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Printers Inc. manufactures and sells a mid-volume color printer (MC) and a high-volume color printer (HC). Each MC requires 100 direct labor hours to manufacture, and each HC requires 150 direct labor hours. At the beginning of the year, 700 MCs are scheduled for production and 500 HCs are scheduled. At the end of the year, 720 MCs and 510 HCs were produced. Fourteen hundred too many hours were used in producing MCs and 3,000 hours fewer than standard were used to manufacture HCs. The flexible overhead budget is $2.9 million of fixed costs and $10 per direct labor hour.
a. Calculate budgeted volume.
b. Calculate standard volume.
c. Calculate actual volume.
d. Calculate the overhead rate.
e. Calculate the overhead volume variance, and discuss the meaning.
William and Frank are partners whose capital balances are $400,000 and $300,000 and who share profits 3:2. Due to a shortage of cash, William and Frank agree to admit Sammy to the firm.
Accounting problems, Draw a detailed timeline incorporating the dividends, calculate the exact Payback Period b) the discounted Payback Period. the IRR, the NPV, the Profitability Index.
Brown Corporation, an accrual basis corporation, has taxable income of $150,000 in the current year. Included in its determination of taxable income are the following transactions.
Lab Kennels, Inc. and Wolman Developers have agreed to exchange two parcels of land and each will assume the other's mortgage on the parcel acquired. Lab owns 500 acres within city limits that has a value of $750,000 and a basis of $300,000.
Please describe the accounting treatment when a company purchases less than 20% of another company's stock. Please describe how revenue and dividends are treated when the equity method is used.
On July 1, 2002, Raptor Corporation, a wholesaler of used robotic equipment, issued $7,500,000 of ten-year, 10% bonds at an effective interest rate of 12%, Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year o..
Prepare journal entries to record the treasury stock transactions. Prepare the equity section of the balance sheet for Cosmo Company.
Prepare a new segmented income statement for the company using the above format. Show both amounts and percentages.
Explain the differences between manual and system controls. Which type of control is preferable and why? Give an example of each of these controls that you encounter in your daily life.
Sigfried Company borrows $60,000 on July 1 from the bank by signing a $60,000, 10%, one-year note payable. Prepare the journal entry to record the proceeds of the note.
Page Company is contemplating the acquisition of a machine that costs $50,000 and promises to reduce annual cash operating costs by $11,000 over each of the next six years.
Gilkey Construction Company writes of the account of Arthur Blanks of $78,000. The journal entry to record this under the direct write off method is:
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