Stickey Wicket, Inc.: Prepare the balance sheet as it would appear at December 31, 2004. Prepare a statement of cash flows for 2004.

Stickey Wicket, Inc. Balance Sheet December 31, 2003 Cash $20,000 Accounts Receivable $21,200 Investments (trading) $32,000 Plant Assets (net) $81,000 Land $40,000 Total $194,200 Accounts Payable $30,000 Long-Term Notes Payable $41,000 Capital Stock $100,000 Retained Earnings $23,200 Total $194,200 a. Stickey Wicket, Inc. sold part of its investment portfolio for $17,000. This transaction resulted in a gain of $3,400 for the company. The company often sells and buys securities of this nature. b. A piece of land was purchased for $18,000 cash. c. Long-term notes payable in the amount of the $16,000 were retired before maturity... click for more

Accounting: Calculating cost: 3 questions on costing: 1) overhead allocation using Activity Based Costing 2) Calculation of incremental cost for a special order for Happy Apparel Company 3) calculation of total overhead costs using ABC

Calculating cost 1. During class we discussed the need to be able to calculate the “cost” of a product. Please indicate why the “cost” of a product is important information for a business manager. In addition, please give an example of overhead allocation using a single cost pool and an example (using the same numbers) of overhead allocation using Activity Based Costing 2. Happy Apparel Company produces small kitchen appliances. The manufacturing costs per unit to produce a small can opener are shown below: Direct Materials . . . . . . . . . . . . .$6.50 Direct Labor . . . . . . . . . . . . . . . . 3.75 Variable Overhead. . . . . . . . . . . 4.25 Fixed Overhead. . . . . . .... click for more

Inventory Valuation and Accounts Receivables

4. The Howard Swatch Company had 300 swatches in its July 1 inventory. The company uses periodic inventory system and made the following purchases of swatches during July and August. July 8 40 swatches for $20 each July 27 100 swatches for $21 each Aug 18 50 swatches for $22 each Aug 24 60 swatches for $23 each Sales during July and August were 200 and 150 swatches respectively. The FIFO, Average, and LIFO costs of the swatches in the July 1 inventory were $19, $18, and $13 respectively. Calculate the ending inventory, and cost of goods sold for each month if Howard uses the FIFO, Average, and LIFO cost flow assumption. In addition, which cost flow assumption p... click for more

Reporting historical versus market price issues, and ethical problems in accounting.

Company Z had signed a long-term purchase contract to buy 20,000 board feel of timber from the British Colombia Forest Service for 250 dollars per board. Under the contract, Company Z must cut and pay $5,000,000 for this timber during the next year. Currently, the market value is $200 per board. Pat Bapp, the controller wants to recognize a $1,000,000 loss on the contract in the year-end statement, but the financial vice precedent argues that the loss is temporary, and it should be ignored. Bapp notes, however that the market value has remained near $200 for many months, and he sees no sign of significant changes. I need help with the following points: a) What are the ethical issues, i... click for more

Accounting Analysis

I need to expand the last page into a memo and assess the condition of the company using ratio's analysis inclduing key ratios and the Dupont analysis.(--just that section--) WORD COUNT OF atleast a 800 words is NEEDED. More is always better =)