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
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
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
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
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 ________________
Write a "Recommendation" letter for someone you know. Can you help me get started with this assignment?
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
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
See attached file for data and tables. 1. Lazlo's Company provides the following standard cost data for one of its products: The fixed overhead spending variance is A. $2,500 unfavorable. B. $500 unfavorable. C. $2,500 favorable. D. $2,000 unfavorable. 2. The Rising Company provides the following standard cost i
1. The Old Van Rental Company has 6 vans available for rent late on Wednesday night when the office gets a call from a small group of tourists wishing to rent 3 vans for the next day (one day rental). The daily rate that the rental company charges is $40 per van. However, the group is willing to pay just $30 per van. The compan
1. (TCO 1) How are deferred tax assets arising from net operating loss carryforwards classified under SFAS 109? 2. (TC0 2/3) What is different about the expected postretirement benefit obligation and the accumulated postretirement benefit obligation? 3. (TCO 4) What is comprehensive income and how does it differ from net
Gains or losses from the early extinguishment of debt that is refunded can theoretically be accounted for in three ways: 1. Amortized over the life of old debt. 2. Amortized over the life of the new debt issue. 3. Recognized in the period of extinguishment. Discuss the supporting arguments for each of the three theo
Marshall, Inc., produces three products but weekly demand for the three products exceed the available amount of machine time. Following is information about each product: A B C Contribution margin per unit $300
Create journal and ledger entries. Use the reference numbers provided in your entries to cross-reference 13% HST applies. 1. On December 1, 2010 you start up a new paralegal practice by opening a general practice bank account and a trust bank account at your local bank. You deposit $25,000 of your own money in the general ban
1) Problem 3-13 / Conversion Costs Hartwell Drug Company produces a supplement to improve bone density. Conversion costs and added evenly throughout the production process. The following information is available for March:
What is the annual amount that a donor can give to a recipient each year and not have to file a gift tax return? If the donor gives more than this amount, is the donor required to pay a gift tax? Recommend a tax strategy, other than giving only the annual exclusion amount, to minimize the gift tax.
Are gifts subject to an income tax? Why or why not? What constitutes a gift?
5. How should governments report permanent fund and fiduciary fund balances and income in their government-wide statements? Explain. 10. How should an employer determine its annual pension cost? What minimum GASB criteria must it satisfy? response is 473 words
What are the three classifications of net assets established by FASB Statement 117? How are these net assets affected by the existence or absence of donor-imposed restrictions? How are releases of these net assets accomplished? response is 401 words
Consider the following information that you propose to use to obtain an estimate of year 2004 EPS for the MacLog Company: Year 2003 Estimated yr 2004 GDP 11,000 billion GDP growth
Mott Manufacturing allocates factory overhead using one cost pool with direct labor hours as the allocation base.Mott has two production departments, P1 and P2.The new accountant at Mott estimates that next year, the total factory overhead costs will be $5,000,000, and approximately 500,000 direct labor hours will be worked.The
Maverick Corp. Balance sheet at December 31 2008 2007 2008 2007 Cash $64,000 $58,000 Accounts payable $44,000 $41,000 Accounts receivable $46,000 $48,000 Wages payable $19,000 $13,000 Inventory $56,000 $59,000 Taxes payable $15,000 $10,000 Property, Plant & Equipment $265,000 $183,000 Long-term debt $150,
14.16 Zero-balance account Union Company is considering establishment of a zerobalance account. The firm currently maintains an average balance of $420,000 in its disbursement account. As compensation to the bank for maintaining the zerobalance account, the firm will have to pay a monthly fee of $1,000 and maintain a $300,000
What is one contingency that would concern an auditor and how would the auditor become aware of this contingency?
Problem 6 - 5A Internal Control Abbott Inc. is expanding and needs to hire more personnel in the accounting office. Barbara Barker, the chief accounting clerk, knew that her cousin Cheryl was looking for a job. Barbara and Cheryl are also roommates. Barbara offered Cheryl a job as her assistant. Barbara will be responsible for
Colt Inc. has two types of handbags, standard and custom. The controller has decided to use a plantwide overhead rate (DL costs). The president wants to see what activity-based costing results might be. Estimated overhead costs are $270,000. Machine pool is $170,000 and Setup pool is $100,000. Compute overhead rates under b
What is the rationale that would lead to a desire to speed production in the face of increasing costs and declining productivity?
During the late 1970s, Harley-Davidson, the motorcycle manufacturer, was losing money and was very close to bankruptcy. Management believed that one of the problems was low productivity and as a result, asked middle managers to speed up the production. The employees who made the motorcycles were told that the priority was to g
Rust Inc. manufactures a variety of desks for retail sale. The desks are normally distributed through several wholesalers. Energen Inc., a mid-size retailer, has offered to purchase 60,000 custom desks over the next three months, to be sold under the retailer's house brand. Energen offers to pay $190/unit, which is much less
Purposes of national income accounting and the components of GDP in the output (expenditures) approach and in the income approach. Also, the economic costs of unemployment.
1) State the purposes of national income accounting. List the components of GDP in the output (expenditures) approach and in the income approach. 2) Identify the economic costs of unemployment and the groups that bear unusually heavy unemployment burdens. Response is 1,108 words
Unless otherwise indicated, each of the following parts is independent. In all cases, show computations to support your answer. A. Andrews Home Center has two departments, Bath and Kitchen. The most recent income statement for the company follows: Department Total Bath Kitchen