Share
Explore BrainMass

Financial Accounting & Bookkeeping

Cost Accounting Explained in this Solution

Solve the following problems. Show all your calculations. You may use the space provided. (If you prefer to use Excel or add supplemental pages within this document, please clearly identify the problem number.) 11. Messinger Manufacturing Company had the following account balances for the quarter ending March 31, unless ot

Financial Accounting

E7-6 Presented below, in alphabetical order, is information related to Wilkinson Corporation for the year 2008. Cost of goods sold $1,499,900 Dividends on common stock 140,000 Gain on the sale of equipment 80,000 Income tax expense 150,000 Interest expense 90,000 Interest revenue 300,000 Net sales 2,156,900 Selling and

Cost Accounting Question

I need help getting those two questions answered at least 250 words each. Thanks 1- For what is cost-volume-profit (CVP) analysis used? What are some of the key underlying assumptions that make CVP analysis useful for decision makers? Why might decision makers use CVP analysis? 2- What are the differences between variabl

Cost Accounting Problem (Cost Drivers)

I need help getting 250 words for the following... What are cost drivers? How do cost drivers relate to cost pools? What are some cost pools? Name two or three different cost drivers for each of these cost pools.

Discussion questions regarding - Costing accounting

I need help in answering these questions. I need a word count of 200 for each questions. DQ 2 What are cost drivers? How do cost drivers relate to cost pools? What are some cost pools? Name two or three different cost drivers for each of these cost pools. DQ 1 What activity-based costing? What are some of the key ele

Yellow Knife Manufacturing Company Accounting

Could you pleae help me with this problem. E2-9 At May 31, 2005, the accounts of Yellow Knife Manufacturing Company show the following. 1. May 1 inventories?finished goods $12,600, work in process $14,700, and raw materials $8,200. 2. May 31 inventories?finished goods $11,500, work in process $17,900, and raw materials $7,

Cost Accounting

What are the differences between a direct cost and an indirect cost? Which is the more difficult cost to track? Why? How do indirect costs affect the cost of a product? Should indirect costs be included in product cost? Why or why not?

What are the key differences between financial and managerial accounting?

What are the key differences between financial and managerial accounting? How do these differences impact the type of information that must be gathered and reported? What are the different types of decisions that users of financial accounting information must make? What are the different types decisions that users of manageri

Key Differences Between Financial and Managerial Accounting

What are the key differences between financial and managerial accounting? How do these differences impact the type of information that must be gathered and reported? What are the different types of decisions that users of financial accounting information must make? What are the different types decisions that users of manager

Cost Accounting

The Alex Miller Corporation operates one central plant that has two divisions, the Flashlight Division and the Lamp Division. The following data apply to the coming budget year: Budgeted costs of the operating the plant for 10,000 to 20,000 hours: Fixed operating costs per year $240,000 Variable oper

20 multiple choice: Cost Behavior: Analysis and Use

Question 1 5 points Save Fixed costs expressed on a PER UNIT BASIS vary inversely with changes in activity. True False Question 2 5 points Save Committed fixed costs cannot be reduced to zero without seriously impairing the company's long term goals. True False Question

Create a Worksheet in an Excel Spreadsheet for Payroll and Commission

You have decided to apply your experience and expertise to your professional work as a supervisor for a retail company. Due to the fact that you supervise six people in your location, you are responsible for their payroll and commissions each week. This task would normally take a couple of hours considering that you do all your

Allocation of utility costs

Yesteryear Gift Shop produces pottery figurines. Utility costs are allocated to products based on the amount of time spent on the pottery wheel. Utility costs of $3,000 per month are budgeted and the store anticipates spending 7,500 minutes on the pottery wheel each month. If a vase uses 18 minutes on the pottery wheel how much

Cost allocation (computer department costs): Lyres, Cheeterz, and Phools

Lyres, Cheeterz, and Phools, attorneys-at-law, specialize in three areas: criminal, civil, and family law. When specifications for a new computer system were established, the criminal law division needed 60% of the capacity, civil law 25%, and family law 15%. The partners agreed that the fixed costs of the computer department wo

Cost allocation (maintenance): Chow Company

Maintenance costs at Chow Company are allocated to the production departments based on area occupied. Maintenance costs of $300,000 are budgeted to maintain a 60,000 square foot production area. If the finishing department occupies 25,000 square feet, how much of the maintenance department costs will be allocated to the finishin

Accounting: Cost Allocation

The production departments at Chan Corporation occupy a total area of 600,000 square feet. Heating costs total $900,000 and are allocated based on the area that each department occupies. The finishing department occupies 30,000 square feet and the packaging department occupies 20,000 square feet. What amount of heating cost will

Non-Taxable Exchanges

Question 11. Moss exchanges a warehouse for a building he will use as an office building. The adjusted basis of the warehouse is $600,000 and the fair market value of the office building is $350,000. In addition, Moss receives cash of $150,000. What is the recognized gain or loss and the basis of the office building? Question

Non-Taxable Exchanges

Question 1. A building located in Virginia (used in business) exchanged for a building located in France (used in business) cannot qualify for like-kind exchange treatment. a) True b) False Question 2. If a loss occurs on an involuntary conversion, the holding period of the replacement property does not include the hold

Questions with Cost Budgeting

Assignment #2 Emma Harrison is the Director of Student Advising for Kingston State University. She has 20 Student Advisors working for her who handle approximately 4,000 student complaints and problems per month. Each Student Advisor earns a monthly salary of $2,000, including benefits. The number of student issues varies eac

Managerial versus Financial Accounting

Prepare a paper in which you differentiate between managerial and financial accounting. Be sure to address the following questions: 1. What type of information does managerial accounting provide? 2. What type of information does financial accounting provide? 3. Who are the users of managerial and financial accounting, and w

Manufacturing Standard Cost Sheets

Assignment (submit Excel file plus 12-15 slides presentation w/ speaker notes) ** Open attachment for data ** One of your clients, Moore Manufacturing has asked you to assist them in evaluating their performance against their budgets. The management of Moore Manufacturing has provided the following standard cost sheet for

Tahoma Corporation

Problem # 1 The following calendar year information about the Tahoma Corporation is available on December 31: The company applies overhead on the basis of 125% of direct labor costs. Calculate the amount of over- or underapplied overhead. Problem # 2 A company uses a process cost accounting syste

Accounting

Managerial and Financial Accounting Paper a. Who are the users of managerial and financial accounting. 200 words only Properly cite your references. If you used an electronic source, include the URL. If you used a printed source please attach a copy of the data to your paper . Please do not use previous answwer.

Differentiate between managerial and financial accounting

Just need help with part B Prepare a 700-1,050-word paper in which you differentiate between managerial and financial accounting. Be sure to address the following questions: a. What type of information does managerial accounting provide? b. What type of information does financial accounting provide? c. Who

Accounting 300

What are the differences between financial and managerial accounting? Why does financial accounting have to comply with GAAP but managerial doesn't? What types of decisions can be made using financial accounting information? What types of decisions can be made using managerial accounting?

Slanted Building Supplies Choice of Accounting Method - Equity or cost

Slanted Building Supplies purchased 32 percent of the voting shares of Flat Flooring Company in March 20X3. On December 31, 20X3, the officers of Slanted Building Supplies indicated they needed advice on whether to use the equity method or cost method in reporting their ownership in Flat Flooring. Required a. What factor