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    FASB's current definition of depreciation

    FASB ASC Research For each of the following research cases, search the FASB ASC database for information to address the issues. Cut and paste the FASB paragraphs that support your responses. Then summarize briefly what your responses are, citing the pronouncements and paragraphs used to support your responses. FASB ASC 9-1

    Make or Buy - Han Products

    Han Products manufactures 30,000 units of part S-6 each year for use on its production line. At this level of activity, the cost per unit for part S-6 is as follows: Direct materials $ 3.60 Direct labor 10.00 Variable manufacturing overhead 2.40 Fixed manufacturing overhead 9.00 Total cost

    Accounting for Petty Cash Replenishment

    On March 20,Terrell's petty cash fund of $106.76 is replenished when the fund contains $9.69 in cash and receipts for postage $52.46, freight-out $26.05, and travel expense $13.19. Prepare the journal entry to record the replenishment of the petty cash fund. (For multiple debit/credit entries, list amounts from largest to smalle

    Taxable Income for 2010

    Write a response to the following question: Sally and Tom are married, have three dependent children, and file a joint return for 2010. If they have adjusted gross income of $90,000 and itemized deductions of $10,000. What is their taxable income for 2010?

    Distinguish Between Stated Rate and Effective Rate

    1. Distinguish between the stated rate and the effective rate. Under what circumstances are these rates the same? Under what circumstances are these rates different? Please make sure to support your thoughts with appropriate examples.

    Journalization of Asset Transactions for the Jimenez Co.

    P10-5A At December 31, 2008, Jimenez Company reported the following as plant assets: Land $4,000,000 Buildings $28,500,000 Less: Accumulated depreciation - buildings 12,100,000 16,400,000 Equipment 48,000,000 Less: Accumulated depreciation - equipment 5,000,000 43,000

    Standards Overload for CPA reporting on public vs nonpublic companies

    Would the user of statements be aided if there is a distinction between financial reporting standards for public vs. nonpublic companies? Would CPA's favor a distinction between financial reporting standards for public vs. nonpublic companies? Would small business owner managers favor a distinction between financial repor

    Carryback, Carryforward and Other Journal Entries

    (Carryback and Carryforward of NOL, No Valuation Account, No Temporary Differences) The pretax financial income (or loss) figures for Jenny Spangler Company are as follows. 2002 $160,000 2003 250,000 2004 80,000 2005 (160,000) 2006 (380,000)

    Accounting: Buying or Making Analysis

    Jo makes and sells a product for $50 per unit. Jo can produce as many as 150,000 units a year. Last year, 100,000 were produced and sold, and production costs per unit were $20 for variable cost and $10 for fixed costs. Jo has received an offer from a new customer who wants to buy 20,000 units for $40 per unit. What will b

    Accounting: Buy or make analysis...

    Jo Company makes and sells widgets using a component part presently produced in-house. 10,000 of the parts are needed each year, at a cost of $400,000, which includes allocated fixed costs of $100,000. A reputable outside vendor has offered to sell the parts to Jo for $32 per unit. What will be the effect (increase or d

    CPA's and accounting exchange of information,

    Part I The CPA is involved in many aspects of accounting and business. Let's discuss some other tasks, other than external auditing, that the CPA performs. What are some non-traditional areas where CPAs are now involved? Do research on the Internet and show the reference for the information. Part II Accounting is becomin

    Detailed calculations for the revision of asset depreciation.

    E10-8 Jerry Grant, the new controller of Blackburn Company, has received the expected useful lives and salvage values of selected depreciable assets at the beginning of 2008. His findings are as follows: (View attachment for asset valuations) All assets are depreciated by the straight-line method. Bla

    Computing an Overhead Rate

    Renteria Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $305,000 for the year, and machine usage is estimated at 125,000 hours. For the year, $322,000 of overhead costs is incurred and 130,000 hours are used. Instructions (a) Compute the manufacturi

    Computing the Activity Variance

    Venanzi Air uses two measures of activity, flights and passengers, in the cost formulas in its budgets and performance reports. The cost formula for plane operating costs is $40,720 per month plus $2,646 per flight plus $11 per passenger. The company expected its activity in September to be 62 flights and 288 passengers, but the

    Budgeted Overhead Cost for the Marchi Family Inn

    Marchi Family Inn is a bed and breakfast establishment in a converted 100-year-old mansion. The Inn's guests appreciate its gourmet breakfasts and individually decorated rooms. The Inn's overhead budget for the most recent month appears below: Activity level 65 Guests Variable overhead costs: Supplies

    Accounting: Determining the break-even point.

    Determine the company's break-even point in units. Obtained the following information from the company's financial statements for the year just ended. In addition, you found out from production manager that the company produced 40 million units in that year. What will you determine the break-even point to be? Sales $20,00

    Asset gain or loss develop in pension accounting

    How does an asset gain or loss develop in pension accounting? How does a liability gain or loss develop in pension accounting? Please explain the Pension Benefit Guaranty Corporation and it purpose. If I were an employer, what are the benefits of having the noncontriburity plan?

    Purchasing Assets

    Sometimes it is more difficult than just purchasing assets. For example, I buy 100% of the stock of ABC Company. How are the assets of ABC Company accounted for?

    E19-6 Identify Temporary or Permanent Differences

    E19-6 (Identify Temporary or Permanent Differences) Listed below are items that are commonly accounted for differently for financial reporting purposes than they are for tax purposes. Instructions For each item below, indicate whether it involves: (1) A temporary difference that will result in future deductible amounts and,

    Money Laudering Detection Business

    An account for a small retail business that was started less than a year ago was opened. It is owned by one individual who lists the address of the business as an office on the second floor of an building on a highway. The owner has the proper paperwork and is a sole proprietor with a valid certificate from the state and a drive

    Book summary of The Power of Positive Confrontation by Barbara Pachter.

    Book summary: "The Power of Positive Confrontation" by Barbara Pachter. There is this book in Google book, some pages are missing. Additionally, this is my first time for book summary, so I don't know how to summarize such a long book Google book "The Power of Positive Confrontation By Barbara Pachter" http://books.

    Money Laundering Detection Information

    Can you help me get started with this assignment? Analyze the money laundering issue that caused a major scandal for the bank. What was the problem with the AML programs? How did the regulators fail at first? Discuss whether this bank did the right due diligence on its customers and what it could have done better.

    Return on Equity Calculation

    An investor is considering starting a new business. The company would require $475,000 of assets, and it would be financed entirely with common stock. The investor will go forward only if she thinks the firm can provide a 13.5% return on the invested capital, which means that the firm must have a ROE of 13.5%. How much net incom

    Foot Locker, Inc.: Questions from 2007 Annual Report

    See the attached files. The Financial Statements and footnotes are attached (scanned from my text) in PDF files. Please help me solve these problems. 1) Prepare a T-account to show the beginning and ending balances, plus all the activity in Retained Earnings for fiscal 2007. 2) What indicates that Foot Locker, Inc. own