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Financial Accounting & Bookkeeping

Snow Corporation Comparison of Fair Value & Equity Methods

Comparison of Fair Value and Equity Methods On January 1, 2012, Snow Corporation purchased 20% of the 200,000 outstanding shares of common stock of Garvey Company for $4.00 per share as a long-term investment. The purchase price of the shares was equal to their book value. The following information is available abou

Compute Income Tax Payable using the Tax Formula

Janice Morgan, age 32, is single and has no dependents. She is a freelance writer. In January 2012, Janice opened her own office located at 22751 Waldham Road, Pleasant Hill, NM 88135. She called her business Writers Anonymous. Janice is a cash basis taxpayer. She lives at 132 Stone Avenue, Pleasant Hill, NM 88135. Her Soc

Dividend Allocation

Financial Statement Analysis Required: Using the indicated letters, identify the specific effects (including account names and dollar amounts) of the following transactions or conditions on the various financial statement components: I = Increase D = Decrease NE = No effect Transaction Assets Liabilities Equity

P2-8 Corporate Tax Liability Wendt Corp, P3-6 Du Pont Analysis Gardial & Sons

Compute the federal tax liability (Wendt Corp) and DuPont Analysis (Gardial & Sons) PART A: 1. What is Wendt Corporation federal income tax liability if they had $10,500,000 in taxable income? 2. If Wendt Corp receives an additional $1,000,000 in taxable interest income, how does the tax liability change? 3. Instead of

Well-Stated and Clear Career Goals in the Accounting Field

Q1: Write a well-stated and clear career goal that you have for the next 12-18 months in the accounting field. (A well stated goal is specific, measurable, achievable, and has a deadline) Q2: How will you know if you have achieved this goal or not? Q3: What are 2 different strategies you could follow to achieve this goal?

Lean Accounting: Reasons to Adopt Lean vs. GAAP

Accounting for Lean is not embraced by GAAP for external reporting. What would the advantages and disadvantages of accounting for lean to be recognized by GAAP What would the advantages of having separate internal and external financial reporting for Accounting for Lean and GAAP.

Taxation Questions - Minimum NOL Tax

John and Sally are married and file a joint return for 2012. They have an NOL of $5,000. They carry the NOL back to 2010, a year in which John and Sally filed separate returns. Figured separately, Sally's 2012 deductions were more than her income and John's income was more than his deductions. 1. Which one of the following s

Compensating budget

Your hospital has billed charges of $4,000,000 in February. If your collection experience indicates that 20 percent is paid in the month billed, 40 percent in the second month, 20 percent in the third month, and 5 percent in the fourth month, determine the following values: a.) Net patient revenue for February b.) Collections

Accounting for Governmental and Nonprofit Entities

I need an operations guide on the following budget: Mesa County, Colorado - this one has lots of information broken into separate pdf files. The first pdf file shows the 2013-2013 adopted budget, with several other pdf files with additional information. http://www.mesacounty.us/finance/2012-2013Budget.aspx Answer the follo

P5-2 Balance Sheet for Montoya Inc

P5-2 (Balance Sheet Presentation) Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2014. Goodwill $125,000 Accumulated Depreciation - Equipment $292,000 Payroll Taxes Payable 177,591 Inventory 239,800 Bonds Payable 300,000 Rent Payable - Short

Types of Accounting Services

What are the three types of accountants and what services do they provide? What type of client would each accountant oversee?

Accounting: Contribution and Product Margins

47. Add or drop decision. The Ancome County Health Department is considering using 300 square feet of excess office space to provide a clinic for Healthchek visits. These visits are reimbursed at $67.30 under a Medicaid program. Variable costs per visits are $53.30, and providing the service requires an additional physician assi

Accounting: Monthly Interest Rates

Love Canal General Hospital wants to purchase a new blood analyzing device today. Its local bank is willing to lend it the money to buy the analyzer at a 3 percent monthly rate. The loan payments will start at the end of the month and will be $1,600 per month for the next eighteen months. What is the purchases price of the devic

Accounting: Trade Credit Discounts

Can someone please help me with these problems? Approximate Interest Rate = Discount % / (1-Discount %) x (365/Net period) Trade credit discount. Compute the annual approximate interest cost of not taking a discount using the following scenarios. What conclusion can be drawn from the calculations? a. 1/10 net 20 b. 1/10 ne

Accounting Investment Projections

1. K Inc is looking at setting up a new manufacturing plant in Chicago. The company bought land 6 years ago for $7million in anticipation of using it as a warehouse and distribution site, but the company has decided to rent facilities elsewhere. The land would net $9.8 million if It were sold today. The company now wants to b

Cost Accounting: Budgeting, Financial and Managerial Accounting Differences

You are thinking of starting your own business. You have some very innovative ideas about a new kind of manufactured product, but you are not sure if your business and financial savvy is adequate to launch your business alone. You know that successful start-ups require not only great innovative ideas but also a keen business sen

Financial Accounting Students

Seventy-five junior-level accounting majors that were enrolled in an Intermediate Financial Accounting class participated in this experiment. Students took a pretest on a topic not covered in class and then each was given a homework problem to solve on the same topic. A completely randomized design was employed, with students as

Materials Cost Accounting

Looking for a bit of help with these calculations in an Excel spreadsheet. The Malbim Company uses a process costing system. Materials are added at the beginning of the process. On July 1 there are 400 units in the beginning inventory that are 100% complete as to materials. With regard to labor and overhead, however, the unit

Fund Accounting in Nonprofit Financial Accounting

Being that you are an inquisitive person and wish to add to your knowledge base, you ask your new accountant to teach you about fund accounting that is used in nonprofit financial accounting. Specifically, you asked her the following: Explain how fund accounting principles for nonprofit organizations affect routine revenue ty

Equity and Cost Methods in Accounting

Complete the following exercise. Create an Excel spreadsheet provided via the link below to provide your answers to parts a and b. Then paste the Excel data into a Word document on which you can also write the answer to part c. Label each exercise or problem clearly. 2011 Jan 1 Investor Corporation purchased 8,000 share

Accounting: Cost Management Budgeting Analysis

A consulting firm produces a service that requires the use of labor and materials. Each unit of service requires a standard labor time of 30 minutes (0.5 hours). The average pay rate for a labor hour is £20. The consulting firm considers all materials that are required for the service as variable overheads (OH), the cost of wh

Cost accounting vs financial accounting

The General Manager of a company has decided to employ a cost accountant. He has asked you, the financial controller, to write a memorandum to the members of the Board of Directors outlining why cost accounting is necessary, and how it differs from financial accounting.

How is managerial accounting different from financial accounting

- How is managerial accounting different from financial accounting? - Comment on the different needs and use of financial information for internal purposes. - The managerial accounting profession and its role in today's business environment. How has it changed over time? - Comment on the Certified Management Accounta

Financial Reporting: Accounting Intern

You have an accounting intern on staff and have been asked to explain to her the following: 2-3 methods by which the governing bodies communicate the standards, requirements, and guidelines for the accounting profession At least 1 method must include some form of computer technology. At least 2 ways in which accounting soft

Effects of Altering Cost Behavior in Cost Accounting

Given the attached list of fixed, variable, and semi variable costs, please help me explore the possibility of altering the cost behavior of two cost components. I need to come up with a way to change a variable cost to a fixed cost, or a fixed to variable, semi to fixed. I need two examples. Please help me understand the pro

Conservatism and Matching Principles in Financial Accounting

Case 5-7: Matching Concept The accounting profession has employed the matching concept to determine what to report in the income statement and to determine how to measure items reported in the income statement and to determine how to measure items reported in the income statement. This concept implies that expenses should b

Cost Accounting System: Financial Management

Write 1,500- to 2000-words identifying the specific cost accounting system your organization utilizes (must be healthcare organization) and how it uses the accounting information for financial management. You must include the following: Descriptions of the cost accounting system used in your organization Pros and con

Cost Accounting - Variance and Budgets

Hello, Can you help with the below: In not less than 200 words and not exceeding 250 words for each question, submit logical answers to the following questions: 1. Discuss the relationship between variance analysis and management by exception. 2. What are the possible causes of material price variance and material effi