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Accounting

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

Accounting

Wilde Home & Garden is organized into three departments. The following sales and cost data are available for the prior year: Dept A Dept B Dept C Total Sales $270,000 $855,000 $910,000 $2,035,000 Less: VC 110,000 520,000 710,000 1,340,000 CM 160,000 335,000 200,000 695,000 Less: FC 70,000 90,000 95,000 255,000 Profit 90,

Accounting

2. Reef office supplies is interested in estimating the cost involved in hiring new employees . The following information is available regarding the costs of operation the human resource department of reef office supplies in may when there were 60 new hires May Staff salaries 33000 Manager salary 8000 Office supplies 300

Compounding Frequency and Present Values

A. Table Factor X, Future Value $X Present Value Rate Time Compounding Frequency Table Factor Future Value a. $5,000 12% 2 yrs Annual b. $5,000 12% 2 yrs Semiannual c. $5,000 12% 2 yrs. Quarterly d. $5,000 12%

Variable Costing Contributions

Need help preparing a contribution format variable costing income statement for each quarter, and how to reconcile the absorption costing and the variable costing net operating income figures for each quarter... file has better formatting. income statement for the first two quarters first quarter second quarter sales $480,00

Capital Gains and losses

46) Jake purchased a $200,000 crane for his construction business. He sold the crane for $145,000 after taking $110,000 of depreciation. What are the nature and the amount of gain or loss on the sale? On what tax form would the gain or loss be reported? 50) Davidson Industries, a sole proprietorship, sold the following as

budgetary process more beneficial to avoid any negative impact

1. How can a budget affect company morale? How could the budgetary process be made more beneficial to avoid any negative impact a budgetary concept can portray? 2. How does contribution margin differ from controllable margin in a responsibility report for a profit center? How do controllable costs and non-controllable costs

Differences Between the Components of Taxable Income

What are the differences between the following components of taxable income? Provide at least one example of each. o Deductions for AGI and deductions from AGI o Gross income and AGI o AGI and taxable income o Tax deduction and tax credit o Personal exemption and dependency exemption 385 words plus form to give a

Profit and Break-Even Analysis of Bed and Breakfast Business

Phil and Carol eloped (at 59 and 46) to New Mexico and then told the kids they were moving there permanently. After 5 years in downtown Albuquerque, Carol made one of her frequent flights east to visit family. She returned to find that Phil had rented out a bedroom, declaring they were in the "Bed and Breakfast" business. In

Cost Accounting for Morrisey and Brown, Ltd.

Morrisey & Brown, Ltd., of Sydney is a merchandising firm that is the sole distributor of a product that is increasing in popularity among Australian consumers. The company's income statements for the three most recent months follow: MORRISEY & BROWN, LTD.

P7-7 Flexible budget for factory overhead

P7-7 Flexible budget for factory overhead Presented below are the monthly factory overhead cost budget (at normal capacity of 5,000 units or 20,000 direct labor hours) and the production and cost data for a month. The predetermined overhead rate is based on normal capacity. Factory Overhead budget Fixed cost Depreciation o

Production budgets, manufacturing budgets and forecast of number units

Can you assist me with sales budget and production budgets and manufacturing budgets in detail? Sales and Production Budgets: The marketing department of Smith Corporation has submitted the following sales forecast for the upcoming fiscal year (all sales are on account): 1st Quarter 2nd Quarter 3rd Quarter 4th Quart