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Accounting

Biven Corporation Balance Sheets

1. Biven Corporation's balance sheet and income statement appear below: BALANCE SHEETS 2006 2005 ASSETS Cash & equivalents $35,000 $30,000 Accounts receivable 54,000 49,000 Inventory 67,000 58,000 Plant & equipment 580,000 530,000 Accumulated depreciation (316,000) (313,000) Total As

Accounting Problem

2. The most recent monthly income statement for Benner Stores is given below: Store A Store B Total Sales $400,000 $600,000 $1,000,000 Variable expenses 160,000 420,000 580,000 Contribution margin 240,000 180,000 420,000 Traceable fixed expenses 100,000 200,000 300,000 Store segment margin

Accounting Problem

1. Saalfrank Corporation is considering two alternatives that are code-named M and N. Costs associated with the alternatives are listed below: Supplies costs 43000 43000 Assembly costs 43000 56000 Power costs 26000 26000 Inspection costs 19000 26000 Required: a

Accounting Problem

Ulrich Company has a Castings Division which does casting work of various types. The company's Machine Products Division has asked the Castings Division to provide it with 20,000 special castings each year on a continuing basis. The special casting would require $12 per unit in variable production costs. In order to have time

What are the statutory requirements of Section 351?

What are the statutory requirements of Section 351? What is the definition of control under Section 351? Why does Congress require shareholders to control a corporation to receive a preferential tax treatment? When might a taxpayer not want to meet the requirements of Section 351?

Reliable Provision Company: Overstated or understated Income

The net income of Reliable Provision Company decreased sharply during 2007. Clay Rollins, owner of the store, anticipates the need for a bank loan in 2008. Late in 2007, he instructed the accountant to record a $70,000 sale of recreational gear to the Smith family, even though the goods will not be shipped from the manufacturer

Accounting multiple choice

31) _____ budgeting is when budgets are formulated with the active participation of all affected employees A. Financial B. Team C. Participative D. Shared 32) A sales forecast is _____. A. a prediction of sales under a given set of conditions B. the result of decisions to create cond

Help answer, show work, and provide explanation

The Canadian Instruments Company uses the decentralized form of organizational structure and considers each of its divisions as an investment center. The Toronto Division is currently selling 15,000 air filters annually, although it has sufficient productive capacity to produce 21,000 units per year. Variable manufacturing cos

Income Taxes and Stock Transactions

1. McDowell Corp has an income tax rate of 35%, taxable income of $662,000, and income before income tax of $597,000. Which of the following would be included in the entry to record income tax expense? a. Prepaid income tax is credited for $231,700 b. Income tax payable is credited for $208,950 c. Income tax expense is de

explain who is in the sample and in the population on survey

National polls are often conducted by asking the opinions of a few thousand adults nationwide and using them to infer the opinions of all adults in the nation. Using what you know, explain who is in the sample and who is in the population for such polls. EXAMPLE: Hello! I saw a poll on TV the other day. It was a simple po

Gross Margins for Stowers Corporation Manufacturers

Stowers Corporation manufactures products J, K, and L in a joint process. Here is cost data for a recent month, up to the split-off point in the joint process: Direct materials used $ 200,000 Direct labor 100,000 Manufacturing overhead Variable 200,000 Fixed 400,000 Total manufacturing costs prior to split-off $ 900,0

Phone interview advice

I have a phone interview for a Senior Accountant position. I am trying to come up with a response for Explain a difficult or challenging work situation and how did you handle it in case I am ask this question. One of the situation that comes to mind is that my company went through a period of transition where some employ

Case Study - Increasing Net Income (Campbell Appliance)

Suppose you own Campbell Appliance. The store's summarized financial statements for 2008, the most recent year, follow: Campbell Appliance Income Statement Year Ended Dec 31, 2008 Sales $800 (thousands) COGS 660 Gross Profit 140 Operating expe

Stock Considerations Pension Plans

3. (TCO 4) When stock is issued for consideration other than cash, what is the measurement objective? 4. (TCOs 3 and 4) Differentiate between a defined contribution pension plan and a defined benefit pension plan.

Describing an Accounting System

1. Why is accounting described as a system? 2. Since 1973, the FASB as had the authority to prescribe Accounting Standards in the U.S. Given today's global marketplace, how would you expect this to change? 3. How does the DuPont model extend our understanding of ROI?

This computes income tax expense, extraordinary gain, net income

Marsh Corporation reported the following pre-tax income statement for the year ended December 31, 2009. Extraordinary gain $63,000 Income from discontinued operations $42,000 Income from continuing operations $458,000 Tax rate 45% Enter the appropriate amounts in the following partial income statement: Income from co

Stock and Cash Dividends

You are the holder of common stock in ABS, Inc. Historically, the firm has paid generous cash dividends. The firm recently announced that it would replace its cash dividend with a 20 percent annual stock dividend. Answer the following: a) Is this good news, bad news, or is it impossible to tell from the information pro

Stock Valuation

1.) If a company's last dividend was $ 1.00 per share and dividends are expected to grow at a rate of 6%. What is the current value of a share of this stock to an investor who requires a 10 percent rate of return? 2.) What is the current per-share value of JRM Corporation to an investor who requires a 10 percent annual ra

AB company and XY company agree to exchange assets Gain/Loss

Part 1 Equipment purchased on Jan, 1 2004 and installed Jan 15. Use began on Jan 30. The following amounts were expenditures related to the equipment ( all amounts are considered material). Invoice price 100,000 Discount of 2% taken for paying within 10 days Delivery charges 1,000 Set up costs 2,500 Repair of asset prior t

1. create a supply and demand graph 2. a. How many T-shirts could the cafe sell at $5 each? b. What price would they have to charge to sell 200 T-shirts? c. Calculate the own price elasticity of demand for T-shirts at a price of $20. 3. What is the Income Elasticity? Is it elastic or inelastic?

Price of Steaks Supply of Steaks Demand for Steak (Shortages) or Surplus 25 30 10 20 20 12 15 15 15 10 10 20 5 5 30 a. Using the above date please create a supply and demand graph b. Indicate on the graph the point of market equilibrium c. Complete the last column indicating at each price level

Break-even in units and dollars for Lindon Company's product sales

Lindon Company is the exclusive distributor for an automotive product that sells for $40 per unit and has a CM ratio of 30%. The company's fixed expenses are $180,000 per year. The company plans to sell 16,000 units this year. Required: 1. What are the variable expenses per unit? 2. Using the equation method: a. What is th

Make or Buy: Electronic Components for Bose Speakers

Assume that a division of Bose makes an electronic component for its speakers. Its manufacturing process for the component is a highly automated part of a just-in-time production system. All labor is considered to be an overhead cost, and all overhead is regarded as fixed with respect to output volume. Production costs for 10

FASB & business combinations

How has FASB clearly designated a fair value approach with regards to business combinations? Does this tendency extend into other areas of accounting? How do the international financial accounting concepts align with this shift? 291 words

Alternative minimum tax system differ from the regular tax system

How does the alternative minimum tax system differ from the regular tax system? How is it similar? Why did Congress implement the alternative minimum tax system? The starting point for computing alternative minimum taxable income is regular taxable income. What are some of the adjustments and preferences to regular taxable incom

Federal Income Tax for Investors

What is the federal income tax owed by an investor in the 35 percent income tax bracket (15 percent tax rate on long-term capital gains and dividend income)? a. Megan sold stock A for a short-term capital gain of $5,500; sold stock B for a short-term capital loss of $2,100 b. Margaret sold stock A for a short-term capit

Incremental after-tax cash flows

Company Z is considering upgrading their old machine with a new machine. EXISTING MACHINE: Cost = $100,000 Purchased 2 years ago Depreciation using MACRS over 5-year recovery schedule Current Market Value = $105,000 Five year usable life remaining 40% tax rate on ordinary and capital gains Earnings before Depreciatio

Fundamental Accounting Principles II

Could you please provide the solution for these three problems (18-10, 18-13, and QS 20-6). Question 1: (2 points) Exercise 18-10: Cost of goods sold computation L.O. C6, P1 Compute cost of goods sold for each of these two companies for the year ended December 31, 2009. (Omit the "$" sign in your response): Compute

Income from flow through entities

Dominique and Terrell are joint owners of a bookstore. The business operates as an S corporation. Dominique owns 65% and Terrell owns 35%. The business has the following results in the current year. Revenue $1,500,000 Business expenses 750,000 Charitable Contributions 50,000