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Accounting

Recording Property Tax Revenue in the General Fund

Revenue from property taxes should be recorded in the General Fund a. When received b. In the period for which the taxes are levied c. At the time of eligibility d. When they are availabe for recognition e. In the period in which they are conusmed

Accounting

Wilde Home & Garden is organized into three departments. The following sales and cost data are available for the prior year: Dept A Dept B Dept C Total Sales $270,000 $855,000 $910,000 $2,035,000 Less: VC 110,000 520,000 710,000 1,340,000 CM 160,000 335,000 200,000 695,000 Less: FC 70,000 90,000 95,000 255,000 Profit 90,

Accounting

2. Reef office supplies is interested in estimating the cost involved in hiring new employees . The following information is available regarding the costs of operation the human resource department of reef office supplies in may when there were 60 new hires May Staff salaries 33000 Manager salary 8000 Office supplies 300

ABC Inc: Compute the value of a share today

ABC Inc. is expected to begin paying dividends in 5 years. The initial dividend is expected to be 0.75 per share, and dividends are expected to grow at 5.0%. How do I calculate the value of a share (today) if the required return on the company is 8.0%?

Compounding Frequency and Present Values

A. Table Factor X, Future Value $X Present Value Rate Time Compounding Frequency Table Factor Future Value a. $5,000 12% 2 yrs Annual b. $5,000 12% 2 yrs Semiannual c. $5,000 12% 2 yrs. Quarterly d. $5,000 12%

Variable Costing Contributions

Need help preparing a contribution format variable costing income statement for each quarter, and how to reconcile the absorption costing and the variable costing net operating income figures for each quarter... file has better formatting. income statement for the first two quarters first quarter second quarter sales $480,00

Capital Gains and losses

46) Jake purchased a $200,000 crane for his construction business. He sold the crane for $145,000 after taking $110,000 of depreciation. What are the nature and the amount of gain or loss on the sale? On what tax form would the gain or loss be reported? 50) Davidson Industries, a sole proprietorship, sold the following as

budgetary process more beneficial to avoid any negative impact

1. How can a budget affect company morale? How could the budgetary process be made more beneficial to avoid any negative impact a budgetary concept can portray? 2. How does contribution margin differ from controllable margin in a responsibility report for a profit center? How do controllable costs and non-controllable costs

Differences Between the Components of Taxable Income

What are the differences between the following components of taxable income? Provide at least one example of each. o Deductions for AGI and deductions from AGI o Gross income and AGI o AGI and taxable income o Tax deduction and tax credit o Personal exemption and dependency exemption 385 words plus form to give a

Managerial Accounting/ Internal Accounting

You are the manager of an accounting department and would like to hire another managerial accountant to focus on internal accounting. The CEO is not convinced that a managing accountant position is needed. Prepare a memo for the CEO on the following: Explain the objectives and characteristics of an internal accounting system.

Profit and Break-Even Analysis of Bed and Breakfast Business

Phil and Carol eloped (at 59 and 46) to New Mexico and then told the kids they were moving there permanently. After 5 years in downtown Albuquerque, Carol made one of her frequent flights east to visit family. She returned to find that Phil had rented out a bedroom, declaring they were in the "Bed and Breakfast" business. In

Cost Accounting for Morrisey and Brown, Ltd.

Morrisey & Brown, Ltd., of Sydney is a merchandising firm that is the sole distributor of a product that is increasing in popularity among Australian consumers. The company's income statements for the three most recent months follow: MORRISEY & BROWN, LTD.

P7-7 Flexible budget for factory overhead

P7-7 Flexible budget for factory overhead Presented below are the monthly factory overhead cost budget (at normal capacity of 5,000 units or 20,000 direct labor hours) and the production and cost data for a month. The predetermined overhead rate is based on normal capacity. Factory Overhead budget Fixed cost Depreciation o

Production budgets, manufacturing budgets and forecast of number units

Can you assist me with sales budget and production budgets and manufacturing budgets in detail? Sales and Production Budgets: The marketing department of Smith Corporation has submitted the following sales forecast for the upcoming fiscal year (all sales are on account): 1st Quarter 2nd Quarter 3rd Quarter 4th Quart

Performance Report and cost control report

Jim Smith, supervisor of the Harbor View Machining Department, was visibly upset after being reprimanded for his department's poor performance over the prior month. The department's cost control report is given below: Harbor View Machining Department Cost Control Report For the Month Ended June 30 Planning Budget Act

Bonds Long Term Debt

*****Please show all work******** Captain Johnny Whizbang Hamburgers issued 4%, 10-year bonds payable at 85 on December 31, 2010. At December 31, 2012, Captain Johnny reported the bonds as follows: Long - Term Debt: Bonds Payable...$ 300,000 Less Discount... (36,000) $264,000 Captain Johnny u

Fixed and Variable Cost Analysis

Able Company and Baker Company are competing companies that sell a product at the same price. Both companies are operating above the break-even point and have similar total profits. Able Company's costs are mostly variable, whereas Baker Company's costs are mostly fixed. In a time of increasing sales which company will tend t

Problem Regardin Notes Payable

On the balance sheet we've had a note payable for 7 years as a balance of just say with interest all in is $50,000. We negotiated and paid the payable off for $20,000.00. So we credit cash (Reduce Cash) and debit the payable but what do we do with the balance $30,000? This liability is gone because both parties agreed and s

Book Value of common stock and preferred: Cleveland Company

Cleveland Company reports the following information as of 12/31/2012: -10% cumulative preferred stock, par value $100, One-year of dividends in arrears; 20,000 shares authorized; issued, 10,000 shares; $1,000,000 -Common stock - authorized 500,000; 40,000 outstanding

Taxation: Office in Home, Casualty loss, Hobby loss

Problem 39 David is a college professor who does some consulting work on the side. He uses 25% of his home exclusively for the consulting practice. He is single and 63 years old. His AGI (without consideration of consulting income) is $45,000. Other information follows: Income from consulting business $4,000 Consulting

Intervention in auto companies; reduce taxes

This is about government involvement in private business. There are 2 main issues and related questions. First, after 2000 the American automobile industry took heavy losses jeopardizing the main corporations, the numerous suppliers and approximately 300,000 workers. President Bush and the Republicans initiated a bail-out pla

Understanding Management Accounting

Scapens, R.W (2006) 'Understanding Management Accounting Practices'. The British Accounting Review, 38(1) pp.1-30. What are the achievements of the Burns and Scapens frame work for studying management accounting change? What are the limitations and extensions of the study? Mention some processes shaping the management accou

Marginal costing

Rapid Auto has over 200 auto-maintenance service outlets nationwide. It provides primarily two lines of service: oil changes and brake repair. Oil change-related services represent 63% of its sales and provide a contribution margin ratio of 20%. Brake repair represents 37% of its sales and provides a 60% contribution margin rati

What if any is the correct action?

Gevok Industries has just started business as a computer-based gaming company. Knowing that small computer businesses rarely remain in business longer than 5 years, Gevok depreciates all his assets for 5 years. The assets include a building, integrated circuit shaper, and vehicles. Is this ethical? What impact will this action h