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Accounting

Critically evaluate: Historic cost or alternative measurement base

Historic cost should be replaced by an alternative measurement base in order to make financial statement more useful. Critically discuss this statement, concluding with whether or not you agree with it. Consider the following: Critically discuss the role and relevance of financial accounting information to the principal s

Coolfroth Brewing Co. and Journal Entries

Coolfroth Brewing Company distributes its products in an aluminum keg. Customers are charged a deposit of $30 per keg; deposits are recorded in the Keg Deposits account. a. Where on the balance sheet will the Keg Deposits account be found? Are Keg deposits a current Assets on the balance sheet, or a current liability on

Notes payable for Powell, Inc

Please assist with group project A. On April 15, 2013, Powell, Inc., obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $277,700. The interest rate charged by the bank was 7.25%. The bank made the loan on a discount basis. 1. Calculate the loan proceeds made av

Absorption Costing: Flexible Budget for Signet Jewelers

Prepare a flexible budget for next year for Signet Jewelers using three different growth rates (assume absorption costing). Explain how you determined the three growth rates to use (the low, the average, the high). Explain how you adjusted all other line items in the income statement to reflect the revised sales assumptions.

Ludwig, Inc. - Accounting for a Troubled Debt Restructuring

Accounting for a Troubled Debt Restructuring Ludwig, Inc., which owes Giffin Co. $2,400,000 in notes payable, is in financial difficulty. To eliminate the debt, Giffin agrees to accept from Ludwig land having a fair value of $1,830,000 and a recorded cost of $1,350,000. Required: Show computation and details. a. Compute

Box Scores in Lean Manufacturing

What does the box scores mean (file attached)? Explain the categories of operational performance, capacity and financial performance.

Client Memo regarding a shortfall in retirement savings

A client has engaged you to advise her on how she is doing with her preparation for retirement. She is a well-paid professional with a current salary of $150,000. She has 15 years until her full retirement age and wants to be able to retire at that time. She expects that her salary will increase about 3.5% each year until retire

Firm E and Firm F's Turnover and Average Total Assets

Assist with Firm E and Firm F's Turnover and Average total assets. Can you explain how you got your answer? a. Firm E has net income of $67,000, sales of $1,300,000, and ROI of 15%. Calculate the firm's turnover and average total assets. (Round your "turnover" to 1 decimal place. (e.g., 32.1)) Turnover: Average

Solve for maximum interest rate on borrowed funds

You have two investment opportunities. One will have a 9.0% rate of return on an investment of $590; the other will have an 12.0% rate of return on principal of $860. You would like to take advantage of the higher yielding investment but have only $590 available. What is the maximum rate of interest that you would pay to borr

Fraud Opportunities

Simon Blfpstk Construction Company has two divisions. The president (Simon) manages the roofing division. Simon delegated authority and responsibility for management of the modular manufacturing division to John Gault. The company has a competent accounting staff and a full-time internal auditor. Unlike Simon's procedures, ho

Cash and Accounts Receivable Problems

P7-3 (Bad-Debt Reporting—Aging) Manilow Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Manilow's Accounts Receivable account was $555,000 and the Allowance for Doubtful Accounts had a credit balance of $40,000 The year-end balance re

Accounts Receivable - Direct Write-Off Method - Journal Entries

The balance of Accounts receivable is $275,000. Net credit sales for the year were $771,000 and cash sales were $68,000. An analysis of accounts receivable identifies $21,400 of receivables that will NOT be collected. The company uses the direct write-off method of accounting for uncollectible accounts. Prepare the adjust

Discovery Communications

Please find some information from 10K. which is: 1 Name and Description of Company (what does it do: provide a service, sell a product, or manufacture and sell a product) 2 Summarize the Shareholder Letter paying close attention to the following: o Management's opinion of financial performance o Impact of recent economic

GAAP and Financial Reports

Managers and non-accounting personnel can have a hard time deciphering standard financial statements. There are two possible solutions to the problem. They are making changes to get GAAP to recognize accounting for lean or having two separate financial reports. 1. What are the advantages and disadvantages of GAAP recognizing ac

Millco Inc.

Millco, Inc., acquired a machine that cost $410,000 early in 2013. The machine is expected to last for ten years, and its estimated salvage value at the end of its life is $61,000. a. Using straight-line depreciation, calculate the depreciation expense to be recognized in the first year of the machine's life and calculate

Transactions and Adjustments

Hi, please assist me with this group project. Complete the answer sheet with the column headings shown here. For each of the following transactions or adjustments, indicate the effect of the transaction or adjustment on the appropriate balance sheet category and on net income by selecting for each account affected the account

Long-lived asset and imparment with FASB codification

1. How is "Impairment" defined in the Master Glossary? 2. Give one example of an event or change that would require a long-lived asset to be tested for recoverability. (Provide the Codification reference for your answer) 3. Should a long-lived asset that is held for sale be depreciated? (Provide the Codification referenc

Computation of AFN

Problem 12-9 Financing Deficit Garlington Technologies Inc.'s 2013 financial statements are shown below: Balance Sheet as of December 31, 2013 Cash $ 180,000 Accounts payable $ 360,000 Receivables 360,000 Notes payable 156,000 Inventories 720,000 Line of credit 0 Total current assets $1,260,000 Accruals 180

What cost allocation methods are used for National Linen

National Linen launders commercial tablecloths, bedding, garments and rags for restaurants, medical facilities, hotels and auto repair shops. Why is the cost allocation method used by an organization an important part of its cost accounting system? Also, going back to the company (National Linen) what type of cost allocation

Analysis of Key Accounts: McDonald's & Wendy's

1. For 2011 and 2012, analyze the trends and compare revenues, cost of goods sold, accounts receivable, accounts payable, and inventory. 2. Which company shows the best performance? Explain. 3. How is the information you reviewed helpful from a managerial point of view? Explain. 4. Comment on how the income state

Intermediate Accounting: account classifications

1. The following are the common classifications used in a balance sheet: A. Current assets F. Current liabilities B. Investments G. Long-term liabilities C. Property, plant and equipment H. Paid-in-

Effect of transactions on assets, liabilities and net income

Can you assist with this project question? For each of the following transactions or adjustments, indicate the effect of the transaction or adjustment on assets, liabilities, and net income by entering for each account affected the account name and amount and indicating whether it is an addition (+) or a subtraction (-). Tran

Present Value of Down Payments, Lotteries and Leases

Assist with the below present value situation. Using a present value table, calculator, or a computer program present value function, calculate the present value for the following: (Use appropriate factor(s) from the tables provided.) a. A car down payment of $30,000 that will be required in eight years, assuming an in

Allocation of Administrative Costs

Nashville Corporation allocates administrative costs on the basis of staff hours. Short-run monthly usage and long-run monthly usage of staff hours for Operating Departments 1 and 2 follow: Dept. 1 Dept. 2 Total Short-run usage (hours) 45,000 55,000 100,000 Long-usage (hours)

Job and Process Costing

Distinguish between job costing and process costing. Describe the difficulties associated with each type. What can companies do in order to price products competitively and avoid some of these difficulties?