Q3. Fougere Realtors, Inc. specializes in home re-sales. It earns revenue from selling fees. Fougere Realtors' major costs are commissions for salespersons, listing agents, and listing companies. Its business has improved steadily over the last ten years. As usual, Chris Fougere, the managing partner of Fougere Realtors, Inc.,
2. Consider the following selected cost data for the Herbivore Manufacturing Company for 2011: Budgeted manufacturing overhead costs $8,500,000 Budgeted machine hours 350,000 Actual manufacturing overhead costs $8,100,000 Actual machine-hours 335,000 The company uses normal costing. Its job-costi
Read the cash fraud schemes segment on p 697 in the attachment. Why are these the most common types of cash fraud schemes? Why are these the most common and what might be done to reduce their frequency?
See attached file. Read the cash fraud schemes segment on p 697 in the attachment. Why are these the most common types of cash fraud schemes? Why are these the most common and what might be done to reduce their frequency?
Why is a "blind" purchase order used as a receiving report document?
Could you provide your feedback to these Accounting questions below? 1. In what situation would payroll be considered a variable cost? 2. Do you think that unallocated costs are something to avoid, a necessary evil, or an integral part of business? 3. When do direct costs become tax deductible?
You are an accountant at a small accounting firm. One of your clients is looking to open a small river-rafting business. Your client will run the business operations from a mobile home office on a piece of land on the riverbank. Your client must decide the best location to start this business and has asked you to explain the acc
See attached file for template. Sammy Company manufactures and sells one product. The following information pertains to each of the company's first two years of operations: Variable costs per unit: Manufacturing: Direct materials $ 20 Direct labor $ 12 Variable manufact
1. All costs are either fixed or variable. The only difficulty in cost analysis is determining which of the two categories each cost belongs to. Do you agree? Explain. 2. Distinguish between direct, indirect, and unallocated costs. Can the same cost can be both direct and indirect? Explain your answer?
Do you think that the size and value of the product are playing a major role in going online (Internet) option? For example consumer approach to buy a book will be different then buying a car online.
Do you think that the size and value of the product are playing a major role in going online (Internet) option? For example consumer approach to buy a book will be different then buying a car online. Please include any references
What are the benefits and disadvantages to performance assessment systems in organizations? Why should management accountants be involved in the establishment and use of those measures? To what extent are these measures and assessments reliable and accurate?
What are the relative tradeoffs in assessing and utilizing cost accounting systems? Why do these approaches to cost accounting differ among nations or do they? How should companies approach the challenge of developing meaningful systems which are universally accepted?
THE FOLLOWING INFORMATION APPLIES TO QUESTIONS 20 THROUGH 22. Marguerite, Inc., expects to manufacture and sell 20,000 pool cues for $12.00 each. Direct materials costs are $2.00, direct manufacturing labor is $4.00, and manufacturing overhead is $0.80 per pool cue. The following inventory levels apply to 20x4: Beginning
What benefits do you see in being able to record the expense as soon as it is earned, rather than waiting until cash is paid?
1. You stated a good comparison between cash basis accounting and accrual basis. Many accountants believe that the cash basis of accounting fails to match efforts and accomplishments of a company in a manner that measures economic performance and true financial position. For instance, if a bill is received in January for Decembe
Which is a characteristic of management accounting? - It must follow generally accepted accounting principles -It is used primarily by internal users. - it is concerned primarily with reporting past performances. - it uses historical costs as the sole measurement unit. An example of a period cost is? - Advertising cost.
4. An equipment manufacturer has the following steps in its order entry process: a. Take the order and fax it to order entry. b. Enter the order into the system (10 percent unclear or incorrect). c. Check stock availability (stock not available for 15 percent of orders). d.
ROOSTERFISH CORPORATION Roosterfish had a tax liability for 20X7 of $20,000 based on a tax rate of 40%. The accounting staff of Roosterfish is having trouble putting together the 20X7 financials. They need your help in determining the tax expense and deferred tax amounts for 20X7. The enacted tax rates for the future peri
How has the Internet affected price considerations? Analyze several different industries, such as airlines, sales, hotel reservations, and book sales.
What are tax loopholes? How do loopholes arise? Do you think it is ethical to take advantage of tax loopholes?
Could you please help me with the given questions?: What is the effective tax rate? When is this used?
Smithton, Inc. makes and sells one product, the standard costs of which are as follows: Direct materials (2 kg at 3.00/kg) = 6.00 Direct labour (30 minutes at 10.00/hr) = 5.00 Fixed overheads = 2.50 Total = 13.50 Selling price = 20.00 Standard profit margin = 6.50 The monthly production and sales are planned to be
Zhang Incorporated her sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100% of the corporation's stock. The property transferred to the corporation had the following Fair Market Value and Tax Adjusted Basis. FMV Tax
Client Consultation: The internal auditor from a Fortune 500 company would like to have a consultation with your forensic accounting firm. The internal auditor and members of the staff suspect irregularities in cash outflows, specifically in the areas of check tampering and employee reimbursements. Question 1: What is ch
Explorer Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 900 units. The costs and percentage completion of these units in beginning inventory were: Materials costs $10,500 -- 75% complete Conversion costs $6,400 --
Billy Bing Ping Pong Corporation manufactures a single product, premium pink ping pong balls. Each premium pink ping pong ball sells for $500.00 each. Selected operating information from last month is as follows: Variable costs per unit: Direct materials $17.50 Direct labor $5.33 Manufacturing overhead $2.50 Selling &
Reaves Professional Services - Determine the gross pay and the net pay for each of the three employees for the current pay period.
Reaves Professional Services has three employees--a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Consultant Computer Programmer Administrator Regular earning $3000 per week $
What is the purpose of depreciation? Does the book value of a fixed asset (cost minus accumulated depreciation) communicate to a user what the asset is worth? Explain why or why not. Should the financial statements reflect the value of fixed assets? Explain why or why not.
Question 1 Smith Corp. received cash of $20,000 that was included in revenues in its 2011 financial statements, of which $12,000 will not be taxable until 2012. Smith's enacted tax rate is 30% for 2011, and 25% for 2012. What amount should Scott report in its 2011 balance sheet for deferred income tax liability? Show calcula
The city of Brookville maintains its books to prepare fund accounting statements. It prepares worksheet adjustments in order to prepare government-wide statements. As such, Brookville's internal service fund--a print shop fund--is included in the proprietary funds statements. Required: Prepare necessary adjustments in orde
Southern State University has chosen to report as a public university, reporting as a special-purpose entity engaged only in business-type activities. Deferred revenues were reported as of July 1, 2004, in the amount of $5,500,000. Record the following transactions related to revenue recognition for the year ending June 30, 2005
Problem 1 The Pearce Company had the following actual data for 2008: Units of finished goods Opening inventory - Production 14,000 Sales 12,500 Ending inventory 1,500 The basic production data at standard unit costs for the two years were: Direct materials $25 Direct labor 17 Variable factory overhead 3 St