1. Our office orders 60 reams of paper at a time. The carrying cost is 40% of the $10 unit cost and that annual demand is about 240 reams per year. The assumptions of the basic EOQ model are thought to apply. For what value of ordering cost would its action be optimal? 2. Our office is facing an ordering relating to purchasi
Can you please help with some True/False and Multiple questions for an accounting class specializing in Business Taxation. My school is located in Minnesota so all US GAAP, etc would apply. 1. Dew-Drop Trust had a $10,000 of dividend income and a $7,000 capital gain for the year. The trust is a simple trust. Under state law b
The warrants of Integra Life Sciences allow the holder to buy a share of stock at $11.75 and are selling for $2.85. The stock price is currently $8.50. To what price must the stock go for the warrant purchaser to at least be assured of breaking even?
Do you think intangible assets and/or long-term liabilities may appear on your employer organization's balance sheet? Please include an explanation to support your answer.
What is the accounting equation? What does it tell you? Why does it have to balance? What happens if the equation does not balance? How does technology play a role in this?
James is a 50% partner in JL Partnership. James sells land at a loss of $20,000 to the partnership. Do you agree that James's loss involving the sale of the land to the partnership should be disallowed on his Form 1040? Why or why not?
Answer question in the attached file.
1. Lyle and Kaye James are married, have two minor children, Jessica age 8 and Jerron age 4, and are filing a joint tax return in the current year. They are both employed. Lyle and Kaye, ages 38 and 37, respectively, have combined salaries of $240,000, from which $42,000 of federal income tax and $10,000 of state income tax are
Acme Company manufactures a variety of industrial products which are sold throughout the country. Fred Riley has been manager the Eastern Branch of Acme Company for the past three years. Starting in year 2, he was able to qualify for a $50,000 annual bonus for meeting a target growth rate of 10% of gross sales. Income stateme
I need help figuring out the practice problems attached. Please show work were needed. Thanks so much for your help! Practice Problems Week 5 1. Managerial accounting information A) pertains to the entity as a whole and is highly aggregated. B) must be prepared according to generally accepted accounting principles
I am having problems with the following 5 accounting problems. Can you help me? I have attached my information to assist you. Thank you in advance for your assistance! Answer the five questions. Question #5, can be submitted in an in an Excel file. All other responses should be contained in a single Word file. Maximum leng
Question 34: Alaric Corporation recently sold equipment for $35,500. The equipment was purchased five years ago for $127,000. The accumulated depreciation on the equipment on the date of sale was $78,000. Alaric uses the indirect method to prepare its statement of cash flows. What net effect will this sale have on the investing
Question 33: Hanna Corporation's most recent balance sheet appears below: Comparative Balance Sheet Ending Balance Beginning Balance Assets: Cash and cash equivalents $ 55 $ 44 Accounts receivable 55 50 Inventory 73 64 Plant and equipment 641 450 Accumulated depreciation ( 331) ( 345) Total assets $493
Please help with the following problem. Provide a simple solution for each. Ferrar Corporation has two major business segments - Consumer and Commercial. Data for the segment and for the company for March appear below: Sales revenues, Consumer $681,000 Sales revenues, Commercial $300,000 Variable expenses, Consu
Question 19: J Corporation has two divisions. Division A has a contribution margin of $79,200 and Division B has a contribution margin of $130,000. If total traceable fixed costs are $71,500 and total common fixed costs are $32,500, what is J Corporation's net operating income? $114,200 $93,200 $111,200
Question 17: (2 points) Ferrar Corporation has two major business segments-Consumer and Commercial. Data for the segment and for the company for March appear below: Sales revenues, Consumer $695,000 Sales revenues, Commercial $292,000 Variable expenses, Consumer $392,000 Variable expenses, Commercial $13
Question 15: (2 points) Recht Corporation's summary flexible budget for two levels of activity appears below: Cost Formula (per machine-hour) Activity (in machine-hours) 1,190 1,290 Total variable overhead cost $9.2 $ 10,948 $ 11,868 Total fixed overhead cost 18,088 18,088 Total overhead cost $29,0
See the attached file. Question 12: Asper Corporation has provided the following data for February. Denominator level of activity 7,200 machine-hours Budgeted fixed overhead costs $271,420 Fixed portion of the predetermined overhead rate $33.7 per machine-hour Actual level of activity 7,400 machine-hours Standard
Question 7: (2 points) Tub Co. uses a standard cost system. The following information pertains to direct labor for product B for the month of October: Actual rate paid $8.40 per hour Standard rate $7.70 per hour Standard hours allowed for actual production 1,820 hours Labor efficiency variance $1,480 unfavorable
Question 5: (2 points) Harden, Inc., has budgeted sales in units for the next five months as follows: June 7,100 units July 4,800 units August 6,600 units September 7,600 units October 4,000 units Past experience has shown that the ending inventory for each month should be equal to 14% of the
Question 3: On January 1, Barnes Company has 7,400 units of Product A on hand. During the year, the company plans to sell 30,500 units of Product A, and plans to have 5,800 units on hand at year end. How many units of Product A must be produced during the year? 33,400 27,900 28,900 30,400
Question 1: Sioux Company is estimating the following sales for the first six months of next year: January $248,000 February $213,000 March $232,000 April $297,000 May $355,000 Sales at Sioux are normally collected as 55% in the month of sale, 41% in the month following the sale, and the remaining 4% being unc
35. The income statement for Raple Stark Company for 2006 appears below. Raple Stark Company Income Statement For the Year Ended December 31 , 2006 Sales (25,000 units) $ 650,000 Variable expenses 227,500 Contribution margin 422,500 Fixed expenses 439,400 Net i
34. The following information is available for a product manufactured by Gardenia Corporation: Per Unit Total Direct materials $ 62.50 Direct labor $ 47.50 Variable manufacturing OH $ 15.00 Fixed manufacturing OH $ 250,000 Variable selling and admin expenses $ 10.00 Fixed selling and admi
Tip Top Painting Company has the following production data for January: ? Beginning work in process, 0 units ? Units transferred out, 35,000 ? Units in ending work in process, 4,000, which are 30% complete for conversion costs Materials are added only at the beginning of the process. Compute equivalent unit
I am having trouble understanding this... At the end of 2006, Endrun Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $54,000. On January 24, 2007, the company learns that its receivable from Oswego Inc. is not collectible, and management authorizes a write-off of $6,400. (a) Prepare the jour
Can you help me get started on these problems? 1. Frank & Jane are married and file a joint return. Both are active participants in their employer qualified retirement plans. Their total AGI in 2007 is $87,000 and they earn salaries of $46,000 & $40,000. A. What amount can Frank & Jane contribute to traditional IRAs in 20
Please answer questions (see attachment): Below is information on food items for the years 2000 and 2004. 2000 2004 Item Price Quantity Price Quantity Margarine (pound) $0.81 18 $0.89 27 Shortening (pound) 0.84 5 0.94 9 Milk (1/2 gallon) 1.44 70 1.43 65 Potato chips 2.91 27 3.07 33 1. Compute a simple price index for
An open-end fund is set up to charge a load. Its NAV is $8.72 and its offer price is $ 9.25. ? (a) What is the dollar value of the load commission? ? (b) What percent of the offer price does the load represent? ? (c) Do load funds necessarily outperform no-load funds? ? (d) How do no-load funds earn a return if they do not c
The New Pioneer closed-end fund has 520 million in securities, 5 million in liabilities and 10 million shares outstanding. It trades at a 5% premium above its net asset value (NAV): ? (a) What is the NAV of the fund? ? (b) What is the current price of the fund? ? (c) Why might a fund trade at a premium above its NAV?