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Management Accounting

Explain to your friend why accounting is a much broader role and the type of positions available to accountants. Use the Library and the internet as necessary to explain to her the positions and responsibilities of managerial accountants.

****You have been hired by Claire's Antiques as its new accountant. Since Claire's Antiques is a small company, you will responsible for all of its accounting functions related to financial and managerial accounting. You are explaining your new role to your friend. After explaining what you do, she expressed surprise about y

Various Business Financial Operations

Business Financial Operations *An inventory decision rule states .when the inventory level goes down to 14 gearboxes, 100 gearboxes will be ordered. Which of the following statements is true? a. Fourteen is the reorder point, and 100 is the order quantity. b. The number 100 is a function of demand during lead time.

Cost Variances

I have completed the worksheet but the hints are telling me that the numbers are wrong. I don't understand how to do the favorable/unfavorable part. I was hoping there was a error in the data. See attached file for full problem description.

Income Tax Acct.

Compare and contrast GAAP and income tax accounting. 1. Describe how they are similar and why there are differences. 2. Also, include specific examples of how and when to apply the principles of both types of accounting.

Indirect Cost Analysis

Hello. I need help in understanding and intepreting "Indirect Cost Analysis" type questions. Can someone answer the following questions for me so I can better understand Indirect Costing methodolgy. Please place answers under the appropriate corresponding questions (i.e. a, b, c) with solution methodology. 1. A manufact

Managerial Accounting

Drake Company's income statement for the most recent year appears below: (attached) 15. If the company desires a net operating income of $20,000, the number of units needed to be sold is: A) 28,500 B) 31,000 C) 31,750 D) 26,500 16. The sales manager is convinced that a $60,000 expenditure on advertising will in

Managerial accounting

Cosco, Inc. has accumulated the following data for the cost of maintenance on its machinery for the last four months: Assume that the relevant range includes all of the activity levels mentioned in this problem 4. Assuming Cosco Company uses the high-low method of analysis, if machine hours are budgeted to be 20,000 ho

Managerial Accounting Problem - Figge & Mathews PLC

Figge & Mathews PLC, a consulting firm, uses an activity-based costing in which there are three activity cost pools. The company has provided the following data concerning its costs and its activity based costing system: Costs: Wages and salaries $420,000 Travel expenses 120,000 Other expenses 180,000 Total $720,000

Managerial Accounting Question

Jantho Painting paints the interiors and exteriors of homes and commercial buildings. The company uses an activity-based costing system for its overhead costs. The company has provided the following data concerning its activity-based costing system. Activity Cost Pool Activity Measure Annual Activity Painting overhead Square

Managerial Accounting Question

The following monthly budgeted data are available for a wholesale company: Product L Product Z Product C Sales $400,000 $200,000 $800,000 Variable Expenses 240,000 140,000 640,000 Contribution Margin $160,000 $ 60,000 $160,000 Budgeted net operating income for the month is $130,000. Required: a. Calculate the break-even

Allocation of support

Wyalusing Chemicals uses a joint process to produce MJ-4, a chemical used in the manufacture of paints and varnishes; HD-10, a chemical used in household cleaning products; and FT-5, a by-product that is sold to fertilizer manufacturers. Joint production costs are allocated to the main products on the basis of net realizable val

Management Accounting: Unit Contribution and Contribution Margin

Video Concepts, Inc. (VCI) markets video equipment and film through a variety of retail outlets. Presently, VCI is faced with a decision as to whether it should obtain the distribution rights to an unreleased film titled Touch of Orange. If this film is distributed by VCI directly to large retailers, VCI's investment in the pr

Managerial accounting

5-39 Rapid City Radiology, Inc. manufactures chemicals used in radiological imaging systems. The controller has established the following activity cost pools and cost drivers. Activity cost pools Budgeted overhead cost cost driver budgeted level for cost driver pool rate Machine setups $1,000,000 Number of setups

Managerial accounting

5-36 Meditech, Inc. manufactures two types of medical devices, Medform and Procel, and applies overhead on the basis of direct-labor hours. Anticipates overhead and direct labor time for the upcoming accounting period are $710,000 and 20,000 hours, respectively. Information about the company's products follows. Medform:

Managerial Accounting: Overhead Rates.

The following information pertains to Paramus Metal Works for the year just ended. Budgeted direct labor cost: 77,000 hours at $17 an hour Actual direct labor cost: 79,000 hours at $18 an hour Budgeted manufacturing overhead: $993,300 Actual Manufacturing Overhead: Depreciation $225,000 Property Taxes 19,000 Indir

Business / Managerial Accounting

Here is partially completed comparative balance sheet for Snow Cones Company for the year ended December 31, 20X2. SNOW CONES COMPANY - Comparative Balance Sheets 20X2 20X2 Percentage Assets Actual Budgeted Variance Variance Cash $7,500 $7,800 (a) (3.85%) Accounts Recievable 9,200 9,000 200 2

Business / Managerial ACCOUNTING

Union Grille operates three restaurants. It reported the following data for the most recent fiscal year for Campus Café, its largest restaurant: Sales $100,000 Cost of sales 50,000 Advertising 2,000 Depreciation 5,000 Salaries 30,000 Property tax 1,000 a) What is Campus Café's contribution

Managerial Accounting

1. Axel Manufacturing produces three different products in the same plant and uses a job order costing system to estimate product costs. A flexible budget is used to forecast overhead costs. Total budgeted fixed factory overhead is $450,000 and variable overhead is 120% of direct labor dollars. Projected volumes, selling pric

Managerial Accounting

1. To generate needed foreign exchange, the Cuban government entered into a joint venture with Camilo Cigars of Dominican Republic. The joint venture manufactures Camilo Cigars in Cuba using Cuban tobacco and employees. Camilo and the Cuban government split all profits evenly. The contract calls for all financial transactions, i

Fenway Company sells 1,000 shares of treasury stock for $32,000. The shares had been previously acquired for $24,000. The $8,000 received over cost should be credited to: If the company declares and pays $50,000 in dividends in 2004, the amount received by the preferred stockholders would be

5. Fenway Company sells 1,000 shares of treasury stock for $32,000. The shares had been previously acquired for $24,000. The $8,000 received over cost should be credited to a. an asset account. b. a paid-in capital account. c. a revenue account. d. retained earnings. 6. The X Company has the following stock outstanding:

The operating cycle and cost cycle

Income statement for a company in 20X1, the cost of goods sold and the credir sales are $200million and $240 million, respectively. The following data are from its balance sheets. Inventory Dec. 31, 20X1 $40 million, Dec. 31, 20X2 $60 million. Accounts receivable $30 million Dec. 31, 20X1, $50 million Dec. 31, 2003. Accounts pay

Managerial Economics/reliability

Company X is about to award a contract for an electrical switching device to Integrated Switches Corporation of Charleston, South Carolina. The switch will be used on the next version of infantry carrier vehicles. One obstacle that remains to be resolved, however, is that Company X requires a reliability of 0.995 for the device

Master's Question - Managerial Accounting

1. Since Anytime Pizza is open 24 hours a day, its pizza oven is constantly on and is, therefore, always using natural gas. However, when ther is no pizza in the oven, the oven automatically lowers its flame and reduces its natural gas usage by 70%. The cost of natural gas would best be described as a: Fixed cost, Mixed co

Masters Question - Managerial Accounting

1. Indirect labor is a part of: prime cost, conversion cost, period cost, or nonmanufacturing cost? 2. Fixed costs expressed on a per unit basis: will increase with increases in activity, will decrease with increases in activity, are not affected by activity, or should be ignored in making decisions since th

Cost Scenarios

I would like the calculations and the theories behind them At $8,800, either 600 or 800 units of the Pro model are equally likely to be sold. --- A company manufactures and sells two types of scanners for personal computers, the Home Scanner and the Pro Scanner. The Home model is a low resolution model for small office a

Role of performance measures

The Vice President of Operations would like to increase profitability, improve customer service, and expand the business. Even though the external accounting department spends 5 days preparing each quarter's financial statements and disclosures, she does not examine those financial statements issued to the company shareholders.