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Diekow Productions manufactured and sold 1,000 products at $11,000 each during the past year. At the beginning of the year, production had been set at 1,200 products; direct materials standards had been set at 100 pounds of direct materials at $2 per pound for each product produced. During the year, the company purchased and used 98,000 pounds of direct materials; the cost was $2.04 per pound. At the beginning of last year, Diekow Productions set budgeted fixed overhead costs at $456,000. During the year, actual fixed overhead costs were $500,000. Calculate Diekow Production's fixed overhead budget and volume variances for the year. Assume that fixed overhead is applied based on units of product.
The financial accountant of Carlton Ltd has prepared draft financial statements for the year ended 30 June 2014 but is unsure about the tax calculations.
Creat a journal entry to record income taxes for the year 2010. Show well-labeled computations for the amount of income tax payable and the change in the deferred tax account.
What is the manager’s responsibility in comparing data? What are the four common uses of comparative data? Illustrate what is meant by standardized data?
Under what conditions may revenue be recognized on a "bill-and-hold" sale? Illustrate what is the accounting treatment for debt extinguishment cost? Debt modification cost?
An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.
Compute the appropriate discount rate to use when evaluating DEI's project and the manufacturing plant has an eight-year tax life. At end of the project (i.e. the end of Year 5), the plant can be scrapped for $2 million. Find the after-tax salvage ..
Objective Questions relating to basic accounting equation and Concepts and also find return on investment measure of performance
It wasn’t until the monthly payroll reports were sent to Ken’s supervisor that the error was detected. Ken refused to return the four extra checks. Illustrate what actions should the company take?
Calculate the total amount of a cash dividend of $1.00 per share. What accounts for the difference between issued shares and outstanding shares?
Explain how much different is it to be able to take losses when the taxpayer is not active in the business but merely a "passive investor"?
Calculate the merchandise inventory values
Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.
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