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Accounting: Sampling Procedures

I'm working on 2 problems and am having trouble with them. Analysis 13-1 As auditor for the Harder Company, you decide to use PPS sampling in determining the fairness of accounts receivable. In executing the plan, you discover the following misstatements: Book Audit Value Value $1,500 $1,000 2,400

Depreciation Schedule for Tax and Financial Reporting

The following information is available for the first three years of operations for Cooper Company: 1. Year 2010 2011 2012 Taxable Income $500,000 330,000 400,000 2. On January 2, 2010, heavy equipment costing $600,000 was purchased. The equipment had a li

Management Accounting Process Costing

Daisy Ltd. uses FIFO process costing. The following information is for the current period production process. Each unit must pass through two separate processes, the Assembly and the Finishing departments. This information is for the Finishing department. Direct materials are added at the beginning of the process, while conve

Accounting Word Problems E 12-1, E 12-4, E 12-6, P 12-9, P 12-12, P 12-14

E 12-1, E 12-4, E 12-6, P 12-9, P 12-12, P 12-14 E 12-1 The Befort Company filed for a patent on a new type of machine. The application costs totaled $12,000. R&D costs incurred to create the machine were $75,000. In the year in which the company filed for and received the patent, it spent $20,000 in the successful defense of

ABC, variable, overhead cost allocations

1. Information for Gifford, Inc., as of December 31 follow: Administrative salaries-----------------------$35,000 Dpreciation of factory equipment------------25,000 Depreciation of delivery vehicles--------------6,000 Direct labor----------------------------------------68,000 Factory supplied u

Accounting - 20 Multiple Choice

Question 1 Trademarks or trade names must be renewed every 40 years can be considered intangibles with indefinite lives are developed internally and thus should not have any related costs capitalized and amortized are synonymous with internally developed goodwill Question

Inventory, Income Tax, Cash Flows, Allowance Accounts

P 3-8 The Ferdon Company uses a periodic inventory system. The following is partial information from its income statements for 2007 and 2008: 2007 2008 Beginning inventory $(2) $(4) Sales 220,000 (6) Purchases 118,000 140,000 Purchases returns 2,000 3,000 Ending Inventory 48,000 74,000 Sales retur

Growth, terminal value, annual withdrawals, tax impact

This problem uses a tax deferred 401(k) pension plan as the basis for considering the choice among different types of mutual funds. 1. This first question illustrates the large amount to which a modest amount will grow over an extended time period. Bozena's contribution $1,600 Company's match 800

Random Accounting Questions

See attached file for clarity. 1. All of the following are true regarding journal entries except: A. Journal entries show the effects of transactions. B. Journal entries provide account balances. C. The debited account titles are listed first. D. Each journal entry should begin with a date. 2. Marvin's Art Inc. purchas

Accounting F-7

** Please see the attached file for the complete problem description ** Brurien,Inc., operates a retail store with two departments, A and B. Its departmental income statement for the current year follows: (please see the attachment F-7-1) Burien allocates building depreciation, maintenance, and utilities on the basis of sq

Preparing a Manufacturing Statement

*Please look at the attachment!!!! *Please describe how to calculated!! Information for Gifford, Inc., as of December 31 follows: (see attachment) Prepare a manufacturing statement for the yea ended December 31. Administrative Salaries $35,000 Depreciation of Factory Equipment $25,000 Depreciation of Delivery

Physical Flow Schedule and Computing Cost

1. Medi Syrup is a large cough syrup producer. The cough syrup passes through several stages during production. In department B, the following activity was recorded for October. - Beginning work-in-process on October 1 was 40,000 gallons. - 20,000 gallons were started into production in department B during the month. - 55,000

Durocher Guitar Cash Flow Reporting

Durocher Guitar Company is in the business of manufacturing top quality, steel-string folk guitars. In recent years the company has experienced working capital problems resulting from the procurement of factory equipment, the unanticipated buildup of receivables and inventories, and the payoff of a balloon mortgage on a new manu

Cost classification in an accounting problem

Please describe how to calculate the following variables. Ringle Company is manufacture of compact disks (CD). Place each of the following costs in the appropriate column. cost item Period cost Direct materials Direct labor Factory overhead a. Factory maintenance salarly , $40000 b. Salary of factory supervisor, $700

Management Accounting - Morisot Manufacturing Ltd

Morisot Manufacturing Ltd. uses a normal job order costing system. Selected account information and balances for the year ended December 31, 2009 are: January 1, 2009 December 31, 2009 Finished Goods

Partnership Basis of Assets

1. Partner Jordan received a distribution of $80,000 cash from JKL Partnership in complete liquidation of his partnership interest. If Jordan's outside basis immediately before the distribution was $90,000, and if the partnership has made (and not revoked) a 754 election in a prior year, which of the following statements if tr

S Corporation Accounting Problems

1. During 2009, Shirley Nutt, the sole shareholder of a calendar year S corporation, received a distribution of $16,000. On December 31, 2008, her stock basis was $4,000. The corporation earned $11,000 ordinaty income during the year. It has no accumulated E &P. which statement is correct? a. Nutt recognizes a $1,000 LTCG b.

Management Accounting: Kraken Ltd.

Kraken Ltd. had a balance of $70,275 in work in progress on January 1st, represented by the following two jobs: Job Number 207 Direct Materials $8,400 Direct Labor $15,300 Job Number 244 Direct Materials $9,000 Direct Labor $7,200 Total Direct Materials $17,400 Total Direct Labor $22,500 At December 31st only o

Management Accounting for Virtual Accounting

Monet Creations Ltd. suffered a fire that destroyed virtually the entire inventory on hand in the warehouse. The fire had also spread to the administration building where much of the accounting records were destroyed. The only information that could be pieced together from some of the computer files follows: Cost of Goods Sol

Management Accounting Problems

Latrec Ltd. uses a process costing system and reported an opening work in process inventory of 8,500 physical units (65% complete with respect to conversion). During the period 12,500 units were started. Ending work in process inventory was 50% complete for conversion with 4,000 physical units. All direct materials are added at

Analysis to figure out if I should make or buy

Knox Manufacturing incurs unit costs of $15 ($9 variable and $6 fixed) in making a subassembly part for its finished product. A supplier offers to make 10,000 of the assembly part at $11 per unit. If the offer is accepted, all variable costs and $1 of fixed costs per unit will be saved. Instructions (a) Prepare an analysis

Estates, Trusts and Gifts Tax Problems

1. Horton dies in 2009, leaving a taxable estate of $3.7 million. In 2002, he made a taxable gift of $100,000 upon which he paid no tax due to the availability of the unified tax credit. Calculate the estate tax due. 2. In June 2009, Roy died in an auto accident while vacationing in Montana. Discuss the tax ramifications o

Outside Supplier Financials, Operating income, Overhead

See attached file for complete problems. 2. Is the offer from the outside supplier financially attractive? Why? 3. a) Prepare a report that shows the effect on the company's total net operating income of buying part A55 from the supplier rather than continuing to make it inside the company. b) Which alternative should

Billy Corporation

Billy Corporation is a multi-divisional company whose managers have been delegated full profit responsibility and complete autonomy to accept or reject transfers from other divisions. Division X produces 2,000 units of a subassembly that has a ready market. One of these subassemblies is currently used by Division Y for each fina

Answer the following questions

1.At 12/31/2006, the financial statements of Dollar Market included the following numbers: Beginning inventory $100,000 Ending inventory 80,000 Cost of goods sold 270,000 Sales revenue 540,000 The company's inventory turnover ratio for the year is a. 2 b. 2.7 c. 3 d. 6 2. Credits

Variable, Semivariable, and Fixed Costs

1. A-1 Corporation extracts ore for eight different companies in Colorado. The firm anticipates variable cost for $65 per ton along with annual fixed overhead of $840,000, which is incurred evenly throughout the year. These costs exclude the following semivariable costs, which are expected to total the amounts shown for the hig

Interim Reporting

J. J. Kersee Corporation, a publicly traded company, is preparing the interim financial data which it will issue to its stockholders and the Securities and Exchange Commission (SEC) at the end of the first quarter of the 2006-2007 fiscal year. Kersee's financial accounting department has compiled the following summarized reve