M. J. Lighting uses direct costing for all internal reporting. For the current year, finished goods inventory, under variable costing was as follows (M.J. does not have any work inprocess): Beginning of year End of year Fi
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
4. Selected comparative cost and revenue information for Ouvert Ltd. is provided. Year 1 Year 2 Sales in units 700,000 800,
3. Phoenix Ltd. has two divisions - A and B; each of which have sufficient capacity to meet product demand; and there is unlimited demand for their products. Division A sells their product to external customers at a price of $5,400 per unit and to Division B at $3,200 per unit. Each unit costs Division A $1,075 in variable manuf
Techno Enterprises is a manufacturer of microchips (referred to as chips). Its production process is complex and involves more than 100 steps, starting with production of small, round silicon wafers and ending with chips being put into individual packages that protect them and provide connections to the products for which the ch
Analyze the impact of overhead and how cost centers are determined. Please provide a solution to this problem in at least 400 words.
Overhead Variances Consider the following data for the Rivera Company: Factory Overhead Fixed Variable Actual incurred $14,200 $13,300 Budget for standard hours allowed for output achieved 12,500 11,000 Applied 11,600 11,000 Budget for actual hours of input 12,500 11,400
The U.S. Tax Court issues both regular and memorandum decisions. Assume that you are a Tax Practitioner and one of your clientâ??s poses the following query: â??If we take my case to the U.S. Tax Court I have heard that they could render either a â??regularâ? or a â??memorandumâ? decision â?" what is the difference
Starbucks had a Total Assets Turnover (TAT) ratio of 1.2 in 2007, which was an improvement over a TAT of 0.96 in 2006. If Starbucks had the exact same level of sales, debt, and profit in 2007 as they did in 2006, how did their TAT improve? Thank you!
Types of incremental analysis On January 2, 2008, Lucas Hospital purchased a $100,200 special radiology scanner from Faital Inc. The scanner has a useful life of 5 years and will have no disposal value at the end of its useful life. The straight-line method of depreciation is used on this scanner. Annual operating costs with th
Contrast activity-based costing (ABC) with activity-based management (ABM).
At the completion of the Darby Department Store audit the president asks about the meaning of the phrase "in conformity with generally accepted accounting principles," which appears in your audit report on the management's financial statements. He observes that the meaning of the phrase must include more than what he thinks as "
How would you translate "convergence" and expansion into a foreign market relevant? Would the opportunity to expand products and markets be more compelling than "convergence" for global expansion? How would you convince the President that "convergence" was the major stitch in the fabric of global expansion?
Ask CPAs to name a top priority in the development of accounting standards, and some will answer, "Convergence." Many others, though, will say the quest for global standards has little relevance for them. But international accounting standards and U.S. GAAP increasingly influence each other, making it important for all CPAs to u
Please use excel, I understand it more the concepts that way, thanks. On June 1, 2009, Ignacio Mining entered into an agreement with the state of Nevada to obtain the rights to operate a mineral mine in Nevada for $15.8 million. Additional costs and purchases included the following: Development costs in pre
Qamar, Inc., did not pay dividends in 2007 or 2008, even though 50,000 shares of its 6.5%, $50 par value cumulative preferred stock were outstanding during those years. The company has 800,000 shares of $2.50 par value common stock outstanding. Required: a. Calculate the annual dividend per share obligation on the prefer
Calculate the cash dividends required to be paid for each of the following preferred stock issues: a. The semiannual dividend on 6% cumulative preferred, $50 par value, 30,000 shares authorized, issued, and outstanding. b. The annual dividend on $3.60 cumulative preferred, 400,000 shares authorized, 180,000 shares issued
The following summary data for the payroll period ended December 27, 2008, are available for Cayman Coating Co.: Gross pay...............................................$53,000 FICA tax withholdings............................. ? Income tax withholdings.........................$7,680 Group hospitalization insurance........
The Cabrillo Construction Company constructs houses on speculation. That is, the houses are begun before any buyer is known. Even if the buyer agrees to purchase a house under construction, no sales are recorded until the house is completed and accepted for delivery. The job-cost records contained the following (in thousands):
Wosepka Welding Company applies factory overhead at a rate of $8.50 per direct-labor hour. Selected data for 20X7 operations are (in thousands): Case 1 Case 2 Direct-labor hours 30 36 Direct-labo
Scenario: You have recently obtained a new position as a manager of an international accounting firm, Smith, Lindsey, and Lueders, CPA (SLL). SLL is primarily an auditing firm. Part of your duties will be to analyze the current state of accounting with an emphasis on the international environment. An additional responsibility
14-25 Variance analysis, multiple products. Soda-king manufactures and sells three soft drinks: Kola, Limor, and Orlem. Budgeted and actual results for 2009 are as follows: Budget for 2009 Actual for 2009 Product Selling Price Variable Cost per carton Cartons Sold Selling Price Variable Cost per carton Cart
Problem 3 Show work in Excel Millard Airport handles many private flights. The budget officer has compiled the following data regarding airport costs over the past year. Month Airport costs Flights originating at the airport January $22,000 1,200 February 19,00
Please see attached file. Outdoors Inc, is a wholesale distributor that manufactures sporting equipment for retails chains, with about 60% of their products purchased from other companies. Outdoors Inc, produces 8,000 camping boxes every year utilizing direct labor capacity at available workstations. Here is the costs & selli
Political Parties Paper Issue:Tax Credits for Low-Income Housing Find Web sites that explain positions of major political parties, such as www.rnc.org, www.democrats.org, or http://www.lib.umich.edu/govdocs/psusp.html#party Select a major national issue. Write a paper, explaining differences in position on the i
Help prepare written answers to the following problems: a. Continuing Problems 1 through 6. For this assignment, use the CAFR from http://www.ofm.wa.gov/accounting/financial.asp Continuing Problem Review the comprehensive annual financial report (CAFR) you obtained. 1. Indicate the activities accounted for in both in
Shynee Minerals processes materials extracted from mines. The most common raw material that it processes results in three joint products: Sarco, Barco, and Larco. Each of these products can be sold as is,r it can be processed further and sold for a higher price. The company incurrs joint costs of n$180,000 to process one bat
AICPA: Discuss how you would justify the time and resources for you to attend this seminar and why the topic has relevance to your company
Assume that you are the CFO of a mid size company located in the mid western U.S... You report to the President and currently your company's has concentrated its activities in the continental U.S. The National Association of AICPA's is conducting a three day training seminar in New York City. The topic is the "Convergence
1. Accounting standards could be established using descriptive theory, which explains practice, or normative theory, which leads practice. Which theory is currently being used in setting standards? Which do you think should be used? Justify your response. 2. Accounting standards are very complex and require expertise in the
Please help with the following: Angela Company is a manufacturer of toys. During the year, the following situations arose: -- A safety hazard related to one of its toy products was discovered. It is considered probable that liabilities have been incurred. Based on past experience, a reasonable estimate of the amount of los