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Accounting

Accounting equation with transactions analyzed on MS Excel file.

Please fill out the attached balance sheet using the company information provided in the Excel file. The following are the transactions relating to the formation of Cardinal Mowing Services, Inc., and its first month of operations. a. The firm was organized and the owners invested cash of $600. b. T

Balance of retained earnings

On February 1, 2010, the balance of the retained earnings account of Blue Power Corporation was $630,000. Revenues for February totaled $123,000, of which $115,000 was collected in cash. Expenses for February totaled $131,000, of which $108,000 was paid in cash. Dividends declared and paid during February were $12,000. Req

Shorewood Shoes Special Order Pricing: Calculate minimum price for order

Shorewood Shoes Company makes and sells a variety of leather shoes for children. For its current mix of different models and sizes, the average selling price and costs per pair of shoes are as follows: Item Price $20 Costs: Direct materials $6 Direct labor 4 Variable manufacturing support 2 Variable selling suppo

Fixed and Capital Assets

1. On October 6,2011 Greenbelt Construction traded in an old tractor for a new truck, receiving a $56,000 trade in allowance and paying the remanning $164,000 in cash. The old tractor cost $190,000 and straight line amortization of $105,000 had been recorded as of October 6, 2011. Assume the fair value of the old tractor was equ

Factory overhead

Consider the following data regarding factory overhead: Variable Fixed Budget for actual hours of input $45,000 $70,000 Applied 41,000 64,800 Budget for standard hours allowed for actual output achieved ? ? Actual incurred 48,500 68,500 Using the above data, fill in the following blanks with the variance amounts. Use F fo

Evaluating investment centers with residual income

Lakeside Hospital is a division of Superior Healthcare organized as an investment center. In the past year, the hospital reported an after-tax income of $2,500,000.Total interest expense was $1,900,000,and the hospitals tax rate was 35 percent.Hospital assets totaled $33,000,000, and noninterest-bearing current liabilities were

Compare Variance Costing

Consider the following information pertaining to a year's operations of Youngstown Manufacturing: Units sold 1,400 Units produced 1,600 Direct labor $4,200 Direct materials used 3,500 Fixed manufacturing overhead 2,200 Variable manufacturing overhead 300 Selling and administrative expenses (all fixed) 700 Beginning inven

Cost accounting problems: 4-2, 4-16, 4-19, 4-20, 4-21

See attached file for clarity. 4- 2 How does a job-costing system differ from a process-costing system? 4- 16 Job costing, process costing. In each of the following situations, determine whether job costing or process costing would be more appropriate. a. A CPA firm l. A landscaping company b. An oil refinery

Tax Accounting

Like-Kind Property. Which of the following exchanges qualify as like-kind exchanges under Sec. 1031? a. Acme Corporation stock held for investment purposes for Mesa Corporation stock also held for investment purposes b. A motel used in a trade or business for an apartment complex held for investment c. A pecan orchard in Te

Describing Time-Series Forecasting

In general terms, describe what time-series forecasting models are. Explain, briefly, why the larger number of periods included in a moving average forecast, the less well the forecast identifies rapid changes in the variable of interest.

Interest deduction for married people filing joint return

Mike and Sally Card file a joint return for the 2010 tax year. Their adjusted gross income is $65,000 and they incur the following interest expenses: Qualified educations loans: $3,500 Personal Loan: $1,000 Home Mortgage Loan: $4,000 Loan used to purchase a variety of stocks, bonds, and securities: $15,000 Investme

Biz Fraud... Information Breach

Using the Internet find a recent case (within the last 18 months) in the news of business fraud, involving systems and/or information breach. Summarize the situation, identify the control issues that were compromised and discuss what could have been done to mitigate the loss. Please refer to the 6 questions below and adapt them

Need to understand how to solve this problem

The Blade Division of Axe Company produces hardened steel blades. One-third of Blade's output is sold to the Forestry Products Division of Axe; the remainder is sold to outside customers. Blades' estimated operating profit for the year is: Forestry Outside Division Customers Sales $15,000 $40,000

Order Center: Full Time Equivalent Budgeted

See attached file. An order center has the following data available regarding the activities performed there. Additional information: Employees work a 2,000-hour work year Employees salary and benefits average $30 per hour Required: 1. Determine the FTE (full-time equivalent) needed to perform these activities.

TearDrop Company: Moving Average Method to predict sales

The TearDrop Company has the following historical sales data: Year Sales 2003 $50,000 2004 $52,000 2005 $48,000 Required: 1. Using the Moving Average Method, predict the sales for 2006. 2. Using Exponential Smoothing, predict the sales for 2006. Assume that the

Effects of Investment on EPS, Stock Price and Intrinsic Value

Edmund Enterprises recently made a large investment to upgrade its technology. While these improvements won't have much of an effect on performance in the short run, they are expected to reduce future costs significantly. What effect will this investment have on Edmund Enterprises' earnings per share this year? What effect might

Differences in Partnerships and Corporations in Accounting

How do partnerships and corporations differ in accounting processes? Reporting? Financial Statements? What are the benefits of each? How would you select one from another? The Paper: -Must be double-spaced (excluding the title page, reference page, exhibits, etc.) and formatted according to APA style as outlined in your

Recycling in New York

In a journalist's discussion of the costs and benefits relating to the value of recycling in New York, the first benefit he listed was that recycling created about 1,000 jobs in the private sector (Johnson, 2001. p. 123). Discuss the logic of this statement. With references.

Analyze & Calculate the Better of Two Options for a Dishmachine

I have to calculate the two options and find out which one is the better choice. Dishmachine is $11,000. Option 1: To buy the dishmachine directly, you will have to pay more than $11,000 after three years because the cost of the dishmachine may increase over the period of next three years. Use the Internet or other rel

Job Costing, Accounting for Manufacturing OH

The Lynn Company uses a job-costing system at its Minneapolis plant. The plant has has a Machining Department and an Assembly Department. Its job-costing system has two direct-cost cateories (direct materials and direct manufacturing labor) and two manufacturing overhead cost pools (the Machining Department overhead, allocated

importance of Asset Allocation in classes

Discuss the importance of asset allocation in constructing the investment portfolio. Make sure you cover the following: Asset classes Percentage of assets classes within the portfolio Defend your allocation percentages given the target risk tolerance and investment horizon. Include references.

Accounting questions

1. Which of the following does not affect retained earnings? b. Investments by stockholders c. Declaration and payment of dividends d. Earnings of revenues e. Incurring of expenses 2. A company recorded office supplies in an asset account when the supplies were purchased. Failure to take inventory and make an adjusting entr

Calculating Total Payments that can be Withdrawn

Your father's employer was just acquired, and he was given a severance payment of $375,000, which he invested at a 7.5% annual rate. He now plans to retire, and he wants to withdraw $35,000 at the end of each year, starting at the end of this year. What is the maximum number of whole payments that can be withdrawn before t