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# Accounting

Acton Company has two products: A and B. The annual production and sales of Product A is 800 units and of Product B is 500 units. The company has traditionally used direct labor-hours as the basis for applying all manufacturing overhead to products. Product A requires 0.3 direct labor hours per unit and Product B requires 0.2 di

### Quantitative Reasoning for Business: Compute break-even sales and units

McConnell & Brue text Identify, analyze, and solve real-world problems that involve quantitative information Reason quantitatively and make numerical arguments Interpret and communicate the results of quantitative analyses Use technology and Internet resources effectively and build skills in working with data Develo

### Smith Co Multi-Step Income Statement

Smith Company Retained earnings, 12/31/05 750,000 Sales 2,000,000 Selling & administration 240,000 Hurricane loss (pre tax) on plant (extraordinary item) 250,000 Cash dividends declared on common stock 33,600 Cost of goods sold

### Major Corporation: Computations for Earnings per Share

Major Corporation has 100,000 shares of \$10 par value common stock outstanding and no preferred stock outstanding. Minor Corporation has 50,000 shares of \$5 par value common stock and 20,000 shares of \$20 par value preferred stock. The preferred shares pay an annual dividend of \$2 each and are cumulative. In addition, each prefe

### Dividends and Taxes

The expected pretax return on three stocks is divided between dividends and capital gains in the following way: Stock Expected Dividend Expected Capital Gain STOCK EXPECTED DIVIDEND EXPECTED CAPITAL GAIN A \$0 \$10 B 5 5 C 10 0 a. If each stock is priced at \$100, what are the expected

### H. Burns Inc: accounting equation, increase or decrease, normal balance

Selected transactions for H. Burns, Inc., an interior decorating firm, in its first month of business, are as follows. Jan. 2 Invested \$15,000 cash in business in exchange for common stock. 3 Purchased used car for \$4,000 cash for use in business. 9 Purchased supplies on account for \$500. 11 Billed customers \$1,800 for se

### Horizontal and Vertical Analysis.

Describe the concepts of horizontal and vertical analysis; what each is useful for and give a brief example of each.

### Cost per unit under ABC & traditional costing

See attached file for background information. Module 4 - Case Activity Based Costing The New Millenium Manufacturing Company produces two products. One is a millenium surf kit. The other product is a professional surf-board (short board) used in world class surfing competition. Most of the sales come from the mille

### Define investment banking, operating vs financial leverage, EBIT-EPS analysis

1. What is investment banking? How would the investment banker assist an organization in going public? As a CFO, what information would you need to select an investment banker? 2. What is the difference between operating and financial leverage? What is the importance of assessing operating vs. financial leverage? 3

### Calculate gross profit; cost components of manufactured product, factory overhead

Calculate gross profit for the period in question. Beginning Direct Materials \$25,000 Ending Direct Materials 30,000 Beginning Goods in Process 55,000 Ending Goods in Process 64,000 Beginning Finished Goods 80,000 Ending Finished Goods 67,000 Cost of Goods Sold for the period 540,000 Sales revenues for the period 1,254

### East Coast Yachts sustainable growth rate, external funds needed, proforma income stmt

See the attached file for full problem. 3. Calculate the sustainable growth rate of East Coast Yachts. Calculate external funds needed (EFN) and prepare pro forma income statements and balance sheets assuming growth at precisely this rate. Recalculate the ratios in the previous question. What do you observe?

### Compute Ticky Company's factory overhead for September.

The Ticky Company manufactures tacks. Costs for September were direct labor, \$84,000; indirect labor, \$36,700; direct materials, \$55,900; factory maintenance, \$4,800; factory utilities, \$3,200; and insurance on plant and equipment, \$700. What is Ticky Company's factory overhead for September?

### The Movie, Catch Me if You Can: Illustrate 3 fraudulent activities with examples.

Here are the guidelines: Rent or buy and watch the movie Catch Me If You Can, starring Leonardo DiCaprio and Tom Hanks. Your goal is to write a paper regarding the fraud depicted in the movie. Your paper should discuss one to three specific fraudulent activities illustrated in the movie. For each of your examples of fraud

### McFrugal, East Publishing, Rodney Rogers: leverage, breakeven volume, fixed costs

10. McFrugal, Inc. has expected sales of \$20 million. Fixed operating costs are \$2.5 million, and the variable cost ratio is 65 percent. McFrugal has outstanding a \$12 million, 8 percent bank loan. The firm also has outstanding 1 million shares of common stock (\$1 par value). McFrugal's tax rate is 40 percent. a. What is M

### O'Henry's Data Service: Compute how much you would offer to pay for business

Benjamin O'Henry has owned and operated O'Henry's Data Services since its beginning ten years ago. From all appearances, the business has prospered. In the past few years, you have become friends with O'Henry and his wife. Recently, O'Henry mentioned that he has lost his zest for the business and would consider selling it for th

### Landry's Restaurant's Annual Report

Please read the attached case study and answer the following: Were any stock options exercised? Which financial statement did you find this information? What are the components of this financial statement?

### Weaver Company: spending & efficiency variance for variable and fixed overhead

Part 8: Weaver Company. Weaver Company has developed standard overhead costs based on a capacity of 180,000 machine hours as follows: Standard costs per unit: Variable portion 2 hours @ \$3 = \$ 6 Fixed portion 2 hours @ \$5 = 10 \$16 During April, 85,000 units were scheduled for production, but only 80,000 un

### Activity based costing computing per unit

Part 5: The Gamble Company Gamble Company produces 50,000 units of Product Q and 6,000 units of Product Z during a period. In that period, four set-ups were required for color changes. All units of Product Q are black, which is the color in the process at the beginning of the period. A set-up was made for 1,000 blue units of

### Apex Corporation: Compute cost of goods sold whe overhead is over or under applied

Part 4: Apex Corporation The records of Apex Corporation revealed the following data for the current year. Work in Process \$ 73,150 Finished Goods 115,000 Cost of Goods Sold 133,650 Direct Labor 111,600 Direct Material

### High-low method ..

Part 3: Blake Corporation Blake Corporation has the following data for use of its machinery Month Usage Cost Jun 600 \$750 Jul 650 775 Aug 420 550 Sept 500 650 Oct 450 570 a. Using the high-low method, compute the variable cost element. b. Using the high-low method, compute the fixed cost element (to the neares

### Publicly traded companies report financial performance

All publicly-traded companies must report their financial performance on a regular basis. --- What would be the sources of this financial information? ---- Who would be interested in the information? -----How might interested parties use this information? -----What could be the result of a firm reporting incorrect

### Amount of Underapplied or Overapplied Overhead Costs

See the attached file for the full problem. The following cost data relate to the manufacturing activities of Black Company during the just completed year: The company uses a predetermined overhead rate to apply overhead cost to production. The rate for the year was \$5 per machine-hour; a total of 10,000 machine-hours was

### Video Division, MCrew Entertainment: Transfer Pricing, Idle Capacity

At its Video Division, MCrew Entertainment manufactures computer monitors. These can be sold internally to the EDD Division of MCrew or externally to independent customers. Sales and costs of the most popular monitor are as follows: Per unit selling price \$134.00 Per unit variable cost \$103.00 Per unit

### Kolkmeyer Manufacturing: operating characteristics of machines

3. Kolkmeyer Manufacturing Company is considering adding two machines to its manufacturing operation. This addition will bring the number of machines to eight. The president of Kolkmeyer asked for a study of the need to add a second employee to the repair operation. The arrival rate is 0.05 machine per hour for each machine, and

### Westan Corporation

Please help with this homework problem... EXERCISE 3-5 Apply Overhead Westan Corporation uses a predetermined overhead rate of \$23.10 per direct labor-hour. This predetermined rate was based on 12,000 estimated direct labor-hours and \$277,200 of estimated total manufacturing overhead. The company incurred actual total man

### Accounting Explanation (Revenues, Gains, Expense and Losses)

Can you help me get started with this assignment? Explain the difference between a. Revenues and gains. b. Expenses and losses. Give a detailed example of each.

Help, I need help on some homework... Cretin Enterprises uses a predetermined overhead rate of \$21.40 per direct labor-hour. This predetermined rate was based on 8,000 estimated direct labor-hours and \$171,200 of estimated total manufacturing overhead. The company incurred actual total manufacturing overhead costs of \$1

### Apply Overhead in a Service Company

Figure out which amount of overhead cost would apply. 1. Compute the amount of overhead cost that would have been charged to each project during May. 2. Prepare a journal entry showing the completion of the Williams and Chandler projects and the transfer of costs to the Completed Projects (i.e., Finished Goods) account. 3