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    Practice Problem for Accounting

    1. Marcus Corporation is a wholesaler that sells a single product. Management has provided the following cost data for two levels of monthly sales volume. The company sells the product for $141.30 per unit. Sales Volume (units) 6,000 7,000 Cost of Sales $347,400 $405,300 Selling & Admi

    Planning a Sample for a Test of Subsequent Cash Receipts

    Which of the following would be a consideration in planning a sample for a test of subsequent cash receipts? a) preliminary judgments about materiality levels b) The amount of bad debt write-offs in the prior year c) The size of the intercompany receivable balance d) The auditor's allowable risk of assessing control risk i

    SLP. Lewis Company Special Order Decision.

    I need help developing this SLP. Also I attached the previous one just in case is need it to develop this one since it looks like it is a continuation from the previous one.

    Ratios: Profit, Current, Debt to Equity

    What three ratios would you use to analyze a company and why would you select those three? Please explain, use examples, and give me references for further research.

    Overhead Allocation Using Different Cost Pools

    1. If Premier maintains its rule about dropping products with a mark-on below 25%, which additional products, if any, will it drop? 2. If you decide to drop additional product(s), recalculate the allocation rate for the new product mix. Keep repeating Question 1 until you reach a conclusion. What is that conclusion? Is there a

    Functions and Operations of Investment Banks

    Need to examine the functions & operations of investment banks in the U.S. economy and discuss two financial services provided by investment banks. Identify two types of securities that investment bank syndicates sell high, globally. Is it beneficial to search for the best available investment bank or should a firm stay loyal

    Accounting Assistance

    1. What is meant by the net realizable value for accounts receivable? 2. What is aging of accounts receivable, and how is it used to account for uncollectible accounts? 3. How is the accounts receivable turnover computed? What information does this ratio provide? 4. Describe what is meant by the term "goodwill." 5.

    Politics and Economic Growth

    I'm just looking for someone's opinion on the following question: The third and fourth year of presidential terms have higher average rates of real growth than the first and second years. Do you think this is a coincidence or is it a reflection of political reality that politicians are more concerned about re-election than ab

    corporate taxation

    1.Can the sec 1244 stock be preferred stock? 2.How low can the S corp owner set his own salary? 3.How are distributions taxed under an S corp? 4.Can an S corp owner forgo a salary for a distribution? 5.Is rental income considered active income? 6.How are C corporations different from and similar to S corporations? 7.Descri

    Glen and Michael are equal partners in Trout Enterprises

    Glen and Michael are equal partners in Trout Enterprises, a calendar year partnership. During the year, Trout Enterprises had gross income of $400,000 and operating expenses of $220,000. In addition, the partnership sold land that had been held for investment purposes for a long-term capital gain of $100,000. During the year, Gl

    joint costs at split off: NRV or physical-measures method

    Assume that your company operates a joint-production process that generates three main products and one by-product. If you allocate joint costs only for financial reporting, would you ever care whether you use the NRV or the physical-measures method? Explain.

    Break-Even Point/Targeted Profit

    Since break-even focuses on making zero profit, is it of value in determining how many units must be sold to make a targeted profit? if so, what is it. I'm struggling to understand this. Examples would be great as references. Also, how can a change in the sales mix change the break-even point?

    Losses and Taxable Income

    Sara owns a sole proprietorship, and Phil is the sole shareholder of a C (regular) corporation. Each business sustained a $9,000 operating loss and a $2,000 capital loss for the year. Evaluate how these losses will affect the taxable income of the two owners?

    Jordana Woolens: Accounting Problems

    18. THE FOLLOWING INFORMATION APPLIES TO QUESTIONS 18 - 20: Jordana Woolens is a manufacturer of wool cloth. The information for March is as follows: Beginning WIP: 10,000 Units Units Started: 20,000 Units Units Completed: 25,000 Units Beginning WIP - Direct Mateials: $6,000 Beginning WIP - Conversion Costs: $2,600 Direc

    Finding Equivalent Units and Total Production Costs

    I need help solving questions for the following scenario: Surf Products Company, Inc. uses an automated process to clean and polish its souvenir items. For March, the company has the following activities: Beginning WIP Inventory: 3,000 units; 1/3 complete Units Placed in Production: 12,000 units Units Completed and Transfe

    Manufacturing Overhead - Chesapeake Bay Co.

    The Chesapeake Bay Company, Inc. uses a predetermined overhead rate based on direct labor cost to apply manufacturing overhead to jobs. For the year ended December 31, 2009, the company's estimated manufacturing overhead was $600,000, based on an estimated volume of 50,000 direct labor hours, at a direct labor rate of $6.00 per

    Various Accounting Calculations

    Stanton Company use the following standards in the production of its only product: Direct Materials: 18 Pounds @ $25 per pound Direct Labor: 6 Hours @ $18 Per Hour During March, company records showed the following: Materials purchased: 12,000 Pounds @ $264,000 Materials used: 15,000 Pounds Direct Labor Hours: 4,700 Hours

    Bauer Manufacturing Company, Inc.

    Bauer Manufacturing Company, Inc. uses departmental cost driver rates to allocate manufacturing overhead costs to products. Manufacturing overhead costs are allocated on the basis of machine hours in the Machining Department and on the basis of direct labor-hours in the Assembly Department. At the beginning of 2008, the followin

    Cost of Goods Manufactured, Gross Margin, Operating Income

    Please help with the following problems. Please provide step by step calculations for each. 2. THE FOLLOWING INFORMATION APPLIES TO QUESTIONS 2-4. Harding Company reports the following information: Beginning FG Inventory, 1/1/2008 = $80,000 Ending FG Inventory, 12/31/2008= $67,000 Cost of Goods Sold = $270,000 Sales Re

    The following information pertains to the Cannady Corporation

    The following information pertains to the Cannady Corporation: Beginning WIP Inventory = $50,000 Ending WIP Inventory = $48,000 Beginning Finished Goods Inventory = $180,000 Ending Finished Goods Inventory = $182,000 Cost of Goods Manufactured = $1,220,000 What is the cost of goods sold? a $1,235,000 b

    Bachman Corp: Contribution margin

    I need help with the following: Bachman Corp. produces three products. Data concerning the selling prices and unit costs of the three products appear below: Product A B C Selling price $40 $50 $90 Variable costs 30

    CLO 9(c) Mighty Chocolate

    36. Corresponds to CLO 9(c) Mighty Chocolate manufactures three chocolate bars; plain, almond and crispy. Because of their outstanding quality. Mighty can sell all of the bars they produce. Select (per gross) data follows. Plain Almond Crispy Selling Pric

    Arco Inc. Fixed Overhead Volume Variance

    31. Corresponds to CLO 8(b) Arco Inc.'s fixed overhead budget is $400,000; the standard fixed overhead rate is $5 per direct labor hour or $10 per unit of product. During the immediate past year Arco produced 45,000 units of product, incurred $385,000 of fixed overhead, and used 82,500 direct labor hours. How much is Arco's fixe

    Variable Operating Income

    Units produced 4,800 Units 4,000 Sales $400,000 Material cost (unit level or variable) $96,000 Variable

    Material Price Variance

    The Alperti Company manufactures surgical gowns for hospitals. Their controller, Ethell Hieken is preparing the variance analysis report for October. Standard Costs are as follows: Direct Material 2.0 yards at $6 per yard Direct Labor 0.25 hours at $12 per hour During October, Ms Hieken's report shows: 100,000 gowns prod

    Direct Materials Price

    The quantity purchased is used in computing the direct materials price variance because you are looking for the difference in the price of materials for the job, whereas, when computing the materials quantity variance you are comparing the standard material quantity against what i actually took to do the job. Material price is b

    Impact on breakeven point if sale price, variable costs, and fixed costs change

    Dependable Drivers Driving School charges $250 per student to prepare and administer written and driving tests. Variable costs of $100 per student include trainers' wages, study materials, and gasoline. Annual fixed costs of $75,000 include the training facility and fleet of cars. Requirements 1. For each of the following

    This addresses employment record retention & tax software.

    1. What employment records are important to keep? Why? 2. Taxpayers are responsible to file a tax return every year. Filling in the forms by hand, tax preparation software, tax preparers are a few of the methods of completing your income tax return. Compare and contrast two available tools. Which method will you/did you use t