Explain the accounting issues and methods for the following: 1. cash, inventory, and accounts receivable. Include a discussion for how inventory costing assumptions influence the resulting accounting numbers. 2. buildings and equipment. Include a discussion for how the depreciation schedule chosen influences the resulti
See attached file for clarity. Following is a comparative balance sheet for WorldView International Corporation: WorldView International Corporation Balance Sheet December 31, 2008 and 2007 2008 2007 Current assets Cash $ 10,000 $ 5,000 Short-
Go to www.irs.gov or http://www.lexisnexis.com/ to find current tax legislation. Identify and summarize a current proposed tax legislation change or tax bill. Your summarization should include an APA reference page.
Accounting 3 Problems Short term business decisions,capital investments, cost-volume profit analysis
1. The long distance company that you use charges $5.00 per month and $0.10 per minute per call. If your current bill is $25.00, how many minutes did you use? a. 250 minutes b.100 minutes c.200 minutes d.150 minutes 2. Jenny was reviewing the water bill for her doggy day spa and determined that her highest bil
Critiquing a Cost Report for Frank Weston (Jim Smith) of Freemon Corporation's Machining Department (Harbor View Machining Department)
Complete the following exercise: Frank Weston (Jim Smith), supervisor of the Freemont Corporation's (Harbor View) Machining Department, was visibly upset after being reprimanded for his department's poor performance over the prior month. The department's cost control report is given below: Freemont Corporation-Machining Depa
Explain why the answer is chosen: 13. The three sections of a statement of cost of goods manufactured include: a.variable expenses, contribution margin, fixed expenses. b. direct costs, indirect costs, operating profit. c. sales revenue, gross profit, selling and administrative expenses. d, raw material, direct la
1. Olympia Productions, Inc., makes award medallions that are attached to ribbons. Each medallion requires 18 inches of ribbon. The sales forecast for February is 8,000 medallions. Estimated beginning inventories and desired ending inventories for February are: Estimated Beginning Inve
Hughes, Inc., manufactures digital voice recorders. During 2010, total costs associated with manufacturing 209,200 of the new MV-5253 model (introduced this year) were as follows: Raw materials $ 1,781,900 Direct labor 2,954,500 Variable manufacturing overhead 753,800 Fixed manufacturing overhead 709
The following solution helps with various accounting problems. The concepts covered include cost of inventory and hours of labor.
1. Deckhand Accessories, Inc., manufactures women's boating shoes. Manufacturing overhead is assigned to production on a machine-hour basis. For 2010, it was estimated that manufacturing overhead would total $974,400 and that 67,200 machine hours would be used. (a) Calculate the predetermined overhead application rate that w
National cereal manufacturers receive high margins for many of their cereals, often ranging from 60-75 percent. By contrast, the large retail grocery chains (Kroger, Safeway, etc.) that sell cereal make much smaller margins. What would explain this divergence in margins?
Which procedures for collecting accounting evidence have you used in your career? Explain how one of these procedures was used.
From Principles of Cost Accounting - 15th Edition - VanDerbeck Madden Manufacturing, Inc., manufactures a single product and uses a standard cost system. The factory overhead is applied on the basis of direct labor hours. A condensed version of the company's flexible budget follows: Direct labor hours 5,000 6,250 10,00
1------The following infrmation is available for Hughes Co. 2010 2009 2008 ------------------------------------------------------------------------------------------------- Net income $2,500 $1,700 $1,900 Ne
Novastar Corporation issued 2,000 of its $1,000, 10% ten-year bonds dated July 1, Year 1 on July 1, Year 1, at a time when the market paid 9% for bonds of similar risk. Interest is payable annually. The bonds were properly carried at $2,134,000 upon issue. On its December 31, Year 1 financial statements, Novastar Corporation wou
Mike incurs the following employment-related expenses in the current year: Actual automobile expenses $ 2,500 Moving expenses (deductible under Sec. 217) 4,000 Entertainment expenses 1,500 Travel expenses (including $500 of business meals) 2,500 Professional dues and subscriptions 500 Total $11,000 Mike's AGI is $120,00
Is all evidence the same or is some more valuable than others? Explain.
Explain whether or not the government has been successful in its oversight of accounting fraud and abuse.
See attached for better formatting... In the T-account cost flow diagram of balance sheet inventory accounts and the cost of goods sold accounting Raw material purchases are debited to work in progress Cost of goods manufactured is debited to finished goods inventory Cost of goods sold is debited to finished goods inventor
Reflect and describe which key concepts and topics in this course have made you a stronger candidate to enter the business world.
1. Reflect and describe which key concepts and topics in this course have made you a stronger candidate to enter the business world. 2. Discuss how this course has affected you in your professional development as a student and as a person as well as encouraging you on your academic path. Respond using the critical elemen
Out of 150 multiple choice questions I am having hard time with the following 9. Chapter 1 - Introduction 1. Which of the following best describes the objective of a fraud examination? a. Make recommendations to management about how to prevent fraud. b. Determine whether financial statements are free of misstatements due
1) Why is the distinction between deductions for AGI and deductions from AGI important for individuals? 2) Al Capone's conviction in the mid 1930s has caused mobsters and illegal gangsters to rethink keeping detailed records. Why? When can you take deductions for bribes and kickbacks?
See attached. Discussion should include the following items: a. a brief description of the problem b. possible solutions (minimum of three) c. which option you prefer d. strengths and weaknesses of your selection e. conditions that would have lead to selection of each different option f. application of the k
** Please see the attached file for the properly formatted problem description ** The Hartford Symphony Guild is planning its annual dinner-dance. The dinner-dance committee has assembled the following expected costs for the event: Dinner (per person) $7 Favors and program (per person) $4 Band $1,898
Adjusted Gross Income. Amir, who is single, retired from his job this year. He received a salary of $25,000 for the portion of the year that he worked, tax-exempt interest of $3,000, and dividends from domestic corporations of $2,700. On September 1, he began receiving monthly pension payments of $1,000 and Social Security payme
Larry's Art Gallery sells oil paintings, lithographs, and bronzes to collectors and corporations. What are the tax issues with advance payments or deposits?
Customers often come to Larry looking for special pieces. In order to meet customer needs, Larry often accepts orders and then travels looking for the desired item, which he purchases and delivers to the customer. The pieces are expensive, and Larry requires customers to demonstrate their sincerity by providing deposits. If it t
As a result of their divorce, Fred agrees to pay alimony to Tammy of $20,000 per year. The payments are to cease in the event of Fred's or Tammy's death or in the event of Tammy's remarriage. In addition, Tammy is to receive their residence, which cost them $100,000 but is worth $140,000. a. Does the fact that Tammy receives
Please help with the following accounting problem. Present a proposal to benefit accounts payable in the accounting department.
What is the SEC's current view of accounting standards for publicly held companies?
Techniques, Inc. uses a predetermined manufacturing overhead rate based on direct labor hours to apply its indirect product costs to jobs. The following information has been collected for the previous year: Direct materials $150,000 Direct labor 200,000 Sales commissions 100,000 Indirect labor 50,000 Rent on office equi
Journalizing transactions and adjusting entry for stock investments. Also critical thinking questions about managements decision to sell investment holdings.
Also see attachments. P13-3A On December 31, 2008, Ramey Association owned the following securities, held as a long-term investment. The securities are not held for influence or control of the investee. Common Stock Shares Cost Hurst Co. 2,000 $60,00