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    Accounting

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    Percentage of Overtime Hours

    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

    Operating Income Changes: Belltown Athletic Supply

    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

    Should Dana buy or make the parts?

    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

    How Nixon should report its investment in P?

    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

    Pacific Manufacturing Company, Job-Order Costing System, Applies Overhead Cost.

    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

    Deskins Manufacturing Company: Drop a Segment Division.

    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

    Purchase Using Cash and Using Stock

    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

    Professionalism in Accounting Questions

    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

    What is a significant accounting estimate?

    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

    Corporate Reorganizations

    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

    Fraudulent Activity

    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

    Accounting Periods

    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

    Taxation Questions: Married, Filing Jointly

    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

    Filing Statuses for Income Tax Return

    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

    Factory overhead computed, applied, and adjusted

    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

    Perch Co and Float Corp

    Perch Co. acquired 80% of the common stock of Float Corp. for $1,600,000. The fair value of Float's net assets was $1,850,000, and the book value was $1,500,000. The non-controlling interest shares of Float Corp. are not actively traded. What amount of goodwill should be attributed to Perch at the date of acquisition? What a

    Calculate the issue price for the bonds.

    On January 1st, Cub Company issued 8% stated rate bonds with a face amount of $100 million. The term of the bonds is 20 years and semiannual interest payments are due on June 30th and December 31st. The market rate of interest for similar bond issues was 9%. Calculate the issue price for the bonds.

    College monthly payment amounts

    Sandy just graduated from college. She accumulated $15,000 in student loans. She will pay the loans off over 10 years and the first monthly payment is due in 1 month (assume an 6% interest rate). Calculate the amount of her payment.

    Calculate the present value of the given lottery.

    You just received notice that you have won the $2 million Indiana Lottery. You will receive $100,000 per year for 20 years with your first payment received today. What is the present value of these payments if the appropriate discount rate is 8%?

    Job cost sheet for Racing Wheels

    Job 102 Job 103 Job 104 Direct Materials 30,000 66,000 54,000 Direct Labor 16,000 28,400 42,000 Overhead 8,000 14,200 21,000 Job 102 was started in production in May and the f

    Accounting reasons for revenue loss

    The press report carried the following news item: General Motors, Ford, and Chrysler are expected to post losses on fourth-quarter operations despite sales gains. Automakers' revenues are based on factory output rather than retail sales by dealers, and last quarter's sales increases were from the bulging inventories at the end o

    Annual Report Questions for Management

    I need help in deriving three financial questions that a manager might ask, regarding the link below (annual report from 2011 for Capital Blue Cross). Link: https://www.capbluecross.com/Visitors/AnnualReport/

    Optimal Solution for Clothing Retailer

    A company makes three types of shirts: Athletic, Varsity, and Surfer. The shirts are made from different combinations of cotton and rayon. The cost per yard of cotton is $5 and of rayon is $7. The company can receive up to 4000 yards of cotton and 3000 yards of rayon per week. The table below shows relevant manufacturing informa

    Monthly Schedule of Cash Receipts: Diamond Beauty Supply

    Diamond Beauty supply Shop projects the following sales: April - $75,000 May - $95,000 June - $100,000 Seventy percent of Diamond Beauty Supply shop sales are on credit with 60 percent of receivables collected in the month after the sale and the rest of receivables collected in the second month after the sale. February s

    Earnings and Profits - Computation and Corporation

    I have answered the following questions; however, I wanted to see what your responses would be. What are earnings and profits? How and why are they computed? What difference do earnings and profits make to a corporation? To the stockholders of a corporation?