Get college assignment help at uniessay writers Alpha First Company just began business and made the following four inventory purchases in June: June 1 150 units $ 780 June 10 200 units 1,170 June 15 200 units 1,260 June 28 150 units 990 $4,200 A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using the FIFO inventory method, the value of the cost of goods sold on June 30 is A) $1,040.00 B) $1,072.50 C) $1,305.00 D) $1,320.00 Thank you!!!
P22-2A Utech Company bottles and distributes Livit, a diet soft drink.
P22-2A Utech Company bottles and distributes Livit, a diet soft drink. The beverage is sold for 50 cents per 16-ounce bottle to retailers, who charge customers 75 cents per bottle. For the year 2010, management estimates the following revenues and costs. Net sales $1,800,000 Selling expenses-variable $70,000 Direct materials 430,000 Selling expenses-fixed 65,000 Direct labor 352,000 Administrative expenses-variable 20,000 Manufacturing overhead-variable 316,000 Administrative expenses-fixed 60,000 Manufacturing overhead-fixed 283,000 Complete the CVP income statement for 2010 based on management’s estimates. (List amounts from largest to smallest eg 10, 5, 3, 2.) UTECH COMPANY CVP Income Statement (Estimated) For the Year Ending December 31, 2010 $ Variable expenses $ Total variable expenses Contribution margin Fixed expenses Total fixed expenses Net income $ Compute the break-even point in (1) units and (2) dollars. Breakeven point in units units Breakeven point in dollars $ Compute the contribution margin ratio and the margin of safety ratio. (Round answers to 0 decimal places, e.g. 125.) Contribution margin ratio % Margin of safety ratio % Determine the sales dollars required to earn net income of $238,000. $
egas Corp. sold merchandise to a customer on credit. The invoice
egas Corp. sold merchandise to a customer on credit. The invoice amount was $1,000; the invoice date was June 10; credit terms were 1/10, n/30. Which one of the following statements is true?
Haniwall Industries has manufactured prefabricated houses for over 20 years. The
Haniwall Industries has manufactured prefabricated houses for over 20 years. The houses are constructed in sections to be assembled on customers’ lots. Haniwall expanded into the precut housing market when it acquired Orlando Company, one of its suppliers. In this market, various types of lumber are precut into the appropriate lengths, banded into packages, and shipped to customers’ lots for assembly. Haniwall designated the Orlando Division as an investment center. Haniwall uses return on investment (ROI) as a performance measure with investment defined as average operating assets. Management bonuses are based in part on ROI. All investments are expected to earn a minimum rate of return of 15.3%. Orlando’s ROI has ranged from 21.5% to 24.4% since it was acquired. Orlando had an investment opportunity in 2011 that had an estimated ROI of 21.0%. Orlando’s management decided against the investment because it believed the investment would decrease the division’s overall ROI. Selected financial information for Orlando are presented below. The division’s average operating assets were $11,229,000 for the year 2011. ORLANDO DIVISION Selected Financial Information For the Year Ended December 31, 2011 Sales $26,546,000 Contribution margin 8,913,000 Controllable margin 2,357,000 Calculate the following performance measures for 2011 for the Orlando Division. (Round ROI to 1 decimal Place, e.g. 12.5%. Round other answer to 0 decimal places, e.g. 125.) Return on investment (ROI) ____ % Residual income $___________ Would the management of Orlando Division have been more likely to accept the investment opportunity it had in 2011 if residual income were used as a performance measure instead of ROI? Yes or No
Differential Analysis Case Study Madeira Travel Services provides travel agents access
Differential Analysis Case Study Madeira Travel Services provides travel agents access to sophisticated travel information and analysis systems over the Web. The company combines these tools with access to benchmarking data, including e-mail and wireless communications, so that travel agents can instantly evaluate airline fares and hotel rates. Madeira Travel Services; President Joey Madeira is happy with the company’s growth. To better focus on client service, Madeira is considering outsourcing some functions. CFO Tom Lee suggests that the company’s e-mail may be the place to start. Madeira asks Lee to identify the costs related to Madeira Travel Services’ in-house Microsoft Exchange mail application, which has 2,300 mailboxes. This information is below Variable Costs Per mailbox per month E-mail license…………………$7 Virus protection license………..$1 Other variable costs……………$4 Fixed Costs Computer hardware costs…………$94,300 per month $8,050 monthly salary for two information technology staff members who work only on e-mail……………………..$16,100 per month Required: • Compute the total cost per mailbox per month of Madeira Travel Services’ current e-mail function. • Suppose that a leader provider of Internet-messaging outsourcing services offers to host Madeira e-mail function for $9 per mailbox per month. If Madeira agrees, it still would need virus protection, computer hardware and one IT person. Should they accept the offer? • Suppose for an additional $5 per mailbox per month, the outsourcer would provide virus protection, quarantine, and content-management services, which would eliminate Madeira’s need for IT person and virus protection. Should they accept the additional services? • Show all computations.
7.On January 1, 2003, Riley Corp. acquired some of the outstanding
7.On January 1, 2003, Riley Corp. acquired some of the outstanding bonds of one of its subsidiaries. The bonds had a carrying value of $421,620, and Riley paid $401,937 for them. How should you account for the difference between the carrying value and the purchase price in the consolidated financial statements for 2003? A)The difference is added to the carrying value of the debt. B)The difference is deducted from the carrying value of the debt. C)The difference is treated as a loss from the extinguishment of the debt. D)The difference is treated as a gain from the extinguishment of the debt. E)The difference does not influence the consolidated financial statements.
Rick Co. had 30 million shares of $1 par common stock
Rick Co. had 30 million shares of $1 par common stock outstanding at January 1, 2009. In October, 2009, Rick Co.’s Board of Directors declared and distributed a 1% common stock dividend when the market value of its common stock was $60 per share. In recording this transaction, Rick would: A. Debit retained earnings for $18 million B. Credit paid-in capital – excess of par for $18 million C. Credit common stock for $18 million D. None of these is correct.
The three components of pension expense that are present most often
The three components of pension expense that are present most often are: A. Service cost, prior service cost, and gain on plan assets. B. Service cost, interest cost, and gain from revisions in pension liability. C. Service cost, contribution cost, and prior service cost. D. Service cost, interest cost, and expected return on plan assets.
3. What is the primary accounting difference between accounting for when
3. What is the primary accounting difference between accounting for when the subsidiary is dissolved and when the subsidiary retains its incorporation? a. If the subsidiary is dissolved, it will not be operated as a separate division. b. If the subsidiary is dissolved, assets and liabilities are consolidated at their book values. c. If the subsidiary retains its incorporation, there will be no goodwill associated with the acquisition. d. If the subsidiary retains its incorporation, assets and liabilities are consolidated at their book values. e. If the subsidiary retains its incorporation, the consolidation is not formally recorded in the accounting records of the acquiring company.
2. Which one of the following is a characteristic of a
2. Which one of the following is a characteristic of a business combination that should be accounted for as an acquisition? a. The combination must involve the exchange of equity securities only. b. The transaction establishes an acquisition fair value basis for the company being acquired. c. The two companies may be about the same size and it is difficult to determine the acquired company and the acquiring company. d. The transaction may be considered to be the uniting of the ownership interests of the companies involved. e. The acquired subsidiary must be smaller in size than the acquiring parent.
Fallow-Hawke is a nonprofit organization that captures stray deer from residential
Get college assignment help at uniessay writers Fallow-Hawke is a nonprofit organization that captures stray deer from residential communities. Fixed costs are $10,000. The variable cost of capturing each deer is $10.00 each. Fallow-Hawke is funded by a local philanthropy in the amount of $32,000 for 2008. How many deer can Fallow-Hawke capture during 2008?
Armstrong Corporation manufacture bicycle parts. The company currently has a $19500
Armstrong Corporation manufacture bicycle parts. The company currently has a $19500 inventory of parts that have become obsolete due to change in design specifications. The part would be sold for $7000 or modified for $10000 and sold for 20300. which of data is relevant to the decesion about the obsolete parts?
Problem 1: Allen Labinski has prepared the following list of statements
Problem 1: Allen Labinski has prepared the following list of statements about process cost accounting. Identify each statement as true or false. If false, indicate how to correct the statement. 1. Process cost systems are used to apply costs to similar products that are mass-produced in a continuous fashion. 2. A process cost system is used when each finished unit is indistinguishable from another. 3. Companies that produce soft drinks, motion pictures, and computers chips would all use process cost accounting. 4. In a process cost system, costs are tracked by individual jobs. 5. Job order costing and process costing track different manufacturing costs elements. 6. Both job order costing and process costing account for direct materials, direct labor, and manufacturing overhead. 7. Costs flow through the accounts in the same basic way for both job order costing and process costing. 8. In a process cost system, only one work in process account is used. 9. In a process cost system, costs are summarized in a job cost sheet. 10. In a process cost system, the unit cost is total manufacturing costs for the period divided by the units produced during the period. NOTE: Fill in the table below with your responses; write correction for false statements below the table: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Problem 2: Tharp and Kostrivas is a law firm that is initiating an activity-based costing system. Ben Tharp, the senior partner and strong supporter of ABC, has prepared the following list of activities performed by a typical attorney in a day at the firm. Classify each of the activities listed by Ben Tharp as value-added or non-value-added and defend your classification. How much was value-added and how much was non-value-added? Activities Hours Writing contracts and letters 1.0 Attending staff meetings 0.5 Taking depositions 1.0 Doing research 1.0 Traveling to/from court 1.0 Contemplating legal strategy 1.0 Eating lunch 1.0 Litigating a case in course 2.5 Entertaining a prospective client 2.0 Answer Below: Value-Added Activities Non-Value-Added Activities Questionable Classifications Instructions: Enter or paste your written work and/or click “Attachments” to upload your files. EXERCISE 3-1 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. EXERCISE 4-16 Value-Added Activities Hours Writing contracts and letters Taking depositions Contemplating legal strategy Litigating a case in court Non-Value-Added Activities Hours Attending staff meetings Doing research Traveling to/from court Eating lunch Entertaining a prospective client Questionable Classifications
Problem 1 (10 points): Betta Company owns a plot of land
Problem 1 (10 points): Betta Company owns a plot of land on which buried toxic wastes have been discovered. Since it will require several years and a considerable sum of money before the property is fully detoxified and capable of generating revenues, Betta wishes to sell the land now. It has located two potential buyers: Buyer A, who is willing to pay $385,000 for the land now, and Buyer B, who is willing to make 10 annual payments of $60,000 each beginning at the end of the year. Assuming that the appropriate rate of interest is 9%, to whom should Betta sell the land? Show calculations.
Reconciliation between net income and comprehensive income would include: Unrealized losses
Reconciliation between net income and comprehensive income would include: Unrealized losses but not unrealized gains on available for sale securities. Unrealized gains but not unrealized losses on available for sale securities. Unrealized losses and unrealized gains on available for sale securities. Neither unrealized losses nor unrealized gains on available for sale securities.
Tropical Tours reported revenue of $400,000 for its year ended December
Tropical Tours reported revenue of $400,000 for its year ended December 31, 2011. Accounts receivable at December 31, 2010 and 2011, were $35,000 and $32,000, respectively. Using the direct method for reporting cash flows from operating activities, Tropical Tours would report cash collected from customers of: $400,000. $397,000. $403,000. $365,000.
What are some of the requirements for audit committees under the
What are some of the requirements for audit committees under the Sarbanes-Oxley Act? How does a forensic accountant analyze inventories and receivables?
Cendant Corporation’s results for the year ended December 31, 2011, include
Cendant Corporation’s results for the year ended December 31, 2011, include the following material items: Cendant Corporation’s income from continuing operations before income taxes for 2011 is: $900,000. $880,000. $820,000. $320
Which of the following is not a required segment reporting disclosure
Which of the following is not a required segment reporting disclosure according to International Financial Reporting Standards? Segment profit or loss. Segment assets. Segment liabilities. All are required disclosures.
(2) On October 5, Lane Company buys merchandise on account from
(2) On October 5, Lane Company buys merchandise on account from O’Brien Company. The selling price of the goods is $5,970, and the cost to O’Brien Company is $3,920. On October 8, Lane returns defective goods with a selling price of $860 and a scrap value of $320. Record the transactions on the books of O’Brien Company. Date: Description/Account Credit Debit Oct. 5 1.__________________ $__________ 2.__________________ $__________ 3.__________________ $__________ 4.__________________ $__________ Oct. 8 5.__________________ $__________ 6.__________________ $__________ 7.__________________ $__________ 8.__________________ $__________ the options for the blanks 1-8 are: Merchandise inventory, Accounts payable, Sales returns and allowances, Sales, Accounts receivable, or Cost of goods sold. Thank you very much for your help!
You find short time lags between deposits and withdraeals and large
You find short time lags between deposits and withdraeals and large deposits made of fridays. What should you suspect?
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