Anyone Good in Accounting?!?
 

I have a problem due for my class on Wednesday and well, I suck. I hate accounting ... anyone know simple Accounting 101 stuff?

2 + 2 = 5

i'll help

assets are debits, liablities are credits

me. what's the question? im a CA CPA candidate.

:2 cents: Ask away!

:2 cents: + :2 cents: = more than most gfy posters make in a year

I was good at Accounting until chapter 5. It all went downhill from there.

I'll do your assignment for $15 an hour :Graucho

Activity-based costing versus traditional overhead allocation methods. Woodruff Industries manufactures and sells custom-made coffee tables. Its job costing system was designed using an activity-based costing approach. Direct materials and direct labor costs are accumulated separately, along with information concerning three manufacturing overhead cost drivers (activities). Assume that the direct labor rate is $15 per hour and that there were no beginning inventories. The following information was available for 2004, based on an expected production level of 50,000 units

for the year:

Activity
Budgeted
Cost Driver Used
Cost

(Cost Driver)
Costs for 2004
as Allocation Base
Allocation Rate

Materials handling
$ 250,000
Number of parts used
$ 0.20 per part

Cutting and lathe work
1,750,000
Number of parts used
1.40 per part

Assembly and inspection
4,000,000
Direct labor hours
20.00 per hour


The following production, costs, and activities occurred during the month of July:


Units
Direct
Number
Direct

Produced
Materials Costs
of Parts Used
Labor Hours

3,200
$107,200
70,400
13,120



Required:

a. Calculate the total manufacturing cost and the cost per unit of the coffee tables produced during the month of July (using the activity-based costing approach).

b. Assume instead that Woodruff Industries applies manufacturing overhead on a direct labor hours basis (rather than using the activity-based costing system described above). Calculate the total manufacturing cost and the cost per unit of the coffee tables produced during the month of July. (Hint: You will need to calculate the predetermined overhead application rate using the total budgeted overhead costs for 2004.)

c. Compare the per unit cost figures calculated in parts (a) and (b) above. Which approach do you think provides better information for manufacturing managers? Explain your answer.

first thing you have to learn, is to line up the headings correctly ;)

Had the same problem in college. Really didn't want to take the fucking course anyway. Skipped half the classes. Still have bad dreams about forgetting where the class was held :1orglaugh :1orglaugh

Two tests - midterm and final - yikes!!! Got a D at the midterms, did an allnighter and Aced the final. Forgot everything by the second beer after exams.

When I got to the business world, all of sudden the numbers are much more real!! The interest level grew for the obvious. So later I started on an MBA. It's really not that complicated.

Suggest a tutor to bring you up to speed with everyone else so you can pass the class. Being lazy now, a tutor makes the most sense.

debits left credits right, or maybe it is the other way around.

Other answer is - drop the class, hire a CPA or buy QuickBooks & hire a clerk to enter everything :1orglaugh :1orglaugh :1orglaugh

:thumbsup :thumbsup :thumbsup

not sure. haven't had cost acctg in awhile. top of my head:

(15*13120)+(107200)+(70400*0.2)+(70400*1.4)+(13200 *20)=680,640

680,640/3200 = $212.70


(15*13120)+(107200)+(13120*20)=566,400; 566,400/3200= $177

i'll look into it tomorrow if i remember ok!

You might as well learn to do ABC costing now, or you're fucked on the exam...

Accounting was one of my worst classes in college. I hated it.

Retard, we have a CPA, we use QuickBooks, I have no choice, this is for my MBA.

Why is he a retard when you are the one who cant do her own work . lol

you have a cpa to do basic accounting work in bschool?

email me at mary at offerjunction.com i will be in class all day but i will look at it tonight when i get home.

Looks correct.


http://www.georgewbush.com/images/do...B_logo_200.gif

Here are some multiple choice questions for you accounting whizzes! : )

9. The price/earnings ratio:
A) is a measure of the relative expensiveness of a firm's common stock.
B) does not usually change by more than 1.0 (e.g. 8.2 to 9.2) during the year.
C) can be used to determine the cash dividend to be received during the year.
D) is calculated by dividing the earnings multiple by net income.

10. A higher P/E ratio means that:
A) the stock is more reasonably priced.
B) the stock is relatively expensive.
C) investors are wary of the stock.
D) earnings are expected to decrease.

11. When a corporation has both common stock and preferred stock outstanding:
A) dividends on preferred stock are paid only if the company has current earnings.
B) dividends on preferred stock must be paid before dividends on common stock can be paid.
C) preferred stockholders receive the same dividend per share as common stockholders.
D) dividends on preferred stock are paid only if dividends are to be paid on the common stock.


12. A management that wanted to increase the financial leverage of its firm would:
A) raise additional capital by selling common stock.
B) use excess cash to purchase preferred stock for the treasury.
C) raise additional capital by selling fixed interest rate long-term bonds.
D) try to increase its ROI by increasing asset turnover.

13. Financial leverage:
A) arises because most borrowed funds have a fixed interest rate.
B) arises because most borrowed funds have a variable interest rate.
C) usually has no bearing on the risk associated with a company.
D) is a concept that does not apply to individuals.

14. Which of the following is(are) an example of a measure of leverage?
A) Debt yield.
B) Debt payout ratio.
C) Preferred dividend coverage ratio.
D) Debt/equity ratio.
E) All of the above.

15. If a firm's debt ratio were 25%, its debt/equity ratio would be:
A) 25%.
B) 50%.
C) 33.33%.
D) 75%.