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Calculating Production Runs

Details: You have just met with the Director of Purchasing. He has been attempting to reduce his costs by placing fewer, but larger, orders for raw materials. You suspect that his department's actions have been contributing to your organization's high COS. Your assignment is to calculate the EOQ/ELS for the following two cases.

FASB and EITF pronouncements dealing with extraordinary items.

Several FASB and Emerging Issues Task Force (EITF) pronouncements deal with accounting for extraordinary items. If you should search the Financial Accounting and Reporting Section (FARS) database and the Financial Accounting Standard Board (FASB) Web site to identify the FASB and EITF pronouncements dealing with extraordinar

Lockbox System - Garden Groves, Inc.

Garden Groves, Inc., a Florida-based company, has determined that the majority of its customers are located in the New York City area. Therefore, it is considering using a lock box system offered by a bank located in New York. The bank has estimated that use of the system will reduce collection float by three dates. Based on the

Flexible Budgets

Please see attached problem. Item Cost Formula Utilities... $6,000 per year, plus $0.30 per machine hour (MH) Supplies... $10,000 per year, plus $0.80 per machine hour Depreciation... $25,000 per year Indirect labor... $21,000 per year, plus $0.40 per machine hour Using these cost formulas, complete the following f

Flexible Budgets - Hardball Corporation

Hardball Corporation uses the following cost formulas in its flexible budget for manufacturing overhead: Item Cost Formula Utilities... $6,000 per year, plus $0.30 per machine hour (MH) Supplies... $10,000 per year, plus $0.80 per machine hour Depreciation... $25,000 per year Indirect labor... $21,000 per year, plus $

Net Income - Streuling Company

Net Income A summary of the operations of Streuling Company for the year ended May 31, 2006, is shown below. Advertising expense . . . . . . . . . $ 2,760 Supplies expense . . . . . . . . . . . 37,820 Rent expense . . . . . . . . . . . . . . 1,500 Salaries expense . . . . . . . . . . . . 18,150 Miscellaneous expense . . .

Kim Edwards and Chris Phillips Retirement

P3-9. Kim Edwards and Chris Phillips are both newly minted 30-year old MBAs. Kim plans to invest $1,000 per month into her 401(k) beginning next month, while Chris intends to invest $2,000 per month, but he does not plan to begin investing until 10 years after Kim begins investing. Both Kim and Chris will retire at age 67, and t

Cycle Time - BOSE Corp.

During the last quarter, BOSE Corp. recorded the following average times per order received and processed: Wait time to start production.... 9.0 days Inspection time..... 0.8 days Process time... 3.0 days Move time... 0.2 days Queue time... 6.0 days a. Compute the throughput time. Throughput time =

Standard Costs: Dana Corp's Operations

Please assist with the attached problem. Selected data relating to Dana Corp's operations for April are given below: Number of units produced.... 500 Units Number of actual direct labor hours worked... 1,400 Hours Total actual direct labor cost.... $10, 850 The standard cost card indicates that 2.5 hours of di

Sources of Operating Leverage

1.What are the sources of operating leverage and financial leverage and explain their impact on operating and net income? 2.Mini Case: Your organization (a not for profit group) is considering hiring a professional fund raise to assist in selling raffle tickets. This consultant is going to charge $10,000 (fixed cost) plus 45

Stock Sale - ABC Corp. acquired a 15% interest in XYZ, Inc.

In Year 2, ABC Corp. acquired a 15% interest in XYZ, Inc., for $50,000. During the year, XYZ paid dividends of $10,000 and had net income of $30,000. ABC sold the shares of XYZ for $65,000 cash. What entry will ABC make to record the sale? Please see the attached word file.

Calculating Projected Net Income

A proposed new investment has projected sales of $740,000. Variable costs are 60% of sales, and fixed costs are $173,000; depreciation is $75,000. Try to prepare a pro forma income statement assuming a tax rate of 35%, and figure out the projected net income.

Expense accounts for accounting period

1. Expenses are normally accrued at the end of the accounting period by a small business that follows the cash method of accounting. (True/False) 2. List two expense accounts that are usually accrued at the end of an accounting period. 3. Name the document that is usually completed before a purchase order is executed. 4. Whi

Internal controls for plant assets

Harris, CPA, has accepted an engagement to audit the financial statements of Grant Manufacturing Co., a new client. Grant has an adequate control environment and a reasonable segregation of duties. Harris is about to assess control risk for the assertions related to Grant's property and equipment. Required Describe the key i

What-if-analysis

What-if-analysis Jeren Company is considering replacing its existing cutting machine with a new machine that will help reduce its defect rate. Relevant information for the two machines includes the following: Cost Item Existing Machine New Machine Monthly fixed costs $32,000

Calculating OASDI

Calculate OASDI, Hi Tax and OASDI taxable wages. Please see attachment. The silver Gym Company pays its salaried employees monthly on the last day of each month. The annual salary payroll for 2007 follows. Compute the following for the payroll of December 28.

Expected Capital Gains Yield for Chicago Bears

Given the following information, calculate the expected capital gains yield for Chicago Bears, Inc: beta = 0.6; market risk premium = 7%; risk-free rate = 8%; D1 = $2; Po = $25. Assume the stock is in equilibrium and exhibits constant growth.

Managing Checkbooks and Checking Accounts

A modern business is required to maintain, as a minimum, a checking account and some businesses, especially those in retail, take in cash. Discuss how to manage a checkbook and checking account. Also, discuss the process a business needs to follow in order to account for its cash.

Accounting Internships: A Win-Win Arrangement

Please summarize the following article in 2 pages or less (12 font double spaced): "Accounting Internships: a win win arrangement" By VanSyckle, Larry D. http://www.allbusiness.com/human-resources/careers-job-training/440653-1.html

Realization, Matching, Materiality

Define and explain the following accounting concepts: - Entity - Money Measurement - Going concern - Cost - Dual Aspect or Dual Accounting - Objectivity - Time period - Conservatism - Realization - Matching - Consistency - Materiality

Return on Investment: Losen Division of McCarthy Corporation

As the manager of Losen Division of McCarthy Corporation, you are interested in determining the division's return on investment. As division manager, you have no control over financing assets, but you control acquisition and disposition of assets. The division controller has given you the following data to aid you in calculati

Maple Products, Ltd.

Hello, Help me with the attached problem Please. Thanks MAPLE PRODUCTS, LTD. Direct Materials Price and Quantity Variances for Last Year Standard quantity of materials per hockey stick: Direct materials added to work in process Standard direct materials cost per foot Standard

Dissolution of partnership & liquidation of partnership property

1-What is the difference between the dissolution of a partnership and the liquidation of partnership property? After liquidating all property and paying partnership obligations, what is the basis for allocating remaining cash among the partners? 2-When a partner withdraws from a partnership, why is the final distribution ofte

Minimizing Cost of Meeting Demands: General Ford Example

General Ford produces cars in Los Angeles and Detroit and has a warehouse in Atlanta. The company supplies cars to customers in Houston and Tampa. The costs of shipping a car between various points are listed in a file where a dash means that a shipment is not allowed. Los Angeles can produce up to 1100 cars, and Detroit can pro

Accounting Effects of New Credit Policies

The treasurer of Gould's Stores, Inc., was interested in what effect, if any, new credit terms have had on collections of customer accounts. The usual 30-day payment period was shortened to 20 days in an attempt to reduce the investment in accounts receivable. The following information for the current year and the preceding ye