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Accounting

Horizontal and Vertical Analysis of a Balance Sheet

One summary of the Balance sheet horizontal and vertical and one summary of the income statement horizontal and vertical. Note: a summary statement should tell the story of each statement from both horizontal and vertical of view in "one" summary. The company is Las Vegas Sands Corp. Attached: horizontal and vertical

Total Overhead Variance

Reid Shaw Company produces one product, a putter, called the GO-Putter. Shaw uses a standard cost system and determines that it should take one hour of direct labor to produce one GO-Putter. The normal production capacity for this putter is 100,000 units per year. The total budgeted overhead at normal capacity is $800,000 com

ROI to measure the performance

The Manning Company uses ROI to measure the performance of its operating division. A summary of the annual reports from the two divisions is shown below. The company's cost of capital is 12%. Division A Division B Capital invested $2400 $4000 Net income

Payroll Weakness and Control

Rockfield Construction Company, headquartered in Las Vegas, Nevada, built a Apartment Complex in Boulder City. The construction foreman, Slim Pickins, hired the workers for the project. Pickins had his workers fill out the necessary tax forms and sent the employment documents to the home office. Work on the motel began on May 1

Reporting Intercorporate Investment using Equity Method

Problem 1 Mark to market accounting: Consider the following information: 1. Giant Motors purchases 5% of Crane Tire Company's common stock for $30 million on January 1,2008. 2. Crane earned $25 million in net income for 2008. 3. Crane pays total dividends of $15 during 2008. 4. The market value of Giant's 5% investment i

Marc and Michelle's Comprehensive Tax Questions

Marc and Michelle are married and earned salaries this year (2009) of $64,000 and $12,000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $500 from corporate bonds. Marc and Michelle also paid $2,500 of qualifying moving expenses, and Marc paid alimony to a prior spouse in th

Marshall's: Allocate occupancy costs to Miller's department using current method

See attached file. Marshall's has several departments that occupy all floors of a two-story building that includes a basement floor. Marshall rented this building under a long-term lease negotiated when rental raes were low. The departmental accounting system has a single account, Building Occupancy Cost, in its ledger. The t

International Tax on Stocks

Problems: 1. Olson and Johnson are wealthy investors who were born and raised in Sweden. Each owns half of International Lenders, Ltd. ("ILL), a corporation organized and headquartered in Stockholm. ILL makes equity investments and loans all over the world. Several years ago, ILL loaned $100 million to the American Fish Company

Intermediate accounting

Michael won the state lottery and had the option of taking his winnings is one of three ways: a. 175000 cash immediately b. 25000 cash immediately and six equal installments beginning one year from today with a 3% return c. Seven equal payments beginning in one year with a 6% return. Which would be the best option for Mi

Prime, Coversion, Product and Period Costs

Assume that you must take a presentation to the marking staff explaining the difference between product and period costs. Your supervisor tells you the marking staff would also like clarification regarding prime and conversion costs and an explanation of how these terms fit with product and period cost. You are told that many on

Prepare a 2009 income tax return based on the following.

Tax return problem: Using the following link to find the appropriate forms - http://www.irs.gov/app/picklist/list/formsInstructions.html (You should be able to enter information on forms before saving or printing ) prepare a 2009 income tax return based on the following. Name: Kid Rock SS: 123-45-6789 DOB: 5/11/71 Address

Various Advanced Accounting Methods

1. Under the equity method, when the company's share of cumulative losses equals its investment and the company has no obligation or intention to fund such additional losses, which of the following statements is true? The investor should change to the fair-value method to account for its investment The inv

Projected benefit obligation

Exercise E20-19 Projected benefit obligation 930,000 Accumulated benefit obligation 865,000 Plan assets (at fair value) 700,000 Vested benefits 200,000 Prior service cost not yet recognized in pension expense 120,000 Gains and losses

Determining Taxable Estate

When Yuji dies in March 2009, his gross estate is valued at $6 million. He owes debts totaling $300,000. Funeral and administration expenses are $12,000 and $120,000, respectively. The marginal estate tax rate will exceed his estate's marginal income tax rate. Yuji wills his church $300,000 and his spouse $1.1 million. What

Company Financials and Accounting Concepts

What you might do in the following scenario. You have been offered a job in the suburbs on the side of town you live on. It is for more money than you are making and will be 9-5, five days a week instead of overtime at your current job. The company is small and privately held. The company you work for now is a large establis

Help Compute taxable income and net tax due or refund expected for year 2005

Please help me in completing the following take-home problem Introduction: Lisa is single has a dependent child, Ava, who lives with her. After her divorce, Lisa, was awarded the permanent custody of Ava, and has not agreed to waive her right to claim Ava as a dependent. Task: Compute Lisa's taxable income and her net tax

Cash Balance Column Accounts and "Account Receivable"

ABD Co. began operating on January 1st, 2006. on December 31st, 2006 the company records showed the following account balance : The following transactions occurred during 2006 : 1-   Collected $7,000 from Accounts Receivable. 2-   Purchased supplies of $5,000 in cash. 3-   Purchased equipment for $5,000 with

Cycle that is Not Automated

Select a step of the accounting that is not automated at AT&T then. A) How would you integrate this part of the accounting cycle into AT&T, wide accounting information system, identified some of the internal controls associated with the portion of the accounting cycle. B) Describe why these controls are important.

Net gains and losses

Five years ago, Brian and his brother Boyd formed Stewart Corp., a golf apparel manufacturing corporation. At that time, Brian contributed $300,000 to the corporation in exchange for 50% of its stock. During the current year, Brian needed some cash to purchase a golf course so he sold a third of his interest in Stewart Corp. for

Compare Microsoft and AT&T

Using the Internet, research Microsoft in the software industry and AT&T in the telecommunications industry to compare and contrast their performance over the last five years. Compare the two companies with special reference to the economic and environmental factors affecting their business during this time. Examine how the f

Easy Transfer Pricing Excel Exercise-Accounting

Please see attached, Need help filling in the missing cell values with formulas & explanations as to how to arrive at the calculations, submit conclusions back within this xls file. • Metals Division, total contribution margin:$28,800,000 • Outlay cost: $156 XXXX has several divisions. However, only two divisions

Managerial Accounting Assighnment

We are currently studying for our future managerial accounting exam, I am doing a pre-test and for accuracy I would like to know the answers to the specific problems attached. 1. Stoneberger Corporation produces a single product and has the following cost structure: The unit product cost under variable costing is:

Tax of estates, trusts & gifts

1. Why can the unified transfer tax be categorized as an excise tax? In this regard, how does it differ from an income tax? 2. 10.3 As to the alternate valuation date of §2032, comment on the following. a. The justification for the election. b. A Form 706 need not be filed for the estate. c. The main heir prefers the date

Formula method

The 2007 balance sheet for American Pulp and Paper is shown below (in millions of dollars): Cash $3.0 Accounts Receivable 3.0 Inventory 5.0 Current Assets $11.0 Fixed Assets $3.0 Total Assets $14.0 Accounts Payable $2.0 Notes Payable 1.5 Current Liabilities $3.5 Long term Debt $3.0 Common Equity 7.5 Total Liabi

Employer's payroll tax expense

During the first week of January, Sam Jones earned $200. Assume that FICA taxes are 7.65 percent of wages up to $50,000, state unemployment tax is 5.0 percent of wages up to $13,000, and federal unemployment tax is 0.8 percent of wages up to $13,000. Assume that Sam has voluntary withholdings of $10 (in addition to taxes) and th

Accounting Ex13-10

*Discribe how to calculate On Oct 10, the stockholders' equity of Syntax Systems appears as follows Comon stock---$10 par value, 72,000 shares authorized, issued, and outstanding.......................$720.000 Paid-in capital in excess of par value, common stock.........$216,000 Retained earnings...................

Investing in Other Companies

What are some issues to consider before investing in another company? How do you account for the investment activities subsequent to initial acquisition? Why is the income assigned to the noncontrolling interest treated as a deduction in computing consolidated net income?

Operations for Tennant Securities

*write how to calculate Tennant Security, which began operations in 2009, invests in Long-term available-for-sale securities. Folloing is a series of transactions and events determining its long-term investment activity. 2009: Jan.20 Purchased 1,200 shares of Johnson& Johnson at $20.50 per share plus a $240 commission.