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Accounting

Phone interview advice

I have a phone interview for a Senior Accountant position. I am trying to come up with a response for Explain a difficult or challenging work situation and how did you handle it in case I am ask this question. One of the situation that comes to mind is that my company went through a period of transition where some employ

Case Study - Increasing Net Income (Campbell Appliance)

Suppose you own Campbell Appliance. The store's summarized financial statements for 2008, the most recent year, follow: Campbell Appliance Income Statement Year Ended Dec 31, 2008 Sales $800 (thousands) COGS 660 Gross Profit 140 Operating expe

Accounting Problems: Calculation of EPS

See the attached file. 4. Problem 19-11: Dow's EPS for the year ended 12/31/09 is: $3.11 $2.95 $2.99 $3.00. 5. Problem 19-11: The number of shares related to the bond conversions used in the calculations of EPS for Dow is which of the following? 800 2,400 24,000

Stock Considerations Pension Plans

3. (TCO 4) When stock is issued for consideration other than cash, what is the measurement objective? 4. (TCOs 3 and 4) Differentiate between a defined contribution pension plan and a defined benefit pension plan.

Describing an Accounting System

1. Why is accounting described as a system? 2. Since 1973, the FASB as had the authority to prescribe Accounting Standards in the U.S. Given today's global marketplace, how would you expect this to change? 3. How does the DuPont model extend our understanding of ROI?

Problem 6: Calculate the Retained Earnings balance

From the data given below, calculate the Retained Earnings balance as of December 31, 2009. Retained Earnings, December 31, 2008 $420,000 Cost of equipment purchased during 2009 125,000 Net loss for the year ended December 31, 2009 43,000 Dividends declared and paid in 2009 55,000 Decrease in cash balance fro

Material quantity and price variance

Please see the attached file. Based upon the following/attached information please explain why the related answer to the direct material variances are favorable and unfavorable. The formula and math related to direct material is easy, but I do not understand why the answer is favorable versus unfavorable. Please explain in

This computes income tax expense, extraordinary gain, net income

Marsh Corporation reported the following pre-tax income statement for the year ended December 31, 2009. Extraordinary gain $63,000 Income from discontinued operations $42,000 Income from continuing operations $458,000 Tax rate 45% Enter the appropriate amounts in the following partial income statement: Income from co

Stock and Cash Dividends

You are the holder of common stock in ABS, Inc. Historically, the firm has paid generous cash dividends. The firm recently announced that it would replace its cash dividend with a 20 percent annual stock dividend. Answer the following: a) Is this good news, bad news, or is it impossible to tell from the information pro

Matching asset mix and financing plan

Remington Steele has $4,200,000 in assets. Temporary current assets equal $1,000,000. Permanent current assets equal $2,000,000. Fixed assets equal $1,200,000. Total assets equal $4,200,000. Short-term rates are 8%. Long-term rates are 13%. Earnings before interest and taxes are $996,000. The tax rate is 40%. If long-ter

Stock Valuation

1.) If a company's last dividend was $ 1.00 per share and dividends are expected to grow at a rate of 6%. What is the current value of a share of this stock to an investor who requires a 10 percent rate of return? 2.) What is the current per-share value of JRM Corporation to an investor who requires a 10 percent annual ra

AB company and XY company agree to exchange assets Gain/Loss

Part 1 Equipment purchased on Jan, 1 2004 and installed Jan 15. Use began on Jan 30. The following amounts were expenditures related to the equipment ( all amounts are considered material). Invoice price 100,000 Discount of 2% taken for paying within 10 days Delivery charges 1,000 Set up costs 2,500 Repair of asset prior t

I:5-38 Sale of Assets Received as a Gift and Inherited

Daniel receives 400 shares of A&M Corporation stock from his aunt on May 20, 2009, as a gift when the stock has a $60,000 FMV. His aunt purchased the stock in 2002 for $42,000. The taxable gift is $60,000 because she made earlier gifts to Daniel during 2009 and used the annual exclusion. She paid a gift tax of $9,300 on the gift

1. create a supply and demand graph 2. a. How many T-shirts could the cafe sell at $5 each? b. What price would they have to charge to sell 200 T-shirts? c. Calculate the own price elasticity of demand for T-shirts at a price of $20. 3. What is the Income Elasticity? Is it elastic or inelastic?

Price of Steaks Supply of Steaks Demand for Steak (Shortages) or Surplus 25 30 10 20 20 12 15 15 15 10 10 20 5 5 30 a. Using the above date please create a supply and demand graph b. Indicate on the graph the point of market equilibrium c. Complete the last column indicating at each price level

Journalize petty cash transactions; Prepare a bank reconciliation

Also, see attached files: P8-2A Journalize and post petty cash fund transactions P8-3A Prepare a bank reconcilation and adjusting entries Journalizing and posting petty cash fund transactions Winningham Company maintains a petty cash fund for small expenditures. The following transactions occurred over a 2-month pe

Break-even in units and dollars for Lindon Company's product sales

Lindon Company is the exclusive distributor for an automotive product that sells for $40 per unit and has a CM ratio of 30%. The company's fixed expenses are $180,000 per year. The company plans to sell 16,000 units this year. Required: 1. What are the variable expenses per unit? 2. Using the equation method: a. What is th

Overhead costs

The Alphonse Company allocates fixed overhead costs by machine hours and variable overhead costs by direct labor hours. At the beginning of the year the company expects fixed overhead costs to be $600,000 and variable costs to be $800,000. The expected machine hours are 6,000 and the expected direct labor hours are 80,000. The a

Jung Corporation's - Budgeted Direct Materials

The Jung Corporation's budget calls for the following production: Quarter 1 45,000 units Quarter 2 38,000 units Quarter 3 34,000 units Quarter 4 48,000 units Each unit of production requires three pounds of direct material. The company's policy is to begin each quarter with an inventory of direct materials equal to 30 per

Make or Buy: Electronic Components for Bose Speakers

Assume that a division of Bose makes an electronic component for its speakers. Its manufacturing process for the component is a highly automated part of a just-in-time production system. All labor is considered to be an overhead cost, and all overhead is regarded as fixed with respect to output volume. Production costs for 10

FASB & business combinations

How has FASB clearly designated a fair value approach with regards to business combinations? Does this tendency extend into other areas of accounting? How do the international financial accounting concepts align with this shift? 291 words

Describe variance analysis and conclusions from them

How do you describe and illustrate variance analysis and what type of meaningful conclusion can emerge from it? Offer a variance report and an exam question for the student to "self test" if they comprehend the material discussed.

Alternative minimum tax system differ from the regular tax system

How does the alternative minimum tax system differ from the regular tax system? How is it similar? Why did Congress implement the alternative minimum tax system? The starting point for computing alternative minimum taxable income is regular taxable income. What are some of the adjustments and preferences to regular taxable incom

Federal Income Tax for Investors

What is the federal income tax owed by an investor in the 35 percent income tax bracket (15 percent tax rate on long-term capital gains and dividend income)? a. Megan sold stock A for a short-term capital gain of $5,500; sold stock B for a short-term capital loss of $2,100 b. Margaret sold stock A for a short-term capit

Incremental after-tax cash flows

Company Z is considering upgrading their old machine with a new machine. EXISTING MACHINE: Cost = $100,000 Purchased 2 years ago Depreciation using MACRS over 5-year recovery schedule Current Market Value = $105,000 Five year usable life remaining 40% tax rate on ordinary and capital gains Earnings before Depreciatio

Fundamental Accounting Principles II

Could you please provide the solution for these three problems (18-10, 18-13, and QS 20-6). Question 1: (2 points) Exercise 18-10: Cost of goods sold computation L.O. C6, P1 Compute cost of goods sold for each of these two companies for the year ended December 31, 2009. (Omit the "$" sign in your response): Compute

Income from flow through entities

Dominique and Terrell are joint owners of a bookstore. The business operates as an S corporation. Dominique owns 65% and Terrell owns 35%. The business has the following results in the current year. Revenue $1,500,000 Business expenses 750,000 Charitable Contributions 50,000