Accounting

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Comparison Of Actual And Budgeted Values Of Costs

Question Honey Bear Confections is a small company dedicated to making bear-shaped sweets with honey as a sugar substitute. You have just been promoted to a position as manager of the production department at Honey Bear Confections when your supervisor shows you the following report. She asks you t ... Read More

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How HR Managers And Line Managers Use Variance Analysis

Question Provide examples of how HR managers might make use of variance analysis. How might line managers explore variance analysis in viewing HR budgets and both direct and indirect labor expense?   Summary The question belongs to Human Resources Management and it discusses about how HR ma ... Read More

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Calculate Compensation Expense For Fair Value Option Pricing Model

Question On July 1, 2012, Ellison Company granted Sam Wine, an employee, an option to buy 600 shares of Ellison Co. stock for $30 per share, the option exercisable for 5 years from date of grant. Using a fair value option pricing model, total compensation expense is determined to be $2,700. Wine ex ... Read More

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Calculate Earnings Per Share

Question Hancock Company had 400,000 of common outstanding throughout year 2012 and issued another 100,000 on October 1, 2012. Net income for the year ended December 31, 2012, was $1,530,000. Hancock does not have any preferred stock outstanding. What is Hancock's 2012 basic EPS, rounded to the nea ... Read More

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Calculate Diluted Earnings Per Share

Question Shipley Corporation had net income for the year of $600,000 and a weighted average number of common shares outstanding during the period of 200,000 shares. The company has a convertible bond issue outstanding. The bonds were issued four years ago at par ($2,500,000), carry a 7% interest ra ... Read More

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Calculation Of Diluted Earnings Per Share

Question Stine Inc. had 500,000 shares of common stock issued and outstanding at December 31, 2014. On July 1, 2015 an additional 500,000 shares were issued for cash. Stine also had stock options outstanding at the beginning and end of 2015 which allow the holders to purchase 150,000 shares of comm ... Read More

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Methods To Determine Value Assigned To Bonds Issued

Question 1. Lang Co. issued bonds with detachable common stock warrants. Only the warrants had a known market value. Based on what method should the company determine the value assigned to bonds issued? a. Face value method b. Proportional method c. Fair value method. d. Incremental method. &n ... Read More

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Calculation Of Interest Revenue From Bonds

Question On January 3, 2012, Moss Co. acquires $400,000 of Adam Company’s 10-year, 10% bonds at a price of $425,672 to yield 9%. Interest is payable each December 31. The bonds are classified as held-to-maturity. Assuming that Moss Co. uses the effective interest method, what is the amount of ... Read More

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Calculation Of Losses From Securities

Question In 2012, Trump Co. purchased two securities: one is classified as available-for-sale and the other as trading security. The purchase prices were $10,000 (AFS) and $20,000 (trading), respectively. The fair market value of the two securities were $15,000 (AFS) and $10,000 (trading), respecti ... Read More

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Calculation Of Year End Balance After Paying Dividends

Question Harrison Co. owns 40% of the 50,000 outstanding shares of Taylor, Inc. common stock and uses the equity method to account for this investment. During 2013, Taylor earns. $1,200,000 and pays cash dividends of $960,000. If the beginning balance in the investment account was $750,000, the ba ... Read More

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Calculation Of Investment Income For The Year

Question Harrison Co. owns 40% of the 50,000 outstanding shares of Taylor, Inc. common stock and uses the equity method to account for this investment. During 2013, Taylor earns. $1,200,000 and pays cash dividends of $960,000. Harrison should report investment income for 2013 of a. $480,000. ... Read More

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Calculation Of Revenue With Percentage Of Project Completion Method

Question Cooper Construction Company had a contract starting January 2013, to construct a $12,000,000 building that is expected to be completed by the end of 2015 at an estimated cost of $11,000,000. At the end of 2013, the costs to date were $5,060,000 and the estimated total costs to complete had ... Read More

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