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Managers of Wheldon Manufacturing are analyzing variable overhead variances for the fiscal period just ended. The flexible budget called for $80,000 in variable overhead but actual variable overhead was $95,000. In computing the overhead variances, Wheldon's management discovered that it had used 3,800 hours of direct labor, rather than the budgeted (Hours of direct labor is the single overhead driver of variable overhead). The standard variable overhead rate per hour of direct labor is $20.00. What is Wheldon's variable overhead spending variance?
Zeta Co. has outstanding 100,000 shares of $100 par value cumulative preferred stock which has a dividend rate of 6%. They have not declared any cash dividends on the stock in the last 3 years.
Cheap Toys sells merchandise to the general public for cash or credit. It accepts several major credit cards. The company pays an average fee of 4% of sales to the credit card companies and 6% to the State of Florida in sales taxes.
Justify your decision, showing your calculation and overall company's net operating income or loss before and after eliminating Northern Division.
Which of the following is not acceptable in estimating uncollectible accounts receivable under GAAP?
Excess of tax depreciation over book depreciation, $40,000. This $40,000 difference will reverse equally over the years 2011-2014. Deferral, for book purposes, of $25,000 of rent received in advance. The rent will be earned in 2011.
Provide examples from the manufacturing industry of:
Write a short Memo to a nonfinancial audience explaining how increasing scrutiny and demand for accountability by the public has influenced reporting for not-for-profit and governmental entities.
Great Falls Brewery's regular selling price for a case of beer is $15. Variable costs are $8 per case and fixed costs total $2 per case based on production of 250,000 cases.
Globetrotter Store has a budgeted sales of $48000 for its wood department in December. Management wants to have $11000 in wood inventory at the end of December. The beginning inventory of wood toys is expected to be $9000.
How does the auditor's responsibility for detecting errors differ from their responsibility to detect fraud?
When a process costing system is used, explain how the normal and abnormal spoilages information influences on.
orm Fish makes cheap fishing rods and operates in a competitive market. The company has a fixed cost of $20,000 per period. In addition the firm incurs production or variable costs depending on its output as follows:
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