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Accounting

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

Variable and Absorption Costing

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

Different types of budgets

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

Crede manufacturing company

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

Identifying Characteristics of Useful Information

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

Fresh Fruits Corporation: Next Year's Sales Budget

Fresh Fruits Corporation wholesales peaches and oranges. Nora Boyd is working with the company's accountant to prepare next years budget. Ms Boyd estimates that sales will increase 5% annually for peaches and 10% for oranges. The current years sales revenue data follow: 1rstq 2nd q 3rd

Management Accoutning Problems and Questions

The Densain Water plant in Naples, Fl, bottles purified and flavored water in a variiety of sizes (20,36,48, and 64 ounces) for sale through vending machines and retail stores. Volumes is measured as bottle ounces. The plant's annual budgeted fixed manufacturing overhead amounts to $1.8 million, and variable manufacturing overhe

Cost Behavior and Analysis

Here are records from manufacturer who used direct labor hours as its cost driver: Month Direct Labor Hours Manufacturing Overhead Jan. 23,000 $454,000 Feb. 30,000 517,000 Mar. 34,000 586,

Partnerships - Formation and Operation

Please help with the following problem. Frank Caster and George Wilson were equal partners of the F&G partnership, which reported its income on a fiscal year ending september 30. For fiscal year 2007-2008, the partnership's ordinary income was $30,000. It's ordinary income for the months of October-December 2008 was $9,000.

Service-Based Businesses and Standard Costing Techniques

Standard costing and variance analysis techniques are most often associated with manufacturing businesses. You have been contracted by the owner of a small advertising agency to evaluate the use of standard costing techniques for the services provided by his firm. Discuss whether you believe standard costing techniques can b

Separate Current and Non-Current liabilities

1. Why is it important to separate current and non-current liabilities? 2. What are the limitations of the balance sheet? 3. Does full disclosure mean more than the notes to the financial statements? Why or why not?

Reporting balance sheets and income statements

On July 1, 2007, Grape Crushers Company purchased for cash 40% of the outstanding capital stock of Fuzzy Flask Corporation. Both Grape Crushers and Fuzzy Flask have a December 31 year-end. Fuzzy Flask Corporation, whose common stock is actively traded on the American Stock Exchange, paid a cash dividend on November 15, 2007, to