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Patel and Sons, Inc., uses a standard cost system to apply overhead costs to units produced. Practical capacity for the plant is defined as 50,000 machine-hours per year, which represents 25,000 units of output. Annual budgeted fixed overhead costs are $250,000 and the budgeted variable overhead cost rate is $4 per unit. Factory overhead costs are applied on the basis of standard machine - hours allowed for units produced. Budgeted and actual output for the year was 20,000 units, which took 41,000 machine hours. Actual fixed overhead costs for the year amounted to $245,000 while the actual variable overhead cost per unit was $3.90. What was (a) the fixed overhead spending (budget) variance for the year, and (b) the fixed overhead production volume variance for the year?
Review the convergence of United States Generally Accepted Accounting Principles and International Financial Reporting Standards.
The average remaining service period for employees expected to receive benefits is ten years. What is the amount of amortization to pension expense for year?
Aedion Company owns control over Breedlove, Inc. Aedion reports sales of $300,000 during 2004 while Breedlove reports $200,000. Inventory costing $20,000 was transferred from Breedlove to Aedion (upstream) during the year for $40,000.
In a manufacturing company the proper journal entry (without numbers) to record the purchase of direct materials would be:
Using a weighted moving average with weights of 0.60, 0.30, and 0.10, find the July forecast. Using a simple three-month moving average, find the July forecast.
It is sometimes said that in debt service funds, the accounting for interest revenue is inconsistent with that for interest expenditure. Explain. What is the rationale for this seeming inconsistency?
Review the financials and the notes to the statements. Briefly report to the class what you found interesting.
A total cash dividend of $90,000 was declared and payable to stockholders of record. Record dividends payable on common and preferred stock in separate accounts.
Recently, a group of university students decided to incorporate for the purposes of selling a process to recycle the waste product from manufacturing cheese.
Let's talk about donated services. Clearly unique to nonprofits (well, I've never heard of anyone willingly donating their time and efforts to General Motors, but I guess it's possible) - What does FASB say about donated services?
Should intangible assets always be amortized over their legal lives? Explain. What are the basic issues related to accounting for intangible assets?
Prepare an ending 1998 Income Statement and Balance Sheet from the following information: Sales $800,000; Cost of Goods Sold $300,000; Accounts Receivables $20,000; Bonds Outstanding $160,000; Accounts Payable $20,000; Advertising Expense $1,000; ..
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