Valmont, Inc., experienced the following events in 2012, in its first year of operations. 1. Received $20,000 cash from the issue of common stock. 2. Performed services on account for $50,000. 3. Paid the utility expense of $12,500. 4. Collected $39,000 of the accounts receivable. 5. Recorded $9,000 of accrued sal
I would need assistance on the accounting exercise problems attached. 1. The common stock of Bugs & Thugs, Inc. is currently selling at $110 per share. The board decides to increase share volume prior to a new issue. The per share par value is $10; book value is $60 per share. 10m shares are outstanding and issued. a) Pro
1. A manufacturer of thermostats uses a kanban system to control the flow of materials. The packaging center processes 10 thermostats an hour and receives completed thermostats every 30 minutes. Containers hold 5 thermostats each. How many kanbans are needed for the packaging center? (Round your answer to 1 decimal place
2. Carlos Gonzales is production manager at an assembly plant that manufactures cordless telephones. The company is planning to install a pull system. The process is being planned to have a usage rate of fifty pieces per hour. Each container is designed to hold ten pieces. It takes an average of thirty minutes to complete a cyc
Explain some different ways that members succeed in gaining power and influence in the workplace. Assess and explain a time when you gained power and influence in your own workplace. How successful was it?
FASB has special rules for reporting on private health care organizations. And of course, if the health care organization is associated with government (as an SPE), then GASB rules. What are the similarities and differences in the accounting practices between the two? We've been discussing about the different standard settin
4. Clayton Company produces a single product. Last year, the company's variable production costs totaled $8,000 and its fixed manufacturing overhead costs totaled $4,800. The company produced 4,000 units during the year and sold 3,600 units. Assuming no units in the beginning inventory: A) under variable costing, the units i
1. Sam and Denny's ice cream shop charges $1.7 for a cone. Variable expenses are $0.34 per cone, and fixed costs total $2,200 per month. A "sweetheart"promotion is being planned for the second week of February. During this week, a person buying a cone at the regular price would receive a free cone for a friend. It is estimated
Collegiate Products produces and sells padded stadium seats emblazoned with a university logo. The company has the capacity to produce as many as 6,000 seats per month but consistently averages much less. When 4,500 seats are produced, each seat has $5 of variable costs and $2 of fixed overhead costs allocated to it. The seats typically sell for $25 each. The company has been approached by a small college who wishes to purchase 500 seats for special alumni at a price of $5 per seat. If the special order weres accepted, net income would be?
Collegiate Products produces and sells padded stadium seats emblazoned with a university logo. The company has the capacity to produce as many as 6,000 seats per month but consistently averages much less. When 4,500 seats are produced, each seat has $5 of variable costs and $2 of fixed overhead costs allocated to it. The seats t
1. Cost-Volume-Profit Analysis or Break-even Analysis Blue Ridge Ski Resort produces a variety of snow skis. Snow skis are produced in large batches and 10 batches are produced per year. The company's controller has recently implemented an activity-based costing (ABC) system. The following information is also available: Averag
Why might investment strategies designed to avoid taxes contradict the principles of efficient diversification? Please discuss in detail and provide 2 quality references.
1 Crabtree Inc. produces two types of products -Ã? Gizmos and Gadgets. The following information is available related to each product: Gizmos Gadgets Sales price per unit $80 $50 Variable costs per unit 36 22 Three-fourths of the products sold are Gizmo
As of December 31, International Galleries, Ltd.'s general ledger account for Prepaid Advertising Expense had a balance of $10,000. However, an analysis of the account showed that $6,000 of that amount was for ads in the Daily Tribune newspaper that had been published during December. As of December 31, Tribune Newspaper Publishing, Inc.'s general ledger account for Unearned Advertising Revenue had a balance of $8,000. However, an analysis of the account showed that $6,000 of that amount was for International Galleries' ads that had been published during December. Which of the following adjusting entries would be appropriate on Daily Tribune's books? 1. Debit Advertising Revenue for $6,000. 2. Debit Unearned Advertising Revenue for $6,000. 3. Credit Unearned Advertising Revenue for $2,000. 4. None of the above.
As of December 31, International Galleries, Ltd.'s general ledger account for Prepaid Advertising Expense had a balance of $10,000. However, an analysis of the account showed that $6,000 of that amount was for ads in the Daily Tribune newspaper that had been published during December. As of December 31, Tribune Newspaper Publish
See the attached file. 1. Prepare the December 31, 2009, stockholders' equity section of the balance sheet assuming that the company reports net income of $72,000 for the year. Paid-in capital 8% Preferred stock, $29 par value, 50,000 shares authorized, 5,000 shares issued and outstanding $ Common stock, $5 p
During the year, Olsen Company traded an automobile plus $8,400 in cash to Barry Company for another automobile. The car Olsen used as a trade-in originally had cost $16,000, of which $14,500 has been depreciated. Olsen also purchased new office furniture during the year. The list price of the furniture was $9,600. Olsen p
McMullen Co. manufactures automatic door openers. The company uses 15,000 electronic hinges per year as a component in the assembly of the openers. You have been engaged by McMullen to assist with an evaluation of whether the company should continue producing the hinges or purchase them from an outside vendor. The Accountin
Identify and explain at least 3 accounting frauds that are commonly perpetrated by health care providers. Explain the financial and nonfinancial cost of the types of fraud that you identified above. Show how health care organizations can use the fraud triangle (situational pressures, opportunity, and rationalization) to pr
AHDI Corporation uses a job-costing system at its plant. The plant has a machining department and a finishing department. The machining department allocates overhead to the jobs based on machine hours and the finishing department allocates overhead to the jobs based on direct labor costs. The budget for the plant is as follo
Spreadsheet Assignment Karman Company has two different bonds currently outstanding. Both bonds have a par value of $26,500 and a maturity of 19 years. The required return on both bonds is 10 percent, compounded semiannually. Bond M makes no payments for the first 7 years, then pays $1,600 every six months over the su
Forensic Accounting and Fraud Examination Case Study 1: And the Fraud Continues 1. Discuss the internal control weaknesses that existed at MCI that contributed to the commission of this fraud. 2. Identify and justify the approach you would take if you suspected fraudulent activity within an organization where you work. 3
1. Compare and contrast the deductive, inductive and pragmatic research methods. 2. Discuss human information processing research and the consequences of its findings on accounting. 3. Describe all sources of accounting information that could contribute to an investor's decision to buy, hold or sell a stock. 4. Eva
7-2 Brookwood Medical Center - What motivated the managers to build a new cost system? How does the reciprocal method allocate indirect costs to revenue-producing departments?
See attached 7-2 Brookwood Medical Center "In 1990, a major insurer asked us to bid on performing all of their open-heart surgeries in the Southeast United States. We prepared a bid by puiling charges on all (not just Medicare) patients we had treated in the four diagnostic related groups (DRGs) and applying the hospit
How important is it that an organization have an exclusive right to exercise a real option? That is, can we really say that an option being considered has value if competitors may exercise it also?
GASB Statement 34 is a pretty big deal in government accounting. It mandates that governments' basic financial statements include two separate but related sets of statements. 1. What are these two separate but related sets of statements? What are their different purposes? What is the fundamental difference between the two? 2
1. Jan. 2 Invested $10,000 cash in business in exchange for common stock. 3 Purchased used car for $4,000 cash for use in business. 9 Purchased supplies on account for $500. 11 Billed customers $1,800 for services performed. 16 Paid $200 cash for advertising. 20 Received $700 cash from customers bill
How would applying a flat tax decrease errors, when the progressive tax rates is just a simple formula? How would you measure gross income? Do you think that deductions should be eliminated? Which ones and why?
1. Sentilles, Inc., a calendar year S corporation, incurred the following items this year. a. Calculate Sentilles's nonseparately computed income. b. How much ordinary income or loss is reported by Brittany Nelson, a 25% shareholder? § 1231 gain $ 11,000 Tax-exempt interes
Section 61 of the IRS Code defines income as "income from whatever source derived unless otherwise excluded." In determining income, several key concepts have evolved from this definition. Explain the following concepts and provide at leas one example of each. Explain which concept you think is most beneficial from a taxpayer's
For a transaction as a like kind exchange the property must received by the earlier of the due date including extension of the return for the year in which the transfer of the property being exchange occurred or by what day after the property given up in the exchange is transferred. A. 30 days after the transfer B. 60 days a
William Stevenson sold his warehouse to a public utility for $24,000 under a threat of condemnation. He paid $25000 for the property and spent an addition $1000 for a new roof. He had claimed $3600 depreciation in conjunction with the condemnation award, Mr. Stevenson paid $201 in legal fee. Mr. Stevenson A. Realize no gain