• Q : Calculate the manufacturing overhead rate....
    Accounting Basics :

    Felton Quality Productions uses a predetermined overhead allocation rate based on machine hours. It has provided the following information for the year 2014:

  • Q : Overhead variances for the month....
    Accounting Basics :

    Give the journal entry to charge standard overhead costs to work in process and record overhead variances for the month given the following information:

  • Q : How much should company charge soupy sales for month july....
    Accounting Basics :

    Bilkins Financial Advisors provides accounting and finance assistance to customers in the retail business. Bilkins has four professionals on staff, plus an office with six clerical staff.

  • Q : Minimum acceptable rate of return basics....
    Accounting Basics :

    Assuming the minimum acceptable rate of return is 10% per annum, which of the two dozers will you advice the owner of Pretty Boy to purchase?

  • Q : Equivalent annual lease payments....
    Accounting Basics :

    Determine the year 0 present worth lease payments, year 4 future worth lease payments and year 1 through 4 equivalent annual lease payments.

  • Q : Would a corporation be required to file a federal income tax....
    Accounting Basics :

    The corporation has disposed of all of its assets except for a small sum of cash retained to pay state taxes to preserve its corporate charter. Would a corporation be required to file a federal inco

  • Q : Foreman in a multi-year building construction project....
    Accounting Basics :

    A foreman in a multi-year building construction project wants to evaluate whether to rebuild and repair five existing assets or replace them with four new assets that are more productive and capable

  • Q : Minimum acceptable rate of return....
    Accounting Basics :

    What is the equivalent annual cost of operating this machine for the next 10 years if other opportunities exist to have the investment dollars invested where they would earn an 8% minimum acceptable

  • Q : Compute the cash payback period for each of four proposal....
    Accounting Basics :

    The company's capital rationing policy requires a maximum cash payback period of three years. In addition, a minimum average rate of return of 12% is required on all projects.

  • Q : Ethics in business....
    Accounting Basics :

    You have a friend who tells you that ethics are completely unimportant in business since a number of laws have been set up for us to know the rules of the game. Do you agree/disagree and why? Suppor

  • Q : Prepare the journal entry to record the exchange....
    Accounting Basics :

    Prepare the journal entry to record the exchange, assuming the exchange lacks commercial substance.

  • Q : Restated financial statements due to an error in accounting....
    Accounting Basics :

    Locate an article from a financial periodical from the past 2 years about a company that restated its financial statements due to an error in accounting principal. Examples of periodicals are CFO an

  • Q : Personal and dependency exemptions-federal income tax....
    Accounting Basics :

    Aaron is a brother who is a citizen of Israel but resides in France. Carla and Melvin live with the Hutters. How many personal and dependency exemptions can the Hutters claim on their Federal income

  • Q : Operating income of processing the lumber....
    Accounting Basics :

    What is the incremental effect, increase or (decrease), on operating income of processing the lumber further?

  • Q : Gain or loss on the sale of stock....
    Accounting Basics :

    In 2010, Milly purchased 150 shares of stock in Tommy Corporation for $12,500. In 2012 the corporation distributed $2,000 to Milly. At that time, the company had no accumulated or current earnings a

  • Q : Determine the cost of one unit of cobra and asp....
    Accounting Basics :

    Determine the cost of one unit of Cobra and Asp, assuming activity based overhead rates are used for maintenance, materials handling, machine setup, and inspection activities.

  • Q : Present values of the periodic amounts....
    Accounting Basics :

    Using the appropriate interest table, compute the present values of the periodic amounts, due at the end of the designated periods.

  • Q : Calculate the cost of goods sold....
    Accounting Basics :

    The following data were taken from the general ledger of Lola Merchandisers on January 31, the end of the first month of operations in the current fiscal year: Merchandise inventory, January 1 17,00

  • Q : Prepare journal entries to record items....
    Accounting Basics :

    Prepare journal entries to record items (a) through (f) above. Ignore item (g) for the moment. (Do not round intermediate calculations. Omit the "tiny_mce_markerquot; sign in your response.)

  • Q : Problem related to operating cash flow....
    Accounting Basics :

    Grandma's Applesauce, Inc. has a 0.60 probability of a good year with operating cash flow of $50,000; and 0.40 probability of a bad year with operating cash flow of $30,000.

  • Q : Company expects to sell the equipment....
    Accounting Basics :

    On September 1, 2013, your company buys a $60,000 piece of equipment that it expects to use for 5 years. At the end of its useful life the company expects to sell the equipment for $3000.

  • Q : How much should rory report on its income statement....
    Accounting Basics :

    On December 31, 2008, Rory Corp. acquired an 18% interest in Batson Corp. for $100,000 and appropriately applied the cost method. During 2009,

  • Q : Draft the appropriate disclosure minute for barry....
    Accounting Basics :

    Considering only the October events leading to Barry's wife's directorial appointment, discuss whether this is a breach of Barry's directors' duties and focus on Barry's disclosure obligations. Assu

  • Q : How much should profiles report as component of ‘income....
    Accounting Basics :

    How much should Profiles report as a component of ‘income from continuing operations'?

  • Q : Determine the amount of the distribution....
    Accounting Basics :

    R Industries, Inc. distributed to its sole shareholder, Pablo , $7,000 in cash, a motor vehicle with an adjusted basis of $3,000 and a fair market value of $18,000, and equipment with a fair market

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