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Sanilac County has a lease on a lawn mower for $2500 per month and $.02 per minute of operation. Operating costs for fuel, oil, technicians, and so on are all variable at $.03 per minute. Departments had projected a need for 100,000 minutes per month. The county planning department predicted its usage at 36,000 minutes per month. The lawn mower was actually operated 42,000 minutes in 2011.Calculate one predetermined rate per minute to allocate all lawnmower usage. How much should be allocated to the city department this month?
Now, assume that fixed and variable costs were allocated separately. How should each pool be allocated? What is the total cost to be allocated to the city department with this method?
Calculate the beginning inventory in process for (a) direct material equivalent units and (b) the conversion equivalent units if 10,000 whole units are identified and they are 40% completed.
Caroline and Clint are married, have no dependents, and file a joint return in 2005. Use the following selected data to calculate their Federal income tax liability. What is the AMTI? What is the regular income tax liability? What are the AMT tax ..
The Ricardo trust is a simple trust that correctly uses the calendar year for tax purposes. Its income beneficiaries (Lucy and Ethel) are entitled to the trust's annual accounting income in shares of one-half each.
Accompanying the bank statement was a debit memo for an NSF check received from a customer. What entry is required in the company's accounts?
There are many different types of jobs in accounting, and one of those has to do with Management Accounting. How does this differ from the other forms of Accounting?
What term is commonly used to describe the concept whereby the cost of manufactured products is composed of direct materials cost, direct labor cost, and factory overhead cost?
What are the great approaches for cash management? If you are the controller who is in charge of managing cash, what methods would you take and why? 200-250 words please.
On 20 March, Batavia's petty cash fund of $100 is replenished when the fund contains $9 in cash and receipts for postage $51, freight-out $25, and travel expense $10. Prepare the journal entry to record the replenishment of the petty cash fund.
Strikes in the mills that purchase the bulk of the MJ-7 glue have caused Hallas Company's sales to temporarily drop to only 11,000 gallons per month. Hallas Company's management estimates that the strikes will last for two months, after which sale..
Should intangible assets always be amortized over their legal lives? Explain. What are the basic issues related to accounting for intangible assets?
Mr. Bouteilles Gerbeuses has been your long-time tax client. He has amassed an impressive portfolio of real estate, securities, and joint venture investments. His net worth is substantial.
Electricity is billed by kilowatt hour. According to its first bill, Raymondo's paid $573 for 3,000 kilowatt hours in January.
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