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    Inventory Information for Ricci Manufacturing Corporation

    2) The following inventory information is available for Ricci Manufacturing Corporation for the year ended December 31, 2008: Beginning Ending Inventories: Raw materials $17,000 $19,000 Work in process 9,000 14,000 Finished goods 11,000 8,000 Total $37,000 $41,000

    Needs and Products

    Considering the hierarchy of needs, what products might be developed for customers in each phase of the hierarchy? As the baby boomer generation reaches retirement age, what products might become more important? What new products might need to be developed to suit this group? What key trends in law, politics, and technology will

    Advanced Accounting Problem

    I have tried and tried to do this problem and I am failing to do so miserably. This type of problem is completely new to me and I really want to, and need to understand how to do this. Can you please prepare the statement and explain to me how you went about doing so? Thank you for your time and help, it is greatly appreciate

    Fairfax Agency Staffing and Operating Budgets

    The Fairfax Treatment Agency delivers the following program services: • Alcoholic rehabilitation • Drug-addict treatment • Basic health care services, and • Counseling and suicide prevention The Agency's FY 200X staffing and operating data are as follows: Professional salaries: 6 physicians  $100,000

    Ratner per-room initial expenditures

    Associates develops hotels in resort locations. The company is exploring the construction of a new facility that would have significant meeting and banquet space for conventions and conferences, and sleeping rooms that average 850 square feet. The accounting department estimates that land and building costs will amount to $60

    Percentage markup

    The following data pertain to Tall Company's commercial wood thrower: Variable manufacturing cost $400 Applied fixed manufacturing cost 160 Variable selling and administrative cost 60 Allocated fixed selling and administrative cost 25 Required: For each of the following cost bases, determine the appropriate pe


    Pizza store no. 16 has fallen on hard times and is about to be closed. The following figures are available for the period just ended: Sales $205,000 Cost of sales 67,900 Building occupancy costs: Rent 36,500 Utilities 15,000 Supplies used 5,600 Wages 77,700 Miscellaneous 2,400 Allocated corporate overhead 16,800


    Cornell Corporation manufactures faucets. Several weeks ago, the firm received a special-order inquiry from Yale, Inc. Yale desires to market a faucet similar to Cornell's model no. 55 and has offered to purchase 3,000 units. The following data are available: ? Cost data for Cornell's model no. 55 faucet: direct materials,

    Flexible Budgets and Variance Analysis to Monitor Performance

    Geos operates a delivery service for local restaurants, delivering call-in, to-go meals for restaurant customers. Variable overhead costs are budgeted at $3 per hour, and the typical roundtrip takes a driver 45 minutes to complete. Actual results for March follow. Number of roundtrips run: 1,560 Hours of delivery time: 1

    Research and Development Expense

    Riley Co. incurred the following costs during 2007: Modification to the formulation of a chemical product = $160,000. Trouble-shooting in connection with breakdowns during commercial = $150,000. Costs of marketing research for new product = $200,000. Seasonal or other periodic design changes to existing products = $185,00

    Accounting - Goodwill

    Distributor Company purchases Supplier Company for $800,000 cash on January 1, 2007. The book value of Supplier Company's net assets, as reflected on its December 31, 2006 balance sheet is $620,000. An analysis by Distributor on December 31, 2006 indicates that the fair value of Supplier's tangible assets exceeded the book val

    Loss on impairment of goodwill

    Twilight Corporation acquired End-of-the-World Products on January 1, 2008 for $2,000,000, and recorded goodwill of $375,000 as a result of that purchase. At December 31, 2008, the End-of-the-World Products Division had a fair value of $1,700,000. The net identifiable assets of the Division (excluding goodwill) had a fair value

    Accounting questions

    I apologize for the short notice, but if I had known this website existed earlier, I would have been on here days before! I am studying for my final exam tomorrow and these questions come from a test bank my teacher gave us to study from, unfortunately I cannot be sure of the answers to these questions - I know it is short noti

    Taxable Income: Deductions and Exemptions

    1. Joe and Jane are married taxpayers who file a joint return. They have itemized deductions of $11,250 and four exemptions. Assuming an adjusted gross income of $40,000, what is their taxable income for 2008? 2. Compute Marie's taxable income for 2008, assuming she is single and claims two dependent children. Her adjusted gr

    Operating Data, Revenue, Contribution Margin and Costs

    1. Helix Services, Inc., has been in business for six months. The following are basic operating data for that period. Month July Aug. Sept. Oct. Nov. Dec. Service hours 120 136 260 420 320 330 Revenue $6,000 $6,800 $13,000 $21,000 $16,000 $16,500 Operating costs $4,300 $5,300 $ 7,100 $11,200 $ 9,100 $10,600 Requir

    Net Cash Flow Determinations

    Two new software projects are proposed to a young start up company. The Alpha Project will cost $150,000 to develop and is expected to have an annual net cash flow of $40,000. The Beta Project will cost $200,000 to develop and is expected to have an annual cash flow of $50,000. The company is very concerned about their cash flow

    Payroll tax expense

    ** Please see the attached file for the complete problem description ** A company's employees had the following earnings records at the close of the current payroll period: The company's payroll taxes expense on each employee's earnings includes: FICA Social Security taxes of 6.2% on the first $84,900 plus 1.45% FICA Medica

    Corey Issacson is an investor in stone cold interprises

    Need help with the attached problems. Question 1 Corey Issacson is an investor in stone cold interprises. Last week he received the companys most recent financial statements but some of the numbers were smudged and unreadable. Each of the unreadable numbers is represented with a letter as shown below and at the top of t

    Large corporations

    "I think that breaking up the large corporations would encourage competition for those smaller business such as the mom and pop operations and give them a equal opportunity. However, of course this will never happen and of course the government would never bail out the little guy. However, as said before, if the large corporat

    Standards and Budgets, and Direct Labor Variance Matrix

    1. Explain the similarities and differences between standards and budgets. Contrast the accounting for standards and budgets. 2. In the direct labor variance matrix, there are three factors: (1) Actual hours Actual rate, (2) Actual hours Standard rate, and (3) Standard hours Standard rate. Using the numbers, indicate the form

    Chapter 1-11 Managerial Accounting Questions

    ____ 1. A responsibility center that incurs costs (and expenses) and generates revenues is classified as a(n) a. cost center. b. revenue center. c. profit center. d. investment center. ____ 2. The most useful measure for evaluating a manager's performance in controlling revenues and costs in a profit center is

    EOQ Policy

    I have the following problem: A critical piece of operational equipment contains 30 parts of the same type. The equipment operates 24 hours a day and the critical pieces have a predicted failure frequency of 10,000 hours. If spares are procured as part of an EOQ policy with: cost per unit of $100, cost of preparation and ship

    When to recognize deductions in cash basis accounting

    Stovall LLC uses the calendar year and the cash method of accounting for tax purposes. It made the following rent payments on December 31, 2003. In each case, determine Stovall's 2003 deduction for the payment: a. $30,000 for the use of equipment under a six-month lease that began on May 1, 2003. b. $1,750 rent for warehouse

    Accounting Multiple Choice Questions (Bad debt, amortizations, and more)

    I need some help in answering the attached Multiple Choice Questions. Thank you in advance... ** See ATTACHED file(s) for complete details ** 1. Which of the following methods of determining annual bad debt expense best achieves the matching concept? a. Percentage of sales b. Percentage of ending accounts receivable c. Pe

    Corporate Distributions in Complete Liquidation

    Black Castle Inc. adopts a plan of complete liquidation and distributes a truck worth $15,000 with an original basis of $25,000 and an adjusted basis of $7,000 to a 40 percent shareholder with a stock basis of $3,000. The shareholder subsequently claims $4,000 of depreciation on the truck, and later sells it for $13,000. a.

    Corporate Distributions in Complete Liquidations.

    Corporation A owns 100 percent of the stock of Corporation B, and also owns B Corporation debentures with a face amount (and basis) of $200,000. A plan of liquidation is adopted and Corporation B is liquidated under Code Sec.332. Pursuant to the liquidation, Corporation B inventory with a FMV of $200,000 and a basis of $140,0

    Memo: Income Statement Change to Balance Sheet

    Need to write a memo that describing the change in focus from the income statement to the balance sheet. Describe the concepts of permanent and temporary differences. Give two examples of each and how they reflect the new focus. The issue of SFAS No. 109, the framework now used in accounting for income taxes. (can use the