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Accounting

Ending Retained Earnings

12/31/03, the stockholders' equity section of Clark Inc was Common stock, par value $10; authorized 30,000 shares; issued and outstanding 18,000 shares $180,000 Additional paid in capital 232,000 Retained earnings 522,000

Dryer Co: Nonconvertible Preferred Stock

Dryer Co had 300,000 shares of common stock issued and outstanding 12/31/03. During 2004, no additional common stock was issued. On 1/1/04 Dryer issued 400,000 shares of nonconvertible preferred stock. During 2004 Dryer declared and paid $240,000 cash dividends on the common stock and $200,000 on the nonconvertible preferred sto

Direct/Indirect Materials for Bottum Corporation and Washtenaw Corporation

Question 18: Bottum Corporation, a manufacturing company, has provided data concerning its operations for May. The beginning balance in the raw materials account was $21,500 and the ending balance was $36,700. Raw materials purchases during the month totaled $63,200. Manufacturing overhead cost incurred during the month was

Schaf Corp. Q17: Archeson Corp. Raw Materials and overhead rate

Question 16: On January 1, Schaf Corporation had $25,000 of raw materials on hand. During the month, the company purchased an additional $56,000 of raw materials. During January, $56,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materia

Q12, Q13: Avery overapplied or underapplied overhead. Arvelo raw material entries

Question 12: Avery Co. uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. For the month of October, Avery's estimated manufacturing overhead cost was $279,000 based on an estimated activity level of 93,000 direct labor-hours. Actual overhead amounted to $310,000 with actua

Darrow Co Manufacturing overhead cost: calculate the predetermined overhead rate

Question 7: Darrow Company uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. Last year, the company worked 9,900 direct labor-hours and incurred $89,400 of actual manufacturing overhead cost. If overhead was underapplied by $2,100, the predetermined overhead rate for the c

Manufacturing Overhead: dispose of the underapplied or overapplied

See attached Mallet Company has only Job 844 in process on March 1 of the current year. The job has been charged with $2,100 of direct material cost, $2,600 of direct labor cost, and $1,850 of manufacturing overhead cost. The company assigns overhead cost to jobs at a predetermined rate of 71% of direct labor cost. Any undera

Huang Aerospace: Total of Manufacturing Overhead

Huang Aerospace Corporation manufactures aviation control panels in two departments, Fabrication and Assembly. In the Fabrication department, Huang uses a predetermined overhead rate of $29 per machine-hour. In the Assembly department, Huang uses a predetermined overhead rate of $14 per direct labor-hour. During the current year

Predetermined overhead rate for the year

Question 2: Daffe Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the total estimated manufacturing overhead was $164,800. At the end of the year, actual direct labor-hours for the year were 12,500 hours, manufacturing overhead for the year was overapplied by $10,550, and

Kohler Clothiers, Crede Manufacturing, Mo Vaughn: variances, overhead costs

See attached problems. Kohler Clothiers manufactures women's business suits. The company uses a standard cost accounting system. In March 2005, 11,800 suits were made. The following standard and actual cost data applied to the month of March when normal capacity was 15,000 direct labor hours. All materials purchased were use

The Correct Balance in the Cash Account

The cash account shows a balance of $45,000 before reconciliation. The bank statement does not include a deposit of $2300 made on the last day of the month. The bank statement shows a collection by the bank of $940 and a customer's check for $320 was returned because it was NSF. A customer's check for $450 was recorded on the bo

Cash provided by operating acitivites

Porter Corporation reports the following information: Net Income $250,000 Depreciation Expense $70,000 Increase in accounts receivable $30,000 Porter should report cash provided by operating activities of what?

Mortgage Industry

Do you think what's going on with the Mortgage Industry now is a result of poor Risk Management, Fraud or mismanagement?

Teixo, Inc: calculate whether to buy or make a component

Teixo Inc. is considering whether to continue to make a component or to buy it from an outside supplier. The company uses 15,000 of the components each year. The unit product cost of the component according to the company's absorption cost accounting system is given as follows: Direct materials $7.90 Direct labor $2.10

Sealed Quote for Claire's Antiques

Claire's Antiques was ready to submit a sealed quote (bid) for a new customer who desired to purchase 150 clocks during the upcoming year. The sealed quote was for 150 clocks at $650 each, for a total selling price of $97,500. Claire's Antiques gained knowledge that its competitor was also placing a bid with this client. The com

Travel and Entertainment expenses for Monique: For AGI or from AGI

Monique is a self-employed manufacturer's representative who solicits business for clients and receives a commission based on sales. She incurs the following expenditures during the current year: Airfare and lodging while away from home overnight $ 4,000 Business meals while traveling at which business is discussed 1,000 Lo

Stock Price, After Tax Cost of Debt and Leverage

Please see the attached file(s). 1) A stock that currently trades for $40 per share is expected to pay a year-end dividend of $2 per share. The dividend is expected to grow at a constant rate over time. The stock has a beta of 1.2, the risk-free rate is 5%, and the market risk premium is 5%. What is the stock's expected price

Accounting questions

Please provide an answer to the following questions below that contains 250 to 300 words for each. 1. What is the purpose of the statement of cash flows? We already discussed the Balance Sheet, Income Statement and Statement of Retained Earnings. If you wanted to invest in a company, what information would you look for in th

Adams Independent School District: evaluate three offers for sale of land.

The Adams Independent School District desires to sell a parcel of unimproved land that it does not need. Its three best offers are as follows: from State Department of Public Safety (DPS), $2.3 million; from Second Baptist Church, $2.2 million; and from Baker Chevrolet Company, $2.1 million. DPS would use the property for a new

Evaluate the concept of lifetime gifts and the transfer tax

As the Federal estate tax is scheduled to be phased out, making lifetime gifts unnecessarily incurs a transfer tax that could have been avoided by passing the property by death. a. Evaluate this statement. In what way is it correct? Incorrect? Misleading? b. What could be some justification for lifetime giving?

Product Costing and Cost Accumulation in a Batch Production Environment

Product Costing and Cost Accumulation Exercise 3-27 Bordin Company manufactures finger splints for kids who get tendonitis from playing video games. The firm had the following inventories at the beginning and end of the month of January. January 1 January 31 Finished goods $125,000 $117,000 Work in process

Self Help Income

In which of the following situations would the taxpayer realize taxable income? a. A mechanic performs work on his own automobile. The mechanic would have charged a customer $400 for doing the same work. b. A mechanic repairs his neighbor's personal automobile. In exchange, the neighbor, an accountant, agrees to prepare me

Life Insurance Proceeds

Don is the beneficiary of a $50,000 insurance policy on the life of his mother, Anna. To date, Anna paid premiums of $16,000. What amount of gross income must be reported in each of the following cases? a. Anna elects to cancel the policy and receives $20,000, the cash surrender value of the policy. b. Anna dies and Don rece

Carol Thomas Flow of Money

Carol Thomas will pay out $6,000 at the end of year 2, $8,000 at the end of year 3, and receive $10,000 at the end of year 4. With an interest rate of 13%, how much does she need to have on hand to meet her obligations? Consider all flows of money in make your decision. A) $7,326 B) $10,242 C) $16,372 D) $4,112

Calculating Depletion Expense and Discovering its Impact

A company purchased oil rights on July 1, 2008 $1,200,000. If 200,000 barrels of oil are expected to be extracted over the assets life, and 30,000 barrels are extracted and sold in 2008, the recognition of depletion expense on December 31, 2008 would cause what?

Sell or Process Decision at Zeppe Inc.

Zeppe Inc. purchased potatoes from farmers. The potatoes are then peeled, producing two intermediate products- peeled and depeeled spuds. The peels can then be processed further to make a cocktail of organic nurtrients. And the depeeled spuds can be processed further to make frozen french fries. A batch of potatoes cost $63 to b

Accounting problems

38) Account Record of Loan Oak Products: Raw materials purchases $175,000 Direct labor 254,000 Indirect labor 109,000 Selling and administrative salaries 133,000 Building depreciation* 80,000 Selling & admin expense 195,000 Other factory cost 344,000 Sales revenue ($130 per unit) 1,495,000