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
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
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
The advantages and disadvantages of harmonizing accounting standards were summarized in this weeks readings. Expand on these advantages and disadvantages (Hint: You may wish to consult John N. Turner, "International Harmonization: A Professional Goal," Journal of Accountancy (January 1983): 58-59 and Richard Goeltz, "International Accounting Harmonization: The impossible (and Unnecessary?) Dream," Accounting Horizons (March 1991), 85-88)
Briefly explain: The advantages and disadvantages of harmonizing accounting standards were summarized in this weeks readings. Expand on these advantages and disadvantages (Hint: You may wish to consult John N. Turner, "International Harmonization: A Professional Goal," Journal of Accountancy (January 1983): 58-59 and Richa
TaxatiClifford Johnson has a limited partnership investment and a rental condominium. Clifford actively manages the rental condominium. During 2009, his share of the loss from the limited partnership was $12,000, and his loss from the rental condo was $16,000. Assuming Clifford's modified adjusted gross income is $120,000 for 2009, complete Form 8582.
Where to start with this problem: Once I know what information to look for or where to go, I can figure it out. Here is the problem: Clifford Johnson has a limited partnership investment and a rental condominium. Clifford actively manages the rental condominium. During 2009, his share of the loss from the limited partnersh
Briefly discribe the following The FASB ASC is now the sole authoritative source of all U.S. GAAP. a. What are the major goals of the FASB ASC? b. How is the FASB ASC expected to improve the practice of accounting? c. What literature is now contained in the FASB ASC? d. What should an accountant do if the guidance for
1a- A bond portfolio consists of the following debt securities: Bond 1: 3-year, zero-coupon note; $1,200,000 holdings Bond 2: 7-year, zero-coupon note; $1,500,000 holdings Bond 3: 10-year, zero-coupon note; $1,650,000 holdings Bond 4: 25-year, zero-coupon bond; $1,000,000 holdings The key rate duration of the portfolio is
Governmental accounting: Proprietary fund, Statement of net assets, statement of activities, recognizing grant revenue, special revenue fund
1) Which of the following choices regarding the proprietary fund financial statements is TRUE? A. Normally, reconciliation is required between the proprietary fund financial statements and the business-type activities column in the government-wide financial statements B. The Statement of Net Assets (or Balance Sheet) ref
Please help with the following problem. Ace Manufacturing Company produced 12,000 units and sold 10,000 units during 2010. The prime costs required for one unit of product totaled $10, along with variable factory overhead of $2. Total fixed factory overhead during 2010 was $48,000. Ace's sales expenses were $5 per unit, w
Please help with the following problem about accounting. Provide step by step calculations. Jo Company actually incurred $400,000 of factory overhead during 2011. On January 1, 2011, Jo expected to incur $500,000 in factory overhead and to work 80,000 direct labor hours during the year. 100,000 hours were actually worked dur
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.