Explore BrainMass


Cost Estimating - Miller Fixtures

Methods of Estimating Costs-Account Analysis: Miller Fixtures. The accounting records for Miller Fixtures report the following costs for the past year. Direct materials: 210,000 Direct labor 175,000 Variable overhead 154,000 Production was 210,000 units.

Revenue Control Process

This assignment is in relation to a food service business such as a restaurant. Design four cash or revenue control process you could use in your own food service business. I have to include a section on internal threats and external threats.

Hierarchy of data

What is the hierarchy of data in databases? Provide an example relating to an accounting application.

Recognition of Profit for Long-Term Contracts

Recognition of Profit for Long-Term Contracts Andre Agassi Construction Co began operations January 1, 2008. During the year, Agassi entered into a contract with Lindsey Davenport Corp. to construct a manufacturing facility. At the time, Agassi estimated that it would take 5 years to complete the facility at a total cost of

Intangible asset and depletion

Choose the correct answer and explain in one sentence why: 1. The intangible asset "goodwill:" a. represents the management team's assessment of its value to the company. b. may arise when one company purchases another company. c. arises because the market value of a company's assets is greater than cost. d. all of t

Variance analysis

Problem 21-1 Beta Division of Gotham Industries, Inc., makes three products. Last month's budgeted and actual sales and margins for these products were as follows: Budget Unit Sales Unit Margin Product 1 3200 10.00 Product 2 1700 13.00 Product 3

Absorption, variable and throughput costing

Great Outdoze, Inc. manufactures high-quality sleeping bags, which sell for $130 each. The variable costs of production are as follows: Direct material ........................................................................................................................................ $40 Direct labor ...................

Accounting 1

Select the correct answer: 1. A firm has used LIFO for several years during which costs have trended higher. If this firm achieves a substantial reduction in inventory quantities in 2011 by selling more merchandise than it purchases, the effect on 2011 net income of the inventory reduction, compared to having no change in inv

Critically evaluate this allocation method

Please help with the following problem. Direct Method Service Departments Profit Centers Service Dept. Electricity Water Ingots Stainless steel Total Electricity 2500 kwh 2500 kwh 3000 kwh 2000 kwh 10000 kwh Water 1000 gal 800 gal 1000 gal 2000 gal 4800 gal The total operating costs of the two service departments

Planned Production and Direct Material Purchases-Budgeting

David company expects to sell 25,000 units. Each unit requires: 5 pounds of direct material at $10 per pound 2 direct labor hours at $12 per direct labor hour The manufacturing overhead rate is $8 per direct labor hour. The beginning inventories are as follows: Direct materials: 5,000 pounds

Required Information for a Government's CAFR

Both notes to the financial statements and required supplementary information (RSI) must be included in a government's CAFR. What, then, does it matter if information is provided in notes as opposed to RSI?

Business: degree of operating leverage

Faust Corporation has provided its contribution format income statement for August Sales = $153,300 Variable expense = $94,900 Contribution Margin = $58400 Fixed Expense = $50300 Net operating Expense = $8100 The degree of operating leverage is closest to: A. 18.93 B. 0.14 C. 0.05 D. 7.21

Impacts on net income

A company has provided the following data: Sales 3000 units Sales Price $70 per unit Variable cost $50 per unit Fixed cost $25000 If the dollar contribution margin per unit is increased by 10%, total fixed cost is decreased by 20%, and all other factors remain the same, net operating income will: A. increase by $6

Explain how accounting codes are selected and grouped in Quickbooks

Do you know how accounts were grouped so financial statements could be generated for Quicken, Quickbooks? Was it based upon some type of code assigned to each account, like a=assets,l=liabilities, etc. Also, do you know if the later versions are now using account codes for grouping?

Deviational Variables Example Problem

Define deviational variables. What is separable programming and describe its purpose. State the advantage of goal programming over linear programming. Please cite answer. Please do not use Wikipedia.

Good and Bad Decisions

Give an example of a good decision that you made that resulted in a bad outcome. Also give an example of a bad decision that you made that had a good out-come. Why was each decision good or bad? Discuss what was involved in your decision process.

Solving Simple Accounting Problems

Please provide step-by-step solutions so I can know how to do it. Problem One: (1) Most companies use straight-line depreciation for their books but an accelerated method for the tax return. Explain why companies use these two different methods that result in the need for two sets of records. (2) Private Industries paid $

Accounting: CVP Method and ABC Systems

Can you help me with these questions?? 1. It is essential to choose the right CVP method, equation, contribution margin, or graphical. If you pick the wrong one, your analysis will be faulty. Do you agree? If so, why? If not, why not? 2. What is ABC? Why are more organizations adopting ABC systems? List at least three reas

Advertiser's Records and Payment Options

Please choose the correct answer and explain in a few words why: 1. In an advertiser's records, a newspaper ad submitted and published this week with the agreement to pay for it next week would: a. Increase liabilities and increase expenses. b. Increase assets and decrease liabilities. c. Decrease assets and increase

Accounting questions: Define revenues, accumulated depreciation

Please select the correct answer: 1. Revenues are: a. increases in net assets from occasional sales of equipment. b. increases in net assets from selling common stock. c. cash receipts. d. increases in net assets from selling a product. 2. Accumulated depreciation on a balance sheet: a. Represents the portion o

Accounting questions: Compute retained earnings, matching revenue and expense

Please select the correct answer: 1. At the end of the year, retained earnings totaled $1,700. During the year, net income was $250, and dividends of $120 were declared and paid. Retained earnings at the beginning of the year totaled: a. $1,570 b. $1,330 c. $2,070 d. $1,230 2. Which of the following accountin

What are total S&A expenses for November?

The Fleece Enterprise makes and sells a product titled Fleece. The company is in the process of preparing its selling and administrative expense budget for next year. The following budget data are available: Variable Cost Per Fleece Sold Monthly Fixed Cost Sales commi

Advertising Method for Mona Company

The Mona Company expects to sell 40,000 Jump-Ups during the coming year. The advertising manager has decided to spend $1 on advertising for each unit expected to be sold. The method that the manager is using to determine how much to spend on advertising is: Percentage of sales Percentage of profits

Should CPA firm employees be required to sell stock of clients? Is it fair?

Suppose you were a CPA and you had invested in IBM when IBM was not one of your firm's clients. Two years later, after IBM's stock price had fallen considerably, your firm won the IBM audit contract. You will not in any way be involved in working with the IBM audit, which will be done by one of your firm's other offices in a

Calculate correlation coefficient of stock returns. (1 question)

The data to be used is included in the sheet named as Data. The data consist of the closing prices for each month for the five-year period from June 1998 through June 2003. What is correlation coefficient? Compute the correlation coefficient of the (1) two stock returns and (2) the S&P 500 index returns with each stock's retu