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Accounting

Liberty International Investment Properties

Companies following international accounting standards are permitted to revalue fixed assets above the assets' historical costs. Such revaluations are allowed under various countries' standards and the standards issued by the International Accounting Standards Board (IASB). Liberty International, a real estate company, headquart

Cole, Inc. owes Henry Co: compute gain or loss on settlement

Cole, Inc., which owes Henry Co. $600,000 in notes payable with accrued interest of $54,000, is in financial difficulty. To settle the debt, Henry agrees to accept from Cole equipment with a fair value of $570,000, an original cost of $840,000, and accumulated depreciation of $195,000. Instructions (a) Compute the gain

Intermediate Accounting II: Howe Company & Vertex Company

1. In March 2007, an explosion occurred at Howe Co.'s plant, causing damage to area properties. By May 2007, no claims had yet been asserted against Howe. However, Howe's management and legal counsel concluded that it was reasonably possible that Howe would be held responsible for negligence, and that $4,000,000 would be a reaso

Equilibrium price and quantity, elastic demand, inelastic supply

1. Suppose the demand is Q = 10 - P and the supply is Q = P + 4. Please verify that the following table gives the quantity demanded and supplied at each given prices. What is the equilibrium price and quantity sold under perfect competition? Price Quantity Quantity Supplied Demanded 1 5 9 1.5 5.5 8.5 2 6 8 2.5 6.5 7.5

Cost Accounting for Product Grades

Exhibit 1 Selected product grades with production and financial data Product (Grade) Caliper Coated/Uncoated Slit Average Reels per Batch Material Cost per Reel Selling Price per Reel A 0.013 Coated Yes 50 $4,800 $12,600 B 0.014 Uncoated No 2

Gether Corporation: Allocation Method

Gether Corporation manufactures appliances. It has four division: Refrigerator, Stove, Dishwasher, and Microwave oven. Each division is located in a different city and the headquarters is located in Oakland, California. Headquarters incurs a total of $14,255,000 in costs, none of which are direct costs of any o the divisions.

ABC Corporation: Cost Evaluation and Performance Measurement

ABC Corporation has sales of $1,000,000, gross profit of $550,000, net income of $150,000, average total operating assets of $1,500,000 and fixed assets of $450,000. What is ABC's return on investment (ROI)? (Points: 1) 15% 10% 55% 45% Holding all other factors equal, if net income incr

Buying Price for the Business

Benjamin O'Henry has owned and operated O'Henry's Data Services since its beginning ten years ago. From all appearances, the business has prospered. In the past few years, you have become friends with O'Henry and his wife. Recently, O'Henry mentioned that he has lost his zest for the business and would consider selling it for th

Absorption and Variable costing

Bruster Company sells its products for $66 each. The current production level is 25,000 units, although only 20,000 units are anticipated to be sold. Unit manufacturing costs are: Direct materials $12.00 Direct manufacturing labor $18.00 Variable manufacturing costs $9.00 Total fixed manufac

Basis of accounting

Basis of accounting questions need the following help with the questions listed.

Young Marrieds' Life Insurance: what type of policy and how much?

Jeff and Ann are both 28 years old. They have been married for three years, and they have a son who is almost two. They expect their second child in a few months. Jeff is the head teller in a local bank. He has just received a $30-a-week raise. His income is $480 a week, which after taxes, leaves him with $1,648 a month. His

change in accounting principle

1. Under what conditions is a change in the method of depreciation treated as a change in accounting principle? 2. What is the new codification(s) that answers this question? 3. Provide a real world example.

USA Company's Box Division: Transfer Pricing at Full Capacity

The USA Company's Box Division produces cardboard boxes used for packaging microwavable fast foods. The Consumer Products Division produces a variety of fast-food entrees that are packaged in boxes. In the past the Consumer Products Division has purchased its boxes from the Box Division for .15 each. The Box Division currentl

Product cost: East Company

East Company's manufacturing costs for 2008 are as follows: Direct materials $100,000 Direct labor $200,000 Depreciation of factory equipment $50,000 Other fixed manufacturing overhead $75,000 What amount should be considered product costs for external reporting purposes?

Landes Excavating Company: Compute the Contribution Margin per unit

The Landes Excavating Company experienced the following costs in 2007: Direct materials $1.75/unit Direct labor $2.00/unit Variable manufacturing overhead $2.50/unit Variable selling $.75/unit Fixed manufacturing overhead $50,000 Fixed selling $15,000 Fixed administrative $5,000 During the year the company manufactured 100,000 u

PeeWee Company Variable Costing

Last month, PeeWee Company manufactured 20,000 units and sold 18,000 of these units at a price of $8.00 per unit. Manufacturing costs consisted of direct labor, $30,000; direct materials, $32,000; variable manufacturing overhead, $3,600; fixed manufacturing overhead, $21,600. Selling and administrative costs totaled $24,000.

Executive summary for Barnes and Noble questions

Respond to the Discussion Questions posted by your instructor. The questions I need answered are for the company Barnes and Nobles. A conclusion for the information will be greatly appreciated too. g. What were the company's total assets at the end of its two (2) most recent annual reporting periods? n. What was the ch

Nickels Company (calculate actual return and unexpected gain on plan assets)

R25). Use the following information for questions I through III below. The following data are for the pension plan for the employees of Nickels Company. ....................................................... 1/1/07..... 12/31/07..... 12/31/08 Accumulated benefit obligation $7,500,000 $7,800,000 $10,200,000 Projected bene

Dividend and Investment Account

Hello, I started on this problem, but I think I am doing it wrong. Can someone show how to do this? I have attached an excel file to make it easier to read. Fill in the dollar changes caused in the Investment account and Dividend Revenue or Investment Revenue account by each of the following transactions, assuming Maxey Co

Earnings Per Share & Diluted

Hello, I am having trouble with my computations, can someone help? I am really lost on the diluted EPS. I have attached a file that shows the problem better. Assume that the following data relative to Eddy Company for 2004 is available: Net Income $1,400,000 Transactions in Common Shares Change Cumulative Jan. 1

Brown Company: Estimate cash receipts for May

Brown Company has found that 30% of its sales are collected in the month of the sale and the remainder of the sales is collected in the next month. If sales are expected to be $100,000 in April, $120,000 in May, and $80,000 in June, what is the estimated amount of cash receipts for May.

SPECIAL ORDER

I am a bit confused in determining the incremental profit for the production. Do I calculate for 25,000 Lops or do I calculate for 20,000 Lops and then add the cost of the 5,000 Lops for the special order. I have been searching your solution library and could not find an example so that i can follow it. Your solutions are a bit

Various Accounting Type Problems

1. Buying stock in a corporation is attractive to investors because: A. Stockholders are not liable for the corporation's actions and debts. B. Stock is easily transferred. C. A corporation has unlimited life. D. Shareholders are not agents of the corporation. E. All of the above. 2. The carrying value of a long-term n

Questions

1. Management accounting A. focuses on estimating future revenues, costs, and other measures to forecast activities and their results. B. provides information about the company as a whole. C. reports information that has occurred in the past that is verifiable and reliable. D. provides information that is generally

Special Order Accounting

Peirzynski Manufacturing Corporation produces a single product, the Utility Knife. Budgeted amounts for the coming year are as follows: Revenues (20,000 units at $12 each) $240,000 Direct material 40,000 Direct labor 70,000 Variable manufacturing overhead 50,000 Fixed manufacturing overhead 30,000 Net income $ 50,000 Podsednik C

Accounting: taxable income, standard deductions, taxes and more

1. A single taxpayer provided the following information for 2007: Salary $40,000 Interest on local government bonds $4,000 (qualifies as a tax exclusion) Allowable itemized deductions $8,000 What is taxable income? a. $28,600 b. $31,600 c. $32,000 d. $32,600 2. Lewis, who is single, is claimed as a dep