Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Job costs in a service organization. Loomis and Associates, a CPA firm, uses job costing. During January, the firm provided audit services for two clients and billed those clients for the services performed. Springsteen Productions was billed for 4,000 hours at $100 per hour, and RCI Records was billed for 2,000 hours at $100 per hour. Direct labor costs were $60 per hour. Of the 6,400 hours worked in January, 400 hours were not billable. The firm assigns overhead to jobs at the rate of $20 per billable hour. During January, the firm incurred actual overhead of $140,000. The firm incurred marketing and administrative costs of $20,000. All transactions were on account.
a. Show how Loomis and Associates' accounting system would record these revenues and costs using journal entries.
b. Prepare an income statement for January like the one in Exhibit 2.5.
Text Book: Managerial Accounting: An Introduction to Concepts, Methods and Uses By Michael Maher, Clyde Stickney, And Roman Weil.
Assume encumbrances do not expire at year-end. $15,000 was encumbered during the prior year for a computer and the actual cost of the computer in the current year is $12,000. How does this affect unreserved fund balance?
Question 2CIMA defines management accounting as:"The application of the principles of accounting and financial management to create, protect,preserve and increase value for the _________________ of for-profit and not-for profitenterprises in the publ..
Compute the unit product cost in each year under variable costing - prepare new income statements for each year using variable costing.
What is the difference between a product cost and a selling and administrative cost and how is the cost of goods available for sale determined?
First Factors assesses a service charge of 3% of the amount of receivables sold. Prepare the journal entry that Pinkston Textiles makes to record this sale.
Calculate the depreciable cost of the equipment and determine the straight line depreciation expense for the fourth year.
Read the case for global accounting standards by Professor Ann Tarca (UWA) and analyse what the key points are of the report. Then prepare a report either supporting or challenging the position of the author.
What is the name of the company? What is the industry sector and what are the operating risks of the company and what is the financial risk of the company (the debt to total capitalization ratio)?
Prepare T-accounts showing how the above costs flow through the accounting system. For simplicity, you may assume that all expenditures and receipts settle in cash.
1. what restriction on federal employees are contained in the the antideficiency act? give an example of each.2. the
Determine the amount at which the inventory should be reported on December 31 Year 1 balance sheet using the following information: Historical cost
What is the growth rate in sales for the past three years - are revenues and expenses growing at the same rate? What was the experience in the past few years?
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd