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A manufacturing company’s flexible budget exhibits a selling price of $250 per unit, variable cost of $175 per unit and fixed costs of $200,000. The company expects to sell 6,000 units. What
Using excel prepare a ‘before and after’ comparative analysis of the revenues and costs of the ‘Healthy & Delicious’ product line incorporating the 20% predicted sales i
Use following selected data from Business Solutions' income statement for the three months ended March 31, 2012, and from its March 31, 2012, balance sheet to complete the requirements before comput
pringfield Manufacturing produces electronic storage devices, and uses following three part classification for its manufacturing costs: direct manufacturing labour, direct materials, and indirect ma
You are the Audit Senior of Kamal Chartered Accountants (KCA) a boutique 3 partner firm with 20 staff. It is 16 July 2013 and your firm has engaged in the tender to become the external auditor of 4X
Find the comments letters received on the present exposure draft or proposal for a new accounting standard. (These could be found on websites of most standard-setting organisations, like IASB, AASB
In each of the following situations, determine if the suitable action was taken. If not, explain the financial statement impact of the error. Recorded the $50,000 purchase of land acquired for invest
Hasselback, Inc., produced 175,000 units and prepared the following income report using absorption costingSales (100,000 Units) $15,000, Direct Materials $1,200, Direct Labor 300. Determine Hasselback
What are the three elements of the alleged employee dishonesty loss? How much is the total verifiable loss from these elements? [The three elements of the fraud are the three categories of fraud tha
Errol provides his employee with use of the car for 183 days during the FBT year ending 30th June 2013. At this time, car travelled 16,000km.Compute taxable value of the FBT for car applying the stat
Select a product to manufacture and to explain the manufacturing process.Classify all manufacturing costs and selling and administrative expenses as either variable or fixed.Create a contribution marg
Create in good form the classified comparative balance sheet, and the multi-step single year income statement and statement of stockholders’ equity for Oxcom Enterprises for the 2013 year.
The company employs 11 lab technicians to work on the production of Lundor. During November, each worked an average of 174 hours at an average rate of $10.30 per hour. Variable manufacturing overhea
Whether Lexington can deduct the lawsuit judgment for income tax purposes, and if so, in what year can it claim the deduction?
Boutique Catering is considering expanding business structure by preparing frozen meals that will be home-delivered. The meals will then only require to be heated up by the customer. As a point of d
Company is concerned about its industry position and is interested in performing a risk assessment to identify the threats to its business and the potential treatments. As there is no risk manager o
Describe briefly what is revealed by ratios and other calculations in context of the company’s profitability, asset efficiency, liquidity, capital structure, and market performance. In particu
Evaluate and discuss implications of the following transfer pricing policies: Transfer price = cost plus a mark-up for the selling division. Why is transfer pricing such a important issue both from th
Earnest T. Bass, Inc., had following debit general ledger balances as of January 1, 2012: Cash - $173,500; Short-term Investments – $20,000; Accounts Receivable – $32,500; Pre
Prepare the business Income Statement for the period.
Explain cash-flow statement. Describe the goal of preparing the cash-flow statement. Differentiate between investing activities and financing activities.
Critically evaluate the risk-based approach to external audit with particular reference to the audit of Home Retail Group plc. Give examples of how you might collect evidence and assess the degree of
Applying your understanding of the relationships among the financial statements
If the before tax cash flows represent taxable income in the year received, calculate the NPV of the cash flows to Ace.
Prepare a complete cash flow statement for the year ending December 31, 2013 using the indirect method. The statement must include all titles, headings, captions, sections, totals, subtotals a