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    Manufacturing Costs, Income Statements, Variable Costs

    1. Classifying Manufacturing Costs Your Boat, Inc. assembles custom sailboats from components supplied by various manufacturers. The company is very small and its assembly shop and retail sales store are housed in a Gig Harbor, Washington, boathouse. Below are listed some of the costs that are incurred at the company. Fo

    Air Production Company

    Air Production Company produces pneumatic lifts used to assist emergency rescue teams used to assist victims of auto and other accidents. The costs of manufacturing and marketing the pneumatic lifts at the company's normal volume of 3000 per month are shown in Exhibit 1. Exhibit 1 Unit manufacturing costs: Variable materi

    Expenditure Cycles

    For the expenditure cycle at Hewlett-Packard or any other company, what's your suggestion for the following recommendations to have good internal control of the purchase order processing?

    Earned income credit

    Individuals without children are eligible for the earned income credit if they meet which of the following conditions? I.. File married filing separately. II. At tax year end are at least age 25 but not more than age 64. III. For the tax year are not a dependent of another taxpayer. A. I only B. II only C. III only

    AMT Amounts

    Jake and Christina are married and file a joint return for the current year with taxable income of $100,000 and tax preferences and adjustments of $20,000 for AMT purposes. Their regular tax liability is $15,750. What is the amount of their total tax liability? A. $2,997 B. $11,843 C. $15,750 D. $28,503

    Doulas County Replacement Costs

    Doulas County's Photocopying Equipment Replacement Old Equipment Proposed Replacement Equipment Useful life in years 5 3 Current age in years 2 0 Useful life remaining, in year 3 3 Original cost $25,000 $15,000 Accumulated amortization $10,000 0 Book Value $15,000 Not acquired yet Disposal value(in ca

    Amortization of a car and house

    The scenario is designed to help you determine and evaluate the payment amount of a car loan and a mortgage, based on the assumption that your household income is $36,000 per year or $3,000 per month. Based on your income, you may spend 28% of your monthly income on housing, and 10% on a car loan. You are to put a 3% down pa

    How accounting practices are used in businesses?

    How do the following relate to the practice of accounting and its use in businesses? 1. Preparation of closing entries, reversing entries and the post-closing trial balance 2. Preparation of a classified income statement, retained earnings statement and balance sheet.

    Successful Retail on a Global Level

    Search the library and Internet, and provide an example of a successful retail business that competes on the global economic market. How has this led to its competitive advantage? Provide specific examples to support the points in your post.

    Bad debts: ABC Company

    ABC Company estimated its bad debts equal to 2.5% of its $850,000 credit sales for the year 2011. On December 31, 2011 ABC Company made an adjustment for the 2.5% amount. On July 1, 2012 the management decided that $2,000 account of Mary Smith was uncollectible and wrote it off using Allowance for Doubtful Accounts. On December

    Kroger Annual Report: Find amounts and items.

    For the fiscal year ended Feb 2, 2013 (2012 Annual Report) for Kroger: 1a Which CPA firm audited the financial statements? 1b What type of opinion was issued? 2a What are "deposits in transit"? 2b Are they properly classified on the balance sheet? Explain briefly. 3a Compute the rate of change in weekly sales from 20

    How to calculate basic pay, overtime pay, bonus pay and direct/indirect wages?

    Tom, Dick and Harry are operative workers working in a factory producing metal brackets. The basic hourly rate is US$6.00 and overtime rate is "time and a half'. The factory policy is to pay their workers on weekly basis. The factory normal working hours is 40. In addition, a group bonus scheme is in operation where bonus wi

    Depreciation Deductions

    During the current year, Hugo sells equipment for $150,000, which it placed in service in 2009. The equipment cost $175,000, and $55,000 of depreciation deductions was allowed. The results of the sale are A. LTCG of $30,000. B. Sec. 1231 gain of $30,000. C. Sec. 1245 ordinary income of $30,000. D. Sec. 1250 ordinary income

    Non-taxable Exchange Bias

    In a nontaxable exchange, Henri traded in a truck having an adjusted basis of $8,500 and a FMV of $15,000, for a new truck having a FMV of $15,000. In addition, Henri paid cash of $5,000. What is Henri's basis in the new truck? A. $5,000 B. $8,500 C. $13,500 D. $15,000

    Establishment of 1231 assets

    Why did Congress establish favorable treatment for 1231 assets? I. to encourage the mobility of capital II. to allow a larger deduction for losses III. to help business owners replace assets which had declined in value A. I only B. II only C. III only D. I and II only E. I, II, and III

    Like-Kind Recognizing Gains

    If there is a like-kind exchange of property between related parties, how long do they have to wait to dispose of the property received in order to avoid having to recognize any gain on the exchange? A. 6 months B. 1 year C. 2 years D. no waiting period

    Direct, Indirect, and Unallocated Costs

    Lockyear window company makes and sells three product lines- custom detailed windows, large standard windows, and small standard windows. The statement of operating income for the most recent period is shown here: Lockyear window company Statement of operating income T

    Stock Dividend and Derivative Financial Accounting

    1. How should a stock dividend that has been declared, but not yet issued be classified in a statement of financial position? Why? 2. Derivative accounting: What are the disclosure requirements for traditional and derivative financial instruments? Should companies disclose if such instruments are used for hedging or speculati

    Discussing Business Law: Contracts, Minors and Land Value

    First Question: In your opinion, are certain types of contracts unethical or unconscionable? (or at least should be) If so, what types of contracts are either unethical or unconscionable? How should the law treat a situation where a contract is unethical or unconscionable? Second Question: In discussing capacity, and specif

    Zhao Zhao Manufacturing Company Company

    See the attached file. Zhao Manufacturing Company has two departments, machining and finishing. For a given period the following costs were incurred by the company as a whole: direct material, $200,000; direct labor, $75,000; and indirect production, $80,000. The grand total was $355,000. The machining department incurred

    ABC Hardware Analysis

    ABC Hardware store is open for business 350 days a year. Annual demand for a power cutter at this store is 700 units. Replenishment cost is $15 per order and annual inventory holding cost is 10% of the inventory value. ABC pays $20 for each power cutter. What is the economic order quantity for this cutter, and what is the re

    Financial Planning: Budgeting For-Profit and Non-Profit

    So your new accountant could practice the budgeting process in your for-profit company, you want her to compare budgeting methods for two different kinds of entities. You give her information for a for-profit and for a nonprofit entity and ask her to complete the following: Given the assumptions and data in this Excel fil