Share
Explore BrainMass

Financial Accounting & Bookkeeping

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

Direct and Step Method Cost Accounting

4B-1 Direct Method Seattle Western University has provided the following data to be used in its service department cost allocations. Service Departments Operating Departments Administration Facility Undergraduate Graduate Services Programs Programs Department c

Ratios and financial health

Discuss the trend for each ratio and what it tells you about the organization's financial health. Ratios are attached. 2008 Ratio Calculations Wal-Mart 2008 Current ratio = (Current Assets)/(Current Liabilities) Current ratio = (47,585 (m))/(58,454 (m)) Current ratio = 0.814 Debt Ratio = (Total Debt)/(Total Asset

Purchasing Companies

Benjamin O'Henry has owned and operated O'Henry's Data Services since its beginning ten years ago. From all appearances, the business has prospered. In the past few years, you have become friends with O'Henry and his wife. Recently, O'Henry mentioned that he has lost his zest for the business and would consider selling it for th

Replacement cost accounting

Replacement cost accounting will usually: increase asstes, decrease net income before taxes and lower the return on equity or, increase assets, increase net income before taxes and increase the return on equity or none of the above?