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The reason we use the words favorable and unfavorable when evaluating variances is made clear when we look at the closing of accounts. To see this, consider that: All variance accounts are closed at the end of each period (temporary accounts) A favorable cost variance is always a credit balance An unfavorable cost variance is always a debit balance Write a one page memorandum to your instructor with three parts that answers the three following requirements. (Assume that variance accounts are closed to Cost of Goods Sold.) Does Cost of Goods Sold increase or decrease when closing a favorable variance? Does gross margin increase or decrease when a favorable variance is closed to Cost of Goods Sold? Explain. Does Cost of Goods Sold increase or decrease when closing an unfavorable variance? Does gross margin increase or decrease when an unfavorable variance is closed to Cost of Goods Sold? Explain. Explain the meaning of a favorable variance and an unfavorable variance.
Dender Company sold business equipment with a $386,000 initial cost basis and $171,000 accumulated tax depreciation. Calculate Dender's recaptured ordinary income and Section 1231 gain or loss recognized if the amount realized on sale was?
Engleheart Co. provides the following information about its postretirement benefit plan for the year 2012. Compute postretirement benefit expense for 2012.
Classify each of the following transactions as an operating activity, an investing activity or a financing activity cash flow, or a non cash transaction - Indicate also its effect on the Income statement (increase or decrease the profit).
Suppose your company sells services of $150 in exchange for $120 cash and $30 on account. Depreciation of $50 also is recorded. Prepare the journal entries to record these transactions. Calculate the amount that should be reported as net cash flow fr..
You should assume that the company that is a reporting entity and that the date the annual report (including the financial report) is authorised for issue is the 1st September 2014.
How are standards used to develop both the static and flexible budget as well as in the calculation of variances?
Prepare a production budget, in units, for each of the first four months of the year and Prepare a direct materials budget, in dollars, for each of the first three months of the year.
Brewer Company is considering purchasing a machine that would cost $626,820 and have a useful life of 9 years. The machine would reduce cash operating costs by $101,100 per year. The machine would have a salvage value of $107,300 at the end of the pr..
Just as the state of the healthcare industry and the concept of the patient have changed so have healthcare facilities. Physicians’ offices aren’t always offices anymore. Healthcare facilities can be mobile, virtual or traditional. This week we will ..
Carr Company produces a single product. Last year, Carr manufactured 33,930 units and sold 28,300 units. Production costs for the year were as follows: Under variable costing, the company's net operating income for the year would be:
Davies Company purchased merchandise inventory with an invoice price of $5,000 and credit terms of 2/10, n/30. What is net cost of the goods if Davies Company pays within the discount period?
Part sharing transaction – A number of large utilities enter into an agreement to create an LLC to purchase a number of transformers to be stored in warehouses for national grid restoration following a potential natural disaster or terrorist attack. ..
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