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Four column proof of cash and make necessary adjustments

3. The following information is available concerning the cash balance of the XXX Corporation on December 31, 2011. Cash balance per bank statement November 30 9852.46 Per bank statement December 31 11679.25 Per company records November 30 (adjusted) 10206.76 Per company records December 31, 2011 11306.74 Total re

Midwest Ice Cream Company (HBS Case) 9-175-070

Midwest Ice Cream Company (HBS Case) 9-175-070 Explain the major reasons for the favorable operating income variance of $71,700. How can an analysis of the profit variance highlight those areas needing management attention?

Filing status for taxpayers

For each of the following cases, indicate the filing status for the taxpayers for 2010 using the following legend: A - Single B - Married, filing a joint C - Married, filing separate returns D - Head of household E - Qualifying widow(er) a. Linda is single and she supports her mother (who has no income), including


What procedures will be used to collect accounting evidence?

Schedule of Cost of goods manufactured, Cost of goods sold

Computer company, a manufacturer of computer systems, started production in November 2011. Utility cost on the factory is $600 per month. Utility cost on the administrative building is $300 per month. Raw material cost for a computer total $120 per computer system. The company purchased enough materials to produce 504 com

The Federal Reserve...

a) Third National Bank is fully loaned up with reserves of $30,000 and demand deposits equal to $100,000. The reserve ratio is 10%. Households deposit $10,000 in currency into the bank. How much excess reserves does the bank now have, and what is the maximum amount of new money that can be created in the banking system as a resu

Adjusting entry to estimate uncollectible accounts.

Chaney Ltd. started business several years ago. For the year ended December 31, 2010, the following information (before adjustments) is available: Accounts Receivable 56,000 Allowance for Doubtful Accounts 350 Sales (all on account) 195,700 Sales Discounts 1,800 All accounts have normal balances Required: Prepare entries

Average costs and Variable costs as a Performance measure

The manager of the manufacturing unit of a company is responsible for the costs of the manufacturing unit. The president is in the process of deciding whether to evaluate the manager of the manufacturing unit by the average cost per unit or the variable cost per unit. Quality and timely delivery would be used in conjunction with

Flexible Budgets and Activity Variances

Harold's roof repair has provided the following data concerning it costs: Fixed Cost per Month Cost per repair-hour Wages and Salaries............$21,380 $15.80 parts and supplies

Jackie's Retail Business

Jackie's is a large, locally-owned general retail business operating out of a single location. A condensed version of their most recent annual segmented income statement is given below (all amounts in thousands of dollars). Company Dept A Dept B Depts C-F Sales $3,450 $ 345 $690 $2,415 COGS 1,538 179 3

Accounting_differential analysis report

Product J is one of the many products manufactured and sold by Gooble Company. An income statement by product line for the past year indicated a net loss for Product J of $7,250. This net loss resulted from sales of $265,000, cost of goods sold of $186,500, and operating expenses of $85,750. It is estimated that 30% of the cost

Journalize and post to the allowance account

Presented here is an aging schedule for Zimmerman Company. Please see attachment. Customer Total Not Yet Due Number of Days Past Due 1â?"30 31â?"60 61â?"90 Over 90 Aaron $22,000 $12,000 $10,000 Barry 40,000 40,000 C


The factory overhead costs (maintenance department) are allocated to products based on the number of hours of maintenance use by each product line. The maintenance department has fixed costs of 500,000 and variable costs of 25 per hour of maintenance provided. The variable costs include the salaries of the maintenance workers. M

Sold as Is or Processed Further Into an End Prduct?

Geballe Industries is a division of a major corporation. Last year the division had total sales of $21,420,000, net operating income of $2,270,520, and average operating assets of $6,000,000. The company's minimum required rate of return is 10%. Question What is the division's margin? What is the division's turnover? W

Accounting for Goodwill in Selected Countries

The table below shows the differences in accounting treatments for goodwill in three selected countries. Accounting for goodwill in selected countries United States - No-to expense immediately; No-to charge to equity; No*-tax deductible Canada - No-to expense immediately; No-to char

Willingford MicroBrew: Computing the Simple Rate of Return

The management of Wallingford MicroBrew is considering the purchase of an automated bottling machine for $93,500. The machine would replace an old piece of equipment that costs $43,000 per year to operate. The new machine would cost $13,000 per year to operate. The old machine currently in use could be sold now for a scrap value

Issa Company: Should the company accept of reject the special order?

Issa Company manufactures a personal computer designed for use in schools and markets it under its own label. Issa has the capacity to produce 25,000 units a year but is currently producing and selling only 15,000 units a year. The computerââ?¬â?¢s normal selling price is $1,600 per unit with no volume discounts. The unit-l

Jeffrey Company: Calculate net income for the year

Last year the return on total assets in Jeffrey Company was 8.5%. The total assets were 2.9 million at the beginning of the year and 3.1 million at the end of the year. The tax rate was 30%, interest expense totaled $110 thousand, and sales were $5.2 million. Net income for the year was: A) $145,000 B) $222,000 C) $33