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Clark and Jones, Certified Public Accountants, employs 10 staff accountants who have accounting degrees, but who are not CPAs. Last tax season, the firm processed 5,000 tax returns. The data for last year to process the tax returns were: Average time to complete one tax return 4 hours Hourly rate paid to staff accountants $15.00 Clark and Jones have learned from partners at other CPA firms that if they were to hire CPAs instead of accountants who are not certified, they could expect the rates and hours to be: Average time to complete one tax return 2.5 hours Hourly rate paid to staff accountants $25.00 Required: a.Treating last year's data as a "standard" and the proposed use of CPAs as "actual," calculate labor rate and efficiency variances assuming Clark and Jones decided to hire CPAs to do the tax returns this year, instead of the current employees. Indicate whether the variances are favorable or unfavorable. b.Calculate total labor variance, and indicate whether it is favorable or unfavorable. c.Discuss whether Clark and Jones should replace their current employees with CPAs.
Using the high-low method, determine the overhead cost equation. Use machine-hours as your cost driver. Why might this not be the "best" method for this data? What would you recommend?
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John Roberts is 60 years old and has been asked to accept an early retirement from his company. The company has offered John three alternative compensation packages to induce John to retire.
pepe incorporated acquired 60 of devin company on january 1 2010. on that date devin sold equipment to pepe for 45000.
Prepare the entry to record Poulter's investment in the partnership, assuming the equipment has a fair value of $19,500.
Applied overhead at month-end to the Goods in Process (Jobs 137 and 140) using the predetermined overhead rate of 200% of direct labor cost.
Year to date, the actual overhead is $15,500,000 and the actual machine hours are 220,000 hours. If the Thomlin Company uses a predetermined overhead rate based on machine hours for applying overhead, what is that overhead rate?
Assuming a beginning inventory of raw materials of $8,000 and an ending inventory of raw materials of $6,000, direct labour must have totaled.
Weaver Company's predetermined overhead rate is $18.00 per direct labor-hourand its direct labor wage rate is $12.00 per hour. Tjhe following information pertains to Job A-200.
Cardon's Boat Yard, inc repairs store and cleans boats for customers. It is completing the accounting process for the year just ended November 30, 2912, The transactions during 2012 have been journalized and posted. The following data with respect..
Sophia inherited 1,000 shares of IBM. The father's cost was $2 per share at the time of purchase and 484 per share at the time of his death. Sophia sold them at $86 per share. Calculate the total amount of her capital gain.
operating and capital leasesfrom the e-activity analyze the results of the proposed changes to lease accounting on
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