Corporation and Partnership

Scenario: Richman Investments provides high-end smartphones to several employees. The value of each smartphone is $500, and approximately 1,000 employees have these company-owned devices. In the past year, employees have lost or damaged 75 smartphones .

1. For financial accounting purposes, what is the total amount of product costs incurred to make 10,000 units?

a. Joe has signed a contract to sell gadgets to the city. The contract provides that sales of gadgets are dependent upon a test sample of gadgets operating successfully. In December, Joe delivers $12,000 worth of gadgets to the city that will be tested in March. Joe purchased the gadgets especially for this contract and paid $8,500

The standard costs and variances for direct materials, direct labor, and factory overhead for the month of May are as follows:

If the Glucometer Company sells the machine to a hospital, which would use the machine on an average of 80 times a day for 300 days a year; the machine would be operated for an average of 24,000 times a year. If the manufactured costs for the machine costs $3,000 and annual maintenance costs for the machine is about $500 per year,

The organization I have chosen to write my research paper on is called Compasion LLC., located in Norfolk, Virginia. Compasión LLC is a Mental Health Agency that provides services to children in the school environment and in-home. Compasión LLC was established in 2010 and I was their first Office Manager hired. I had the opportunity to enhance their policy and procedure manual and on boarding procedures.

ML had developed a policy of selling manual machines and renting automatic machines. Manual machines did not cost much, did not require service, and could be modified to attach different fasteners inexpensively. Automatic machines were rented on an annual basis because they would have been more expensive to sell and it provided annual income to ML. However, about 700 of the rented machines were returned each year. During the time that machines were in inventory, ML would modify the machines to attach different fasteners. This was expensive with an average cost per modification of $2000. If all 700 machines were modified during a given year this would have cost $1.4 million per year. It was also industry practice to provide preventative maintenance and

|Net Operating Profit After Taxes| | 4,356,000 | 8,316,000 | 9,900,000 | 5,148,000 | 1,980,000 |

6. Depreciation computations. Alpha Alpha Alpha, a college fraternity, purchased a new heavy-duty washing machine on January 1, 20X3. The machine, which cost $1,000, had an estimated residual value of $100 and an estimated service life of 4 years (1,800 washing cycles). Calculate the following:

A business is a person's regular occupation, profession, or trade.it is also an organization or economic system where you can exchange goods and services for one another or for money. Every business requires some form of investment and enough customers to whom its output can be sold on a consistent basis to make a profit. Businesses can be privately owned, not-for-profit or state-owned. There are four different types of business, you have Sole proprietorship, Partnership, Limited Liability Corporation (LLC), and a Corporation. A sole proprietorship is business that is unincorporated that is owned by one individual. A partnership is a business ran by two or more people, it is a legal entity where they join to carry on a trade or business. Limited Liability Corporation (LLC) is a structure that

The concept of a company being a separate legal entity is the most striking illustration in separating the company from its owners. A paramount principle of corporate law is that no shareholder or member of a company is made liable for the obligations incurred by such incorporations A company is different from its members in the eyes of law. In continuations to this the opposite also holds true in the sense that neither can the company be held liable for the acts of its members. It is a fundamental distinction that a company is distinct from its members.

1994 Summery of operations: Sales of products and services Materials, engineering, and production costs Selling, general & administrative expenses Operating costs Operating margin Other income Interest

(TCO D) Rosiek Corporation uses part A55 in one of its products. The company's accounting department reports the following costs of producing the 4,000 units of the part that are needed every year.

Task 7 On 1 April 2009 a business purchased a machine costing RM 112,000. The machine can be used for a total of 20,000 hours over an estimated life of 48 months. At the end of that time the machine is expected to have a trade-in value of RM 12,000. The financial year of the business ends on 31 December each year. It is expected that the machine will be used for: 4,000 hours during the financial year ending 31 December 2009 5,000 hours during the financial year ending 31 December 2010 5,000 hours during the financial year ending 31 December 2011 5,000 hours during the financial year ending 31 December 2012 1,000 hours during the financial year ending 31 December 2013 Required: (a) Calculate the annual depreciation charges on the machine on each of the following bases for each of the financial years ending on 31 December 2009, 2010, 2011, 2012 and 2013: (i) the straight line method applied on a month for month basis, (ii) the diminishing balance method at 40% per annum applied on a full year basis, and (iii)the units of output method. (b) Suppose that during the financial year ended 31 December 2010 the machine was used for only 1,500 hours before being sold for RM 80,000 on June. Assuming that the business has chosen to apply the