Explore BrainMass


Deprciation of Fixed Assets

Give two examples of fixed assets that you believe should be depreciated with different methods. Do not identify the appropriate methods.

Property Tax: Assessment Problem

Over the last few years, many people have experienced situations in which the property they purchased several years ago was assessed at a higher value than it would be in today's market. Often, when one tries to appeal the assessment, the board of assessors can actually rule that the assessed value is higher than the value at wh

Absorption, variable costing, cost variances & joint cost

Problem 1 Part A The Best Company uses absorption costing for external reporting and variable costing for internal managers. In January 2014, their first month of operation, the accountant collected the following data; Beginning inventory 0 units Standard and actual production volume 2,000 units Sales volume

CVP Memo

Instructions Review the following memorandum and provide a response to the information requested. DATE: September 12th FROM: Senior Consultant TO: Consulting Team RE: Projections for Upcoming Year A smaller 2-year old emerging venture is set to enter a new segment of its original target market, with a modified version of

Procedures in Collecting Forensic Evidence

As corporate controller for Apollo Shoes, you are tasked to find and explain any irregularities in the Apollo Shoes Case. Resource: Apollo Shoes Casebook Define the process you will use and address the following questions: What procedures will you use to collect accounting evidence? What sampling tools and techniques will yo

Movie Accounting: Forrest Gump

Forrest Gump was one of the biggest movie hits of 1994. The movie's fortunes continued to climb in 1995, as it took home Oscars in six of the 13 categories in which it was nominated, including best picture, best director and best actor. One analyst has estimated that the film could generate cash flow as much as $350 million for

Environmental Accounting: Capital Budgeting

Please answer the following questions and fill the spreadsheets in the attached file. Problem 1 Use the process and cost information provided below to assess the feasibility of the following pollution prevention projects using (only) the TCA balanced approach and the spreadsheets provided (please see the attached file).

Reporting Bonds Issued at Par LO 10-2

P10-2 Reporting Bonds Issued at Par LO 10-2 On January 1, 2014, Nowell Company issued $500,000 in bonds that mature in five years. The bonds have a stated interest rate of 8 percent and pay interest on June 30 and December 31 each year. When the bonds were sold, the market rate of interest was 8 percent. (If

Urban Outfitters: Statement of Cash Flows

Refer to the financial statements of Urban Outfitters given in Appendix C at the end of this book (or at 1. Does Urban Outfitters use the direct or indirect method to report cash flows from operating activities? Answer: Indirect Method

Depreciation at Delta Airlines: The "Fresh Start"

Estimating depreciation for matching with revenues during an accounting period requires determination of the cost, estimation of the life and residual value, and selecting a pattern for reporting depreciation over the life of the asset. Aircraft used by commercial airlines are expensive, have a finite life, and are sold and reso

Subeo versus Dragon's Den

The inventor of Subeo, a UK company that was formed in 1993 to develop small state-of-the- art underwater vehicles, is looking for a substantial investment from the dragons. You will see in the attached transcripts that a heated discussion arises about the value of Subeo's assets. Ultimately, the asset debate and related firm va

Preparing the Stockholder's Equity Section in a Balance Sheet

Witt Corporation received its charter during January 2014. The charter authorized the following capital stock: Preferred stock: 10 percent, par $10, authorized 21,000 shares Common stock: par $8, authorized 50,000 shares. During 2014, the following transactions occurred in the order given: a. Issue

Facebook's GAAP to Pro-Forma Income

In order to answer these questions, you will need to review the attached files. What information can the pro-forma earnings number provide that the GAAP earnings number does not? Give examples from Facebook of the possible differences that might exist between the two earnings numbers. What are the potential advantages and

Apple, Inc: Revenue Recognition

Obtain Apple's annual report for the 2009 financial year. The filing date is: 2009-10-27. To make sure you have the correct file, I also provided the link: Using the links provided, answer the following questions Questions: 1. Refer to the revenue r

Accounting Help

Please refer to the attachment for the questions. Do the following: 1) Prepare Income statement for company going through a bankruptcy reorganization 2) Adjusting a company coming out of reorganization to fresh start accounting 3) Reporting of debts during liquidation 4) Distribution of assets in a liquidation 5) Payments

Accounting: Fraud and Abuse

What is your experience with accounting fraud or abuse? The experience can be professional with your career or personal with volunteer work, etc. If you cannot come with your own experience, you can use examples in the course materials or other resources.

Journal Article analysis

I have 3 journal articles on internal controls and need assistance writing a one page response to each of the three summarizing the articles and any strengths and weaknesses with the author's writing on controls and how they are operating. These are the articles: 1. Hawkins, D. F. (2005). Introduction to the internal contro

Economic Order Quantity and Inventory

The High-Rise Building Company uses 400,000 tons of stone per year. The carrying costs are $100/ton. The cost per order is $500. Calculate the optimal number of orders per year. 400 100 200 300 The High-Rise Building Company uses 400,000 tons of stone per year. The carrying costs are $100/ton. The cost per order

Value of the Interest Tax Shield

If a firm permanently borrows $100 million at an interest rate of 8%, what is the present value of the interest tax shield? (Assume that the marginal corporate tax rate is 30%.) $8.00 million $5.60 million $30.00 million $26.67 million If a firm permanently borrows $50 million at an interest rate of 10%, what

After Tax Earnings, Long Term Debt and Equity

1. A firm has an average investment of $1,000 during the year. During the same time, the firm generates after-tax earnings of $150. If the cost of capital is 10%, what is the net return on investment? 2. A firm has $100 million in current liabilities, $200 million in total long-term liabilities, $300 million in stockholder

Gift Tax, Estate Tax and the Unified Crefitw

Completely answer the following questions Identify the features common to the gift tax formula and the estate tax formula. Explain why Congress felt it necessary to enact a gift tax to complement the estate tax. Describe the unified credit and the purpose it serves in the gift and estate tax.

Income Statements for a Corporation

Complete in Excel (LO3) Jack and Jill are owners of UpAHill, an S corporation. They own 25 and 75 percent, respectively. What amount of ordinary income and separately stated items are allocated to them for years 1 and 2 based on the information above? Complete UpAHill's Form 1120S, Schedule K, for year 1. Complete Jill's

Joe's Fly-by-Night Oil: Financial analysis

See the attached file for data and answer the following questions: 12. What was Joe's NOPAT in 2013? 13. What was Joe's Free Cash Flow (FCF) in 2013? (Note: For this question, assume Joe obtained no new plant and equipment or additional net working capital in 2013. Thus his Net Investment in Operating Capital (NIOC) for