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The City of Medina Park operates a plumbing and electrical maintenance department, responsible for maintaining all water and electric service functions in buildings owned by the city. The city administration is concerned about the rising costs of the maintenance department, which is currently organized as a cost center. Charlotte Daugherty, the manager of the maintenance department, says that many of the departments service calls are strictly nuisance calls. She cites examples of numerous calls for defective electrical outlets, which turn out to be unplugged equipment, burned-out light bulbs (which can easily be changed by the users), and drains clogged by coffee grounds. In Charlottes opinion, these nuisance calls would be avoided if the departments using her departments services were billed. Essentially, Charlotte suggests that there be a transfer price related to using her departments services and that the price should approximate the cost of these services in the market ($50 - $65 per hour of service time). This would turn her operation into a profit center, and , she believes, her department would operate more efficiently because demand for services would decline and she would need fewer employees.
Evaluate Charlotte's proposal. Do you support use of a transfer price for maintenance services? If so, should the price approximate the market price of service or should it be based on cost?
Jason Thompson purchased an office building 10 years ago for $780,000. The building was just appraised at $1.25 million. What value should be used for the building in Jason's accounting records? Support your answer.
Carter Corporation had net income of $250,000 and paid dividends of $50,000 to common stockholders and $20,000 to preferred stockholders in 2008.
Williard Corporation regularly sells inventory items to its subsidiary, Petty, Inc. If unrealized profits in Petty's 20X1 year-end inventory exceed the unrealized profits in its 20X2 year-end inventory, combined
she buys five deluxe mixers on account from kzinski supply co. for 2750 terms n30. she pays 100 freight on the january
The selling and administrative expense budget of Fenley Corporation is based on the number of units sold, which are budgeted to be 2,500 units in January. Prepare the selling and administrative expense budget for January.
The audit of the inventory management process is affected by the audit results from multiple other processes. Identify the processes, other than the inventory management process,
General Fund and Governmental Activities
Sam, a calendar year taxpayer, purchased an annuity contract for $3,600 that would pay him $120 a month beginning on January 1, 2011. His expected return under the contract based on his life expectancy is $10,800.
jj motors inc. employs 45 sales personnel to market their line of luxury automobiles. the average car sells for 23000
Briefly explain why the owner's investment and revenues increased owner's equity, while withdrawals and expenses decreasedowner's equity.
Suppose sales increase by 20 percent next month, calculate the effect that increase will have on her profit.
the metro company has 248655 in ending inventory on their books at their december 31 year-end with the following
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