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    Accounting education, experience and responsibilities

    The accounting firm I am employed with is very active in its community and is recognized as a valuable corporate citizen. Each year a team from my firm meets with the local high school seniors to discuss career opportunities in finance and taxes. This year you have been assigned to present career opportunities for tax practiti

    ROI and Residual Income on Excel worksheet

    Calculate on Excel worksheet NP7.2 ROI and Residual Income Suppose that a division of a company is treated as an investment center. Its manager is currently obtaining an ROI of 15% from existing assets of $1 million. The cost of capital (corporate discount rate) is 10%. The division manager has the option of choosing among

    Upstream Sale of Equipment in Prior Period

    E6-11 Upstream Sale of Equipment in Prior Period Baywatch Industries purchased 80 percent ownership of Tubberware Corporation on January 1, 20X0, at underlying book value. On January 1, 20X6, Baywatch paid Tubberware $270,000 to acquire equipment that Tubberware had purchased on January 1, 20X3, for $300,000. The equipment is

    Why is accounting often referred to as the "language of business"?

    5- Why is accounting often referred to as the "language of business"? 7- What are generally accepted accounting principles (GAAP)? Who currently develops and issues GAAP? What is the purpose of GAAP? 3-1 and 3-2 3-1 The company borrowed $125,000 in cash from Far West Bank. 3-2 The company used $45,000 in cash to pur

    Tax Laws of Transferring Property

    ABC Corp is planning an expansion. Arnold James owns a building that adjoins the current location. With little modification, the restaurant could expand into that building and double its seating capacity. Arnold has owned this property for 10 years during which it has increased in value. Arnold would like to avoid recognizin

    Simple and Annually Compounding Interest

    Sunny Shine invested $4,000 at 5% annual interest, and left the money invested without withdrawing any of the interest for 10 years. At the end of the 10 years, Sunny withdrew the accumulated amount of money. 1. What amount did Sunny withdraw assuming the investment earns simple interest? 2. What amo

    Review of Accounting Procedures at Local Church

    You have been asked by the board of trustees of a local church to review its accounting procedures. As a part of this review, you have prepared the following comments relating to the collections made at weekly services and record-keeping for members' contributions: 1. The church's board of trustees has delegated responsibili

    No effect on Net Income

    The occurrence which most likely would have no effect on 2007 net income (assuming that all amounts involved) are material is the: 1) sale in 2007 of an office building contributed by a stockholder in 1973 2) collection in 2007 of a receivable from a customer whose account was written off in 2006 by a charge to the allowance a

    Calculate Sally's AGI, Taxable Income and Income Tax

    PROBLEM I Sally is age 28. Sally is single. Sally is a C.P.A. but has become disenchanted with the business world and she is taking some time to find herself. She has spent 2007 living with a series of friends. Although she has received some financial assistance from family members there is no person or group of people that qua

    Calculate the Division operating income for the Beta Shoe Company which manufactures only one type of shoe and has two divisions, the Sole Division, and the Assembly Division.

    Calculate the Division operating income for the Beta Shoe Company which manufactures only one type of shoe and has two divisions, the Sole Division, and the Assembly Division. The Sole Division manufactures soles for the Assembly Division, which completes the shoe and sells it to retailers. The Sole Division "sells" soles to the

    Budgeted Manufacturing Overhead Cost/CVP Graph

    Please help me with this: A department has budgeted monthly manufacturing overhead cost of $40,000 plus $5 per direct labor hour. The flexible budget report reflects $120,000 for total budgeted manufacturing cost for the month. What is the actual level of activity achieved during the month (OR, CAN IT NOT BE Determined?) ---

    Credit Sales/Overhead Costs

    Please help me with the following: THE FOLLOWING ARE CREDIT SALES BUDGET BY BELL COMPANY: JAN $124,000 FEB 120,000 MAR 135,000 APR 140,000 MAY 142,000 Usually, the company collects 50% of the accounts receivable in the month of sale, 30% in the month following the sale, and 18% in the second mont

    Absorption vs.Variable Costing for the Bohne Company

    9. The Bohne Company produces chocolate candies. The chocolates sell for $12 per box. Annually, the company produces 10,000 boxes of chocolates and sells 9,000 boxes of the candies. The company's cost information includes the following: Direct materials $2.00 per unit Direct labor $3.00 per unit Fixed manufacturing overhea

    Which of the following is not excluded from income?

    1. Gross income may be realized when a taxpayer receives economic benefit even if no cash is received. T or F 2. Which of the following is not excluded from income? (Assume that any amounts received by the taxpayer were kept). a. fair market value of prize won on a game show b.

    Taxable Income Ruling: doctrine of constructive receipt

    Introduction: Walter used the cash method to account for income from his cattle ranch. During an audit in the third year, the IRS auditor discovered a document from a customer indicating that two years earlier, Walter sold 115 heads of cattle to the customer for $77,000. The document appeared to be a tear slip, the top half of

    Common errors in accounting systems

    Answer each in 3 or more sentences. What do you do if your G/L A/R balance states $1M and your subsidiary ledger says $800K? What are the most common errors in working with General Accounting, Fixed Assets, Revenue (billing)? What would you do to ensure these errors do not happen?

    Return on Assets

    Refer to the attached appendix A and B and calculate the return on assets in the form of a percentage.

    An Analysis of Corporate Cash Flow Activities

    Analyze the transactions above and indicate whether each transaction resulted in a cash flow from: (a) operating activities, (b) investing activities, (c) financing activities, or (d) noncash investing and financing activities. Global Corporation had the following transactions during 2006.

    Lockbox system- Penn Steelworks Penn Steelworks A) What is the opportunity cost to Penn Steelworks of the funds tied up in mailing and processing? Use a 365-day year. B) What would the net cost or savings be from use of the proposed cash acceleration technique? Should Penn adopt the system?

    (Lockbox system) Penn Steelworks is a distributor of cold-rolled steel products to the automobile industry. All of its sales are on a credit basis, net 30 days. Sales are evenly distributed over its 10 sales regions throughout the United States. Delinquent accounts are no problem. The company has recently undertaken an analysis

    Concentration Banking

    Treemont Shops operates in Naples, Florida. The firm distributes speciality gardening supplies nationwide. The firm currently uses a centralized billing system. Treemont has annual credit sales of $362 million. Lasdon National Bank has presented an offer to operate a concentration-banking system for the company. Treemont already

    Accounting and Banking

    With the recent prevalence of corporate scandals in the United States recently, there have been many efforts made towards reform. You have been asked to evaluate the following proposal and debate it with other experts (your classmates) in the field: Accounting firms should be liable to pay stockholders if they give a comp

    Flat Tax

    Should the federal income tax be a flat tax, which means should everyone pay taxes at the same percentage? Include brief assessments on the pros and cons of this type of a system.

    IT Research Websites

    Is answers.com a good source of reference when writing a paper? I looking at advantages for IT outsourcing. Thanks.

    Yoderly Co. & Hambly Corporation Consolidation Entries

    1.Yoderly Co., a wholly-owned subsidiary of Nelson Corp., sold goods to Nelson Corp. near the end of 1998. The goods had cost Yoderly $105,000 and the selling price was $140,000. Nelson had not sold any of the goods by the end of the year. Prepare the consolidation entries that are required for 1998. 2. Hambly Corp. own

    Companies Cooperating to Price Products

    The Long-Drive Golf Company manufactures a new line of golf clubs. The Cushion Bag Company makes a special golf bag that protects the delicate shifts on these clubs. The respective prices are Pc and Pb for the clubs and bags. The marginal cost for producing either product is 100. Demand for each product is Q = 1000 - (Pc + Pb)

    Accounting and Banking - Better Brew and Perfect Blend

    Perking Up Profits at Better Brew and Perfect Blend After years of dreaming about owning your own business, you decided that owning a coffee shop would be perfect. Rather than start from scratch, however, you and your partners decide to look at two existing establishments, Better Brew and Perfect Blend. The two are for sale a

    Price Variance and Material Usage Variance

    Error Correction, Inc. (ECI) makes a white liquid substance that is used to cover errors made on printed documents. ECI expects to use 4 ounces of a chemical known as Fatal per bottle of correction fluid. Fatal is expected to cost $.40 per ounce. Actual materials cost amounted to $.46 per ounce. ECI expected to make and sell 1,0

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