See attached file for proper format. Accounting Questions on Budgeting A) In today's work force there are those who earn "Salaries", "Wages" and "Base plus Commissions". Identify each distinct applicable cost. B) Exercise 13.3 & 13.4 - Cost Classifications: Mark with an X for each type COST TYPES VARIABLE CO
Why should caution be exercised in the use of the income figure derived in an income statement? How should correction of errors be reported in the financial statements? What is the difference between operating and nonoperating items? And why do we show the difference in the financial statements ?
Describe the full cost of preparing in my own kitchen a dinner for one consisting of salad (lettuce, tomatoes, and dressing), baked chicken, baked potatoes, green beans, and ice cream. Assume that on one shopping trip I purchased all of the components of this dinner except the ice cream, which I purchased on a previous shopping trip. The costs of the components were: Lettuce, one head (your serving is ¼ of the head) $1.00 Tomato (your serving is ¼ of the tomato) $0.80 Chicken, one piece (your serving is the full piece) $1.25 Potato, one (your serving is one potato) $0.25 Ice cream, one quart (your serving is ¼ of the quart) $2.50 Dressing, one bottle (your serving is one-tenth of the bottle) $2.50 Frozen green beans, one bag (your serving is ¼ of the bag) $2.20 When calculating full cost, remember that the costs of incidental items (such as salt, butter, and spices) must be considered. Describe such costs and make some reasonable estimate of the costs. 1. After considering and describing the full cost of preparing your dinner, answer the following with respect to the full costs you have calculated or described: a. Will the full cost change if you boil, instead of bake your potato? b. Will the full cost change if you microwave (as opposed to cooking on the range top) your green beans? c. Did your description of full cost include the cost of storing the ice cream? d. Did your full cost include the cost of water to wash the vegetables and chicken before preparation and the cost of paper towels to dry the vegetables and chicken? e. Did your full cost include the cost of writing the check (or using your credit card) at the supermarket? f. Did your full cost include the cost of two trips to the supermarket (gas, depreciation on your car, depreciation on your tires)? g. What are the assets employed in preparing your dinner? Did your full cost include depreciation on these assets? If you do not own the assets, did your full cost include a portion of the monthly rental of the assets? h. Did your full cost include an amount necessary to return your kitchen to its original state (i.e., a cost to clean/maintain the kitchen)? 2. Assume that you invite one friend to dinner. Will the cost of preparing the dinner "double?" Indicate which costs included in your full cost will "double" and which will not. Explain why some costs "double" and some do not. Note that this illustration of developing the full cost of a relative simple process (shopping for and preparing dinner) illustrates the types of the problems that arise and judgments that must be made in developing full cost for production in complex business situations, where many judgments must be made in determining the costs to allocate to production.
Describe the full cost of preparing in my own kitchen a dinner for one consisting of salad (lettuce, tomatoes, and dressing), baked chicken, baked potatoes, green beans, and ice cream. Assume that on one shopping trip I purchased all of the components of this dinner except the ice cream, which I purchased on a previous shopping
DATA ABC, Inc. is a newly organized manufacturing business this year. The following company's costs and expenses are: Sales price per unit $75 Manufacturing costs: Fixed Costs Variable Costs Direct materials $8 Direct labor
What is Governmental Accounting Standards and what are Financial Accounting Standards Board. What are the objectives of the GASB and the FASB. What are their similarities and what are their differences. And how do the modified accrual basis of accounting differe from full accrual accounting.
See the attachments. 3-33. The following information relates to the Richard Renick Company for 2005: Units Percent Complete Units completed in 2005
Speedy Parcel Service: high-low method, estimate the variable and fixed cost elements of the annual cost of truck operation.
Speedy Parcel Service operates a fleet of delivery trucks in a large metropolitan area. A careful study by the company's cost analyst has determined that if a truck is driven 138,000 miles during a year, the average operating cost is 14.8 cents per mile. If a truck is driven only 92,000 miles during a year, the average operating
Haaki Shop, Inc., is a large retailer of surfboards. The company assembled the information shown below for the quarter ended May 31: Amount Total sales revenue $ 1,364,000 Selling price per surfboard $ 440 Variable selling expense per surfboard $ 47 Variable administrative expense per surfboard $ 18
See attached file for the table. Determine the gross profit margin for each product produced based on the data [(selling price-ABC cost per foot) x feet produced] Determine the gross profit margin for each product produced based on the traditional costing data [(selling price-traditional cost per foot) x feet produced]
Assess the information presented in the medical group statement of revenues and expenses and calculate the operating margin for fiscal year 2006. FINANCIAL ACCOUNTINGâ?"STATEMENT OF REVENUE AND EXPENSES Statement of Revenue and Expenses for Group Practice for Year Ending June 30, 2006 REVENUE Patient service reven
See attached cell data file. Using Excel, prepare a frequency distribution from the data you collected. What are the implications?
See attached data file. Continue to collect data for five days. Is your mean increasing or decreasing? 5 days of data: 12/27/2011 10:17 PM 3475254662 11 INCOMING 12/27/2011 09:44 PM 8185194770 26 AGOURA 12/27/2011 09:17 PM 3475254662 22 INCOMING 12/27/2011 08:55 PM 3475254662 22 NWYRCYZN07 12/27/2011 06:31 P
Is there ever a time when using the minimalist reporting method is best?
The information presented here represents selected data from the December 31, 2010, balance sheets and income statements for the year then ended for three firms. Firm A Firm B Firm C Total assets, 12/31/10......................
At the end of 2007, Richards Company is conducting an impairment test and needs to develop a fair value estimate for machinery used in its manufacturing operations. Given the nature of Richard's production process, the equipment is for special use. (No secondhand market values are available.) The equipment will be obsolete in 2
Salaries: Administration Admin - 60,000, admin - 35,000, Asst. - 35,000, 2 secretaries - 42,000 , supplies - 35,000, adv - 9,000, accounting - 15,000, custodial - 13,000, security-12,000, consulting-10,000.Community Metal Health Salaries: 2 social workers - 46,000, transportation-10,000.Outpatient Mental Health: psychatrist -86,000, 2 social workers - 70,000. Provide dollar amount to reduce budgets(wors/best case analysis) need to cut 94,000 in cost. Prioritize cuts that can be made without impacting the operations or quality of the organization.
Salaries: Administration Admin - 60,000, admin - 35,000, Asst. - 35,000, 2 secretaries - 42,000 , supplies - 35,000, adv - 9,000, accounting - 15,000, custodial - 13,000, security-12,000, consulting-10,000. Community Metal Health Salaries: 2 social workers - 46,000, transportation-10,000. Outpatient Mental Health: psychatr
Assignment: Select a very simple business, one with a single product or one with approximately the same contribution margin percentage for all products. Some possibilities are: A child's lemonade stand A retail video rental store An espresso cart A retail store selling compact disks An athletic shoe store A cookie
Imagine you are the Director of Internal Audit and executive management has asked you to work with the Chief Information Officer to evaluate the security over Information Technology. Write a report of no more than 700 words, outlining the components of an effective review of security and controls over IT. Distinguish between vul
BYP11-4 Marriott Corporation split into two companies: Host Marriott Corporation and Marriott International. Host Marriott retained ownership of the corporation's vast hotel and other properties, while Marriott International, rather than owning hotels, managed them. The purpose of this split was to free Marriott International
Roberts Company purchased a machine in January 2003 for $200,000. When originally purchased, the machine had an estimated useful life of five years and an estimated residual value of $30,000. The company uses straight-line depreciation. It is now June 30, 2006, and the company has decided to dispose of the machine. Calcula
How does a corporation compute earnings and profits (E&P)? What income is deferred to a later year when computing taxable income but is included in E&P in the current year? What deductions are allowed for taxable income purposes but denied for E&P? 2. Distinguish between current and accumulated earnings and profits. Why is it important to make this distinction?
1. How does a corporation compute earnings and profits (E&P)? What income is deferred to a later year when computing taxable income but is included in E&P in the current year? What deductions are allowed for taxable income purposes but denied for E&P? 2. Distinguish between current and accumulated earnings and profits. Why is
The heights of a group of professional basketball players are summarized in the frequency distribution below. Find the standard deviation. Height (in.) Frequency 70-71 3 72-73 7 74-75 16 76-77 12 78-79 10 80-81 4 82-83 1
The heights of a group of professional basketball players are summarized in the frequency distribution below. Find the standard deviation. Height (in.) Frequency 70-71 3 72-73 7 74-75
Please assist with the following. Wal-Mart's 2011 Annual Report has to be looked at to answer question. Attempted to upload but the report is 5 MB, which is over the max limit for BrainMass. Can be accessed through this link. http://walmartstores.com/sites/annualreport/2011/
There is a certain amount of risk involved in doing business anywhere, internationally. Choose a country, and discuss the following: ?What are the political, cultural, environmental, economic, and trade risks present when doing business in the country as an outsider? ?What type of business would you do there in light of the
A new product has the following profit projections and associated probabilities: Profit Probability $150,000 0.10 $100,000 0.25 $ 50,000 0.20 $0 0.15 -$ 50,000 0.20 -$100,000 0.10 a. Use the expected value approach to decide whethe
Suppose you were appointed economic advisor to a less-developed nation in Africa. The nation seeks to encourage capital formation and wants to increase the rate of saving of its own residents and encourages foreigners to invest in their nation. What role would you assign to property taxes in this nation to achieve its objectives?
Suppose you were appointed economic advisor to a less-developed nation in Africa. The nation seeks to encourage capital formation and wants to increase the rate of saving of its own residents and encourages foreigners to invest in their nation. What role would you assign to property taxes in this nation to achieve its object
Go to the library to review at least three current business periodicals in your chosen career area. Analyze the journals for possible adoption by your current employer. Then write a justification report to your manager, stating why your office should receive the magazine (whichever you choose). Some criteria to keep in mind as you review the journals and magazines include: 1. Cost and frequency of publication. 2. Content (subject matter of articles featured in the issue you analyze and a list of regular features, usually called departments). 3. The style or technicality of the writing. 4. Information about the advertisements (specific goods, services, and companies). You do not need to use a library you can be creative or use your imagination to create that justification report by following the condition list above ( option 5)
OPTION 5 JUSTIFICATION REPORT Go to the library to review at least three current business periodicals in your chosen career area. Analyze the journals for possible adoption by your current employer. Then write a justification report to your manager, stating why your office should receive the magazine (whichever you choose).
Jones Company has the following employees on payroll: Semimonthly Withholding Marital Payroll Allowances Status Heather $4,500 4 Married Keith $4,800 3 Married Thad $2,000 1 Single Abbie $3,500 2 Single Calculate the payroll for the last pay period in April. Include in your calculations federal withholding, social security and Medicare taxes. Heather: FIT - $548.97 Keith: FIT - $670.49 SS- $279.00 SS - $297.60 Medicare - $65.25 Medicare - $69.60 Thad: FIT - $264.88 Abbie: FIT - $609.36 SS - $124.00 SS - $217.00 Medicare - $29.00 Medicare - $50.75
Please explain how you calculated the social security tax and the Medicare. I know how to get the federal but not these two. Jones Company has the following employees on payroll: Semimonthly Withholding Marital Payroll Allowances Status Heather $4,50
Evaluating an Economic Event Today's accounting professional must be able to understand and critically evaluate a variety of contexts and situations to develop the best solution to a particular circumstance. Consider your professional experience and knowledge gained from reading as you answer the following Discussion ques
1.In The Performance Consultant's Field Book (p. 202) the author relates the scenario of an HR director who developed a new performance appraisal process Read the scenario. 2.Provide a one - two page analysis of what criteria is missing from the Director's proposal? What other measures would you include in order to make this