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Accounting

ACCOUNTING

12-9 Healing Touch manufactures massage chairs with the following standard cost structure: Standard Cost Sheet: Massage Chair Metal tubing 6 meters @ $3 $18.00 Leather 2 square meters @ $7 14.00 Padding 3 Kilograms @$4 12.00 Direct labor 4 hours @ $15 60.00 Total standard cost $104.00

Accounting for Smashing Pumpkins Company

1. (Lower-of-Cost-or-Market) Smashing Pumpkins Company uses the lower-of-cost-or-market method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2008, consists of products D, E, F, G, H, and I. Relevant per-unit data for these products appear below. Item D Item E Item F Item G Item H I

Cost of Job

Raymond Company produces pipes for concert-quality organs. Each job is unique. In April 2009, it competed all outstanding orders, and then in May 2009, it worked on only two jobs M1 and M2 Direct Materials Job M1 = $75,000 Direct Materials Job M2 = $50,000 Direct Manufacturing Labor for Job M1 = 275,000 Direct

Calculate cost of Job

4-22 Printers, Inc. Produces annual reports and marketing materials for large companies. There are three categories of costs in its normal job-costing system: Direct materials, direct labor, and overhead (both variable and fixed), allocated on the basis of direct labor costs. Jill Liu, the controller, is concerned that an in

The mechanics of raising equity capital

Starware software was founded last year to develop software for gaming applications. The founder initially invested $800,000 and received 8 million shares of stock. Starware now needs to raise a second round of capital, and it has identified a venture capitalist who is interested in investing. This venture capitalist will invest

Preparing Operating Activities

See attached file please. Statement of Cash Flows (1) Prepare the operating activities section of the statement of cash flows based on the following information for A Company: Net Income $195,000 Depreciation Expense $45,000 Loss on Sale Of Equipment $5,000 Decrease in Accounts Receivable Compared to Prior Year $15,

Common and Preferred Dividends

See attached file. Preferred Stock Dividends Based on the following information, illustrate the distribution of both common and preferred stock dividends based on these two scenerios: (1) Preferred stock is 7% and non-cummulative. (2) Preferred Stock is 8% and cummulative. (This will result in a total of 6 allocations, 2 f

Spreadsheet to Create an Invoice for a Picnic

You are now ready to create the invoices you will present to each family that attends the high school reunion picnic. Each family will pay a portion of the general expenses and for their own food and sweatshirts. You will also create invoices to give to each classmate when they pick up their sweatshirts at the reunion. Before

BA 510 Accounting Final Exam Prep

Need Assistance with the following, please show all work 1. The controller of a small private college is complaining about the amount of work she is required to do at the beginning of each month. The president of the university requires the controller to submit a monthly report by the fifth day of the following month. The m

Tax Depreciation and Pre-Tax Income

No life is determined for the equipment and no current vs. original value is offered so how do I determine the declining-balance depreciation for Motorola & the Straight-line depreciation for Intel? I've only seen the declining-balance method used when Original Value, Current Value & Life were known factors. Motorola's Year 2

Tax Reform 2010

Tax Reform 2010 The President Obama is considering to propose "Tax Reform Act 2010" to stimulate slow economy. The president appointed you as a member of the " Committee for Tax Reform Act 2010". The president candidate is seeking new tax incentives, deductions, and credits, which would stimulate the slow economy and create m

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