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Larner Corporation Diversified Manufacturer

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 $9 per direct labor-hour Machine processing

Annual Reports: Users, Information, Advantages, Effectiveness, Decision-Making

The annual report is considered by some to be the single most important printed document that companies produce. In recent years, annual reports have become large documents.They now include such sections as letters to the stockholders, descriptions of the business, operating highlights, financial review, management discussion an

Denton Company: Absorption Costing

During Denton Company's first two years of operations, the company reported absorption costing net operating income as follows: Year 1 Year 2 Sales (@ $63 per unit) $ 1,197,000 $ 1,827,000 Cost of goods sold (@ $39 per unit) 741,000

Fixed Asset Turnover: Returns, Allowances, and Assets

During 2011, Company X sells 500,000 units for $8 each. Sales discounts are $100,000 and sales returns and allowances are $300,000. The company reported a total of $710,000 in fixed assets on January 1, 2011 and $890,000 in fixed assets on December 31, 2011. a. Calculate net sales revenue. b. Calculate average fixed assets. c

Capital assets and taxes

Joel has four transactions involving the sale of capital assets during the year resulting in a STCG of $5,000, a STCL of $12,000, a LTCG of $1,800 and a LTCL of $1,000. As a result of these transactions, Joel will: A. deduct net losses of $6,200 against ordinary income. B. deduct losses of $3,000 against ordinary income and

Court Taxpayers Calendar

During the current year, Danny - a calendar-year taxpayer - acquired and placed in service the following business assets: January: Delivery trucks $ 55,000 March: real estate building 150,000 used for warehouse. June: Computer sy

Bring Your Own Device (BYOD)

Please click on the link below: Discuss the Bring Your Own Device (BYOD) phenomenon or mobile devices as they relate to AIS. Specifically discuss internal controls. Include your own opinion on whether you think the ris

Rules of US Taxation for Claiming Dependents on Individual Income Tax Returns

Answer the following nine questions regarding claiming dependents: 1. What is the age limitation for a student and a non student? 2. What is the income limitation for a dependent? 3. Who is a qualified child? 4. Who is a qualifying relative? 5. Can a married child ever be claimed as a dependent? 6. How do multiple suppor

Introduction of Sin Tax on Cigarettes and Alcohol

Please help with writing a research paper that examines an issue of current relevance to public policymaking. As you consider topics, remember that this policy paper should contain a comprehensive assessment of the intended policy and its potential consequences. You should think of yourself as a staff person who must advise a

Implementing a change in accounting

Hello, Can you provide direction with the below questions: Lesson 7 has to do with pending changes. The effects of implementing a change are usually dealt with retrospectively or prospectively. 1) Explain briefly the difference between those two methods of applying an accounting change. First give a definition of th

Target Costing in Today's Business Environment

The T&M company wants to expand internationally. The marketing department suggests starting with specialty stores in Italy since a survey indicates that American quality towels are appreciated in Italy. The current price is about 20% higher than comparable towels marketed in that country. The marketing manager says that the c

Choice of activity drivers, measurement, implementation, and more.

Computations and analysis are part of the allocation process. So is an organization's understanding of activities, identification of appropriate activities, a system for tracking, and using the information. Let's try to apply ABC to Netflix and provide the CFO with some advice. Provide a list of five of the company's most i

Stage-Gate Process & Project Charter Book

- Explain/discuss the value of the stage-gate process of new product development - What is a project charter and a contract book? Explain/discuss their purpose and how they are related to each other?

Corporate Distributions

1) ISH AB = $40 ISH % ownership = 50% CSH AB = $100 CSH % ownership = 50% CEP= $0 AEP = 100 Dates of Distributions: 4/1/10, 12/1/10 On April 2, 2010 (one-fourth of the way through the year), D Corp makes a distribution of $100 to Shareholders. A $100 distribution is declared on 12/1/2010, payable on 12/31/201

Outline for Paper on Accounting Standards

I am looking for an outline with starter points for the following. Please include references where I can find information. Thanks. In recent years, there has been an effort to develop a common set of accounting standards for nations and firms doing business around the world. Discuss how the effort for a global set of accounti

Liquidation of a Partnership

I need help with the attached information in the excel sheet based on the following information: Sand, Mell, and Rand are partners who share incomes and losses in a 1:4:5 ratio. After lengthy disagreements among the partners and several unprofitable periods, the partners decided to liquidate the partnership. Before the liquid

Various Accounting Multiple Choice Questions

1) When a corporation distributes a dividend the most common form of distribution is a cash dividend. Dividends account will be increased with a credit. Retained Earnings account will be directly increased with a debit. Dividends account will be decreased with a debit. 2. An ac

Stock and Share Accounting

Uzi Company received a charter granting the right to issue 200,000 shares of $1 par value common stock and 10,000 shares of 8% cumulative and nonparticipating, $50 par value preferred stock that is callable at $80 per share. Selected transactions are presented below. 2011 Feb. 19 Issued 45,000 shares of common stock at par f

Operational Accounting for the Baseball Hall of Fame

Suppose the Baseball Hall of Fame in Cooperstown, New York, has approached Active-Cardz with a special order. The Hall of Fame wishes to purchase 50,000 base-ball card packs for a special promotional campaign and offers $0.37 per pack, a total of $18,500. Active-Cardz's total production cost is $0.57 per pack, as follows: Var

Accounting for Income Taxes: Different Approaches

Mark or Make is a bourbon distillery. Sales have been steady for the past three years and operating costs have remained unchanged. On January 1, 2037, Mark or Make took advantage of a special deal to prepay its rent for three years at a substantial savings. The amount of the prepayment was $60,000. The income statement items (ex

Consequences of Improper Use of Standard Costs

There are several potential problems that can occur from the improper use of standard costs. Labor quantity standards and efficiency variances assume that production is labor-paced. However, output in many companies is determined by the processing speed of machines. Also, too much emphasis on meeting the standards may overshadow

Taxation/Corporation Taxes

Problem 1. Betsy receives a salary of $50,000 from her employer (a retail clothing store) and several fringe benefits. Her employer pays premiums of $300 for her $40,000 group term life insurance coverage and pays $2,400 for medical insurance premiums. Her employer provides dependent care facilities (where she places her youn

Differences, NOL, Allocation Methods, and Taxes

1. What are the permanent and temporary differences? 2. What is NOL? Why does it occur? 3. What are the allocation methods? 4. What are the deferred tax assets and deferred tax liability? 5. What is the earnings conservatism ratio?

SFAS No. 115 and IAS No. 25

Discuss whether U.S. GAAP under SFAS No. 115 or the requirements of IAS No. 25 are more consistent with the following concepts: i. Conservatism ii. Comparability iii. Relevance iv. Neutrality v. Representational faithfulness vi. Physical capital maintenance

Taxation/Corporation Tax

Problem 1. When Keith created a new corporation as the sole shareholder, he was advise by his accountant to treat 50% of the amount invested as a loan and 50% as a purchase of stock. What are the advantages and disadvantages of this structure as compared with treating the entire investment as a purchase of stock? Problem 2.

Thomas Company: research and development

The Thomas Company is in the process of developing a revolutionary new product. A new division of the company was formed to develop, manufacture, and market this product. As of year-end (December 31, 2010), the product has not been manufactured for resale; however, a prototype unit was built and is in operation. Throughout 20

Accounting conversation

The following is an excerpt from a conversation between two employees of Linquest Technologies, Don Corbet and Rita Shevlin. Don is the accounts payable clerk, and Rita is the cashier. Don: Rita, could I get your opinion on something? Rita: Sure, Don. Don: Do you know Margaret, the fixed assets clerk? Rita: I know wh

Accounting Systems and Financial Reporting

1. What is XBRL? How will it effect financial reporting? Please Explain. 2. What are the main types of accounting software used in a restaurant setting or organization? What are the benefits and limitations of this software? Please Explain. 3. What are some of the hardware components of the PC at work? How are they differe