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    Full costing and absorption costing

    SAC currently uses a basic standard cost system. Management knows very little about other concepts of costing and the benefits of having multiple costing methods. Your superior has asked that you and your team put together a presentation to management explaining various costing concepts as it relates to SAC (explain the usage an

    Preparing a Flexible Budget Performance Report

    See the attachment. TipTop Flight School offers flying lessons at a small municipal airport. The school's owner and manager has been attempting to evaluate performance and control costs using a variance report that compares the planning budget to actual results. A recent variance report appears below: TipTop Flight School Va

    Accounting: Activity based costing and Traditional costing

    Allentown Products manufactures fishing equipment for recreational uses. The Pittsburgh plant produces the company's two versions of a special reel used for river fishing. The two models are the M-008, a basic reel, and the M-123, a new and improved version. Cost accountants at company headquarters have prepared costs for the tw

    Accounting for the Costs of Computer Software Developed

    See the attached file. Research the FASB Codification for Accounting for the costs of computer software developed or obtained for internal use using CheckPoint and FASB.org. Answer the following questions: 1. What are the characteristics that define internal-use software? 2. Provide three examples of when computer softwa

    Tax Implication: rental income, divorce agreement, OASDI, HI

    4-25 Billy Dent, as the owner of an apartment building, receives and makes the following payments during 2010: Received in January 2010 rent that was due in December 2009â?¦ $5,000 Received in December 2010 rent not due until January 2011â?¦ $4,000 Security deposit which is to be refunded when tenant vacates the apar

    Preparing Production Department's Flexible Budget Report

    Attached you will find the practice exercises Prepare the Production Department's flexible budget performance report for March, including both the activity and spending variances. (Leave no cells blank - be certain to enter "0" wherever required. Indicate the effect of each variance by selecting "F" for favorable, "U" for un

    Forensic Accountants Hired to Determine the Value of Bus

    Forensic accountants are often hired to determine the value of a business or other intangible assets. This could be needed for tax purposes, estate planning, business dissolution, adding or buying out partners, business acquisitions, etc. What might interest you in becoming a valuation practitioner?

    Eldon Engine: Make or buy decision, maximum amount of contribution

    1. Eldon Engine, Inc., produces engines for the watercraft industry. An outside manufacturer has offered to supply several component parts used in the engine assemblies, which are currently being produced by Eldon. The supplier will charge Eldon $620 per engine for the set of parts. Eldon's current costs for those part sets are

    Perverse Affects of Performance Measures

    There is often more than one way to improve a performance measure. Unfortunately, some of the actions taken by managers to make their performance look better may actually harm the organization. For example, suppose the marketing department is held responsible only for increasing the performance measure "total revenues," Increase

    Calculating the Missing Amounts for Each Division

    Milano Corporation has three operating divisions and requires a 12% return on all investments. Selected information is presented here: Calculate the missing amounts for each division. See attachment for details.

    type of Business entity: Which would be best for this Alice and Bill?

    Alice and Bill plan to go into business together. They anticipate losses in the first two or three years, which they would like to use to offset income from other sources. They also are concerned about exposing their personal assets to business liabilities. Advise Alice and Bill as to what business form would best meet their

    Methods of depreciation, lowest net income, computerized systems, uniformity

    1. Why do we have different methods of depreciation that a company can use? 2. Which accounting method provides the lowest net income? 3. Will computerized systems allow you to enter a transaction out of balance? 4. Why is it important to have some uniformity in financial statements? Please include references for the a

    Estimating Variable and Fixed Costs

    Utility costs at one of Dwayne Corporation's factories are listed below: Machine Hours Utility Cost February 4.221 $ 39.308 March 4.268 39.573 April 4.234 39.392 May

    Computing Installment Method Taxable Income

    Mr. Zimmerman sold assets on an installment plan. Please determine Mr. Zimmerman's gross income for 2010 based upon the following information: Year Installment Sales Gross Profit 2010 Collections 2008 $200,000 $50,000 $25,000 2009 $300,000

    Effect of Cash Received from Issue & Invested on EPS

    No. of Outstanding share before issue = 4,000,000 No. of Outstanding share after issue 4,000,000 + 500,000 = 4,500,000 (500k shares issued @ 31 per share) EPS before issue = $1.75 ; EPS after issue = $1.56 If the 500,000 shares can only be issues at $31 per share and the company can earn 6% on the net proceeds, shoul

    What are fixed costs? Calculate gross margin and total direct manufacturing cost

    Highlight the items which are classified as fixed cost? - Depreciation of assembly line facilities at ford - Shipping costs from an Amazon distribution center - The cost of hardware installed on sailboats - Recurring advertising costs by a physician's office - Wages paid to temporary personnel - Insurance on factory assemb

    Random Questions

    Which of the following statements is not true regarding the goal of financial management? The goal of maximizing the value per share of existing stock is relevant to all organizations. A way of aligning management goals to shareholder's interest is to tie managerial compensation to the market value of the firm

    The budgeted net income

    The Adams Company, a merchandising firm, has budgeted its activity for November according to the following information: ? Sales were at $450,000, all for cash. ? Merchandise inventory on October 31 was $200,000. ? The cash balance on November 1 was $18,000. ? Selling and administrative expenses are budgeted at $60,000 for

    Qusetions about sunk costs

    For which of the following decisions are sunk costs relevant? a. the decision to keep an old machine or buy a new one b. the decision to sell a product at the split-off point or after futher processing. C. the decision to accept or reject a special offer D. All of these E. none of these

    Problems involving residual Income

    The following information is available on Company A: Sales..$900,000 Net Operating income $36,000 Stockholder's equity.$100,000 Average operating assets..$180,000 Minimum required rate of return 15% Company's A residual income is?

    Annual Impact on the Company's Overall Net Operating Income

    Part J88 is used in one of Quinney Corporation's products. The company makes 3,000 units of this part each year. The company's Accounting Department reports the following costs of producing the part at this level of activity: Direct materials--$7.70 per unit Direct labor--$6.00 per unit Variable manufacturing overhead $8.00

    Compute predicted operating income

    Procter & Gamble Company is a Cincinnati-based company that produces household products under brand names such as Gillette, Bounty, Crest, Folgers, and Tide. The company's 2006 income statement showed the following (in millions): Net sales $68,222 Costs of product sold

    Characteristics of Each Business Entity

    1. Prepare a summary of what you consider to be the TOP 5 major characteristics of each type of business entity. 2. Prepare a summary isolating what you think are the TOP 5 differences between any of the business entities.

    Accounts Receivable, Inventory, and Accounts Payable Increase

    Below is all necessary information needed to answer my following questions. Recently completed 2009 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash

    An Examination of the Tax Consequences of Travel Expenses

    Marilyn, a business executive who lives and works in Cleveland, accepts a temporary out-of-town assignment in Atlanta for a period of ten months. Marilyn leaves her husband and children in Cleveland and rents an apartment in Atlanta during the ten-month period. Marilyn incurs the following expenses, none of which are reimburs

    Advanced Accounting: Parent-Sub, Consolidation, Goodwill

    See attached files. E7-12 Parent purchases subsidiary bonds P7-4 Compute separate and consolidated items E8-9 Acquisition with goodwill E8-10 Sale of an non-controlling interest E8-13 Subsidiary issues additional shares Text book is advanced accounting - instructor reviews copy - tenth edition authors Floyd Beams, Jo

    Comprehensive Intangible Assets for Montana Matt's Golf, Inc

    Montana Matt's Golf Inc. was formed on July 1, 2009, when Matt Magilke purchased the Old Master Golf Company. Old Master provides video golf instruction at kiosks in shopping malls. Magilke plans to integrate the instruction business into his golf equipment and accessory stores. Magilke paid $770,000 cash for Old Master. At


    4. Mercer has three product lines in its retail stores: books, videos, and music. Results of the fourth quarter are presented below: Books Music Videos Total Units sold 1,000 2,000 2,000 5,000 Revenue $22,000 $40,000 $23,000 $85,000 Variable departmental costs 17,000 22,000 12,000 51,000 Direct fixed c