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
BrainMass Solutions Available for Instant Download
Are there different types of not-for-profit organizations? Please cite sources.
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 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
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
Briefly explain how traditional methods of allocating overhead to products might under-allocate costs to low-production volume products.
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
What is the rate structure of the U.S. federal income tax? Analyze the progressive nature of the U.S. tax system and its consequences.
Assess how deductions and exemptions impact personal preferences, providing examples where applicable. You can search http://www.irs.gov for more information.
How would you improve weak internal controls to better safeguard a company's assets (provide specific examples of the weak internal control)? Would these internal controls differ with a different type of business?
(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
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
Madlem, Inc., produces and sells a single product whose selling price is $240.00 per unit and whose variable expense is $86.40 per unit. The company's fixed expense is $720,384 per month. Required: Determine the monthly break-even in either unit or total dollar sales. Show your work!
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
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
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?
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.
Three major energy credits are available to taxpayers in 2010. Research and discuss these credits. Why were these enacted? Are the credits refundable?
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
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?
Ebay businesses and federal taxation issues; damages awarded for physical injuries and federal taxation issues
A Business Made Possible by eBay. Please respond to the following: - Evaluate whether or not Ted's activities are a business or a hobby and state how you would know or what you would ask Ted. - Evaluate on a scale of 1-3, with one being ethical and three being highly unethical, Ted's actions from the perspective of the IRS.
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
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
Often taxes are used for reasons other than raising revenues. What are the other purposes for which taxes are used?
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?
Define the terms debit and credit. Explain how debits and credits affect the following: assets, liabilities, owner's capital account, revenues and expenses.
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
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.
Passive or material? Lane Mitchell is a married individual who files a separate return for the taxable year
Lane Mitchell is a married individual who files a separate return for the taxable year. He is employed full time as an accountant and also owns an interest in a minor league baseball team. He does no work in connection with the baseball activity and anticipates that it will produce a loss. He pays his wife to work as an office r