I tend to agree that all the qualities are important, because there are so many different audiences that use the information. Management uses accounting information to run the business (and be sure they get bonuses based on profitability ) stockholders use it to be sure they continue to have a sound investment, a banker may use
Begal Corporation paid $20,000 in January of 2011 for premiums on a two-year life insurance policy which names the company as the beneficiary. Please see attachment for questions. Pension, Compensation & Income Tax Practice Test 17 Posting presents Analysis of tax and pension issues for: Begal Corporation Dodger Corporat
A meeting of senior managers at the Pringly Division has been called to discuss the pricing strategy for a new product. Part of the discussion will focus on estimating sales for the new product. Over the past years, a number of new products have failed to meet their sales targets. It appears that the company's profit for the yea
American Association of Acupuncturists: contribution format segmented income statement, for and against allocating all costs
The American Association of Acupuncturists is a professional association for acupuncturists that has 10,000 members. The association operates from a central headquarters but has local chapters throughout North America. The association's monthly journal, American Acupuncture, features recent developments in the field. The associa
See attachment. There are several questions that need to answered on the Transaction analysis sheet.
Mooretown incorporated has 1,7500,000 shares of common stock outstanding on Dec 31, 2014. An additional 125,000 shares of common stock were issued on Feb 1, 2015 and also on May 1, 2015. Oct 1, 2015 Mooretown issued 3,000, $1,000 face value, 8% convertible bonds. Each bond is convertible into 50 shares of common stock in 2015.
The following information was summarized from the 2006 annual report of the Coca-Cola Company: (in millions) ____________________________________________________________________________ Trade accounts receivable, less allowances of $63 and $72, respectively December 31, 2006 $2,587 December 31, 2005
North by Northwest Products makes a number of outdoor products. One of their most popular products, a cold weather sleeping bag, has the following unit information: Direct Materials Thermal filling 10 pounds @ $5.00 per pound Fabric 4 yards @ $3 per yard Direct Labor 2 hours @ $15.00 per hour Variable Overhead $5 per
Distinguish between document flowcharts, system flowcharts, data flow diagrams, and program flowcharts.
The Big Wheeled Bike Company manufactures exercise bicycles. The company was formed five years ago and has experienced a 50% annual growth rate. The company is organized by function, with vice presidents for manufacturing, marketing, finance, accounting, and general administration. The firm operates a small mainframe computer, w
Why is disaster recovery and business continuity planning important? Why should it be tested?
On January 2, 2008, Lava, Inc., purchased a patent for a new consumer product for $90,000. At the time of purchase, the patent was valid for 15 years; however, its useful life was estimated to be only 10 years due to the product's competitive nature. On December 31, 2011, the product was permanently withdrawn from sale under gov
Explain the activity-based costing (ABC) and traditional two-stage method for cost allocation for overhead. Why would a firm use activity-based costing (ABC) rather than traditional two-stage methods of cost allocation for overhead? Of the two methods, which one would you think be more costly to maintain?
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? Should the financial statements reflect the value of fixed assets? What are the different methods used to calculate depreciation? How does a company decide which metho
Selected operating data for two divisions of Outback Brewing, Ltd., of Australia are given below (the currency is the Australian dollar, denoted here as $): Division
How to calculate the first mortgage paid from the sale of fixed assets in the case of liquidation?
One unique type is the limited liability company (LLC). Perform some research in the University Library and find an article describing an LLC. Post the article name and the database in which you found it. What did you learned about LLCs from the article? Article is attached.
Need help to properly format a contribution margin income statement. Ekland Division Contribution Margin Income Statement For the Quarter Ending March 31, 2011 Sales (25,000 units x $100) 2,500,000 Variable manufacturing expenses 1,562,000 Gross Contribution Margin 938,000 Less Variabl
Feller Company issues 20,000,000 of 10 year, 9% bonds on March 1, 2010 at 97 plus accrued interest. The bonds are dated January 1, 2010, and pay interest on June 30 and December 31. What is the total cash received on the issue date? a) 19,400,000 b) 20,450,000 c) 19, 700,000 d) 19, 100,000
Edwards Co. includes one coupon in each bag of dog food it sells. In return for four coupons, customers receive a dog toy that the company purchases for 1.20 each. Edward's experience indicates that 60% of the coupons will be redeemed. During 2010, 100,000 bags of dog food were sold, 12,000 toys were purchased, and 40,000 coupon
Yummy Candy Company offers a CD single as a premium for every five candy bar wrappers presented by customers together with $3.15. The candy bars are sold by the company to distributors for 30 cents each. The purchase price of each CD to the company is $2.90; in addition it costs 50 cents to mail each CD. The results of the premi
Discuss two of the outcomes that result from netting a gain.
Please Provide 3 arguments for the current FBAR rules/penalties, and 3 arguments against the FBAR rules/penalties.
Critics say that corporations (like Wal-Mart for example), which have vowed to reduce its greenhouse emissions from the products it sells to the trucks that deliver them, may have a variety of reasons to help the environment. However, there are a number of questions which require serious consideration before a corporation goes
Many firms recognize revenus at the point of shipment. This provides an incentive to accelerate revenues by shipping goods at the end of the quarter. Consider two companies, one of which ships its product evenly throughout the quarter, and the second which ships all its products in the last two weeks of the quater. Each company'
Explain the conditions under which job order cost accounting systems and process cost accounting systems are commonly applied. Name two companies that use each system?
Generally, there will be many responses indicating that eggs do not have substitutes and that the price of eggs are not generally an issue for many consumers. Would anyone say that in this case the demand for eggs is perfectly inelastic? What is the definition of perfectly inelastic? Are there any products or services wh
What do you think will happen if the price of a dozen eggs (say a generic egg) and the price of a pound of beef (ground beef) increased by 20%? What do you think the consumer's response would be? Consider and discuss the substitutes that are available for each (are the substitutes for each similarly priced)?
1. What types of industries have unearned revenue? Why is unearned revenue considered a liability? When is the unearned revenue recognized in the financial statements? Provide a specific example. 2. Why do companies issue bonds? Would you rather buy a bond at a discount or a premium rate? Explain why. What is the determining
LeeWays Consulting Company is about to enter a very competitive market and will have little influence on prices that they can charge. LeeWays objective is hoping to generate a 14 percent first-year return (profit) on the firm's investment of $15,000,000. Although the return on investment in the consulting service industry is typ