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The Dean Company Accounting

The Dean Company produces and sells a single product. The following data refer to the year just completed: Selling price $450 Units in beginning Inventory 0 Units produced 25,000 Units sold 22,000 Variable costs per unit: Direct materials $ 200 Direct labor $ 50 Variable manufacturing overhead $

How would you describe the difference between a tax refund and a tax benefit?

a) How would you describe the difference between a tax refund and a tax benefit? b) What are the chances that a company will have 20 years of losses to actually use a loss carryforward (and still be in business)? How do accounting principles support holding an asset in the balance for this long? c) There are situations whe

Financial Ratios for Yahoo

Please help with the following accounting problem - figure out the financial ratios for the company "Yahoo" over the last 5 years. Below are the ratios needed: Ratios: ROI ROE Price Earnings Cash Dividends per share Dividend Yield Dividend Payout Ratio Working Capital Acid Test Ratio Asset Turnover Inventory Turno

Accounting Assistance Needed: Rachel's basketweaving shop.

Rachel Rey recently opened her own basketweaving studio. She sells finished baskets in addition to the raw materials needed by customers to weave baskets of their own. Rachel has put together a variety of raw material kits, each including materials at various stages of completion. Unfortunately, owing to space limitations, Rac

Journaling-Sanchez Manufacturing

1) Sanchez Manufacturing purchases $45,000 of raw materials on account, and it incurs $50,000 of factory labor costs. Journalize the two transactions on March 31 assuming the labor costs are not paid until April. Hint: Journalize entries for accumulating costs. 2) Data for Sanchez Manufacturing are given in 1. Suppor

Pitman Co. Accounting

At the beginning of 2013, Pitman Co. purchased an asset for $900,000 with an estimated useful life of 5 years and an estimated salvage value of $75,000. For financial reporting purposes the asset is being depreciated using the straight-line method; for tax purposes the double-declining-balance method is being used. Pitman Co.'s

Target Incomes for Auto A and Auto B

Assume that a car manufacturer produces two products, Auto A and Auto B. Auto A sells for $23,000 each and Auto B is a more luxurious product and sells for $32,000 each. VC for Auto A = $10,000 each and its FC runs at $100,000 per period. Auto B, on the other hand, has a cost structure of VC = $15,000 and FC = 150,000. If the co

Questions for accounting

1. What do you understand by acting in the public interest? 2. Select the FOUR factors below which distinguish a profession from an occupation A. Qualification required B. Highly skilled C. Continuing professional development D. Self-regulation E. Highly valuated services F. Training requirement G. Licensed practice H.

Accounting Theory & Measurement in Accounting

It has been said that individual opinions, values and ethics can have an impact of the way that accounting theories are constructed. Discuss what is meant by this statement. In your discussion you will need to make reference to at least two (2) accounting theories. In your opinion, what are the key principles for 'sound' meas

Factual Pattern

Create a factual pattern regarding the issue of Bailment and Abandonment.

For profit and governmental financial reporting

Below are a few questions I need some help answering. What are the differences and similarities in financial reporting in a for-profit and government organization? How do these differences and similarities affect the comparability of financial reports? Should these reports be comparable? Why or why not?

Using T Accounts To Record Transactions

Use T accounts to record transactions involving assets, liabilites and owners equity for the following: 1. James walker made an additional investment of $16000 in cash. 2. A firm purchased equipment for $9000 in cash 3. A firm sold some surplus office furniture for $1200 in cash 4. A firm purchased a computer for $2700 to

Non-Profit Accounting Transactions

Kendal County engaged in the following transactions. For each, prepare an appropriate journal entry and indicate the type of fund in which it would most likely be recorded. It levied and collected $1 million in taxes and dedicated to the repayment of outstanding general obligation bonds. It billed sponsors of a charity bic

Accounting Overview

Could you provide me with an accounting introduction including the following information: -What is the relationship between receivables and cash? -What is their influence on liquidity and solvency? -How do they affect competitiveness? -Why are sales revenue and gross margin so important? -How do they influence the profita

High-low method missing amounts.

July December E12.2 Production level, in units........... 5,000 10,000 Variable costs........................... $12,000 $ ? Fixed costs.............................. ? 18,000 Mixed costs............................

annual rate of bonds

In the section on the yield to call, a bond pays annual interest of $80 and matures after ten years. The bond is valued at $1,147 if the comparable rate is 6 percent and the bond is held to maturity. If, however, an investor expects the bond to be called for $1,050 after five years, the value of the bond would be $1,122. (See fo

How Taxes Affect Revenue Streams

Taxes and user fees provide much of the revenue for public organizations that is necessary to fund public programs. Yet, despite these revenue streams, local, state, and federal governments consistently face budgetary shortfalls in attempting to fund public programs. What changes, if any, would you make to the way governments ob

The Post-Eron Era and the FASB

Is this true and can you explain why? After the post-Enron era the FASB came up with the new requirement that require companies to record the expense at the time the stock option was awarded and many companies fought to do away with this new requirement.

The Jones Beauty Supply Co.

Part 1: On July 1, 2005, Jones Beauty Supply, a calendar-year company, sold special-order merchandise on credit and received in return an interest-bearing note receivable from the customer. Jones Beauty Supply will receive interest at the prevailing rate for a note of this type. Both the principal and interest are due in one lum

Prepare a contribution margin (behavioral, variable) income statement.

I have no idea how this thing works. Could really use some to tell me how to makes the numbers make sense. Below find production and sales information for Herrestad Company. Product information Beginning inventory 0 Units produced 10,000 Units sold 8,000 Selling price per unit $250 Variab

Accounting-Wilmington, Inc.

4. Wilmington, Inc. manufactures five models of kitchen appliances at its Mesa plant. The company is installing activity-based costing and has identified the following activities performed at its Mesa plant. 1. designing new models 2. purchasing raw materials and parts. 3. storing and managing inventory. 4. receiving and

The Claxton Company manufactures children's toys

The Claxton Company manufactures children's toys and also has a division that makes automobile parts. Due to a change in its strategic focus, the company sold the automobile parts division. The division qualifies as a component of the entity according to GAAP regarding disposal of long-lived assets. How should Claxton report the