company uses a process cost accounting system. Its Assembly Department’s beginning inventory consisted of 50‚000 units‚ 3/4 complete with respect to direct labor and overhead. The department started and finished 127‚500 units this period. The ending inventory consists of 40‚000 units that are 1/4 complete with respect to direct labor and overhead. All direct materials are added at the beginning of the process. The department incurred direct labor costs of $24‚000 and overhead costs of $32‚000 for
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had a single client with a large share of the business. The previous accounting system focused on two variables: direct labor and burden. For the latter‚ costs were grouped into a single cost pool that included burden costs associated with of the testing rooms i.e. mechanical and electrical; as well as engineering burden costs related to software and tooling development alongside administrative costs of the division. As the case mentions‚ total burden costs are then divided by the sum of testing and
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Acquisition of legal subsidiary in bankruptcy According to the fact of this case‚ Parent Co. (Parent) wholly owns Poor Son Co. (Poor Son) as a legal subsidiary‚ and both of them all nonpublic companies. However‚ in January 2007 Poor Son filed a voluntary bankruptcy under Chapter 11 of the U.S. bankruptcy code because of its inability of meet obligations as they became due. Then‚ Parent claimed the loss of control of Poor Son and deconsolidated Poor Son from its financial statement. Through the
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Electric utility bills. When an electric utility customer uses electricity‚ the electric company has earned revenues. It is obviously impossible‚ however‚ for the company to read all of its customers’ meters on the evening of December 31. How does the electric company know its revenue for a given year? Explain. According to historical data‚ the electricity usage usually tended to be fairly constant from month to month. The company can estimate the revenues for each month‚ by using historical data
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Case 5-60 1. The solution Doug proposes is not ethical. Although maintaining the current plant-wide rate is probably not illegal‚ its continuation has one purpose: to extract profits from government business. Doug knows the plant-wide rate is not accurately assigning overhead costs to various jobs and is willing to alter the assignments on an “unofficial basis” for purposes of bidding on private-sector jobs. Fundamentally‚ ethical behavior is concerned with choosing right over wrong. To knowingly
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essential. Text A is an essay written by an African girl embedded in an African culture published in 2014‚ while text B is an article published by the Encyclopedia Britannica during the 21st century. Both texts deals share the theme of Hausa culture‚ however‚ text A does it in a more reflective and personal way by explaining her own understanding of identity‚ while text C is more straightforward and informative about the different aspects of this culture. As mentioned before‚ text A is an essay
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to price‚ screen size and amount of RAM. Price Processor Speed Screen Size Hard Disk RAM Armani R850 P4. £2‚467 1.7 GHz 19" 40 GB 256 MB Mesh Elite 1.7GT Pro £1‚938 1.7 GHz 19" 57 GB 256 MB Elonex WebRider Pro £1‚174 1.2 GHz 17" 38.1 GB 128 MB Four personal computers‚ Evesham Axis 1.33 SK‚ Armani R850 P4‚ Mesh Elite 1.7GT pro and Elonex WebRider Pro‚ were compared with respect to the following factors: price‚ screen size and amount of RAM. The most expensive is Armani
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Introduction to Accounting Accounting is a profession used to make financial and business decisions. Billions of dollars exchange hands every day‚ in millions of separate business transactions. These are recorded and reported on using a comprehensive set of guidelines‚ referred to as Generally Accepted Accounting Principles (GAAP). Brief History of Accounting Accounting was born before writing or numbers existed‚ some 10‚000 years ago‚ in the area known as Mesopotamia‚ later Persia‚ and today the
Free Accountancy Accountant Leonardo da Vinci
Accounts Receivable: an amount due from another party two of the most common are: Accounts Receivable &Notes Receivable others are: interest receivable‚ rent receivable‚ tax refund receivable‚ and receivables from employees Accounts Receivable- are amounts due from customers for credit sales when a company does extend credit directly to customers it: 1. Maintains a separate account receivable for each customer 2. accounts for bad debts from credit sales Recognizing Accounts Receivable:
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ACC 556 – Financial Accounting for Managers Chapter 1 Homework Due Week 1 and worth 10 points Directions: Answer the following four questions on a separate document. Explain how you reached the answer or show your work if a mathematical calculation is needed‚ or both. Submit your homework assignment using the homework assignment link in the course shell. E1-1 Here is a list of words or phrases discussed in this chapter: 1. 2. 3. Corporation Creditor Accounts receivable 4. 5. 6. Partnership Stockholder
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