Managerial Accounting Classifying Costs And Ethics Homework Help
Best UK USA UAE Australia Canada China Managerial Accounting Classifying Costs And Ethics Homework Help Service Online
1. Classifying Costs
Required Use the following format to classify each cost as a product cost or a general, selling, and administrative (GS&A) cost. Also indicate whether the cost would be recorded as an asset or an expense. The first item is shown as an example.
|Cost Category||Product/ GS & A||Asset/|
|Depreciation on administration building|
|Depreciation on manufacturing equipment|
|Research and development costs|
|Cost to set up manufacturing equipment|
|Utilities used in factory|
|Cars for sales staff|
|Distributions to stockholders|
|General office supplies|
|Raw materials used in the manufacturing process|
|Cost to rent office equipment|
|Wages of production workers|
Accounting for Obsolete Inventory. High Tech, Inc., is a public company that produces laser and ink jet printers. Jorge is an accounting staff member who works for the company’s controller and is involved in preparing the annual report. One of High Tech’s competitors developed a superior color laser jet printer using a less costly production process. Jorge realizes that High Tech’s substantial inventory of color laser jet printers is effectively obsolete and will have to be written down to its net realizable value in accordance with U.S. GAAP. This means higher expenses and lower profits.
Jorge’s boss, the controller, is aware of the situation but the chief financial officer is not. In fact, the controller told the CFO that High Tech does not have any obsolete inventory. Both Jorge’s boss and the CFO receive bonuses tied to the company’s profits.
The outside auditors are completing the audit and are unaware of the obsolete inventory.
How should Jorge handle this situation? Use the IMA’s Statement of Ethical Professional Practice
Accounting for Revenues and Expenses. Equipment Group produces excavating equipment for contractors. Equipment Group is working on the annual financial statements for its shareholders, who are expecting profits of $200,000,000 for the year ending December 31. The controller (Jeff) and CFO (Kathy) will receive bonuses totaling 50 percent of their salaries if company profits exceed $200,000,000. Sarah is a staff accountant who works for the controller. One week before the end of the fiscal year, a customer decides to delay a significant purchase of equipment until March of the next year. As a result, Equipment Group’s profits will decrease by $2,000,000 to $198,000,000 for the year.
Jeff, the controller, approaches Sarah and asks her to think of a way to increase profits by $2,500,000. He suggests looking at sales occurring in early January and perhaps moving them up to December. He also hints that some December expenses could be pushed back and recorded in January.
a. Is there a problem with the controller’s request? Explain your answer.
b. How should Sarah handle this situation?
c. What are the potential consequences for Sarah if she agrees to do what Jeff suggests?
How it Works?
How it Works?
Step 1:- Want to buy solution for this. Please click on submit your assignment here and then fill all details and please mentioned product code at the end of the case. Product code is extremely important to locate your assignment. You can also mail us by keeping product code as mail subject to firstname.lastname@example.org
Step 2:- As soon as we received your details, we will inform you with through email about quotations of the given assignment. Requesting you to please mention your budget. Also ensure our email email@example.com should not go into your spam folder.
Step 3:- Once you agree with our price, click on pay now and pay the agreed amount and once we received the payment assignment will be delivered before agreed deadline.
Step 4:-You can also call us in our phone no. as given in the top of the home page or chat with our customer service representatives by clicking on chat now given in the bottom right corner.
Our Features for Assignment Help Services
Plagiarism Free Solution
The first and foremost things that we promise to our customer is plagiarism free solution i.e. a complete and unique solution as per customer’s university requirements.
Excellent Customer Care Services
You can feel our responsiveness once you use our service. Our team of excellent and dedicated customer service representatives are always ready to provide best customer care service 24X7 . Just drop a mail to firstname.lastname@example.org and you can receive response in just no time.
Multiple Stage Quality Assurance
We design a unique multiple stage quality assurance team to ensure plagiarism free, original, relevant and as per customer’s requirements. We not only give importance to accurate solutions or writing but also we give equal importance to references style too.
Privacy and Confidentiality
We believe in maintaining complete privacy and confidentiality of all our clients. None of the information furnished to us is shared with anyone else.
We receive requests from clients all over the World. Most of our customers are from USA, UK, Australia, Canada, UAE, Muscat, Oman, Qatar, UAE, New-Zealand, France Germany etc.
- Accounting Homework Help
- Accounting Assignment Help
- Computer Science Homework Help
- Management Homework Help
- Finance Assignment Help
- Online Essay Writing Help
- Strategic management case study help
- Case Study Assignment Help
- Dissertation Writing Help
- Trade finance case study help
- Project Management Assignment Help
- Mechanical Engineering Homework Help
- Online Quiz Help
- Maths homework Help
- Online Exam Help
- Economics Assignment Help
- Economics Homework Help
- English Homework Help
- Macroeconomics Homework Help
- Microeconomics Homework Help
- Statistics Assignment Help
- Australia Taxation Homework Help
- Supply chain management homework help
- Taxation homework help
- USA taxation assignment help
- Advanced accounting homework help online
- Auditing homework writing help
- Human resource management homework help
- Nursing homework help online
- Psychology homework help online
- Sociology homework help online
- Ratio analysis homework help online
- Strategic Management Homework Help Online
- Mba operations management homework help
- Human resource management homework help
- Operations management homework help
4.Identifying product versus general, selling, and administrative costs
Indicate whether each of the following costs should be classified as a product cost or as a general, selling, and administrative cost. a. Research and development costs incurred to create new drugs for a pharmaceutical company.
b. The cost of secretarial supplies used in a doctor’s office.
c. Depreciation on the office furniture of the company president.
d. Direct materials used in a manufacturing company.
e. Indirect materials used in a manufacturing company
f. Salaries of employees working in the accounting department.
g. Commissions paid to sales staff.
h. Interest on the mortgage for the company’s corporate headquarters.
i. Indirect labor used to manufacture inventory.
j. Attorney’s fees paid to protect the company from frivolous lawsuits.
5.Schedule of Raw Materials Placed in Production
The balance in Sedona Company’s raw materials inventory account was $110,000 at the beginning of September and $135,000 at the end of September. Raw materials purchased during the month totaled $50,000. Sedona used $8,000 in indirect materials for the month.
Prepare a schedule of raw materials placed in production for the month of September
Product Code: ACC216
Looking for Managerial Accounting Classifying Costs And Ethics Homework Help , please submit your details here with product code mentioned above.