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Accounting

Governmental Accounting Journal Entries

Benton County voted to establish an internal service fund to account for printing and copying for all its department and agencies. The County engaged in the following activities related to the new fund. Prepare transactions to record these events in the internal service fund. If no entry is required, write "No Entry Required.

Accounting Criteria of Ford and Honda

Can you help me outline 12 bullet points comparing and contrasting the accounting reporting criteria between Forda and Honda using GAAP? Do both companies use GAAP or just Ford? If Honda doesn't use GAAP, what do they use compared to Ford? Can you help me cite three references noting the contrast and comparison?

Accounting concepts and business structures memo

Assume the role of an accounting intern who receives an email from an old high school friend. Your friend is planning to open a new business and does not have an accounting background. He has been talking to a bank about a loan to start his business and he knows he will need an accounting system for his new enterprise. He is ask

AMT and Wolfgang's Itemized Deductions

Wolfgang's AGI is $140,000. He has the following itemized deductions for 2007: Medical expenses [$12,000 - (7.5% x $140,000)] $1,500 State income taxes $4,200 Charitable contributions $5,000 Home mortgage interest on his personal residence $6,500 Casualty loss (a

Categories of Assets

This solutions provides the learner with an undestanding of the three classes of assets that can be found on a balance sheet and provides examples of what belongs in each category

New Partnership of Patrick Company and Samuelson Company

See pdf file attached The post-closing trial balances of two proprietorships on January 1, 2008, are presented All cash will be transferred to the partnership, and the partnership will assume all the liabilities of the two proprietorships. Further, it is agreed that Patrick will invest an additional $5,000 in cash, and

ABC

Some firms have a lot of fixed costs and few variable costs, while other firms are configured the other way around. What affect do you think the existence of a high proportion of fixed costs has on the desirability of using ABC methods?

Over- or Under-Applied Overhead Variances

A) Explain the various factors and considerations used in determining if a variance is over- or under-applied. Why is this type of analysis important to managers? What are some causes of variances? How should they be addressed? Who should be held responsible for these variances B) Price and efficiency variances. Pet

Step down method

Please see attached file. Department Financial Managerial Facilities Public Public Health Welfare Budgeted costs $8,000 $4,000 $2,000 $5,000 $3,000 Sq. Ft. Occupied 25 15 10 30 20 Emp

Segmenting questions

Use the following information to answer questions 1 through 3. Domino Co. manufactures three sizes of dog carriers: small, medium, and large. Potential sales include 100 units of small, 120 units of medium, and 100 units of large per month. The barrier in reaching the sales level revolves around the maximum machine hours avai

Price Variances and Purchases

Price variance 12,000 U Usage variance 9,000 F The standard cost for material is $2 per pound and three pounds per unit. 20,000 units were produced. The purchase price variance was .30 per pound. Calculate: a. Pounds purchased b. Pounds used

Variance analysis: Example problem

Co provides the following standard cost data: Direct material (3 gallons at $5 per gallon) $15.00 Direct Labor (2 hours at $12 per hour) $24.00 During the period, the company produced and sold 26,000 units, incurring the following costs: Direct material (75,000 gallons at $4.90 per gallon Direct Labor (47,500 h

Overhead costs

A Co recently received an order from a potential customer outside the Co. normal geographic service region for a price of $9,000. The size of the proposed job is 22,000 square feet. The Co. normal service costs are as follows: Unit level materials $0.18 per square foot Unit Level Labor $0.25 per square f

Variable costing and absorption costing, CVP analysis

1) Income using variable costing can differ from income using absorption costing (true or false) 2) Under the assumptions used in cost-volume-profit analysis, as volume increases: a. fixed costs increase in proportion to the increase in volume b. variable costs per unit remain the same c. fixed costs per unit remain the

Calculate Saul's Adjusted gross income (AGI).

Saul is single, under age 65, and has gross income of $50,000. His deductible expenses are as follows: Alimony $12,000 Charitable contributions 2,000 Contribution to a traditional IRA 4,000 Expenses paid on rental property 5,000 Interest on home mortgage and property taxes on personal residence 7,000 State inco

Costs of production of water valve

Water valves costs $20.00 each. A company is considering making water valves internally at the following projected annual production costs: Unit level material costs $ 3.00 Unit level labor cost 2.00 Unit level overhead 1.00 Batch level set up costs (5,000 units per batc

Shares of cumulative preferred stock outstanding

Enterprise Storage Company has 400,000 shares of cumulative preferred stock outstanding, which has as stated dividend of $4.75. It is six years in arrears in its dividend payments. a. How much in total dollars is the company behind in its payments? b. The firm proposes to offer new common stock to the preferred stockholders

Return on investment components

Please help, before I turn this homework in, I want to be sure I have done it correctly. Your help is greatly appreciated. See attached file. Thank you very much for your help!!!!!!!!!!!!

Return on investment measurement

Green company has prepared the following information for three of its divisions: (see attached) Division Historical cost of investments Division operating income X $560,000 $66,500 Y 532,000 64,400 Z 35

Advanced Purchase/consolidation Problem

P acquired 100% of S's outstanding common stock on 1/1/06 for $400,000. Selected information for S as of 1/1/06 follows: Capital stock $ 50,000 Retained earnings 250,000 Book Current Value Value Inventory 60,000 50,000 Land 170,000 200,000 Bldgs/equip440,000(a) 500,000 (a)Net of accum

Tax planning

Tax planning can involve unbelievably complex maneuvers. Some of the strategies may be less certain than others. As a strictly opinion-type question or series of questions, consider the following. In completing any tax planning for a corporation for which you are the CFO, to what degree would you be willing to be aggressive?

Cash Forecast; policies & procedures for gift shop

Please help me with this question: CASH FORECAST PROJECT. Bob Evans gift shop is going out of business and we have been approached by a wealthy person who wants to buy the business but does not know anything about the cash side of the business. He has asked us to put together some policies and procedures that he can use i

Use of different budgets

How does management use an operating budget? How do they use an activity-based budget? What are the similarities and differences between these two budgets?

Tentative Minimum Tax

The Purple Trust incurred the following items this year. Taxable interest income 80,000 Tax-exempt interest income, not on private activity bonds 60,000 Tax-exempt interest income, on private activity bonds 40,000 Compute Purple's tentative minimum tax for the year. Purple

Accounts payable

If accounts payable increase during a period, does that mean the expenses on accrual basis are less than the expense cash basis or would the expenses on accrual basis be the same as the expense on a cash basis?

Cash flow from operating activity using indirect method

At begining of year the accounts receivable was $20,000 and $40,000. The net income for the year was $102,000. what is the operating activity to be reported on the statement of cash flows prepared by indirect method? I do not know where to start and can u explain the indirect method please.

Year end retained earnings

Companys current year was $15,000(retained earnings) an error made the prior year was corrected for $3,000 which was the depreciation expense on equipment. During the current year they also earned net income of $10,000 and declared cash dividends of $4,000. Compute the year end retained earnings balance. Do I add the retain