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Accounting

Fixed Assets capitalisation-Yukio mishima, Adam,Richardson

* Yukio Mishima Industries acquired equipment this year to be used in its operations. The equipment was delivered by the suppliers, installed by Mishima, and placed into operation. Some of it was purchased for cash with discounts available for prompt payment. Some of it was purchased under long-term payment plans for which the i

Jay Manufacturing - Fixed Assets Case

Jay Manufacturing, Inc. began operations five years ago producing probos, a new type of instrument it hoped to sell to doctors, dentists, and hospitals. The demand for probos far exceeded initial expectations, and the company was unable to produce enough probos to meet that demand. The company was manufacturing probos on equipme

Cost accounting

1)The following transactions occurred in October at Pawnee Workshops, a custom manufacturer of furniture: 1. Purchased $16,000 of materials. 2. Issued $800 of supplies from materials inventory. 3. Purchased $11,200 of materials. 4. Paid for materials purchased in transaction (1) 5. Issued $13,000 in direct materials to the

Should we judge managers based on budgeted performance or past performance? Why?

Which s a better criterion for judging managers, budgeted performance or past performance? Why? Production managers and marketing managers historically mix like oil and water. Discuss how a budget can assist in reducing battles between these two areas (production and marketing). What specific considerations arise when bu

Eleven Accounting Questions

1. For the year ended December 31, 2010, Kurz Co. estimated its allowance for doubtful accounts using the year-end aging of accounts receivable. The following data are available: Allowance for doubtful accounts, 1/1/10 $37,000 Estimated uncollectible accounts during 2010 (1% on credit sales of $4,000,000) 40,000

Tax for Jane: pay down mortgage, sell jewelry, depreciate vehicle

I think that the fees would be better used for paying off our house and buying a new, bigger house that I've had my eye on. Does it make better tax sense for us to pay off the mortgage, sell the house, and buy a new house, or should we just use the money to buy the new house after selling the old house? Also, I sell handcraft

Milano Corporation: Calculate missing amounts and performace in each division

Milano Corporation has three operating divisions and requires a 12% rreturn on all investments. Selected information is presented here: a. Calculate the missing amounts for each division. b. Comment on the relative performance of each division. c. Provide an example to show how residual income improves decision making at

Tax Issues for Jane Smith - Mortgages and Income

Jane Smith I think that the fees would be better used for paying off our house and buying a new, bigger house that I've had my eye on. Does it make better tax sense for us to pay off the mortgage, sell the house, and buy a new house, or should we just use the money to buy the new house after selling the old house? Also, I se

Internal controls for accounts payable for Apollo Shoes

Explain appropriate controls for accounts payable. Do not just list internal controls explain appropriate controls for accounts payable based on the Apollo Shoes case. http://www.mhhe.com/business/accounting/louwers2e/apollo.html. Review board meeting minutes for AP.

Incremental analysis for a special order

See attachment. Gruner Company produces golf discs which it normally sells to retailers for $7.16 each. The cost of manufacturing 20,200 golf discs is: Materials $10,302 Labor 29,290 Variable overhead 20,402 Fixed overhead 39,592 Total $99,586 Gruner also incurs 8% sales commission ($0.57) on each disc sold.

Fundamentals of cost accounting - 3rd edition

5. Loin Cabinetry produces two models of home shelving, the Basic-Super and the Mega-Super. Data on operations and costs for November are: Required: Compute the predetermined overhead rate, assuming Loin Cabinetry uses: (a) Direct labor hours to allocate overhead costs (b) Direct labor costs to allocate overhead costs (c)

Fundamentals of cost accounting - 3rd edition

2. A company ran a regression analysis using direct labor hours as the independent variable and manufacturing overhead costs as the dependent variable. The results are summarized below: The company is planning to operate at a level that would require 12,000 direct labor hours per month in the upcoming year. Require

advantages and disadvantages of a partnership

What are the advantages and disadvantages of organizing a business as a partnership? Compare and contrast a general partnership and a limited partnership. Under what circumstances might you set up a partnership?

Accounting: Notes Receivable and Interest

1) OBX Mufflers accepted a five-month, 7.5% interest, $2,400 note from ABD Motors on June 1, 2008. The entire balance is payable at the note's maturity. What will be the total payment on October 31, 2008? 2) George Masonry accepted a four-month, 10% interest, $1,800 note from Earth Tones on July 1, 2008. The entire balanc

Aldor Company's four operating segments: How should Segment B report?

In 2006 and 2007, each of Aldor Company's four operating segments met one of the three quantitative tests for segment reporting. In 2008, Segment B failed to qualify. I have presented a basic look at the drivers and how my company uses them. You will want to add your ideas and insights for this as well. Drivers: Intellig

Hartman Company: Use the high-low method to estimate the overhead cost behavior

5-43 Interpretation of Regression results: Simple Regression Using a Spreadsheet Hartman Company's Lucas plant manufactures thermostatic controls. Plant management has experienced fluctuating monthly overhead costs and wants to estimate overhead costs accurately to plan its operations and its financial needs. Interviews with

Thorne Company: Contribution margin by product

See attachment for better format. Thorne Company manufactures and sells three products. Relevant per unit data concerning each product are given below. Product A B C Selling price $8.96 $11.82 $16.22 Variable costs and expenses $2.72 $9.54 $11.72 Machine hours to produce 2 1 3 Compute

5-39 Account Analysis: Large limousine company, cost per unit

5-39 Account Analysis The accounting department of a large limousine company is analyzing the costs of its services. The cost data and level of activity for the past 16 months follow: Month Special Analyses Customer Accounts Paychecks Processed Accounting Service Costs 1 2 325 1029 $63,800.00 2 4 310 993 68

Unrelated Business Income Tax

For each of the following organizations, determine the amount of the UBIT. a. AIDS, Inc., an exempt charitable organization that provides support for individuals with AIDS, operates a retail medical supply store open to the general public. The net income of the store, before any Federal income taxes, is $305,000. b. The lo

fraud investigation interviews

Conducting an interview as a fraud investigator, is the interview an evidence gathering process in itself? Please elaborate.

Variance Analysis Standard Manufacturing Costs

The Beal Manufacturing Company's costing system has two direct-cost categories:direct materials and direct manufacturing labor. Manufacturing overhead (both variable and fixed) is allocated to products on the basis of standard direct manufacturing labor hours (DLH). At the beginning of 2009, Beal adopted the following standards

This post discusses the Sltakin SEC case.

Please go to http://www.sec.gov/litigation/litreleases/lr17796.htm. This SEC litigation release identifies Daniel Jacobs as a co-conspirator in Slatkin's effort to deceive the SEC. Pay close attention to the bulleted section. a. What do you learn about NAA Financial? b. Who is Michel (Mitchell) Axiall?

Critical Path Analysis (CPA)

Scope is indeed important; as is the need sometimes to change it...happens all the time! Question: does this mean the Critical Path Analysis (CPA) can change during the lifetime of a project? Please include references.

Fiscal Administration

What are the various types of consumption taxes? What are the justifications for each type Why are general sales taxes and excise taxes on liquor and tobacco often regressive? What are the major benefits and disadvantages of imposing user charges?