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Consider the following selected cost data for the pittsburgh forgieng company 2008. Budgeted manufacturing overhead cost 47,500,000 budgeted machine-hours 25,000 actual manufacturing overhead cost 7,300,000 actual machine hours 245,000
1) Compute the budgeted manufacturing overhead rate.
2) Prepare the journal entries to record the allocation of manufacturing overhead.
3) Compute the amount of under- or overallocation of manufacturing overhead. Is the amount material? Prepare a journal entry to dispose of this amount.
What are the combined total department costs for the producing departments after allocating the service department costs?
The Pickle construction division was working on one project for the 2012 fiscal year. They use the percentage of completion revenue recognition method.
In order to retain certain key executives, Smiley Corporation granted them incentive stock options on December 31, 2009. 80,000 options were granted at an option price of $35 per share.
An auditor observes inventory held by the client and notes that some of the inventory appears to be very old but still in reasonable condition for sale. Which of the following conclusions is justified by the audit procedure?
Under variable costing, each unit of the company's inventory would be carried at:
On July 10, 2009, Bruce purchased an option to buy 1,000 shares of Omni, Inc. at $30 per share. He purchased the option for $2,000. It was to remain in effect for five months. The market experienced a decline during the latter part of the year, so..
Blaine Inc. shows the following data relating to its pension plan for 2011:
What additional questions should you ask Mr. Gemstone in an attempt to substantiate the deductibility of the above items?
Jason Thompson purchased an office building 10 years ago for $780,000. The building was just appraised at $1.25 million. What value should be used for the building in Jason's accounting records? Support your answer.
Gate Corp. had a net capital gain (computed without regard to any capital loss carryover) of $20,000 for calendar-year 2010. What amount of the acquired net capital loss of $80,000 can be used to offset Gate Corp's net capital gain for 2010?
There are five conditions that must be met before an auditor can issue a standard unqualified report for the audit of a private company. Please discuss each of these five conditions.
Discovery Barn, a not-for-profit science center for children, received a contribution for $30,000 explicitly designated for the acquistion of computers. Prepare all required journal entries, being certain to indicate the type of fund in which each ..
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