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Accounting

ABC Method of allocating cost

Activity Based Costing Below find Millie's income statement. Millie's Linen Company For the year ended 12-31-XX Sales $500,000 Variable Production Costs 150,000 Contribution Margin $350,000 Fixed Costs: Production Overhead $120,000 Sellling & Distribution Costs 180,000

Develop a linear equation

See the attached file. Not sure what is being asked for the second part. Chapter 3, problem 3-41 High-Low Method Manchester Foundry produced 45,000 tons of steel in March at a cost of £1,150,000. In April, the foundry produced 35,000 tons at a cost of £950,000. Using only these two data points, determine the cost funct

Components of an Organization's Operating Budget

Operating Budgets - Write a 700 to 1,000 word paper that identifies the items incorporated into a security component or department of an organizations operating budget. Such as operating equipment, services, maintenance, phone, mail, office supplies, uniforms, and so forth. - Provide a rationale and justification for each co

Termination and Liquidation of a Business

Good Evening, I'm having a little difficulty understanding this problem. I entered some of the values, but I'm confused. Please advise. The Partnership of Frick, Wilson and Clarke has elected to cease all operations and liquidate it's business property. A balance sheet drawn up at this time shows the following acc

Determining Eliminating Entries (Power Corporation)

Please assist with the following problem. Thank you. Power Corporation acquired 75 percent of Best Company's ownership on January 1, 20X8, for $96,000. At that date, the fair value of Best's buildings and equipment was $20,000 more than book value. Buildings and equipment are depreciated on a 10-year basis. Although goodwil

Traditional vs ABC Costing: Kalder Products

Can you help me get started with this assignment? Kalder Products manufactures two component parts, AJ40 and AJ60. AJ40 components are being introduced currently, and AJ60 parts have been in production for several years. For the upcoming period, 1,000 units of each product are planned for manufacturing. Assume that the only r

Tax Questions (FEI Rules, Computing Tax, and More...)

1) Mr. A works in Germany for XYZ contracting, an American corporation. He is single and has no dependents. He takes the standard deduction. He made $100,000 in 2009. He did not leave Germany in the year 2009. A) How much of his income can he exclude under the FEI rules? B) Assuming that he has no other income, what is his ta

Critiquing a Variance Report

I need help with the following problem in the attached document. Critiquing a Variance Report: Several years ago, Westmont Corporation developed a comprehensive budgeting system for profit planning and control purposes. While departmental supervisors have been happy with the system, the factory manager has expressed considerab

Advance Accounting

Comparative Consolidataed balance sheet data for Iverson, Inc., and its 80 percent owned susidiary Oakley Co. follow: 2011 2010 cash 7000 20000 accounts receivable (net) 55000 38000 merchandise inventory 85000 45000 building a

HCO Media Qualifies VIE

Hillsborough Country Outfitters, Inc., entered into an agreement for HCO Media LLC to exclusively conduct Hillsborough's e-commerce initiatives through a jointly owned (50 percent each) Internet site known as HCO.com. HCO media receives 2 percent of all sales revenue generated through the site up to a maximum of 500,000 per year

Taxable income to Smith, Jones, Smith and Earl Litt

1. What three functions does distributable net income serve in fiduciary taxation? 2. What problem does the separate share rule alleviate? 3. Beneficiaries of estates and complex trusts are subject to the tier system of taxation. Explain what is meant by a first- and second- tier beneficiary. 4. The trust instrument re

Why FASB requires the information found in footnotes

Although the basic financial statements for a company may take only four or five pages, some annual reports are now over 200 pages long. You are a staff member at FASB, and you have been asked to respond to a letter that contains the following statement: "You guys need to cut out a lot of the required disclosures. Most footno

Financial reporting problems: Day Ko Incorporated

Please see ** ATTACHED ** file(s) for complete details!! Based on the income statements in attachment, solve the following questions. a. How did 2007 net sales compare to 2006? b. How did 2007 net earnings compare to 2006? c. Calculate the following for 2007 and 2006: 1. Net profit margin 2. Return on assets (using

Determine the effect of transactions on Joe's taxable business income

Joe operates a business that locates and purchases specialized assets for clients, among other activities. Joe uses the accrual method of accounting but he doesn't keep any significant inventories of the specialized assets that he sells. Joe reported the following financial information for his business activities during year 0.

Total contribution margin

Porter Company has provided the following data for the second quarter of the most recent year: Assume that direct labor is a variable cost and that there were no beginning or ending inventories. The total contribution margin of Porter company for the second quarter was? How about the contribution margin? Sales

Recommend action to management of Leastan Company for department closing

Department Closing: Prior to last year, Leastan Company had not kept departmental income statements. To achieve better management control, the company decided to install department-by-department accounts. At the end of the last year, the new account showed that although the business as a whole was profitable, the Dry Goods De

Options for overhead cost allocations (ABC)

Wilkins Corporation manufactures safes-large mobile safes and large walk-in stationary bank safes. As part of its annual budgeting process, Wilkins is analyzing the profitability of its two products. Part of this analysis involves estimating the amount of overhead to be allocated to each product line. The following information r

10 Multiple Choice: governmental accounting

3-2 1. Upon ordering supplies a government should a. Debit encumbrances and credit reserve for encumbrances b. Debit reserve for encumbrances and credit encumbrances c. Debit expenditures and credit encumbrances d. Debit expenditures and credit vouchers payable 2. Upon receiving supplies that had previously been encumb

United States Accounting Standards

Compare the United States accounting standards and those of Russia. Also, include description regarding significance of the finding. Differences are frequently found in the following areas: -Research and development -Goodwill -Consolidations -Capitalized Interest -Asset Valuation -Leases -Inflation accounting Ple

Personal Taxation: Demarco Jackson's taxable income

See attached file. Demarco and Janine Jackson have been married for 20 years and have four children who qualify as their dependents. Their income from all sources this year (2009) totaled $200,000 and included a gain from the sale of their home, which they purchased a few years ago for $200,000 and sold this year for $250,000

Accounting

Standard cost system-overhead variances Assume the following data for John Company's August operations. Standard overhead per direct labor hour based on normal monthly capacity of 30,000 hours: Fixed( $270,000/30,000 hours) $9 Variable ($660,000/30,000 hours) 22 $31 Dir

Executive Summary Statement Requirements

SFAS 116 and 117 Executive Summary · Resources: Statements of Financial Accounting Standards (SFAS) 116 and 117; sample Executive Summary · Write an Executive Summary assessing the requirements of SFAS 116 and 117 and its effect on the financial statements. · Refer to the sample Executive Sum

Determine Net Income for Sanhueza, Inc.

Determining net income from net cash flow from operating activities Sanhueza, Inc. reported a net cash flow from operating activities of $187,600 on its statement of cash flows for the year ended December 31, 2010. The following information was reported in the Cash Flows from Operating Activities section of the statement of c

Income Tax Preparation

Using TaxCut® or other tax preparation software, and Prentice Hall's Federal Taxation 2010 Dave Stevens, age 34, is a self-employed physical therapist. His wife Sarah, age 31, teaches English as a Second Language at a local language school. Dave's Social Security number is 417-46-9403. Sarah's Social Security number is 5

Miller and Taylor Companies Consolidation Goodwill

Problem 27 Miller Company acquired an 80 percent interest in Taylor Company on January 1, 2009, Miller paid $664,000 in cash to the owners of Taylor to acquire these shares. In addition, the remaining 20 percent of Taylor shares continued to trade at a total valueof $166,000 both before and after Mil

Comparison of Entity Forms

Can you help me get started with this assignment? Determine the tax liabilities of a C Corporation vs a S Corporation with one shareholder who owns 100% of the company's stock. C11-29: Carl Carlson, a single taxpayer, owns 100% of Delta Corporation. During 2009, Delta reports $150,000 of taxable income. Carl reports no

Estate Taxes Example Problems

Can you help me get started with this assignment? 1. Hershel Barker was the president and majority shareholder in Bulldog Inc. He was a cash-basis taxpayer who reported his income on a calendar-year basis. On March 1,2009, Hershel was killed in a skiing accident. The estate has elected to report its income on a calendar-year