Problem 9-48 The Philips Company is preparing a cash receipts schedule for the first quarter of 2005. Sales for November and December 2004 are expected to be $33,000 and $55,000, respectively. Budgeted sales for the first quarter of 2005 are presented here. The Philips Company Sales Budget For Quarter Ended March 31, 2005
Early in January 2010, Tellco, Inc. acquired a new machine and incurred $100,000 of interest, installation , and overhead costs that should have been capitalized but were expensed. The company earned net operating income of $1,000,000 on average total assets of $8,000,000 for 2010. Assume that the total cost of the new machine w
Hughes Satellite Corp. manufactures satellite dishes used in residential and commercial applications. For each unit the following costs apply: $50 for direct materials, $100 for direct labor, and $60 for variable overhead. The company's annual fixed overhead cost is $750,000; it uses expected capacity of 12,500 units produce
A. If you have two retail clothing stores have the following data: (Millions) Turner's Clothing Carla's Fashsion Sales $17 $78 Variable costs 10
Please help with the following problem. Company issues 100, $1,000 face value, 8% (stated rate), and 3-year U.S. corporate bonds on January 1, 2010 when the market rate for similar risk bonds is 10%. Show the calculation of the issue price of the bonds and the JE to record the issuance of the bonds. my answer is Step
EXERCISE 6- 5.Auburn Banking and Loan Company has six service departments: 1. Human Resources ( hires employees and manages benefits) 2. Duplicating ( performs copy services) 3. Janitorial ( provides routine cleaning services) 4. Accounting ( provides accounting services) 5. Graphic Design ( designs forms) 6. Food Se
Jackson Sales Company Selling and Administrative Expenses Budget For the Quarter Ended June 30, 2005 Apr May Jun Total Salaries $1,000 $1,200
A company develops computer software. When can the development costs be capitalized? When must that capitalization be stopped? Using Codification write a brief summary of your finding in a memo format Also include your Codification research references and notes (cut and paste from Codification) and attach these to the m
Blooper Industries must replace its magnoosium purification system. Quick & Dirty Systems sells a relatively cheap purification system for $12 million. The system will last 4 years. Do-It-Right sells a sturdier but more expensive system for $13 million; it will last for 5 years. Both systems entail $2 million in operating costs;
The budget director of Dollie Inc., with the help of the finance department, has compiled the following information for use in creating the budgeted income statement for January 20xx: a. Estimated sales for January Luxury dollhouse: 2,000 units at $200 per unit Standard dollhouse: 3,500 units at $150 per unit b. Esti
See the attachment. ? The dividends accounts shown as a expense in the other Revenue/Expense section of the income statement (T/F) ? If the company purchases manufacturing equipment during the year, this will be reflected as a cash outflow in the investing section of the Statement of Cash Flow. (T/F) ? Accrued Utilities Exp
Some of the reserves mentioned are illustrated with the accounts of Swire Pacific Limited shown in Exhibit 13-9. Swire Pacific Limited is based in Hong Kong and is one of the largest companies in the world. The primary operations of the company are in the regions of Hong Kong, China, and Taiwan, where it has operated for more th
See the attachment. Morris Corporation is publicly owned, and its shares are traded on a national stock exchange. Morris has 16,000 shares of $2 stated value common stock authorized. Only 75% of these shares have been issued, and of the shares issued, only 11,000 are outstanding. On December 31, 2012, the Stockholders' Equity
Depreciation continues to be one of the most controversial, difficult, and important problem areas in accounting. a. Explain the conventional accounting concept of depreciation accounting. b. Discuss its conceptual merit with respect to: the value of the assets, the charges to expense, and the discretion of management in selecting the method. c. Explain the factors that should be considered when applying the conventional concept of depreciation to the determination of how the value of a newly acquired computer system should be assigned to expense for financial reporting purposes (ignore income tax considerations). d. What depreciation methods might be used for the computer system? Describe the advantages and disadvantages of each. BRIEFLY Discuss
Depreciation continues to be one of the most controversial, difficult, and important problem areas in accounting. a. Explain the conventional accounting concept of depreciation accounting. b. Discuss its conceptual merit with respect to: the value of the assets, the charges to expense, and the discretion of management in selec
What are commonly used components when measuring economic damages in a wrongful discharge case? Describe each component and explain why it should be used in the damage calculation. -- The components include: Lost Wages: This includes all wages that would have been paid to the employee, including salary, bonuses, reimbursed expenses, and all other forms of direct and indirect compensation. This is used in the calculation because it is what the employee is directly out - on a wrongful basis. Lost tax payments that the employer would have paid: This includes FICA tax payments that the employer would have paid on behalf of the employee, and is included because it is the tax portion of the lost wages. Lost health insurance and other benefit payments that the employer would have paid: Includes all employee health and medical benefits, and other employee benefits, and is included because it is treated in the same way that a lost wage is treated by the courts in a wrongful discharge case. 12-15. What are the components of measuring the economic damages from the loss of household services? -- This applies typically when a person is injured or killed and can no longer perform household services. The components of measurement include examining what the amount of services were that the person contributed to the household before sustaining the injury or being killed. It involves an examination of their exact role and duties in the household. The second measurement is to determine how much of those same services the person can provide after the loss. This is applicable to those that have suffered injury. The final measurement is to then determine what the value is, of the services that were lost, or that can no longer be performed by the individual. 13-5. For what purposes do computer forensic specialists analyze electronic data? -- The analysis of data is performed to ensure that all forms of electronic evidence contained on the specific device being analyzed is preserved, as part of the discovery process in an investigation. Computer forensics has four main parts, which include identification, preservation, extraction, and the presentation of electronic data. By analyzing the data, the forensic examiner is then able to identify specific evidence and data from the electronic means used to analyze the electronic data. 13-7. In what ways can electronic evidence be destroyed so that it is no longer admissible in court? Explain your answer. -- People can go to all different types of extremes to destroy evidence, making it impossible to be used in court. With electronic evidence, computers are very susceptible to magnetic fields. There have been cases where the suspects have purposely exposed the computer or electronic device to a highly magnetic field, to destroy the data. Others have taken the computer or device, and if it was portable enough, completely slammed it against a concrete floor or other surface, to make the computer and data completely unreadable.
What are commonly used components when measuring economic damages in a wrongful discharge case? Describe each component and explain why it should be used in the damage calculation. -- The components include: Lost Wages: This includes all wages that would have been paid to the employee, including salary, bonuses, reimburs
Jefferson Company reported $4,000,000 of sales during the month and incurred variable expenses totaling $2,800,000 and fixed expenses totaling $720,000. A total of 80,000 units were produced and sold last month. The company has no beginning or ending inventories. What is the company's total contribution margin and contribution margin per unit? How many units would the company have to sell to achieve a desired target profit of $600,000? What is the company's break-even point in sales dollars? What is the company's margin of safety? What is the company's degree of operating leverage?
Jefferson Company reported $4,000,000 of sales during the month and incurred variable expenses totaling $2,800,000 and fixed expenses totaling $720,000. A total of 80,000 units were produced and sold last month. The company has no beginning or ending inventories. What is the company's total contribution margin and contributio
Glen recently graduated with and MBA, passed the CMA exam and received a CMA certificate, and took a job with a large corporation as a cost analyst reporting to the manager of a production line. Glen submitted his first overhead budget, and his manager has asked him to revise his estimated factory overhead rate by increasing his estimated factory overhead per machine hour. Glen based his overhead rate on information provided by reliable and knowledgeable sources, such as source documents, historical records, and opinions of expert. Glen's manager explained over applied overhead results in a downward adjustment in cost of goods sold during the last quarters of the year, the time when bonuses (including Glen's) are decided by the CEO of the corporation. Glen expressed the opinion the CEO did not understand overhead allocation, would be pleased the business was more profitable than expected, and grant larger bonuses. Assuming Glen's opinion is true, why would over-stating factory overhead during the year result in more profit than expected? How should Glen respond to his manager's request? Why?
1. Glen recently graduated with and MBA, passed the CMA exam and received a CMA certificate, and took a job with a large corporation as a cost analyst reporting to the manager of a production line. Glen submitted his first overhead budget, and his manager has asked him to revise his estimated factory overhead rate by increasing
1. Crystal Glassware Company has the following standards and flexible budget data. Standard variable overhead rate................. $6.00 per direct labor hour Standard quantity of direct labor................2 hours per unit of output Budgeted fixed overhead........................$100,000 Budgeted output...................
1. Generally, tax strategies operate in two time frames - now and later. " Now" refers to the twelve months of the current tax year. "Later" refers to the long-range tax strategies that benefit taxpayer future. This includes maximizing the tax-deferred savings offered by a qualified retirement plan, such as a 401(k). One strat
Please help with the following problem regarding key statistics on Pfizer. Provide at least 300 words in your answer. Pfizer's book value per share is $11.71 but it's trading at almost twice that amount. Why are they different? See the following link before answering the question. http://finance.yahoo.com/q/ks?s=PFE+Key
Please help answer the following problems. Using the DuPont model, perform ROI analysis for the following: a. Firm D has net income of $83,700, sales of $2,790,000, and average total assets of $1,395,000. Calculate the firm's margin, turnover, and ROI. b. Firm E has net income of $150,000, sales of $2,500,000, and ROI
KYC procedures are the underlying principles for recognizing unusual and suspicious transactions or instructions. These transactions or instructions would be inconsistent with a normal customer's transactions or attitudes. Describe what constitutes "suspicious activity" for a bank customer and a corporate customer. Describ
Month Machine Hours Utility Cost Jan 200 $300 Feb 325 440 March 400 480 April 410
Banner Inc.bases its variable overhead performance report on the actual direct labor hours of the period. Data concerning the most recent year that ended on Dec. 31 are as follows: Budgeted direct labor hours 12,000 Actual direct labor hours 13,500 Standard direct laabor hou
Winston Corporation: Determine the amount of overhead cost that would be assigned to each product using ABC.
2. Winston Corporation's activity-based costing system has three activity cost pools-Fabricating, Setting Up, and Other. Costs in the Fabricating cost pool are assigned to products based on machine-hours (MHs) and costs in the Setting Up cost pool are assigned to products based on the number of batches. Costs in the Other cost p
Integrated Potato Chips paid a $1.70 per share dividend yesterday. You expect the dividend to grow steadily at a rate of 5% per year. a. What is the expected dividend in each of the next 3 years? (Do not round intermediate calculations. Round your answers to 2 decimal places.) Expected Dividend Year 1
Problem 6-28 The following information is available for Nicole's Toy Manufacturing Company for 2004: Percent Percent Amount
Consider three bonds with 6.5% coupon rates, all selling at face value. The short-term bond has a maturity of 4 years, the intermediate-term bond has maturity 8 years, and the long-term bond has maturity 30 years. a. What will be the price of each bond if their yields increase to 7.5%? (Do not round intermediate calculations
H.22 In a computerized information system, automated equipment controls or hardware controls are designed to a. Arrange data in a logical sequential manner for processing purposes. b. Correct errors in the computer programs. c. Monitor and detect errors in source documents. d. Detect and control errors arising from use of equipment. H.23 A good example of application (user) computer software is a. Payroll processing program. b. Operating system program. c. Data management system software. d. Utility program. H.24 Which of the following would lessen internal control in a computer system? a. The computer librarian maintains custody of computer program instructions and detailed lists. b. Computer operators have access to operator instructions and detailed program lists. c. The control group is solely responsible for the distribution of all computer output. d. Computer programmers write and debug programs that perform routines designed by the systems analyst. H.25 Which of the following is true with respect to fraud risk factors in an electronic environment? a. Employees are more intelligent in an electronic environment. b. Auditors cannot audit the information system during the year. c. Larger dollar amounts are involved in an electronic environment. d. Employees have greater access to information systems and computer resources in an electronic environment. H.26 A procedural control used in the management of a computer center to minimize the possibility of data or program file destruction through operator error includes a. Control figures. b. Crossfooting tests. c. Limit checks. d. External labels. H.27 An auditor would most likely use computer-assisted audit tools and techniques (CAATTs) to a. Make copies of client data files for controlled reprocessing. b. Construct a parallel simulation to test the client's computer controls. c. Perform tests of a client's hardware controls. d. Test the operating effectiveness of a client's password access control. H.28 Which of the following client computer systems generally can be audited without examining or directly testing the computer programs of the system? a. A system that performs relatively uncomplicated processes and produces detailed output. b. A system that affects a number of master files and produces a limited output. c. A system that updates a few master files and produces no other printed output than final balances. d. A system that performs relatively complicated processing and produces very little detailed output. H.29 The client's computerized exception reporting system helps an auditor to conduct a more efficient audit because it a. Condenses data significantly. b. Highlights abnormal conditions. c. Decreases the tests of computer control requirements. d. Is an efficient computer input control. H.30 An auditor will use the test data method to gain certain assurances with respect to a. Input data. b. Machine capacity. c. Control procedures contained within the program. d. General control procedures. H.31 Assume an auditor estimates that 10,000 cash disbursement checks were issued during the accounting period. If a computer application control, which performs a limit check for each check request, is to be subjected to the auditor's test data approach, the sample should include a. Approximately 1,000 test items. b. A number of test items determined by the auditor to be sufficient under the circumstances. c. All of the transactions. d. One transaction.
Can you help me get started on this assignment? Thank you. See *ATTACHED* file for complete details!
Your schedule and statement must be in proper form - this means they should look like they would in an annual report - and not in a spread sheet or a work sheet. Individual overheads should be listed rather than just a total being given. Greenville Products Inc. is a manufacturing firm. The company's inventory balances were