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Eastern University prides itself on providing faculty and staff a competitive compensation package. One aspect of this package is a faculty and staff child tuition benefit of $4,000 per child per year for up to four years to offset the cost of a college education. The faculty or staff member's child can attend any college or university, including Eastern University, and receive the tuition benefit. If a staff member has three children in college one year, the staff member receives a $12,000 tuition benefit. This money is not taxed to the individual staff or faculty member.
Eastern University pays the benefit directly to the university where the staff/faculty member's child is enrolled or if the student is attending Eastern, it reduces the amount of tuition owed by the faculty/staff member. The university then charges this payment to a benefits account. This benefits account is then allocated back to the various colleges and departments based on total salaries in the college or department.
Required: Evaluate the pros and cons of the present university accounting for tuition benefits. What changes would you recommend making?
The company applies overhead on the basis of 125% of direct labor costs. Calculate the amount of over- or underapplied overhead.
For each decision, discuss what information the management account can provide about the source of competitive advantage for these firms.
What gain or income do Sara and Jane recognize on the exchanges? What is Wren corporation's basis in the property transferred by Sara and Jane? How does wren treat the value of the services Jane renders?
The ABC Co. has no debt in its capital structure, a beta of 0.8, and raises all funds through sale of common stock. The current market rate for similar stock is 14% and the risk-free rate is 6%.
If you received the utility bill for $400 but the bill is not due until the 15th of the following month how would you journalize them? What account would be debited and what would be credited?
A firm has experienced a constant annual rate of dividend growth of 9 percent on its common stock and expects the dividend per share in the coming year to be $2.70.
I understand that non-recurring items such as adjustments for changes in accounting methods, extraordinary gains/losses, income from discontinued operations, etc. must not be included. However, what items should I address?
For the activity level of 2500 units, compute: (a) the total variable cost; (b) the total fixed cost; (c) the total cost. d. the average variable cost per unit, e. the average fixed cost per unit; and (f) the average total cost per unit. Assume th..
PepsiCo's financial statements are presented in Appendix A. Coca-Cola's financial statements are presented in Appendix B.
How would applying a flat tax decrease errors, when the progressive tax rates is just a simple formula? How would you measure gross income? Do you think that deductions should be eliminated? Which ones and why?
From the following data, prepare a classified balance sheet for Simon Company at December 31, 2006.
The ledger of Welch Rental Agency Inc. on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared.
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