Share
Explore BrainMass

Accounting

Calculating Depreciation and Book Value

Your firm uses return on assets (ROA) to evaluate investment centres and is considering changing the valuation basis of assets from historical cost to current value. When the cost of the asses is updated, a price index is used to approximate replacement value. For example, a metal fabrication press, which bends and shapes metal

Activity Table for Total Costs

Question 1: (11 points) Exercise 5-1 Fixed and Variable Cost Behavior [LO1] Koffee Express operates a number of espresso coffee stands in busy suburban malls. The fixed weekly expense of a coffee stand is $1,100 and the variable cost per cup of coffee served is $0.26. Requirement 1: Fill in the following table with your

PROBLEM I6-51

Hobby Loss Presumptive Rule. Rachel Schutz is a high school English teacher. In her spare time, she likes to make her own body lotion, lip-gloss, and bath and shower gel. She uses the bath products herself and gives them to her friends and relatives as gifts. In 2005, Rachel started attending arts and crafts festivals to sell

PROBLEM I6-34: Calculate taxable income for Kent

For vs. from AGI. During the current year, Kent, a single taxpayer, reports the following items of income and expense: Income: Salary $170,000 Dividends from Alta Corporation 800 Interest income from a savings account 1,500 Rental income from a small apartment he owns 8,000 Expenses: Medical 6,000 Interest on a prin

PROBLEM I4-43 Re: Employee Benefits includable in income

Employee Benefits. Ursula is employed by USA Corporation. USA Corporation provides medical and health, disability, and group term life insurance coverage for its employees. Premiums attributable to Ursula were as follows: Medical and health $3,600 Disability 300 Group term life (face amount is $40,000) 200 During the year,

Accounting for Goodwill

I don't quite understand the difference between the concepts and I am wondering if you could help me. 1. Problem (you must show your work for this problem, as well as answer the multiple choice question) On January 1, 2004, Cobb Enterprises acquired 80% of Bob's Bricks Inc.'s outstanding common shares. In acquiring this i

Time-Series Behavior and Corrective Action

You are working in the office of the vice president of administration at International Telecon (IT) as a senior financial planner. IT is a Fortune 500 firm with sales approaching $1 billion. IT provides long-distance satellite communications around the world. Deregulation of telecommunications in Europe has intensified worldwide

Accounting question

Problem 6-4 "Ice Storm" In March, a devastating ice storm struck Monroe County, New York, causing millions of dollars of damage. Mathews & Peat (M&P), a large horticultural nursery was hit hard. As a result of the storm $653,000 of additional labor and maintenance costs were incurred to clean up the nursery remove and replace

Complex accounting question

Analyze the situation and recommend a course of action. What should installation division managers do? What should valve division managers do? What should U.S. Pump's senior managers do? See attached.

Timmons Manufacturing: Schedule of Cost of Goods

Prepare a schedule of the cost of goods manufactured for Timmons Manufacturing Company for the month ended December 31, 2008. Account Balances Finished Goods Inventory, December 31 $42,000 Factory Supervisory Salaries 12,000 Income Tax Expense 18,000 Raw Materials Inventory, December 1 12,000 Work In Process Inve

Inventory Information for Ricci Manufacturing Corporation

2) The following inventory information is available for Ricci Manufacturing Corporation for the year ended December 31, 2008: Beginning Ending Inventories: Raw materials $17,000 $19,000 Work in process 9,000 14,000 Finished goods 11,000 8,000 Total $37,000 $41,000

Advanced Accounting Problem

I have tried and tried to do this problem and I am failing to do so miserably. This type of problem is completely new to me and I really want to, and need to understand how to do this. Can you please prepare the statement and explain to me how you went about doing so? Thank you for your time and help, it is greatly appreciate

Fairfax Agency Staffing and Operating Budgets

The Fairfax Treatment Agency delivers the following program services: • Alcoholic rehabilitation • Drug-addict treatment • Basic health care services, and • Counseling and suicide prevention The Agency's FY 200X staffing and operating data are as follows: Professional salaries: 6 physicians  $100,000

Ratner per-room initial expenditures

Associates develops hotels in resort locations. The company is exploring the construction of a new facility that would have significant meeting and banquet space for conventions and conferences, and sleeping rooms that average 850 square feet. The accounting department estimates that land and building costs will amount to $60

Accounting

Pizza store no. 16 has fallen on hard times and is about to be closed. The following figures are available for the period just ended: Sales $205,000 Cost of sales 67,900 Building occupancy costs: Rent 36,500 Utilities 15,000 Supplies used 5,600 Wages 77,700 Miscellaneous 2,400 Allocated corporate overhead 16,800

Accounting

Cornell Corporation manufactures faucets. Several weeks ago, the firm received a special-order inquiry from Yale, Inc. Yale desires to market a faucet similar to Cornell's model no. 55 and has offered to purchase 3,000 units. The following data are available: ? Cost data for Cornell's model no. 55 faucet: direct materials,

Accounting questions

I apologize for the short notice, but if I had known this website existed earlier, I would have been on here days before! I am studying for my final exam tomorrow and these questions come from a test bank my teacher gave us to study from, unfortunately I cannot be sure of the answers to these questions - I know it is short noti

Operating Data, Revenue, Contribution Margin and Costs

1. Helix Services, Inc., has been in business for six months. The following are basic operating data for that period. Month July Aug. Sept. Oct. Nov. Dec. Service hours 120 136 260 420 320 330 Revenue $6,000 $6,800 $13,000 $21,000 $16,000 $16,500 Operating costs $4,300 $5,300 $ 7,100 $11,200 $ 9,100 $10,600 Requir

Corey Issacson is an investor in stone cold interprises

Need help with the attached problems. Question 1 Corey Issacson is an investor in stone cold interprises. Last week he received the companys most recent financial statements but some of the numbers were smudged and unreadable. Each of the unreadable numbers is represented with a letter as shown below and at the top of t

Standards and Budgets, and Direct Labor Variance Matrix

1. Explain the similarities and differences between standards and budgets. Contrast the accounting for standards and budgets. 2. In the direct labor variance matrix, there are three factors: (1) Actual hours Actual rate, (2) Actual hours Standard rate, and (3) Standard hours Standard rate. Using the numbers, indicate the form

Chapter 1-11 Managerial Accounting Questions

____ 1. A responsibility center that incurs costs (and expenses) and generates revenues is classified as a(n) a. cost center. b. revenue center. c. profit center. d. investment center. ____ 2. The most useful measure for evaluating a manager's performance in controlling revenues and costs in a profit center is

EOQ Policy

I have the following problem: A critical piece of operational equipment contains 30 parts of the same type. The equipment operates 24 hours a day and the critical pieces have a predicted failure frequency of 10,000 hours. If spares are procured as part of an EOQ policy with: cost per unit of $100, cost of preparation and ship

Memo: Income Statement Change to Balance Sheet

Need to write a memo that describing the change in focus from the income statement to the balance sheet. Describe the concepts of permanent and temporary differences. Give two examples of each and how they reflect the new focus. The issue of SFAS No. 109, the framework now used in accounting for income taxes. (can use the

Three Column Cash Book

Help writing up a 3 Column Cash Book of the Transaction that was done with our company last month (March2009) March1 Balance brought forward : Cash in Hand : $5000 Cash at Bank : $ 90,000 March2 Received Cash loan of $25 ,000 from Partners . March3 Bought goods of $156,000 March4 Bought Motor Van paying by check

Incremental Analysis and Special Orders

Henson Company produces golf discs which it normally sells to retailers for $7 each. The cost of manufacturing 20,000 golf discs is: Materials $ 10,000 Labor 30,000 Variable overhead 20,000 Fixed overhead 40,000 Total $100,000 Henson also incurs 5% sales commission ($0.35) on each disc sold. Wood Corporation offers

Should Shannon Inc. Buying The Lamp Shades

Shannon Inc has been manufacturing its own shades for its table lamps. The company is currently operating at 100% of capacity. Variable manufacturing overhead is charged to production at the rate of 50% of direct labor cost. The direct materials and direct labor cost per unit to make the lamp shades are $4.00 and $6.00 respectiv

Income Tax: Conversion of a Personal Residence to a Rental

A tax problem about how and where to report rental income items on income tax return forms: Decision to sell or rent a condo for extra income to pay off the house. Have had condo rented for 5 years. Mike purchased a condo for $125,000. A similar condo recently sold for $165,000. They still owed $87,000 in mortgage payments. T