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Accounting

Accounting Reporting Criteria Paper (Shell Oil)

Prepare a 400 word paper in which you compare and contrast the accounting reporting criteria- regulatory environment of a U.S. company with a foreign company. We will be using Shell Oil and Valero Oil. Properly cite your references. If you used an electronic source, include the URL. If you used a printed source please attach

Tax Consequences of Incorporation

T was one of several individuals who transferred property to a new corporation in a section 351 exchange. T transferred the following property: Basis/FMV Accounts receivable 0/20,000 Machinery (D/recap = $10,000) 20,000/50,000 Capital Asset (LT H/

Tax consequences of incorporation

1. Pete pays $10,000 for 100 shares of stock in Fast Eddies, Inc. Briefly discuss the tax consequences of this transaction for Pete and Fast Eddies, Inc. 2. Pete bought land ten years ago for $2,000. Today the land has a value of $10,000 and Pete transfers it to Fast Eddies, Inc. for 100 shares in Fast Eddies, Inc. Brief

Absorption versus Variable Costing-Effects on Income

Rachel Yablonka assumed the responsibilities as executive manager of the Chair Division, Office Furniture and Fixtures, Inc. (OFF), on January 1, 2005, taking the place of her recently promoted predecessor. Rachel's own performance evaluation is directly tied to the division's annual net operating profit determined under absorpt

Return on investment, residual income, economic value

While many people recognize Sonora, Mexico as a beautiful vacation spot, it is also a large furniture manufacturing location in North America. Guillermo Navallez has made furniture for years near his Sonoran home. The area had a good supply of timber for the variety of tables and chairs produced by his company. Labor was also re

Phantasy, Inc. Account Receipt

Phantasy, Inc. is a research and development company that primarily develops and patents products. Phantasy, Inc. then licenses other companies to produce and sell the products. In return, Phantasy, Inc. receives royalties from these companies. In 2009, Phantasy, Inc. developed and patented a product and then licensed Thurbe

ABC system

This question should be answered in at least 200 words. Give four examples of activities and related cost-allocation bases that can be used in an ABC system to allocate costs to products, services, or customers.

Music Makers process costing: prepare a production report, compute unit cost

Assume Music Makers has begun to produce blank CDs for its use and for sale to outside customers, because the CDs are produced in a continuous process and are identical, management at Music Makers uses process costing. The unit of measure for Mucic Makers is a box of CDs. Management has gathered the following information from t

Multiple-Choice Questions on Recording Business Combinations

5. On June 30, 20X2, Pane Corporation exchanged 150,000 shares of its $20 par value common stock for all of Sky Corporation's common stock. At that date, the fair value of Pane's common stock issued was equal to the book value of Sky's net assets. Both corporations continued to operate as separate businesses, maintaining acco

Explain how behavioral phenomena may help effectiveness

You have been hired as a consultant to present a one-hour seminar before a group of investment and corporate professionals. The main part of your job is to explain how behavioral phenomena may help the attendees to become more effective decision makers. Furthermore, your presentation is even more focused; as your talk will b

Sage Company: Maintenance expense error in a prior year. What is the entry?

10. (1) In 2009, Sage Company discovered that a building addition completed December 30, 2006, at a cost of $360,000 was charged to building and maintenance expense in error. The cost should have been charged to the buildings account. At December 31, 2009, the building addition had 22 years of life remaining and a $100,000 resid

Common Stock Value

P7-11 Common stock value-Constant growth Elk County Telephone has paid the dividends shown in the following table over the past 6 years. Year Dividend per share 2006 $2.87 2005 2.76 2004 2.60 2003 2.46 2002 2.37 2001 2.25 The firm's dividend per

Statute of Limitations Scenario

The IRS is disputing a deduction reported on your 2005 tax return, which you filed on April 17, 2006. On April 2, 2009, the IRS audit agent asks you to waive the statute of limitations for the entire return so as to give her additional time to obtain a Technical Advice Memorandum. The agent proposes in return for the waiver a "c

Allocation of costs, machine hours, overhead application rate

Q1. "The more the better!" Was a comment made by the CEO of a major company when asked about allocation of sales, general, and administrative costs to products. Do you agree? Explain. Q2. Suppose a company uses machine hours as a cost-allocation base for factory overhead. How does the company compute a budgeted overhead

Value Added/Non Value Added

2. Borke and Falvery is a law firm that uses activity-based costing. Classify these activities as value-added or nonvalue-added: 1. Taking appointments. 2. Meeting with Clients. 3. Court time. 4. Meeting with opposing attorneys. 5. Billing.

Profit margin, earning per shares.

Slaubaugh Corporation's most recent balance sheet and income statement appear below: Statement of Financial Position December 31, Year 2 and Year 1 (in thousands of dollars) Year 2 Year 1 Assets Current assets: Cash.................................................................... $ 100 $

Accounting Measurement and Reporting

10. Betsy McCall is the president of Brew News. She has no accounting background. McCall cannot understand why Current cost is not used as the basis for accounting measurement and reporting. Explain what basis is used and Why? 11. Describe the two constraints inherent in the presentation of accounting information. 12. In

Performance

On January 1, 2007, Tom Clark was promoted to the position of production manager in Seattle Seafood Company. The firm purchases raw fish, cooks and processes it, and then cans it in signal-portion containers. The canned fish is sold to several wholesalers specializing in providing food to school lunch programs in the Northwest r

Mangerial Accounting

____ 1. Period costs would include a. direct labor. b. direct materials. c. indirect manufacturing costs. d. selling and administrative costs. ____ 2. Manufacturing costs are typically classified as a. product costs or period costs. b. direct materials or direct labor. c. direct materials, direct labor, o

Explain Internal weaknesses over cash receipts

See attached page for problem. List internal control weaknesses over cash receipts and suggest improvements. The following control procedures are used in Elke Company for over-the-counter cash receipts. Cashiers are experienced; thus, they are not bonded. All over-the-counter receipts are registered by three clerks w

Statement of Retuned Earnings

Please provide input. 1. Last year, Jefferson Motors had retained earnings of $710,000 at the end of the year. This year, Jefferson paid a dividend of $55,000 and its end of the year retained earnings was $780,000. What was the net income of Jefferson motors? 2. In your opinion if the firm has a high retained earnings bal

Data flow diagram and systems flowchart

The Joseph Brant Manufacturing Company makes athletic footwear. Processing of production orders is as follows: At the end of each week, the production planning department prepares a list of shoes and quantities to be produced during the next week. Using this list as a source, data entry clerks key in production order release rec

P21-2A Fultz Company: Manufacturing overhead flexible budget

Problem P21-2A Fultz Company manufactures tablecloths. Sales have grown rapidly over the past 2 years. As a result, the president has installed a budgetary control system for 2010. The following data were used in developing the master manufacturing overhead budget for the Ironing Department, which is based on an activity index

Warranty Costs on Computer Sales

Equipment Company sells computers for $1,500 each and also gives each customer a 2-year warranty that requires the company to perform periodic services and to replace defective parts. During 2006, the company sold 700 computers. Based on past experience, the company has estimated the total 2-year warranty costs as $30 for parts

Compute the variable manufacuting overhead allocated

Automotive products (AP) designs and produces automotive parts. In 2009, actual variable manufacturing overhead is $308,600. AP's Simple costing system allocates variable manufacturing overhead to its three customers based on machine-hours and prices its contracts based on full costs. One of its customers has regularly compla

Cost of new preferred stock

M & M Motors is financed with the following optimal capital structure: Source Market Value Bonds $55,000,000 Preferred Stock $25,000,000 Common Stock $45,000,000 New bonds can be sold at par

Accounting Investments for Santo Corp

Question 2. Santo Corp., a company whose stock is publicly traded, provides a noncontributory defined benefit pension plan for its employees. The company's actuary has provided the following information for the year ended December 31, 2008: Projected benefit obligation $1,200,000 Accumulated benefit obligation 1,050,000

PowerPoint Presentation for the Introduction of Nature of Costs

Create a 10-20 slide PowerPoint presentation describing what you have learned from each chapter of this course so far. Be creative! Lesson 1: Introduction; the Nature of Costs Lesson 2: Opportunity Cost of Capital and Capital Budgeting; Organizational Architecture Lesson 3: Responsibility Accounting and Transfer Pricing; Bu