Billy Bing Ping Pong Corporation manufactures a single product, premium pink ping pong balls. Each premium pink ping pong ball sells for $500.00 each. Selected operating information from last month is as follows: Variable costs per unit: Direct materials $17.50 Direct labor $5.33 Manufacturing overhead $2.50 Selling &
The small table of figures has been provided by a semi-new company called Prodigy Corp. that has requested your assistance as a financial analysts. Please read the data below and answer the question beneath it.: Sales per period 5,000 units Selling price $60 per un
Wise Company sells walkers for $750 per walker. The unit variable cost per walker is $325. Fixed manufacturing costs total $5,500 per month, and fixed selling and administrative costs total $10,000. How many walkers must be sold to earn a pretax income of $10,000?
Reaves Professional Services has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Consultant Computer Programmer Administrator Regular earning $3000 per week $2
What is the purpose of depreciation? Does the book value of a fixed asset (cost minus accumulated depreciation) communicate to a user what the asset is worth? Explain why or why not. Should the financial statements reflect the value of fixed assets? Explain why or why not.
Question 1 Smith Corp. received cash of $20,000 that was included in revenues in its 2011 financial statements, of which $12,000 will not be taxable until 2012. Smith's enacted tax rate is 30% for 2011, and 25% for 2012. What amount should Scott report in its 2011 balance sheet for deferred income tax liability? Show calcula
The city of Brookville maintains its books to prepare fund accounting statements. It prepares worksheet adjustments in order to prepare government-wide statements. As such, Brookville's internal service fund--a print shop fund--is included in the proprietary funds statements. Required: Prepare necessary adjustments in orde
Prepare a schedule of direct and overlapping debt for the city of Forest, which is located within Forest County and Forest School District. The net assessed valuation of properties in the three governments was as follows: City, $150 million; County, $500 million; School District, $200 million. The net debt for each of the govern
Southern State University has chosen to report as a public university, reporting as a special-purpose entity engaged only in business-type activities. Deferred revenues were reported as of July 1, 2004, in the amount of $5,500,000. Record the following transactions related to revenue recognition for the year ending June 30, 2005
Problem 1 The Pearce Company had the following actual data for 2008: Units of finished goods Opening inventory - Production 14,000 Sales 12,500 Ending inventory 1,500 The basic production data at standard unit costs for the two years were: Direct materials $25 Direct labor 17 Variable factory overhead 3 St
Provide assistance with this problem. Given the following data please calculate both the accounting profit and the economic profit. Sales = $500 Cost of Goods Sold = $350 General & Administrative = $100 The Opportunity cost of the two owners foregoing their salaries estimated at $50K each.
The Garvey Corporation, a C corporation, during its first five years of operation, reported the following taxable incomes (losses): Year Taxable Income Effective Tax Rate 1 $ 60,000 25 % 2 20,000 20 3 (90,000) - 4 30,000 15 5 (40,000) 18 Required: a. Explain the net operating loss provisions of the ta
Basic Budget Units in beginning inventory 0 Units produced 400,000 Units sold 400,000 Units in ending inventory 0 Variable costs per unit: Direct materials $57.20 Direct labor 15.00 Variable manufacturing overhead 5.00 Variable selling and administrative 10.00 Total variabl
Jack has taxable income of $65,000. He is a single tax filer, and his federal income tax rates on the first $8,350 is 10 percent; it is 15 percent on income from $8,350 to $33,950 and 25 percent on income from $33,950 up to $82,250. What is Jack's federal income tax liability; what is his marginal rate and why would he care? Fin
Activity-based costing versus traditional overhead allocation methods. Galvest Industries manufactures and sells custom made windows. Its job costing system was designed using and activity-based costing approach. Direct materials and direct labor costs are accumulated separately, along with information concerning three manufa
Product Costing - Manufacturing Overhead-Over/Under applied LampArt Co. makes specialty table lamps. Manufacturing overhead is applied to production on a direct labor hours basis. During November, the first month of the company's fiscal year, $173,250 of manufacturing overhead was applied to work in process inventory using th
Below are selected ratios for Widget Corporation and Tools Inc. Use this information answer the following questions. Tools Corp. Widget Inc. Total asset turnover 2.0 2.0 Inventory turnover 3.6 4.0 Accounts receivable turnover 12.0 12.0 Fixed assets turnover 1.8 2.0
Determine a firm's earnings per share from the following information. (all in $) Corporate income tax rate 25% Number of shares outstanding 10,000 Cost of goods sold $60,000 Interest earned 2
Please help answer the following questions regarding accounting. How can different accounting methods impact an organization's net income? Who was the father of accounting?
Distinguish between product costs and period costs as they relate to inventory. Please give examples of both. In what type of business would we find product costs?
Question 1: Smith Construction has a noncontributory, defined benefit pension plan. At December 31, 2011, Smith received the following information: (see data attached) The expected long-term rate of return on plan assets was 10%. There were no AOCI balances related to pensions on January 1, 2011. At the end of 2011,
Tower Interiors has made the forecast of sales shown in the following table. Also given is the probability of each level of sales. Sales Probability $200,000 .20 300,000 .60 400,000 .20 The firm has fixed operating costs of $75,000 and variable operating costs equal to 70% o
One alleged advantage of leasing voiced in the past is that it kept liabilities off the balancesheet, thus making it possible for a firm to obtain more leverage than it otherwise could have. This raised the question of whether or not both the lease obligation and the asset involved should be capitalized and shown on the balance
Problem 2: Tiny Tim's Bookcases- Variable Costing vs Full Costing The information for Tiny Tim's Bookcases for the first two years of its operations is as follows: Selling price per unit $600 Variable production costs per unit produced $210 Variabl
Please help with the following problem. Include references in the response. Research the Internet for a company that has either: Been very successful from a specific strategy. Experienced failure or devastating results from a specific strategic perspective. Identify the company and the specific strategies that hav
1- Discuss and evaluate the use of qualitative research in business situations. 2- Discuss and evaluate the use of quantitative research in business situations.
1. Carter Components is computing the components of its pension expense for the current year ended December 31. Carter has calculated that its service cost is $60,000 and has computed interest cost as $42,000. The average remaining service life of its employees is 8 years. the return on $500,000 in plan assets was anticipated to
Can company profits be distributed directly to owners thereby transferring the tax burden? Why or why not?
Discuss methods and strategies to increase the service quality in the application of forensic accounting investigation in the fight against fraud.
The following inventory transactions took place near December 31, 2011, the end of the Raul Company's fiscal year-end: 1. On December 27, 2011, merchandise costing $2,000 was shipped to the Myers Company on consignment. The shipment arrived at Myer's location on December 29, but none of the merchandise was sold by the end of