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Accounting

Total Manufacturing Costs

Francum Manufacturing Company has the following data: direct labor $229,000, direct materials used $180,000, total manufacturing overhead $208,000, and beginning work in process $25,000. Compute (a) total manufacturing costs and (b) total cost of work in process.

Irregularities to Look for in Cash and Payroll

What irregularities should a fraud examiner look for in areas within a firm where physical cash is used? What irregularities should a fraud examiner look for in the payroll function within a firm?

Types of business entities and how they are taxed

Discuss the different types of taxes. These types of taxes affect individuals and businesses. Keeping in mind how each business entity is taxed; what are the different types of business entities a taxpayer can choose? Explain the advantages and disadvantages of each type of business entity. Also, identify how a limite

Taxable income

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

Preparing a Schedule of Cash Collections

I am not understanding how to break these figures down quarterly. The examples in the textbook are done by quarters byt he assignment is asking for monthly figures: Duffy Corporation has prepared the following sales budget: Month Cash Sales Credit Sales May

Lab surrounding EOQ

Please see the attachment question for assistance. Lab 1: Low Nail Company Scenario/Summary After making some wise short-term investments at a race track, Chris Low had some additional cash to invest in a business. The most promising opportunity at the time was in building supplies, so Low bought a business that specialized

Indicate the organization or organizations associated with each activity.

Organizations associated with the public accounting profession. Several private and public sector organizations are associated with the profession. Listed below are activities pertaining to these organizations. 1. License individuals to practice as CPAs. 2. Promulgate GAAP. 3. Issue Statements on Auditing Standards. 4.

Internal Policies

Establish internal policies regarding the creation of business contracts as well as electronic communication. Basically what policies (what should be included) should be established for business contracts and electronic communication (e-mail).

Realization of Gain or Loss

Ramon incorporated his sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporation's stock. The property transferred to the corporation had the following fair market values and tax-adjusted bases: FMV Tax-Adju

CPA Professional Standards

Explain economic issues that bring concern to pricing tax services. Are there any ethical challenges when hiring non-CPAs to do taxes (using new IRS laws)? What standards apply?

Lindsey Manufacturing Company: Reasons for Variances...

During February the Lindsey Manufacturing Company's costing system reported several variances that the production manager was surprised to see. Most of the company's monthly variances are under $125, even though they may be either favorable or unfavorable. The following information is for the manufacture of garden gates, its on

Bale Company Land Account Appreciation Calculation

Bale Company buys land for $100,000 on 12/31/06. As of 3/31/07, the land has appreciated in value to $101,000. On 12/31/07, the land has appraised value of $103,600. By what amount should the Land account be increased in 2007?

Calculating Earnings per share

For 2007 Mossland Corporation reported net income of %28,000, net sales $400,000, and average share outstanding 6,000. There were no preferred stock dividends. What was the 2007 earnings per share? Earnings per share:__________________

Taxation Corporations Expenses

1. A corporation that elected S status in 20X2 has C corporation earnings and profits of $50,000 from its C corporation years. During 20X5 the corporation's gross receipts are $120,000, which includes $75,000 of interest income. Expenses related to the interest income are $10,000. The corporation's excess passive investment inco

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 income to compute alternative minimum taxable income?

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

PLEASE PROVIDE TRUE AND CORRECT ANSWERS TO THE THREE MULTIPLE CHOICE QUESTIONS

Which of the following expenses would be considered a program service expense for the local cancer society? a. salary of a home care nurse b. salary of the local director c. rent for the local office d. printing costs for a fund-raising brochure A contribution made in 1999 to a voluntary health and welfare organization,

Certified Fraud Examiner (CFE) Roles and Responsibilities

A Certified Fraud Examiner (CFE) is a professional that is trained to prevent, detect, and deter fraud. The CFE is specially trained to detect various types of fraud within an organization. The CFE can start the investigation, and is trained on how to handle each step, up to and including court trials. You can become a fraud exa

Determining risk and return for a stand alone investment asset

Compare and contrast the following methods of determining risk and return for a stand alone investment asset e.g. a corporate equity or a corporate bond Measures of historical rates of return Expected rates of return Measuring the risk of expected rates of return

Employee satisfaction relates directly to income obtained

"Employee satisfaction relates directly to income obtained from work performed and the lifestyle opportunities made available to the workers and their families from this work-related income." Elaborate on the link between work-related income and employee satisfaction in today's workplace.

E16-18 Heath Cosmetics and Yoder, Inc. Exercise

Presented below are two independent situations. 1) Heath Cosmetics acquired 15% of 200,000 shares of common stock of Van Fashion at a total cost of $13 per share on March 18, 2010. On June 30, Van declared and paid a $60,000 dividend. On December 31, Van reported net income of $122,000 for the year. At December 31, the mar

Accounting for Petty Cash Transactions

James Hughes Company established a petty cash fund on May 1, cashing a check for $119.84. The company reimbursed the fund on June 1 and July 1 with the following results. June 1: Cash in fund $3.65. Receipts: delivery expense $34.29; postage expense $39.27; and miscellaneous expense $25.34. July 1: Cash in fund

Castle Corporation Exercise

On January 1, 2008, Castle Corporation had retained earnings of $550,000. During the year, Castle had the following selected transactions: 1) Declared cash dividends - $120,000 2) Corrected overstatement of 2007 net income because of depreciation error - $30,000 3) Earned net income - $350,000 4) Declared stock divide