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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


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


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


Please see attachment. Question 4 Blastoff Inc. manufactures sophisticated products used in the agriculture industry. The company has been approached by a customer who wants to buy 400 identical products at $200 per unit over the next 12 months. The data in respect of the production of each individual unit is as follows:

Make or Buy Analysis for JMorgan

The president of JMorgan has equipment for producing subassemblies is worn out, the decision need to be made quickly, if the company should rent new equipment and continue to make its subassemblies internally or whether it should discontinue production of its subassemblies and purchase them from an outside supplier Alternativ

Income statements for variable costing methods

1) In an income statement prepared using the variable costing method, fixed selling and administrative expenses would: a) be used in the computation of the contribution margin. b) be used in the computation of net operating income but not in the computation of the contribution margin c) be treated the same as

Maximum Acceptable Price Quotation

4. Evan Company manufactures and sells several products, one of which is called a slip differential. The company normally sells 30,000 units of the slip differential each month. At this activity level, unit costs are Direct materials $4 Direct labor 3 Variable manufacturing overhead 4 Fixed manufacturing over

Intermediate accounting II

On Feb 1, 2004, one of the huge warehouses of RME Fireworks Company exploded. Windows in houses and other buildings within a one-mile radius of the explosion were severely damaged, and a number of people were injured. As of feb 15, 2004 (when the Dec 31, 2003, financial statements were completed and sent to the publisher for pri