HELP! Accounting problem!?
This is the problem.. If someone could do a step by step answering for me! I don't understand! Botch Corp. sold 5,410 units of its product at $45.90 per unit in year 2011 and incurred operating expenses of $6.90 per unit in selling the units. It began the year with 690 units in inventory and made successive purchases of its product as follows. Jan. 1 Beginning inventory 690 units @ $18.90 per unit Feb. 20 Purchase 1,590 units @ $19.90 per unit May 16 Purchase 790 units @ $20.90 per unit Oct. 3 Purchase 490 units @ $21.90 per unit Dec. 11 Purchase 3,390 units @ $22.90 per unit Total 6,950 units Required: 1. Prepare comparative income statements for the three inventory costing methods of FIFO, LIFO, and weighted average which includes detailed cost of goods sold section as part of each statement. The company uses a periodic inventory system, and its income tax rate is 30%. (Input all amounts as positive values. Cost of goods sold is the difference of Cost of goods available for sale and ending inventory. Round your per unit costs to 3 decimal places. Round your final answers to the nearest dollar amount.Omit the "$" sign in your response.) BOTCH CORP. Income Statements Comparing FIFO, LIFO, and Weighted Average For Year Ended December 31, 2011 FIFO : LIFO: Weighted Average: Cost of goods sold... Inventory dec. 2010: cost of purchases: cost of goods available for sale: inventory dec. 2011: Cost of goods sold... Gross Profit: Expenses.... Income before taxes: income taxes expense: net income:
I have a college accounting question...need steps to problem.?
Here is the question: Crickett Company paid 375,000 for a basket purchase that included office furniture, a building and land. An appraiser provided the following estimates of the market values of the assets if they had been purchased separately: Office furniture, 75,000; Building, 320,000, Land, 36,000. Based on this information the amount of cost that would be allocated to the office furniture is what amount? the Answer is $65, 255. I can't figure out how to get that answer! Can someone please work the steps out for me? Thank you!!
Accounting Homework Help?
I'm doing my accounting homework right now and came across these problems which I'm having issues with. I would appreciate it if someone could show me the steps used to arrive to the answers for each of the following questions. Thanks! 1. General Mills reported the following information in its 2011 financial statements ($ in millions): Balance Sheet: 2011 2010 Accounts receivable, net $ 1,763.5 $ 1,342.8 2011 Income statement: Sales revenue $ 15,483.2 A note disclosed that the allowance for uncollectible accounts had a balance of $25.3 million and $23.0 million at the end of 2011 and 2010, respectively. Bad debt expense for 2011 was $19.9 million. Determine the amount of cash collected from customers during 2011: ????? 2. Logitech Corporation transferred $140,000 of accounts receivable to a local bank. The transfer was made without recourse. The local bank remits 85% of the factored amount to Logitech and retains the remaining 15%. When the bank collects the receivables, it will remit to Logitech the retained amount less a fee equal to 2% of the total amount factored. Logitech estimates a fair value of its 15% interest in the receivables of $15,000 (not including the 2% fee). What is the effect (in dollars) of this transaction on the company’s assets, liabilities, and income before income taxes? I appreciate the help!
The accounting equation. show me how to do this math problem?
using the accounting equation, answer each following independent questions. chapman inc. doubles the amount of its assets from the beginning to the end of the year. liabilities at the end of the year amount to 40,000, and owner;s equipty is 20,000. what is the amount of chapman's assests at the beginning of the year?
Accounting Problem. How do you journalize this?
I'm taking accounting 2 and I really am getting lost in my teacher's lecture. I took accounting 1 like a yr ago and at different college so that kinda explains why I'm lost. So can someone show me how to do this step by step and explain. Beaverhead Creek Inc. bottles and distributes spring water. On April 27 of the current year, Beaverhead Creek reacquired 3,900 shares of its common stock at $61 per share. On July 13, Beaverhead Creek sold 2,700 of the reacquired shares at $68 per share. The remaining 1,200 shares were sold at $59 per share on October 8. a. Journalize the transactions of April 27, July 13, and October 8. For a compound transaction, if an amount box does not require an entry, leave it blank or enter zero ("0"). b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year? c. For what reasons might Beaverhead Creek have purchased the treasury stock?
Accounting inventory cost help?
Date in 2012 ... Units purchased ..... Unit cost ... Total Feb. 1, .......... ......... 54 .......... ....... $90 .......... $4,860 Mar. 14, .......... ....... 93 .......... ....... $94 ......... $8,742 May 1, .......... ......... 66 .......... ....... $98 ......... $6,468 Total 213 units, for $20,070 The company sold 153 units, so ending inventory must be 60 units. Under FIFO, it is assumed that the oldest inventory are sold off first, so the unsold units on hand (60 units) must be from the latest shipment of 66 units @ $98. So ending inventory = 60 x $98 = $5,880, and COGS = $20,070 - $5,880 = $14,190. company’s after-tax income using FIFO Sales 19,278 less COGS $14,190 Gross profit $5,088 less operating expenses $2,000 Operating income before taxes $3,088 Income taxes @ 30% $926 Net income $2,162
Managerial Accounting Help Please?
Can someone please help me figure out these problems the steps in my book make no sense. Thanks in advance. Malone Mfg produces machines tools for the construction industry. The following details about overhead costs were taken from its company records. Production Activity Indirect Labor Indirect Materials Other OH Grinding $300,000 Polishing $100,000 Product Mod. $500,000 Providing Pwr $225,000 System Calibration $400,000 Additional information on the drivers for its production activities follows. Grinding 10,000 machine hours Polishing 10,000 machine hours Prod. Modification 1,200 engineering hours Providing power 15,000 direct labor hours System Calibration 200 batches Q1: Compute the activity OH rates using ABC. Form costs pools as appropriate. Grinding & Polishing $__________ per MH Providing Power $__________ per DLH System Calibration $__________ per batch Q2. Determine OH costs to assign the following jobs using ABC. Number of units 120 units 1500 units Machine hrs 300 MH 3,000 MH Engineering hrs 25 hrs 20 hrs Batches 10 batches 30 batches Direct Labor hrs 400 DLH 3,500 DLH Job 3175 Job 4286 Grinding & Polishing $ $ Providing Power $ $ System Calibration $ $ Q3. What is the Avg. cost unit for job 3175? What is the Avg. cost per unit for Job 4268? Q4. If the company used a plantwide OH rate based on direct labor hours, what is the OH cost for each unit of Job 3175? of Job 4286? Avg cost per unit Thank you :)
Accounting help: Present Value Analysis?
Can anyone show me step by step on how to solve this problem? I seem to struggle with this problem and couldn’t get it solved. Present Value Analysis: James Stone recently rejected a $20,000,000 five-year contract with the Vancouver Seals. The contract offer called for an immediate signing bonus of $5,000,000 and annual payments of $3,000,000. To sweeten the deal, the president of player personnel for the Seals has now offered a $22,000,000, five-year contract. This contract calls for annual increases and a balloon payment at the end of five years. Year 1 $3,000,000 Year 2 $3,100,000 Year 3 $3,200,000 Year 4 $3,300,000 Year 5 $3,400,000 Year 5 balloon payment $6,000,000 Total $22,000,000 Suppose you are Stone’s agent and you wish to evaluate the two contracts using a required rate of return of 12 percent. In present value terms, how much better is the second contract?
Could you help me solve my problem?
Siddarth nailed it!No, nobody can do that but yourself! Only you know what the problem really is, only you can look into yourself and find the answer, only you can decide if you need a specific helping hand from somebody else (but you know exactly what that is, and it’s not solving “all” your problem!), only you can take the decision to do so, for if you want to solve the problem but don’t take the decison to do so, nobody in the world can do it for you!So, look at the problem, find the solution and get going. If it doesn’t work look at the problem again and start all over, etc., etc., until your problem is solved.Remember that all thousand mile trips start with but one step…so get going and take that step!