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Accounting

Important information about Cash Dividend

On January 1, 2010, Metco, Inc., had issued an outstanding 264,000 shares of $2 par value common stock. On March 15, 2010, Metco, Inc., purchased for its treasury 3,100 shares of its common stock at a price of $39.00 per share. On August 10, 2010, 640 of these treasury shares were sold for $45.00 per share. Metco's directors dec

Newroute Manufacturing: Regression, activity-based costing, choosing cost drivers

Newroute Manufacturing has been using activity-based costing to determine the cost of product X-678. One of the activities, -Inspection, - occurs just before the product is finished. Newroute inspects every 10th unit, and has been using 'number of units inspected' as the cost driver for inspection costs. A significant compone

Logical and physical access

What is the difference between logical and physical access to the computer? Why is the security of both important?

Policies

Why should information systems engineers or managers develop policies?

Comprehensive Variance Analysis Review

Sonnet, Inc. has the following budgeted standards for the month of March 2010: Average selling price per diskette $5.00 Total direct material cost per diskette $0.85 Direct manufacturing labor Direct manufacturing labor cost / hour $15.00 Average labor productivity rate (disks / hour) 300 Direct marketing cost per unit $

Activity-Based Costing, Batch-Level Variance Analysis

Activity-Based Costing, Batch-Level Variance Analysis Rica's Fleet Feet, Inc., produces dance shoes for stores all over the world. While the pairs of shoes are boxed individually, they are crated and shipped in batches. The shipping department records both variable and fixed overhead costs. The following information pertai

Valuation of certain property investments

In 2010, the FASB introduced a new standard for the valuation of certain property investments. Previously such investments were valued at cost. The new standard requires valuation at fair value with all gains and losses being taken to the income statement. This situation is to be treated as an acceptable change to an accountin

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.

restricted gift

A not-for-profit organization receives a restricted gift. When, and in which type of fund, should it recognize the revenue? When, and in which type of fund, should it recognize the related expense? What is the reason for the apparent inconsistency between the fund types in which the revenues and expenses are reported?

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?