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Question
On 1st November 2012, Barry Bean, a service manager received $60,000 of fees for a plant and equipment maintenance program to be completed for a clients factory equipment over the next three months.
Barry Bean's balance date is 31st December 2012. At balance date how much would be shown under each relevant element of the financial statements? Using concepts from the conceptual framework for financial reporting, explain the initial treatment of the fees received and their treatment over the next 3 months. For each part of this question you may assume that the services are being provided evenly over the three month period.
ii. The framework for preparation and presentation of financial statements gives definitions of assets, liabilities, equity, income and expenses. List the three parts of the accounting definition of income and give the reasons why some items that fit the definition are not recognised in the Income Statement.
Prepare a budgeted income statement, under absorption costing for Mile-High for the months of April, May and June assuming that Mile High opts to use the variable delivery service. Include supporting schedules to support the revenues and manufactu..
What were the profits of the commercial and the residential services using labor-hours as the allocation base?
1.prepare an income statement base on the absorption costing concept 2.Prepare an income statement base on the variable costing system 3.Explain the reason for the difference in the amount of income from operations reported in 1 and 2
The study of advanced Cost accounting focuses on the significance of analyzing and managing costs; activity-based management, process costing and cost allocation; planning and decisions making, and evaluating and managing performance.
Calculate the number of hours of direct labor used during November and actual manufacturing overhead costs incurred during November totaled $166, 425. Calculate the amount of over- or underapplied overhead for November.
Prepare contribution format income statements for April. (Round the "Total percent" answers to one decimal place. Input all amounts as positive values except losses which should be indicated by minus sign. Omit the "$" and "%" signs in your respon..
Under a three-variance breakdown of the net overhead variance, evaluate the total factory overhead spending variance for May.
Target cost equals selling price required return of computer company required return to Timberland and use the Target Cost Worksheet to complete this assignment.
Specializes in lithographic duplication, catering to demands from the nouveau riche for reproductions of paintings by artists such as Rembrandt, Picasso, Van Gogh, etc.
Through the year, Designs, Inc. made estimated tax payments of $1,500 each quarter to the IRS.
The Program Office has access to a database of the costs of adding similar equipment to 15 other types of aircraft. What is the most appropriate cost estimating method for this situation and budget for the estimated negotiated price and the maximum..
Prepare any essential journal entry or entries
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