Explore BrainMass

Explore BrainMass


    BrainMass Solutions Available for Instant Download

    Calculating gross profit from installment sales - Charter Corporation

    Calculating Gross Profit from Installment Sales Charter Corporation, which began business in 2011, appropriately uses the installment sales method of accounting for its installment sales. The following data was obtained for sales made during 2011 and 2012: 2011 2012 Installment sales 362,000 345,000

    Operating Income, Profitability & Estimating Operating Cost

    Handy-Man Services is a repair-service company specializing in small household jobs. Each client pays a fixed monthly service fee based on the number of rooms in the house. Records are kept on the time and material costs used for each repair. The following profitability data apply to five customers:

    Kranbrack Corporation

    M.K. Gallant is president of Kranbrack Corporation, a company whose stock is traded on a national exchange. In a meeting with investment analysts at the beginning of the year, Gallant had predicted that the company's earnings would grow by 20% this year. Unfortunately, sales have been less than expected for the year, and Gallant

    Accounting for self-constructed assets for Trooper Medical Labs

    Troopers Medical Labs, Inc. began operations 5 years ago producing stetrics, a new type of instrument it hoped to sell to doctors, dentists, and hospitals. The demand for stetrics far exceeded initial expectations, and the company was unable to produce enough to meet demand. The company was manufacturing its product on equip

    Contribution Margin and Risk

    1- Controllable margin is used as a refined measure of strategic business unit reporting that is best described as: A. Margins reported to strategic business unit managers related to revenues and costs specifically within the managers' control and responsibility. B. Contribution margin net of controllable fixed costs (those co

    Weighted-Average Method for Accounting

    Please see the attached file. Boxes underlined in yellow require an answer as well as a formula for the answer using the information provided. Helix Corporation produces prefabricated flooring in a series of steps carried out in production departments. All of the material that is used in the first production department is add

    Indicate whether expenditure should be Capitalized or Expensed

    For each of the following items, indicate whether the expenditure should be capitalized (C) or expensed (E) in the period incurred. (a) Improvement (b) Replacement of a minor broken part on a machine. (c) Expenditure that increases the useful life of an existing asset. (d) Expenditure that increases the efficiency and effe

    External-Reporting Purposes

    In the United States, about one in every four companies uses variable costing for internal reporting purposes. These companies must make adjustments to these reports for external-reporting purposes. Explain what these adjustments are and why they need to be made.

    Activity-Based Costing

    Activity-Based Costing. Frumerville Hospital has always determined the full cost of serving patients by accounting for the direct and indirect costs of all hospital operations. The hospital uses the step-down method of allocating indirect costs: The costs of nonrevenue producing departments are allocated in sequence

    Elected officials

    Concerns over the recognition, administrative, and operational lags as well as the concern that discretionary fiscal policy is subject to political biases have caused some economists to believe Congress and the president should do nothing in the face of a recession. Even if they are correct, is it realistic to expect the public

    Calculate dividends paid

    On January 1, 2010, Metco, Inc., had 264,000 shares of $2 par value common stock issued and outstanding. 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 de

    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?


    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