Controls are meant to keep an honest person honest? What do you think about that statement? Do you agree? Why or why not?
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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 ...................
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
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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
The management of JC Auditorium believes that the number of events each month is a measure of activity for total clean-up cost. Shown below are event figures and total clean-up costs for the past four months: Total Number of Events Total
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
The Bear Company has the following historical sales data: Year Sales 2006 $110,000 2007 $108,000 2008 $102,000 Required: 1. Using the Mo
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?
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
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
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?
Define deviational variables. What is separable programming and describe its purpose. State the advantage of goal programming over linear programming. Please cite answer. Please do not use Wikipedia.
Give an example of a good decision that you made that resulted in a bad outcome. Also give an example of a bad decision that you made that had a good out-come. Why was each decision good or bad? Discuss what was involved in your decision process.
In its first month of operation, Wier Company purchased 100 units of inventory for $6, then 200 units for $7, and finally 150 units for $8. At the end of the month, 160 units remained. Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO. Explain why this amount is referred to as phant
Please provide step-by-step solutions so I can know how to do it. Problem One: (1) Most companies use straight-line depreciation for their books but an accelerated method for the tax return. Explain why companies use these two different methods that result in the need for two sets of records. (2) Private Industries paid $
Can you help me with these questions?? 1. It is essential to choose the right CVP method, equation, contribution margin, or graphical. If you pick the wrong one, your analysis will be faulty. Do you agree? If so, why? If not, why not? 2. What is ABC? Why are more organizations adopting ABC systems? List at least three reas
Please choose the correct answer and explain in a few words why: 1. In an advertiser's records, a newspaper ad submitted and published this week with the agreement to pay for it next week would: a. Increase liabilities and increase expenses. b. Increase assets and decrease liabilities. c. Decrease assets and increase
Describe and give an example of the budgeting process in any business and if you could improve one thing about it, what would that be?
Discuss the expansion of the basic accounting equation to include revenues and expenses. Discuss and illustrate how this expanded accounting equation stays in balance after every transaction. Do the rigorous rules of accounting necessarily mean there is only one numerical answer? Explain.
Please select the correct answer: 1. Revenues are: a. increases in net assets from occasional sales of equipment. b. increases in net assets from selling common stock. c. cash receipts. d. increases in net assets from selling a product. 2. Accumulated depreciation on a balance sheet: a. Represents the portion o
Please select the correct answer: 1. At the end of the year, retained earnings totaled $1,700. During the year, net income was $250, and dividends of $120 were declared and paid. Retained earnings at the beginning of the year totaled: a. $1,570 b. $1,330 c. $2,070 d. $1,230 2. Which of the following accountin
Please answer the two questions below: -Explain how activity-based costing system is different from department-based costing system. -In your opinion, what are the advantages/disadvantages of activity and department costing systems?
The Fleece Enterprise makes and sells a product titled Fleece. The company is in the process of preparing its selling and administrative expense budget for next year. The following budget data are available: Variable Cost Per Fleece Sold Monthly Fixed Cost Sales commi
The Mona Company expects to sell 40,000 Jump-Ups during the coming year. The advertising manager has decided to spend $1 on advertising for each unit expected to be sold. The method that the manager is using to determine how much to spend on advertising is: Percentage of sales Percentage of profits
Suppose you were a CPA and you had invested in IBM when IBM was not one of your firm's clients. Two years later, after IBM's stock price had fallen considerably, your firm won the IBM audit contract. You will not in any way be involved in working with the IBM audit, which will be done by one of your firm's other offices in a
The data to be used is included in the sheet named as Data. The data consist of the closing prices for each month for the five-year period from June 1998 through June 2003. What is correlation coefficient? Compute the correlation coefficient of the (1) two stock returns and (2) the S&P 500 index returns with each stock's retu
At July 1, 2007, Peter Corporation had the following share capital: $2 Preferred shares, cumulative, 200,000 shares authorized, 50,000 shares issued $ 800,000 Common shares, 1,000,000 shares authorized, 100,000 shares issued 2,500,000 $3,300,000 *The preferred dividends are 2 years in arrears. On January 1,
What is the other passive activity gain or loss beside the two rental houses that the couple owns that is managed by a local realty company? Individual Tax Task - Financial Information Personal Data: Spouse A is one of the partners in Fan Company A. Spouse A is married and has a total of three children living in the h
The operating cycle for a company is one year. Do you agree? Why or why not? Provide support for your opinion by giving an example to illustrate your argument.