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Accounting

Dwayne owns 50% of the stock of Tangerine (a C corporation)

Dwayne owns 50% of the stock of Tangerine (a C corporation) and 50% of the stock of Heron Corporation (an S corporation), each of which incurs an operating loss of $80,000 during 2011. Neither corporation pays any dividends during the year. Discuss Dwayne's tax consequences.

Preparing a plan to manufacture a product to sell

Assume you are running a business and must manufacture a product to sell. For this assignment, you will need to create a product and document the relevant costs. That means you will need to gather raw materials, supply the labor and overhead, and create the product. For instance, you can bake a cake, create a floral arrangement,

Under adsorption and under variable costing

Please help with the following problem. Ace Manufacturing Company produced 12,000 units and sold 10,000 units during 2010. The prime costs required for one unit of product totaled $10, along with variable factory overhead of $2. Total fixed factory overhead during 2010 was $48,000. Ace's sales expenses were $5 per unit, w

Computing Break-Even Point and After-tax Target Profit

Jo Manufacturing Company provides the following data from 2011: 20,000 units were sold for $60 each; total variable expenses were 900,000 and total fixed expenses were $240,000. Jo's income tax rate is 30%. What was Jo's break-even point in units? How many units would have to be sold to earn an after tax profit of $90,000?

Factory Overhead, Actual Costs and Normal Costs

Please help with the following problem about accounting. Provide step by step calculations. Jo Company actually incurred $400,000 of factory overhead during 2011. On January 1, 2011, Jo expected to incur $500,000 in factory overhead and to work 80,000 direct labor hours during the year. 100,000 hours were actually worked dur

Budgeting: Classify costs as variable, fixed, mixed; Define terms

See attached file for proper format. Accounting Questions on Budgeting A) In today's work force there are those who earn "Salaries", "Wages" and "Base plus Commissions". Identify each distinct applicable cost. B) Exercise 13.3 & 13.4 - Cost Classifications: Mark with an X for each type COST TYPES VARIABLE CO

Intermediate Accounting Questions

Why should caution be exercised in the use of the income figure derived in an income statement? How should correction of errors be reported in the financial statements? What is the difference between operating and nonoperating items? And why do we show the difference in the financial statements ?

Describe the full cost of preparing in my own kitchen a dinner for one consisting of salad (lettuce, tomatoes, and dressing), baked chicken, baked potatoes, green beans, and ice cream. Assume that on one shopping trip I purchased all of the components of this dinner except the ice cream, which I purchased on a previous shopping trip. The costs of the components were: Lettuce, one head (your serving is ¼ of the head) $1.00 Tomato (your serving is ¼ of the tomato) $0.80 Chicken, one piece (your serving is the full piece) $1.25 Potato, one (your serving is one potato) $0.25 Ice cream, one quart (your serving is ¼ of the quart) $2.50 Dressing, one bottle (your serving is one-tenth of the bottle) $2.50 Frozen green beans, one bag (your serving is ¼ of the bag) $2.20 When calculating full cost, remember that the costs of incidental items (such as salt, butter, and spices) must be considered. Describe such costs and make some reasonable estimate of the costs. 1. After considering and describing the full cost of preparing your dinner, answer the following with respect to the full costs you have calculated or described: a. Will the full cost change if you boil, instead of bake your potato? b. Will the full cost change if you microwave (as opposed to cooking on the range top) your green beans? c. Did your description of full cost include the cost of storing the ice cream? d. Did your full cost include the cost of water to wash the vegetables and chicken before preparation and the cost of paper towels to dry the vegetables and chicken? e. Did your full cost include the cost of writing the check (or using your credit card) at the supermarket? f. Did your full cost include the cost of two trips to the supermarket (gas, depreciation on your car, depreciation on your tires)? g. What are the assets employed in preparing your dinner? Did your full cost include depreciation on these assets? If you do not own the assets, did your full cost include a portion of the monthly rental of the assets? h. Did your full cost include an amount necessary to return your kitchen to its original state (i.e., a cost to clean/maintain the kitchen)? 2. Assume that you invite one friend to dinner. Will the cost of preparing the dinner "double?" Indicate which costs included in your full cost will "double" and which will not. Explain why some costs "double" and some do not. Note that this illustration of developing the full cost of a relative simple process (shopping for and preparing dinner) illustrates the types of the problems that arise and judgments that must be made in developing full cost for production in complex business situations, where many judgments must be made in determining the costs to allocate to production.

Describe the full cost of preparing in my own kitchen a dinner for one consisting of salad (lettuce, tomatoes, and dressing), baked chicken, baked potatoes, green beans, and ice cream. Assume that on one shopping trip I purchased all of the components of this dinner except the ice cream, which I purchased on a previous shopping

Variable and absorption cost

DATA ABC, Inc. is a newly organized manufacturing business this year. The following company's costs and expenses are: Sales price per unit $75 Manufacturing costs: Fixed Costs Variable Costs Direct materials $8 Direct labor

Governmental Accounting Standards

What is Governmental Accounting Standards and what are Financial Accounting Standards Board. What are the objectives of the GASB and the FASB. What are their similarities and what are their differences. And how do the modified accrual basis of accounting differe from full accrual accounting.

Haaki Shop, Inc. traditional & contribution format income statement

Haaki Shop, Inc., is a large retailer of surfboards. The company assembled the information shown below for the quarter ended May 31: Amount Total sales revenue $ 1,364,000 Selling price per surfboard $ 440 Variable selling expense per surfboard $ 47 Variable administrative expense per surfboard $ 18

Gross Profit Margin for Products using ABC/Traditional Costing

See attached file for the table. Determine the gross profit margin for each product produced based on the data [(selling price-ABC cost per foot) x feet produced] Determine the gross profit margin for each product produced based on the traditional costing data [(selling price-traditional cost per foot) x feet produced]

Cellphone data: Is your mean increasing or decreasing?

See attached data file. Continue to collect data for five days. Is your mean increasing or decreasing? 5 days of data: 12/27/2011 10:17 PM 3475254662 11 INCOMING 12/27/2011 09:44 PM 8185194770 26 AGOURA 12/27/2011 09:17 PM 3475254662 22 INCOMING 12/27/2011 08:55 PM 3475254662 22 NWYRCYZN07 12/27/2011 06:31 P

Prepare Job Cost Sheets for each of three jobs for Reyes Tool & Dye

See attached file for proper format. BE15-5 In January, Reyes Tool & Dye requisitions raw materials for production as follows: Job 1 $900, Job 2 $1,200, Job 3 $700, and general factory use $600. During January, time tickets show that the factory labor of $5,000 was used as follows: Job 1 $1,200, Job 2 $1,600 Job 3 $1,4

Reporting FICA Taxes and Employer Responsibilities

What is the form required to report FICA taxes to the federal government and what is the annual earnings form that an employer must give each employee. Is it the same form if the person is an employee or a contractor? Describe employer responsibilities for reporting payroll taxes and how are they classified on the company's fina

Calculate the retained earnings balance as of December 31, 2009.

Calculate retained earnings. From the following data, calculate the retained earnings balance as of December 31, 2009. Retained earnings, December 31,2010..................................$841,200 Decrease in total liabilities during 2010............................. 183,200 Gain on the sale of buildings during 2010..

Calculate the missing amounts for each firm.

The information presented here represents selected data from the December 31, 2010, balance sheets and income statements for the year then ended for three firms. Firm A Firm B Firm C Total assets, 12/31/10......................

The stockholders' equity portion of Brimstone Tire Company follows: Common Stock (2.0 million shares at $10 par) $20,000,000 Capital in excess of par 17,000,000 Retained earnings 33,000,000 $70,000,000 The current market value of Brimstone's stock is $20. Show what the balance sheet will look like (comparison to above) if Brimstone declares a 10% stock dividend.

Please respond according to description Please show calculations/work The stockholders' equity portion of Brimstone Tire Company follows: Common Stock (2.0 million shares at $10 par) $20,000,000 Capital in excess of par 17,000,000 Retained earnings 33,000,000 $70,000,000 The current market value of Brimstone's stock

Explain the elements of a negotiable instrument

Imagine you work for a privately owned company that sells home security systems and is seeking to open new locations in the five fastest growing cities throughout the United States. To succeed, the company plans to invest in a new technological infrastructure. Because the company does not have the required capital on hand to mov