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    Conard Corporation horizontal and vertical analysis

    The comparative condensed balance sheets of Conard Corporation are presented below. CONARD CORPORATION Comparative Condensed Balance Sheets December 31 2012 2011 Assets Current assets $ 74,380 $ 80,020 Property, plant, and equipment (net) 98,620 90,090 Intangibles

    Allocation Bases and Overhead Rates

    1. What is a predetermined overhead rate and how is it computed? 2. What do you feel is the best allocation base to use for the denominator in the predetermined overhead rate calculation and why? 3. What factors would you consider in choosing the allocation base?

    Portable Enterprises Limited Resources

    Portable Enterprises produces two lines of mobile homes: double-wide and single-wide. Unit cost and revenue data pertaining to each product are shown below: Double Wide Single Wide Selling price $70,000

    Company C has a corporate location in Chicago, IL and has decided to expand its operations to Omaha, NE in the following six months. CFO, Joe Smith, has identified the cash that is necessary to start such an expansion. Joe has itemized all of the transactions and documented the transactions against the potential growth that the expansion would precede. He then did an analysis of these transactions and the costs that were incurred and structured a trial balance. Once the expansion was underway, Joe began to post the actual entries in his ledger until he reached the end of the year. Discuss what stage of the accounting cycle Joe Smith and Company C are in and identify the complete stages. What measures should Joe take to complete the accounting cycle?

    Company C has a corporate location in Chicago, IL and has decided to expand its operations to Omaha, NE in the following six months. CFO, Joe Smith, has identified the cash that is necessary to start such an expansion. Joe has itemized all of the transactions and documented the transactions against the potential growth that the

    Changes to Net Income for Linden Corporation for year ended December 31, 2010

    Linden Corporation is preparing its December 31, 2010, financial statements. Two events that occurred between December 31, 2010, and March 10, 2011, when the statements were issued, are described below. A liability, estimated at $160,000 at December 31, 2010, was settled on February 26, 2011, at $170,000. A flood loss of $8

    Dell, Inc. Questions from annual report; cost objects, direct costs; risks

    The questions in this exercise are based on Dell, Inc, To answer the questions, you have to download Dell's 2005 Form 10-K by going to www.sec.gov/edgar/searchedgar/companysearch.html Input CIK code 826083 and hit enter. In the gray box on the right-hand side of your computer screen define the scope of your search by inputtin

    Direct-material price and quantity variances

    Provide steps to complete the problem: During April, Dryden Company's material purchased amounted to 6,500 pounds at a price of $7.40 per pound. Actual costs incurred in the production of 2,000 units were as follows. Direct Labor: $118,035 ($18.30 per hour) Direct material: $31,820 ($7.40 per hour) The standards for

    Budgetary control and accounting

    Describe the three basic types of responsibility centers and explain the responsibility accounting for : cost center, profit center and Investment center

    Accounting explanation - Fourth-quarter losses of automakers

    The press report carried the following news item: General Motors, Ford, and Chrysler are expected to post losses on fourth-quarter operations despite sales gains. Automakers' revenues are based on factory output rather than retail sales by dealers, and last quarter's sales increases were from the bulging inventories at the end o

    Taxation on house constructed and sold by Sylvia, the dentist

    Sylvia, a dentist with excellent skills as a carpenter, started the construction of a house that she planned to give to her son as a surprise when he returned from Saudia Arabia, where he is serving in the military. She began construction on March 23, 2005, and finished the house on July 10, 2006, at a total cost of $70,000. Her

    How do you define materiality as a CPA?

    In assessing errors, a CPA must consider its materiality, since immaterial errors do not necessarily require correction. How do you define materiality as a CPA in evaluation of errors? What are some considerations?

    The Medical Center - Predetermined Factory overhead rate

    The Medical Center has a single operating room that is used by local physicians to perform surgical procedures. The cost of using the operating room is accumulated by each patient procedure and includes the direct materials costs (drugs and medical devices), physician surgical time, and operating room overhead. On November 1 of

    Bullock Furniture: Calculate balances for materials ledger

    Bullock Furniture Company manufactures furniture. Bullock uses a job order cost system. Balances on June 1 from the materials ledger are as follows: Fabric $18,400 Polyester filling 5,500 Lumber 41,200 Glue 1,800 The materials purchased during June are summarized from the receiving reports as follows: Fabric $

    Cost Accounting Budgeted Data

    Attached #1 The following budgeted and actual data are for the operations of the All-Fixed Company. All-fixed uses budgeted production as the denominator level and writes off any production volume variance to cost of goods sold. 2008 2009 Sales 10,000 tons

    Compare Nordstrom's liquidity with (1) that of J.C. Penney Company

    see attached Nordstrom Inc. operates department stores in numerous states. Selected financial statement data for the year ending January 29, 2012, are as follows. NORDSTROM, INC. Balance Sheet (partial) (in millions) End-of-Year Beginning-of-Year Cash and cash equivalents $ 482 $ 369 Receivables (net)

    Esquire Company adjusting entry impact

    On June 30, 2011, the Esquire Company sold some merchandise to a customer for $30,000. In payment, The 6% rate is appropriate in this situation. 1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of goods sold), the December 31, 2011 interest accrual, and the March

    Johnson Company uses the allowance method to account for uncollectible accounts receivable. Bad debit expense is established as a percentage of credit sales. For 2011, net credit sales totaled $4,500,000, and the estimated bad debt percentage s 1.5%. The allowance for uncollectible accounts had a credit balance of $42,000 at the beginning of 2011 and $40,000, after adjusting entries, at the end of 2011; 1. What is the bad debt expense? 2. Determine the amount of accounts receivable written of during 2011. 3. If the company uses the direct write off method, what would the bad debt expense be for 2011?

    Johnson Company uses the allowance method to account for uncollectible accounts receivable. Bad debit expense is established as a percentage of credit sales. For 2011, net credit sales totaled $4,500,000, and the estimated bad debt percentage s 1.5%. The allowance for uncollectible accounts had a credit balance of $42,000 at

    An item is relevant if it is different between or among decision alternatives.

    "An item is relevant if it is different between or among decision alternatives. That item is not relevant if it is the same between or among decision alternatives." We have more information available today than ever before ... Yet that is not always to our benefit, for much of the information may have questionable accurac

    Preparing the Net Cash Provided by Operating Activities Section

    See attached. The current sections of Leach Inc.'s balance sheets at December 31, 2010 and 2011, are presented here. Leach's net income for 2011 was $152,760. Depreciation expense was $24,000. 2011 2010 Current assets Cash $105,170 $99,170 Accounts receivable 110,300 88,520 Inventory 157,

    Calculate variances for Healing Touch and Turow Trailers

    1. Healing Touch manufactures massage chairs with the following standard cost structure: Standard Cost Sheet: Massage Chair Metal tubing ¨ 6 meters @ $3 $ 18.00 Leather 2 square meters @ $7 $ 14.00 Padding 3 kilograms @ $4 $ 12.00 Direct labor 4 hours @ $15 $ 60.00 Total standard cost $104.00 During th

    Example of circumstances that changes ratios

    Consider each of the following situations independently of each other. 1.Current ratio increases from one period to the next. 2.Accounts receivable turnover increases from one period to the next. 3.Accounts payable turnover increases from one period to the next. Question 1 Provide one example of when the underlyi

    Gift tax Form 709 for Dale and Andrea Dixon

    See the attached file in proper format GIFT TAX FORM 709 Dale C. and Andrea M. Dixon (Social Security numbers 123-45-6789 and 123-45-6788) live at 912 Mockingbird Lane, Pine Bluff, AR 71602. Both are active in real estate ventures and in the past have developed and owned numerous shopping centers in various parts of Arkans

    Shifting the Income

    Mary owns several rental properties and would like to shift some of the income to her daughter. Mary tells her tenants to send their rent checks to her daughter and the daughter will report the rental income on her tax return. Will this shift the income from Mary to her daughter? Why or why not?

    Lattrell recently used his Delta Skymiles to purchase a free roundtrip tocket to Milan, Italy (value $1,200). The frequent flyer miles used to purchase the ticket were generated from Lattrell's business travel as a CPA. Latrell's employer paid for his business trips and he was not taxed on the travel reimbursement. How much income, if any, does Latrell have to recognize as a result of purchasing an airline ticket with Skymiles earned from business travel.

    Lattrell recently used his Delta Skymiles to purchase a free roundtrip tocket to Milan, Italy (value $1,200). The frequent flyer miles used to purchase the ticket were generated from Lattrell's business travel as a CPA. Latrell's employer paid for his business trips and he was not taxed on the travel reimbursement. How much