Explore BrainMass

Explore BrainMass

    Accounting

    BrainMass Solutions Available for Instant Download

    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

    Journalize and post to the allowance account

    Presented here is an aging schedule for Zimmerman Company. Please see attachment. Customer Total Not Yet Due Number of Days Past Due 1â?"30 31â?"60 61â?"90 Over 90 Aaron $22,000 $12,000 $10,000 Barry 40,000 40,000 C

    Change in Asset and relationship to Income

    Dana purchased as asset from her brother for $15,000. Her brother's basis was $20,000. If Dana sells the asset to an unrelated party for $12,000, she will recognize. A: ($___)Loss). B:($___)Loss. C:-0- D($___)Loss

    OVERHEAD APPLICATION RATE

    The factory overhead costs (maintenance department) are allocated to products based on the number of hours of maintenance use by each product line. The maintenance department has fixed costs of 500,000 and variable costs of 25 per hour of maintenance provided. The variable costs include the salaries of the maintenance workers. M

    Standard Deviation: True Mean

    An irate student complained the the cost of textbooks was too high. He randomly surveyed 26 other students and found that the mean amount of money spent for textbooks was $121.60. If the standard deviation of the population was $6.36, find the best point estimate and the 90% confidence interval of the true mean.

    Standard Deviation of Book Thickness in Library

    The average thickness of books on a library shelf is 8.3 centimenters. The standard deviation is 0.6 centimeter. If 20% of the books are oversized, find the minimum thickness of the oversized books on the library shelf. Assume the variable is normally distributed.

    Standard Deviation of Height

    The average height of a certain age group of people is 53 inches. The standard deviation is 4 inches. If the variable is normally distributed, find the probability that a selected individual's height will be what?

    Make or Buy Decision for the Part

    PROBLEM ATTACHED IN THE FILE. Foulds Company makes 10,000 units per year of a part it uses in the products it manufactures. The unit product cost of this part is computed as follows: An outside supplier has offered to sell the company all of these parts it needs for $42.30 a unit. If the company accepts this offer, the fa

    Sold as Is or Processed Further Into an End Prduct?

    Geballe Industries is a division of a major corporation. Last year the division had total sales of $21,420,000, net operating income of $2,270,520, and average operating assets of $6,000,000. The company's minimum required rate of return is 10%. Question What is the division's margin? What is the division's turnover? W

    Accounting for Goodwill in Selected Countries

    The table below shows the differences in accounting treatments for goodwill in three selected countries. Accounting for goodwill in selected countries United States - No-to expense immediately; No-to charge to equity; No*-tax deductible Canada - No-to expense immediately; No-to char

    Willingford MicroBrew: Computing the Simple Rate of Return

    The management of Wallingford MicroBrew is considering the purchase of an automated bottling machine for $93,500. The machine would replace an old piece of equipment that costs $43,000 per year to operate. The new machine would cost $13,000 per year to operate. The old machine currently in use could be sold now for a scrap value

    City University, a nonprofit college, is required by the Board

    City University, a nonprofit college, is required by the Board of Regents to transfer $500,000 from its General Fund to its Sinking Fund at the end of each year. On December 31st, City University transfers $350,000 in cash. Show how city University would record this transaction. Please show the impact on both funds and the fu

    ADVERTISEMENT