Showing 31 to 40 of 924 Questions
  • a. A vacant lot acquired for $100,000 is sold for $350,000 in cash. What is the effect of the sale on the total amount of the seller’s (a) assets, (2) liabilities, and (3) stockholder’s equity (retained earnings)?b. Assume that the seller owes $75,000 owed. What is the effect of the payment on the total amount of the seller’s (1) as

  • a. Differentiate between a department with line responsibility and a department with staff responsibility.b. In an organization that has a Sales Department and a Personnel Department, among others, which of the two departments has? (1) Line responsibility and (2) Staff responsibility?

  • a. Land with an assumed value of $400,000 for property tax purposes is acquired by a business for $525,000. Ten years later, the plot of land has an assessed value of $700,000 and the business receives an offer of $1,000,000 for it. Should the monetary amount assigned to the land in the business records now be increased?b. Assuming that t

  • a. What is the role of the controller in a business organization?b. Does the controller have a line or staff responsibility?

  • Access Anheuser-Busch’s 2006 annual report (10-K) for the fiscal year ended December 31, 2006, at the SEC’s EDGAR database ( or its Website ( From its financial statement notes, identify the titles and amounts of its inventory components.

  • Access DSG’s annual report for the year ended April 28, 2007 ( Read the section “Corporate Governance” dealing with the responsibilities of the board of directors.Required1. Identify the responsibilities (see the “schedule of matters reserved for the board”) of DSG’s board of directors.2. How would management

  • Ace Welding Company’s accounting records show that, for the most recent year, the raw materials inventory account had a beginning balance of $24,000. During the year, Ace purchased $82,000 of raw materials. At year-end, the raw materials inventory account had a balance of $25,000.Required:a. What was the cost of materials issued out to

  • Adam Williams was recently hired as assistant controller of GroChem, Inc., which processes chemicals for use in fertilizers. Williams was selected for this position because of his past experience in chemical processing. During his first month on the job, Williams made a point of getting to know the people responsible for the plant operati

  • Adriana Alvarado has decided to purchase a personal computer. She has narrowed the choices to two: Drantex and Confiar. Both brands have the same processing speed, 6.4 gigabytes of hard-disk capacity, two USB ports, a DVD drive, and each comes with the same basic software support package. Both come from mail-order companies with good repu

  • After years of working for others, Gina Matheson has decided to open her own florist shop. Over time, Gina has gained considerable experience in the nuances of selling flowers and flower arrangements in the retail market. She also has developed good contacts with flower wholesalers. She currently is contemplating the pricing of bouquets f