Slacker Slacks Inc. (SSI) is a high-end clothing manufacturer. SSI makes Slacks® and Sleeks®. As part of a process improvement initiative, SSI management decided to transition from a traditional single-driver overhead costing system based on direct labor cost (estimated at $60,000) to an activity-based costing system. In doing so, SSI will trace direct materials and direct labor directly to products while allocating other costs based on activities.

The following actual activity relates to the two products.

Problem: For Slacker Slacks Inc., compute the product cost prior to over/under-applied overhead using the original costing system. Assuming all costs were estimated correctly, by how much is overhead over/under applied? How much of the over/under applied overhead should be allocated to each product?

Problem: For Slacker Slacks Inc., compute the product cost prior to over/under-applied overhead using the activity based costing system. Assuming all costs were estimated correctly, by how much is overhead over/under applied? How much of the over/under applied overhead should be allocated to each product?

Summarize the cost flow methoda used under each system.

Purry Pulp makes 100% natural, biodegradable litter that is sold in pet stores across the nation. While still a small company, PP needs to track inventory on a monthly basis for reports sent to current and potential investors. Processing information related to May is included below.

Problem: Using process costing techniques, compute the ending work-in-process inventory values and costs for materials transferred into finished goods. Use only the Weighted Average Method of process costing.

The following information pertains to Big Three Manufacturing Company for March 2018. Assume actual overhead equaled applied overhead.

The gross profit is $______________

The company paid dividends of $188,500 last year. The “Investment in Buisson, S.A.,” on the balance sheet represents an investment in the stock of another company. The company's minimum required rate of return of 15%.

Required:

1. Compute the company's average operating assets for last year.

2. Compute the company’s margin, turnover, and return on investment (ROI) for last year. (Do not round intermediate calculations and round your final answers to 2 decimal places.)

3. What was the company’s residual income last year?

1.         Constructive Receipt – Assignment of Income Doctrines

Please comment on the doctrines of constructive receipt and assignment of income. What is each one all about? What do you think the purpose is of each one, what perceived abuses are each designed to counter?

2.         Discharge of Debt

Explain the rules for discharge of indebtedness income. When is it taxable, and when isn’t it? Why? Do you think these rules make sense?

I need an answer for this question : ( the subject is Islamic accounting )

Accounting is Islam is dichotomous to the western perspective. Accountability of the muhaseeb (accountant ) is important as Muslim is bound by the duties and responsibilities outlined by the shariah Islamia. Discuss the differences between Islamic and conventional accounting, and the concept of accounting and accountability in Islam and by referring to the Surah Al Baqarah, verse 282 and thesis from Yaacob and Nahar (2011) to support your argument.

Maria's Food Service provides meals that nonprofit organizations distribute to handicapped and elderly people. Here is her forecasted income statement for April, when she expects to produce and sell 3,200 meals:

Amount Per Unit Sales revenue $ 19,840 $ 6.20

Costs of meals produced 14,720 4.60

Gross profit $ 5,120 $ 1.60

Administrative costs 2,240 0.70

Operating profit $ 2,880 $ 0.90

Fixed costs included in this income statement are $5,120 for meal production and $640 for administrative costs. Maria has received a special request from an organization sponsoring a picnic to raise funds for the Special Olympics. This organization is willing to pay $3.60 per meal for 300 meals on April 10. Maria has sufficient idle capacity to fill this special order.

These meals will incur all of the variable costs of meals produced, but variable administrative costs and total fixed costs will not be affected. Required: a. What impact would accepting this special order have on operating profit? (Select option "higher" or "lower", keeping Status Quo as the base. Select "none" if there is no effect.)

From an operating profit perspective for April, should Maria accept the order? Yes No

On January 1, 2018, the following information was drawn from the accounting records of Carter Company: cash of $800; land of $3,500; notes payable of $600; and common stock of $1,000.

Required

a. Determine the amount of retained earnings as of January 1, 2018.

b. After looking at the amount of retained earnings, the chief executive officer (CEO) wants to pay a $1,000 cash dividend to the stockholders. Can the company pay this dividend?

c. As of January 1, 2018, what percentage of the assets were acquired from creditors?

d. As of January 1, 2018, what percentage of the assets were acquired from investors?

e. As of January 1, 2018, what percentage of the assets were acquired from retained earnings?

f. Create an accounting equation using percentages instead of dollar amounts on the right side of the equation.

g. During 2018, Carter Company earned cash revenue of $1,800, paid cash expenses of $1,200, and paid a cash dividend of $500. (Hint: It is helpful to record these events under an accounting equation before preparing the statements.)

g-1. Prepare an income statement dated December 31, 2018.

g-2. Prepare a statement of changes in stockholders’ equity dated December 31, 2018.

g-3. Prepare a balance sheet dated December 31, 2018.

g-4. Prepare a statement of cash flows dated December 31, 2018.

j. What is the balance in the Revenue account on January 1, 2019?

Cash Discounts

Suppose a firm makes purchases of $3 million per year under terms of 3/10, net 30, and takes discounts. Assume 365 days in a year for your calculations. Do not round intermediate calculations.

1. What is the average amount of accounts payable net of discounts? (Assume that the $3 million of purchases is net of discounts - that is, gross purchases are $3,092,784, discounts are $92,784, and net purchases are $3 million.) Round your answer to the nearest dollar.
   $   
   
2. Is there a cost of the trade credit the firm uses?
   I. The cost of the trade credit is $246,575.
   II. There is no cost of trade credit at this point. The firm is using "free" trade credit.
   
3. If the firm did not take discounts but it did pay on the due date, what would be its average payables? Round your answer to the nearest dollar.
   $   
   If the firm did not take discounts but it did pay on the due date, what would be its nominal cost? Round your answer to two decimal places.
        %
   If the firm did not take discounts but it did pay on the due date, what would be its effective cost? Round your answer to two decimal places.
        %
   
4. What would the firm's cost of not taking discounts be if it could stretch its payments to 36 days? Round your answers to two decimal places.

   Nominal cost	%
   Effective cost	%

Suppose you take a 10-year mortgage for a house that costs $234,834. Assume the following: The annual interest rate on the mortgage is 3.3%. The bank requires a minimum down payment of 12% of the cost of the house. The annual property tax is 2% of the cost of the house. The annual homeowner's insurance is $863. The monthly PMI is $91. Your other long-term debts require payments of $1,589 per month. If you make the minimum down payment, what is the minimum gross monthly salary you must earn in order to satisfy the 36% rule? Round your answer to the nearest dollar.

You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door opening device. The president has asked that you review the company’s costing system and “do what you can to help us get better control of our manufacturing overhead costs.” You find that the company has never used a flexible budget, and you suggest that preparing such a budget would be an excellent first step in overhead planning and control. After much effort and analysis, you determined the following cost formulas and gathered the following actual cost data for March:

During March, the company worked 17,000 machine-hours and produced 11,000 units. The company had originally planned to work 19,000 machine-hours during March.

Required:

1. Calculate the activity variances for March.

2. Calculate the spending variances for March.

In a short essay form, discuss the similarities and differences between financial statement audits, operational audits, and compliance audits. Give an example of each type. Please explain in detail for each audit because my textbook does not explain it well.

Your employer has chosen to expand operations into Italy. Research tax compliance issues in Italy.

Identify and summarize at least two tax guidelines. The guidelines can be requirements to file informational returns, obtain identification prior to entering business, or requirements of your employer to pay taxes.

Consider the following premerger information about Firm X and Firm Y: Firm X Firm Y Total earnings $ 88,000 $ 18,500 Shares outstanding 45,000 20,000 Per-share values: Market $ 45 $ 16 Book $ 16 $ 7 Assume that Firm X acquires Firm Y by paying cash for all the shares outstanding at a merger premium of $5 per share, and that neither firm has any debt before or after the merger. Construct the postmerger balance sheet for Firm X assuming the use of the purchase accounting method. (Do not round intermediate calculations.)

Assets from X $

Assets from Y

Goodwill

Total Assets XY $