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Financial Accounting & Bookkeeping

Multiple Inquires

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

Determine Machine Hour Cost and Overhead Cost: Three Cost Pools

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

Variable cost / absorption cost/ break even (true - false review questions)

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

Evaluate effect of each transaction on accounting equation

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

Financial Accounting for Farley Uncollectible Accounts

This is the Final Examination for ACC 363. It consists of 10 Parts and they add to 150 points toward your final grade. The point value is after the heading for each section. Please post your Final exam ONLY in your personal forum by the last day of class, March 9th to receive credit for the exam. No credit will be possible a

Cost accounting for Destin Company

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.

Differentiate between general, cost, managerial, and financial accounting.

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

Cost accounting #33

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

Accounting/Business Analysis/Financial Reports are examined.

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

Cost Accounting problems for Pitt Chemical Co, Port Company, Hill Co.

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

Cost Accounting Questions and 3 Cost Analysis Problems

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

Financial Accounting

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

Financial Accounting: 25 Problems

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. Accounting for Sole Product and Planned Production

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

Bookkeeping for a small magazine business

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?

Cost Accounting: Breakeven Analysis for a Hospital

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

13-4 Bor Co: relevant unit cost to make the part internally

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

Financial Accounting Matching

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

Taxation: R & R Partnership, classify expenses, deduction in first year

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


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

Accounting: Western Company material cost, manufacturing overhead

1) Western Company purchased direct materials on account. The materials cost will be recognized as an expense when: a. The materials are purchased. b. The goods made with the material are sold. c. The cash is paid to settle the associated accounts payable. d. The manufacturing process is complete. 2


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

Accounting: Indirect Cost Material

JUS Company manufactures wooden rocking chairs. JUS identified the following three material costs in its production process for July: $100,000 for springs for the rocking mechanism; two springs at a cost of $10 each are used in each chair; $1,700 for glue used as needed from one gallon containers; $500 for stain used to t