Explore BrainMass


multiple-step form or the single-step form

The accountant of Weatherspoon Shoe Co. has compiled the following information from the company's records as a basis for an income statement for the year ended December 31, 2010. Rental revenue $29,000 Interest expense 18,000 Market appreciation on


What are the typical outputs of an Accounting Information Systems? Why do system analysts begin by designing the outputs instead of system inputs? What type of source documents does your business or a company with which you are familiar use for Accounting Information Systems? Are the documents paper-based, electronic, or othe

Managerial Accounting problems, Foggy Mountain Company, Seager & Buffet , excess capacity of machine hours, variable overhead rate, unit contribution margin, actual gain (loss) incurred

Managerial Accounting problems Foggy Mountain Company manufactures several styles of banjos. Management estimates that during the second quarter of the current year, the company will be operating at 80% of normal capacity. Because Foggy Mountain wants to increase utilization of the plant, the company has decided to consider s

Moore Inc., target profit , The dollar value of Morey's current annual fixed costs., Prepare a pro forma income statement for Morey, showing where Endreson's decision will achieve Morey's profit objectives.

Managerial Accounting problems Moore Inc. invented a secret process to double the growth rate of hatchery trout and manufactures a variety of products related to this process. Each product is independent of the others and is treated as a separate division. Product managers have a great deal of freedom to manage their divis

Reducing Expected Tax Payments

True or False: "This transaction will reduce expected tax payments: therefore, we should do it!" Briefly explain your answer. "For numeric solutions, provide full documentation of the process used to reach the solution. For problem analysis, use information from the Internet to perform analysis, incorporating critical thinkin

individual taxation

1. Larry Bounds has won the gold bat award for hitting the longest home run in major league baseball this year. The bat is worth almost $35,000. Under what conditions can Larry exclude the award from his gross income? Explain. 2. Compare and contrast start-up costs and organizational expenditures. Describe how the tax treat

Kiddie Tax Calculation

Mary is 13. She receives annual interest payments of $4000. What is her taxable income in 2011? Her parents claim her as a dependent. What is her parent's 2011 taxable income? John is 16. In 2011, he earned $6000 working a part-time job and received $5000 of interest income. His parents claim him as a dependent and they do no


Why do providers desire steerage?

change in accounting principle for depreciation

As part of the year-end accounting process and review of operating policies, Cullen Co. is considering a change in the accounting for its equipment from the straight-line method to an accelerated method. Your supervisor wonders how the company will report this change in principle. He read in a newspaper article that the FASB has

Taxes and Shares Distributions

1) Longhorn Company reports current E&P of $100,000 in 20X3 and accumulated E&P at the beginning of the year of negative $200,000. Longhorn distributed $300,000 to its sole shareholder on January 1, 20X3. The shareholder's tax basis in his stock in Longhorn is $100,000. How is the distribution treated by the shareholder in 20X3?

Net Income Allocation

A. John Adams Company purchased equipment on January 1, 2011 for $90,000. It is estimated that the equipment will have a $5,000 salvage value at the end of its 5-year useful life. It is also estimated that the equipment will produce 100,000 units over its 5-year life. Instructions: Answer the following independent questions.

Tax Accounting

Please see attachment. My question is why did he use those rates highlighted in red. Margaret started her own business in the current year and will report a profit for her first year. Her results of operations are as follows: Gross income $50,000 Travel $1,000 Transportation 6,173 miles, using standard mileage method

cost accounting

37) Waco's Widgets plans to sell 22,000 widgets during May, 19,000 units in June, and 20,000 during July. Waco keeps 10% of the next month's sales as ending inventory. How many units should Waco produce during June? A. 19,000 B. 21,000 C. 19,100 D. 18,900 38) Looker Hats is planning to sell 600 felt hats, and 70

cost accounting

10) Which would be an appropriate cost driver for the ordering and receiving activity cost pool? A. Inspections B. Machine setups C. Machine hours D. Purchase orders 11) Which of the following is NOT typical of traditional costing systems? A. Use of multiple cost drivers to allocate overhead B. Use of a

cost accounting

Luca Company over applied manufacturing overhead during 2006. Which one of the following is part of the year end entry to dispose of the over applied amount assuming the amount is material? A. An increase to finished goods B. A decrease to work in process inventory C. An increase to cost of goods sold D. A decrease

Integrity and Excellence

The core values for this course are integrity and excellence. Applying the values of integrity and excellence, discuss ethical considerations of accounting for business combinations in a manner that prevents misunderstanding in the questions below. Business combinations have become an important strategic move by corporations

Stewardship and integrity

In corporations, accountants are responsible for identifying, measuring, recording, and communicating financial and other related information to all interested stakeholders. Write a substantial paragraph (200 to 300 words) answering the following questions. 1. Why are the values of responsible stewardship and integr

Problems Involving Net Income

Net Income for Levin-Tom partnership for 2012 was 125000. Levin and Tom have agreed to distribute partnership net income according to the following plan. Levin Tom Interest on average capital balances

This addresses how to read and compare annual reports.

With respect to the three reports in comparison: Income Statement, Cash Flow Statement, and Balance Sheet how can I "zero" in, or in laymen's terms, do an efficient comparison. I cannot give too much detail. I am seeking the valuation method for Sears, Wal Mart & Target, including types of inventory and fiscal year-end dolla

use or sell

ABC Corp. owns a piece of land and building a few miles from its headquarters. The land originally cost ABC $500,000 to purchase. ABC is considering using the facility for a new training program. It could also rent a building about the same distance from its headquarters for $20,000 a year. A developer has offered ABC $2.5 mill