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.
Which of the following are Section 1231 assets? Explain. Assume all the items have been held long-term. a. Machinery used in the business b. Personal home c. Factory building d. Land held as an investment e. Land used in a business f. Shares of stock in Jones Corporation g. Inventory h. Musical composition h
1. Fantastic Futons go through two departments in the production process. Each futon requires two direct labor hours in Department A and one hour in Department B. the labor cost is $8 per hour in Department A, and $10 per hour in Department B. Assuming the amount budgeted to be produced in January is 30,000 units, what is th
See attached Required: Prepare the following production budgets for July, August, and September for the Hale Company: 1. Production budget 2. Materials purchase budget 3. Direct labor budget 4. Overhead budget For the quarter (quarter totals only), prepare the: 5. Cost of goods manufactured budget
Problem One: The following data have been gathered for Leigh Corporation for the month ended September 30, 2009. Prepare a bank reconciliation based on the following information: - The bank statement reveals a balance of $3,536. - The September 30, 2009, book balance was $3,200. - There was an EFT deposit of $1,800 on the b
On January 1, 2006, (JDE) bought a 55% interest in Bubba Manufacturing, Inc. (BMI). JDE paid for the transaction with $3.5 million cash and 400,000 shares of JDE common stock (par value $1.00 per share). At the time of the acquisition, BMI's book value was $16,970,000. On January 1, JDE s
Shorewood Shoes Company makes and sells a variety of leather shoes for children. For its current mix of different models and sizes, the average selling price and costs per pair of shoes are as follows: Item Price $20 Costs: Direct materials $6 Direct labor 4 Variable manufacturing support 2 Variable selling suppo
1. On October 6,2011 Greenbelt Construction traded in an old tractor for a new truck, receiving a $56,000 trade in allowance and paying the remanning $164,000 in cash. The old tractor cost $190,000 and straight line amortization of $105,000 had been recorded as of October 6, 2011. Assume the fair value of the old tractor was equ
See attached Excel file. Chapter 10 PROBLEM ONE The Keaton, Lewis, and Meador partnership had the following balance sheet just before entering liquidation: CASH 10000 LIABILITIES 130000 NON CASH ASSETS 300000 KEATON CAPITAL 60000 LEWIS CAPITAL 40000 MEADOR CAPITAL 80000
Accounting Questions: Intercompany Transactions, Realized Income, Consolidation Elimination Entries, Depreciation, and more...
** Please see attached EXCEL file for complete details. **
It has been argued by a journalist that utility companies should not be allowed to pay cash dividends.
It has been argued by a journalist that utility companies should not be allowed to pay cash dividends. His reasoning is that it would reduce their need to raise external capital, thereby reducing their transaction costs and ultimately lowering their cost of capital. These savings would ultimately be passed on to customers in t
Explain what is meant by a Monte Carlo simulation? Explain what is meant by operational gaming and give one example.
See attached file for clarity. 4- 2 How does a job-costing system differ from a process-costing system? 4- 16 Job costing, process costing. In each of the following situations, determine whether job costing or process costing would be more appropriate. a. A CPA firm l. A landscaping company b. An oil refinery
Using the Internet find a recent case (within the last 18 months) in the news of business fraud, involving systems and/or information breach. Summarize the situation, identify the control issues that were compromised and discuss what could have been done to mitigate the loss. Please refer to the 6 questions below and adapt them
The Blade Division of Axe Company produces hardened steel blades. One-third of Blade's output is sold to the Forestry Products Division of Axe; the remainder is sold to outside customers. Blades' estimated operating profit for the year is: Forestry Outside Division Customers Sales $15,000 $40,000
How do partnerships and corporations differ in accounting processes? Reporting? Financial Statements? What are the benefits of each? How would you select one from another? The Paper: -Must be double-spaced (excluding the title page, reference page, exhibits, etc.) and formatted according to APA style as outlined in your
I have to calculate the two options and find out which one is the better choice. Dishmachine is $11,000. Option 1: To buy the dishmachine directly, you will have to pay more than $11,000 after three years because the cost of the dishmachine may increase over the period of next three years. Use the Internet or other rel
The Lynn Company uses a job-costing system at its Minneapolis plant. The plant has has a Machining Department and an Assembly Department. Its job-costing system has two direct-cost cateories (direct materials and direct manufacturing labor) and two manufacturing overhead cost pools (the Machining Department overhead, allocated
Discuss the importance of asset allocation in constructing the investment portfolio. Make sure you cover the following: Asset classes Percentage of assets classes within the portfolio Defend your allocation percentages given the target risk tolerance and investment horizon. Include references.
1. Which of the following does not affect retained earnings? b. Investments by stockholders c. Declaration and payment of dividends d. Earnings of revenues e. Incurring of expenses 2. A company recorded office supplies in an asset account when the supplies were purchased. Failure to take inventory and make an adjusting entr
Present several different types of costs that are used in cost accounting, please discuss why you think it is important for companies to identify and track these costs differently. Please use an example to support your assertions. Please discuss how a company may also evolve their cost accounting and cost tracking over time
Thank you in advance for helping me understand this!! ------------------ 2- 28 Inventoriable costs versus period costs. Each of the following cost items pertains to one of these companies: General Electric (a manufacturing- sector company), Safeway ( a merchandising- sector company), and Google ( a service- sector company)
(Expense Recognition Principle) Daniel Barenboim sells and erects shell houses, that is, frame structures that are completely finished on the outside but are unfinished on the inside except for flooring, partition studding, and ceiling joists. Shell houses are sold chiefly to customers who are handy with tools and who have ti
For 2010, Omaha Mechanical has a monthly overhead cost formula of $42,900 + $6 per direct labor hour. The firm's expected annual capacity is 78,000 direct labor hours, to be incurred evenly each month. Making one unit of the company's product requires 1.5 direct labor hours. a. Determine the total overhead to be applied per uni
Epad-Books Ltd has purchased the following intangible assets in separate transactions: a A copyright of a novel which expires after 35 years. The company intends to use this copyright for 25 years and it is expected to be ofno value at that time. b A trademark relating to a health product. This trademark has unlimited leg
WesternGear.com is expected to have operating losses of $250,000 in its first year of business and $150,000 in its second year. However, the company expects to have income before taxes of $300,000 in its third year and $450,000 in its fourth year.The companyâ??s required rate of return is 12 percent. Required Assume a tax