Please reflect upon one of your key take-aways from the learning of the following chapters and describe how you may apply it to your work or life. Chapters:- Accounting for receivables and Plant assets, natural resources and intangible assets.
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
Is there a plan for GAAP to transition to IFRS? If so what is the timeline? What would you consider GAAP a rule based or principle based system? Valuation issues are a concern. Another valuation issue would be do you record assets at their historical costs or their FMV? Hans Hoogervorst, the incoming chair of the International Accounting Standards Board believes that the "IASB's accounting standards are the only way to unleash the full potential of a truly global" market (Financial Executive, 2011). Do you agree or disagree with this opinion? Why or why not? IFRS YES, NO, MAYBE. (cover story). (2011). Financial Executive, 27(8), 39-43
Is there a plan for GAAP to transition to IFRS? If so what is the timeline? What would you consider GAAP a rule based or principle based system? Valuation issues are a concern. Another valuation issue would be do you record assets at their historical costs or their FMV? Hans Hoogervorst, the incoming chair of the Inter
Madelone's cost formula for its supplies cost is $1,120 per month plus $11 per frame. For the month of June, the company planned for activity of 611 frames, but the actual level of activity was 607 frames. The actual supplies cost for the month was $8,150. The spending variance for supplies cost in June would be closest to:
6. Madelone's cost formula for its supplies cost is $1,120 per month plus $11 per frame. For the month of June, the company planned for activity of 611 frames, but the actual level of activity was 607 frames. The actual supplies cost for the month was $8,150. The spending variance for supplies cost in June would be closest to:
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
Relationship between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB)
The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are currently working on a joint venture referred to as the convergence project. Write describing the relationship between the IASB and the FASB. Include the following in your paper: - A brief history of the relationship
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
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
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
E16-1 Doc Gibbs has prepared the following list of statements about process cost accounting. Identify each statement as true or false. 1. Process cost systems are used to apply costs to similar products that are mass-produced in a continuous fashion. 2. A process cost system is used when each finished unit is indi
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
Give at least one example of each of the following: operating accounting information, financial accounting information, and management accounting information. Be sure your examples conform to the "definitions" given in the text. (b) For each example, indicate the user of the accounting information provided. (c) When citing your examples, show how the examples relate to the definition of accountingâ?"that is, show how the example identifies, measures, and communicates economic information to permit informed judgments and decisions by users of the information.
Can you help me with the following assignment? Respond to each of the following. Place your response immediately below the question. Be sure to respond to all parts of each question. 1. From your experience(s) (a) Give at least one example of each of the following: operating accounting information, financial accounting
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
Cost information is used for two universal purposes in most organizations. Identify them and discuss how they are used.
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
21-2A - We Care is an outpatient surgical clinic: Compute the cost per cost driver for each of the three cost centers.
21-2A - We Care is an outpatient surgical clinic that was profitable for many years, but Medicare has cut its reimbursements by as much as 50%. As a result, the clinic wants to better understand its costs. It decides to prepare an activity-based cost analysis, including an estimate of the average cost of both general surgery and
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
Bodin Company manufactures finger splints for kids who get tendonitis from playing video games. The firm had the following inventories at the beginning and end of the month of January. January 1 January 31 Finished goods $125,000 $117,000 Work in process 233,000 251,000 Raw material 133,000 124,000 The fol
Ohio, Inc., which uses a process-cost accounting system, began operations on January 1 of the current year. The company incurs conversion cost evenly throughout manufacturing. If Ohio started work on 8,800 units during the period and these units were 60% of the way through manufacturing, it would be correct to say that the compa
In what ways has technology affected the accounting and financial world? What trends along these lines do you see in the future?
Give an example of a financial calculation or transaction that made a difference in your business or personal life. Did it change the way that you regard accounting numbers, in general?
What are the possible causes of financial crisis- fair value accounting and marking to market? Can you briefly address myths developed by misconceptions of fair value and historical cost accounting?
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
Compare and contrast the uses of financial accounting information by 1) investors and 2) creditors. In your opinion, does one group rely more heavily on the information than the other?
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
Clovis Supply sells two models of saddles to retail outfittersâ?"basic and custom. Basic saddles sell for $930 each and custom saddles sell for $1,620. The variable cost of a basic saddle is $510 and that of a custom saddle is $810. Annual fixed costs at Clovis are $293,850. The break-even point at the current sales mix is 500
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 $
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
An example on how to Prepare an Excel worksheet using the attaching information to perform a comparison between the two years for this company.by 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
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