The following information is available for ABC Company for the first month of the year. Revenues $20,000 Expenses $ 7,500 Increase in accounts receivable $ 500 Increase in inventory $ 1,100 Decrease
Identify whether each transaction below is an operating, investing or financing activity. Assume the indirect method. A. Purchase of plant seeds. B. Increase in accounts payable. C. Decrease in accounts receivable. D. Payment of long-term loan E. Net income F. Depreciation expense. G. Payment of dividends. H
1. Which of the following accounts is not included in the calculation for Gross Profit? a) Revenue b) Cost of goods sold c) Net sales d) General and selling expenses 2. An item that cost $90 is sold for $120. The gross profit ratio for this item is; a) 20% b) 25% c) 33.3% d) 60% Thanks.
AJack Partnership manufactures jackhammers. AJack Partnership is looking for guidance in the variances of its standard cost system. It would like you to assist in understanding material price, material quantity, rate, efficiency, and overhead variances. The standard cost card information for unit of product is below: - Dire
MBI, Inc., had sales of $141.6 million for fiscal 2010. The company's gross profit ratio for that year was 31.6%. The gross profit for fiscal 2010 was $44.7 million and the cost of goods sold was 96.9 million. Assume that a new product is developed and that it will cost $1,860 to manufacture. Calculate the selling price that
As an accounting professional, it is important to understand the historic development of accounting standards and specifically topics that are affected by the convergence of existing standards. Look at the combined work of the FASB and the IASB has led to a standardized framework. Throughout the development of this framework, se
The goal of the IASB and the FASB Framework convergence is to create a common conceptual framework of accounting standards. It is important to consider whether its development will meet the needs of users, Research the IASB and FASB frameworks and the Conceptual Framework Project. Give an explanation of how the convergence an
You are a Branch Manager and your office saw 2,500 patients in January 2012. From historical data, you know each month you add exactly 160 new patients and this trend will continue indefinitely. You also know each month your branch has an attrition rate (due to cancellation of services, patient death, etc.) of 5% of its total pa
Hancock Hoodies is considering a special order for 100 hoodies for a local company party. The normal selling price of a hoodie is $30 and its unit production cost is $16 as shown below. Direct materials $6 Direct labor $3 Manufacturing overhead $7 Unit product cost $16 Most of he manufacturing overhead is fixed and una
The Calibri Company produces three products: F,G and H. The selling price, variable costs, and contribution margin for one unit of each product follow: Product F G H Selling
Please provide a solution in Word doc. Selected sales and operating data for three division of three different companies are given below: (Please see the attached file.) a. Compute the return on investment (ROI) for each division using the formula stated in terms of margin and turnover. Show computations. b. Computer t
Jim's Landscaping is in the business of maintaining and improving yards in surrounding areas. The company bases its overhead cost budgets on the following data: Variable overhead costs: Supplies $4 per yard Machine maintenance $2 per yard Chemicals $6 per yard Fixed o
Please rewrite the following: December 29, 2012 IRS P.O. Box 48 - 389 Stop 54A Doraville GA 30362 Dear Carlyn Chapman, Now you know Shauntinqua is my cousin, not my niece; and her grandfather is my uncle finally we have my relationship with Shauntinqua. My Mother Mary L. Thomas McCoy has guardianship over Shaun
Describe what is meant by ABC analysis. What is the purpose of this inventory technique â?" provide an example. In your responses to other students, please identify strengths and weaknesses of their ABC analysis applied to their examples.
Invoice price of goods is $3,500. Purchase terms are 3/10, n/30, and the invoice is paid in the week of receipt. The shipping terms are FOB shipping point, and the shipping costs amount to $330. What is the total cost of inventory?
Utopia Dance Clubs, Inc. rented an old warehouse for its newest club on October 1, 2010. To receive a discount, Utopia paid $11,700 for 18 months of rent in advance. Assume no additional rent is paid in 2011 and 2012 and answer the following questions: A) How much rent expense will be recognized for the year ended Decemb
Discuss how cost accounting differs from other types of accounting. Provide specific examples to support your response.
Please show all work and supply the answer in Word doc, not Excel. For the third quarter of the year, the following data was reported: Inspection time 1.4 days Process time 4.5 days Wait time 12.0 days (the time between the customer order and the beginning of production) Queue time 3.9 days Move time 0.8 days a. Wha
Walker Corporation is a distributor of several products. They use a predetermined variable overhead rate based on direct labor hours. In the most recent month, 90,000 items were shipped to customers using 3,500 direct labor hours. The company incurred a total of $12,600 in variable overhead costs. According to the company's stan
The statement of changes in retained earning for the year shows: a) the retained earnings balance at the beginning of the year b) amounts received from the sale of additional common stock during the year c) extraordinary gains or losses during the year d) the effect of a stock split during the year.
For each of the following independent cases, use the equation method to compute the economic order quantity. Case A Case B Case C Annual requirement (in units) ................................................ 13,230 1,681
* Review exercise-calculate retained earnings From the following data: Retained earnings, December 31, 2011 $490,400 Net decrease in total assets during 2011 74,800 Net increase in accounts receivable in 2011 17,200 Dividends declared and paid in 2011
Discuss the significant elements of forming a partnership in the U.S.
Using the list of heuristics from a usability website to evaluate ABC Bakery (a fictional company), along with other resources, this paper describes how to improve website usability. An explanation of the results of the evaluation, an update of the recommendations for improvement based on the results of the usability evaluation
At the beginning of the current fiscal year, the balance sheet of Cummings Co. showed liabilities of $219,000. During the year, liabilities decreased by $36,000; assets increased by $77,000; paid-in capital also increased by $10,000 to $190,000. Dividends declared and paid during the year were $62,000. At the end of the year, ow
The following is a list of activities that occur for a company that sells many different types of products. Please classify each as either examples of unit level (U), batch Level (B), product level (P), or organization sustaining activity (O): a. Packing labor wages u b. Materials handling labor wages u c. part administrato
Statues Inc. has the following sales budget for the second of the current year: April May June Total Budgeted sales $250,000 $340,000 $590,000 $1,180,000 From past experience the company has learned that 10% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the
Shambu Shoes is in the business of manufacturing basketball shoes. Accordingly the company uses the six activity cost pools listed below: Activity Cost Pool Activity Measure Maintenance Machine Hours Setups Setup Hours Cutting Supervision Setup Hours Cutting Depreciation Machine Hours Assembly supervision Direct Labor hours Asse
In 2010, John Co. sold 150,000 units of its product at a price of $40. The variable cost per unit was $24, and John reported net income for the year of $400,000. What was the amount of John's fixed costs for the year?
Your posts are very good and state that management should focus on the success of the business rather than managing income to their benefit. This gets into ethics, where if you keep doing the right thing you will reap the benefits with bonus's and promotions. If you do the wrong thing for your own benefit, it will eventually cat