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# Financial Accounting & Bookkeeping

### Brand New, Family-Owned, and Long-Standing Company

Write a 200- to 300-word explanation of the reasons the following types of companies would need a financial forecast: brand new company, family-owned company, and a long-standing corporation.

### 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

### Classify costs as variable or fixed cost with respect to the number produced and sold

See attached file. Classify each cost as either variable or fixed with respect to the number of units produced and sold. Also indicate whether each would typically be treated as a direct cost or an indirect cost with respect to units of product

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?

### Accounting Questions: Cost vs value for assets and depreciation; unearned or deferred revenue

1. Why is it better to refer to the costs, rather than values, of assets such as plant or inventories? 2. Depreciation is cost allocation, not valuation? Is this correct? Why or why not? 3. What types of companies would you expect to have unearned revenues (or deferred revenues) on their balance sheets?

### Cost Versus Replacement Value: present arguments to support data based on cost

The chairman of the board of directors of the company for which you are the chief accountant has told you that he has little use for accounting figures based on cost. He believes that replacement values are of far more significance to the board of directors than out-of-date costs. Present several arguments to convince the ch

### Fixed cost or a variable cost

Complete the following chart by placing an "X" under the applicable column headings. Classify each cost as a fixed cost or a variable cost and as either a direct or indirect product cost or a period cost. Item Cost Behavior Product Costs Period Cost Fixed Variable Direct Indirect Glue used in furniture Cost of work

### Intermediate Financial Accounting

ONLY HIGHLIGHTED AREAS OF THE ATTACHMENT 13. The following information was extracted from the accounts of Colaw Corporation at December 31, 2007: CR(DR) Total reported income since incorporation \$750,000 Total cash dividends paid (400,000) Cumulative effect of changes in accounting principle (60,000)

### Principles of accounting

Use the information below for the year ended December 31, 20xx, to prepare the statement of cost of goods manufactured. Inventories Beginning Ending Materials inventory \$41,000 \$ 51,000 Work in process inventory 62,000 78,000 Direct materials purchased 258,000 Total direct labor costs 372,000 Total indirect labor costs

### Define characteristics as to financial accounting, management accounting, or neither

See attached file for clarity. Management accounting differs from financial accounting in many ways. Indicate with an "X" in the appropriate column whether each of the following characteristics relates to financial accounting, management accounting, or neither. Financial Accounting Management Accounting Neither Primary U

Byp3-5 In reviewing the accounts of Keri Ann Co. at the end of the year, you discover that adjusting entries have not been made. Instructions Write a memo to Keri Ann Nickels, the owner of Keri Ann Co., that explains the following: the nature and purpose of adjusting entries, why adjusting entries are needed, and the typ

### Financial Accounting Homework

1. RNO Company's market for the Model 55 has changed significantly, and RNO has had to drop the price per unit from \$265 to \$125. There are some units in the work in process inventory that have costs of \$150 per unit associated with them. RNO could sell these units in their current state for \$100 each. It will cost RNO \$10 pe

### Financial Management Practice Test of 50 multiple choice questions

1 A company has \$27 per unit in variable costs and \$1,000,000 per year in fixed costs. Demand is estimated to be 100,000 units annually. What is the price if a markup of 40% on total cost is used to determine the price? A) \$51.80 B) \$37 C) \$27 D) \$37.80 2 True or False: Firms that have high levels of fixed costs have lo

### Comparison of straight line and accelerated methods

Problem 7-2 a Protecting Cash Osage Farm Supply had poor internal control over its cash transactions. Facts about the company's cash position at November 30 are described below. The accounting records showed a cash balance of \$ 35,400, which included a deposit in transit of \$ 1,245. The balance indicated in the bank statement

### Whitehouse Company Mixed costs, high-low method for electricity cost

How do I do this? Whitehouse Company manufactures major appliances. Because of growing interest in its products, it has just had its most successful year. In preparing the budget for next year, its controller compiled these data: Month Volume in machine hours Electricity cost July 6,000 \$ 60,000 August

### Cost Accounting Level 200: 33 practice exam multi choice questions

1. The budgeted amount of selling and administrative expense for a period can be found here a. sales budget. b. cash budget. c. pro forma income statement. d. pro forma balance sheet. 2. In multiple-product firms, the product that has the highest contribution margin per unit will a. generate more profit for

### Lancer Audio: Compute fixed, variable costs and profit of DVD player sales

4-2. Account analysis: Lancer Audio produces a high-end DVD player that sells for \$1250. Total for July operating expenses were as follows: Units produced and sold 140 Component cost 67000 Supplies

### Dooley Manufacturing, Han Furniture, Jacobson Electronics

See attached file for clarity. Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows. Instructions (a) Indicate the missing amount for each letter. (b) Prepare a condensed cost of goods manufactured schedule for Case 1. (c) Prepare an income statement and the current assets se

### This solution is comprised of detailed explanations and definitions of several financial terms. Find the definitions of the most common and complex financial terms and definitions.

Define the following terms and identify their role in finance: a. Finance b. Efficient Market c. Primary Market d. Secondary Market e. Risk f. Security g. Stock h. Bond i. Capital j. Debt k. Agency Problem l. Risk - Return Trade Off m. Return on Inv

### Cost accounting system used by Home Depot

Please explain what cost accounting system Home Depot uses. What are the benefits/challenges of the cost accounting system and why would you recommend it.

### Barletta corporation: cost accounting

Barletta Corporation has one service department and three producing departments. The budget for the following year allocates the service department costs to the producing departments based on the number of employees in each department. Currently, the budget for the service department is \$2,400,000 and the number of employees in

### COST ACCOUNTING

Charlottetown Powder Company produces powder in batches. Each powder can be sold in its current condition or processed further and specialized for high priced department stores. Data concerning the various products appear below. Joint processing costs are \$200,000. Required: (a) Determine which products should be sold

### COST ACCOUNTING REPORT

Crazy Cool Colas prepares specialty-flavored sodas for large grocery chains and bakeries. The company employs a process-costing system. Most of the basic ingredients, labeled Material Group A, are added at the beginning of the mixing process. However, to give the sodas the special "sizzle" they are named for, the company adds a

### Monrovia: cost accounting

Monrovia Corporation manufactures two models of its product named "Model One" and "Model Two." In the past, Monrovia had been using a traditional overhead allocation system based solely on machine hours. Total overhead costs were estimated as follows: ..............................................Estimated Activity.....

### Cost accounting

Factory overhead is applied at a rate of \$50 per machine hour. The beginning and ending balances of work in process and finished goods are zero. All goods manufactured are sold. Other information includes the following: Cost of goods sold \$ 6,000,000 Direct labor \$ 2,000,000 Direct labor hours used 100,000 hours

### Cost accounting problems for Valdez Company

BE22- 1 Valdez Company uses both standards and budgets. For the year, estimated production of Product X is 500,000 units. Total estimated cost for materials and labor are \$ 1,000,000 and \$ 1,600,000. Compute the estimates for (a) a standard cost and (b) a budgeted cost. BE22- 2 Hideo Company accumulates the following data co

### Define accounting cost and economic cost for a company

Suppose a company incurs the following costs: Labor-\$500, Equipment-\$400, Materials-\$100. It owns the building, so it does not have to pay the usual \$800 in rent. 1. What is the total accounting cost? 2. What is the total economic cost? 3. How would accounting and economic costs change if the company sold the buildin

### The answer to Product cost

Walton Manufacturing Company was started on January 1, 2008, when it acquired \$85,000 cash by issuing common stock. Walton immediately purchased office furniture and manufacturing equipment costing \$10,000 and \$54,000, respectively. The office furniture had a five-year useful life and a zero salvage value. The manufacturing equi