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Accounting: Concepts & Applications


Ski Pro Corporation: Activity-Based Costing & Process Costing

Consider the following scenario: The Ski Pro Corporation, which produces and sells to wholesalers a highly successful line of water skis, has decided to diversify to stabilize sales throughout the year. The company is considering the production of cross-country skis. After considerable research, a cross-country ski line ha

Perry Corporation: Which expenses are Selling Expenses

Perry Corp. reports operating expenses in two categories: (1) selling and (2) general and administrative. The adjusted trial balance at December 31, 2010, included the following expense accounts: Accounting and legal fees $140,000 Advertising $120,000 Freight-out $75,000 Interest $60,000 Loss on sale of long-term invest

Journalize transactions for Trudy, Brainiac, Ingles, Herzogg and Hixon

Question 1 Trudy Company incurred the following costs. 1. Sales tax on factory machinery purchased $5,000 2. Painting of and lettering on truck immediately upon purchase 700 3. Installation and testing of factory machinery 2,000 4. Real estate broker's commission on land purchased 3,500 5. Insurance premium paid for first

Intangible assets: patent, franchise, advertising

I've been doing homework for hours and my brain has checked out...I need help working this problem, please. The intangible assets section of Redeker Company at December 31, 2008, is presented below. Patent ($70,000 cost less $7,000 amortization) $63,000 Franchise ($48,000 cost less $19,200 amortization) 28

Standards for Tax Service - Donations for Tax Reporting

A client, Mal Manley, fills out his client questionnaire for the previous year and on it provides information for the preparation of his individual income tax return. The IRS has never audited Mal's returns. Mal reports that he made over 100 relatively small cash contributions totaling $24,785 to charitable organizations. In the

Create an excel worksheet to calculate SSxx,SSyy, SSxy

(a) Make an Excel worksheet to calculate SSxx, SSyy, and SSxy. (b) Use the formulas to calculate the slope and intercept. (SEE Chart below) Part-Time Weekly Earnings by College Students Hours Worked (X) Weekly Pay (Y) 10 93 15 171 20

Robbins Real Estate, Lippizan Co, Bristol Co, Surepar Golf

See attached Excel for template. E2-4 Presented below is information related to Robbins Real Estate Agency, Inc. Oct. 1 Lynn Robbins begins business as a real estate agent with a cash investment of $20,000 in exchange for common stock. Oct. 2 Hires an administrative assistant. Oct. 3 Purchases office furniture for

Appeals Process Basics and Selected Items

1. Describe the steps in the appeal process for an individual tax payer. Define the following and give examples: a. gross income b. income excluded from tax c. imputed interest d. adjusted gross income e. standard deduction f. itemized deductions g. phaseouts h. kid

Dish Network & DirecTv Business: Need examples related to the field.

Dish Network & DirecTv based business which caters to commercial & residential properties. Need specific examples related to the field. Subtopic 1: problems associated with facility location Subtopic 2: problems associated with organizational control and employee relations Subtopic 3: product or service development

Operating system using standard absorption cost: Anderson Ltd.

Anderson Ltd. manufactures gearboxes for use in cars. At the start of the year, the management of Anderson Ltd. estimated that its costs would be: Direct labor 8% sales value Direct material 50% sales value Variable production overhead 8% sales value Fixed production overhead 12% sales value Administration overhead 5%

Lake sports sells jet skis.

Please use excel and see attachment file (I understand excel better.) Lake sports sells jet skis. Customers pay 1/3 of the sales price of the jet ski when they initially purchase the ski, and then pay another 1/3 each year for the next two years. Because Lake has little information about collectibility of these

Money Laundering and Weakest Point of this Scheme

Cavos Metdolas ia a money laundering organization for a drug cartel in Wisconsin and Illinois. A money laundering method that they use is to prepay, from an Internet bank account, balances on credit cards controlled by the organization. The credit card companies will send refund checks back to the credit card holder when the pos

Accruals and Deferrals

Question 1 Company DEF has three employees and does the payroll every Friday. Determine the gross pay, total deductions and net pay for each employee. Use the following for FICA: Cap = $100,000, rates are 6% for social security and 1.5% for Medicare. Steve--worked 45 hours and earns $30/hour. His year to date earnings

Nonmonetary Exchanges: Hyde, Inc. and Wiggins, Inc.

On August 1, Hyde, Inc. exchanged productive assets with Wiggins, Inc. Hyde's asset is referred to below as Asset A, and Wiggins is referred to as Asset B. The following facts pertain to these assets. Asset A Asset B Original cost

Accounting: Pension Plan

1. In accounting for a pension plan, any difference between the pension cost charged to expense and the payments into the fund should be reported as: A) an offset to the liability for prior service cost. B) pension asset/liability. C) other comprehensive income (G/L). D) accumulated other comprehensive income (PSC). 2.

Contemporary Accounting: 5-10 pros and 5-10 cons of implementing IFRS in the US

The new hires need to develop an understanding of what is happening in the international corporate accounting climate. Many countries have already made the change to IFRS. The United States is moving in that direction. It will be important for them to have a foundation to build on with regard to their future development of exper

NIU Company's budgeted sales

Budgeted sales NIU Company's budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted D.M. Purchases January $258,000 $38,700 February 283,800 45,150 March 348,300 52,890 NIU's sales are 40% cash and 60% credit. Credit sales are collected 10% in the month of sale, 50% i

Budgeted profit, what if analysis

Monterio Mfg. Co. manufactures and sells folding umbrellas. 2006 Income Statement is: Sales (200000 units) $1000000 Cost of goods sold $600000 Gross Margin=$400,000 Selling expenses $150000 Admin. expenses $100000 Net Profit (before income taxes) $150,000 Monteiro's budget changes for 2007 are: 30% increase in number of un

Polytechnic Corporation - tax liability

Please see the attached file. Polytechnic Corporation reported taxable income of $2,340,000 for the year ended December 31, 2011. The controller is unfamiliar with the required treatment of temporary and permanent differences in reconciling taxable income to pretax financial income and has contacted your firm for advice.

Record the Purchase of the Land for Dakota Mining Co.

On July 24 of the current year, Dakota Mining Co. pays $3,580 for land estimated to contain 4,750000 tons of recoverable ore. It installs machinery costing $330000 that has a 8-year life and no salvage value and is capable of mining the ore deposit in 7 years. The machinery is paid for on July 26, six days before mining operat


Is budgeting used primarily for scorekeeping, attention directing, or problem solving? Explain

Components of Different Financial Statements

In a brief paragraph asume the role of an investor. Describe the components of the different financial statements based on this perspective and explain which of the four different financial statements helped you the most and why. Reference page 69-73.

Manchester Production: Minimum transfer price to second division

8. The main division of Manchester Production has capacity to produce 140,000 units of its electronics components, while production has been at 105,000 per year for the past number of years. Selected information from the most current income statement follow: Sales 105,000 @ $30.00 $3,150,000 Variable manuf