What are main responsibilities of controllers? Please describe 5 and explain.
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Your local government created an agency to serve the local community in providing low income housing. That housing agency, called the Local Housing Board, is a tax exempt agency of local government and was created to receive federal funds for housing and was intended to use those federal funds to provide housing for low income r
The Fancy Umbrella Company makes beach umbrellas. The production process requires 3 square meters of plastic sheeting and a metal pole. The plastic sheeting costs $0.50 per square meter and each metal pole costs $1.00. At the beginning of the month, the company has 5,000 square feet of plastic and 1,000 poles in raw materials i
Midstate University is trying to decide whether to allow 100 more students into the university. Tuition is $5000 per year. The controller has determined the following schedule of costs to educate students: Number of Students Total Costs 4000 $30,000,000 4100 $30,300,000 4200 $30,600,
Break-Even and Target Profit Nolan Estevez started his company, The Sign of Things to Come, three years ago after graduating from Eastend College. While earning his engineering degree, Nolan became intrigued by all of the neon signs he saw at bars and taverns around the university. Few of his friends were surprised to see him
During June, Stone Company's employees earned wages of $18,500. Social Security (FICA) withheld was $1,210.00 and Federal income taxes withheld were $2,008.00. Use the accounting equation to record wages expense and wages payable at the end of February. Stone Company will pay their February wages and pay the payroll taxes to
Assume that a certain nursing home has two categories of payers. Medicaid pays $65.00 per day and private pay patients pay the established per diem, but approximately 10 percent of private-pay charges are not collected. Variable costs are $50.00 per day and fixed costs are expected to be $2,000,000. Expected volume is 100,000 pa
AQ-3 The Central Valley Company is a merchandising firm that sells a single product. The company's revenues and expenses for the last three months are given below: Central Valley Company Comparative Income Statement For the Second Quarter April May June Sal
AQ-2 Downhill Pty Ltd. manufactures snow skis and snow boards. Overhead costs are currently allocated using a plantwide overhead rate based on direct labour hours, but the company is contemplating a shift to activity-based costing for overhead. The following data relate to 2009: Downhill Pty Ltd Budgeted Overhead Costs for
Companies often prioritize projects in the following four categories: Absolutely essential, Highly necessary, Economically justified, and All other. Provide one example for each category. Why do firms do this type of categorization?
Explain how accumulated retained earnings impact the book value of a firm's stock. Say the current market price of this firm's stock on the NYSE is $56.25 per share and the book value of the stock is $45 per share: 1. Give two reasons why the market book share prices might be different. Be specific. 2. If the market fo
I am having problems determining the EPS for common stock. Gwinnett Park Co. reported net income of $916,800 for its fiscal year ended September 30, 2011. At the beginning of that year, 150,000 shares of common stock were outstanding. On February 1, 2011, an additional 30,000 shares were issues. On August 1, 2011, 12,000 shar
1. V Company's product has a labor standard of 2 hours per unit. For 2011, it estimates its production will be 200,000 units (400,000 DLHs). It budgets total overhead at $900,000, which results in a fixed overhead rate of $1.50 per hour. Actual data for the year includes: Actual production, 198,000 units (440,000 DLHs), Actual v
A toffee company discovers that its competitor is producing and selling what appears to be its patented toffee-coated popcorn for a cheaper price. The company sues its competitor for patent infringement, but its defense is unsuccessful and it loses the lawsuit. The company's chief financial officer adds the cost for the defense
California Surplus Inc. qualifies to use the installment-sales method for tax purposes and sold an investment on an installment basis. The total gain of $75000 was reported for financial reporting purposes in the period of sale. The installment period is 3 years; one-third of the sale price is collected in 2012 and the rest in 2
(Only 2 Questions) James Welling, a 37 year old engineer has an appointment to meet you in about an hour. As you are reviewing his accounts, you notice that he is a fairly active trader. He seems to do pretty well with returns that outpace the averages, but you can't help wonder how much he ends up paying each year in capital
Balances & Values Determine the missing values (A,B,C,D, & E). Revenues................................................260 Expenses................................................ 210 Dividends Declared.................................30 Additional Investment by Ow
1. Determine how many additional direct labor hours will be required each month to fill the Glasgow order. 2. Prepare an analysis showing the impact on operating profits of accepting the Glasgow order. 3. What is the minimum unit price management could accept for the Glasgow order without reducing operating income. 4. Use the
Assume you want to purchase a new TV. Your current TV was purchased 3 years ago for $200. You have gathered the following information about the two models in final consideration: Factors Xenabox 1000 BigScreen 1050 Screen Size 32 inch 32 inch Picture Quality Great
A company reports deferred tax assets of $200 M. * Describe how deferred tax assets relating to accruals arise * Explain how deferred tax assets relating to loss carry forwards arise * A company reports an increase of its deferred tax asset valuation allowance of $3 M in 2012. How does this affect income?
Turner Corporation produces overdrive transmission parts for several small specialty automobile companies. Prior to founding the firm, Benson Turner, the company's president, had an illustrious stock-car-racing career. After several serious injuries, Benson's family convinced him that it was time to retire from the sport and pur
Calculate basic EPS, and explain the EPS effect of convertible preferred Thrifty Co. reported net income of $465,000 for its fiscal year ended January 31, 2011. At the beginning of that fiscal year, 200,000 shares of common stock were outstanding. On October 31, 2010, an additional60,000 shares were issued. No other changes
Exercise 9.2 Calculate Earned Revenues Kirkland Theater sells season tickets for six events at a price of $180. In pricing the tickets, the planners assigned the leadoff event a value of $45 because the program was an expensive symphony orchestra. The last five events were priced equally; 1,200 season tickets were sold for
Identify and define how the health services organization may better manage its accounts receivables, since a major amount of revenue is "left on the table" by patients and other payors who will not pay.
Use the corporate income tax rate schedule in Table 2.6 of the chapter to calculate the tax liability for each of the following firms with the amounts of 2006 tax income noted. a. Calculate, compare, and discuss the average tax rates for each of the firms during 2006. b. Find the marginal tax rate for each of the firms at th
Many companies choose to combine or consolidate their companies when they see an opportunity for economic growth. This arrangement could be a joint venture, merger, combination, or a consolidation. While these terms seem similar, they have very different meanings when it comes to financial reporting. Companies will often choose
Mary (Who is single with no dependants and who does not itemize) owns 100% of Beezer Tweezer Co, which is organized as a C-Corporation. Beezer Tweezer has $400,000 of taxable income in 2011 and Mary has $34,500 of outside taxable income before any wage compensation from Beezer Tweezer. Assuming reasonable compensation for Mary's
In return on investment calculations, we should measure invested capital ________ because ________. Answer A. at the beginning of the period; it is a lead indicator B. as an average for the period under review; income is measured over a period of time C. at the end of the period; it is easiest D. at the end of the p
Frazier Company's revenues are $300 on invested capital of $240. Expenses are currently 84% of sales. If Frazier Company can reduce its expenses to 70% of sales, return on investment will be ________.
A. Which of the following is not a purpose of the Sarbanes-Oxley Act? 1. Regulate the auditors of public companies 2. Ensure the adherence of relevant laws and regulations 3. Enhance corporate reporting and disclosure 4. Clarify sound corporate governance I would said that the answer here is 3 - corporate reporting and disc