There have been some discussions about the possibility of IRS applying only a flat tax rate in the future to every individual's income in order to calculate the individual's share of income tax. Share your opinion about this plan with class and explain why you do or do not like this plan.
** Please see the attached file for the requisite financial statements ** SAC has developed revolutionary manufacturing techniques utilizing its new spark plug manufacturing technology to offer special-order spark plugs for the auto racing industry. The company is currently using process costing for its spark plugs but is con
In its most recent financial statements, Newhouse Inc reported 50 million of net income and 810 million of retained earnings. The previous retained earnings were 780 million. How much in dividends was paid to shareholders during the year? The Talley Corporation had a taxable income of 365,000 from operations after all operati
Explain the accounting issues and methods for the following: 1. cash, inventory, and accounts receivable. Include a discussion for how inventory costing assumptions influence the resulting accounting numbers. 2. buildings and equipment. Include a discussion for how the depreciation schedule chosen influences the resulti
See attached file for clarity. Following is a comparative balance sheet for WorldView International Corporation: WorldView International Corporation Balance Sheet December 31, 2008 and 2007 2008 2007 Current assets Cash $ 10,000 $ 5,000 Short-
Go to www.irs.gov or http://www.lexisnexis.com/ to find current tax legislation. Identify and summarize a current proposed tax legislation change or tax bill. Your summarization should include an APA reference page.
Accounting 3 Problems Short term business decisions,capital investments, cost-volume profit analysis
1. The long distance company that you use charges $5.00 per month and $0.10 per minute per call. If your current bill is $25.00, how many minutes did you use? a. 250 minutes b.100 minutes c.200 minutes d.150 minutes 2. Jenny was reviewing the water bill for her doggy day spa and determined that her highest bil
Critiquing a Cost Report for Frank Weston (Jim Smith) of Freemon Corporation's Machining Department (Harbor View Machining Department)
Complete the following exercise: Frank Weston (Jim Smith), supervisor of the Freemont Corporation's (Harbor View) Machining Department, was visibly upset after being reprimanded for his department's poor performance over the prior month. The department's cost control report is given below: Freemont Corporation-Machining Depa
Explain why the answer is chosen: 13. The three sections of a statement of cost of goods manufactured include: a.variable expenses, contribution margin, fixed expenses. b. direct costs, indirect costs, operating profit. c. sales revenue, gross profit, selling and administrative expenses. d, raw material, direct la
1. Olympia Productions, Inc., makes award medallions that are attached to ribbons. Each medallion requires 18 inches of ribbon. The sales forecast for February is 8,000 medallions. Estimated beginning inventories and desired ending inventories for February are: Estimated Beginning Inve
Hughes, Inc., manufactures digital voice recorders. During 2010, total costs associated with manufacturing 209,200 of the new MV-5253 model (introduced this year) were as follows: Raw materials $ 1,781,900 Direct labor 2,954,500 Variable manufacturing overhead 753,800 Fixed manufacturing overhead 709
The following solution helps with various accounting problems. The concepts covered include cost of inventory and hours of labor.
1. Deckhand Accessories, Inc., manufactures women's boating shoes. Manufacturing overhead is assigned to production on a machine-hour basis. For 2010, it was estimated that manufacturing overhead would total $974,400 and that 67,200 machine hours would be used. (a) Calculate the predetermined overhead application rate that w
National cereal manufacturers receive high margins for many of their cereals, often ranging from 60-75 percent. By contrast, the large retail grocery chains (Kroger, Safeway, etc.) that sell cereal make much smaller margins. What would explain this divergence in margins?
Which procedures for collecting accounting evidence have you used in your career? Explain how one of these procedures was used.
From Principles of Cost Accounting - 15th Edition - VanDerbeck Madden Manufacturing, Inc., manufactures a single product and uses a standard cost system. The factory overhead is applied on the basis of direct labor hours. A condensed version of the company's flexible budget follows: Direct labor hours 5,000 6,250 10,00
1------The following infrmation is available for Hughes Co. 2010 2009 2008 ------------------------------------------------------------------------------------------------- Net income $2,500 $1,700 $1,900 Ne
Novastar Corporation issued 2,000 of its $1,000, 10% ten-year bonds dated July 1, Year 1 on July 1, Year 1, at a time when the market paid 9% for bonds of similar risk. Interest is payable annually. The bonds were properly carried at $2,134,000 upon issue. On its December 31, Year 1 financial statements, Novastar Corporation wou
On Dec 31, Year 1, Todd Corporation issued 500 of its 10%, $1000 bonds at 105. Todd Corporation uses IFRS. The bonds were issued through an underwriter to whom Todd paid bond issue costs of $15,000. On Dec 31, Year 1 balance sheet, Todd should report the bond liability at: A 500,000 B 510,000 C 515,000 D 525,000
Septer corporation issued 2000 of its $1000, 8% ten-year bonds dated July 1, Year 1 on Sept 1, Year 1, at a time when the market paid 9% for bonds of similar risk. The bonds were quoted at 94 and pay interest quarterly on Sept 30 and Dec 31. What were the total proceeds of the bond issued at the time of sale?
A schedule of machinery owned by Red Bird Manufacturing Company is as follows: Total Estimated Cost: Machine A: $450,000, Machine B, $170,000, Mach C $40,000 Estimated Salvage Value: Mach A: $30,000, Mach B: $10,000, Mach C: $0 Life in Years: Mach A: 6, Mach B: 8, Mach C: 4 Red Bird computes composite depreciation on
Mike incurs the following employment-related expenses in the current year: Actual automobile expenses $ 2,500 Moving expenses (deductible under Sec. 217) 4,000 Entertainment expenses 1,500 Travel expenses (including $500 of business meals) 2,500 Professional dues and subscriptions 500 Total $11,000 Mike's AGI is $120,00
Is all evidence the same or is some more valuable than others? Explain.
Explain whether or not the government has been successful in its oversight of accounting fraud and abuse.
See attached for better formatting... In the T-account cost flow diagram of balance sheet inventory accounts and the cost of goods sold accounting Raw material purchases are debited to work in progress Cost of goods manufactured is debited to finished goods inventory Cost of goods sold is debited to finished goods inventor
Changes in the cash account. Indicate the impact of the following corporate actions on cash using the letter I for and increase, D for a decrease, or N when no change occurs. a. A dividend that is paid with funds received from a sale of debt. b. B. real estate is purchased and paid for with short-term debt. c. C. inventory
Study Appendix 13. Consider the following data regarding factory overhead: Variable Fixed Budget for actual hours of input $45,000 $70,000 Applied 41,000 64,800 Budget for standard hours allowed for actual output achieved ? ? Actual incurred 48,500 68,500 Using the above data, fill in the following blanks with the varianc
Eric and Pamela may want to sell this house in 10 years or so in order to get a bigger house. They would hope that the house would appreciate to at least $190,000. Research the appreciation rates of single-family homes in your city, region, or state. Based on your research, do you think it is reasonable to expect this house t
Reflect and describe which key concepts and topics in this course have made you a stronger candidate to enter the business world.
1. Reflect and describe which key concepts and topics in this course have made you a stronger candidate to enter the business world. 2. Discuss how this course has affected you in your professional development as a student and as a person as well as encouraging you on your academic path. Respond using the critical elemen
Out of 150 multiple choice questions I am having hard time with the following 9. Chapter 1 - Introduction 1. Which of the following best describes the objective of a fraud examination? a. Make recommendations to management about how to prevent fraud. b. Determine whether financial statements are free of misstatements due
2 Million shares of common stock outstanding, net income 55,000 and P/E ratio for the stock is 10. Management is planning a 20% dividend. What will the price of stock be after dividend? If investor owns 100 shares before dividend does the total value of his share change? Explain. What formula can I use in Excel to solve t