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Accounting

Accounting Beyond the Numbers; manual accounting system

Your friend, Wendy Geiger, owns a small retail store that sells canies and nuts. Geiger acquires her goods from a few select vendors. She generally makes purchase orders by phone and on credit. Sales are primarily for cash. Geiger keeps her own manual accounting system using a general journal and a general ledger. At the end of

Effect on the Overall Net Operating Income

1. The management of Heider Corporation is considering dropping product J14V. Data from the company's accounting system appear below: Sales $900,000 Variable expenses $384,000 Fixed manufacturing expenses $366,0

Midwest Mills: Sell or Process Further Decision

Midwest Mills has a plant that can mill wheat grain into a cracked wheat cereal and then further mill the cracked wheat into flour. The company can sell all the cracked wheat cereal that it can produce at a selling price of $ 490 per ton. In the past, the company has sold only part of its cracked wheat as cereal and has retained

South western federal taxation 2012; money laundering; net operating loss

TOO MUCH OF A GOOD THING Clark, a prospective new client, visits your office on March 12, 2011. He wants you to prepare a Form 1120S for 2010 for his washateria, wash clean, an S corporation. Clark owns at least six different businesses in your community and has a reputation of being a risk taker and an operator. He provides y

Regression Analysis and Correlational Research

Correlational Research Being able to statistically analyze data is only part of the skillset needed to be successful in the workplace. What do the results mean and how can they be applied by management? -Paragraph 1: Briefly describe correlational research. (Research is required) -Paragraph 2: Select a variable from the

value added activities; activity based costing

(a) What are some methods a business uses to determine if the activity is value added or not? (b) How do you think business learn from customers (consumers) what is value added and what is not value added? (c) Cost pools provide more accurate cost allocation. If this method is more accurate why doesn't everyone use the ABC

Cole laboratories makes and sells a lawn fertilizer called Fastgro

Cole laboratories makes and sells a lawn fertilizer called Fastgro. The company has developed standard costs for one bag of Fastgro as follows: Standard Standard Quantity Cost per Bag Direct material 20 pounds $8.00 Direct labor 0.1 hours 1.10 Variable manuf. overhead 0.1 hours .40 The company had no beginning i

Accounting Contributed Capital

Contributed Capital listed components "are"/"are not" a part of contributed capital? Common stock: yes or no Paid-in capital in excess of par: yes or no Preferred stock: yes or no Treasury stock: yes or no

Exchange of Assets: Acquired Land by Issuing Stock

Acquired 175 acres of land by issuing 3,200 shares of common stock with par value of $1 and market value of $75.00. Market analysis reveal that the market value of the stock was a reasonable value for the land. How would I make the entry?

Accounting equation for a special revenue fund

The accounting equation for a special revenue fund is a Assets - Liabilities = Net Assets. b Financial Assets - Related Liabilities = Fund Balance. c General Capital Assets - Unmatured General Long-Term Liabilities = Net Assets. d Current and Long Term Assets - Liabilities = Fund Balance.

Equivalent Units of Production: Grayson Manufacturing Company

The Polishing Department of Grayson Manufacturing Company has the following production and manufacturing cost data for August. Materials are entered at the beginning of the process. Production: Beginning inventory 1,600 units that are 100% complete as to materials and 30% complete as to conversion costs; units started during

STOCK VALUATION TODAY AND IN THE FUTURE

Assume that a corporation is a constant growth company whose last dividend (D0, which was paid yesterday) was $2.00 and whose dividend is expected to grow indefinitely at a 6% rate. The discount rate is 13%. What is the firm's expected dividend stream over the next 3 years? What is the firm's current stock price? What is the

Allocation of Manufacturing Overhead

Manufacturing overhead is allocated to products based on the number of machine hours required. In a year when 20,000 machine hours were anticipated, costs were budgeted at $125,000. If a product requires 7,000 machine hours, how much manufacturing overhead will be allocated to this product?

Productivity Measurements for Larson's Laundry

9-49 Larson's Laundry had the following results in 20x1 and 20x3; 20X1 20X3 Pounds of laundry processed 1,360,000 pounds 1,525,000 pounds Sales Revenue $720,000 $1,014,000 Direct- Labor hours worked 45,100 hours 46,650 hours Direct Labor cost $316,00 $408,000 The Laundry used the same facilities in 20X3 as in

accounting study questions

1. Equipment is sold for cash in an amount equal to the cost of the equipment recorded on the books. How does this sale affect the accounting equation? a One asset increases; one asset decreases. b Assets increase; liabilities increase. c Assets increase; liabilities decrease. d Assets increase; owner's e

Not for profit

How do not-for-profits differ from governments in the way they account for business-type activities, such as dining halls, gift shops, and admission fees?

This post addresses calculating federal tax due.

Sheniqua, a single taxpayer, had taxable income of $73,239. Her employer withheld $14,077 in federal income tax from her paychecks throughout the year. Using the tax tables, would Sheniqua receive a refund or would she be required to pay additional tax? What is the amount?

Can cash flows be easily manipulated? Argue both sides.

The Statement of Cash Flows Many users of the financial statements assert that the statement of cash flow is the most useful statement since companies preparing this statement cannot use creative accounting practices to create cash, and measures like free cash flow are used heavily in financial analysis. However, some oppone

Textron Transfer Pricing

Use information from the latest financial statement to compute operating leverage, ROI, EVA and another performance measure of Textron, www.textron.com Reflect on the advantages and disadvantages of these performance measures.

Air Production Company - Break even, special order question

Air Production Company produces pneumatic lifts used to assist emergency rescue teams used to assist victims of auto and other accidents. The costs of manufacturing and marketing the pneumatic lifts at the company's normal volume of 3000 per month are shown in Exhibit 1. Exhibit 1 Unit manufacturing costs: Variable materi

This post addresses the Synder Software exercise.

What did you find to be the most challenging part of this problems? Explain why. Snyder Software Inc. successfully developed a new spreadsheet program. However, to produce and market the program, the company needed $2.0 million of additional financing. On January 1, 2007, Snyder borrowed money as follows. 1. Snyder issued $5

Company's total assets and annual reporting period

What are the company's total assets at the end of its most recent annual reporting period? Why is this important? What are the total assets at the end of the previous annual reporting period? Link to the financial information for Microsofts 2011 : http://www.microsoft.com/investor/reports/ar11/financial_review/index.h

Preble Company Overhead Flexible Budget Variances

March Direct material: 5.00 pounds $8.00 per pound $40.00 Budgeted Units 25,000 Direct labor: 2.00 hours $14.00 per hour $28.00 Actual Units 30,000 Advertising Variable overhead: 2.00 hours $5.00 per hour $10.00 Sales salaries and commissions Total standard cost per unit $

Depreciation and Book Value of Investment

BTech, LLC, a startup biotechnology company is preparing alternative proposals for producing a new product in an existing building. In the proposal being considered in this question, the building will be renovated and equipped in one year. Production then will start in year 1. MACRS depreciation will be used with depreciation de