Homework Help for Accounting

What is accounting

The meaning of Development Administration

• What are the biggest differences between accounts receivable and accounts payable?

Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows:

The company also established the following cost formulas for its selling expenses:

The planning budget for March was based on producing and selling 28,000 units. However, during March the company actually produced and sold 33,000 units and incurred the following costs:

1. Purchased 165,000 pounds of raw materials at a cost of $7.20 per pound. All of this material was used in production.

2. Direct-laborers worked 58,000 hours at a rate of $13.00 per hour.

3. Total variable manufacturing overhead for the month was $729,060.

4. Total advertising, sales salaries and commissions, and shipping expenses were $240,000, $470,000, and $145,000, respectively.

10. What is the variable overhead efficiency variance for March? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance.). Input the amount as a positive value.)

What is the financial 

how much your earning from here

What is science 

are they paying you? for answering questions?

Pure Pharmaceuticals, a company engaging in research on drugs, is having operations in the USA, the United Kingdom, Asia-Pacific region, include Vietnam. The firm is considering adopting cloud computing services which enable the organization to obtain its computing resources and applications from any location via an Internet connection. To be more specific, staff members are then able to receive emails stored in the cloud and share research projects with staff members working in another office easily. In such adoption, Pure Pharmaceuticals has to search for a cloud service provider, a thirdparty vendor providing application delivery, hosting, monitoring, and other services through cloud computing. You are the firm’s consultant and you are requested to provide advice to the board of directors before such adoption.

Required:

a. Perform a risk assessment on the adoption of cloud computing to the firm’s operations,

including both the opportunities and the risks involved.

b. Discuss if there would be any possible change to the existing IT organizational structure

after the adoption of cloud computing.

c. How does adoption of cloud computing affect the control environment of the

organization? What are the roles of the board of directors in the adoption of cloud

computing?

d. Discuss the general IT controls that may be expected in cloud computing environment.

The following cost data relate to Taylor Products Company for the year ended June 30, 2005.

Direct Materials                                                                      $ 55,600

Direct Labor                                                                                72,400

Factory Overhead                                                                       36,500

Work in process inventory, July 1, 2004                                     38,200

Work in process inventory, June 30, 2005                                  34,800

Required:

1. Calculate the manufacturing costs for the year.
2. Calculate the cost of goods manufactured for the year.

Ex 2-5: Iowa Products Company accumulated the following data for 2005.

                                                                                    Jan 1, 2005                 Dec 31, 2005

Inventories:

            Finished Goods                                               $ 52,000                      $ 54,000

            Work in Process                                                 29,600                         27,800

            Raw materials                                                    14,200                         15,000

Direct labor                                                                                                        95,000

Raw material purchase            s                                                                                     138,000

Indirect labor                                                                                                      15,300

Indirect materials and supplies                                                                                       10,800

Factory utilities                                                                                                   18,600

Depreciation expense- Factory                                                                                       14,000

Factory rent                                                                                                         18,000

Payroll taxes- Factory wages                                                                                8,100

Repairs and maintenance                                                                                      6,000

Insurance expense- Factory                                                                                  6,800

Miscellaneous factory expenses                                                                            5,200

Sales                                                                                                                  710,000

Sales discount                                                                                                     12,000

Selling expenses                                                                                                  95,600

General expenses                                                                                                75,300

Interest expenses                                                                                                   7,000

Required:

1. Prepare a statement of cost of goods manufactured.
2. Prepare an income statement (assume an income tax rate of 25%)

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Ex 2-5: Iowa Products Company accumulated the following data for 2005.

                                                                                    Jan 1, 2005                 Dec 31, 2005

Inventories:

            Finished Goods                                               $ 52,000                      $ 54,000

            Work in Process                                                 29,600                         27,800

            Raw materials                                                    14,200                         15,000

Direct labor                                                                                                        95,000

Raw material purchase            s                                                                                     138,000

Indirect labor                                                                                                      15,300

Indirect materials and supplies                                                                                       10,800

Factory utilities                                                                                                   18,600

Depreciation expense- Factory                                                                                       14,000

Factory rent                                                                                                         18,000

Payroll taxes- Factory wages                                                                                8,100

Repairs and maintenance                                                                                      6,000

Insurance expense- Factory                                                                                  6,800

Miscellaneous factory expenses                                                                            5,200

Sales                                                                                                                  710,000

Sales discount                                                                                                     12,000

Selling expenses                                                                                                  95,600

General expenses                                                                                                75,300

Interest expenses                                                                                                   7,000

Required:

1. Prepare a statement of cost of goods manufactured.
2. Prepare an income statement (assume an income tax rate of 25%)

11th commerce study material

EX 2-5: LOWA PRODUCTS COMPANY 

Accounting cycle 

 I AM THE SOLUTION GOD I BEAT MY CHEST ON IT

On June 1, 2023, Jill Bow and Aisha Adams formed a partnership to open a gluten-free commercial bakery, contributing $294,000 cash and $388,000 of equipment, respectively. The partnership also assumed responsibility for a $54,000 note payable associated with the equipment. The partners agreed to share profits as follows: Bow is to receive an annual salary allowance of $164,000, both are to receive an annual interest allowance of 10% of their original capital investments, and any remaining profit or loss is to be shared 40/60 (to Bow and Adams, respectively). On November 20, 2023, Adams withdrew cash of $114,000. At year-end, May 31, 2024, the Income Summary account had a credit balance of $520,000. On June 1, 2024, Peter Williams invested $134,000 and was admitted to the partnership for a 20% interest in equity.

Prepare journal entries for the following dates.

a. June 1, 2023
November 20, 2023

Calculate the balance in each partner’s capital account immediately after the June 1, 2024, entry.