Why is it necessary to make adjusting entries? a. The accountant has made errors in recording external transactions. b. Certain facts about the affairs of the business are not included in the ledger as built up from external transactions. c. The accountant wants to show the largest possible net income for the period. d. The
1. OTA company manufactures two products (X and Y). The overhead costs ($84,000) have been divided into three cost pools that use the following activity drivers: Product X: 10 Setups, 500 Machine Hours and 75 Packing Orders Product Y: 10 Setups, 2,000 Machine Hours and 175 Packing Orders Cost Per Pool: $9,000 Setups, $60,000
Questions on Tax Accounting: differences and benefits between financial and tax accounting treatments.
1) Do you agree with the fact that financial accounting differs from income tax accounting? What are the benefits of having different treatments for financial accounting and income tax accounting? What might the benefits be to having tax and financial accounting rules and regulations mirror one another? 2) Do you agree with t
Can you please help with these true and false review questions? 1. If the variable expense per unit increases and all other factors remain constant, the contribution margin ratio will increase. TRUE / FALSE 2 An increase in total fixed expenses will not affect the break-even point so long as the contribution margin ra
In the financial year 2002-03, Acme Carwash recorded the following transactions. The proprietor invested $20,000 in the business. The proprietor withdrew $5,000 from the business. The proprietor bought machinery worth $6,000. Cash sales amounted to $8,000. Credit sales amounted to $6,000. Land was purchased and pai
Please show the work in Excel, Thank you. Destin Company produces water control valves, made of brass, which they sell primarily to builders for use in commercial real estate construction.
Mark, recognizing that he needs a team of astute financial experts knowledgeable in performing in-depth financial analyses, has asked you to head up this highly skilled team. Your background demonstrates extensive experience as a financial analyst in the manufacturing sector. You are knowledgeable about reengineering and process
Part 2: Davis Company. Davis Company manufactures wood file cabinets. The following information is available for June 2008: Beginning Ending Raw Material Inventory $ 6,000 $ 7,500 Work in Process Inventory 17,300 11,700 Finished Goods Inventory 21,000 16,300 a. Direct labor is
Please answer all 4 questions and show the work on excel. Thank you much for your help. Budgeted Amount Actual Amount Actual Cost Direct materials $4,200,000 $4,500,000 Direct labor hrs 100,000 125,000 $1,750,000 Machine setups 75,000 7
Help to prepare, in general journal form, the entries required for each of the following selected transactions of Coastal University, a state-funded public institution. Some of these transactions are related and some are not. Indicate in which fund each entry is being made. 1) A generous alumnus donated $200,000 that c
State the decisions areas covered by financial manager, the functions of controller and treasurer, and the relationship between accounting and financial management.
1. For which decision areas is the financial manager responsible? 2. What are the functions of the controller and the treasurer? 3. What is the relationship between accounting and financial management?
1) A used machine with a purchase price of $77,000, requiring an overhaul costing $8,000, installation costs of $5,000, and special acquisition fees of $2,000, would have a cost basis of _______. $92,000 $91,000 $87,000 $86,000 2) Bonds Payable has a balance of $900,000 and Premium on
Process costs Pitt Chemical Co. manufactures & sells Goody, a product that sells for $10 per pound. The mfg process also yields 1 pound of a waste product, called Baddy, in the production of every 10 pounds of Goody. Disposal of the waste product costs $1 per pound. During March, the company manufactured 200,000 pounds of Goo
1. Cost of goods manufactured during a period is obtained by taking the total manufacturing costs incurred during the period, adding, and subtracting the following inventories: Adding Subtracting a. Beginning finished goods inventory Ending finished goods inventory b. Beginning work in process inventory Ending fi
Prepare answers to the following attached practice problems. Financial Accounting: Tools for Business Decision Making: Chapter 2, Exercise 2-1 (page 80); 1. E2-1 The following are the major balance sheet classifications. Current assets (CA) Current liabilities
See attached file for full problems 1 of 25 Brennan's Company experienced an accounting event that was recorded in the company's general journal as indicated below: Which of the following choices accurately reflects how this event would affect Brennan's financial statements. 2 of 25 Before writing-off the uncollec
Hunt, Inc., uses a standard cost system when accounting for its sole product. Planned production is 60,000 process hours per month, which gives rise to the following per-unit standards: Variable overhead: 13 hours at $15 per hour Fixed overhead: 13 hours at $7 per hour During September, 5,100 units were produced and the comp
Hi, A friend of mine is looking to launch a small magazine business and is wondering what kind of account she will need to handle bookkeeping services? What are the basic rules she will need to know for bookkeeping records like software, etc? Also, would single entry or double entry be best?
1. Explain how a budgeted indirect-cost rate is determined. 2. What is the difference between an actual cost system and a normal cost system? I really appreciate your help, thank you.
Scenario: Murillo Medical Institute operates a 100-bed hospital and offers a number of specialized medical services. Murillo's hospital facility and equipment are leased on a long-term basis. The hospital charges $100 per patient day. On the basis of past cost data Murillo has estimated its variable costs as $45.70 per patient d
The following standard costs pertain to a component part manufactured by Bor Company: Direct materials $ 2 Direct labor 14 Manufacturing overhead 50 Standard cost per unit $66 An outside supplier has offered to supply all of the parts needed by Bor Company for $50 each. The 50% of the manufacturing ove
See attached document Listed below are several information characteristics, accounting principles, constraints, and assumptions. Match the letter of each with the appropriate phrase that states its application. (Items a through L may be used more than once or not at all.) a. Economic entity assumption
On July 1 of the current year, the R & R Partnership was formed to operate a bed and breakfast inn. The parnership paid $300 in legal fees for drafting the parnership agreement and $5000 for accounting fees related to organizing the entity. It also paid $10,000 in syndication costs to locate and secure investments from limited
Please find attachment for the Problem Selected Financial data for Black & Decker and Snap-On Tools for 2004 are presented here (in millions)
Pls provide solutions to problem questions. thanks E14.4 Osage inc., has actual sales for June and July and forecast sales for august, September, October and November as follows: Actual June 4,150 units July 4,350 units Forecasted August 4,200 units Septem
Maya Company uses activity-based costing. The company has two products: A and B. The annual production and sales of Product A is 10,000 units and of Product B is 4,000 units. There are three activity cost pools, with estimated total cost and expected activity as follows: Estimated Expected
Please see attached. Questions 1 and 2 are based on the following information: Poin Company recently incurred the following costs: (1) Purchase price of land and dilapidated building $280,000 (2) Real estate broker's commission 14,000 (3) Net demolition costs of dilapidated building 42,000 (4) Excavation costs for new
Please help explain the meaning of the four assumptions underlying financial accounting structure? Include some examples to stress the importance of the basic assumptions. Provide 3 or 4 sentences to explain each of the assumptions.
Please address the following question: Explain the characteristics and purposes of cost accounting?
Please see attached file: PROBLEM 1 Analyze job cost sheet and prepare entry for completed job. A job cost sheet of Battle Company is given below. a. Answer the following questions. 1. What are the source documents for direct materials, direct labor, and manufacturing overhead costs assigned to this job? 2. What is