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accounting

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  • taxable income change

    Given the following data, by how much would taxable income change if LIFO is used rather than FIFO ?Beginning Inventory 3,500 units at $85Purchases 6,800 units at $95Units Sold 7,100 unitscan someone show the work or how to set it up?

  • Present Value

    These are two questions that I missed on my last quiz and my instructor has not explained where I went wrong. Is there a detailed way to show me how the solution wasreached? I want to know before my next exam.The net present value has been computed for Proposals P and Q. Relevant data are as follows:Proposal P Proposal QAmount to be invested $180,000 $475,000Total present value of net cash flow 190,800 484,500Net present value 10,800 9,500Determine the present value index for each proposal.

  • preparing the annual financial statements

  • question

    Manufacturers use three inventory accounts. Name each one and explain what costs each contain

  • Cost Accounting Question

    LO.1 (Activity analysis) The Raleigh plant manager of Allentown Corp. has noticedthe plant frequently changes the schedule on its production line. He has gathered thefollowing information on the activities, estimated times, and average costs required fora single schedule change.Activity Est.Time Average CostReview impact of orders 30 min.–2 hrs. $ 300Reschedule orders 15 min.–24 hrs. 800Reschedule production orders 15 min.–1 hr. 75Stop production and change over 10 min.–3 hrs. 150Return and locate material (excess inventory) 20 min.–6 hrs. 1,500Generate new production paperwork 15 min.–4 hrs. 500Change purchasing schedule 10 min.–8 hrs. 2,100Collect paperwork from the fl oor 15 min. 75Review new line schedule 15 min.–30 min. 100Overtime premiums 3 hrs.–10 hrs. 1,000Total $6,600a. Which of these, if any, are value-added activities?b. What is the cost driver in this situation?c. How can the cost driver be controlled and the NVA activities eliminated?

  • treasury stock

    24. The following two items are disclosed in the stockholders' equity section of Riverside Corporation's December 31, 2009, balance sheet:If the company had reacquired 700 shares of treasury stock in February of 2009, then for what amount was the other treasury stock sold for during 2009?A. $2 per share above its par value.B. $2 per share.C. $2 per share above its cost.D. $22 per share above its cost.

  • Please help with accounting questions

    Selected operating data for two divisions of Outback Brewing, Ltd., of Australia are given below (the currency is the Australian dollar, denoted here as $):DivisionQueensland New SouthWalesSales $4,000,000 $7,000,000Average operating assets $2,000,000 $2,000,000Net operating income $360,000 $420,000Property, plant, and equipment (net) $950,000 $800,000Requirement 1:Compute the rate of return for each division using the return on investment (ROI) formula stated in terms of margin and turnover.ROIQueensland ?New South Wales ?Requirement 2:Which divisional manager seems to be doing the better job?

  • Audit

    Explain the method, technique, and findings of an audit.

  • Intermediate Accounting

  • intangible asset- franchise

    intangibel assets -franchise

  • world history

    who believed that suffering is caused by attachment to the things of the world

  • Accounting

    For the stamping department of a manufacturing firm, the standard cost for direct labor is $12 per hour, and the production standard calls for 1,000 stmapings perhour. During June, 168 hours were required for actual production of 148,000 stampings. Actual direct labor cost for the stamping department for June was $2,184.b. Calculate the direct labor efficiency variance.

  • Need ideas on how to approach

    How do I approach this scenario? You are the CFO of Ford Motor Company (the company) considering taking on a project that requires $10 million in preliminary funding(in other words, the project will acquire $10 million in costs before it becomes profitable. Should the company undertake this project? Justify your opinion. Inprinciple, undertaking a project involves making financial decisions that could make or break the project. How do you plan to finance the project?

  • Continuing Cookie Cronicle 5

    (Note: This is a continuation of the Continuing Cookie Chronicle from Chapters 1 through 4.)CCC5 Because Natalie has had such a successful first few months, she is considering other opportunities to develop her business. The current cost of the mixer isapproximately $575, and Natalie would sell each one for $1,150. Natalie comes to you for advice on how to account for these mixers. Each appliance has a serial numberand can be easily identified. Natalie asks you the following questions.1. “Would you consider these mixers to be inventory? Or, should they be classified assupplies or equipment?”2. “I’ve learned a little about keeping track of inventory using both the perpetual and the periodic systems of accounting for inventory. Which system do you think isbetter? Which one would you recommend for the type of inventory that I want to sell?”3. “How often do I need to count inventory if I maintain it using the perpetual system?Do I need to count inventory at all?” In the end, Natalie decides to use the perpetual method of accounting for inventory, and the following transactions happen duringthe month of January.Jan. 4 She buys five deluxe mixers on account from Kzinski Supply Co. for$2,875, terms n/30.6 She pays $100 freight on the January 4 purchase.7 Natalie returns one of the mixers to Kzinski because it was damaged duringshipping. Kzinski issues Cookie Creations credit for the cost of the mixerplus $20 for the cost of freight that was paid on January 6 for one mixer.8 She collects the amount due from the neighborhood community centerthat was accrued at the end of December 2009.12 She sells three deluxe mixers on account for $3,450, FOB destination,terms n/30. The mixers cost $595 each (including freight).13 Natalie pays her cell phone bill previously accrued in the Decemberadjusting journal entries.14 She pays $75 of delivery charges for the three mixers that were sold onJanuary 12.14 She buys four deluxe mixers on account from Kzinski Supply Co. for$2,300, terms n/30.17 Natalie is concerned that there is not enough cash available to pay for allof the mixers purchased. She issues additional common stock for $1,000.18 She pays $80 freight on the January 14 purchase.20 She sells two deluxe mixers for $2,300 cash.28 Natalie issues a check to her assistant. Her assistant worked 20 hours inJanuary and is also paid for amounts owing at December 31, 2009. Recallthat Natalie’s assistant earns $8 an hour.28 Natalie collects amounts due from customers in the January 12 transaction.31 She pays Kzinski all amounts due.31 Cash dividends of $750 are paid.As of January 31, the following adjusting entry data are available.1. A count of brochures and posters reveals that none were used in January.2. A count of baking supplies reveals that none were used in January.3. Another month’s worth of depreciation needs to be recorded on the baking equipment bought in November. (Recall that the baking equipment has a useful life of 5years or 60 months.)4. One month’s worth of amortization (write-off) needs to be recorded on the website.(Recall that the website has a useful life of 2 years or 24 months.)5. An additional month’s worth of interest on her grandmother’s loan needs to be accrued.(The interest rate is 9%.)6. One month’s worth of insurance has expired.7. Natalie receives her cell phone bill, $75. The bill is for services provided in January and is due February 15. (Recall that the cell phone is used only forbusiness purposes.)8. An analysis of the unearned revenue account reveals that Natalie has not had time to teach any of these lessons this month because she has been so busy sellingmixers. As a result there is no change to the unearned revenue account. Natalie hopes to bookthe outstanding lessons in February.9. An inventory count of mixers at the end of January reveals that Natalie has three mixers remaining.InstructionsUsing the information that you have gathered and the general ledger accounts that you have prepared through Chapter 4, plus the new information above, do thefollowing.(a) Answer Natalie’s questions.(b) Prepare and post the January 2010 transactions.(c) Prepare a trial balance.(d) Prepare and post the adjusting journal entries required.(e) Prepare an adjusted trial balance.(f) Prepare a multiple-step income statement and retained earnings statement for themonth ended January 31, 2010.(g) Prepare a classified balance sheet as of January 31, 2010.2 chapter 5 Merchandising Operations and the Multiple-Step Income Statement(c) Totals $12,684(f) Net income $ 2,305(g) Total assets $ 8,539

  • ACCOUNTING HELP PLEASE

    New Age Makeup produces face cream. Each bottle of face cream costs $10 to produce and can be sold for $13. The bottles can be sold as is, or processed further intosunscreen with an additional cost of $14 each. New Age Makeup could sell the sunscreen bottles for $23 each.A Face cream must be processed further because it increases profit by $3 each.B Face cream must be processed further because its profit is $9 each.C Face cream must not be processed further because costs increase more than revenue.D Face cream must not be processed further because it decreases profit by $1 each.

  • common stock/perferred stock

    Kilgore Auto Parts reported the following information at December 31, 2004:- Preferred stock, 10%, $24 par value, cumulative $60,000- Common stock, $2.50 par value 10,000- Additional paid-in capital – Common stock 30,000- Retained earnings 50,000- Total contributed capital and retained earnings 150,000- Less: Treasury stock (100 shares common stock at cost) (5,000)- Total stockholders’ equity $145,0001. How many shares of common stock are issued? _____________2. How many shares of preferred stock are issued? _____________3. How many shares of common stock are outstanding? ______________4. What is the dividend PER SHARE that preferred shareholders are entitled to when a dividend is declared? __________________5. What was the average price of common shares when they were issued? __________6. If a 45% stock dividend were issued, by how much would the total stockholders’ equity balance change? ___________________

  • Receive or not receivables?

    Company uses allowance method of accounting for uncollectible accounts.12/31/2009Accounts receivable100,000debit balanceAllowance for doubtful accounts6,000credit balanceDuring 2010, the following sales transactions occurred:Credit sales of $800,00Collections of $750,000A customer balance of $1,000 is determined to be uncollectible.An amount previously written off ($350) was received.Based on prior experience, the company estimates that 5% of the AR balance at 12/31/10is uncollectible.Prepare the entries to record the receivables transactions;Calculate the net realizable value of accounts receivable at 12/31/10

  • accounting prob assume co uses weighted-average method

    Miller Company manufactures a product for which materials are added at the beginning of the manufacturing process. A review of the company's inventory and cost recordsfor the most recently completed year revealed the following information:

  • Denapasa Manufacturing leases a vacuum cleaning system for a basic monthly fee plus an...

    Denapasa Manufacturing leases a vacuum cleaning system for a basic monthly fee plus an additional cost per hour used above a given minimum for each month.Given below is the information for the most recent six-month period on the number of machine hours of use and the total cost under this lease.You are to provide information for planning on the variable and fixed cost elements in this lease.a. Use the high-low method to determine the variable cost per machine hour for months 7 and 8. Round your answer to two decimal places.$per machine hourb. Use the high-low method to compute the fixed and variable costs for months 7 and 8.MonthVariable CostsFixed Costs7$$8$$

  • prepare journal entries

    For each situation prepare the appropriate journal entry for the redemption of the bonds.(a) Thunder Corporation retired $130,000 face value, 12% bonds on June 30, 2007, at 102. The carrying value of the bonds at the redemption date was $122,500. The bondspay annual interest, and the interest payment due on June 30, 2007, has been made and recorded.(b) Lightning, Inc., retired $180,000 face value, 12.5% bonds on June 30, 2007, at 98. The carrying value of the bonds at the redemption date was $184,000. The bondspay annual interest, and the interest payment due on June 30, 2007, has been made and recorded.