Accounting

All new and solved questions in Accounting category

no answer
Prepare journal entries for the transactions: May 1, 2004: Bonds Payable with a par value of $700,000, which are dated Jan 1, 2004 are sold at 106 plus interest
Prepare journal entries for the transactions: May 1, 2004: Bonds Payable with a par value of $700,000, which are dated Jan 1, 2004 are sold at 106 plus interest. They are coupon bonds, bear interest at 12%(payable annually at Jan 1), and mature Jan 1, 2014. (Use interest expense account for accured ...
no answer
Cost structure
Pittman Company is a small but growing manufacturer of telecommunications equipment. The company has no sales force of its own; rather, it relies completely onindependent sales agents to market its products. These agents are paid a commission of 14% of selling price for all items sold.Barbara Cheney...
no answer
Treed partnership has total equity of $510,000 (Elm capital $400,000 and Oak capital $11000)Share net income and loss in a ratio of 80% to Elm and 20% to OakNov 1 Ash admitted to partnership give 15% interest in equity and 15% share in income and lossPrep
Treed partnership has total equity of $510,000 (Elm capital $400,000 and Oak capital $11000)Share net income and loss in a ratio of 80% to Elm and 20% to OakNov 1 Ash admitted to partnership give 15% interest in equity and 15% share in income and lossPrepare journal entry to record the admission of ...
3 answers
(Computation of Net Income)
Presented below are changes in all the account balances of Jackson Furniture Co. during the current year, except for retained earnings.Increase (Decrease)Increase (Decrease)Cash $87,630 Accounts Payable $(58,870)Accounts Receivable (net) 46,760 Bonds Payable 83,270Inventory 135,960 Common Stock 128,...
no answer
Which of the following steps in the accounting cycle requires the most thought and judgement by the accountant: (a) preparing a trial balance, (b) posting adjusting, and closing entries, or (c) analyzing and recording transactions
Which of the following steps in the accounting cycle requires the most thought and judgement by the accountant: (a) preparing a trial balance, (b) posting adjusting, and closing entries, or (c) analyzing and recording transactions? Explain your answer....
no answer
ACCOUNTING QUESTION
Albuquerque, Inc., acquired 16,000 shares of Marmon Company several years ago for $600,000. At the acquisition date, Marmon reported a book value of $710,000, andAlbuquerque assessed the fair value of the noncontrolling interest at $150,000. Any excess of acquisition-date fair value over book value ...
no answer
Cost of Plant Assets
Marlin Bowling installs automatic scorekeeping equipment with an invoice cost of $350,000. The electrical work required for the installation costs $10,000. Additionalcosts are $4,000 for delivery and $21,000 for sales tax. During the installation, a component of the equipment is carelessly left on a...
no answer
NPV analysis
In net present value analysis for a proposed capital investment, the expected future net cash flows are averaged and then reduced to their present values.A. trueB. false...
1 answer
Problems i cannot understand
1. The timing strategy becomes more attractive if a taxpayer is able to accelerate deductions by two or more years (versus one year).True False2. When considering cash inflows, higher present values are preferred.True False3. One limitation of the timing strategy is the difficulties in accelerating ...
no answer
Interest due
Tytus Co. entered into the following transactions involving short-term liabilities in 2010 and 2011.2010Apr. 20 Purchased $38,500 of merchandise on credit from Frier, terms are 1/10, n/30. Tytus uses the perpetual inventory system.May 19 Replaced the April 20 account payable to Frier with a 90-day, ...
no answer
Accounting Help
The following information is available to assist you in preparing a bank reconciliation for Calico Corners on May 31, 2010:a. The balance on the May 31, 2010, bank statement is $8,432.11.b. Not included on the bank statement is a $1,250 deposit made by Calico Corners late on May 31.c. A comparison b...
no answer
Cost accounting question
Battle Creek Storage Systems budgeted the following factory overhead costs for the upcoming year to help variable and fixed predetermined overhead rates.Indirect material: $2.50 per unit producedIndirect labor: $3.00 per unit producedFactory utilities: $3,000 plus $0.02 per unit producedFactory mach...
1 answer
Big River Rafting pays $310,000 plus $15,000 in closing costs to buy out a competitor. The real...
Big River Rafting pays $310,000 plus $15,000 in closing costs to buy out a competitor. The real estate consists of land appraised at $105,000, a building appraised at$210,000, and equipment appraised at $35,000. Compute the cost that should be allocated to the building.1.$93,000.2.$186,000.3.$32,500...
no answer
How can advertiser overcome the problems of low literacy in their markets
How can advertiser overcome the problems of low literacy in their markets?...
no answer
Sports
Sport Pro Magazine sold 17,880 annual subscriptions on August 1, 2010, for $20 each. Prepare Sport Pro's August 1, 2010, journal entry and the December 31, 2010,annual adjusting entry.Date Description/Account Debit Credit8/1/1012/31/10...
no answer
Managerial accounting contribution margin ratio, break even question
Presque Isle Seating Co., a manufacturer of chairs, had the following data for 2011:Sales 2,400 unitsSales price $40 per unitVariable costs $14 per unitFixed costs $19,500Compute the followinga. Contribution margin ratiob. Break-even point in dollarsc. Margin of safety in dollarsMargin of safety rat...
no answer
Accounting help
QS 5-14 Analyzing inventory L.O. A3Market Company begins the year with $200,000 of goods in inventory. At year-end, the amount in inventory has increased to $230,000. Cost of goodssold for the year is $1,600,000.Compute Market’s inventory turnover and days’ sales in inventory. Assume tha...
1 answer
Federal Income Tax: Individual Child and Dependent Care Expenses
Jim and Mary Jean are married and have two dependent children under the age of 13. Both parents are gainfully employed and during 2012 earn salaries as follows:$16,000 (Jim) and $5,200 (Mary Jean). To care for their children while they work, they pay Eleanor (Jim’s mother) $5,600. Eleanor does...
no answer
ACCT HW
#26. If a company is using the cash-basis method of accounting, when is revenue recorded?A. when cash is received, prior to the services being renderedb. when services are rendered, even though cash may be received at a later datec. when cash is received, at a time after the services wre renderedD. ...
1 answer
Accounting
ABE9-7Linhart Co. uses the percentage-of-accounts receivable basis to record bad debts expense. It estimates that 2% of accounts receivable will become uncollectible.Accounts receivable are $459,500 at the end of the year, and the allowance for doubtful accounts has a credit balance of $1,652.Prepar...

-- 0.058209--