Explore BrainMass

# Accounting

### Preparing a Production Cost Report

Please helps with the following problems. Month of Dec Units of completion Costs Beginning wip inventory, Dec 20,000 direct materials 80% 200,000 conversion costs 90%

### Uncollectible accounts adjustment for Colt Co.

For the year ended December 31, 2004, Colt Co. estimated its allowance for uncollectible accounts using the year-end aging of accounts receivable. The following data are available: Allowance for uncollectible accounts, 1/1/04 \$51,000 Provision for uncollectible accounts during 2004 (2% on credit sales of \$2,000,

### Estimating a cost function, high-low method

Have been trying to understand how to compute 10-22 Estimating a cost function, high-low method. Reisen Travel offers helicopter service from suburban towns to John F. Kennedy International Airport in New York City. Each of its 10 helicopters makes between 1,000 and 2,000 round-trips per year. The records indicate that a heli

### Tootsie Roll and Hershey: calculate and compare the financial ratios

Using the financial statements for Tootsie Roll and Hershey located in Appendix A and B, respectively, you will calculate and compare the financial ratios listed below for the year ended in 2004.In Word, write a two-page analysis evaluating and comparing Hershey's and Tootsie Roll's overall liquidity, solvency, and profitability

### Expected After Tax Profits

Company has the opportunity to increase annual credit sales \$100,000 by selling to a new, riskier group of customers. The expenses of collecting credit sales are expected to be 15 percent of credit sales. The company's manufacturing and selling expenses are 70 percent of sales, and its effective tax rate is 40 percent. If Lyman

### Benefits and Disadvantages of Online Banking

As a banking customer, what concerns do you have about online banking? What benefits and disadvantages can you identify? What can you do to prevent identity theft?

### Accounting Questions: interest, bad debts, basis, dividends, cash flow

See attached file: 1. Interest is usually associated with a. accounts receivable. b. notes receivable. c. doubtful accounts. d. bad debts. 2. When an account becomes uncollectible and must be written off,

### Contribution margin and contribution margin ratios for publishing textbooks

The costs of publishing a grade school textbook can be assumed to be as follows: Fixed expenses for each new edition of the book: Copy editing \$3,000 Art work \$1,000 Typesetting \$36,000 Variable expenses per copy of the book: Printing and binding \$2.60 Bookstore discounts \$2.00 Salespersons

### ABC Cost Allocation and Fixed Costs

Some firms have a lot of fixed costs and few variable costs, while other firms are configured the other way around. What effect do you think the existence of a high proportion of fixed costs has on the desirability of using ABC methods?

### Calculations of Earnings Per share

I know the formula is net income minus preferred Dividends / Weighted-Average of Common Shares Outstanding, but how do you get that from this information. Can some one please expalin it to me? A Corporation has outstanding at December 31, 2008, 50,000 shares of \$20 par value, cumulative, 8% preferred stock and 200,000 shar

### Cash from Investing Activities

Ebony Corporation's balance sheet and income statement is attached. (See attached). Cash dividends were \$1.00 The company sold equipment for \$19.00 that was originally purchased for \$15.00. The equipment had accumulated depreciation of \$4.00. The net cash provided by (used by) investing activities for the year was _______

### Dependency Exemptions

I need some help with this problem: John and Carole file a joint return in 2007 and have three children: Jack, age 23; David, age 20; and Kristen, age 15. All three children live at home the entire year. Below is information about each of the children: ? Jack: graduated from college in December 2006 and is going to medical

### Storage of accounting data

Why is the storage of accounting data important to an accounting information system? Describe some important concerns, and explain why each one is important.

### Profit Reports

The company is organized into two lines of business(software and consulting), and profit statements are prepared as follows: software consulting Sales \$10,000,000 \$5,000,000 Less direct costs 5,000,000 3,

### Major characteristics of accounting

Define some of the major characteristics of accounting. Why is accounting important to the non-accountant?

### Incremental Analysis for Decision Making

(a) Prepare the incremental analysis for the decision to make or buy the lamp shades. We will calculate the cost of making the lamp shades: Here we will consider all the relevant costs. In this case the relevant costs are variable costs and hence we will not consider fixed costs: =Material cost+ Labor cost+ Overheads =5+6+

### Variable and absorption costing for a vehicle

9-16 Variable and absorption costing, explaining operating-income differences. Nascar Motors assembles and sells motor vehicles and uses standard costing. Actual data relating to April and May 2006 are: The selling price per vehicle is \$24,000. The budgeted level of production used to calculate the budgeted fixed manufactu

### Variable costs

Revenue (8,000 units) 16,000 Variable costs 4,000 Contribution margin 12,000 Fixed costs 4,000 Net income 8,000 If actual production totals 8,400 units, flexible budget would show variable costs of??

Please see the attached file. Sales faux Traditional Less cost of goods sold \$800,000 \$200,000 Unit level production cost 500,000 120,000 Depreciation, production equipmen

### Investment Income Earned from Additional Sales

If a company made a 100,000 investment in new equipment. Assuming the company's margin is 4%, what income will be earned if the investment generates \$300,000 in additional sales?

### Cast Shortages

Please help me with this question. Thanks. Information for June: cash receipts \$542,000 beginning cash balance 10,000 cash payments 560,000 desired ending cash balance 50,000 If there is shortage, the company borrows money from the bank. All cash is borrowed at the beginning

### Cash Inflows

Expected total sales: Month Sales January \$25,000 February 30,000 March 35,000 April 40,000 The company expects 70% of its sales to be an account (credit sales). Credit sales are collected as follows: 25% in the month of sale, 72% in the month following the sale with the remainder being un

### Accounting Word Questions - Multiple Choice

1. Which of the following is not an asset: a. Accounts Payable b. Furnishing and Equipment c. Supplies d. Cash 2. Smith acquired \$500 worth of supplies on credit. Which of the following journal entries would be recorded? a. Debit supplies, credit cash b. Debit cash, credit supplies c. Debit supplies, credit accounts

### Price to Charge for \$90,000 Profit

A company produces and sells 4,000 units of a product that has a contribution margin of \$6 per unit. The Co. sells the product for a sales price of \$20 per unit. Fixed costs are \$18,000. The company is considering investing and that would decrease the variable cost per unit to \$8 per unit and double total fixed costs. The compan

### Net Income: Accounting

Budgeted income statement: sales revenue (2,300 units x \$14 sales price) \$32,200 total variable expenses (2,300 x \$6 per unit) (13,800) contribution margin 18,400 fixed expense (10,000) net income \$8,400 The co

### Net Income for Operations

In its first year of operations, a company paid \$4,000 for direct material and \$8,500 for production workers wages. Lease payments and utilities on the production facilities amounted to \$7,500 while general, selling, and administrative expenses (GSA) totaled \$3,000. The company produced 5,000 units and sold 4,000 at a price of \$

### Variable and Absorption Costing

What are the differences between variable and absorption costing? Why is variable costing not allowed for GAAP reporting? Which method is more useful for internal decision-making? Why? As a manager, which would you prefer? Why?

### Taxes and Deferred Taxes

Easton Co. at the end of 2004, its first year of operations, prepared a reconciliation between pretax financial income and taxable income as follows: Pretax financial income \$ 400,000 Estimated litigation expense 1,000,000 Installment sales (800,000) Taxable income 600,000 The estimated litigation expense o

### Governmental Accounting Journal Entries

Benton County voted to establish an internal service fund to account for printing and copying for all its department and agencies. The County engaged in the following activities related to the new fund. Prepare transactions to record these events in the internal service fund. If no entry is required, write "No Entry Required.

### Accounting Criteria of Ford and Honda

Can you help me outline 12 bullet points comparing and contrasting the accounting reporting criteria between Forda and Honda using GAAP? Do both companies use GAAP or just Ford? If Honda doesn't use GAAP, what do they use compared to Ford? Can you help me cite three references noting the contrast and comparison?