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Accounting

C and S Corporation Forms

There are many forms of organization which may be used by individual taxpayers to operate a business. The forms for a corporation include the regular C corporation and the S corporation. What is the difference between these two forms of organization and what are the basic rules governing their corporate taxation? What tax for

Calculate EPS and Cash Dividend.

Statement of retained earnings: Hayes Inc., began 2003 with retained earnings balance of 878,000. During 2003, the firm earned 593, 000 after taxes. From this amount, preferred stockholders were paid 74,000 in dividends. At year year-end 2003, the firm's retained earnings totaled 1, 119,000.00. The firm had 129,000.00 share

Midwest Ice Cream Company (HBS Case) 9-175-070

Midwest Ice Cream Company (HBS Case) 9-175-070 Explain the major reasons for the favorable operating income variance of $71,700. How can an analysis of the profit variance highlight those areas needing management attention?

Filing status for taxpayers

For each of the following cases, indicate the filing status for the taxpayers for 2010 using the following legend: A - Single B - Married, filing a joint C - Married, filing separate returns D - Head of household E - Qualifying widow(er) a. Linda is single and she supports her mother (who has no income), including

Accounting evidence

How can analytical and inferential tools aid in the evaluation of accounting evidence?

Evidence

What procedures will be used to collect accounting evidence?

Fixed costs and few variable costs

Some firms have a lot of fixed costs and few variable costs, while other firms are configured the other way around. What effect do you think the existence of a high proportion of fixed costs has on the desirability of using ABC methods?

Schedule of Cost of goods manufactured, Cost of goods sold

Computer company, a manufacturer of computer systems, started production in November 2011. Utility cost on the factory is $600 per month. Utility cost on the administrative building is $300 per month. Raw material cost for a computer total $120 per computer system. The company purchased enough materials to produce 504 com

The Federal Reserve...

a) Third National Bank is fully loaned up with reserves of $30,000 and demand deposits equal to $100,000. The reserve ratio is 10%. Households deposit $10,000 in currency into the bank. How much excess reserves does the bank now have, and what is the maximum amount of new money that can be created in the banking system as a resu

Adjusting entry to estimate uncollectible accounts.

Chaney Ltd. started business several years ago. For the year ended December 31, 2010, the following information (before adjustments) is available: Accounts Receivable 56,000 Allowance for Doubtful Accounts 350 Sales (all on account) 195,700 Sales Discounts 1,800 All accounts have normal balances Required: Prepare entries

Average costs and Variable costs as a Performance measure

The manager of the manufacturing unit of a company is responsible for the costs of the manufacturing unit. The president is in the process of deciding whether to evaluate the manager of the manufacturing unit by the average cost per unit or the variable cost per unit. Quality and timely delivery would be used in conjunction with

Flexible Budgets and Activity Variances

Harold's roof repair has provided the following data concerning it costs: Fixed Cost per Month Cost per repair-hour Wages and Salaries............$21,380 $15.80 parts and supplies

Jackie's Retail Business

Jackie's is a large, locally-owned general retail business operating out of a single location. A condensed version of their most recent annual segmented income statement is given below (all amounts in thousands of dollars). Company Dept A Dept B Depts C-F Sales $3,450 $ 345 $690 $2,415 COGS 1,538 179 3

Accounting Depreciation for a Pressurized Spray Painter

A pressurized spray painter was purchased on April 1 of the fiscal year for $3,900. It has a useful life of 4 years and a residual value of $300. Determine depreciation expense for the first two years, assuming a fiscal year end of December 31 and using (a) the straight-line method and (b) the double-declining-balance method.

Relationship Between Variable Costs and Sales

A company has a margin of safety of 25%, a contribution margin ratio 30%, and sales of $1,000,000. (a) What was the break-even point? (b) What was the operating income? (c) If neither the relationship between variable costs and sales nor the amount of fixed costs is expected to change in the next year, how much additional ope

Accounting_differential analysis report

Product J is one of the many products manufactured and sold by Gooble Company. An income statement by product line for the past year indicated a net loss for Product J of $7,250. This net loss resulted from sales of $265,000, cost of goods sold of $186,500, and operating expenses of $85,750. It is estimated that 30% of the cost