COURSE INFORMATION Quarter – Winter 2013 Day/Time – Tuesdays‚ 6:00p.m.-10:00p.m. Instructor – Timothy E. Carr‚ CPA Instructor Email: timothy.carr@strayer.edu Instructor Phone: 901-359-8408 Instructor Office Hours – By Appointment COURSE DESCRIPTION This course provides a framework for financial accounting concepts and practices used by internal and external users in businesses. Topics presented include the accounting cycle‚ financial reporting‚ financial
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Financial and Managerial Accounting M1-21 Applying the Accounting Equation and Computing Financing Proportions Use the accounting equation to compute the missing financial amounts (a)‚ (b)‚ (c). Which of these companies is more owner financed? Which of these companies is more non-owner financed? Discuss why the proportion of the owner financing might differ across these three businesses. ($ millions) Assets = Liabilities + Equity Hewlett Packard….$74‚708 = $36‚962 +
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CHAPTER 16 (fin man); chapter 1 (man) MANAGERIAL ACCOUNTING CONCEPTS AND PRINCIPLES discussion questions 1. Financial accounting and managerial accounting are different in several ways. Financial accounting information is reported in statements that are useful to persons or groups outside of a company. These statements objectively report the results of past operations at fixed periods and the financial condition of the business under generally accepted accounting principles. Managerial
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000 $2‚610‚000 = $145‚000 There is no under- or overallocated overhead under actual costing because overhead is allocated under actual costing by multiplying actual manufacturing labor costs and the actual manufacturing overhead rate. This‚ of course equals the actual manufacturing overhead costs. All actual overhead costs are allocated to products. Hence‚ there is no under- or overallocatead overhead. 4-18 (20 -30 min.) Job costing‚ normal and actual costing. 1. = = = $50 per direct
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as the bank’s auditor. Sunrise quickly became one of Smith‚ Godfroy‚ and Hannaford’s largest clients. Subject to banking regulations‚ Sunrise must provide for any expected losses on notes receivable that Sunrise may not collect in full. During the course of the audit‚ Smith‚ Godfroy‚ and Hannaford determined that three large notes receivable of Sunrise seem questionable. Smith‚ Godfroy‚ and Hannaford discussed these loans with Susan Carter‚ controller of Sunrise. Carter assured the auditors that these
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Essentials of Accounting Week 5 Assignment Chapter 9: E9-6 SY Telc has recently started the manufacture of RecRobo‚ a three-wheeled robot that can scan a home for fires and gas leaks and then transmit this information to a mobile phone. The cost structure to manufacture 20‚000 RecRobo’s is as follows. Cost Direct materials ($40 per robot) $ 800‚000 Direct labor ($30 per robot) 600‚000 Variable overhead ($6 per robot) 120‚000 Allocated fixed overhead ($25 per robot) 500‚000 Total $2‚020
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Intermediate Accounting Accounting Cycle Project You have been engaged to perform accounting services for Herman and Sons’ Law Offices. Your responsibilities include maintaining all accounting records and preparing annual financial statements. Herman and Sons’ opened on January 1‚ 2015. During the year‚ the firm had the following transactions: 1. January 2: The owners invested $200‚000 into the business and acquired 25‚000 shares of capital stock in return. 2. January 15: Herman and Sons’ took
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decide to invest their savings in its purchase. Kayla and Zhejia believe they can earn 12 by investing in the stock market so their cost of capital is equal to their opportunity cost of 12. Kayla and Zhejia believe a Simple Rate of Return on a project like this should be at least 30 because of the risk. They have made the following estimates Average consulting hours per week 30 per owner Average charge to customer 160.00 Average variable cost per hour 112.00 Annual property tax
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LongHorn Steakhouse Introduction LongHorn Steakhouse was first founded in 1981 in Atlanta‚ Georgia by George McKerrow‚ Jr. His vision of the restaurant was to provide the most perfect steak‚ but nobody seem to have taken notice of his restaurant until about 1982 when he thought the restaurant was about to not make it . There was ice and storm that hit the south that took a no name steakhouse to what everyone knows today as LongHorn Steakhouse. LongHorn is now part of Darden Restaurants‚
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CHAPTER 19 Accounting for Income Taxes CHAPTER REVIEW Introduction 1. Chapter 19 addresses the issues related to accounting for income taxes. Taxable income is computed in accordance with prescribed tax regulations and rules‚ whereas accounting income is measured in accordance with generally accepted accounting principles. 2. (S.O. 1) Due to the fact that tax regulations and generally accepted accounting principles differ in many ways‚ taxable income and financial income frequently
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