Explore BrainMass


Cost accounting problems: 4-2, 4-16, 4-19, 4-20, 4-21

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

Biz Fraud... Information Breach

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

Need to understand how to solve this problem

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

Differences in Partnerships and Corporations in Accounting

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

Analyze & Calculate the Better of Two Options for a Dishmachine

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

Job Costing, Accounting for Manufacturing OH

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

importance of Asset Allocation in classes

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.

Accounting questions

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

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 tim

Cost accounting - period costs, cost items, cost of goods purchased, and more...

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)

(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

Predetermined Overhead rate

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

Accounting treatment of copyright, trademark, intangible assets

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

EXERCISE 9-12. Cash Flow Implications of Tax Losses 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

Beacon and Dobbs: Prepare profit and loss account

Beacon and Dobbs have been in partnership as tailors for six years. Their incomplete trial balance at 31 December 19X8 is as follows. Debit Credit £ £ Capital (at 1.1.X8): - Beacon 8,000 - Dobbs 5,000 Purchases/sales 45,620 74,750 Debtors/creditors 1,21

Batch Size Decision: Constraints for Dalton Playground Equipment

PROBLEM 7-17. (Appendix) Batch Size Decision and Constraints At Dalton Playground Equipment, the powder-coating process is a bottleneck. Typically, it takes approximately two hours to switch between jobs. The time is spent cleaning nozzles and paint tanks and recalibrating equipment. Currently the company runs relatively smal

Contingency Loss reporting

According to SFAS No. 5, only contingencies in which the possible future event may indicate an asset is impaired or a liability has been incurred on the balance sheet date are candidates for accrual or disclosure. For example, if a product is defective and customers who have used the product may take some action, a contingency e

Accounting problems

Problem 1: Hess Co. manufactures a product that sells for $12 per unit. Total fixed costs are $96,000 and variable costs are $7 per unit. Hess can buy a newer production machine that will increase total fixed costs by $22,800 but variable costs will be decreased by $0.40 per unit. What effect would the purchase of the new machin

Calculate Current Break-Even Point in Units Sold, Revenue

11. What is the purpose of the explanatory notes and other financial information that is presented in the annual report in conjunction with the financial statements? Describe three items that will be presented in this section of the annual report. 12. Preppy Co. makes and sells a single product. The current selling price is

Calculate earnings

Use the appropriate information from the data provided below for the year ended December 31, 2009 to calculate the following: a. Operating income b. Income from continuing operations c. Net income Cost of goods sold $11,700 Gen and admin expenses $48,000 Net cash provided by financing activities $69,000 Dividen

Equity and Annual Cash Dividends

Calculate the annual cash dividends required to be paid for each of the following preferred stock issuances: a. $2.40 cumulative preferred, no par value; 600,000 shares authorized, 470,000 shares issued, 28,000 shares held as treasury stock. b. 10 percent, $50 par value preferred; 200,000 shares authorized, 124,000 shares

Study Guide Accounting Questions

The following is Alsatia Corporation's contribution format income statement for last month: Sales $ 1,711,000 Variable expenses 991,200 ________________________________________ ________________________________________ Contribution margin 719,800 Fixed expenses 408,700 ________________

Business writing: developing paragraphs

Please explain how you develop paragraphs and what the norm for the length of paragraphs is. a. Topic sentence b. Supporting sentence c. Concluding sentence

Managerial accounting: 13 multiple choice questions

See attached file for data and tables. 01. Which of the following statements is true with regard to product costs versus general, selling, and administrative costs? A) Product costs associated with unsold units appear on the income statement as general expenses. B) General, selling, and administrative costs appear on t