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Accounting

Single product which is used by manufacturers of forklift trucks

Division x of charter corporation makes and sells a single product which is used by manufacturers of forklift trucks. Presently, it sells 12,000 units per year to outside customers at $24 a unit. The annual capacity is 20,000 units and the variable cost to make each unit is $16. Division Y of Charter Corporation would like to bu

Intermediate Financial Accounting I - Depreciation, Impairments, Depletion

1 - You just got hired as an adjunct professor for a local university. You are teaching introductory accounting and just beginning a chapter on depreciation. A student asks, "Why is it necessary to have depreciation, depletion, and amortization expense? Aren't they all basically the same thing? Can't we just use one term for eac

How would you describe the difference between a tax refund and a tax benefit?

a) How would you describe the difference between a tax refund and a tax benefit? b) What are the chances that a company will have 20 years of losses to actually use a loss carryforward (and still be in business)? How do accounting principles support holding an asset in the balance for this long? c) There are situations whe

Financial Ratios for Yahoo

Please help with the following accounting problem - figure out the financial ratios for the company "Yahoo" over the last 5 years. Below are the ratios needed: Ratios: ROI ROE Price Earnings Cash Dividends per share Dividend Yield Dividend Payout Ratio Working Capital Acid Test Ratio Asset Turnover Inventory Turno

Accounting Assistance Needed: Rachel's basketweaving shop.

Rachel Rey recently opened her own basketweaving studio. She sells finished baskets in addition to the raw materials needed by customers to weave baskets of their own. Rachel has put together a variety of raw material kits, each including materials at various stages of completion. Unfortunately, owing to space limitations, Rac

Journaling-Sanchez Manufacturing

1) Sanchez Manufacturing purchases $45,000 of raw materials on account, and it incurs $50,000 of factory labor costs. Journalize the two transactions on March 31 assuming the labor costs are not paid until April. Hint: Journalize entries for accumulating costs. 2) Data for Sanchez Manufacturing are given in 1. Suppor

Pitman Co. Accounting

At the beginning of 2013, Pitman Co. purchased an asset for $900,000 with an estimated useful life of 5 years and an estimated salvage value of $75,000. For financial reporting purposes the asset is being depreciated using the straight-line method; for tax purposes the double-declining-balance method is being used. Pitman Co.'s

Questions for accounting

1. What do you understand by acting in the public interest? 2. Select the FOUR factors below which distinguish a profession from an occupation A. Qualification required B. Highly skilled C. Continuing professional development D. Self-regulation E. Highly valuated services F. Training requirement G. Licensed practice H.

Accounting Theory & Measurement in Accounting

It has been said that individual opinions, values and ethics can have an impact of the way that accounting theories are constructed. Discuss what is meant by this statement. In your discussion you will need to make reference to at least two (2) accounting theories. In your opinion, what are the key principles for 'sound' meas

Using T Accounts To Record Transactions

Use T accounts to record transactions involving assets, liabilites and owners equity for the following: 1. James walker made an additional investment of $16000 in cash. 2. A firm purchased equipment for $9000 in cash 3. A firm sold some surplus office furniture for $1200 in cash 4. A firm purchased a computer for $2700 to

Non-Profit Accounting Transactions

Kendal County engaged in the following transactions. For each, prepare an appropriate journal entry and indicate the type of fund in which it would most likely be recorded. It levied and collected $1 million in taxes and dedicated to the repayment of outstanding general obligation bonds. It billed sponsors of a charity bic

High-low method missing amounts.

July December E12.2 Production level, in units........... 5,000 10,000 Variable costs........................... $12,000 $ ? Fixed costs.............................. ? 18,000 Mixed costs............................

How Taxes Affect Revenue Streams

Taxes and user fees provide much of the revenue for public organizations that is necessary to fund public programs. Yet, despite these revenue streams, local, state, and federal governments consistently face budgetary shortfalls in attempting to fund public programs. What changes, if any, would you make to the way governments ob

The Jones Beauty Supply Co.

Part 1: On July 1, 2005, Jones Beauty Supply, a calendar-year company, sold special-order merchandise on credit and received in return an interest-bearing note receivable from the customer. Jones Beauty Supply will receive interest at the prevailing rate for a note of this type. Both the principal and interest are due in one lum

Prepare a contribution margin (behavioral, variable) income statement.

I have no idea how this thing works. Could really use some to tell me how to makes the numbers make sense. Below find production and sales information for Herrestad Company. Product information Beginning inventory 0 Units produced 10,000 Units sold 8,000 Selling price per unit $250 Variab

Accounting-Wilmington, Inc.

4. Wilmington, Inc. manufactures five models of kitchen appliances at its Mesa plant. The company is installing activity-based costing and has identified the following activities performed at its Mesa plant. 1. designing new models 2. purchasing raw materials and parts. 3. storing and managing inventory. 4. receiving and

The Claxton Company manufactures children's toys

The Claxton Company manufactures children's toys and also has a division that makes automobile parts. Due to a change in its strategic focus, the company sold the automobile parts division. The division qualifies as a component of the entity according to GAAP regarding disposal of long-lived assets. How should Claxton report the

Jamison Inc. adopted a plan to discontinue its barge division

On November 1, 2011, Jamison Inc. adopted a plan to discontinue its barge division, which qualifies as a separate component of the business according to GAAP regarding discontinued operations. The disposal of the division was expected to be concluded by April 30, 2012. On December 31, 2011, the company's year-end, the following

Accounting - Rich Novelty Company and Finney Inc.

Rich Novelty Company identified the following ctivities in its production and support operations. Classify each of these activities as either value-added or non-value added. a. machine setup d. moving work in process b. design engineering e. inspecting and testing c. storing inventory

Economic Order Quantity (EOQ), Ordering Costs, and Average Cycle Stock

Monthly demand for an inventory item currently averages 160 units. The annual carrying cost is $10 per unit. Ordering cost is $60 per order. This information applies to all of the questions on this page. Find the EOQ. Please show the formula (with values) you used. 2.Suppose instead of using the EOQ, we decide to use Q

New Hampshire Rafting Company

I recommended that my client open their rafting company in the state of New Hampshire. However, I first need some information on the following: 1. The type of insurance needed for a rafting business 2. The type of insurance needed for mobile home used in business. 3. Any other insurance issues that the client might find imp

Determine the pre determined overhead cost from the given data.

Determine the pre determined overhead cost from the given data. Winkle, Kotter, and Zale is a small law firm that contains 10 partners and 10 support persons. The firm employs a job-order costing system to accumulate costs chargeable to each client, and it is organized into two departments-the Research and Documents Department

Preparing ABC Analysis Report

Information attached in spreadsheet As You Like It Gardening is a small gardening service that uses activity-based costing to estimate costs for pricing and other purposes. The proprietor of the company believes that costs are driven primarily by the size of customer lawns, the size of customer garden beds, the distance to tr

concept of depreciation as used in accounting

28) Which of the following most accurately reflects the concept of depreciation as used in accounting? A. The process of charging the decline in value of an economic resource to income in the period in which the benefit occurred. B. An accounting concept that allocates the portion of an asset used up during the year to the

Earnings Quality

In our real life, the value of assets cannot be estimated perfectly because we can't be certain for the future cash flows that the asset generates and also we can't be certain for the discount rate. Because of the uncertainty for the future cash flows and the discount rate, we cannot complete the balance sheet if we do have the

Accounts Payable of Symphony Stores

Listed below are account balances (in $millions) taken from the records of Symphony Stores. All of these are permanent accounts, except the last two that have yet to be closed. The installment receivables are current. Symphony uses a perpetual inventory system. Debit Credit Accounts receivable-trade

Earnings Trends and normative theory/education

Evaluate how research and normative theory impacts accounting education today and the likely impact that more research may have on the accounting profession. While research evidence indicates that historical cost valuation methods are often irrelevant discuss why the accounting profession has a difficult time moving away fr

Operating income-Fabre Company

Last year, Fabre Company produced 20,000 units and sold 18,000 units at a price of $12. Costs for last year were as follows: Direct materials 25,000 Direct labor 35,000 Variable factory overhead 12,000 Fixed factory overhead 37,000 Variable selling expense 9,000 Fixed selling expense 7,500 Fixed ad

Zinc Faucets, Flower City Cartridges, Changing Standards

Changing Standards The empirical evidence reveals that firms change their standard prices and standard quantities during the fiscal year. Most firms have the following policy, ?We set our standards before the fiscal year begins and we NEVER, NEVER change them during the year (except when we have to).? Required: a. Eva