On January 1,2008,Compustat Co.bought 30% of the outstanding common stock of Freelance Corp. for $258,000 cash. Compustat Co. accounts for this investment by the equity method. At the date of acquisition of the stock, Freelance Corp. 's net assets had a carrying value of $590,000. Assets with an average remaining life of five ye
What are some business decisions that managers could make? What tools will they use to make recommendations regarding these business decisions? Why? How will they measure the success of their recommendations?
EXERCISE 14-41 GAIN AND LOSSES AND THE STATEMENT OF CASH FLOWS Miss Maggie Company entered into the following transactions during the year: Miss Maggie had no investment securities at the beginning of the year. The cost of the trading securities sold was $300; the cost of the available-for-sale securities sold was $150.
1.What is the appropriate journal entry if $100,000 of materials were purchased on account for the month of August? a. Manufacturing Overhead Control 100,000 Accounts Receivable Control 100,000 b. Manufacturing Allocated 100,000 Accounts Receivable Control 100,000 c. Materials Control 100,000 Accounts Payab
Assume that in the two-server system, an arriving car will join the shorter queue. When the queues are equal length, there is a 50-50 chance the driver will enter the queue for either window. a. Simulate both the one and two teller systems. Compute the average queue length, waiting time, and percentage utilization for each system. b. Suggest a decision about which system to employ.
See attached excel spreadsheet (example) for queing simulation. I need help to put the info from problem #1 into Excel. 1.) First American Bank is trying to determine whether it should install one or two drive-thru teller windows. The following probability distribution for arrival intervals and service times have been dev
A.) The Bear and Bull Company produces two products: bears and bulls. The following information is available: Bears Bulls Unit Selling Price $6 $9 Unit Variable Costs 2 3 Unit Contribution Margin 4 6 Sales Mix 65% 35% Additional information: Total company-wide fixed costs are $156,200. Given the sta
Please help me to better understand this problem. Please put in excel with explanations so I can understand it better. At December 31, 2009, Schroeder Corporation had the following stock outstanding. 8% cumulative preferred stock, $100 par, 107,500 shares $10,750,000 Common stock, $5 par, 4,000,000 shares 20,000,0
Attached is an excel spread sheet that I need assistance with... Thank you for your help! ------------- Blue Ridge Manufacturing Blue Ridge Manufacturing produces knit apparel in a modern plant located in the Blue Ridge Mountain-region of North Carolina. Overall, the company is profitable, as the segmented income state
Jeff Johnson is the sales manager for Sunny Days Greeting Cards, Inc. At the beginning of the year, the organization introduced a new line of humorous birthday cards to the U.S. market. Management held a strategic planning meeting on August 31 to discuss next year's operating activities. One item on the agenda was to review t
See attached file. Tarquin's Trophies makes trophies, plaques, and medallions and operates at capacity. Tarquin does large custom orders, for example the participant trophies for the Mishawaka Little League. The Controller has asked you to compare plantwide, department, and activity-based cost allocation. 1. Calculate th
LTB5-1: The Fairly Reliable Manufacturing Company offers a 3-year warranty with all of its products. The Company estimates its warranty costs at 5% of sales and assumes that warranty claims will occur equally over the 3-year warranty period. However, the company does not remove any unused estimated liability under warrantie
8-2 "The flex in the flexible budget relates solely to variable costs." Do you agree? Explain 8-3 "We want a flexible budget because costs are difficult to predict. We need the flexibility to change budgeted costs as input prices change." Does a flexible budget serve this purpose? Explain.
You are the internal accountant at a company that is preparing for an upcoming government contract bid. The management in your company is deciding if it is necessary for the company to perform a full financial status review prior to the bid. As an internal accountant, prepare a report for management that provides supporting info
Economists and accountants agree that the concept of income is vitally important. However, the two disciplines disagree on what income is and how it should be measured. A. Present an argument in favor of the economist's view of the concept of income. B. Present an argument in favor of the accountant's view of the concept of
1. Which of the following statements about the cost-benefit approach is TRUE? a. Resources should be spent if the costs of a decision outweigh the benefits of the decision. b. A cost-benefit approach would not be appropriate for a decision to install a budget system or not. c. Resources should be spent if they are
What are the nine content areas located in the FASB Codification System? What types of items are located under each content area?
On July 1, Acton Company established an Imprest (petty cash) fund in the amount of $400.00 in cash from a check drawn for the purpose of establishing the fund. On July 31, the petty cash fund has cash of $31.42 and the following receipts on hand: for merchandise received $204.30; freight-in, $65.74; laundry service, $84.00; and
17.) On June 30, 2009, Sampras Company reported the following account balances: Receivables $ 80,000 Current liabilities $ (10,000) Inventory 70,000 Long-term liabilities (50,000). Buildings (net) 75,000 Common stock (90,000)' Equipment (net) 25,000 Retained earnings (100,000) Total assets $250,000 Total li
How does prepaid expenses differ from regular expenses? What are the seven objectives of internal controls for various business cycles, such as, revenue, purchasing, and payroll cycles?
Can you please assist me with this problem? It is the same problem that has already been answered on Posting ID: 258518 (Compute the return on investment and residual income for the current situation). I just want you to verify if the answer is correct. I trust your judgment. The answer given in Posting ID: 258518 is in th
1. Which of the following terms best describes the assumption made in applying the four inventory methods? Cost flow Goods flow Asset flow Physical flow 2. An understatement of year 1's beginning inventory will: Cause year 2's margin to be overstated Cause year 1's cost of goods sold to be understated Cause year
Please help answer the following questions. Include references in the solution. Why might an issuer seek to perfect his or her security interest in a piece of collateral? Is this a guarantee of payment? May the issuer take the collateral under any circumstance, and why might the issuer do this?
Week 4 DQ 1 - Due NLT 1-21 Describe various types of negotiable instruments. Why might a person choose one over the other? What are the financial and regulatory limitations of each negotiable instrument and who can issue negotiable instruments? Country: USA Approx. 250-300 words
True or False: 1. In order for a taxpayer to deduct a medical expense, the amount must be paid to a certified medical doctor (M.D.). 2. Generally, tax legislation is introduced first in the Senate and referred to the Senate Finance Committee. 3. Medical expenses incurred on behalf of children of divorced parents are d
1. 1.1 Uncle Bill made a gift to nephew Bob of real estate having a fair market value of $500,000. Uncle Bill had purchased the property for $100,000 cash a year earlier. On the date of the gift of the real estate, Uncle Bill paid a gift tax of $100,000 on the $500,000 gift. The gift tax on $400,000 appreciation was $95,00
The Durant Company is installing an absorption standard-cost system and a flexible-overhead budget. Standard costs have recently been developed for its only product and are as follows: Direct materials 3 pounds @ $20 $60 Direct labor 2 hours @ $14 28 Variable
Appendix 13: Comparisons of Production-Volume Variance with Other Variances The only new variance introduced in this chapter is the production-volume variance, which arises because fixed-overhead accounting must serve two masters: the control-budget purpose and the product-costing purpose. Underapplied or overapplied overhead
Underapplied and Overapplied Overhead Wosepka Welding Company applies factory overhead at a rate of $8.50 per direct-labor hour. Selected data for 20X7 operations are (in thousands): Case 1 Case 2 Direct-labor hours 30 36 Direct-labor cost $220 $245 Indirect-labor cost 32 40 Sales commissions 20 1
(Assumptions, Principles, and Constraints) Presented below are the assumptions, principles, and constraints. 1. Economic Entity Assumption 2. Going concern assumption 3. Monetary unit assumption 4. Periodicity assumption 5. Historical cost principle 6. Fair value principle 7. Expense recognition principle 8. Full di
4-31 The Solomon Company uses a job-costing system at its Dover, Delaware, plant. The plant has a Machining Department and a Finishing Department. Solomon uses normal costing with two direct-cost categories (direct materials and direct manufacturing labor) and two manufacturing overhead cost pools (the Machining Department, w