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    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

    Accounting Horizontal and Vertical Analysis

    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

    Resume Review

    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 Company

    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

    Horizontal Analysis vs. Vertical Analysis

    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

    Standard Cost Absorption and Cost Per Package: Stamper Manufacturing Co.

    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

    Tax research: Non-liquidating distributions

    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

    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?

    Separating Overhead Cost from Selling and Administrative Costs

    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

    Earning and Stock Returns

    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

    CPA exam study questions for the BEC section of the exam

    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

    Going Green: Saving and Using Fuel

    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?

    Charitable Contributions: Refusing to deduct a donation on Schedule A

    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, Price, and Value

    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?

    GAAP Adjustments in International Accounting

    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..............................................

    Planning for Retirement Income

    Starting with your current situation, describe what you must do to ensure an annual retirement income of $60,000 starting at age 65.

    Taxation questions

    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

    Costs of Good Manufactured and Sold

    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

    Operating Income Under Absorption Versus Variable Costing

    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

    How to Value Common Stock & Return Income

    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.

    Financing a Business and Holding Stocks

    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

    Payment Amounts for Car Loans and Mortgages

    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

    Accounting and Calculating Standard Variances

    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.

    Olentangy Health Care (OHC)

    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

    Assessing the Value of Mortgage Loans

    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