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    Accounting Direction Problems

    Please show all works using excel or any spreadsheet programs following the direction in the attachments. There are two problems, file names are as 1.0 and 2.0. There are total of two problems.

    Accounting I Problems

    The completed financial statement columns of the worksheet for Panaka Company are shown below... (a) Prepare an income statement, a retained earning statement, and a classfied balance sheet. (b) Prepare the closing entires. (See attachment for full questions)

    Heath care budgeting

    Please provide an example of received reports in health care that compare actual revenues and expenses to budgeted revenues and expenses? Would a health care organization receive reports that show them the activity for the past year and prior years? If so, how are they helpful? What is the best and the least about them? Which

    Account M/C

    QUESTION 2 BOOM, Inc., manufactures and sells dynamite. A projected income statement for the expected sales volume of 1,500,000 cases is as follows: Sales $4,500,000 Variable expenses 1,000,000 Contribution margin $3,500,000 Fixed expenses 2,000,000 Before-tax profit $1,500,000 How many cases

    Evaulating a business.

    Andre has asked you to evaluate his business, Andre's Hair Stylling. Andre has five barbers working for him. (Andre is not one of them.) Each barber is paid $9.90 per hour and works a 40-hour week and a 50-week year, regardless of the number of haircuts. Rent and other fixed expenses are $1,750 per month. Assume that the only se

    Variable versus absorption costing

    The Zwatch Company manufactures trendy, high-quality, moderately priced watches. As Zwatch's senior financial analyst, you are asked to recommend a method of inventory costing. The CFO will use your recommendation to construct Zwatch's 2004 income statement The foliowil.g da,a are fonhe year ended December 31,2004: Beginning

    Lock boxes: a) If the lock box saves 2 days in collection float, is it worthwhile to adopt the system? b) What minimum reduction in the time to collect and process each check is needed to justify use of the lock-box system?

    Lock Boxes - Anne Team, the financial manager of a furniture manufacturer, is considering operating a lock-box system. She forecasts that 400 payments a day will be made to lock boxes with an average payment size of $2,000. The bank's charge for operating the lock boxes is $.40 a check. The interest rate is .015% per day.

    Computing Short Term and Long Term Gains

    Need help computing short-term and long-term gains. On January 15, Ms. Sack contributed $20,000 cash and investment property (FMV $20,000 and $2,000 basis) to Dylan LLC in exchange for a 10 percent interest. She had acquired the investment property in 1991. On December 3, she sold the interest for $55,500. On the date of sal

    Computing partners recognized gain or loss

    Need help answering questions (a), (b), (c), (d), (e), and (f) Each of the following independent cases describes a liquidating distribution to a partner. Compute the partner?s recognized gain or loss and basis in any property received. (a) Hobson Corporation received $30,000 cash. Its outside basis was $37,500. (b) Mrs. Ch

    Computing book and tax basis in real estate

    Need help answering questions (a) and (b) This year, Charlton acquired commercial real estate ($1 million FMV and $771,000 tax basis) as part of its acquisition of HSK. What is Charlton?s book basis and tax basis in the real estate assuming that the acquisition: (a) Was a taxable asset acquisition? (b) Was a type C reorgani

    Book and Tax accounting difference

    Need help answering questions (a) and (b). Jessup Corporation, which is publicly held, purchased 13,000 shares of ABC stock as a short-term investment for $85,000. At year-end, FMV of the ABC stock was $93,000. For financial reporting purposes, Jessup uses the mark-to-market method to account for its ABC investment. Consequen

    Consolidated Taxable Income Calculation

    Please help with the CTI (consolidated taxable income) calculation. Heuer formed MRH in 1990 and has owned 100 percent of its stock since the formation. This year, the two corporations filed their first consolidated return. Heuer had separate taxable income of $933,200. MRH had a separate taxable loss of $157,000 and a $267,

    Capital gains tax, tax on dividends

    11. Max Johnson owns 200 shares of Newmont Labs, Inc., which he bought for $15 per share. He is in a 33 percent tax bracket. It is the first week in December, and he has already received the full cash dividend for the year of $1.60 per share. The stock is currently selling for $25.50. He has decided to sell the stock and after p

    Accounting - In Excel Please

    Selected data from a February payroll register for Andrew Manion Company are presented below. Some amounts are intentionally omitted... Instructions (a) Fill in the missing amounts. (b) Journalize the February payroll and the payment of the payroll. Please see attachment for full question.

    Gross earnings and net pay

    BE2-5 Data for Becky Sherrick are presented in BE2-4. Prepare the journal entries to record (a) Becky's pay and withholdings for the period, and (b) the payment of Becky's wages. Use January 15 for the end of the pay period and the payment date. BE2-4 Becky Sherrick's regular hourly wage rate is $14, and she receives an hou

    Personal holding income and taxable dividends

    I can?t find any references to determine if Porter can or cannot claim a deficiency dividend to eliminate a penalty tax on his personal holding company income. Please help me determine if Porter can declare a taxable dividend without any corresponding cash flow to its shareholders, and the tax consequences of the dividend to th

    Long Term Bonds of Investment Risks

    People tend to think of long term bonds as a safe investment where their principal is never at risk. Are there cases related to the issues question where that might not be true? What would they be?

    Determining tax deductions for rent payments made by Stovall

    Stovall LLC uses the calendar year and the cash method of accounting for tax purposes. It made the following rent payments on December 31, 2003. In each case, determine Stovall's 2003 deduction for the payment. a. $30,000 for the use of equipment under a six-month lease that began on May 1, 2003. b. $1,750 rent for wareho

    EBIT, Taxes, Leverage, Break-Even: Big Apple, Duval Corporation

    Please help me on the attached problems. 1. EBIT and Leverage. Big Apple, Inc., has no debt outstanding and a total market value of $80,000. Earnings before interest and taxes, EBIT, are projected to be $10,000 if economic conditions are normal. If there is strong expansion in the economy, then EBIT will be 20 percent hi

    EBIT, Leverage, taxes, Break-even EBIT

    1. EBIT and Leverage. Big Apple, Inc., has no debt outstanding and a total market value of $80,000. Earnings before interest and taxes, EBIT, are projected to be $10,000 if economic conditions are normal. If there is strong expansion in the economy, then EBIT will be 20 percent higher. If there is a recession, then EBIT will

    Changes in cash account

    Walk me through how to solve this problem: Indicate the impact of the following corporate actions of cash, whether it would: I = increase, D = decrease, N = no change occurs. A. a dividend is paid with funds received from a sale of debt B. real estate is purchased and paid for with short term debt C. inventory is bought on

    Capital Mayo Interest Rates and Return on Sales

    14. Refer to the information above (Posting Code: 10945). What is the capital turnover for Mayo, Inc.? a) 32% b) 48% c) 64% d) 84% 15. Simon Stores has sales of $820,000, cost of sales of $340, 000, and operating expenses of $152,000. What is Simon's return on sales? a) 58.5%

    Equivalent Units and Operations

    8. Equivalent Units In the first month's of operation, the manufacturing costs for Chen Company were as follows: <i> Please see attachment for table</i> During the month 10, 000 units were completed, and 4,000 units were in process at the end of the month. The 4,000 units in process were 100% completed as to materials and