In 2011, KP Building Inc. began work on a four-year construction project (called â??Cincy Oneâ?). The contract price is $300 million. KP uses the percentage-of-completion method of accounting. At the end of 2011, the following financial statement information indicates the results to date for Cincy One: INCOME STATEMENT G
Devoe Construction Company is considering selling excess machinery with a book value of $280,000 (original cost of $400,000 less accumulated depreciation of $120,000) for $292,000, less a 5% brokerage commission. Alternatively, the machinery can be leased for a total of $312,000 fr five years, after which it is expected to have
Explain the benefits of a proprietorship as compared with a LLC. I would choose proprietorship as the business structure, if I were to set up an own Certified Public Accounting (CPA) practice. I know the benefits about cost, taxes, and sharing the profits with anyone. Explain what are others benefits to chose proprietorship as the business structure.
Explain the benefits of a proprietorship as compared with a LLC. I would choose proprietorship as the business structure, if I were to set up an own Certified Public Accounting (CPA) practice. I know the benefits about cost, taxes, and sharing the profits with anyone. Explain what are others benefits to chose prop
See attached file for proper format of tables. 1. The following data pertain to Harriman Company's operations during July: July 1 July 31 Raw materials inventory $0 $3,900 Work in process inventory ? $2,300 Finished goods inventory $13,400 ? Other data: Cost of goods manufactured $106,000 Raw material
1. Consider the following costs incurred in a recent period: Direct materials $34,200 Depreciation on factory equipment $14,000 Factory janitor's salary $24,500 Direct labor $29,100 Utilities for factory $10,200 Selling expenses $17,800 Production supervisor's salary $35,500 Administrative expenses $21,600 W
Please help me solve these two managerial accounting exercises. Thanks! Exercise 1. Yimron Corporation uses the weighted-average method in its process costing system. Information for the month of March concerning Department A, the first stage of the company's production process, follows: Materials Conversion Cost W
1. Job costing, accounting for manufacturing overhead, budgeted rates. The Solomon Company uses a job-costing system at its Dover, Delaware, plant. The plant has a Machining Department and a Finishing Department. Solomon uses normal costing with two direct- cost categories ( direct materials and direct manufacturing labor) and t
Southern Inc. has EBIT of $3,500,000, and total capital of $20,000,000 that is 15% debt. There are 1,700,000 shares outstanding, which sell at book value. The firm pays 10% interest on its debt and is subject to a combined tax rate of 40%. Southern plans to restructure its capital to 60% debt. a. Make a simple calculation tha
The Case Mary DeFontes bought a computer and a service contract from Dell Computers Corp. DeFontes was charged $950.51, of which $13.51 was identified on the invoice as 'tax'. This amount was paid to the state of Rhode Island. DeFontes and other Dell customers filed a suit in a Rhode Island state court against Dell, claiming
Discuss what absorption, variables, and throughput costing are. Determine when each would be used. Provide an explanation and example of all three.
Can you help me get started with this assignment? I am struggling here... Write a report about any book that relates to sales. Use APA formatting, including double spaced. Good grammar is important and good choice of words, too. DO NOT forget to provide some references. Thanks!!!
Will the equilibrium price for these categories of steel in the United States market increase or decrease? Explain.
The US International Trade Commission's committee in charge of the global safeguard investigation involving imports of steel has announced its recommendations to be forwarded to the president. Of the 33 steel product categories investigated, 12 have experienced a significant increase in the quantity of imported steel, causing se
Parent Corporation has owned 60% of Subsidiary Corporation's single class of stock for a number of years. Tyrone owns the remaining 40% of the Subsidiary stock. On August 10 of the current year, Parent purchases Tyrone's Subsidiary stock for cash. On September 15, Subsidiary adopts a plan of liquidation. Subsidiary then makes a
Costs continue to rise in Corporate America. In many cases, this diminishes the benefit, particularly with health care. It has also been said that people's individual decisions may be a primary cause of the rising costs. 1- What ways do you feel are best to help control those costs? 2- What are the concerns for low-income individuals? II-It seems that consumer needs often dictate the product offering. This is becoming more and more prevalent in healthcare. 1- Why is consumer driven healthcare an area of focus now? 2- What are some key design features a well designed plan would include?
I- Costs continue to rise in Corporate America. In many cases, this diminishes the benefit, particularly with health care. It has also been said that people's individual decisions may be a primary cause of the rising costs. 1- What ways do you feel are best to help control those costs? 2- What are the concerns for low-inc
Gains differ from revenues because gains: a. are not a result of the entity's ongoing, central operations. b. do not have to be realized. c. are reported as income from operating activities. d. do not involve any offsetting costs or expenses. 2. The gross profit ratio is useful to the manag
1. The Draper Company is considering dropping its Doombug toy due to continuing losses. Revenue and costs data on the toy for the past year follow: Sales of 15,000 units $150,000 less Variable expenses $120,000 = Contribution margin $30,000 less Fixed expenses $40,000 = Net operating loss ($
Income statement data for Gimbels Images Company for the years ended December 31, 2010 and 2009 are as follows: Sales 196,000 160,000 Cost of Goods Sold 170,100 140,000 ------------------------------ Gross Profit 25,000 20,000 ------------------------------ Selling Expenses 12,200 10,000
ROI is a useful performance measure for divisions' profitability As it is based on comparing profit with the investment value it is possible to be affected by depreciation. When we deduct the depreciation charges, the investment value goes down thus the ROI will increase even if profits remain the same. What other drawbacks w
See attached for full data: 62. Financial statement analysis: A. Is the application of analytical tools to general-purpose financial statements and related data for making business decisions. B. Involves transforming accounting data into useful information for decision-making. C. Helps users to make better decisions. D.
Prob 15-9A Ryniak Corporation's common shares are currently selling on a stock exchange at $85 per share; and a recent balance sheet shows the following information Ryniak Corporation Shareholder's Equity April 30,2011 Contributed Capital: Preferred Shares, $2.50 cumulative, 1000 shares authorized, issued and outs
Williams Queen owns all the stock in Able and Baker Corporations. Able, a successful enterprise, has generated excess working capital of $3 million. Baker is still in its developmental stages and has had substantial capital needs. To meet some of these needs, Williams had Able lend baker $2 million during 2008 and 2009. These lo
Differential analysis involves knowing which costs are relevant, i.e. future costs that vary among alternatives. It is important to know what information to use and not just how to execute the analysis. Herrestad Company receives an offer to make a new product, called C, for a new customer. The customer wants to buy 1,000 uni
See attached file for tables. Problem 11-4A Analysis of changes in stockholders' equity accounts. The equity sections from Salazar Group's 2011 and 2012 year-end balance sheets follow. The following transactions and events affected its equity during year 2012. Required 1. How many common shares are outstanding on ea
Describe a fraud scheme that could be used for information assets and explain the controls that can mitigate this fraud risk.
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