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    Cost Accounting

    4. Which of the following is not a name for indirect resources? A) Overhead costs B) Burden C) Direct costs D) Common costs 5. Which of the following companies would most likely use a job-order costing system? A) A textbook manufacturer B) A lumber company C) A paint manufacturer D) A sweater ma

    Accounting for Deferred Income Taxes at Earl Co.

    Earl 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 $500,000 Estimated expenses deductible for taxes when paid 800,000 Extra depreciation (900,000) Taxable income $400,000 Estimated w

    AGI and partnerships: calculate Teresa's AGI

    9. Teresa, an attorney, earns $300,000 from her practice. During the year, she paid $50,000 to acquire a 20% interest in a partnership that produces a $200,000 loss ($40,000 distributive share to Teresa). She also receives $35,000 in interest and dividends on other investments. What is Teresa's AGI if she is a material participa

    Realized Gain or Loss

    12. Ethyl owns an apartment house that has an adjusted basis of $950,000 but is subject to a mortgage of $240,000. She transfers the apartment house to Bert and receives from him $150,000 in cash and an office building with a fair market value of $975,000 at the time of the exchange. Bert assumes the $240,000 mortgage on the apa

    Accounting Theory

    The purpose of this paper is to identify the objectives of financial reporting, the organizations and responsibilities of the standards setting process, and the authoritative sources of accounting information. My part of the paper i need to talk about Ethics in Financial Reporting and I have to identify at least three ethical ro

    Annual Report Question/Analysis

    A) How should you evaluate the firm's annual report in light of this footnote? In particular, how does this footnote affect your recommendation regarding the loan? Be very specific. b) In preparing for your meeting with the firm's president and CFO, what questions do you want to ask regarding this footnote? Be very detailed.

    Vince's Woodworking - Accounting Objectives

    1. Vince's Woodworking purchased a wood lathe on January 1, 20X3, at a cost of $45,000. At the time of purchase, the lathe was expected to have a five-year economic life and a residual value of $3,000. Vince's uses straight-line depreciation. At December 31, 20X5, before recording depreciation expense for 20X5, Vince estimated

    Accounting Multiple Choice

    A) Costs in a process cost system are traced to? Would it be: 1. Specific jobs 2. Specific customers 3. Specific production departments 4. Specific corporate administrators Not absolutely sure on a choice. B) Which of the following is a period cost? Would it be: 1. Manufacturing plant maintenance 2. Wages for pro

    Accounting Problems

    Problem A. The building maintenance department for Packard Manufacturing Corp. budgets annual costs of $3,000,000 based on the expected operating level for the coming year. The costs are allocated to two production departments. Packard Manufacturing Corp. is considering 2 allocation bases for assignment of costs to department

    Accounting Questions

    A) As manager of a house appliance store, indicate 2 costs that are controllable and 2 costs that are non-controllable. Next, explain why you would consider them controllable or non-controllable costs. B) As the manager of a restaurant, list 2 costs that may be considered fixed costs and 2 that may be considered variab

    KMG Corporation - Gains and Losses

    KMG Corporation is in the business of manufacturing and selling seasonal handcrafts and other decorative items. The company operates one retail shop in the Seattle area, and also rents space at the famous Pike Place Market at which it displays and sells its merchandise. The following transactions for KMG Corporation occ

    Fixed Costs

    You have been studying 'fixed' costs. You learned that a number of 'fixed' costs are actually mixed costs (variable and fixed). Write a two paragraph memo to your manager explaining some of the cost estimation techniques that can help determine the fixed and variable portion of each mixed cost (such as utility costs and maintena

    Break Even Point: Unit Contribution Margin

    Calculate the unknowns for the following situations based on the given data: Actual total sales revenue $300,000 Total fixed cost 75,000 Unit variable costs 15 Contribution ratio 40% CALCULATE THE FOLLOWING: a) unit selling price b) unit contribution margin c) break eve

    Taxation Question

    What makes the disposition of an asset a "capital gain" or "capital loss" instead of an ordinary gain or loss? Why do you think the distinction was written into the tax code? Why the distinction between long and short term?

    The Assembly division of Canadian Car Company: Transfer pricing

    The Assembly division of Canadian Car Company has offered to purchase 90,000 batteries from the Electrical division for $104 per unit. At a normal volume of 250,000 batteries per year, production costs per battery are as follows: Direct materials Direct mfg. labour Variable factory overhead Fixed mfg. overhead Total $40

    Cost Accounting

    The new manager of the insurance division does not understand how the company can have so many overhead rates for assigning costs to the activities of the company's life insurance underwriters. One rate schedule is used to calculate average assignable costs when agents write standard policies. Another rate schedule is applied wh

    R&D Effectiveness of Ballard

    In particular, review the Web Sites in the posting "Roadmaps" complete a Topic Summary by doing the following: a. Using a company of Ballard, create and defend a technology roadmap for that company based on the web site reading assigned. b. Describe the stages of technology development as demonstrated in the team's

    Return on stock investments

    One year ago, Mr. Seth Cohen invested $10,400 in 200 shares of First Industries, Inc., stock and just received a dividend of $600. Today, he sold the 200 shares at $54.25 per share. He is asking for your help to figure out: a. His capital gain; b. His total dollar return; c. His percentage return; and d. The stock's divide

    Cost Accounting

    Your team has been asked to present a proposal to management for developing a cost ac-counting system for the new online business unit of a merchandising company. Your final system must contain features designed to support the ability of both the new online business unit and the parent unit to measure the performance of the new

    Continuing Expenditures

    See attached file for full problem description. Problem 1 Recording continuing Expenditures for plant Assets. Big Sky, Inc., recorded the following transactions over the life of a piece of equipment purchased in 2005; Jan 1,2005 Purchased the equipment for $36,000 cash, The equipment is estimated to have a 5 yr life and