The following selected information was extracted from the 20x3 accounting records of Baker Products: Raw Materials Used $284,000 Direct Labor 178,000 Indirect Labor
During the first year of operation, Sitwell Corporation had the following transaction pertaining to its common stock. Jan 10 Issued 80,000 shares for cash at $8 per share Mar 1 Issued 5,000 shares to attorneys in payment of a bill for $35,000 for services rendered in helping the company to incorporate. July 1 Issued 30
Starkey Company's sales, current assets, and current liabilities (all in thousands of dollars) have been reported as follows over the last five years (Year 5 is the most recent year): (See attachment.)
Please help me understand these questions: What is the difference between a "Revenue Center" and a "Profit Center"? Discuss the Differences Between Responsibility Centers and Decentralization. What other reasons are there to indicate decentralization is a better way of doing business? Discuss types of control systems
1) What are some ways that auditors can be sure that the sample sizes will be fair enough to provide a look at internal controls, yet comprehensive enough to detect any irregularities? Is there a way? 2) Let's say that we have 1500 invoices that need to be reviewed. We will say that 25% of the invoices belong to one client
Please help me with the following attached problem.
Ray-D-O's! is considering modifying the design of its popular radio so that the component boards can be soldered without flux, a substance that requires the use of toxic solvent in the cleanup process. The company is currently spending $4 to manufacture each additional unit. The new design would save $0.75 per unit, as the flux
I need help with the layout and calculating the 5 steps of process costing using the weighted average method. The details are as follows: Production occurs in three departments- spinning, molding and testing. Materials and conversion costs are added throughout all three processes. The table represents units and cost flows:
Instructions: Harold Dinklesdorf is the director of fund-raising for the Bobcat Symphony. The symphony relies on donations to fund operations and special programs. Harold created an Excel table to track information about donors and their pledges. You will analyze the data in the list. Complete the following: 1. Open the P
I am completely lost with the following problem. My text does a very poor job explaining this. Please thoroughly explain. Falzone Compay has two shareholders, Rita and Sal Corporation. Rita acquired her 300 shares in 2002 for $30,000 and Sal Corporation acquired its 200 shares in 1998 for $15,000. On August 2, 2012, Falzone C
The PVC Company manufactures a high-quality plastic pipe that goes through three processing stages prior to completion. Information on work in the first department, Cooking, is given below for May: Production data: Pounds in process, May 1: materials 100% complete; conversion 90% complete
** Please see the attached Excel file for the complete solution ** Working Capital Activity Ratios: 1. Days Inventory Held 73.0 108.2 93.9 2. Days Accounts Receivable Outstanding 0.0 90.2 0.0 3. Days Accounts payable outstanding 43.8 116.5 49.6 Operating Cycle (1 + 2) 73.0 198.4 93.9 Cash Conver
Pick one subject from each website listed below that interests you and elaborate in more detail about its content. Sites to visit: www.aicpa.org www.taxsites.com www.pcaob.org.
Brady Products manufactures a silicone paste wax that goes through three processing departmentsâ?" Cracking, Blending, and Packing. All raw materials are introduced at the start of work in the Cracking Department. The Work in Process T-account for the Cracking Department for a recent month is given below:
I am having problems with calculating basis. Scott MacDonald transfers land with an adjusted basis of $150,000 for stock in P. D. Graphics, Inc. worth $250,000, $50,000 in cash, nonqualified preferred stock worth $100,000, and P. D. Graphics' agreement to assume an $80,000 liability on the land. After the transfer, Scott owns 9
Capital Corporation had the following results in 2012: Gross receipts from operations: $200,000 Net short-term capital gain: $50,000 Net long-term capital loss: ($75,000) Cost of goods sold: $60,000 Operating expenses: $40,000 Dividends received from 30% owned domestic corporation: $80,000 What is Capital Corporation'
Recently, a group of university students decided to incorporate for the purposes of selling a process to recycle the waste product from manufacturing cheese. Some of the initial costs involved were legal fees and office expenses incurred in starting the business, state incorporation fees, and stamp taxes. One student wishes to c
1) Explain procedures for collecting accounting evidence, 2) Explain the use of sampling in performing an examination 3) Evaluate accounting evidence using analytical and inferential tools. Taking those objectives talk about what they mean to you personally in a professional setting if applicable or maybe of the three obje
1. What issues will create variances within a company? 2. What other information can we derive from our variance analysis? 3. What expenses would you imagine to be fixed in nature?
Is there another way to avoid recognizing the gain on a 351 transaction besides the one given below? There are ways to play this system. The reason that the tax on a 351 transaction is deferred until the stock is sold is because the person's basis in the stock received in a 351 transaction is the same as the basis in the pro
Vendor stated we owed last 2 months invoices. I looked in the system and showed those 2 invoices were paid and cleared the bank. I then went back and looked at the entire year and discovered the following: The February 2012 invoice was actually a voided invoice from May 2011 AND the incorrect payment ID was used so no cash w
See the attachment. Jessica, the financial manager at Chila restaurant, is checking to see if there is any relationship between newspaper advertising and sales revenues at the restaurant. She has accumulated the following data for the past 10 months: Month Revenues Advertising Costs March $150,000 $20,000 Ap
Data on a sample of 1080 salespeople from a large electronics retail company is shown in the attached file. The dataset contains the following variables: Sales: Total sales (in $) by each salesperson last year Department: What department (home electronics, computers, etc) the salesperson works in. Year born: The year in wh
What is shareholder's equity, how is it calculated, and where and how is it reported? What is comprehensive income and how does it influence equity? What happens to shareholder's equity when the firm issues more shares or buys back shares in the open market? What are retained earnings and how and where are they accounted? What a
Problem 1 Aaron Corporation reported the following data in the balance sheet of its 2008 annual report: 2007 2008 Accounts Receivable .................................... $172,500 $270,000 Less: Allowance for credit losses ........................ ..8,550 12,000 a. What is the amount of accounts receivable w
1. Interest cost included in pension expense recognized for a period by an employer sponsoring a defined-benefit pension plan represents the A) shortage between the expected and actual returns on plan assets B) increase in the projected benefit obligation due to the passage of time C) increase in the fair value of plan
Bar Corporation has been looking to expand its operations and has decided to acquire the assets of Vicker Company and Kendal Company. Bar will issue 30,000 shares of its $10 common stock to acquire the net assets of Vicker Company and will issue 15,000 shares to acquire the net assets of Kendal Company. Vicker has the follow
What conditions/factors cause a business to have a high degree of operating leverage as compared to others? It is a good idea to understand the percentage of margin we are creating. In this way, we can keep an eye on the amount of revenue, cost and gross profit; and compare these to prior periods so we can review the trends
Journalizing Accounting Transactions Dana La Fontsee opened Pro Window Washing Inc. on July 1, 2012. During July the following transactions were completed: Date Transaction July 1 Issued 15,529 shares of common stock for $15,529 cash. July 1 Purchased used truck for $11,529, paying $2,018 cash and bal
Please comment on the text below and answer the question beneath it. --- One of the most common fraud schemes used for information assets is employees gaining access to customer data, including social security numbers and checking account numbers, and then using the info. to commit various types of fraud. H&R Block had a h