct Labor..... $2 Variable overhead..... $3 Budgeted fixed overhead in 20x1, the company's first year of operations, was

Absorption and Variable costing, CVP Analysis, break even

Brownstone Company began operations on January 1 to produce a single product. It used a standard absorption costing system with a planned production volume of 100,000 units. During its first year of operations, no variances were incurred and there were no fixed selling or administrative expenses. Inventory on December 31 was 20,

Accounting and Income Statements

1. Given for Flexible Products, Inc.: The following "T" A/C's show December 31, 2001 ending balances: Work-in-process $41,000 Finishedproduct $ 148,000 January 31, 2002 balances are: Work-in-Process (WIP) $ 47,000 (dr.) Finished Goods (F/G) 152,000 (dr.) The Income Statement showed Sales of 309,000 and Gross Margin of