Share
Explore BrainMass

Accounting

State of the Economy [2]

Idaho Slopes (IS) and Dakota Steppes (DS) are both seasonal businesses. IS is a downhill skiing facility, while DS is a tour company that specializes in walking tours and camping. The returns on each company over the next year are expected to be: Economy; Idaho Slopes; Dakota Steppes Strong Downturn; -10%; 2% Mild

Computing taxable income for current year

The following differences between financial and taxable income were reported by Dider Corporation for the current year. (a) Excess of tax depreciation over book depreciation $60,000 (b) Interest revenue on municipal bonds 9,000 (c) Excess of estimated warranty expense over actual exp

Sales tax: convenience, equity, sufficiency and neutrality

The sales tax laws of many states exempt the purchase of groceries and prescription drugs from tax. Such exemptions are intended to improved the: A. Convenience of the tax B. Equity of the tax C. Sufficiency of the tax D. Neutrality of the tax

UNDERCOVER ROOFING INC Adjustment Entries

Make adjusting entries, provide Income statement, balance statement, retained earnings statement and provide trial balance. UNDERCOVER ROOFING INC. Work Sheet For the Month Ended March 31, 2006

Fixed and Variable costs

A firm has fixed costs of $60 and varable costs as indicated in the table below. Complete the table. (a) Graph total fixed cost, total varable cost, and total cost. Explain how the law of diminishing returns influences the shapes of the variable-cost and total-cost curves. (b) Graph AFC, AVC ATC and MC. Explain the derivat

Website Analysis for proflowers.com

The team had to select a commercial Website and prepare and present an 8-10-minute presentation evaluating the following site characteristics. I need help in writing an analysis on: The design, including use of graphics, color, and multimedia - 1 slide with author notes on Proflowers. The link is proflowers.com

Accounting Software Memo

Please, I need help writing a memo for the assignment below. Your department's accounting software is extremely outdated, and you have included the purchase of new software in this year's fiscal budget. You have decided it is time to start looking into purchasing your company's accounting software and have chosen someone in y

Redistribution of wealth

Which of the following tax policies would increase the redistribution of wealth across society? A. Repealing the federal estate and gift taxes B. Increasing the highest marginal income tax rate by 10% C. Replacing the progressive income tax rate structure with a flat rate D. Replacing the income tax with a national sales tax

Tax

Holter Inc. owns an investment that generated $120,000 cash revenue and required $26,500 cash expenses this year. Holter's marginal tax rate is 30%. Which of the following statements is false? A. Holter's before-tax cash flow is $93,500 B. If the revenue is taxable, but only $19,000 of the expenses are deductible, Holter's

Hachey Company: Uncollectibles and Bad Debts Expense

Hachey Company has accounts receivable of $95,100 at March 31, 2007. An analysis of the accounts shows these amounts. Prepare entries for recognizing accounts receivable. Balance, March 31 Month of Sale 2007 2006 March $65,000 $75,000 February 12,600 8,000 December and Janu

TPC Inc sold investment land. Gain to be recognized in 2008

In 2007, TPC Inc. sold investment land with a $474,000 book and tax basis for $775,000. The purchaser paid $100,000 in cash and gave TPC a note for the $675,000 balance of the price. In 2008, TPC received a $105,500 payment on the note ($67,500 principal + $38,000 interest). Assuming that TPC is using the installment sale method

Cost Classification

Several Years ago McCoy's purchased a small building adjacent to it's manufacturing plant in order to have room for expansion when needed. Since the company had no immediate need for the extra space, the building was rented out to another company for rental revenue of $40,000 per year. The renter's lease will expire next month,

Accounting Multiple Choice

19. The process by which a financial transaction is recorded so that its flow through the system can be followed is called: a. Financial shadowing b. Managerial trace technique c. Concatenation d. Audit trail 20. The essential steps in performing a systems study are (in order of occurrence): a. Analysis, design, imp

Manufacturing processes (process flow)

The Company produces a component that is subsequently used in the aerospace industry. The component consists of three parts (A, B, and C) that are purchased from outside and cost 40, 35, and 15 cents per piece respectively. Parts A and B are assembled first on assembly line 1, which produces 140 components per hour. Part C under

Various user groups which need accounting information

Write a report that defines internal controls. List specific examples that Done Jones should use in his small business. Use the Library, the Internet, or any other resources to help you with this task. Be sure to use APA style writing. Spell check and proofread your document before posting. Remember to cite your sources.

Under applied overhead

Manufacturing overhead is applied to production. A) Describe how manufacturing overhead may be under-applied. B) Assume that under-applied manufacturing overhead is treated as an adjustment to Cost of Goods Sold. Explain why an under-application of overhead increases Cost of Goods Sold.

Missing Amounts on Income Statement

Income statement help please please see attached. BE5-1 Presented below are the components in Clearwater Company's income statement. Determine the missing amounts. Cost of Gross Operating Net Sales Goods Sold Profit Expenses Income (a) $75,000 ? $28,600 ? $10,800 (b) $108,000 $70,000

Book value net of depreciation for the Carson Company

On January 1, 2006, Carson Company purchased a new machine for $2,100,000. The new machine has an estimated useful life of nine years and the salvage value was estimated to be $75,000. Depreciation was computed on the sum-of-the-years'-digits method. What amount should be shown in Carson's balance sheet at December 31, 2007, net

Determining the overhead rate for different levels of output.

The controller for Tender Bird Poultry, Inc. estimates that the company's fixed overhead is $150,000 per year. She also has determined that the variable overhead is approximately $.15 per chicken raised and sold. Since the firm has a single product, overhead is applied on the basis of output units, chickens raised and sold. C

Accounting

A company has a loss that meets the requirement of a loss contingency in the amount of $500,000. The company has insurance coverage in the amount of 1,000,000 with a deductible of 250,000. What amount should be accrued for the loss contingency?

Sonne Company: Material Variance

The Sonne Company produces a perfume called Whim. The direct materials and direct labor standards for one bottle of Whim are given in the attached file in a chart. During the most recent month, the following activity was recorded: a. Twenty thousand ounces of material were purchased at a cost of $2.40 per ounce. b. All o

The Cash Budget of Regis Golf Park

You recently began a job as an accounting intern at Regis Golf Park. Your first task was to help prepare the cash budget for April and May. Unfortunately, the computer with the budget file crashed, and you did not have a backup. You ran a program to salvage bits of data from the budget file. After entering the following data in

Analyzing Accounting Data

Your friend, Don Jones, has provided you with the following information about his new home inspection business, which he is operating as a sole proprietorship. Using the accounting equation, analyze and report Don's business transactions for the months of September, October and November. Since Don is planning to do his own bookk