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  • Help me again...

    Outram Corporation is presently making part I14 that is used in one of its products. A total of 8,000 units of this part are produced and used every year. Thecompany's Accounting Department reports the following costs of producing the part at this level of activity:An outside supplier has offered to make and sell the part to the company for $14.80 each. If this offer is accepted, the supervisor's salary and all of the variablecosts can be avoided. The special equipment used to make the part was purchased many years ago and has no salvage value or other use. The allocated general overheadrepresents fixed costs of the entire company, none of which would be avoided if the part were purchased instead of produced internally. If management decides to buypart I14 from the outside supplier rather than to continue making the part, what would be the annual impact on the company's overall net operating income?Net operating income would decline by $15,200 per year.Net operating income would increase by $15,200 per year.Net operating income would increase by $52,800 per year.Net operating income would decline by $52,800 per year.

  • Accounting help

    Which of the following woudl b eused to record the depreciation of manufacturing equipment?a)Raw materials inventory would be debitedb) Work in process intentory would be debited.c)Manufacturing overhead would be debited.d) manufacturing overhead would be credited.

  • 2. Based on your calculations above, which of the two banks would you recommend a...continues

    2. Based on your calculations above, which of the two banks would you recommend and why? Explain your rationale

  • Please Help, and show how you calculated. Thank you

    Phillips Supply uses a periodic inventory system but needs to determine the approximate amount of inventory at the end of each month without taking a physicalinventory. Phillips has provided the following inventory data:Cost Price Retail Selling PriceInventory of merchandise, June 30 $ 300,000 $ 500,000Purchases during July222,000 400,000Goods available for sale during July $ 522,000 $ 900,000Net sales during July???????$ 600,000a.Estimate the cost of goods sold and the cost of the July 31 ending inventory using the retail method of evaluation. (Omit the "$" sign in your response.)Estimated cost of goods sold $ _________???Estimated ending inventory $ _________???

  • Cognitive accounting

    As a consumer, how would you avoid the pitfalls posed by the inequalities of one’s cognitive accounting?

  • Accounting for a Job-Order Cost System [LO 3, 6, 7, 9] Bob and Beth Ford retired from the food...

    Accounting for a Job-Order Cost System [LO 3, 6, 7, 9]Bob and Beth Ford retired from the food services industry and began catering wedding receptions on a limited basis. The major costs in setting up their businessincluded: linens, $2,100; two complete silver services, $1,400; glass plates and cups, $1,600; and cake-decorating tools and accessories, $900. It is expected thatall of these items will last 10 years with no salvage value. Bob and Beth do all their food preparation in their apartment and have found that, in an averagemonth, their utility bill is $300 higher than when they did not cater. All baking and cooking supplies are treated as "direct materials," and the only other costincurred is liability insurance at $1,400 per year. All direct materials are purchased at a local grocery for cash, and Bob and Beth pay themselves an hourly wageof $34 per hour. During the month of June, Bob and Beth catered five weddings.MaterialsLabor HoursRedfern wedding$49029Miller wedding85041Walker wedding52621DeSilva wedding1,89091Estes wedding67033The overhead allocation base is labor hours with an estimated 1,000 hours per year, and billings are at 120 percent of job cost. Overhead allocations and markupsare rounded to the nearest dollar.Prepare job cost sheets for each of the five catering jobs. (Round final answers to 2decimal places, e.g. 5.25.)Redfern WeddingMaterials$ 490LaborOverheadTotal$Miller WeddingMaterials$ 850LaborOverheadTotal$Walker WeddingMaterials$ 526LaborOverheadTotal$DeSilva WeddingMaterials$ 1890LaborOverheadTotal$Estes WeddingMaterials$ 670LaborOverheadTotalIncorrect.Calculate income for the month of June. (Enter answers to 2 decimal places, e.g.5.25.)$

  • fff

    The Chadmark Corporation's budgeted monthly sales are $3,000. In the first month, 40% of its customers pay and take the 2% discount. The remaining 60% pay in the monthfollowing the sale and don't receive a discount.

  • Wiley-13 Ed.- Interm Acc I -CH 8. FIFO/LIFO Weighted Average

    All these three exercises are from chapter 8.E-14E-15E-17

  • what is a term?

    the term "B2C"

  • accounting

    Olongapo Sports Corporation is the distributor in the Philippines of two premium golf balls—the Flight Dynamic and the Sure Shot.

  • Can anyone help with this problem please thanks.

    1.On October 10, Tridant Inc. purchased 5,000desks at an invoice price of $300 each and paid for them on October20, earning a 3% cash discount.Tridant sold all of the desks at$600 each. The customer earned a 1% cash discount.a. What amount should Tridant report as net sales?b. What amount should Tridant report as cost of goods sold?

  • inventory valuing methods.

    wouldn't the variation in the ending inventory between LIFO, FIFO, and average value reflect on the balance sheet?

  • acct question 50

    A department adds raw materials to a process at the beginning of the process and incurs conversion costs uniformly throughout the process. For the month of January,there were no units in the beginning work in process inventory; 60,000 units were started into production in January; and there were 15,000 units that were 40%complete in the ending work in process inventory at the end of January. What were the equivalent units of production for conversion costs for the month of January?

  • accounting

    The Chase Consulting Group was organized on July 1, 2010 when the two principal owners each contributed $50,000 and received shares of stock in exchange. The followingevents occurred during Chase Consulting Group’s first year of operations.1. On July 1, acquired a building by paying $50,000 in cash and borrowing $250,000 from the ABC Bank.Information regarding the building: The building has a useful life of 30 years and no salvage value. Chase Consulting uses straight line depreciation.Information regarding the note payable: The note payable will be due in full in five years. Interest is payable annually. The interest rate on the note is 5%.2. On July 1, paid cash in the amount of $1,200 for a one-year property insurance policy.3. On August 1, purchased two computers for $4,000 cash each. The computers have a useful life of 5 years and a $100 salvage value. The computers will be depreciatedusing the straight line method.4. On October 1, receives $120,000 in cash for services to be provided evenly during the next six months.Required:A. Determine the effect on the accounting equation of the necessary adjustments at December 31 for each of the following:c. Recognition of the expired portion of the insurance policyB. For each of the adjusting entries, indicate which of the following type of entry was recorded:1. Deferred expense2. Deferred revenue3. Accrued liability4. Accrued asset

  • Please help with Managerial Accounting questions

    CommercialServices.com Corporation provides business-to-business services on the Internet. Data concerning the most recent year appear below:Sales $3,000,000Net operating income $150,000Average operating assets $750,000Consider each of the following requirements independently.Requirement 1:Compute the company's return on investment (ROI).Return on investment % ?Requirement 2:The entrepreneur who founded the company is convinced that sales will increase next year by 50% and that net operating income will increase by 200%, with noincrease in average operating assets. What would be the company's ROI?Return on investment % ?Requirement 3:The chief financial officer of the company believes a more realistic scenario would be a $1,000,000 increase in sales, requiring an $250,000 increase in averageoperating assets, with a resulting $200,000 increase in net operating income. What would be the company's ROI in this scenario?Return on investment %?

  • Hlep needed plz ASAP( I will rate the max)

    Since demand in the “Consumer Products” market ischaracterized by a sharp “knee” around $400, assume thedemand equation for an “I-widget” is:q = 2M-2.5Kp for p<400 q= 4M-5Kp forp>400,Where q = annual sales (quantity) &p = priceIf the supply equation is: q = 3.2 x p2,1-What is the market’s equilibrium quantity &price?2-If I-Widget, Inc. requires a 35% markup over unit cost to coveroverhead, profit, taxes,etc., what must their unit cost be inorder to operate at market equilibrium?Hint: using the gragh for equilibrium inthis linkhttp://www.investopedia.com/university/economics/economics3.asp

  • tax returns 7-63

    TAX FORM/RETURN PREPARATION PROBLEMSI:7-63 Following is a list of information for Peter and Amy Jones for the current tax year. Peterand Amy are married and have three children, Aubrynne, Bryson, and Caden. They live at1846 Joplin Way, Lakeville, MN 55022. Peter is a lawyer working for a Native Americanlaw firm. Amy works part-time in a genetic research lab. The Jones’ Social Security numbersand ages are as follows:Peter 215-60-1989 32Amy 301-60-2828 28Aubrynne 713-84-5555 5Bryson 714-87-2222 3Caden 714-89-1684 1Peter’s salary $70,000Amy’s salary 32,000Interest income on municipal bonds 2,400Interest income on certificate of deposit (Universal Savings) 3,100Dividends on GM stock 1,600Eyeglasses and exam for Aubrynne $ 600Orthodontic work for Bryson to correct a congenital defect 2,500Medical insurance premiums 1,800Withholding for state income taxes 7,200Withholding for federal income taxes 16,000State income taxes paid with last year’s tax return(paid when the return was filed in the current year) 500Property taxes on home 1,100Property taxes on automobile 300Interest on home 9,700Interest on credit cards 200Cash contribution to church 3,900In addition to the above, on September 17, Peter and Amy donate some Beta Trader, Inc.stock to Lakeville Community College. Beta Trader, Inc. is publicly traded. The FMV ofthe stock on the date of the contribution is $700. Peter and Amy had purchased the stockon November 7, 2003 for $300.Compute Peter and Amy’s income tax liability for the current year using Form 1040,Schedules A and B, and Form 8283, if necessary.

  • Accounting

    The following monthly data are available for the Challenger company and its only product, Product SW:Total Per UnitSales(400 units) 110,000 275Variable Expenses 44,000 110------- ------Contribution Margin 66,000 165Fixed Expenses 52,800---------Net Operating Income 13,200A)Without resorting to Calculations, what is the total contribution margin at the break even point?B) Management is contemplating the use of plastic gearing rather than metal gearing in product sw. this change would reduce variable costs by $15. The company'smarketing manager predicts that this wouldreduce the overall quality of the product and thus would result in a decline in sales to a level of 350 units per month. Should this change be made?C) Assume that Challenger Company is currently selling 400 units of Product SW per month. Management wants to increase sales and feels this can be done by cutting theselling price by $25 per unit and increasing the advertising budget by $20,000 per month. Management believes that these actions will increase unit sales by 50%.Should these changes be made?D) Assume that Challenger Company is currently selling 400 units of Product Sw. Management wants to automate a portion of the production process for Product Sw. Thenew equipment would reduce direct labor costs by $20 per unit but would result in a monthly rental cost for the new robotic equipment of $10,000. Management alsobelieves that the new equipment will increase the reliability of Product SW thus resulting in an increase in monthly sales of 12%. Should these changes be made?

  • acct

    Murphy Corporation manufactures two models of ultra-high fidelity speakers, the X200 model and the X99 model. Data regarding the two productsfollow:Direct Labor-Hours per UnitAnnual ProductionTotal DirectLabor-HoursModel X2002.51,000 units2,500Model X991.210,000 units12,00014,500Additional information about the company follows:a.Model X200 requires $100 in direct materials per unit, and Model X99 requires $60.b.The direct labor wage rate is $20 per hour.c.The company has always used direct labor-hours as the base for applying manufacturing overhead cost to products.d.Model X200 is more complex to manufacture than Model X99 and requires the use of special equipment. Consequently, the company is considering theuse of activity-based costing to assign manufacturing overhead cost to products. Three activity cost pools have been identified as follows:Activity Cost PoolActivityMeasureEstimatedOverhead CostMachine setupsNumber of setups$50,000Special processingMachine-hours95,000General factoryDirect labor-hours290,000$435,000Expected ActivityActivity MeasureModel X200Model X99TotalNumber of setups100400500Machine-hours47,500047,500Direct labor-hours2,50012,00014,500ebook &resourceseBook: USING ACTIVITY-BASED COSTING – LO 2eBook: USING ACTIVITY-BASED COSTING – LO 3eBook: USING ACTIVITY-BASED COSTING – LO 46.value:10.00 points You did NOT receive full credit for this question in previous attempt.Required:1.Assume that the company continues to use direct labor-hours as the base for applying overhead cost to products.a.Compute the predetermined overhead rate.Predetermined overhead rate$ per DLHb.Compute the unit product cost of each model.Model X200$ Model X99$

  • Accounting

    **PLEASE HELP**On January 1 of year 1, Arthur and Aretha Franklin purchased a home for $1.40 million by paying $230,000 down and borrowing the remaining $1.170 million with a 15percent loan secured by the home. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Omit the "$" sign in yourresponse.)C. Assume the same facts as in (b), except that the Franklins borrow $82,500 secured by their home.c-1 If they do not use the loan proceeds to substantially improve the home, what amount of interest expense may the Franklins deduct in year 3 on this loan?Deductible interest expense $