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Accounting

Accounts Receivables Pension Liability

Multiple Choice, Question 65 Seasons Construction is constructing an office building under contract for Cannon Cafe. The contract calls for progress billings and payments of $620,000 each quarter. The total contract price is $7,440,000 and Seasons estimates total costs of $7,100,000. Seasons estimates that the building will t

Lone Oak's Manufacturing Overhead, Cost of Goods Manufactured

Raw material purchases $ 176,000 Direct labor 255,000 Indirect labor 109,000 Selling and administrative salaries 133,000 Building depreciation* 80,000 Other selling and administrative expenses 195,000 Other factory costs 342,000 Sales revenue ($130 per unit) 1,495,000 *Seventy-five percent of the

Physical Flow of Units, Equivalent Units, Unit & Total Costs

Piscataway Plastics Company manufactures a highly specialized plastic that is used extensively in the automobile industry. The following data have been compiled for the month of June. Conversion activity occurs uniformly throughout the production process. Work in process, June 1 - 50,000 units: Direct mater

Business Accounting

1. Work in Process, September 1 10,000 tons Units started during September ? tons Units completed during September 20,000 tons Work in process, September 30 4,000 tons 2. Work in process, February 1 12,200 kilograms Units started during February 2,6

Accounting for Concord Inc. Bonds

Concord Inc. issues (sells) $100,000 of its 10-year, 8% bonds to yield 10% on January 1, Year 1. The bonds pay interest annually on December 31. The bonds were sold with a discount of $12,289. What is the bond carrying amount (book value) at the end of Year 1? Concord Inc. issues (sells) $100,000 of its 10-year, 8% bonds to y

Accounting: Cost of Advertising and Warehouse Expense

A company has two major businesses that it operates. One business manufactures and sells unicycles for commercial use in circuses and so forth (total sales of $150M), and the other sells bicycles to the public (total sales of $20M). The unicycle business occupies 75,000 square feet of the manufacturing warehouse, and the bicycle

High-Low, Registration Analysis

On November 15, 2009, Sandra Cook, a newly hired cost analyst at Demgren Company, was asked to predict overhead costs for the companyâ??s operations in 2010 when 510 unites are expected to be produced. She collected the following quarterly data: Quarter Production In Units Overhead Costs 1/06 76

Events and Recreation Management: Criterion to Evaluate Success

1. What is an example of a criterion to evaluate an event's success? What tool would you use to measure this criterion? What other tools could be used to measure this criterion? How would an event planner utilize this information? 2. What types of information are obtained from an ROI evaluation? From what perspective does an

Effect of Events on the Accounting Equation

Valmont, Inc., experienced the following events in 2012, in its first year of operations. 1. Received $20,000 cash from the issue of common stock. 2. Performed services on account for $50,000. 3. Paid the utility expense of $12,500. 4. Collected $39,000 of the accounts receivable. 5. Recorded $9,000 of accrued sal

Bugs and Thugs, Inc. Equity

I would need assistance on the accounting exercise problems attached. 1. The common stock of Bugs & Thugs, Inc. is currently selling at $110 per share. The board decides to increase share volume prior to a new issue. The per share par value is $10; book value is $60 per share. 10m shares are outstanding and issued. a) Pro

Calculating Kanbans in a Production Process

1. A manufacturer of thermostats uses a kanban system to control the flow of materials. The packaging center processes 10 thermostats an hour and receives completed thermostats every 30 minutes. Containers hold 5 thermostats each. How many kanbans are needed for the packaging center? (Round your answer to 1 decimal place

Formula Review for Kanbans

2. Carlos Gonzales is production manager at an assembly plant that manufactures cordless telephones. The company is planning to install a pull system. The process is being planned to have a usage rate of fifty pieces per hour. Each container is designed to hold ten pieces. It takes an average of thirty minutes to complete a cyc

Gaining Power and Influence in the Workplace

Explain some different ways that members succeed in gaining power and influence in the workplace. Assess and explain a time when you gained power and influence in your own workplace. How successful was it?

Local Literacy Council donated services: FASB

Consider the following: The Local Literacy Council provides 99% of its services through volunteer tutors and those tutors can be anything from housewives to college students to store clerks to accountants to attorneys. Under FASB could these donated services be recognized with a dollar value? How might that affect the financ

Donated Services: FASB position, measurement

Let's talk about donated services. Clearly unique to nonprofits (well, I've never heard of anyone willingly donating their time and efforts to General Motors, but I guess it's possible) - What does FASB say about donated services? What do you think of the comment regarding the issue of the value of services being reliably measu

ACC/548 Govt & Not-for-Profit 2

FASB has special rules for reporting on private health care organizations. And of course, if the health care organization is associated with government (as an SPE), then GASB rules. What are the similarities and differences in the accounting practices between the two? We've been discussing about the different standard settin

Private, Investor Owned and Public Schools

So we know that all three models (private, investor owned, and public schools) have distinctions on which a standards setting body provides their accounting rules. We also know that they all use accrual accounting (economic resource measurement focus). One of the reasons it is important to distinguish between them is knowing whi

Product financing arrangement: FASB Codification Research System

Obtain the relevant authoritative literature on product financing arrangements using the FASB's Codification Research System. You might gain access at the FASB website (www.fasb.org). What is the specific citation that provides guidance for determining whether an arrangement involving the sale of inventory is in substance a

Clayton Company: Variable costing vs absorption costing

4. Clayton Company produces a single product. Last year, the company's variable production costs totaled $8,000 and its fixed manufacturing overhead costs totaled $4,800. The company produced 4,000 units during the year and sold 3,600 units. Assuming no units in the beginning inventory: A) under variable costing, the units i

Operating income/loss questions

1. Sam and Denny's ice cream shop charges $1.7 for a cone. Variable expenses are $0.34 per cone, and fixed costs total $2,200 per month. A "sweetheart"promotion is being planned for the second week of February. During this week, a person buying a cone at the regular price would receive a free cone for a friend. It is estimated

Net Income and EPS

Quantum Technology had $640,000 of retained earnings on December 31, 2010. The company paid common dividends of $30,000 in 2010 and had retained earnings of $500,000 on December 31, 2009. How much did Quantum Technology earn during 2010 and what would earnings per share be if 40,000 shares of common stock outstanding?

Cost-Volume-Profit Analysis, Manufacturing Overhead Application, etc.

1. Cost-Volume-Profit Analysis or Break-even Analysis Blue Ridge Ski Resort produces a variety of snow skis. Snow skis are produced in large batches and 10 batches are produced per year. The company's controller has recently implemented an activity-based costing (ABC) system. The following information is also available: Averag

Investment Strategies and Taxes.

Why might investment strategies designed to avoid taxes contradict the principles of efficient diversification? Please discuss in detail and provide 2 quality references.

Sustainable Growth Rate..

Assuming the following ratios are constant, what is the sustainable growth rate? Total Assets/sales 1.0 Net income/sales .1 Debt/equity .3 Dividends/net income .4

Standard Deviation for an asset's returns

The expected return for the asset shown in the following table is 18.75%. If the return distribution for the asset is described as below, what is the standard deviation for the asset's returns? Return Probability .10 .25 .20

Why are research and development costs expensed?

Why are research and development costs expensed? Is this consistent with how other similar costs are handled? Explain why or why not. Should research and development costs be expensed? Explain why or why not.

Net income is increasing and cash flows from operations

If a company's net income is increasing, but its cash flows from operating activities are decreasing, a possible cause is that the company is 1. making substantial expenditures on new equipment 2. using substantial amounts of cash to pay off its loans 3. increasing its inventory at a faster rate than its sales revenu