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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

Budgeting

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. http://www.thecoca-colacompany.com/investors/pdfs/form_10K_2009.pdf 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

Techno Enterprises: Question about Equivalent Units

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

Overhead Variances for Rivera Company

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

Regular and memorandum

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

Total Assets Turnover

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

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

Generally-Accepted Accounting Principles

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 "

Convergence Expansion in Foreign Market Relevance

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?

Development of Global Accounting Standards

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

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........