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Accounting

block of stock

Sly and Jennifer are in the 33% tax bracket for ordinary income and the 15% bracket for capital gains. They have owned several blocks of stock for many years. They are considering the sale of two blocks of stock. The sale of one would produce a gain of $12,000 while the sale of the other would produce a loss of $18,000. For purp

Keenie Beenie Partners has gross operating revenue of $400,000

Keenie Beenie Partners has gross operating revenue of $400,000, cost of sales of %150,000, employee salaries of $40,000, a $25,000 Section 179 expense deduction, $10,000 of other depreciation, interest income of $3,000, a $4,000 capital loss, and a $600 charitable contribution deduction. a. What are the partnership's bottom

Defining the Elements of a Fraud

Please help with the following problem. Provide at least 200 words in the solution. Select a type of fraud, and identify (1) the perpetrator of the fraud, (2) the victim of the fraud, and (3) provide an explanation of what the fraud entails. Also, identify one internal control that could be implemented to reduce or prevent t

accounting scandals

1. Have the scandals of the early 2000s helped managers prioritize ethics? Explain. 2. Have we learned our lesson as a society? Explain. 3. Do we now have sufficient checks and balances in place to prevent the crises of the 1990s and early 2000s? Explain. 4. What else can be done to reduce the likelihood of unethical abuses?

Computing divisional income and RI and ROI

Eastern Merchants shows the following information for its two divisions for year one. Eastern Western Revenue....................................1,200,000 3,800,000 Cost of sales................................769,500

Microelectronics Divisions and Transfer Pricing

Microelectronics is a large electronic firm with multiple divisions. The circuit board division manufactures circuit boards, which it sells externally and internally. The phone division assembles cellular phones and sells them to external customers. Both divisions are evaluated as profit centers. The firm has the policy of t

Aquatic Manufacturing Department

Acquatic Manufacturing uses a job order cost system in each of its three manufacturing departments. Manufacturing overhead is applied to jobs on the basis of direct labor cost in Department A, direct labor hours in Department B, and machine hours in Department C. In establishing the predetermined overhead rates for 2005 the

Ackert Company Estimate of Current Stock Price

The Ackert Company's last dividend was $1.55. The dividend growth rate is expected to be constant at 1.5% for 2 years, after which dividends are expected to grow at a rate of 8.0% forever. The firm's required return (rs) is 12.0%. What is the best estimate of the current stock price? a. $37.05 b. $38.16 c. $39.30 d. $40.48

Product Cost Distortion and Product Pricing

Sounds Fine, Inc. manufactures two models of stereo speakers. Cost estimates for the two models for the coming year are as follows: Basic Model Advanced Model Direct Material ................... $160 $260 Direct Labo

depreciation and capital assets

Zinc inc. is considering the acquisition of a new processing line. The processor can be purchased for $3,750,000. It will cost $165,000 to ship and $85,250 to install the processor. A recently completed feasibility study that was performed at a cost of $65,000 indicated that the processor would produce a positive NPV. Studies ha

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