The Speedy Car Repair Shop recently incurred the following costs on a clutch repair job: Parts $245.00 Labor 6 hours @ $17.50 & 0.5 hours at $6.00 A. What is the total cost of this job? B. What characteristics of this firm’s products suggest that job-order costing is appropriate?
What types of information do common size financial statements reveal about an organization? What is the best use for these common size statements? What purpose do common base year statements have? When would you use them?
Prepare the Fast Track Sports Company’s Income Statement and Balance Sheet for its first accounting period under the accrual basis of accounting. Assume that the company is not subject to federal, state, or local income tax.
Prepare a bank reconciliation for XYZ Company at September 30 using the following informatiom: Balance per XYZ Company bank statement at September 30. $ 7,351.10 Outstanding checks 5,645.45 NSF checks fronm customers 444.22 Deposits in transit 7,135.46 Interest Revenue 100.00 Service charge 230.30 Cash balance per XYZ’s records at September 30 9,415.63
Bio Doc Corporation is a biotech company based in Milpitas. It makes a cancer-treatment drug in a single processing department. Direct materials are added at the start of the process. Conversion costs are added evenly during the process. Bio Doc uses the weighted-average method of process costing. The following information for July 2011 is available. […]
Identify two reasons why accounting is important for business. Justify your selections. -Evaluate the importance of ethics in accounting. Defend your evaluation. -Analyze the importance of having a good understanding of accounting. What implications does a lack of understanding have for business? -Determine the best way to explain accounting to a non-accountant.
Shambu Shoes is in the business of manufacturing basketball shoes. Accordingly the company uses the six activity cost pools listed below: Activity Cost Pool Activity Measure Maintenance Machine Hours Setups Setup Hours Cutting Supervision Setup Hours Cutting Depreciation Machine Hours Assembly supervision Direct Labor hours Assembly Depreciation Machine Hours The company has already carried out […]
The following transactions of My Dollar stores occurred during 2006 and 2007: **2006** Feb 3 – Purchased equipment for $10,000, signing a six-month, 9% note payable Feb 28 – Recorded the week’s sales of $51,000, one-third for cash, and two-thirds on account. All sales amounts are subject to a 5% sales tax. Mar 7 – […]
The Sarbanes-Oxley Act was enacted in response to the corporate scandals that inundated the financial community in 2001 and 2002. In your opinion, what was the most important aspect of Sarbanes-Oxley? Be sure to support your answer.
Prepare a statement of cash flows for 2014 using the indirect method. One attachment provides the data while the other provides the chart the data falls into.