C06

General Account

Florida berry basket harvest early season starwberries for shipment solve this question

9-105-081 REV: SEPTEMBER 1, 2005    DAVID F. HAWKINS  ROBERT S. KAPLAN  GREGORY S. MILLER    Accounting at MacCloud Winery Mike MacCloud had worked in the operations side of a winery for several years. Having built a strong knowledge of the art of making wine, he had decided to create his own wine label (i.e., brand).  For his label, he planned to grow all of his own grapes. He had identified an ideal plot of five acres of land in northern California that had most recently been used to grow soybeans. His initial plans were to lease a nearby building to use as a winery (i.e., a place for processing grapes and fermenting and aging his wine). However, Mike hoped someday to build his own winery and thus would only plant on four acres of land. Mike agreed to lease the building for 10 years at $5,000 per year. It was estimated that the building was worth $32,000 and had a 30-year economic life. The lease contract Mike signed did not mention any bargain purchase option or that Mike might…

9-105-081 REV: SEPTEMBER 1, 2005    DAVID F. HAWKINS  ROBERT S. KAPLAN  GREGORY S. MILLER    Accounting at MacCloud Winery Mike MacCloud had worked in the operations side of a winery for several years. Having built a strong knowledge of the art of making wine, he had decided to create his own wine label (i.e., brand).  For his label, he planned to grow all of his own grapes. He had identified an ideal plot of five acres of land in northern California that had most recently been used to grow soybeans. His initial plans were to lease a nearby building to use as a winery (i.e., a place for processing grapes and fermenting and aging his wine). However, Mike hoped someday to build his own winery and thus would only plant on four acres of land. Mike agreed to lease the building for 10 years at $5,000 per year. It was estimated that the building was worth $32,000 and had a 30-year economic life. The lease contract Mike signed did not mention any bargain purchase option or that Mike might…

9-105-081 REV: SEPTEMBER 1, 2005    DAVID F. HAWKINS  ROBERT S. KAPLAN  GREGORY S. MILLER    Accounting at MacCloud Winery Mike MacCloud had worked in the operations side of a winery for several years. Having built a strong knowledge of the art of making wine, he had decided to create his own wine label (i.e., brand).  For his label, he planned to grow all of his own grapes. He had identified an ideal plot of five acres of land in northern California that had most recently been used to grow soybeans. His initial plans were to lease a nearby building to use as a winery (i.e., a place for processing grapes and fermenting and aging his wine). However, Mike hoped someday to build his own winery and thus would only plant on four acres of land. Mike agreed to lease the building for 10 years at $5,000 per year. It was estimated that the building was worth $32,000 and had a 30-year economic life. The lease contract Mike signed did not mention any bargain purchase option or that Mike might…

9-105-081 REV: SEPTEMBER 1, 2005    DAVID F. HAWKINS  ROBERT S. KAPLAN  GREGORY S. MILLER    Accounting at MacCloud Winery Mike MacCloud had worked in the operations side of a winery for several years. Having built a strong knowledge of the art of making wine, he had decided to create his own wine label (i.e., brand).  For his label, he planned to grow all of his own grapes. He had identified an ideal plot of five acres of land in northern California that had most recently been used to grow soybeans. His initial plans were to lease a nearby building to use as a winery (i.e., a place for processing grapes and fermenting and aging his wine). However, Mike hoped someday to build his own winery and thus would only plant on four acres of land. Mike agreed to lease the building for 10 years at $5,000 per year. It was estimated that the building was worth $32,000 and had a 30-year economic life. The lease contract Mike signed did not mention any bargain purchase option or that Mike might…

Chapter 3 Pg. 282 Please read the following information and respond to my question at the bottom thoroughly and clearly. Thanks This is the FIFO method.  The DM is grapes used to make wine for a vineyard. Beginning Inventory of grapes was 200 and 1800 were added during the current period.  The ending inventory was 400 and the conversion completion rate was 60%.  The number of units completed were 1,600. When using the following formulas why  do we come up with the number 1400, when the total amount of is 2000? Unties Completed-Units in Beginning Inventory=Units Started and Completed   Units Started-Units in Ending Inventory=Units Started and Completed So we have the following: 1600-200=1400 (Why are we deducting the beginning DM from the 1,600 added DM during the current period?)

General accounting problem

Mastery Problem Barry Bird opened the Barry Bird Basketball Camp for children ages 10 through 18. Campers typically register for one week in June or July, arriving on Sunday and returning home the following Saturday. College players serve as cabin counselors and assist the local college and high school coaches who run the practice sessions. The registration fee includes a room, meals at a nearby restaurant, and basketball instruction. In the off-season, the facilities are used for weekend retreats and coaching clinics. Bird developed the following chart of accounts for his service business: Chart of Accounts Assets 101 Cash 142 Office Supplies 183 Athletic Equipment 184 Basketball Facilities   Liabilities 202 Accounts Payable   Owner’s Equity 311 Barry Bird, Capital 312 Barry Bird, Drawing   Revenues 401 Registration Fees   Expenses 511 Wages Expense 512 Advertising Expense 524 Food Expense 525 Phone Expense 533 Utilities Expense…

MASTERY PROBLEMBarry Bird opened the Barry Bird Basketball Camp for children ages 10through 18. Campers typically register for one week in June or July,arriving on Sunday and returning home the following Saturday. Collegeplayers serve as cabin counselors and assist the local college and high school coaches who run the practice sessions. The registration feeincludes a room, meals at a nearby restaurant, and basketballinstruction. In the off-season, the facilities are used for weekend retreatsand coaching clinics. Bird developed the following chart of accounts forhis service business:   The following transactions took place during the month of June:June 1 Bird invested cash in the business, $10,000.1 Purchased basketballs and other athletic equipment, $3,000. 2 Paid Hite Advertising for flyers that had been mailed to prospectivecampers, $5,000.2 Collected registration fees, $15,000.2 Rogers Construction completed work on a new basketball court thatcost $12,000. Arrangements were made to…

eBook Print Item Question Content Area Make-or-Buy Decision for a Service Company The Theater Arts Guild of Dallas (TAG-D) employs five people in its Publication Department. These people lay out pages for pamphlets, brochures, magazines, and other publications for the TAG-D productions. The pages are delivered to an outside company for printing. The company is considering an outside publication service for the layout work. The outside service is quoting a price of $13 per layout page. The budget for the Publication Department for the current year is as follows: Salaries $224,000 Benefits 36,000 Supplies 21,000 Office expenses 39,000 Office depreciation 28,000 Computer depreciation 24,000 Total $372,000   The department expects to lay out 24,000 pages for the current year. The Publication Department office space and equipment would be used for future administrative needs, if the department's function were purchased from the outside. Question Content Area a.…

Subject - account  Please help me.  Thankyou.

Special-Order Decision, Services, Qualitative Aspects Jason Rogers works full-time for UPS and runs a lawn-mowing service part-time after work during the warm months of April through October. Jason has two men working with him, each of whom is paid $6.00 per lawn mowing. Jason has 25 residential customers who contract with him for once-weekly lawn mowing during the months of May through September, and twice-per-month mowings during April and October. On average, Jason charges $42 per lawn mowed. Recently, LStar Property Management Services asked Jason to mow the lawn at each of its 29 rental houses every two weeks during the months of May through September. LStar has offered to pay $29 per lawn mowing, and would forego the lawn edging that normally takes Jason’s team about half of its regular mowing time. If Jason accepts the job, he can assign a one-man team to mow the rental house yards, and will have to buy an additional power lawn mower for about $370 used. Fuel to run the…

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General Accounting Question need help

Special-Order Decision, Services, Qualitative Aspects Jason Rogers works full-time for UPS and runs a lawn-mowing service part-time after work during the warm months of April through October. Jason has four men working with him, each of whom is paid $5.00 per lawn mowing. Jason has 29 residential customers who contract with him for once-weekly lawn mowing during the months of May through September, and twice-per-month mowings during April and October. On average, Jason charges $46 per lawn mowed. Recently, LStar Property Management Services asked Jason to mow the lawn at each of its 30 rental houses every two weeks during the months of May through September. LStar has offered to pay $30 per lawn mowing, and would forego the lawn edging that normally takes Jason's team about half of its regular mowing time. If Jason accepts the job, he can assign a three-man team to mow the rental house yards, and will have to buy an additional power lawn mower for about $345 used. Fuel to run the…

Customer Latitude and Pricing Maria Lorenzi owns an ice cream stand that she operates during the summer months in West Yellowstone, Montana. She is unsure how to price her ice cream cones and has experimented with two prices in successive weeks during the busy August season. The number of people who entered the store was roughly the same each week. During the first week, she priced the cones at $3.50 and 1,800 cones were sold. During the second week, she priced the cones at $4.00 and 1,400 cones were sold. The variable cost of a cone is $0.80 and consists solely of the costs of the ice cream and the cone itself. The fixed expenses of the ice cream stand are $2,675 per week. Required: 1. What profit did Maria earn during the first week when her price was $3.50? 2. At the start of the second week, Maria increased her selling price by what percentage? What percentage did unit sales decrease? (Round your answers to one-tenth of a percent.) 3. What profit did Maria earn during the second…

Take-a-Break Travel Company offers spring break travel packages to college students. Two of its packages, a 7-day, 6-night trip to Cancun and a 5-day, 4-night trip to Jamaica, have the following characteristics: Package Specifications Oceanfront room; number of nights Cancun Jamaica 6 4 Cost Data Meals: Breakfasts Lunches Dinners Scuba diving trips Water skiing trips Airfare (round trip from Miami) Transportation to and from airport 454221 7 69634L 1 1 1 $73/night $10/ea $15/ea $25/ea $93/ea $68/ea $400 (Cancun), $500 (Jamaica) $60 (Cancun), $66 (Jamaica) The Cancun trip sells for $2,100, and the Jamaica trip sells for $1,860, and both packages allow two bags to be checked for free. Required: 1. What are the current profit margins on both trips? 2. Take-a-Break's management believes that it must drop the price of each trip by $118 in order to remain competitive in the market. Recalculate profit margins for both packages at these price levels.

eBook Question Content Area Lean Principles Bright Night, Inc., manufactures light bulbs. Its purchasing policy requires that the purchasing agents place each quarter’s purchasing requirements out for bid. This is because the Purchasing Department is evaluated solely by its ability to get the lowest purchase prices. The lowest bidder receives the order for the next quarter (90 working days). To make its bulb products, Bright Night requires 57,600 pounds of glass per quarter. Bright Night received two glass bids for the third quarter, as follows: Central Glass Company: $28.00 per pound of glass. Delivery schedule: 57,600 (640 lbs. x 90 days) pounds at the beginning of July to last for 3 months. Ithaca Glass Company: $28.15 per pound of glass. Delivery schedule: 640 pounds per working day (90 days in the quarter). Bright Night accepted Central Glass Company’s bid because it was the low-cost bid.    Considering only inventory financing costs, what is the additional cost per pound…

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Comprehensive Problem 5 Part B: Note: This section is a continuation from Part A of the comprehensive problem. Be sure you have completed Part A before attempting Part B. You may have to refer back to data presented in Part A and use answers from Part A when completing this section. Genuine Spice Inc. began operations on January 1 of the current year. The company produces eight- ounce bottles of hand and body lotion called Eternal Beauty. The lotion is sold wholesale in 12-bottle cases for $100 per case. There is a selling commission of $20 per case. The January direct materials, direct labor, and factory overhead costs are as follows: DIRECT MATERIALS   Cost Behavior Units per Case Cost per Unit Direct Materials Cost per Case Cream base Variable 100 ozs. $0.02   $2.00   Natural oils Variable 30 ozs. 0.30   9.00   Bottle (8-oz.) Variable 12 bottles 0.50   6.00             $17.00   DIRECT LABOR Department Cost Behavior Time per Case Labor Rate per Hour Direct…

Take-a-Break Travel Company offers spring break travel packages to college students. Two of its packages, a 7-day, 6-night trip to Cancun and a 5-day, 4-night trip to Jamaica, have the following characteristics: Package Specifications Oceanfront room; number of nights. Cancun 6 Jamaica Cost Data $57/night Meals: Breakfasts 6 4 $11/ea Lunches 7 5 $16/ea Dinners 6 4 $26/ea Scuba diving trips 3 2 $76/ea Water skiing trips 4 2 $51/ea Airfare (round trip from Miami) 1 1 $320 (Cancun), $500 (Jamaica) Transportation to and from airport 1 1 $24 (Cancun), $44 (Jamaica) The Cancun trip sells for $1,760, and the Jamaica trip sells for $1,520, and both packages allow two bags to be checked for free. Required: 1. What are the current profit margins on both trips? 2. Take-a-Break's management believes that it must drop the price of each trip by $101 in order to remain competitive in the market. Recalculate profit margins for both packages at these price levels. Complete this question by entering…