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The Tippa Canoe Company makes fiberglass canoes. The fiberglass resin is initially molded to the shape of a canoe then sanded and painted. Metal or wooden seats and frames are added for stability. The Tippa Canoe Company was started several years ago in the owner's garage. The owner, Jeff George, did a lot of the initial manual labor with the help of a few friends. The company has since expanded into a large warehouse and new employees have been hired. Because of the expansion, Jeff is no longer directly involved with production and is concerned about his ability to plan for and control the company. He is considering the implementation of a standard cost system.
a. Describe the procedures Jeff should use in setting standards for direct labor and direct materials.
b. Describe how Jeff could use standards for planning purposes.
c. Describe how Jeff could use standards for motivating employees and how problems in using standards as performance measures.
d. Why were some of Jeff's friends who worked with him from the beginning not very excited about a change to a standard cost system
Fairfax Company had a balance in Deferred Tax Liability of $840 on December 31, 2014, resulting from depreciation timing differences. Make the income tax journal entry for the Fairfax Company for December 31, 2014.
Boulter, Inc. began business on January 1, 2006. At the end of December 2006, Boulter had the following investments in equity securities:
Why is it not possible simply to add together the separately computed earnings per share amounts of individual affiliates in deriving consolidated earnings per share? Explain.
Explain why the overhead cost related to website optimization was first divided into two categories (unframed prints and framed prints) and then allocated based on number of prints
What is the impact of not balancing intercompany payables/receivables on a monthly basis? What is the impact on not eliminating intercompany payables/receivables during the consolidation?
Prepare the entry to record the weekly payroll and the costs and liabilities related to the bonus and the vacation pay, assuming that Vance is the only employee
By preparing a four-column bank reconciliation ("proof of cash") at year-end, an auditor will generally not be able to detect:
Compute the total amount of dividends that was paid to each class of stock, b) Compute the amount of dividends per share for each class of stock.
Stacy Ann Lynn, the great grand-daughter of the company's founder is the current CEO/President of the company, which is still a family owned business.
The amount that Khan, Inc. reports as a net loss for financial reporting purposes in 2011, assuming that it uses the carryback provisions, and that the tax rate is 30% for all periods affected, is ??
a. Determine the budgeted manufacturing overhead rate for each department. b. Prepare the necessary journal entries to summarize the March transactions for Department 100. c. What is the total cost of Job A?
Prepare a statement of cash flows (indirect method)for walker corportion for 2010. The 2010 and 2009 balanccer sheets of walker corporation follow. the 2010 income statement is also provided.
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