Explore BrainMass

Explore BrainMass

    Financial Accounting & Bookkeeping

    BrainMass Solutions Available for Instant Download

    This post addresses successful cost and full cost accounting

    During 2013 oil company engaged in 86 different exploratory projects only 20 successful costs was 24 million 5.6 million was associated withe success end of 2013 production not started. Using success method how much would be shown on income statement 2013? How much will be capitalized and shown as an asset on balance sheet? Sam

    Allocation of Cost in Auto Industry

    On December 31, 1990, you find that the company had incurred costs of $2,700,000 on this contract, that 160 cars had been delivered to the purchaser, that 25 were in the process of construction, and 25 were yet to be built. The 25 cars in process were estimated by management to be about 80 percent complete. At what value shou

    Accounting II

    1. Define variable cost, fixed cost, and mixed cost. 2. What is a scatter diagram? How is a scatter diagram used to estimate cost behavior?

    Accounting Vs. Financial Break-Even Points

    Please help answer the following question. A finance manager considers the accounting break-even point more important than the financial break-even point. Do you agree with the manager? Give reasons.

    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,

    Examples of Key Take Aways Applicable to Life

    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.

    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

    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:

    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

    Units of Production

    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