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# Accounting

### Accounting for governmental and non profit entities

On July 1, the first day of their fiscal year, the City of Marshall sold bonds with a face value of \$10,000,000 at 102 percent of par. The bonds bear annual interest at 6 percent; interest is payable semi annually. The bonds will mature in equal installments over 20 years. (Bond premium must be used for eventual bond redempti

### Advance Accounting: Liquidate the Partnership

The partnership is not going well, and Tribbs, Bob, and Paul decide to liquidate the partnership. Paul is a little concerned. While Tribbs has plenty of money, Bob is personally insolvent. The partnership sells the apartment building for \$165,000, which is a loss from its book value of \$189,000. Using these balances, show t

### MBA - Accounting Problem

Attached please find a problem that I need help with. Based on the attached problem, please answer the following question: 1) Unfortunately, by October of the next year it had become clear that the company would not be able to make the \$2,000,000.00 target profit. In fact, it looked like the company would wind up the year a

### Contrasting Activity-Based Costing and Traditional Costing for Cutler Products, Inc.

CASE 8-31 Contrasting Activity-Based Costing and Traditional Costing "Wow! Is that X-20 model ever a loser! It's time to cut back its production and shift our resources toward the new Y-30 model," said Darrel Karter, executive vice president of Cutler Products, Inc. "Just look at this income statement I've received from acco

### Trouble Company - Depreciation Calculation

Trouble Company purchased equipment of January 1. 2006, for \$60,000. It is estimated that the equipment will have a \$5,000 salvage value at the end of its 5- year useful life. It is also estimated that the equipment will produce 1000.000 units over is 5-year life. 1. Compute the amount of depreciation expense for the year e

### Current and Expected Price of Stock

You are buying XYZ stock. It just paid a dividend of \$2.13 on April 21st 2007 and is expected to pay decreasing dividends for the next seven years on April 21st until 2014. The rate of the decrease is 3%. After that, the dividend will grow at a constant rate of 5% forever (on each April 21st, starting in 2015, you start to recei

### Accounting for governmental and non profit entities

The fund equity section of the interim balance sheet of the Freeman Town's General Fund, as of June 30, 2005, was: Fund Equity: Appropriations \$2,551,600 Less: Expenditures \$1,349,000 Encumbrances 112,000 1,461,000 Available Appropriations \$1,090,600 Reser

### Decision Models: Professor Tillerman's Tonic Tea produces its three blends in the manner outlined below. Since their introduction, the two new flavors have been extremely popular with customers (especially the Kyoto Blend), and account for 85 percent of our current production. See attached file for full problem description.

Product-Mix Information Prepared by the Marketing Department Professor Tillerman's Tonic Tea produces its three blends in the manner outlined below. Since their introduction, the two new flavors have been extremely popular with customers (especially the Kyoto Blend), and account for 85 percent of our current production. S

### Estate Tax Liable

Two years ago, Herbert, a widower, made a gift of marketable securities to his 35-year-old daughter, Sabrina, on which he paid a Federal gift tax of \$3 million. Herbert dies in the current year and his estate is greatly reduced in value due to his having given away most of his assets over his lifetime. Herbert's executor files a

What advantages are there from filing as a consolidated group? What disadvantages?

### Cost Accounting

Following material standards for a raw material used in a company's sole product standard quantity per unit of output 1.0 pound standard price \$16.60 per pound The following data pertain to operations concerning the product for the last month: actual materials purchased

The following standards for variable manufacturing overhead have been established for a company that makes only 1 product: standard hours per unit of output 2.8 hours standard variable overhead rate \$16.30 per hour The following data pertain to operations for the last month: Actual hours 7,600 Actual

### E4-9

Supervisor Micro Production uses the weighed -average method in its process costing system. During January, the Delta Assembly Department completed its processing of 25,000 units and transferred them to the next department.The cost of beginning inventory and the costs added during January amounted to \$599,780 in total. The endi

### Activity-Based Costing and Management

I have attached the problem (5-48). I do not need the answers on the attachment but the two below. 1. Utilizing ABC, how much overhead is assigned to the order for men's razors? 2. Utilizing ABC, how much overhead is assigned to the order for women's razors?

### Beta of debt, equity and assets

The following table lists possible rates of return for company X stock and debt and on the market portfolio. The probability is listed. State Probability Return on Stock (%) Return on Debt (%) Return on Market (%) 1 0.1 3% 8% 5% 2 0.3 8% 8%

### budgeted manufacturing cost for a month when 900 units

Orr Corporation's manufacturing costs for August when production was 800 units appears below: Direct material \$10 per unit Direct labor \$4,800 Variable overhead 4,000 Factory depreciation 3,000 Factory supervisory salaries 2,000 Other fixed factory costs 1,000 How much is the budgeted manufacturing cost for a month whe

### Accounting Questions

See attached file for full problem description. 1. "Generally accepted" in the phrase generally accepted accounting principles means that the principles a. are proven theories of accounting. b. have substantial authoritative support. c. have been approved by the Internal Revenue Service. d. have been approved for us

### Capital Gain Rules and Tax Calculations

You are in the 28% income tax bracket and pay long-term capital gains taxes of 15%. What are the taxes owed or save in the current year for each of the following sets of transactions a) You buy 100 shares of ZYX for \$10 and after seven months sell it on 12/31,200x, for \$23. You buy 100 shares of WER for \$10 and after 15 month

### Business Taxation - Rollo Inc

Six years ago, Rollo Inc., gained a nonqualified stock option to Mrs. Jacques to buy 5,000 shares of Rollo stock per \$15 per share for six years. At the date of grant, Rollo stock was selling on the AMEX for \$14.75 per share. This year, Mr. Jacques exercised the option when the price was \$45.10 per share. 1. How much compensa

### BREAK-EVEN AND TARGET PROFIT ANALYSIS (LO5, LO6)

Mugs and More sells a large variety of coffee mugs. Larry Hooper, the owner, is thinking of expanding his sales by hiring local high school students, on a commission basis, to sell coffee mugs bearing the name and mascot of the local high school. These coffee mugs would have to be ordered from the manufacturer six weeks in a

### Managerial Accounting

Use the following information for questions 18-19. Becker Company developed the following data for the current year: Beginning work in process inventory \$ 60,000 Direct materials used 36,000 Actual overhead 72,000 Overhead applied 54,000 Cost of goods manufactured 66,000 Total manufacturing costs 180,000

### Accounting: Micro Corporation

Two years ago, Micro Corporation granted its employee, Alisa, 20,000 incentive stock options with an exercise price of \$15 per share. The stock is currently trading at \$40 per share, but Alisa expects that it will continue to increase. She wants to exercise her options this year and can either exercise them now or wait until lat

### Annual savings plan payment for a couple

I have done Chapter 4, Question 64 from Brealey-Myers-Marcus, Fundamentals of Corporate Finance. The only thing is that I have worked out question 64b, but I am unsure to which of my methods is the correct way to be doing this. Here is the question: A couple will retire in 50 years; they plan to spend about \$30,000 a

### Accounting Employee Payroll

The following information is for employee Mary Ryan for the week ended March 15. Total hours worked: 48 Rate: \$15 per hour, with double time for all hours in excess of 40 Federal income tax withheld: \$200 United Fund deduction: \$50 Cumulative earnings prior to current week: \$6,400 Tax rates: Social

### What do you think the following statement means?

What do you think the following statement means?: "Performance evaluation seeks to achieve goal congruence and managerial effort."

### Determining the Amount of Applied Overhead

Determining the Amount of Applied Overhead. See attached file for full problem description.

### CPA Profession and the Auditor's Role

Explain how a licensed CPA (as an outside auditor) could be of value to your company.

### Earnings Before Taxes, Operating Cash Flow, and Operating Income

During 1998, the Senbet Discount Tire Company had gross sales of \$1 million. The firm's cost of goods sold and selling expenses were \$300,000 and \$200,000, respectively. These figures do not include depreciation. Senbet also had notes payable of \$1 million. These notes carried an interest rate of 10%. Depreciation was \$100,000.

### C-V-P & ABC

Exercise 16-17 C-V-P Analysis The Last Outpost is a tourist stop in a western resort community. Kerry Yost, the owner of the shop, sells hand-woven blankets for an average price of \$30 per blanket. Kerry buys the blankets from weavers at an average cost of \$21. In addition, he has selling expenses of \$3 per blanket. Kerry rents

### Taxation: Change in Accounting Method for Tax Reporting

Once a method of accounting has been selected and applied for tax reporting, it can only be changed with permission of the IRS. Any change from an improper method to a proper method will automatically be approved after filing for permission. Required: 1. List three common types of changes in method subject to revi