Accounting

All new and solved questions in Accounting category

4 answers
If a business pays its expenses immediately can they still be accrual basis
If a business pays its expenses immediately can they still be accrual basis?...
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Long term contract reporting
acc305(Long-Term Contract Reporting)Berstler Construction Company began operations in 2010. Construction activity for the first year is shown below. All contracts are with different customers, and anywork remaining at December 31, 2010, is expected to be completed in 2011.ProjectTotal Contract Price...
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At the beginning of September,Alex Parker started parker investment services, a firm that offer advice about investment and managing money
At the beginning of September,Alex Parker started parker investment services, a firm that offer advice about investment and managing money.on sept 30,th accounting record of the business showed the following information prepare an incom statment for the month of september2010....
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Accounting-350
EXERCISE 13–7 Make or Buy a Component [LO3]Han Products manufactures 30,000 units of part S-6 each year for use on its production line. At thislevel of activity, the cost per unit for part S-6 is as follows:Direct materials . . . . . . . . . . . . . . . . . . . . $ 3.60Direct labor. . . . . . ...
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A company manufactures and sells 2 products A and B
A company manufactures and sells 2 products A and B. presently it sells 600 units of A and 400 units of B at a price of $24 and $19, respectively. the cost structure of both A and B is: ProductA Product Bdirect materials 2 4direct labor 4 4factory overheads(40% fixed) 5 3other overhead(40% variable)...
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The adjusting process
on january 31 2012 the following data were accumulated to assist the accountant in preparing the adjusting entries of oceanside realty:a:fees accrued but unbilled at January 31 are $1028b:the supplies account balance on january 31 is 6100 the supplies on hand at january 31 are 1300.c:waes accrued bu...
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Statement of Cash Flows and The Indirect Method
The comparative balance sheet of Flack Inc. for December 31, 2013 and 2012, is shown as follows:...
1 answer
How do I solve this and what is the answer?
Chapter 3: E3, E11, and P3P 3. The trial balance for Prima Consultants Company on December 31, 2010,appears below. The following information is also available:a. Ending inventory of office supplies, $97b. Prepaid rent expired, $500c. Depreciation of office equipment for the period, $720d. Interest a...
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Comprehensive Problem 3
McMinn Retail, Inc., is a retailer that has engaged you to assist in the preparation of itsfinancial statements at December 31, 2011. Following are the correctadjusted account balances, in alphabetical order, as of that date. Each balance is the "normal" balance for for that account. (Hint: ...
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The interest charged on a $100,000 note payable, at the rate of 9%, on a 90-day note would be
The interest charged on a $100,000 note payable, at the rate of 9%, on a 90-day note would be?a. 9,000b. 5,000c. 2,250d. 750...
2 answers
Marginal tax rate
Nancy gave her grandson, Sean, twenty acres of land. Her tax basis in the land was $25,000. Nancy's marginal tax rate for the current year is 45%; her grandson's is25%.Its fair market value was $575,000 at the date of the transfer. If the gift tax rate is 40% and she has never made a gift in...
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Total Bond expense
Saturn issues 6.5%, five-year bonds dated January 1, 2011, with a $500,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of$510,666. The annual market rate is 6% on the issue date.1. Compute the total bond interest expense over the bonds’ life....
2 answers
Book value of fixed Assets
In a recent balance sheet, Microsoft corporation reported property, plant, and equipment of $6,078 million and Accumulated Depreciation of $3,855 million. B. Would thebook value of Microsoft Corporation's fixed assets normally approximate their fair market values?...
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Need by Tuesday, June 15th The Doral Company manufactures and sells pens
Need by Tuesday, June 15th The Doral Company manufactures and sells pens. Currently, 5,000,000 units are manufactured per year at $0.50 per unit. Fixed costs are $900,000 per year. Variable costs are $0.30 per unit. Required: Consider each case separately: 1. a. What is the present operating income ...
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Income statements
SLP 2 Income Statements We are using the same company as in the first module. However, you need to consider some additional information.• One client had indicated that they were interested in purchasing $34,500 worth of products, so the bookkeeper recorded the transaction. However, the client h...
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Accounting
Kasten Company manufactures bowling balls through two processes: Molding and Packaging. In the Molding Department, the urethane, rubber, plastics, and other materialsare molded into bowling balls. In the Packaging Department, the balls are placed in cartons and sent to the finished goods warehouse. ...
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Payroll tax
Phil Phoenix is paid on a monthly basis. For the month of January ofthe current year, he earned a total of $8,438. FICA tax for SocialSecurity is 6.2% and the FICA tax for Medicare is 1.45%. The FUTA taxrate is 0.8%, and the SUTA tax rate is 5.4%. Both unemployment taxesare applied to the first $7,0...
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I am in accounting one and my question readsPaid cash to replenish petty cash fund,$65.00:miscellaneous expense,$30.00:repairs,$35.00
I am in accounting one and my question readsPaid cash to replenish petty cash fund,$65.00:miscellaneous expense,$30.00:repairs,$35.00.NOw, how do I journalize this in a one line transaction?With a journale labeled at top General debit and credit and hten sales credit and then cash debit and credit? ...
1 answer
Accounting Help
Diego Company manufactures one product that is sold for $80 per unit in two geographic regions—the East and West regions. The following information pertains to thecompany’s first year of operations in which it produced 40,000 units and sold 35,000 units.Variable costs per unit:Manufactur...
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Explain the two reasons why the shorter payback period the more attractive the investment is...
explain the two reasons why the shorter payback period the more attractive the investment is when the payback technique is used....

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