Rydell Corp Memo Record Items Annual Pension Expense Cash OCI—Prior Service Cost Pension Asset/Liability Projected Benefit Obligation Plan Assets Balance‚ Jan. 1‚ 2012 13‚800 cr 560‚000 cr 546‚200 dr Prior service cost 120‚000 dr 120‚000 cr New Balance‚ January 1‚ 2012 680‚000 cr 546‚200 dr Service cost 58‚000 dr 58‚000 cr Interest Cost $680‚000 x 9% = $61‚200 61‚200 dr 61‚200 cr Actual return 52‚280 cr 52‚280 dr Unexpected gain/
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businesses were to choose a cash basis accounting method‚ they would record revenue when payments were received and they would record costs when payments were remitted. Payable and receivable entries would not be used since future payments would not be recorded and an inventory entry would not be needed as well. The merchandise purchased for resale or the materials purchased for use in the manufacturing of products would be recorded as an expense in the accounting period in which those purchases were
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average cost flow assumption: Weighted average assumes that cost flow at an average of the costs available. Costs of goods sold and Ending inventory: -Cost of goods sold + ending inventory = the total goods available for sale. -Cost of goods available for sale must be allocated between cost of goods sold and ending inventory. FIFO cost flow assumption: The cost of items purchased earliest are the costs that will be transferred first to cost of goods sold on the income statement. LIFO cost flow assumption:
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would have to restate its financial statements as a result of stuffing as much as $3.35 billion worth of products into wholesalers’ warehouses from 1999 through 2001. The company’s sales and cost of sales during this period was as follows: 2001 2000 1999 Net sales $18‚139 $17‚695 $16‚502 Cost of products sold 5‚454 4‚729 4‚458 The company’s marginal tax rate during the three years was 35 percent. What adjustments are required to correct Bristol-Myers Squibb’s
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Puyricard Fine Chocolate. Puyricard is a premium chocolate-maker. It produces and sells fine handmade chocolates‚ calissons and confectionary through its own retail network (14 stores in France: 12 in Provence‚ 2 in Paris)‚ wholesales and website. It is the French leader for craft chocolate‚ with an annual production of 120 tons of chocolate and a turnover of 6‚9 million euros. The company is family-owned and run by the sons of the founders. It was created 40 years ago and the CEO‚ Tanguy Roelandts
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of 2‚000 hours of welding time are avail-able annually on the machine. Since each drum requires 0.8 hours of welding time‚ annual production is limited to 2‚500 drums. At present‚ the welding machine is used exclusively to make the XSX drums. The accounting department has provided the following financial data concerning the XSX drums: Management believes 3‚000 XSX drums could be sold each year if the company had sufficient manufacturing capacity. As an alternative to adding another welding machine
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B313F Management and Cost Accounting Assignment 1 Date due: 29 October 2008 Weighting: 15% of the total marks of the course Question 1 (25 marks) Mini Case – Seto’s Storage Warehouse Paul Seto owns and manages a commercial storage warehouse. He stores a vast variety of perishable goods for his customers. Under the existing pricing policy‚ he has charged customers using a flat rate of $2.40 per kilogram per month for goods stored. His storage warehouse has 10‚000 cubic metres of
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PHYS 1050 Prem Basnet PHYS 1050 Physics I: Mechanics Chapter 1 Slide 1 PHYS 1050 Dr. Prem Basnet Email: basnetpb@cc.umanitoba.ca Lectures – 208 Allen Building MWF: 9:30 AM – 10:20 AM Office - 211 Allen Building MW: 10:45 AM – 11:45 AM Course Handout: Consult for detailed information and schedule Prem Basnet PHYS 1050 Physics I: Mechanics Chapter 1 Slide 2 PHYS 1050 Communication: • By email: basnetpb@cc.umanitoba.ca • Email communications about this course
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Accounting (Managerial) 530 Portfolio Case Study Imagine you are applying to become a trainee in a management consulting company‚ Solutions Inc.‚ which claims to deliver innovative solutions. They are looking for innovative employees who engage with their work. The selection process will be rigorous. You know you will be asked to submit reports based on questions regarding your knowledge of management accounting practice and strategic management accounting. To provide a context for the reports
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Was the existing system adequate in the past? Why or why not? Why is it no longer adequate? The existing system was adequate in the past due to heavy reliance on direct labor hours. The ETO served as a central cost center‚ and transferred the costs to other divisions at direct costs plus allocated burden. Being in the late 1970s and early 1980s‚ technology testing of components required fewer cycles‚ and less complicated structures. Hence‚ such testing on products could be carried out by direct
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