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Computation of Basic and Diluted EPS

P16-7 (Computation of Basic and Diluted EPS) Charles Austin of the controller's office of Thompson Corporation was given the assignment of determining the basic and diluted earnings per share values for the year ending December 31, 2011. Austin has compiled the information listed below. 1. The company is authorized to issue 8

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.

Major Energy Tax Credits

Three major energy credits are available to taxpayers in 2010. Research and discuss these credits. Why were these enacted? Are the credits refundable?

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


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

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

Bolder Bikes, Inc. manufactures mountain bike frames in Boulder Colorado

Bolder Bikes, Inc. manufactures mountain bike frames in Boulder Colorado. In 2012, they produced 24,000 frames at a total cost of $1,296,000. Frames Unlimited, Inc. has offered to supply as many frames as Boulder Bikes wants at a cost of $49.50. Boulder Bikes anticipates needing 26,000 frames each year over the next few years.

alternative minimum tax (AMT)

Enacted in the 1960s, the AMT was designed to insure high-income taxpayers pay tax. Today, more and more middle-income taxpayers are being impacted by the AMT rules. Should the AMT be changed or eliminated?

Accounting for N. Klein and Company

N. Klein & Company had the following transactions in June. Using the matching concept, decide which of these transactions represented expenses for June a. Received orders for goods with prices totaling $25,000.00; Goods to be delivered in July b. Paid Office staff $9,750.00 for work performed in June c. Products in Inven

Deciding to Take a Special Order

Biello Co. manufactures and sells medals for winners of athletic and other events. Its manufacturing plant has the capacity to produce 15,000 medals each month; current monthly production is 14,250 medals. The company normally charges $115 per medal. Cost data for the current level of production are shown below. Variable Cost