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).................
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
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?
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....
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
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
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
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
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
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
What is the accounting equation? what are all the components of the equations and can you please include examples?
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
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
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
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
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
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
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
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
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
Exercise 8-1 ABC Cost Hierarchy [LO1] Classify each of the activities as either a unit-level, batch-level, product-level, or organization sustaining activity. a. Various individuals manage the parts inventories __________ b. A clerk in the factory issues purchase orders for a job __________ c. The p
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. 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.
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
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
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
Variable and Absorption Costing Chan Manufacturing Company data for 20X7 follow: Sales: 12,000 units at $17 each Actual production 15,000 units Expected volume of production 18,000 units Manufacturing costs incurred Variable $120,000 Fixed 63,000 Nonmanufacturing costs incurred Variable $ 24,000 Fixed 18,000 1. De
Fill in the missing amounts in the following schedule. April May June 1. Sales * $80,000 $60,000 $________ Cash Receipts From cash sales $______ $______ $45,000 From sales on account** $______ $34,000
Only the following questions are to be answered a) If the materials price variance was $3,960 unfavorable, what was the standard materials price per pound? b) If the materials quantity variance was $2,871 favorable, what was the standard materials quantity per unit? f) If total budgeted manufacturing overh
BE2−8 Identify characteristics of useful information. (SO 7) The accompanying chart shows the qualitative characteristics of accounting information. Fill in the blanks. BE2−9 Identify characteristics of useful information. (SO 7) Given the characteristics of useful accounting information, complete each of the follow