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    Calculating Amount of Projected Cash Collections

    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

    Computing activity rate

    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

    John's Company

    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?

    High Quality of Earnings

    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

    Premium Bonds and Investors' Income

    When a company issues a bond at a premium: a) The company is more profitable than most companies in its industry b) Investors perceive the bond to be a very safe investment c) The investors' interest income will be less than the interest received each year d) The investors' interest income will be more than the interest re

    Flexible Overhead Budget

    Kwikeze Company set the following standard costs for one unit of its product. Direct materials ((3.0 Ibs. @ $5.0 per Ib.) $ 15.00 Direct labor (1.7 hrs. @ $14.0 per hr.) 23.80 Overhead (1.7 hrs. @ $18.50 per hr.) 31.45 Total standard cost $ 70.25 The predetermined overhead rate ($18.5

    Net Income for Variable and Absorption Costing

    Soccer nets for commercial use sell for $200.00 each. Selected data for the company's operations for the last year follow: Units in beginning inventory 0 Units produced 500 Units sold

    Variable and Absorption Costs

    Sharpens Incorporated produces knife sets for use in commercial kitchens. They sell for $400.00 each. Selected data for the company's operations last year follow below. Units in beginning inventory 0 Units produced

    Margin of Safety Problems

    Strong Wood Company is a distributor of patio furniture. Data concerning the next month's budget appear below. Selling price $290.00 Variable expense $174.00 Fixed expense $158,000.00 Unit sales 1,500 units per

    Probabilities and Market Response

    1) Brax Technology Corporation is evaluating the introduction of a new product. The possible levels of unit sales and the probabilities of their occurrence are given. Possible market reaction Sales in units Probabilities Low response 30 .10 Moderate response 40 .10 High response 55 .

    Should the powers of the SEC be expanded or contracted?

    Clearly many people believe that the US is generally over regulated and that departments such as the SEC go too far. Others think they do not go far enough. Accounting and financial information and rules are very much dependent on the SEC. What do you think? Has the SEC done a good job or are they simply in the way of an efficie

    Accounting Fraud and Detection

    Please find an article detailing a recent accounting fraud. Summarize your findings and discuss with your friends or classmates how the situation should have been managed by the accountant. Please include in your summary a discussion of "...encouraging the continual search for truth, values, and a just existence," and answer the

    Advanced Accounting Partnerships and Liquidations

    1) Shrek, Donkey, and Fiona are partners in SDF Corporation, and share profits and losses in the ratio of 5:3:2, respectively. The partnership has cash of $10,000 and noncash assets of $90,000 when they decide to liquidate. Liabilities at the time of liquidation are $40,000, including a note payable to Fiona of $5,000. The partn

    Journalizing Accounting Entries

    See the attached file. The following transactions of My Dollar stores occurred during 2006 and 2007: **2006** Feb 3 - Purchased equipment for $10,000, signing a six-month, 9% note payable Feb 28 - Recorded the week's sales of $51,000, one-third for cash, and two-thirds on account. All sales amounts are subject to a 5% sa

    Business Accounting for Manufacturing Company

    Finlon Upholstery, Inc. uses a job-order costing system to accumulate manufacturing costs. The company's work-in-process on December 31, 2011, consisted of one job (no. 2077), which was carried on the year-end balance sheet at $156,800. There was no finished-goods inventory on this date. Finlon applies manufacturing overhead to

    Make or Buy / Fixed Costs

    Please help me answer this question. When are fixed costs relevant in a make-or-buy decision? A. Fixed costs are never relevant to the decision. B. Fixed costs are relevant when they differ among alternatives. C. Fixed costs are always relevant to the decision. D. Fixed costs are relevant when they exceed variable costs.

    Stepdown Accounting

    The Danville Manufacturing Company has two service departments and two producing departments. The following data are available for 2006. Service Dept. 1 Service Dept. 2 Producing 1 Producing 2 Department Costs $12,000 $8,000 $60,000 $70,000 Number of Transactions 6,00 0

    Income before depreciation, depreciation expense, and net (pretax) income

    Pulan Enterprises pays $208,100 for equipment that will last 5 years and have a $46,451 salvage value. By using the equipment in its operations for 5 years, the company expects to earn $94,100 annually, after deducting all expenses except depreciation. Calculate the income before depreciation, depreciation expense, and net

    Materials Price Variance: Robinson Enterprises

    Robinson Enterprises purchased 56,000 pounds (cost = $420,000) of direct material to be used in the manufacture of the company's sole product. According the production specifications, each completed unit requires five pounds of direct material at a standard cost of $7.80 per pound. Direct materials consumed by the end of the per

    Accounting Budget and variances with conclusion and reporting to management.

    A manufacturing company produces a large variety of products within the Butler family of Products. They are produced in three finishing departments (A, B, C) which have identical assembly operations but package the products differently for different lines of business. Each finishing line packages units as either single unit of

    Consignment Accounting for Tingey Industries

    Tingey Industries sells merchandise on a consignment basis to dealers. The selling price of the merchandise averages 25% above cost of merchandise. The dealer is paid a 10% commission on the sale price for all sales made. All dealer sales are made on a cash basis. The following consignment sale activities occurred during 2013:

    Job Cost Flows

    Job Cost Flows The job cost sheet for 1,000 units of toy trucks is: Job Number 555 Date Started 4/13 Date Completed 6/18 Raw Materials Direct Labor Date Type Cost Qty. Amount Cost Hours Amount 4/13 565 $ 3 1,000 $3,000 $18 20 $ 360 5/24 889 1 4,000 4,000 12 10 120 6/18 248 2 1,000 2,00

    Knowledge of Accounting

    I need help with the following question: Discuss how knowledge of accounting is vital to the success of a business. Some specific functions that you might want to include are internal auditing, external auditing, managerial accounting, taxation, knowledge of GAAP, and safeguarding assets. I also need references.

    Total Cost Assigned to Job

    XYZ corporation has two departments, Machining and Assembly. The company uses a job-order costing system and computes a predetermined overhead rate in each department. The Machining Department bases its rate on machine hours and the Assembly Department bases its rate on direct labor cost. At the beginning of the year, the compan

    Predetermined Overhead Rate Used in Packaging & Assembly Departments

    Need some help on this, please show all work so I can save this for the future. I am very confused with accounting practices. Tanner Bay Inc. has two departments, Assembly and Packaging. The company uses a job-order costing system and computes a predetermined overhead rate in each department. The Assembly Department bases its

    Under-applied or Over-applied Manufacturing Overhead

    Smith Jones Company uses a predetermined overhead rate of 75% of direct labor cost. This predetermined rate was based on $60,000 estimated direct labor cost and $45,000 of estimated total manufacturing overhead. The company incurred actual total manufacturing overhead costs of $52,000 and $71,000 of direct labor cost during the

    Predetermined Overhead and Overhead Applied

    Snapper Corp. computes its predetermined overhead rate annually on the basis of direct-labor hours. At the beginning of the year it estimated that its total manufacturing overhead would be $240,000 and the total direct labor hours (dlh) would be 6,000. Its actual total manufacturing overhead for the year was $210,000 and its act

    Downsizing and Fixed Costs

    Industry downsizing has been a major part of the corporate world, even government agencies are downsizing. GovernmentExecutive.com "covers the business of the federal government and its huge departments and agencies - dozens of which dwarf the largest institutions in the private sector" on its website. Read the assigned Governme

    Overhaul Expenditures

    Redline Publishers, Inc. produces various manuals ranging from computer software instructional booklets to manuals explaining the installation and use of large pieces of industrial equipment. At the end of 2013, the company's balance sheet reported total assets of $62 million and total liabilities of $40 million. The income stat