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Financial Accounting & Bookkeeping

Financial Accounting: Bank reconciliation problems

Petty Cash Fund On January 2, 2010, Cleaver Video Stores decided to set up a petty cash fund. The treasurer established the fund by writing and cashing a $300 check and placing the coin and currency in a locked petty cash drawer. Edward Haskell was designated as the custodian for the fund. During January, the following rec

Calculate Depreciation - Three Methods

ACCT 731 P21 A machine cost $500,000 on April 1, 2008. Its estimated salvage value is $50,000 and its expected life is eight years. Directions: Calculate the depreciation expense (to the nearest dollar) by each of the following methods, showing the figures used on a separa

Financial & Managerial Accounting for MBAs

See the attachment. Question 1 Save The total monthly operating costs of Smoothie Universe are: $2,000 + $0.30X, where X = 12 ounce servings Calculate the average cost per serving at each of the following monthly volumes: 1,500; 2,000; 3,000; and 5,000, and determine the monthly volume at which the averag

Cost-volume-profit analysis problem

One more limitation of cost-volume-profit analysis is that it assumes that fixed costs are unlikely to stay constant as output increases beyond a certain range of activity. Security and lighting for instance may be regarded as fixed costs at some point but as production increases there may be need to light up and guard additiona

Which is true when accounts receivable are factored

Question 10 Which of the following is true when accounts receivable are factored without recourse? Choose one answer. a. The transaction may be accounted for either as a secured borrowing or as a sale, depending upon the substance of the transaction. b. The receivables are used as collateral for a promissory not

Accounting - Financial Reporting

Question 11 When preparing a bank reconciliation for the purpose of arriving at the correct cash balance Choose one answer. a. outstanding checks can be added to the balance per books. b. NSF checks should be deducted from the balance per books. c. deposits in transit are deducted from the balance per bank.

Accounting - Financial Reporting

22 DeFilippo Company agreed to loan Morreale Glass Corporation $400,000. Morreale Glass Corporation gave a zero-interest-bearing note due in 4 years and also promised to provide DeFilippo Company with glass products at a special discount price. (A 12% interest rate is an appropriate rate for both companies.)

Cost Accounting - Overhead variances

Please help me complete the attached problems: 17.30 Electricity use 30 KWH per patient-day Electric rate $0.12 per KWH Fixed monthly electricity charge $1,250 per month a. Flexible budget formula Variable per KWH Fixed per month Electricity cost = b. Columnar flexible budget, patient-days

Worksheet for The Fiorillo Company

Worksheet The Fiorillo Company has the following account balances on December 31, 2010 prior to any adjustments: Debit Credit Cash $1900.00 Accounts receivable 4700.00 Allowance for doubtful accounts

Accounting - Financial reporting

23 December 31 2009 2008 Cash $90,000 $27,000 Accounts Receivable $92,000 $80,000 Allowance for Doubtful Accounts ($4,500) ($3,100) Inventory $155,000 $175,000 Prepaid Expenses $7,500 $6,800 Land $90,000 $60,000 Buildings $287,000 $244,000 Accumulated Depreciation ($32,000) ($13,000) Patents $20,000 $35,000 $70

Accounting - Multi-Step Income Statements

22 Presented below is financial information of the Mickey Corporation for 2008 Beginning Retained Earnings, 1/1/08 $950,000 Gain on the Sale of Investments (normal recurring) $110,000 Sales for the Year $30,000,000 Loss Due to Flood Damage (unusual & infrequent) $125,000* Cost of Goods Sold $21,000,000 Loss on Disposal o

Accounting - Financial Reporting Normal Balances

21 The following accounts appeared on the trial balance of Elbert Company at December 31, 2008. All accounts have normal balances. Notes Payable $64,000 Accounts Receivable $172,800 Accumulated Depreciation - Bldg. $261,000 Prepaid Expenses $18,750 Supplies on Hand $12,600 Customers' Deposits $1,250 Accrued Salaries and

Cost Accounting

Sebastian Company, which manufactures electrical switches, uses a standard cost system and carries all inventories at standard. The standard manufacturing overhead costs per switch are based on direct labor hours and are shown below: â?¢Variable overhead (5 hours @ $12 per direct manufacturing labor hour) $ 60 â?¢Fixed ov

Lebron Waters: Alternative Solutions

Lebron Waters has discovered a problem involving its mix of flavor to seltzer water that costs the company $3,000 in waste and $2,500 in lost business per period. There are two alternative solutions. The first is to lease a new mix regulator at a cost of $4,000 period, which would save $2,000 in waste and $2,000 in lost busine

Direct method of cost allocation; net realizable value method

1. Barclay printers has two service departments (maintenance and personnel) and two operating departments (printing and development). Management has decided to allocate maintenance costs on the basis of labor hours worked by the employees in each. The following is the data: Maintenance Person

Arguments Against Historical Cost Use in Accounting

Which of the following is an argument against using historical cost in accounting? Fair values are more relevant. Historical costs are based on an exchange transaction. Historical costs are reliable. Fair values are subjective.

Cost Accounting: Systems Integrators Inc. Activities

Attached problem. Selected information about several activities for Systems Integrators, Inc. follows: Resources Used Resources Supplied Cost Driver Rate Cost Driver Volume Material $50,000 $ 5 10,000 Energy 8,000 15 420 Setups 3,500 50 60 Purchasing 3,000 40

Production management-salaries and support for managers

Attached problem Match each of the following resources and activities with the most likely activity level. Answers Activity Level, Unit, product, Customer, FacilityBatch 1 Production management-salaries and support for managers 2 Marketing research-salaries and support for marketing research to identify new

Eisner & Associates: Income Statement and Activity Based Costing

Eisner & Associates provides consulting and tax preparations services to its clients. It charges a $200 fee per hour for each service. The firm's revenues and overhead costs for the year are shown in the following statement: Tax Consulting Total Revenue $260,000 $540,000 $800,000 Overhead Costs Secretarial suppo

Cost accounting

Please see the attached Word document for the table. I need help evaluating the following scenarios in which standard cost systems are in use and calculate direct labor and materials variances. Manufacturing Cost Classification A company makes DVD players and incurs a variety of different costs. Place a check in the ap

financial accounting #2

E2-2 Selected transactions for D. Reyes, Inc., an interior decorating firm, in its first month of business, are as follows. Jan. 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 Purchased supplies on account for $500. 11 Billed customers $1,800

Urlacher Company performs the following accounting tasks during the year

E1-1 Urlacher Company performs the following accounting tasks during the year. ______Analyzing and interpreting information. ______Classifying economic events. ______Explaining uses, meaning, and limitations of data. ______Keeping a systematic chronological diary of events. ______Measuring events in dollars and cents. ___

Southwest Airlines Financial ratios

Please, I need help with this calculations and interpretations: Calculate and compare in tabular form the key financial ratios for the three airlines: American Airlines, Southwest and AirTran Airways for 2009. a. Profitability ratios i. Gross profit margin ii. Net profit margin iii. Return on assets iv. Return on stockhold

Financial Accounting Practice Problems

Blank questions and true/false questions attached: 1. Name the six steps in the financial planning process 1) ____________________________ 2) ____________________________ 3) ____________________________ 4) ____________________________ 5) ____________________________ 6) ____________________________ 2. Leilani has cash

Detailed Cost Accounting Calculations

Helmer Sporting Goods Company manufactured 100,000 units in 20X5 and reported the following costs: Sandpaper $ 32,000 Leasing costs- Plant 384,000 Materials handling $ 320,000 Depreciation- equipment 224,000 Coolants & lubricants

Cost accounting for Hareston Company and Weller Company

See attached file for problems requirements. The production department of Hareston Company has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Units to be produced 7,000 8,000 9,000 6,000 In addition, the beginning raw