Accounting for Bad Debts Information related to Hamilton Company for 2014 is summarized below: Total credit sales : $2,500,000 Accounts receivable at December 31 : 970,000 Bad debts written off : 66,000 a) What amount of bad debts expense will Hami
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Corgan, Inc., manufactures two types of beds, Standard and Luxury. The Standard range is a mass market range sold through large furniture retailers, whereas the Luxury range is higher quality, sold through small furniture shops. The company currently applies overhead on the basis of machine hours worked. It is considering movi
I would appreciate assistance with the following questions. The highest discretionary spending accounts are from the state of VA (http://dpb.virginia.gov/budget/buddoc12/index.cfm). 1. Assume that your state is expecting a 25 percent rate increase of its 2011 population based on your previous analyses and forecast. Give t
Agee Corporation acquired a 25% interest in Trent Co. on January 1, 2010, for $500,000. At that time, Trent had 1,000,000 shares of its $1 par common stock issued and outstanding. During 2010, Trent paid cash dividends of $160,000, and thereafter declared and issued a 5% common stock dividend when the market value was $2 per sha
Yates Corporation began operations on January 2, 2010. It employs 15 people who work 8-hour days. Each employee earns 10 paid vacation days annually. Vacation days may be taken after January 10 of the year, following the year in which they are earned. The average hourly wage rate was $24.00 in 2010, and $25.50 in 2011. The avera
Hello, I would appreciate any assistance with these discussion questions. Please provide other references used if any. Thank you! 1. Compare and contrast the budgeted amounts of the four (4) highest discretionary spending accounts for the state of VA and two (2) neighboring states. This response requires researchi
Does a certification, such as a CPA license, make an auditor appear more professional?
DJ Jammer, a rapper/musician, travels around the country performing concerts on college campuses. He has two employees who make up his road crew. The crew sets up his equipment and sells DJ Jammer memorabilia (CDs, T-shirts, posters, etc.) during intermissions and after the concerts. For the last several years, Jammer has operat
1) Operating margins in your hospital have been consistently below national norms for the past 3 years. Discuss the factors that might have created this situation and the ways in which you might determine specific causes. Additionally, describe several items that are treated as expenses in the income statement but do not require
Text: Accounting for Decision Making and Control Edition: 7e Author: Jerold Zimmerman Problem #: 7-5 Avid Pharmaceuticals Avid, a small, privately held biotech pharmaceutical manufacturing firm; specializes in developing and producing a set of drugs for rare classes of cancers. Avid has two divisions that share the same man
Both Mr. Jones and Mrs. Green earned $50,000 gross in 2009. Yet, Mr. Jones owed IRS $600 on his tax return while the IRS owed Mrs. Green $600 on her tax return. What do you think were the possible reasons for the difference in the results? Explain.
1) I have 11 drivers who get 40 hours of work per week for a total of 440 hours. All the drivers work overtime. If on 1 week I have a total of 86 hours of overtime, what is the % of the overtime compared to the hours worked? 2) If one driver has 40 hours 1 week and 8 hours of overtime, what is his % of overtime compared to th
See the attached file. Belltown Athletic Supply (BAS) makes game jerseys for athletic teams. The F.C. Kitsap soccer club has offered to buy 100 jerseys for the teams in its league for $15 per jersey. The team price for such jerseys normally is $18, an 80% markup over BAS?s purchase price of $10 per jersey. BAS adds a name and
Given the following data, please answer the following: Total Cost for 50,000 Units Cost per Unit Direct materials $ 400,000 $ 8 Direct labor 250,000 5 Variable factory ove
1) Nixon owns 45% of P. Only 70% of the outstanding shares are voted at the annual meetings of P. Because of this, Nixon casts a majority of the votes on every ballot when it votes the shares it holds. 2) Nixon holds convertible bonds issued by P. If Nixon converts them, it would result in the ownership of 51% of the outstand
The Pacific Manufacturing Company operates a job-order costing system and to jobs on the basis of direct labor cost. Its predetermined overhead rate was based on a cost formula that estimated $139,500 of manufacturing overhead for an estimated allocation base of $93,000 direct labor dollars. The company has provided the followi
P14-2 Issuance and Retirement of Bonds Venezuela P14-5 Comprehensive Bond Problem Sanford Co., Effective Interest Method.
P14-2 (Issuance and Retirement of Bonds) Venezuela Co. is building a new hockey arena at the cost of 2,000,000.It received a down payment of 500,000 from local businesses to support the project,and now needs to borrow 2,000,000 to complete the project.It therefore decided to issue 2,000,000 of 10.5%,10 year bonds. These bonds we
Martha's Wonderful Cookie Company makes a special super chocolate-chip peanut butter cookie. Martha's used the number of chocolate chips as a proxy measure for the weight of chocolate chips in a cookie. The company would like the cookies to average approximately eight chocolate chips a piece and wants to base its statistic
Deskins Manufacturing Company has four operating divisions. During the first quarter of 2010 the company reported total income from operations of $61,000 and the following results for the divisions. Analysis reveals the following percentages of variable costs in each division. Division: Denver Miami San Diego Tacoma Sal
Balance sheets for Prego Company and Sprague Company as of December 31, 2010, follow: Prego Company Sprague Company Cash $ 700,000 $111,000 Accounts receivab
a. State how the concept of "professionalism" in the public accounting industry shifted or evolved between Federal Trade Commission's "restraint of trade" decision in the early 1970s and today, several years following passage of the Sarbanes-Oxley Act of 2002, and b. State seven factors responsible for such changes
1. What is an example of a significant accounting estimate? What is the importance of these estimates? How do ethics play into the decision-making process? Which financial statements include significant accounting estimates? Why? 2. What are internal controls? Why do companies need them? What are some examples of internal con
Identify the following transactions: a. C Inc. distributes all stock in its wholly-owned subsidiary, B Inc. to its shareholders. b. C Inc. distributes all stock in its wholly-owned subsidiary, B Inc., to a 30 percent shareholder in exchange for the c. shareholder's stock. d. C Inc. liquidates B Inc. and distributes the procee
1) Companies depend on banks to help oversee their accounts and in some cases a breakdown in controls happens at the bank. With internet and remote capture banking becoming more popular, what controls should banks have in place to insure proper controls over remote deposits? 2) What procedures, if any, can we use during the
Wilson Corporation currently uses the calendar year as its financial and tax annual accounting period. Management wishes to changes this to a fiscal year beginning October 1st and going through September 30th. Look at the tax law criteria that would be required to make this change and summarize them in a few paragraphs. Based on
Complete the 10-column worksheet for Briscoe Company.
What makes the historical cost accounting model irrelevant and what alternative model should we look at? Looking for a starting point, some helpful research sources maybe a short introduction.
Mr. Ray is a married business consultant. His wife Jackie earned $3,000 during 2011 by working at a local non-profit association. Ray earned $28,000 through his business consulting services and will report this activity in Schedule C on his Form 1040 for 2011. Explain how Ray will report the following items on his Form 1040
In each of the following independent situations, determine Winston's filing status for 2012 and why. Winston is NOT married. These 5 situations either fall into the categories of Single Taxpayers, Married Individuals, Marriage Penalty, Surviving Spouse, Head of Household, or Abandoned Spouse. a). Winston lives alone, but he m
Jobs completed and sold . . . . . . . . . . . . . . . . . $420,000 Jobs in finished goods inventory . . . . . . . . . . . 84,000 Jobs in goods in process inventory . . . . . . . . . 56,000 Total actual direct labor cost . . . . . . . . . . . . . $560,000 In December 2010, Perez Company established its predeter