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Accounting

How do you compute the variance for Second, Inc.?

See attach file. SECOND, INC. HAD THE FOLLOWING STANDARD COST CARD FOR ITS PRODUCT A: DIRECT MATERIALS 2 LBS @ $4.00 PER POUND $ 8.00 DIRECT LABOR 4 HOURS @ $8.00 PER HOUR. 32.00 VARIABLE OVERHEAD 4 LABOR HOURS @ $5.00 PER LABOR HOUR 20.00 FIXED OVERHEAD 4 LABOR HOURS @ $6.00* PER LABOR

Cost allocation of food services at a hospital

Community General Hospital has a Food Services Department that provides meals for all patients in the hospital. Budgeted and actual meals served for the month just ended are: Meals Served Budgeted Actual Pediatrics Department 31,

Flexible Overhead Budget, Report and Responsibilty Report

Hay's Corporation is continuing its budget preparations. Hay's had the following static budget and overhead costs for March. Hay's Corporation Hay's Corporation Manufacturing Overhead Budget (Static) Manufacturing Overhead Costs (Actual) For the Month of March For the Month of March Budgete

Problem 13-8 Make or Buy

Hill Bicycle Manufacturing company currently produces the handlebars used in manufacturing its bicycles, which are high-quality racing bikes with limited sales. Hill produces and sells only 6,000 bikes per year. Due to the low volume of activity, Hill could buy the handlebars for $28 each; they cost $32 to make. The followin

Cause-and-Effect vs. Correlation

Cause-and-Effect vs. Correlation Introduction: A cost function is a mathematical description of how costs change. An important issue in estimating a cost function is determining whether a cause-and-effect relationship exists between the level of activity and the costs related to that level of activity. Task(s): Expla

Managerial Accounting - Qualitative factors

Background Information ? Capital budgeting and other types of relevant cost decisions attempt to quantify all of the inflows and outflows associated with choosing a particular course of action. However, sometimes firms fail to recognize some of the more obscure factors associated with these decisions. These factors are sometime

Here is a company (S&S) that Ashton Fleming has to analyze the accounts payable processes. The problem is asking to prepare a context diagram and a level 0 DFD (data flow diagram) to accounts payable and a document flowchart to document account payable processing.

Here is a company (S&S) that Ashton Fleming has to analyze the accounts payable processes. The problem is asking to prepare a context diagram and a level 0 DFD (data flow diagram) to accounts payable and a document flowchart to document account payable processing. Ashton Fleming has decided to analyze the accounts payable pr

The Happy Valley Utility Company uses turnaround documents in its computerized customer accounting system. Meter readers are provided with preprinted computer forms, each containing the account number, name, address, and previous meter readings.

The Happy Valley Utility Company uses turnaround documents in its computerized customer accounting system. Meter readers are provided with preprinted computer forms, each containing the account number, name, address, and previous meter readings. Each form also contains a formatted area in which the customer's current meter readi

Accounting for Managers

U5A1 problem 1 ZXC Firm has the following information to determine Predetermine overhead rate for Standard Costing: Estimated total manufacturing overhead costs $1,000,000 Estimated total amount of the allocation base at the level of projected activity

S Corporation vs C Corporation.

From a tax and nontax perspective, what are the advantages and disadvantages of S corporation status versus regular C corporation status?

Boyne University Case Analysis

Please see attachment for full case. Boyne University offers an extensive continuing education program in many cities throughout the state. For the convenience of its faculty and administrative staff and to save costs, the university operates a motor pool. The motor pool operated with 20 vehicles until February, when an addit

Calculations for Intangible Assets

Based on the information below, compute the total amount to be reported for intangible assets on the balance sheet for the end of the year. How do I treat intangible assets for items not to be included; how do I report? Organization costs 24,000 Trademarks 15,000 Discounts on bonds payable 35,000 Exc

Enron's use of accounting practices

"The primary motivators for Enron's accounting and financial transactions were to keep income, and cash flow up and inflated and liabilities off the books". Is this the 'purpose' of accounting and finance, to keep income up, etc? Are the negative issues now associated with accounting due to accounting itself? What about ac

Bad Debt and Uncollectible Accounts

The following information relates to a company's accounts receivable: accounts receivable balance at the beginning of the year, $300,000; allowance for uncollectible accounts at the beginning of the year, $25,000 (credit balance); credit sales during the year, $1,500,000; accounts receivables written off during the year, $16,000

Managerial Accounting Business Questions

Managerial accounting questions 1. Explain the difference between fixed and variable costs. 2. Explain whether you agree with the statement "All variable costs are controllable while all fixed costs are uncontrollable". 3. Explain the difference between direct and indirect costs. Do you agree that all variable costs ar

Material Price and Quantity Variance

Below is a question in which I found the answers for #1 a&b however I'm confused on how to determine requirement 2 the material price variance and material quantity variance. I seem to be calculating the wrong figures Thanks for your help Bandar Industries Berhad of Malaysia manufactures sporting equipment. One of the company

Choosing the correct accounting convention

Under the accounting framework, a company needs to follow the accounting conventions and asset valuation principles in preparing and publishing its financial declarations. According to Atrill and McLaney (2008), a company's financial position is measured and reported based on the following conventions and asset valuation: (i)

Activity Based Costing - Masters level course

Problem/Scenario is attached. The management of Magnet Diversified Corporation is concerned about overhead cost allocations. The corporation has been using the plant-wide rate based on direct labor costs since it began operations. The CEO, Gogo McDermitt, has been hearing a lot about Activity Based Costing and is beginning

Over and Underabsorbed Overhead

The Alphonse Company allocates fixed overhead costs by machine hours and variable overhead costs by direct labor hours. At the beginning of the year the company expects fixed overhead costs to be $600,000 and variable costs to be $800,000. The expected machine hours are 6,000 and the expected direct labor hours are 80,000. The

Critical Thinking Exercise on Topic of Non-Statutory Profit

Financial Accounting You work for the Sydney office of an international firm of public accountants. You have been asked to prepare a report for the partners on the topic of non-statutory (underlying) profit, as reported by many of the firm's corporate clients. The partners are concerned that these profit figures depart from

Cambridge Construction Company: Business Analyst

1. Cambridge Construction Company follows the percentage-of-completion method for reporting long-term contract revenues. The percentage of completion is based on the cost of materials shipped to the project site as a percentage of total expected materials costs. Cambridge's major debt agreement includes restrictions on net worth

Nova Company high low method

Nova Company's total overhead costs at various levels of activity are presented below: Month Machine Hours Total Overhead Costs April 70,000 $198,000 May 60,000 $174,000 June 80,000 $222,000 July 90,000 $246,000 Assume that the total overhead costs above consist of utilities, supervisory salaries, and maintenance. The

Conceptual framework in accounting

Explain the conceptual framework, and discuss why it is important to the accounting profession. In your opinion, do all professional accountants use the conceptual framework in their daily work activities, and if so, how?

debt and credits

Mr. Bryant invested $50,000 cash in a new corporation. The new corporation will record this transaction with a debit to: a. paid in capital and credit to retain earnings b. cash and a credit to retained income c. retained earnings and a credit to cash d. cash and a credit to paid in capital Non operating items of the

Company Analysis - Poway

Managerial Accounting, 3rd Edition, by Weygandt, Kieso, and Kimmel Solving Managerial Accounting Problems Using Microsoft Excel for Windows Exercise E6-10 Maggie Sharrer, a recent graduate of Rolling's accounting program, evaluated the operating performance of Poway Company's six divisions. Maggie made the foll

Activity-Based Costing; Budgeted Operating Margin

Activity-Based Costing; Budgeted Operating Margin Stanley Cycle Company produces two subassemblies, JY-63 and RX-67, used in manufacturing motorcycles. The company is currently using an absorption costing system that applies overhead based on direct-labour hours. The budget for the current year ending December 31, 20x4 is as

Doggy World - Performance in Dayton

Please open the attached file (P7_18A) to see the problem, also please use the attached file (Solution_CH7) to write your solution. Doggy world operates a chain of pair store in the Midwest. The manager of each store reports to the regional manager, who, in turn, reports to the headquarters in the Milwaukee, Wisconsin. The ac

Taxation issues in land exchanges

Melissa owns a residential lot in Spring Creek that has appreciated substantially in value. She holds the lot for investment. She is exchanging the lot with her father for a residential lot in McComb that she also will hold for investment. Please identify any relevant tax issues for Melissa.