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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

Movie Rental Database: Stored Procedure and Function

In this lab assignment, you will create a stored procedure and a function. Make sure that you retain scripts with the CREATE statements for this assignment-you will need them in the following lab assignments when you will put them all in a package. While you test your program units, you will probably change some data in your

Partnership liquidation

A local partnership was considering the possibility of liquidation since one of the partners (Ding) was insolvent. Capital balances at that time were as follows. Profits and losses were divided on a 4:2:2:2 basis, respectively. Ding, capital $60,000 Laurel, capital 67,000 Ezzard, capital 17,000 Tillman, capital 96,000

The Amount Realized and Gain on Sale of Residence

Elvin, 45 years of age, sells his residence in 2008. He recieves $30,000 in cash and the buyer assumes his $105,000 mortgage. Elvin also pays $6,500 in commissions and transfer costs. a. Calculate the amount realized on the sale. $____________________ b. If the residence was acquired in 1986, and its adjusted basis is $7

Solving Accounting Multiple Choice Questions

23. Freije Refrigeration Company has an inventory of raw materials and parts consisting of thousands of different items which are of small dollar value individually but significant in total. A fundamental control requirement of Freije's inventory system is that: a) Perpetual inventory records be maintained for all inventory it

Host Hotels & Resorts Share Price

Suppose the stock of Host Hotels & Resorts currently trading for $20 per share. a. If Host issued a 20% stock dividend, what will its new share price be? b. If Host does a 3:2 stock split, what will its new share price be? c. If Host does a 1:3 reverse split, what will its new share price be?

Sole Proprietorship to LLC or C corporation

1. Your client has operated a sole proprietorship for several years and is now interested in reaising capital for expansion. He is considering forming either a C corporatoin or an LLC. a. Describe the treatment of an LLC and discuss any advantages the LLC offers over eht C corporation. b. Assume instead the clinet ha


A partnership began its first year of operations with the following capital balances: Young, Capital: $143,000 Eaton, Capital: $104,000 Thurman, Capital: $143,000 The Articles of Partnership stipulated that profits and losses be assigned in the following manner: Young was to be awarded an annual salary of $26,000 with $13,0

State the accounting equation components

State the accounting equation. Explain and define all components of the equation and provide examples of each. You need to state the accounting equation. As part of this, you need to discuss each component of the equation and give appropriate examples, such as accounts or types of accounts found in the equation.

Partnerships: Distributions, Sales, and Exchanges

Please help with the following problem. Provide step by step calculations. Mark, Pete and Mickey are equal partners in the 2MP Partnership. At the beginning of the year, Mark's basisin his partnership interest was $15,000, Pete's basis was $10,000, and Mickey's basis was $20,000. The partnership reported taxable income of $3

Leverage: Analysis of Operating Change

Consolidated Industries is studying the addition of a new valve to its product line. The valve would be used by manufacturers of irrigation equipment. The company anticipates starting with a relatively low sales volume and then boosting demand over the next several years. A new salesperson must be hired because Consolidated's cu

Question about Recording transactions

Mallard Incorporated (MI) is a small manufacturing company that makes model trains to sell to toy stores. It has a small service department that repairs customers' trains for a fee. The company has been in business for five years. At the end of the most recent year, 2005, the accounting records reflected total assets of $500,000

Calculations of Various Overhead Variances

Consider the following data regarding factory overhead: Variable Fixed Budget for actual hours of input $45,000 $70,000 Applied 41,000 64,800 Budget for standard hours allowed for actual output achieved ? ? Actual incurred 48,500 68,500 Using the above data, fill in the following blanks with the variance amounts. Use

Variable and Absorption Costing

Variable and Absorption Costing Chan Manufacturing Company data for 20X7 follow: Sales: 12,000 units at $17 each Actual production 15,000 units Expected volume of production 18,000 units Manufacturing costs incurred Variable $120,000 Fixed 63,000 Nonmanufacturing costs incurred Variable $ 24,000 Fixed 18,000 1. De

Youngstown Manufacturing: variable costing

Consider the following information pertaining to a year's operations of Youngstown Manufacturing: Units sold 1,400 Units produced 1,600 Direct labor $4,200 Direct materials used 3,500 Fixed manufacturing overhead 2,200 Variable manufacturing overhead 300 Selling and administrative expenses (all fixed) 700 Beginning inv

Different types of budgets

Fill in the missing amounts in the following schedule. April May June 1. Sales * $80,000 $60,000 $________ Cash Receipts From cash sales $______ $______ $45,000 From sales on account** $______ $34,000

Crede manufacturing company

Only the following questions are to be answered a) If the materials price variance was $3,960 unfavorable, what was the standard materials price per pound? b) If the materials quantity variance was $2,871 favorable, what was the standard materials quantity per unit?  f) If total budgeted manufacturing overh

Identifying Characteristics of Useful Information

BE2−8 Identify characteristics of useful information. (SO 7) The accompanying chart shows the qualitative characteristics of accounting information. Fill in the blanks. BE2−9 Identify characteristics of useful information. (SO 7) Given the characteristics of useful accounting information, complete each of the follow

Business Development Questions (3 of 4)

Please help with the attached questions. The "deadline" area stated that I must give 3 hours to complete; HOWEVER, I NEED them answered in 1 hr and 45 min. >> No later than 1:35PM PACIFIC Time. As always, thank you in advance for your help and consideration. I have allotted 1 credit per question and there are a total

Fresh Fruits Corporation: Next Year's Sales Budget

Fresh Fruits Corporation wholesales peaches and oranges. Nora Boyd is working with the company's accountant to prepare next years budget. Ms Boyd estimates that sales will increase 5% annually for peaches and 10% for oranges. The current years sales revenue data follow: 1rstq 2nd q 3rd

Management Accoutning Problems and Questions

The Densain Water plant in Naples, Fl, bottles purified and flavored water in a variiety of sizes (20,36,48, and 64 ounces) for sale through vending machines and retail stores. Volumes is measured as bottle ounces. The plant's annual budgeted fixed manufacturing overhead amounts to $1.8 million, and variable manufacturing overhe

Accounting and Classifications of Investments

How do the various classifications of investments impact financial statements? What is the rationale behind the different accounting methods for the various investment classifications? Which is more important when determining the accounting method for securities, influence or ownership? Why?

Cost Behavior and Analysis

Here are records from manufacturer who used direct labor hours as its cost driver: Month Direct Labor Hours Manufacturing Overhead Jan. 23,000 $454,000 Feb. 30,000 517,000 Mar. 34,000 586,

Partnerships - Formation and Operation

Please help with the following problem. Frank Caster and George Wilson were equal partners of the F&G partnership, which reported its income on a fiscal year ending september 30. For fiscal year 2007-2008, the partnership's ordinary income was $30,000. It's ordinary income for the months of October-December 2008 was $9,000.

Treasury Stock Methods: Diluted Earnings Per Share

Simpson Corporation computed its diluted earnings per share for the year ended September 30. 20X2. The company had 200, 000 shares outstanding at the beginning of the year, issued 60,000 shares at April1 X2, and reacquired 2,000 shares to be held in its treasury on July 1, 20X2. The company also has 2,000 options outstanding

Net and Other Comprehensive Income

Big Brown Corporation's derivative investments had the following fair values at December 31, 20X6 and December 31, 20X7: 12/31/X6 12/31/X7 Speculative derivatives $280,000 $310,000 Derivatives used as fa