The company I work for produces canned vegetable soup. The company uses the weighted-average method in its process costing system. The company sold 300,000 units in January. There was no beginning work in process or finished goods inventory. Work in Process inventory at January 31 was 24,000 units, which were 75% complete as
My company's manufacturing overhead is 40% of its prime cost. If direct labor is $18,000 and direct materials are $24,000 what is manufacturing overhead?
Answer questions after reading activity in the attached file: 1. What happened here? Were there really any right or wrong answers? 2. Why or why not? 3. Can even a minimal exposure to accounting theory influence reasoning power? 4. Is accounting theory really necessary for the establishment of accounting rules? W
For each transaction below, indicate the dollar impact (if any) on the following five items: (1) total assets, (2) common shares, (3)contributed surplus, (4) retained earnings, and (5) shareholders' equity.
Problem 16-9 Guo limited provides you with the following condensed balance sheet information. Assets Liabilities and shareholders equity Current assets $40,000 Investments in ABC company- trading 60,000 (10,000 shares) Equipment (net) 250,000 Intangibl
Manufacturing overhead $225,000 incurred, $14,500 overpaid, overhead rate is $5.00 . How many hours dis company work? Under job order costing a company started with one job ($6,000) with $500 of cost assigned at the time. Other production cost were assigned as follows: Job #1= $6,000, Job #2 = 8,100, Job #3$2,40
271 363 159 76 227 337 295 319 250 279 205 279 266 198 117 162 232 303 192 181 321 309 246 278 50 41 335 116 100 151 240 474 297 170 188 320 429 294 570 342 279 235 434 123 325 How many classes would you recommend? What Class interval would you suggest? What would you recommend as the lower limit of the
Analyze the risk of a portfolio Use the data below and consider portfolio weights of .60 in stocks and .40 in bonds. Rate of Return Scenario Probability Stocks Bonds Recession 0.2 -5% 14% Normal 0.6 15% 8% Boom 0.2 25% 4% a. What is the rate of return on the portfolio in
The cordless phone manufacturing division of a Denver-based consumer electronics company uses activity-based costing. For simplicity, assume that its accountants have identified only the following three activities and related cost drivers for indirect production costs: Activity Cost Driver: Materials handling, Direct materia
Which of the following is NOT a shortcoming of using the Average Accounting Return method to make financial decisions? A) Uses Financial Statements as relevant input data. B) Offers no guidance on what the right targeted rate of return should be. C) Takes no account of time value. D) Uses averages. E) May result in m
In 1996 a total of 14,968,000 taxpayers in the United States filed their individual tax returns electronically. By the year 2002 the numer increased to 46,282,200. What is the geometric mean annual increase for the period?
This is a research, Master level question. I need to know the definitions of the variables below. How would they affect a company's portfolio performance and risk. They are: average beta, Market D/E Ratio, Tax rate, Unleveled Beta, Cash/Firm Value, Unleveled beta corrected for cash, standard deviation in stock, standard
P1-8A In recent years, Waterfront Transportation purchased three used buses. Because of frequent turnover in the accounting department, a different accountant selected the depreciation method for each bus, and various methods were selected. Information concerning the buses is summarized below.
Please provide an explanation and one example for each of the following questions: 1. In what way does the AIS support decision-making? 2. How do experty systems improve the use of knowledge? 3. How does a modem work? 4. What are the disadvantages of prototyping relative to the waterfall approach to systems developm
George Goodman obtained a patent on a small electronic device and organized Goodman Electronics in order to produce and sell the device. During the first month of operations, the device sold very well, so Mr. Goodman looked forward to a healthy profit from sales. However, he was surprised to see a loss for the month on his inc
I am trying to work on the 3 questions below and am having a problem with calculating these, and am after an answer to review for each, so that I can see the method used and then apply to other questions and work required. Data below 1. Calculate the price elasticity using 1992 data The ratio of the percentage c
What is the full disclosure principle in accounting? Why has disclosure increased substantially in the last 10 years? Include an explanation of the need for full disclosure in financial reporting and identify possible consequences of failing to properly disclose certain items in financial statements.
Company ABC's earnings and dividends will grow at 0.5% monthly during the next five years. Its growth will stop after year 5. In year 6 and afterward, it will pay out all earnings as dividends. Assume next year's EPS is $10 and the dividend is $5 and the market capitalization rate is 9%. What is ABC's stock price?
For a hospital, what type of position (line or staff) is each of the following? Emergency Room Manager Human Resources (Personnel) Manager A) Staff Staff B) Staff Line C) Line Staff D) Line Line Item A Item D Item C Item
List the elements of the Fraud Triangle and use the following case to provide examples of each element.
List the elements of the Fraud Triangle, and use this case to provide examples of each element. "Someone's Going Straight to Hell" Robert Riggio, 52, of Toms River, New Jersey, spent most of his life as a con man, ripping off gullible people for small sums of money here and there. But this time, he may have ripped off the
Bristow University is a large private school located in the Midwest. The university is headed by a president who has five vice presidents reporting to him. These vice presidents are responsible for, respectively, auxiliary services, admissions and records, academics, financial services (controller), and the physical plant.
Savallas Company is high automated and uses computers to control manufacturing operations. The company has a job-order costing system in use and applies manufacturing overhead cost to products on the basis of computer-hours of activity. The following estimates were used in preparing the predetermined overhead rate at the begin
E1-23 Hootie and the Blow Fish, Inc., organized in 2002, has the following transactions related to intangible assets. 1/2/02 Purchased patent (7-year life) $490,000 4/1/02 Goodwill purchased (indefinite life) 360,000
Why is it important for accounting information to be accurate and timely? How can this be achieved?
1. A profit-making business that is a separate legal entity and in which ownership is divided into shares of stock is known as a: A. sole proprietorship B. single proprietorship C. partnership D. corporation 2. The properties owned by a business enterprise are called: A. assets B. liabilities C. the accounting equation
11. (Warranties) Sheryl Crow Equipment Company sold 500 Rollomatics during 2004 at $6,000 each. During 2004, Crow spent $20,000 servicing the 2-year warranties that accompany the Rollomatic. All applicable transactions are on a cash basis. Instructions a. Prepare 2004 entries for Crow using the expense warranty approach. A
Calculate the gross profit using the percentage-of-completion method for revenue recognition. (See attached file for full problem description) The Construction Company was the low bidder on the office building construction contract. The contract bid was $7,000,000, with an estimated cost to complete the project of $6,000,000
1. What is "Sale of Stock in Secondary Markets"? 2. What is "Stock Issued for Noncash Assets or Services"? 3. What is "Component Percentages"? 4. What is "Tests of Solvency." 6. Do you think financial statement measures have to conform with GAAP to be useful to analysts? Why or why not? 7. How does recognizing a
1. Please help to research on Internet about any new product that Ford company www.Ford.com has recently introduced. 2. Please discuss steps that the company took in establishing standard costs for this new product.
What pros and cons of cash flow reporting versus accrual income reporting?
Big-batch restructuring charge, identified by former SEC Chairman Arthur Levitt in his famous 1998 speech. What are benefits, both from economic and financial reporting perspective, that a company might expect to enjoy through recognizing big-batch restructuring charge?