Concept of Standards
The concept of a standard used for planning and control purpose is most like a a) measure of ideal performance b) unit budget c) measure of maximum efficiency d) measure of historical performance
The concept of a standard used for planning and control purpose is most like a a) measure of ideal performance b) unit budget c) measure of maximum efficiency d) measure of historical performance
Problem 17-1 (Algorithmic) Horizontal Analysis for Income Statement For 2012, Wiglaf Company reported its most significant decline in net income in years. At the end of the year, C.S. Lewis, the president, is presented with the following condensed comparative income statement: Wiglaf Company 1. Prepare a comparative inc
In order to mimic the average time a hiring manager spends on a resume, look at each of the following resumes for about 30 seconds and write down your first thoughts. Then, go back and critique the resumes for improvement, answering the questions below. Download and review the resumes as if you are screening candidates for a var
Crystal Glass is a producer of heirloom-quality glassware. The company has a solid reputation and is widely regarded as a model corporate citizen. You have recently been hired as a staff accountant at a time when the company is experiencing rapid growth and is looking for a substantial increase in the line of credit at the local
Your friend comments, "Horizontal analysis is better than vertical analysis because you can actually see if things are improving between the years." Do you agree with this statement? Explain why or why not. If you were an investor who was considering a potential company in which to buy stock, what three ratios would be your t
A cost analyst for Stamper Manufacturing Co. has assembled the following data about the Model 24 stamp pad: The piece of sheet metal from which five pad cases can be made costs $0.24. This amount is based on the number of sheets in a 4,200-pound bundle of sheet metal, which is the usual purchase quantity. The foam pad
Analyze how corporations treat non-liquidating distributions and determine the most likely mistake(s) the client could make that would result in an IRS audit. Advise the client on how to avoid the mistake(s) and how you would respond to the IRS inquiry if an audit request is received. Take a position as to whether the current
The Speedy Car Repair Shop recently incurred the following costs on a clutch repair job: Parts $245.00 Labor 6 hours @ $17.50 & 0.5 hours at $6.00 A. What is the total cost of this job? B. What characteristics of this firm's products suggest that job-order costing is appropriate?
Hello Mrs Ticchione, I appreciate your quick response with my previous request. I've selected you as my expert for this problem. Thank-you in advance for your assistance. Managers at Appalacian Woolen Mills are examining the following list of costs in order to determine the total amount of Manufacturing Overhead. Labor- P
Earnings announcements by companies are closely followed by, and frequently result in, share price revisions. Two issues should come to mind. First, earnings announcements concern past periods, If the market values stocks based on expectations of the future, why are numbers summarizing past performance relevant? Second, these an
Hello I have been studying for the CPA for quite some time. I needs some help with these questions. I want to know if my answers are correct. Thank you 1. Which of the following gives the owners of the business limited liability? a. proprietorship b. partnership c. Corporation d. None of the above (THIS IS THE AN
We have tax credits for going green like purchasing new cars in general, and credits that promote energy efficient homes and the credit for hybrid cars. There is also the extra deduction available to large SUV's. Does it make sense for our tax laws to promote saving fuel as well as guzzling fuel at the same time?
Many philanthropists do not want to deduct their charitable contributions on their Schedule A as they feel that they should not be rewarded for what they are supposed to do. What do you think about this thought process? How could you convince someone that they should deduct their charitable contributions?
Quality and price equals value. When purchasing a car, does a BMW 500 series that costs $42,000 have more value than a Ford Taurus that cost $25,000? Or, in the mind of the consumer, could they have equal value?
Ipat International Ltd provided the following reconciliation from IFRS to US GAAP in its most recent annual report. ................................................................................................................Net Income Shareholders Equity As stated IFRS..............................................
Starting with your current situation, describe what you must do to ensure an annual retirement income of $60,000 starting at age 65.
37) Which of the following statements regarding disproportionate distributions is false? A. A disproportionate distribution occurs when a partner receives less than his or her proportionate share of the partnership's hot assets. B. A disproportionate distribution occurs when a partner receives more than his or her proport
25) What document must LLCs file with the state to organize their business? A. Certificate of LLC B. Articles of organization C. Articles of incorporation D. Partnership agreement 26) Which legal entity provides the least flexible legal arrangement for owners? A. LLC B. Partnership C. Corporation
16) Anne LLC purchased computer equipment (5-year property) on August 29 with a basis of $30,000 and used the half-year convention. During the current year, which is the fourth year Anne LLC owned the property, the property was disposed of on January 15. What is the maximum depreciation expense? A. $1,728 B. $1,874
Multiple choice taxation help, 6 questions: 10) Helen is a CPA and will spend this entire year in an overseas office of her firm. Helen's salary of $110,000 is subject to the income tax of the foreign country. How much of her salary will she be allowed to exclude from gross income in the United States? A. $91,400 B. $
Tax code can affect behaviors. Is this a good thing? Is this/can it be abused?
Gravois, Inc., incurred the following costs during June: Selling expenses $ 158,375 Direct labor 283,140 Interest expense 41,065 Manufacturing overhead, actual 204,750 Raw materials used 460,980
Precision Numbers, Inc., manufactures pocket calculators. Costs incurred in making 25,000 calculators in April included $85,000 of fixed manufacturing overhead. The total absorption cost per calculator was $12.50. Required: (a) Calculate the variable cost per calculator. (Do not round your intermediate calculations. Round yo
Please help me with an accounting assignment by answering these questions: a. Explain the methods of how to find the value of common stock. b. Describe the return (income) an investor can receive from common stock. Thank you.
What are the two primary ways for a company to finance its business? Which would you choose if you were forming a corporation and trying to raise funds and why? Your co-worker, Sam, tells you that he is going to purchase common stock in a new start-up company in hopes of seeing a big return on his investment. He tells you tha
The case is designed to determine and evaluate the payment amount of a car loan and a mortgage, based on your income. If you prefer, you may assume that your household income is $48,000 per year or $4,000 per month. Based on your income, you may spend 28 percent of your monthly income on housing and 10 percent on a car loan. You
1. Using the data in the attached file, prepare a schedule of total standard manufacturing costs for the 7,800 output units in January 2012. 2. For the month of January 2012, compute the following variances, indicating whether each is favorable (F) or unfavorable (U): a. Direct materials price variance, based on purchases b.
In 20X4, Olentangy Health Care (OHC)'s cost of capital was 6%. Its investments on a historical cost valuation basis are $80,000, on a replacement cost basis are $100,000, and on a current market value basis are $110,000. If you were on OHC's board, what minimum level of annual cash flow would you require in order to continue ope
On December 31, 2008 Tie One On reported net income for the year $265,000 and the following account balances Cash $175,000 Accounts Receivable
Another student in your accounting class says that, as she understands it, most long-term liabilities on the balance sheet are viewed negatively by potential investors. Discuss when this might be true and when it might not be. You and Frank are studying for an upcoming accounting exam. Frank says, "Mortgage loans are the best