"Financial accounting" and "managerial accounting" roles and differences.
1. Chuck McElravy owns Common Grounds Coffee House, near the campus of Manatee College. The business has cash of $2,000, furniture that cost $8,000 and account receivable from customers for $1,000. Debts include accounts payable of $1,000 and a $6,000 note payable. How much equity does McElravy have in the business? Using Mc
Topic on attached problems: acquisitions costs lump-sum acquisitions nonmonetary exchanges like kind exchanges valuation of PPE for Cadburry Problem 1 8 18 10-14.
Capitalization of Interest Wordcrafters Inc. is a book distributor that had been operating in its original facility since 1982. The increase in certification programs and continuing education requirements in several professions has contributed to an annual growth rate of 15% for Wordcrafters since 2002. Wordcraftersâ?? or
Financial Accounting: Choices impacting earnings, profits, income. Choice of depreciation and factors affecting useful life of aircraft
Should entities have discretion to choose the depreciation method and useful lives applicable to various asset classes? What do you think would affect the useful lives of assets such as aircraft?
A bank/company just opened with no assets, cash or bills. A company needs cash to operate and accept deposits from the public. When they receive the money, the company will enter the following entry: Cash 1,000 John Doe deposit 100 Mary Smith- deposit
1. The annual depreciation per thousand units is as follows: Balance of End of Unit Accumulated Asset
What was the cost of advertising and warehouse expense allocated to each of the businesses based on the traditional method?
Can you help me get started with this assignment? Consider the following scenario: A company has two major businesses that it operates. One business manufactures and sells unicycles for commercial use in circuses and so forth (total sales of $150M), and the other sells bicycles to the public (total sales of $20M). The unicyc
ACE Corporations incurs a $9 per unit cost for Product A, which it currently manufactures and sells for $13.50 per unit. Instead of manufacturing and selling this product, ACE can purchase Product B for $5 per unit and sell it for $12 per unit. If it does so, unit sales would remain unchanged and $5 of the $9 per unit costs as
Is the current focus on changing cost accounting relevant to health care organizations? Why or why not?
** Please see the attached file for the complete problem description formatted in Excel ** At December 31, 2007, Ruiz Corporation reported the following plant assets. Land $3,000,000 Buildings $26,500,000 Less: Accumulated depreciation?buildings 12,100,000 $14,400,000 Equipment 4
Last year (2011) Solomon Condos installed a mechanized elevator for its tenants. The owner of the company, Sam Solomon, recently returned from an industry equipment exhibition where he watched a computerized elevator demonstrated. He was impressed with the elevator's speed, comfort of ride, and cost efficiency. Upon returning fr
1. Robert Haddon contributed $70,000 in cash and some land worth $130,000 to open a new business, RH Consulting. Which of the following general journal entries will RH Consulting make to record this transaction? A) Assets $ 200,000 Robert Haddon, Capital $ 200,000 B) Cash and Land $
The Audiology Department at Randall Clinic offers many services to the clinic's patients. The three most common, along with cost and utilization data, are as follows: Variable Cost Annual Direct Annual Number Service per Service Fixed Costs of Visits Basic examination $5
Financial Accounting: 37 practice exam questions (with one or two sentence responses indicated answer)
See word document for better formatting of question data: Question 1: Cato Company is considering a capital project that will return $100,000 each year for five years. At the company's hurdle rate of 10%, the present value of the annuity is $379,100. If the return on investment in the first year is $37,910, what is the retu
Here is information related to Kettle Moraine Company for 2007. Total credit sales $1,500,000 Accounts receivable at December 31 440,000 Bad debts written off 31,000 Instructions: (a) What amount of bad debts expense will Kettle Moraine Company report if it uses the
See excel where formatting is readable: Presented below is an aging schedule for Joplin Company. Customer Total Not Yet Due Number of Days Past Due 1-30 31-60 61-90 Over 90 Adisy $20,000 $9,000 $11,000 Bloom 30,000 $30,000 Cai 50,000 5,000 5,000 $40,000 Dahl 38,000
1. Horner Corporation is authorized to issue 1,000,000 shares of $5 par value common stock. During 2010, its first year of operation, the company has the following stock transactions. Jan. 1 Paid the state $2,000 for incorporation fees. Jan. 15 Issued 500,000 shares of stock at $6 per share. Jan. 30 Attorneys for the com
Financial Accounting: Evaluate Lowe's financial performance in 2008 2009 with debt and receivable ratios
Calculate the (debt) and (days receivable ) ratios for each year: 2008, 2009 Discuss the trend for each ratio and what it tells you about the organization's financial health. http://investor.shareholder.com/lowes/annual.cfm At the above link to the left of the page, under Corporate Information & Investor Documents, SEC
Federal Manufacturers, Inc. purchased land with the intention of building its new administrative headquarters on the site. Which of the following costs should be charged to Land? I. Title and recording fees. II. Clearing of trees and grading. III. Interest on loan to purchased land. IV. Architect's fees. V. Installation
LoJo Developers Inc. purchased a coal mine for $10,000,000. As a condition of the purchased, LoJo agreed to restore the land after mining operations ceased. Restoration costs are estimated at $2,500,000. The proper accounting for these restoration cost is: o Expense them as incurred. o Capitalize and depreciate them over the
A schedule of machinery owned by Rain Bird Manufacturing Company is as follows: Estimated Estimated Total Cost Salvage Value Life in Years Machine A $450,000 $30,000
E2-1. Prepare the Statement of Cash Flows (Indirect Method) Net income $ 22,000 Investment by Ryan Bond $ 2,200 Depreciation expense 15,000 Decrease in accounts receivable 2,800 Decrease in prepaid expenses 1,250 Increase in accrued expenses 2,300 Decrease in accounts payable (10,450) Withdrawal by Tr
See attached file for charts and multiple answer choices. 1. The controller of JoyCo has requested a quick estimate of the manufacturing supplies needed for the month of July when production is expected to be 470,000 units. Below are actual data from the prior three months of operations. Product
A company wants to raise $20 million. Its stock price is now $20 per share. The new issue will be priced at $18 per share. The underwriters' compensation will be 5 percent of the issue price. The firm will also incur expenses of $200,000. 1. How many shares of stock must be sold for the company to net $20 million after co
See attached file. For this assignment you will need to read the information provided in Exercise 5.8 of the textbook. This exercise relates to a company that manufactures three types of refrigerators. As the management accountant for this business, you have been asked by your boss to compute two separate costs for each line
Veronica Company allocates overhead costs to jobs on the basis of direct labor hours. Its estimated average monthly factory costs for 2005 were as follows: Average Monthly Costs Direct material cost $60,000 Direct labor cost 300,000 Overhead cost 180,000 Its estimated average monthly direct labor hours are
1. Management accounting information can be used for all of the following except: calculate the cost of a product or service. evaluate the performance of a company. project materials needs. evaluate the market price of the stock. 2. Management accounting reports might include informa
1. At the beginning of the year, Midtown Athletic had an inventory of $400,000. During the year, the company purchased goods costing $1,600,000. If Midtown Athletic reported ending inventory of $600,000 and sales of $2,000,000, their cost of goods sold and gross profit rate must be a. $1,000,000 and 50% b. $1,400,000 and 30%
Discuss break-even analysis, explain fixed cost, variable cost, and semi-variable cost. Define and explain the significance of each cost.