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    Accounting equation: effect of transactions

    Questions as attached. Indicate the two (or more) effects on the accounting equation of the business or company. The first one has been completed. The owner invests personal cash in the business. Assets: Increase Decrease No Effect Liabilities: Increase Decrease NoEffect Owner's (or Stockholders') Equity: Increas

    Taxation: calculate taxable income in two scenarios

    The tax rates are as shown. Your firm currently has taxable income of $79,400. How much additional tax will you owe if you increase your taxable income by $21,000? Taxable Income Tax Rate $ 0 - 50,000 15% 50,001 - 75,000 25% 75,001 - 100,000 34% 100,001 - 335,000 39% $7,004

    Holding Periods of Assets

    Provide an example and explain what the holding period is for an asset when a sale or disposition occurs

    Common stock value-Variable growth

    Newman Manufacturing is considering a cash purchase of the stock of Grip's Tool. During the year just completed, Grips earned $4.25 per share and paid cash dividends of $2.55 per share (D0 = $2.55). Grip's earnings and dividends are expected to grow at 25% per year for the next 3 years, after which they are expected to grow at 1

    Accounting problem

    What is better figure for this about in between $8.00 and $14.70?? Not sure...thanks At a factory price of $8.00 Frank figured they could sell 50,000 timers. He figured there should be a $50,000 advertising budget that would be spent regardless of sales volume. He figured the $1.00 per unit for general admin. And selling

    How to Determine Fair Market Value

    If a taxpayer gives or bequeaths items for which a ready market price does not exist (such as personal assets or unique items like artwork), what methods or types of information can be used to determine the fair market value (FMV)?

    Fatas Corporation Equivalent units for conversion 4-16

    Question 16: Fatas Corporation uses the weighted-average method in its process costing system. The Assembly Department started the month with 8,500 units in its beginning work in process inventory that were 25% complete with respect to conversion costs. An additional 96,000 units were transferred in from the prior department

    Lap Company Units Transfered out of the department 4-10

    Please help with the following problem. Uses the weighted-average method in its process costing system. The beginning work in process inventory in a particular department consisted of 75,000 units, 95% complete with respect to materials and 28% complete with respect to conversion costs. The total dollar value of this invento

    Garber Corporation Unused Capacity Report 2-9

    Question 9: (Appendix 3A) At the beginning of the current year, Garber Corporation estimated that its manufacturing overhead would be $532,000 and the activity level would be 23,000 machine-hours. The level of activity at capacity is 40,000 machine-hours. The actual manufacturing overhead for the year was $504,900 and the ac

    Coefficient of Variation and Risk

    Metal manufacturing Inc. has isolated four alternatives for meeting its needs for increased production capacity. The attached table summarizes data gathered relative to each of these alternatives. a) Calculate the coefficient of variation for each alternative. b) If the firm wishes to minimize risk, which alternative do you

    XYZ, Inc: Earnings After Taxes

    Please help with the following problem. XYZ, Inc. had sales of $1,500,000 for 2007. The cost of goods sold are 73% of sales, selling and administrative expenses were 8% of sales. Depreciation expense was $22,000 and interest expense for the year was $19,000. The company pays income tax at a rate of 28%. a. Compute earni

    Calculate the future value of payments

    Based on the following information, determine the future value of the payments on December 31, 2015. Amount deposited every January 1st $20,000 length of deposits 2008 - 2015 Assumed interest rate 9% Interest computed Semi-annually Please show work

    Number of shares outstanding, Price of shares

    Following are the equity accounts for Kerch Manufacturing. Common stock, $2 par $ 135,430 Capital surplus 203,145 Retained earnings 2,370,025 Total $2,708,600 How many shares are outstanding? At what average price were the shares sold? What is the book value of Kerch stock?

    Tax Returns and Retained Earnings

    How would you explain the difference in retained earnings and, earnings and profits to a client who questions your preparation of a tax return?

    Accounting for Treasury stock

    In 2003, Nichols Co. issued 200,000 of its 500,000 authorized shares of $10 par value common stock at $35 per share. In January, 2004, Nichols repurchased 10,000 shares at $30 per share. Assume these are the only stock transactions the company has ever had. INSTRUCTIONS (a) What are the two methods of accounting fo

    Franco Company: Entry for Sale of Treasury Stock

    Franco Company acquired 16,000 shares of its own common stock at $20 per share on February 5, 2003, and sold 8,000 of these shares at $27 per share on August 9, 2004. The market value of Franco's common stock was $24 per share at December 31, 2003, and $25 per share at December 31, 2004. The cost method

    Ending Retained Earnings

    12/31/03, the stockholders' equity section of Clark Inc was Common stock, par value $10; authorized 30,000 shares; issued and outstanding 18,000 shares $180,000 Additional paid in capital 232,000 Retained earnings 522,000

    Dryer Co: Nonconvertible Preferred Stock

    Dryer Co had 300,000 shares of common stock issued and outstanding 12/31/03. During 2004, no additional common stock was issued. On 1/1/04 Dryer issued 400,000 shares of nonconvertible preferred stock. During 2004 Dryer declared and paid $240,000 cash dividends on the common stock and $200,000 on the nonconvertible preferred sto

    Direct/Indirect Materials for Bottum Corporation and Washtenaw Corporation

    Question 18: Bottum Corporation, a manufacturing company, has provided data concerning its operations for May. The beginning balance in the raw materials account was $21,500 and the ending balance was $36,700. Raw materials purchases during the month totaled $63,200. Manufacturing overhead cost incurred during the month was

    Schaf Corp. Q17: Archeson Corp. Raw Materials and overhead rate

    Question 16: On January 1, Schaf Corporation had $25,000 of raw materials on hand. During the month, the company purchased an additional $56,000 of raw materials. During January, $56,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materia

    Q12, Q13: Avery overapplied or underapplied overhead. Arvelo raw material entries

    Question 12: Avery Co. uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. For the month of October, Avery's estimated manufacturing overhead cost was $279,000 based on an estimated activity level of 93,000 direct labor-hours. Actual overhead amounted to $310,000 with actua

    Darrow Co Manufacturing overhead cost: calculate the predetermined overhead rate

    Question 7: Darrow Company uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. Last year, the company worked 9,900 direct labor-hours and incurred $89,400 of actual manufacturing overhead cost. If overhead was underapplied by $2,100, the predetermined overhead rate for the c

    Manufacturing Overhead: dispose of the underapplied or overapplied

    See attached Mallet Company has only Job 844 in process on March 1 of the current year. The job has been charged with $2,100 of direct material cost, $2,600 of direct labor cost, and $1,850 of manufacturing overhead cost. The company assigns overhead cost to jobs at a predetermined rate of 71% of direct labor cost. Any undera

    Huang Aerospace: Total of Manufacturing Overhead

    Huang Aerospace Corporation manufactures aviation control panels in two departments, Fabrication and Assembly. In the Fabrication department, Huang uses a predetermined overhead rate of $29 per machine-hour. In the Assembly department, Huang uses a predetermined overhead rate of $14 per direct labor-hour. During the current year

    Predetermined overhead rate for the year

    Question 2: Daffe Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the total estimated manufacturing overhead was $164,800. At the end of the year, actual direct labor-hours for the year were 12,500 hours, manufacturing overhead for the year was overapplied by $10,550, and

    Kohler Clothiers, Crede Manufacturing, Mo Vaughn: variances, overhead costs

    See attached problems. Kohler Clothiers manufactures women's business suits. The company uses a standard cost accounting system. In March 2005, 11,800 suits were made. The following standard and actual cost data applied to the month of March when normal capacity was 15,000 direct labor hours. All materials purchased were use