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Accounting

Business Environment and Concepts (BEC)

AJack Partnership manufactures jackhammers. AJack Partnership is looking for guidance in the variances of its standard cost system. It would like you to assist in understanding material price, material quantity, rate, efficiency, and overhead variances. The standard cost card information for unit of product is below: - Dire

Conceptual Framework in Accounting: Developing the SFAS 159 and the SFAS 141R

As an accounting professional, it is important to understand the historic development of accounting standards and specifically topics that are affected by the convergence of existing standards. Look at the combined work of the FASB and the IASB has led to a standardized framework. Throughout the development of this framework, se

Using the Conceptual Framework

The goal of the IASB and the FASB Framework convergence is to create a common conceptual framework of accounting standards. It is important to consider whether its development will meet the needs of users, Research the IASB and FASB frameworks and the Conceptual Framework Project. Give an explanation of how the convergence an

Special Orders and Effect on Net Operating Income

Hancock Hoodies is considering a special order for 100 hoodies for a local company party. The normal selling price of a hoodie is $30 and its unit production cost is $16 as shown below. Direct materials $6 Direct labor $3 Manufacturing overhead $7 Unit product cost $16 Most of he manufacturing overhead is fixed and una

Computing return on investment and residual income

Please provide a solution in Word doc. Selected sales and operating data for three division of three different companies are given below: (Please see the attached file.) a. Compute the return on investment (ROI) for each division using the formula stated in terms of margin and turnover. Show computations. b. Computer t

Overhead Cost Budget at Jim's Landscaping

Jim's Landscaping is in the business of maintaining and improving yards in surrounding areas. The company bases its overhead cost budgets on the following data: Variable overhead costs: Supplies $4 per yard Machine maintenance $2 per yard Chemicals $6 per yard Fixed o

Tax Credit - Child

Please rewrite the following: December 29, 2012 IRS P.O. Box 48 - 389 Stop 54A Doraville GA 30362 Dear Carlyn Chapman, Now you know Shauntinqua is my cousin, not my niece; and her grandfather is my uncle finally we have my relationship with Shauntinqua. My Mother Mary L. Thomas McCoy has guardianship over Shaun

ABC Analysis

Describe what is meant by ABC analysis. What is the purpose of this inventory technique â?" provide an example. In your responses to other students, please identify strengths and weaknesses of their ABC analysis applied to their examples.

Computing variable overhead spending and efficiency variance

Walker Corporation is a distributor of several products. They use a predetermined variable overhead rate based on direct labor hours. In the most recent month, 90,000 items were shipped to customers using 3,500 direct labor hours. The company incurred a total of $12,600 in variable overhead costs. According to the company's stan

ABC Bakery's Usability Evaluation and Recommendations for Web Redesign

Using the list of heuristics from a usability website to evaluate ABC Bakery (a fictional company), along with other resources, this paper describes how to improve website usability. An explanation of the results of the evaluation, an update of the recommendations for improvement based on the results of the usability evaluation

Calculating net income or loss

At the beginning of the current fiscal year, the balance sheet of Cummings Co. showed liabilities of $219,000. During the year, liabilities decreased by $36,000; assets increased by $77,000; paid-in capital also increased by $10,000 to $190,000. Dividends declared and paid during the year were $62,000. At the end of the year, ow

Computing activity rate

Shambu Shoes is in the business of manufacturing basketball shoes. Accordingly the company uses the six activity cost pools listed below: Activity Cost Pool Activity Measure Maintenance Machine Hours Setups Setup Hours Cutting Supervision Setup Hours Cutting Depreciation Machine Hours Assembly supervision Direct Labor hours Asse

Flexible Overhead Budget

Kwikeze Company set the following standard costs for one unit of its product. Direct materials ((3.0 Ibs. @ $5.0 per Ib.) $ 15.00 Direct labor (1.7 hrs. @ $14.0 per hr.) 23.80 Overhead (1.7 hrs. @ $18.50 per hr.) 31.45 Total standard cost $ 70.25 The predetermined overhead rate ($18.5

Net Income for Variable and Absorption Costing

Soccer nets for commercial use sell for $200.00 each. Selected data for the company's operations for the last year follow: Units in beginning inventory 0 Units produced 500 Units sold

Variable and Absorption Costs

Sharpens Incorporated produces knife sets for use in commercial kitchens. They sell for $400.00 each. Selected data for the company's operations last year follow below. Units in beginning inventory 0 Units produced

Margin of Safety Problems

Strong Wood Company is a distributor of patio furniture. Data concerning the next month's budget appear below. Selling price $290.00 Variable expense $174.00 Fixed expense $158,000.00 Unit sales 1,500 units per

Probabilities and Market Response

1) Brax Technology Corporation is evaluating the introduction of a new product. The possible levels of unit sales and the probabilities of their occurrence are given. Possible market reaction Sales in units Probabilities Low response 30 .10 Moderate response 40 .10 High response 55 .

Should the powers of the SEC be expanded or contracted?

Clearly many people believe that the US is generally over regulated and that departments such as the SEC go too far. Others think they do not go far enough. Accounting and financial information and rules are very much dependent on the SEC. What do you think? Has the SEC done a good job or are they simply in the way of an efficie

Accounting Fraud and Detection

Please find an article detailing a recent accounting fraud. Summarize your findings and discuss with your friends or classmates how the situation should have been managed by the accountant. Please include in your summary a discussion of "...encouraging the continual search for truth, values, and a just existence," and answer the

Advanced Accounting Partnerships and Liquidations

1) Shrek, Donkey, and Fiona are partners in SDF Corporation, and share profits and losses in the ratio of 5:3:2, respectively. The partnership has cash of $10,000 and noncash assets of $90,000 when they decide to liquidate. Liabilities at the time of liquidation are $40,000, including a note payable to Fiona of $5,000. The partn

Journalizing Accounting Entries

See the attached file. The following transactions of My Dollar stores occurred during 2006 and 2007: **2006** Feb 3 - Purchased equipment for $10,000, signing a six-month, 9% note payable Feb 28 - Recorded the week's sales of $51,000, one-third for cash, and two-thirds on account. All sales amounts are subject to a 5% sa

Business Accounting for Manufacturing Company

Finlon Upholstery, Inc. uses a job-order costing system to accumulate manufacturing costs. The company's work-in-process on December 31, 2011, consisted of one job (no. 2077), which was carried on the year-end balance sheet at $156,800. There was no finished-goods inventory on this date. Finlon applies manufacturing overhead to

Stepdown Accounting

The Danville Manufacturing Company has two service departments and two producing departments. The following data are available for 2006. Service Dept. 1 Service Dept. 2 Producing 1 Producing 2 Department Costs $12,000 $8,000 $60,000 $70,000 Number of Transactions 6,00 0

Materials Price Variance: Robinson Enterprises

Robinson Enterprises purchased 56,000 pounds (cost = $420,000) of direct material to be used in the manufacture of the company's sole product. According the production specifications, each completed unit requires five pounds of direct material at a standard cost of $7.80 per pound. Direct materials consumed by the end of the per

Accounting Budget and variances with conclusion and reporting to management.

A manufacturing company produces a large variety of products within the Butler family of Products. They are produced in three finishing departments (A, B, C) which have identical assembly operations but package the products differently for different lines of business. Each finishing line packages units as either single unit of

Consignment Accounting for Tingey Industries

Tingey Industries sells merchandise on a consignment basis to dealers. The selling price of the merchandise averages 25% above cost of merchandise. The dealer is paid a 10% commission on the sale price for all sales made. All dealer sales are made on a cash basis. The following consignment sale activities occurred during 2013: