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Accounting

Economic Cost and Benefit Analysis

Perform an economic cost/benefit analysis on one of the following issues. You must have both 2-3 costs and benefits and conclude whether a net benefit or cost exists. - Move to government provided national health care system - Increase tax rates on the rich (back to pre-2001 levels) - Close borders and implement an immi

Opinion based on ABC system: which costing sstem is preferable?

I hope this is enough information, but I am seeking a professional opinion on which costing system would work best based on the information below. This is a two question request. Estimated Activity        Overhead Cost pool         Costs       Product C Product D Total Machin

Reporting Payroll Taxes

Describe employer responsibilities for reporting payroll taxes in the United States. ***Where applicable reference the form to be filed for each tax.***All levels of US Gov't taxes - Federal ie FICA, State and City.

Employers' Accounting for Pension Plans

(Implications of FASB Statement No. 87) Ruth Moore and Carl Nies have to do a class presentation on the pension pronouncement "Employers' Accounting for Pension Plans." In developing the class presentation, they decided to provide the class with a series of questions related to pensions and then discuss the answers in class. Giv

Paper company produces paper for photocopier.

Paper company produces paper for photocopier. The company has developed standard overhead rates based on a monthly capacity of 180,000 direct labor hours as follows: Standard cost per un it ( one box of paper) Variable overhead (2 hours @ $3 per hour).............. $6 Fixed overhead (2 hours @ $5 per hour).................

Estate - Taxable Value

The estate of Bobbi Jones has the following provisions: total value of estate assets $2,000,000, amount specified to convey to a spouse $1,000,000, amount specified to convey to children $200,000, total debts 400,000, administrative expenses $50,000 and funeral expenses of $30,000. What is the value of the taxable estate? A) $3

Purpose of Dividend Received Deduction

Please help with the given questions: 1. What is the purpose of the dividend received deduction? What corporations are entitled to claim this deduction? What dividends qualify for this deduction? 2. What is the purpose of the reconciliation of taxable income with book income?

Second Stage Allocation

Larner Corporation is a diversified manufacturer of industrial goods. The company's activity-based costing system contains the following six activity cost pools and activity rates: Activity Cost Pool Activity Rates Supporting direct labor.................................. $7.00 per direct labor-hour Machine processing....

Will - probate: Calculate the correct distribution of assets to heirs

The provisions of a will currently undergoing probate are: "One thousand shares of Wal-mart stock to my son; $10,000 in cash from my savings account to my brother; $5,000 in cash to my daughter; and any remaining property divided equally between my son and daughter."At the time of death, the estate included 1,400 shares of Walma

Non Profit Organization accounting

The following gifts are received in Year One by a not-for-profit organization: (I.) $2,000 specified by the donor to be used to pay salaries. (II.) $10,000 for new conference room furniture. III. $5,000 to be held for one year before being expended. The salaries are paid in Year Two and the conference room furniture is purch

Accounting

Data for the jones corporation planned volume for year(static) budget 4000 units standard direct materials cost per unit 3.1 lbs @ $1.50 per pound standard direct labor cost per unit 2 hours @ $4.10 per hr total expected fixed overhead cost $18,800 Actual volume for the year(flexibl

Accounting

Item Hours Billing Rate Total Cost Attorney hours planning and court time 150 $185/hr 27750 Admin. and clerical support 60 $75/hr 4500 Witness fees n/a n/a 1500 court costs n/a n/a

Accounting

Green co. is considering the addition of a new machine in its mold injection plant. Green already has 5 machines that are operating 3 shifts a day. The company uses a standard cost accounting system. The number of pieces that currently are being produced ont eh existing machines is 300 per worker-hour. The vendor of the new

Accounting

In the budget-setting process, budget A was put together by lower management, including sales representatives, purchasing managers and factory supervisors. Budget B ws put together by senior management. A B Unit Sales 10000 15000 Dolla

Accounting

The following is the budget for a new high tech product launched in July: July August Expected Sales in Units 2000 3000 Selling price per unit 50 50 Total Sales 100000 100000

Joint products accounting for Lamont Industries

Lamont Industries produces chemicals for the swimming pool industry. In one joint process, 10,000 gallons of GSX are processed into 7,000 gallons of xenolite and 3,000 gallons of banolide. The cost of the joint process, including the GSX, is $19,000. The firm allocates $13,300 of the joint cost to the xenolite and $5,700 of the

Flexible budget for computer services

Jeffrey Washington, the president of centech computer services needs your help. He wonders about the potential effects on the firms net income if he changes the service rate that the firm charges its customers. The following basic data pertain to fiscal year 2009. Standard Rate and variable cost service rate per hour

Absorption versus Variable Costing

Beeny Hoopers Inc. produces nonfat frozen yogurt. The product is sold in 5 gallon containers, which have the following price and standard variable cost. Sales price..... $15 Direct Material..... $5 Direct Labor..... $2 Variable overhead..... $3 Budgeted fixed overhead in 20x1, the company's first year of operations, was

Accounting and Income Statements

1. Given for Flexible Products, Inc.: The following "T" A/C's show December 31, 2001 ending balances: Work-in-process $41,000 Finishedproduct $ 148,000 January 31, 2002 balances are: Work-in-Process (WIP) $ 47,000 (dr.) Finished Goods (F/G) 152,000 (dr.) The Income Statement showed Sales of 309,000 and Gross Margin of

Movie Rental Database: Stored Procedure and Function

In this lab assignment, you will create a stored procedure and a function. Make sure that you retain scripts with the CREATE statements for this assignment-you will need them in the following lab assignments when you will put them all in a package. While you test your program units, you will probably change some data in your

Partnership liquidation

A local partnership was considering the possibility of liquidation since one of the partners (Ding) was insolvent. Capital balances at that time were as follows. Profits and losses were divided on a 4:2:2:2 basis, respectively. Ding, capital $60,000 Laurel, capital 67,000 Ezzard, capital 17,000 Tillman, capital 96,000

Solving Accounting Multiple Choice Questions

23. Freije Refrigeration Company has an inventory of raw materials and parts consisting of thousands of different items which are of small dollar value individually but significant in total. A fundamental control requirement of Freije's inventory system is that: a) Perpetual inventory records be maintained for all inventory it

Sole Proprietorship to LLC or C corporation

1. Your client has operated a sole proprietorship for several years and is now interested in reaising capital for expansion. He is considering forming either a C corporatoin or an LLC. a. Describe the treatment of an LLC and discuss any advantages the LLC offers over eht C corporation. b. Assume instead the clinet ha

Partnerships

A partnership began its first year of operations with the following capital balances: Young, Capital: $143,000 Eaton, Capital: $104,000 Thurman, Capital: $143,000 The Articles of Partnership stipulated that profits and losses be assigned in the following manner: Young was to be awarded an annual salary of $26,000 with $13,0

State the accounting equation components

State the accounting equation. Explain and define all components of the equation and provide examples of each. You need to state the accounting equation. As part of this, you need to discuss each component of the equation and give appropriate examples, such as accounts or types of accounts found in the equation.

Partnerships: Distributions, Sales, and Exchanges

Please help with the following problem. Provide step by step calculations. Mark, Pete and Mickey are equal partners in the 2MP Partnership. At the beginning of the year, Mark's basisin his partnership interest was $15,000, Pete's basis was $10,000, and Mickey's basis was $20,000. The partnership reported taxable income of $3

Leverage: Analysis of Operating Change

Consolidated Industries is studying the addition of a new valve to its product line. The valve would be used by manufacturers of irrigation equipment. The company anticipates starting with a relatively low sales volume and then boosting demand over the next several years. A new salesperson must be hired because Consolidated's cu

Calculations of Various Overhead Variances

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