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Financial Accounting & Bookkeeping

Cost Accounting for Beginning Inventory

Consider the following information: Q1 Q2 Q3 Beginning inventory (units) 0 300 300 Actual units produced 1,000 800 1,250 Budgeted units to be produced 1,000 1,000 1,

Intermediate Accounting

1. On January 1, 2011, an investor paid $306,000 for bonds with a face amount of $360,000. The stated rate of interest is 11% while the current market rate of interest is 13%. Using the effective interest method, how much interest income is recognized by the investor in 2011 (assume annual interest payments and amortization)?

Allocating Joint Cost!

Keiffer Production manufactures three joint products in a single process. The following information is available for August 2010: Product Gallons SalesValueatSlit-OffperGallon CostafterSplit-Off Final Selling Price JP-4539 4,500 $14 $4 $24 JP-4587 18,000 8 5 15 JP-4591 13,500 18 2 22 Allocate the joint cost of $558,

Accounting Questions - Cost Volume Profit

Explain and write out your calculations for each firm. Firm A: Units Sold = 5,600 Revenue = $12.00 Variable Costs per Unit (VC) = ? Contribution Margin Total = $25,200 Fixed Costs (FC) = $20,300 Operating Income (OI)=$ ? CM unit= ? CM unit%= ? VC unit %= ? Firm B: Units Sold = 16,800 Revenue = $? Variable Cost

Financial accounting transactions

I have read the chapter several times and I am not sure on how I am supposed to respond to the questions. Thanks for the help! ************************ Presented below are two independent situations. 1. On January 6, Arneson Co. sells merchandise on account to Cortez Inc. for $9,000, terms 2/10, n/30. On January 16, Corte


1) Discuss why it is necessary for accountants to assume that an economic entity will remain a going concern. If an entity was perceived to be short term, what effect would that have on the accounting system? 2) The accuracy of accounting records is enhanced by the integrity of internal controls. Comment on this statement and

Jo Company: Prime cost of boat, normal cost, actual cost, difference

1. Jo Company builds boats, including the "Ark Royal", a fishing boat which required $100,000 of materials and 450 hours of direct labor at $20 per hour. During the period the boat was built, Jo paid $400,000 to rent the shipyard where the boats, and others, were built and paid or incurred $100,000 in other production cost. At

Cost of Goods Manufactured Schedule; Cost Behavior

Case 1, Assignment 1 Schedule of Cost of Goods Manufactured Dalton Brothers Manufacturing, Inc. began business in July 2011. The firm makes mud boats for retail sale. Following are data taken from the firm's accounting records that pertain to its first month in operation. Direct material purchased on account - $900,0

How to Journalize Basic Accounting Transactions

Show how the transactions in E2-3 are journalized. The selected transactions for D. Reyes, Inc. an interior decorating firm, in its first month of business, are as follows. June 2 Invested $10,000 cash in the business in exchange for common stock. 3 Purchased used car for $4,000 cash for use in business. 9 Pur

Compare the Cost of Buildings; Explain the Discrepancy

The following two companies constructed a building with a total construction cost of $20 million (costs were incurred evenly over the course of a year). Each company chose to finance the construction differently. Company A Company B Weighted average accumulated expenditures 10,000,000 10,000,000 Total construct

Accounting at Biovail

Establishing a worst-case scenario, discuss the known liability that Biovail has incurred for deceiving its investors. Perform a comparative financial analysis of Biovail, Abbot Labs, and Cephalon. Describe what this analysis reveals about Biovail's strategic weaknesses. Recommend what principles of governance can be employe

Multiple Choice Questions

1. A process cost summary is a managerial accounting report that describes: A) The costs charged to a department. B) The equivalent units of production by the department. C) How the costs were assigned to the output. D) Physical transfers for a department. E) All of the above. 2. A company that applies process co

Prepare a list of your Top Five Financial Concepts

This course has introduced a variety of financial accounting topics. Please reflect on what you have learned. Then prepare a list of your Top Five Financial Concepts to post on the Financial Accounting Concepts Discussion Board. You should write at least three sentences to explain each concept. You can state that you

Cost Accounting Multiple Choice Questions

Please see the attachment. 1. Mission Electronics manufactures and sells basic DVD players for sale under various generic store brand names. The cost of one of their models follows: Materials $ 18.00 Labor 12.00 Variable overhead 5.00 Fixed overhead ($2,700,000 per year; 450,000 units per year) 6.00 Total $ 41.00

Cost Accounting Question

Odd Wallow Drinks is considering adding a new line of fruit juices to its merchandise products. This line of juices has the following prices and costs: Selling price per case (24 bottles) of juice $ 60 Variable cost per case (24 bottles) of juice $ 27 Fixed costs per year associated with this product $

Spreadsheet Creation for Sales Management

You must create a workbook with separate sheets for each week that would allow sales managers to compare sales figures and commissions from one week to the next. Each worksheet should calculate the payroll amount for each of your six employees. If sales are below $1,000, then the commission paid is 5% of the sales. If sales are

Create a spreadsheet of some samples that calculates the financial ratios

An example on how to Prepare an Excel worksheet using the attaching information to perform a comparison between the two years for this linking cells and formulas. A comparison to explain what the ratio means and what the difference between the two numbers, this info will work like we are telling the investors about us

Cost Accounting: Five multiple choice practice questions

1. Managerial accounting provides all of the following EXCEPT _____. a) future-oriented information b) pricing information from marketing studies c) internal reports that don't follow GAAP d) financial and nonfinancial reports on departments 2. Manufacturing sector companies: a) purchase raw materials and proces

Opportunity cost, marginal cost, relevant cost

Analysis of cost and its role in the decision-making process by answering the following questions: - Citing examples, differentiate between opportunity cost, marginal cost, and relevant cost. - Assess the relationship of marginal benefit and marginal costs. How is marginal benefit measured, and how does it re

Management of Solman Corporation - Solve for Conversion Cost

Management of Solman Corporation has asked your help as an intern in preparing some key reports for June. The beginning balance in the raw materials inventory account was $21,500. During the month, the company made raw materials purchases amounting to $70,800. At the end of the month, the balance in the raw materials inventory a

Cost Function Estimates for Bookkeeping Franchise Opportunity

Developing Cost Function Estimates for My Bookkeeping Franchise Opportunity Continue work on your project by developing cost function estimates for your selected franchise opportunity. Use the methods: account classification, high-low, and regression analysis methods. How valid are the cost function estimates that you gen

Financial Ratio Calculations

Please calculate the financial ratios for 2010, 2009, and 2008. See attached file for better formatting. Assets Dec 2010 Dec 2009 Dec 2008 Dec 2007 Dec 2006 Current Assets Cash 1,735.00 1,978.00 2,122.00 3,406.00 1,827.00 Net Receivables 15,079.00 15,840.00 9,782.00 10,460.00 9,906.00 Inventories Assets

Cost Accounting - Choosing a Text Plan...

You are on a tight budget and need to decide between the following 3 texting plans: Plan A: Pay $0.10 per text Plan B: Pay a fixed monthly fee of $15 for up to 500 texts per month and $0.08 for each text over the 500. Plan C: Pay a fixed monthly fee of $25 for up to 1,000 texts per month and $0.05 for each text over the

Fundamentals of Cost Accounting (XYZ Case Study)

The XYZ Company uses a standard cost accounting system and estimates production for 2007 to be 60,000 units. At this volume, the company's variable overhead costs are $.50 per direct labor hour. The company's single product has a standard cost of $30.00 per unit. Included in the $30.00 is $13.20 for