Sonnet, Inc. has the following budgeted standards for the month of March 2010: Average selling price per diskette $5.00 Total direct material cost per diskette $0.85 Direct manufacturing labor Direct manufacturing labor cost / hour $15.00 Average labor productivity rate (disks / hour) 300 Direct marketing cost per unit $
Vitalite, Inc. produces a number of products, including a body-wrap kit. Standard variable costs relating to a single kit are given below: Standard Quantity Standard Price Standard Or Hours
Activity-Based Costing, Batch-Level Variance Analysis Rica's Fleet Feet, Inc., produces dance shoes for stores all over the world. While the pairs of shoes are boxed individually, they are crated and shipped in batches. The shipping department records both variable and fixed overhead costs. The following information pertai
In 2010, the FASB introduced a new standard for the valuation of certain property investments. Previously such investments were valued at cost. The new standard requires valuation at fair value with all gains and losses being taken to the income statement. This situation is to be treated as an acceptable change to an accountin
Methods of Estimating Costs-Account Analysis: Miller Fixtures. The accounting records for Miller Fixtures report the following costs for the past year. Direct materials: 210,000 Direct labor 175,000 Variable overhead 154,000 Production was 210,000 units.
'Budgeting is an unnecessary burden on many managers. It takes time away from important day-to-day problems.' Do you agree or disagree? Depending on your point of view, please list two advantages or disadvantages to budgeting.
What are database schema and subschema? Provide an example of how they are used in AIS.
What is the hierarchy of data in databases? Provide an example relating to an accounting application.
Recognition of Profit for Long-Term Contracts Andre Agassi Construction Co began operations January 1, 2008. During the year, Agassi entered into a contract with Lindsey Davenport Corp. to construct a manufacturing facility. At the time, Agassi estimated that it would take 5 years to complete the facility at a total cost of
Problem 21-1 Beta Division of Gotham Industries, Inc., makes three products. Last month's budgeted and actual sales and margins for these products were as follows: Budget Unit Sales Unit Margin Product 1 3200 10.00 Product 2 1700 13.00 Product 3
Great Outdoze, Inc. manufactures high-quality sleeping bags, which sell for $130 each. The variable costs of production are as follows: Direct material ........................................................................................................................................ $40 Direct labor ...................
Select the correct answer: 1. A firm has used LIFO for several years during which costs have trended higher. If this firm achieves a substantial reduction in inventory quantities in 2011 by selling more merchandise than it purchases, the effect on 2011 net income of the inventory reduction, compared to having no change in inv
Please help with the following problem. Direct Method Service Departments Profit Centers Service Dept. Electricity Water Ingots Stainless steel Total Electricity 2500 kwh 2500 kwh 3000 kwh 2000 kwh 10000 kwh Water 1000 gal 800 gal 1000 gal 2000 gal 4800 gal The total operating costs of the two service departments
The management of JC Auditorium believes that the number of events each month is a measure of activity for total clean-up cost. Shown below are event figures and total clean-up costs for the past four months: Total Number of Events Total
Demon Co. began operations on January 1, 2008. On December 31, 2008, Demon provided for uncollectible accounts based on 2% of annual credit sales. On January 1, 2009, Demon changed its method of determining its allowance for uncollectible accounts by applying certain percentages to the accounts receivable aging as follows:
Both notes to the financial statements and required supplementary information (RSI) must be included in a government's CAFR. What, then, does it matter if information is provided in notes as opposed to RSI?
Do you know how accounts were grouped so financial statements could be generated for Quicken, Quickbooks? Was it based upon some type of code assigned to each account, like a=assets,l=liabilities, etc. Also, do you know if the later versions are now using account codes for grouping?
The control of the money supply to influence aggregate economic activity such as inflation, employment and economic growth is the use of A. cross dollar exchange B. monetary policy C. fiscal policy D. all of the above the determinants of the price elasticity of demand are A. availability of substitutes B. proportion of
Please provide step-by-step solutions so I can know how to do it. Problem One: (1) Most companies use straight-line depreciation for their books but an accelerated method for the tax return. Explain why companies use these two different methods that result in the need for two sets of records. (2) Private Industries paid $
Can you help me with these questions?? 1. It is essential to choose the right CVP method, equation, contribution margin, or graphical. If you pick the wrong one, your analysis will be faulty. Do you agree? If so, why? If not, why not? 2. What is ABC? Why are more organizations adopting ABC systems? List at least three reas
Please select the correct answer: 1. At the end of the year, retained earnings totaled $1,700. During the year, net income was $250, and dividends of $120 were declared and paid. Retained earnings at the beginning of the year totaled: a. $1,570 b. $1,330 c. $2,070 d. $1,230 2. Which of the following accountin
Please select the correct answer, which one is correct?: 1. Which of the following is not a transaction to be recorded in the accounting records of an entity? a. Sale of product to customers. b. Investment of cash by the owners. c. Receipt of a plaque recognizing the firm's encouragement of employee participation in t
Please answer the two questions below: -Explain how activity-based costing system is different from department-based costing system. -In your opinion, what are the advantages/disadvantages of activity and department costing systems?
Answer 1 thru 3 True or False 1. Comparability facilitates comparisons between information about two different enterprises at a particular point of time. 2. Revenue and expense accounts are referred to as permanent or real accounts because each period they are closed out to Income Summary in the closing proces
The Fleece Enterprise makes and sells a product titled Fleece. The company is in the process of preparing its selling and administrative expense budget for next year. The following budget data are available: Variable Cost Per Fleece Sold Monthly Fixed Cost Sales commi
Suppose you were a CPA and you had invested in IBM when IBM was not one of your firm's clients. Two years later, after IBM's stock price had fallen considerably, your firm won the IBM audit contract. You will not in any way be involved in working with the IBM audit, which will be done by one of your firm's other offices in a
The data to be used is included in the sheet named as Data. The data consist of the closing prices for each month for the five-year period from June 1998 through June 2003. What is correlation coefficient? Compute the correlation coefficient of the (1) two stock returns and (2) the S&P 500 index returns with each stock's retu
At July 1, 2007, Peter Corporation had the following share capital: $2 Preferred shares, cumulative, 200,000 shares authorized, 50,000 shares issued $ 800,000 Common shares, 1,000,000 shares authorized, 100,000 shares issued 2,500,000 $3,300,000 *The preferred dividends are 2 years in arrears. On January 1,
What is the other passive activity gain or loss beside the two rental houses that the couple owns that is managed by a local realty company? Individual Tax Task - Financial Information Personal Data: Spouse A is one of the partners in Fan Company A. Spouse A is married and has a total of three children living in the h
The operating cycle for a company is one year. Do you agree? Why or why not? Provide support for your opinion by giving an example to illustrate your argument.