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Accounting

Operational assets of a Mining Operation

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

Preferred Stock: Calculate Dividend Amounts

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

Calculating cash dividends

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

How to calculate accrued payroll and accrued payroll taxes

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........

Analysis of Job-Cost Data

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):

Underapplied and Overapplied Overhead

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

Contemporary Accounting Issues

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

Variance analysis, multiple products

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

Millard Airport: High Low method for variable cost, fixed costs

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

Make or Buy Distribution Manufacturers

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

Paper explaining Political positions on Tax Credits for Low-Income Housing

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

Understanding Elements of CAFR Reporting

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: Should three joint products be sold as is, or processed further

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

Accounting standards and theories

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

Angela Company: How Should Angela Report the Safety Hazard?

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

Intangible Asset Account: Reichenbach Company

Can you help me get started with this assignment? Correct Intangible Asset Account Question Details: Reichenbach Co., organized in 2009, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2009 and 2010. Intangible Assets: 7/1/09--8 year

Diluted EPS: Given data, calculate diluted earnings per share

Net profit for the year $18,160,000 Ordinary shares of $1: $40,000,000 Number of ordinary shares in issure : 40,000,000 Average fair value of one ordinary share during the year : $1.5 Number of shares under options during the year : 2,000,000 Exercise price for shares under options during the year : $1.2 Calculatio

Contemporary Accounting Issues: United States

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

Assembly Dept of Webster Manufacturing cost report

Problem 1 Study guide The Assembly Department of Webster Manufacturing uses a process cost accounting system and a weighted-average cost flow assumption. The department adds materials at the beginning of the process and incurs conversion costs uniformly throughout the process. During July, $190,000 of materials costs and $135

Heart Ltd Cost & Revenue Variances: Volume variance, over- under-applied overhead

Use the following information to answer questions 1 and 2 Heart Ltd. applies overhead on the basis of machine hours. One and one�half (1.5) machine hours are required for each unit of product. The master budget showed planned production of 6,000 units for the upcoming period, with manufacturing overhead budgeted at $205,2

CPA exam sample question: Best Avaition Associates partnership issues

Following is a sample writing (essay) question for the CPA exam. The answers are to be a paragraph each (in essay form) explaining your reasoning. Best Aviation Associates is a general partnership engaged in the business of buying, selling, and servicing used airplanes. Best's original partners were Martin and Kent. They

Marshall Corp Future Tax Asset - Amounts to be Realized

Marshall Corp. had a future tax asset account with a balance of $101,500 at the end of 2007 due to a single temporary difference of $290,000 related to warranty liability accruals. At the end of 2008, this same temporary difference has increased to $315,000. Taxable income for 2008 is $887,000. The tax rate is 35% for all yea

Forensic Accounting: Compare internal to external auditor; examples of fraud

Please include your opinions and personal experience if you can. You may also do some Internet and library research to add to your response. 1. Contrast and compare the role of the following: a. The internal auditor. b. The external auditor. c. The external forensic accounting consultant in an external audit 2. List the

Make or Buy decision at Nantucket Nectars

Assume that Nantucket Nectars reports the following costs to make 17.5 oz. bottles for its Juice Cocktails: Nantucket Nectars Company Cost of Making 17.5-Ounce Bottles Total Cost for 1,000,000 Bottles Cost per Bottle Direct materials $80,000 $0.08 Direct labor 30,000

Analyse distribution of IQ scores in Americans

From a population of 25,000 Americans in 1969; it was discovered that their collective IQ Score mean was 105 with a standard deviation of 12. a. how many IQ scores exceeded 115? b. what is the probability of IQ scores that fell between 68 and 75? c. how many IQ scores fell above 3 standard deviations? d. what is t

Prepare a schedule showing corrected income before taxes

Error Analysis The before-tax income for Lonnie Holdiman Co. for 2007 was $101,000 and $77,400 for 2008. However, the accountant noted that the following errors had been made: 1 Sales for 2007 included amounts of $38,200 which had been received in cash during 2007, but for which the related products were del

Managerial and cost accounting problems for manufacturing and process costing

The following data (in thousands of dollars) have been taken from the accounting records of Larsen Corporation for the year completed. Sales.......................................................$860 Purchases of raw materials.......................$150 Direct labor.............................................$110 Manufact