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    Financial Accounting & Bookkeeping

    Accounting questions: cost of goods sold, gross profit rate, and more...

    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%

    T F questions about managerial accounting and financial accounting

    Chris Martin has prepared the following list of statements about managerial accounting and financial accounting. 1. Financial accounting focuses on providing information to internal users. 2. Analyzing cost-volume-profit relationships is part of managerial accounting. 3. Preparation of budgets is part of financial accountin

    Managerial accounting and financial accounting

    I have attached the document. Exercise E1-1 in Managerial Accounting: Tools for Business Decision Making. E1-1 Chris Martin has prepared the following list of statements about managerial accounting and financial accounting. 1. Financial accounting focuses on providing information to internal users. 2. Analyzing cost-volume-p

    Cost Accounting: Eldorado Inc.

    Can you help me get started on this assignment? Eldorado Inc manufactures products A and B. Manufacturing overhead was allocated to the products based on machine hours which were estimated to be 6,000. Overhead, which includes salaries, rent, utilities, and depreciation, was estimated to be $120,000 for the year. This overhea

    Cost accounting for Vosges Candy, Lubelchek Company, Barabanova Company

    Vosges Candy Company produces handmade candies. The candies sell for $12 per box. During its first year of operations, the company produced 10,000 boxes of candies and sold 9,000 boxes of the candies. The companyâ??s cost information includes the following: Direct materials $ 2.00 per unit Direct labor $ 3.00 per unit Var

    Classify each cost as variable or fixed for the measure of activity

    See attached file. Below are cost and measures of activity in a variety of organizations. Classify each cost as variable or fixed with respect to the indicated measure of activity by listing out the numbered item and a "V" for variable or an "F" for fixed cost. For example 1F, 2F etc. Below are cost and measures of activit

    Management Accounting and Financial Accounting Problems

    Consider the following short descriptions. Indicate whether each description more closely relates to a major feature of financial accounting or management accounting. 1. Field is less sharply defined 2. Provides internal consulting advice to managers 3. Has less flexibility 4. Is characterized by detailed reports 5. Has a

    Cost accounting problem

    Cannata Corporation has two operating divisions-a North Division and a South Division. The company's Logistics Department services both divisions. The variable costs of the Logistics Department are budgeted at $32 per shipment. The Logistics Department's fixed costs are budgeted at $372,300 for the year. The fixed costs of the L

    Cost Accounting: Comparing Car Divisons

    Can you help me get started on this assignment? Colorful Auto Company manufactures automobiles. The Red Car Division sells its red cars for $25,000 each to the general public. The red cars have manufacturing costs of $12,500 each for variable and $5,000 each for fixed costs. The division's total fixed manufacturing costs are

    Violation of accounting principle

    According to the below situation, would you please state which principle or assumption has been violated, and explain what should be done so that the accounting treatment is in compliance with the generally accepted accounting principles or assumptions. The managing director of Lucky Company Ltd., a private company, uses the

    Varriance Analysis Managerial Financial Accounting

    Variance Analysis Service Environment Todd Judd separated from his wife Stella ,had filed for Divorced. As Part of the divorce, Todd realized that he would have to engaged in a legal battle with Stella since the couple owned several parcels of property and had considerable investment, including a business Todd acqu

    Accounting

    Andre has asked you to evaluate his business, Andreâ??s Hair Styling. Andre has five barbers working for him. (Andre is not one of them.) Each barber is paid $9.90 per hour and works a 40-hour week and a 50-week year, regardless of the number of haircuts. Rent and other fixed expenses are $1,750 per month. Hair shampoo used on

    Accounting F-10

    *Please look at the attachment!!!! *Please describe how to calculate!! Outdoor Sports, Inc., produces two types of skis, downhill skis and cross country skis. Product and production information about the two items is show below (see the attachment) 1) Outdoor Sports uses the traditional two-stage method of allocating ov

    Classify each cost as a Vriable cost, a Fixed cost, or a Mix

    * Please look at the attachment!!!! The following cost items relate to the Brock Company. Classify each cost as a Vriable cost, a Fixed cost, or a Mixed cost by placing an X in the appropriate column. Each cost should be evaluated in terms of the volume of units of finished products produced. Also indica with an X

    Cost accounting

    40) In most cases, prices are set by the A. competitive market B. customers C. selling company D. largest competitor 41) Prices are set by the competitive market when A. there are no other producers capable of manufacturing a similar item B. the product is specially made for a customer C. a

    Cost accounting

    39) Lewis Hats is planning to sell 600 straw hats. Each hat requires a half pound of straw and a quarter hour of direct labor. Straw costs $0.20 per pound and employees of the company are paid $22 per hour. Lewis has 80 pounds of straw and 40 hats in beginning inventory and wants to have 50 pounds of straw and 60 hats in ending

    Costs and Operating Leverage

    Two brothers (Barry and Larry) dreamt about owning and operating companies in the same line of business. Barry believed that maintaining a very large, highly efficient manual labor force; Larry, on the other hand, favored an automated production process. One business was located in Madison and the other was located in Austin

    Types of Business Structures and Features

    Discuss in 350 to 700 words the following topics: Include at least three (3) references from different sources 1. Identify and describe the sources of generally accepted accounting principles. Identify source hierarchy and explain why the hierarchy is important. 2. Describe the qualities of accounting information. 3. Com

    What are the estimated cost. for design, programming, in-house testing?

    Below is a project WBS with cost apportioned by percents. If the total project cost is estimated to be $600,000, what are the estimated costs for the following deliverables? Design? Programming? In-house testing? What weaknesses are inherent in this estimating approach? Exercise 5.2 WBS Figure

    Cash Funds Established

    If a petty cash fund is established in the amount of $250, and contains $150 in cash and $95 in receipts for disbursements when it is replenished, the journal entry to record replenishment should include credits to which of the following accounts? A. Petty Cash, $100 B. Cash, $95; Cash Over and Short, $5 C. Cash, $100 D.

    Cost of prod with avg cost method

    Daniel LLC incurred the following cost in the month of October: Material $55,000 Labor $46,000 Factory Overhead $23,000 There was no beginning inventory. Ending work in process was 10,000 units at 50 percent complete. 15,000 units were completed and transferred out. Prepare a cost of production

    Financial and managerial accounting

    Chavez owns a catering company. Chavez's business is seasonal, with a heavy schedule during the summer months and holidays and a lighter one at other times. She offers a standard cocktail party and has estimated the cost per guest as follows: Food and beverages $15.00 Labor (0.5 hrs. @ $10/hr)

    Operating fixed costs are determined.

    Inc has a division which makes burlap bags for the citrus industry. The unit has total costs of $100,000 per month, and it expects to sell 42,000 bags per month. If the variable cost per bag is $2.00, what is the divisions operating fixed costs

    Preparing an Income Statement: Briede Company Example

    Administrate expense Officers' salaries 4900 Depreciated of office furniture and equipment 3960 Cost of sales good 60570 Rental revenue 17230 Selling expense Transportation-out 2690 Sales Commissions 7980 Depreciation of sales equipment 6480 Sales 9

    Cost Accounting: GoFish Inc.

    I have a multiple choice problem that I need assistance with. GoFish Inc. has an overhead rate for machine setups of $200 per machine setup, for a total of $56,000 of overhead. The company produces two products; Product Salamander and Product Gold, which require 160 and 120 setups each, respectively. The overhead assigned to