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Introduction to Financial Accounting Accounting is the language of business We have strict standards for external reporting to provide comparability and consistency of the financial information disclosed. Internal or managerial accounting is different and used as a tool for planning and decision making. The major differences of the two types of accounting can be summarized as follows. Financial Accounting Managerial Accounting Generally Accepted Accounting Principles (US GAAP) No required rules or standards Standardized financial statements (balance sheet, income statement, and statement of cash flows) Budgets, cost reports, performance reports, and types of special analysis Emphasis on historical data Emphasis on future data External users Internal users Generally Accepted Accounting Principles (GAAP) refer to the standards promulgated by the Financial Accounting Standards Board (FASB). All U.S. publicly held co...

McGee Carpet and Trim installs carpets in commercial offices. Andrea McGee has been very concerned with the amount of time it took to complete several recent jobs. Some of her workers are very unreliable. A list of activities and their optimistic completion time, the most likely completion time, and the pessimistic completion time (all in days) for a new contract are provided in a given table. Following are the activities that are required to install the carpets in the offices: Activity 1: Measure office room dimensions Activity 2: Estimate cost Activity 3: Material requisition Activity 4: Workforce requisition Activity 5: Special tool requisition Activity 6: Installation Activity 7: Inspection and customer acceptance Activity 2 starts immediately after Activity 1. Activity 3, Activity 4, and Activity 5 start concurrently after Activity 2. Activity 6 does not start until after Activity 3, Activity 4, and Activity 5 are completed. The carpet installation project is complete after Act...

1.What exactly do we mean by Equity Valuation Cash Flows, which are also often referred to as Free Cash Flows, FCF? 2. Before we discuss pre-money and post-money valuations, let's start with an underlying topic in this subject; why is it critical to create a Time Line for valuation problems, even for a start-up? Answer in 200 words Download A+ Rated Solution CLICK HERE Password shiv for unlock .doc, .xls, .zip file 

A non-participating physician provides services to a Medicare patient who has total charges of $100 (before Medicare’s limiting charge is applied). The physician does not accept assignment, charges the maximum allowable, and submits the claim to Medicare. Assume Medicare’s approved schedule for these services is $80. A. What is the Medicare portion of the physician payment (that Medicare sends to the patient)? B. What is the patient’s portion of the payment to the physician (net of the reimbursement from Medicare in the information above? 3. Use the information and table below to solve problems 3A and 3B. The Medical College of Virginia, located in the urban city of Richmond, Virginia, has a wage index of 1.8579. A student from nearby Virginia Commonwealth University has just been treated for viral meningitis during a five-day length of stay (LOS), (DRG weight: 1.535). Rate Table Hospital Status Labor Non-labor Urban Areas 2,800 1,250 Rural Areas 2,000 1,000 A. Calculate the DRG op...

Assignment 3: Supply and Demand Concepts You have been hired by a new firm selling electronic dog feeders. Your client has asked you to gather some data on the supply and demand for the feeder, which is given below, and address several questions regarding the supply and demand for these feeders. Price/Feeder Quantity Demanded Quantity Supplied $300 500 1800 270 600 1700 240 700 1600 210 800 1500 180 1000 1400 150 1100 1300 120 1200 1200 90 1300 1100 60 1400 1000 30 1500 900 10 1600 800 Your client has asked that you develop a report addressing the following questions so that you can present these findings to their Board of Directors: Questions: Construct a graph showing supply and demand in the electronic dog feeder market, using Microsoft Excel. How are the laws of supply and demand illustrated in this graph? Explain your answers. What is the equilibrium price and quantity in this market? Assume that the government imposes a price floor of $...

BYP18-1  Martinez Company has decided to introduce a new product. The new product can be manufactured by either a capital-intensive method or a labor-intensive method. The manufacturing method will not affect the quality of the product. The estimated manufacturing costs by the two methods are as follows. Capital-Intensive           Labor-Intensive Direct materials  $5 per unit  $5.50 per unit Direct labor  $6 per unit  $8.00 per unit Variable overhead  $3 per unit  $4.50 per unit Fixed manufacturing costs  $25,08,000 $15,38,000 Martinez’s mark...

Question 1 Brisky Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2014. Expenses for 2014 were cost of goods sold $1,450,000; administrative expenses $212,000; selling expenses $280,000; and interest expense $45,000. Brisky’s tax rate is 30%. The corporation had 100,000 shares of common stock authorized and 70,000 shares issued and outstanding during 2014. Prepare a single-step income statement for the year ended December 31, 2014. (Round earnings per share to 2 decimal places, e.g. 1.48.) BRISKY CORPORATION Income Statement For the Year Ended December 31, 2014 Download A+ Rated Solution CLICK HERE Password shiv for unlock .doc, .xls, .zip file 

Penn Foster Exam 061579 J&L  accounting assignment  Download A+ Rated Solution CLICK HERE Password shiv for unlock .doc, .xls, .zip file 

1) Which of the following is one of the reasons why companies use standard costs? a. to enhance customer loyalty b. to set performance targets c. to share best practices with other companies d. to ensure the accuracy of the financial records 2) Which of the following does the efficiency variance measure? a. the difference between the quantity used by the company and the quantity used by its competitors b. the change in quantities used over time c. the difference between actual and standard quantity used d. how quickly materials are processed into finished goods 3) The production manager of a company was experiencing a high defect rate on the assembly line, which was slowing production and causing wastage of valuable materials. He decided to recruit some highly skilled production workers from another company to bring down the defect rate, but was worried that the higher wages of these workers might negatively affect operating income. This situation would have produced a(n): ...

Schedule of Activity Costs Quality Control Activities Activity Cost Process audits $1,935 Training of machine operators 732 Processing returned products 1,029 Scrap process (disposal) 581 Rework 1,169 Preventative maintenance 709 Product design 421 Warranty work 702 Finished goods inspection 1,603 From the above schedule of activity costs, determine the prevention costs. Select the correct answer. $5,148 $3,481 $8,881 $5,400 Costello Industries Inc. manufactures only one product. For the year ended December 31, 2014, the contribution margin increased by $16,800 from the planned level of $718,200. The president of Costello Industries Inc. has expressed some concern about such a small increase and has requested a follow-up report. The following data have been gathered from the accounting records for the year ended December 31, 2014: Actual Planned Difference—Increase (Decrease) Sales $1,425,000 $1,402,200 $22,800 Less: Variable cost of goods sold $540,000 $564,300 $-24,300 Variable sell...

1. Two mutually exclusive investments cost $10,000 each and have the following cash inflows. The firm's cost of capital is 10%. Investment: Cash Inflow A B Year 1 - - Year 2 $15,407 - Year 3 - - Year 4 - $19,390 A. What is the net present value of each investment? B. What is the internal rate of return for each investment? C. Which investment(s) should the firm make and why? D. Would your answers be different for C if the funds received in Year 2 for investment A could be reinvested at 16% 2. If a new college graduate wants a car costing $21,000, how much must be saved annually over the next four years if the funds earn 5%? 3. You purchase a bond for $875. It pays $60 a year (that is, the semiannual coupon is 3%), and the bond matures after 10 years. What is the yield to maturity? Download A+ Rated Solution CLICK HERE Password shiv for unlock .doc, .xls, .pdf, .zip file 

1. Corresponds to CLO 7 (b) The auditor issues a qualified opinion when the auditor has sufficient appropriate audit evidence and concludes that the misstatements to the financial statements are material, but not pervasive the auditor is unable to obtain sufficient appropriate evidence, but the auditor concludes that the possible effects of the misstatement could be both material and pervasive the auditor is unable to obtain sufficient appropriate evidence, but the auditor concludes that the possible effects of the misstatement could be material, but not pervasive the auditor has reasonable evidence to determine that the financial statements are not free from material misstatement the auditor has sufficient evidence to determine that the financial statements are not free from material misstatement both A and C both B and E both D and E Question 2 1. Corresponds to CLO 2(c) The population for a substantive test of details consists of all events in the accounts or class of ...