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  • During 2005, Bloom Tool Company purchased a building site for its proposed research and development laboratory at a cost of $60,000. Construction of the building was started in 2006. The building was completed on December 31, 2007, at a cost of $280,000 and was placed in service on January 2, 2008. The estimated useful life of the buildin

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  • During 2007 Federal Express reported the following information (in millions): net sales of $35,214 and net income of $2,016. Its balance sheet also showed total assets at the beginning of the year of $22,690 and total assets at the end of the year of $24,000.InstructionsCalculate the (a) Asset turnover ratio and (b) Return on assets ratio

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    122
  • During 2007 the Boge Corporation signed a noncancelable contract to purchase 10,000 bushels of soybeans at $5 per bushel with delivery to be made in 2008. On December 31, 2007, the price of soybeans had fallen to $4.50 per bushel. On May 1, 2008, the Boge Corporation takes delivery of the soybeans when the price is $4.75 per bushel.Requir

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  • During 2007, the controller of the Ryel Company asked you to prepare correcting journal entries for the following three situations:1. Machine A was purchased for $50,000 on January 1, 2002. Straight-line depreciation has been recorded for five years, and the Accumulated Depreciation account has a balance of $25,000. The estimated residual

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    143
  • During 2008, Burks Corporation spent $510,000 in research and development costs. As a result, a new product called the New Age Piano was patented. The patent was obtained on October 1, 2010, and had a legal life of 20 years and a useful life of 10 years. Legal costs of $54,000 related to the patent were incurred as of October 1, 2010.Inst

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  • During 2009, Federal Express reported the following information (in millions): net sales of $35,497 and net income of $98. Its balance sheet also showed total assets at the beginning of the year of $25,633 and total assets at the end of the year of $24,244.InstructionsCalculate the (a) Asset turnover ratio and (b) Return on assets ratio.

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  • During 2009, Jule’s Gym had some trouble with its information processing due to several hurricanes, and some errors were made in accounting for certain transactions. The firm uses straight-line depreciation for all of its long-term assets. Evaluate the following independent situations that occurred during the year:a. At the beginning of

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  • During 2010, Chun Book Store paid $487,000 for land and built a store in Akron. Prior to construction, the city of Akron charged Chun $1,400 for a building permit, which Chun paid. Chun also paid $15,320 for architect s fees. The construction cost of $690,000 was financed by a long-term note payable, with interest cost of $28,300 paid at

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  • During 2010, George Winston Corporation spent $170,000 in research and development costs. As a result, a new product called the New Age Piano was patented. The patent was obtained on October 1, 2010, and had a legal life of 20 years and a useful life of 10 years. Legal costs of $18,000 related to the patent were incurred as of October 1,

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  • During 2010, Kosik Company disposed of three different assets. On January 1, 2010, prior to their disposal, the accounts reflected the following:The machines were disposed of in the following ways:a. Machine A: Sold on January 1, 2010, for $5,750 cash.b. Machine B: Sold on December 31, 2010, for $9,000; received cash, $4,000, and a $5,00

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    112
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