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    Computations of break even point for B&B Company, Steven Newman, Inc.

    Break-Even Computation B&B company reports the following items: Direct materials per unit . . . . . . . . $ 2.25 Direct labor per unit . . . . . . . . . . 3.95 Variable overhead per unit . . . . 1.80 Monthly rent . . . . . . . 2,200.00 Monthly depreciation . . . . . 680.00 Other monthly fixed costs. . . . . . . . 2,40

    Journalize transactions

    Please see the attachment. Chambers Brokerage Services, Inc was formed on May 1, 2006. The following transactions took place during the first month. Transactions on May 1: 1. Stockholders invested $120,000 cash in the company in exchange for stock. 2. Hired two employees to work in the warehouse. They will each be paid

    Batista Manufacturing, Podsednik, Hancock: equivalent units of production

    The Welding Department of Batista Manufacturing Company has the following production and manufacturing cost data for February 2008. All materials are added at the beginning of the process. Manufacturing Costs Production Data Beginning work in process Beginning work in process 15,000 units Materials $18,000 1/10 comple

    Make-or-Buy

    5-43 Make-or-buy Tanner Appliance Company manufactures 12,000 units of part M4 annually. The part is used in the production of one of its principal products. The following cost information is available on part M4: Direct Materials $11 Direct Labor 9 Unit-related support 4 Batch-related support 5

    Present value of cash outflows related to this investment

    The company is deciding whether to invest in a certain capital investment. The investment requires an initial outlay of $55,000 and annual payments of $12,000 made at the end of the year for five years. The company's discount rate is 14%. What is the present value of cash outflows related to this investment?

    Machine Depreciation and After Tax Sale Proceeds

    Operating Cash Flows. Talia's Tutus bought a new sewing machine for $40,000 that will be depreciated using the MACRS depreciation schedule for a 5-year recovery period. a. Find the depreciation charge each year. b. If the sewing machine is sold after 3 years for $22,000, what will be the after-tax proceeds on t

    Fundamental Accounting Principles

    Megagrocer is a grocery chain that operates five stores. The stores are supplied with produce, meat, dairy, and dry goods by six separate vendors. In addition to the stores, Megagrocer maintains an e-commerce site through which customers can order and pay for groceries. The groceries are packed and delivered to customers from on

    Gross Profit Method: Inventory and Sales Costs Ernst Equipment

    Ernst Equipment Co. wants to prepare interim financial statements for the first quarter. The wishes to avoid making a physical count of inventory. Ernst's gross profit rate averages following information for the first quarter is available from its records: January 1 beginning inventory . . . . . . . $ 752,880 Cost of goo

    Comprehensive Fixed Asset - Selig Sporting Goods Inc

    Selig Sporting Goods Inc. has been experiencing growth in the demand for its products over the last several years. The last two Olympic Games greatly increased the popularity of basketball around the world. As a result, a European sports retailing consortium entered in to an agreement with Selig's Roundball Division to purchase

    Dropping or Retaining Flights

    The following additional information is available about flight 581: A. Member of the flight crew are paid fixed annual salaries, whereas the flight assistance are paid by the flight. B. One-third of the liability insurance is a special charge assessed against Flight 581 because in the opinion of the insurance company, the d

    8 Accounting Questions: Classification of transactions by account type

    Please see the attached excel file. There are 8 multiple choice questions. 1. HIJ Company paid $500 cash for salary expenses. Which of the following choices accurately reflects how this event would affect the company's financial statements? Assets = Liab. + Equity Rev. - Exp. = Net Inc. Cash Flow A)

    Accounting: correcting entries for posting errors

    1.Speedy Bike Company received a $940 check from a customer for the balance due. The transaction was erroneously recorded as a debit to Cash $490 and a credit to Service Revenue $490. The correcting entry is a. debit Cash, $940; credit Accounts Receivable, $940. b. debit Cash, $450 and Accounts Receivable, $490; credit Servi

    Description of Economic Order Quantity (EOQ)

    If D = 9,000 per month, S = $45 per order, and H = $2 per unit per month, what is the economic order quantity? Round your answer to the nearest whole number; for example, 1234. Please show your work.

    Bozeman-Western Airlines: After-tax Cost of Preferred Stock

    - Calculate the after-tax cost of preferred stock for Bozeman-Western Airlines, Inc., which is planning to sell $10 million of $4.50 cumulative preferred stock to the public at a price of $48 a share. The company has a marginal tax rate of 40 percent.

    Individual Income Tax: overvaluation of charitable contribution of artwork

    Cheryl (a calendar year taxpayer) donates a statue to a local art museum (a qualified charity). The statue cost Cheryl $13,000 ten years ago and, according to one of Cheryl's friends (an amateur artist), is worth $50,000. On her income tax return, Cheryl deducts $50,000 as a charitable contribution. Upon later audit by the IRS,

    The General's Favorite Fishing Hole Chart of accounts

    The General's Favorite Fishing Hole Chart of accounts Assets Revenues 101 Cash 401 Registration Fees 142 Office Supplies 144 Food Supplies Expenses 145 Prepaid Insurance 511 Wages Expense 181 Fishing Boats 521 Rent Expens

    Questions about classification of accounts in the AIS

    1. The Equipment account's proper classification is: a. Revenue b. Liability c. Expense d. Asset 2. The Supplies account's proper classification is: a. Asset b. Revenue c. Liability d. Expense 3. The Cost of Goods Sold account's proper classification is: a. Asset b. Revenue c. Liability

    Job Costing in Service Industries

    For job costing in service industries, overhead costs are usually applied to jobs based on? Factory overhead. Indirect labor. Indirect materials. Direct labor-hours or dollars. Direct materials.

    Overhead

    If estimated annual factory overhead is $480,000, estimated annual direct labor hours are 200,000, actual March factory overhead is $41,000, and actual March direct labor hours are 17,000, then overhead is?: $800 overapplied. $200 overapplied. $800 underapplied. $200 underapplied. $1,000 underapplie

    Calculating revenues, expenses, and income

    Fill in the blanks in the following separate income statements a through e. Identify any negative amount by putting it in parenthesis. See attached file. Sales............................................... $60,000 $42,500 $36,000 $ ? $23,600 Cost of goods sold .............................. Merchandise In

    Calculating the Stolen Amount from Cripple Creek Company

    Cripple Creek Company has one trusted employee who, as the owner said, "handles all of the bookkeeping and paperwork for the company." This employee is responsible for counting, verifying, and recording cash receipts and payments, making the weekly bank deposit, preparing checks for major expenditures, making small expenditures

    Why was the net income larger and how would you react to the controller's action

    The controller of Summit Systems Inc. devised a new costing system based on tracing the cost of activities to products. The controller was able to measure post-manufacturing activities, such as selling, promotional, and distribution activities, and allocate these activities to products in order to have a more complete view of th

    Amount and Character of Loss Transactions

    Five years ago, Brian and his brother Boyd formed Stewart Corp., a golf apparel manufacturing corporation. At that time, Brian contributed $300,000 to the corporation in exchange for 50% of its stock. During the current year, Brian needed some cash to purchase a golf course so he sold a third of his interest in Stewart Corp. for

    Regression Analysis for Annual Nursing Salaries

    Golden Years Easy Retirement Homes owns several adult care facilities throughout the southeast United States. A budget analyst for Golden Years has collected the data found in the file Dat9-10.xls on your data disk describing for each facility: the number of beds(X1), annual number of medical in-patient days(X2), the total annua

    Flow of Costs through Manufacturing Accounts and Operating Income

    Please see the attached file. Stone Tools, Inc., had the following account balances as of January 1: Direct Materials Inventory $8,700.00 Work in Process Inventory $76,500.00 Finished Goods Inventory $53,000.00 Manufacturing Overhead $- During the month of January, all of the following occurred:

    The Net Asset Value of a Fund

    The Neptune Value Fund has sold 150,000 shares to investors. Currently the fund has accrued investment management fee obligations of $50,000. The fund's portfolio is shown below. Calculate the fund's net asset value. Stock A $50,000 $10 per share Stock B $20,000 $7 per share Stock C $35,000 $30 per share Stock D $10,

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