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Financial Accounting & Bookkeeping

Cost Accounting methods

By applying a variety of cost accounting methods to the operating data of a given year, the controller of Barca, Inc. prepares the following alternative income statements: A B C D Sales $ 1,000,000 $ 1,000,000 $ 1,000,000 $ 1,000,000 (less) Cost of Goods Sold $ 375,000 $ 250,000 $ 420,000 $

Accounting - Recording transactions

CP2-1 Determining Financial Statement Effects of Various Transactions Lester's Home Healthcare Services (LHHS) was organized on January 1, 2005, by four friends. Each organizer invested $10,000 in the company and, in turn, was issued 8,000 shares of stock. To date, they are the only stockholders. During the first month (Janua

EEC's journal activity

As EEC's corporate business financial analyst, you will need to have a clear understanding of the different types of costs (variable, fixed, and mixed) that the company carries. Review EEC's journal activity. Define and identify its variable, fixed, and mixed costs. Next, determine what affect a sales volume increase or decr

Cost Accounting: Granger Company

Granger Company, a large printing company, is in its fourth year of a five year quality improvement program. The program began in 2006 with a internal study that revealed the quality costs being incurred. In that year, a five year plan was developed to lower quality costs to 10 percent of sales by the end of 2010. Sales and q

Financial Accounting

You have recently hired a new assistant, Susan Thompson, who previously worked in a financial accounting office preparing journal entries and financial statements. While your new assistant has experience with and fully understands financial accounting, she has no experience with managerial accounting. In a memo to your n

Financial Accounting Standards: Investment Portfolios

The Financial Accounting Standards Board issued its Statement No. 115 to clarify accounting methods and procedures with respect to certain debt and all equity securities. An important part of the statement concerns the distinction between held-to-maturity, available-for-sale, and trading securities. a. Why does a company main

Price Per Share, Liquidity, Bonds, Accounting Reporting Process, Interest Expense

Use the following information to answer questions 1 and 2: You are analyzing a large, stable company. For the year ending 12/31/02, the company reported earnings of $58,900, and book value at the end of 2002 was $371,700. You expect earnings to grow at 5 percent a year in perpetuity, and the dividend payout ratio of 70 percent t

Accounting:

Hello I am having a lot of trouble with two problems I spent a lot of time on them but can not figure them out...I need help asap . Thanks Dynamic Products, Inc. manufactures a wide variety of products in it's planet in Macon, Georgia. Management has identified the following manufacturing and adminstrative activites. 1. Sp

Financial Accounting: Share Issues of Shiraz Ltd.

Shiraz Ltd owns all the issued shares of Merlot Ltd. At 31 December 2008 the carrying amount of the assets of Merlot are as follows, including the amount of goodwill purchased on acquisition. Land $400 000 Plant $600 000 Accumulated depreciation (Plant) ($150 000) Accounts Receivable $100 000 Motor Vehicles 475 000 Accumu

Stellenbosch Laboratories: Financial Accounting and Memos

1. Stellenbosch Laboratories Ltd manufactures and distributes a wide range of general pharmaceutical products. Selected audited data for the financial year ended 31 December 2010 is as follows: Gross profit $17 600 000 Profit before income tax 1 700 000 Income tax expense 500 000 Profit for the period 1 200 000 Total assets

Accounting

Because you have new members on your investigative team who have little experience with financial statement analysis, you have decided to offer a mandatory training session for your team. Develop a handout for the training session that explains each of the basic financial statements and describes how the information contained in

Accounting and financial transactions: Study Guide

The sample questions below were given to us to complete and then we can use it as a guide for our final exam. Please help me with this so I know this is all correct information... Thanks! ---------------- 1. Accountants have developed two principles to use as guidelines in determining the amount of revenues and expenses

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: 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

Dillon company: Ratio analysis

Please complete these studies questions, based on problem P15-6 on attached Microsoft Power Point. Compute the following ratios for 2009: (e) Profit margin. (f) Asset turnover (g) Return on assets. (h) Return on common stockholders' equity.

Financial Accounting

See the attached file. PART I ? MULTIPLE CHOICE (42 points) Instructions: Designate the best answer for each of the following questions. ____ 1. Which of the following is a separate legal entity? a. Proprietorship b. Sole proprietorship c. Corporation d. Partnership ____ 2. Indicate which of the follo

Terry Rental Company

Please see the attached document for the chart pertaining to this question. The work sheet for the Terry Rental Company appears in the attachment. Using the adjustment data, complete the work sheet. Add any accounts that are necessary. You may use the work sheet itself or do this in Excel. Adjustment data: a. Prepaid r

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

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

Managerial Accounting

Write a memo to your superior analyzing the performance of SAC for 2005 and 2006. This analysis should be based on the information found in the consolidated financial statements. Your memo should include the following financial ratios and a comparison of the ratios over the two-year period: current ratio debt-to-equit