All Matches

Solution Library

Expert Answer

Textbooks

Search Textbook questions, tutors and Books

Oops, something went wrong!

Change your search query and then try again

Result Not Found

Books FREE
Tutors
Study Help
Ask a Question

Search
Sign In
Register

study help
business
college accounting

Questions and Answers of College Accounting

Vice president Eli Gold consults the board of directors in regard to the issuance of stock and negotiates an initial public offering price per share. As a bonus at the end of each fiscal year he
Just after its formation on September 1, 2019, the ledger accounts of Ducks, Inc., contained the following balances:Accrued Expenses
Nash Travel Inc., a new corporation, took over the assets and liabilities of Worldwide Travel Agency, owned by Roma David, on June 1, 2019. The assets and liabilities assumed, after appropriate
This problem consists of two parts.PART IA portion of the Stockholders’ Equity section of Bridge Corporation’s balance sheet as of December 31, 2019, appears below. Dividends have not been paid
Cate Corp. was organized on March 1, 2019, to operate a delivery service. The firm is authorized to issue 75,000 shares of no-par-value common stock with a stated value of $100 per share and 30,000
Cole Corporation, a new corporation, took over the assets and liabilities of Delta Art on January 2, 2019. The assets and liabilities, after appropriate revaluation by Cole, are as follows (amounts
This problem consists of two parts.PART IA portion of the Stockholders’ Equity section of Cailey Corporation’s balance sheet as of December 31, 2019, appears below. Dividends have not been paid
Weston Company issued and has outstanding 114,000 shares of $10 par-value common stock and 3,000 shares of $50 par-value 25 percent preferred stock. The board of directors votes to distribute $7,500
On January 2, 2019, AC Inc. issued 50,000 shares of its no-par-value common stock ($50 stated value) for cash at $51 a share. Give the entry in general journal form to record the issuance of the
On May 1, 2019, Antonelli Corporation received a subscription from Angelina Paz for 700 shares of its $1 par-value common stock at a price of $28 a share.Paz made a payment of $14.00 per share on
On January 2, 2019, Best Corporation issued 3,000 shares of its $15 par-value common stock for cash at $36 a share. Prepare the entry in general journal form to record the issuance of the stock.
On January 2, 2019, Cotton Inc. issued 35,000 shares of $10 par-value common stock and 5,000 shares of 8 percent, $50 par-value preferred stock for cash at par value. Prepare the entry in general
Alway Company, a newly organized corporation, received a bill from its lawyers for $10,000 for time spent in organizing the company.1. How should these costs be treated in the financial reports?2.
Roy Rodgers, the owner of a sole proprietorship, is planning to incorporate his business. His capital account has a balance of $480,000 after revaluation of the assets. His cash account totals
Daily Corporation has outstanding 85,000 shares of $30 par-value preferred stock, issued at an average price of $37 a share. The preferred stock is convertible into common stock at the rate of three
Southern Food Corporation has outstanding 50,000 shares of noncumulative, 7 percent, $100 parvalue preferred stock and 100,000 shares of no-par-value common stock.1. During 2019, the corporation
Terrell Owens operates a small shop that sells fishing equipment. His postclosing trial balance on December 31, 2019, is shown below.Owens plans to enter into a partnership with Cathy Turner,
Jack Tyler operates a store that sells computer software. Tyler has agreed to enter into a partnership with Oliver Preston, effective January 1, 2019. The new firm will be called Global Computing.
William, Henderson, and Middleton are partners, sharing profits and losses in the ratio of 40 to 30 to 30 percent, respectively. Their partnership agreement provides that if one of them withdraws
Nelson Ellis and Hank Tollis are partners who share profits and losses in the ratio of 40 to 60 percent, respectively. The balances of their capital accounts on December 31, 2018, are Ellis,
Tommy Riley and Derrick Victor are partners who share profits and losses in the ratio of 40:60, respectively. On December 31, 2019, they decide that Victor will sell one-half of his interest to John
The partnership agreement of Nellie Stayton and Jerald Williams does not indicate how the profits and losses will be shared. Before dividing the net income, Stayton’s capital account balance was
The net income for the new partnership known as The Convenience Place for the year ended December 31, 2019, was $17,000. The partners, Donald Jones and Amelda Loper, share profits in the ratio of 40
After revenue and expense accounts of The Quick Stop were closed on December 31, 2019, Income Summary contained a credit balance of $212,000. The drawing accounts of the two partners, Dan Eddy and
Alfred Hurley and Thomas Estes are partners who share profits and losses in the ratio of 70 to 30 percent, respectively. Their partnership agreement provides that each will be paid a yearly salary of
Reese and Cravens are partners. Their partnership agreement provides that, in dividing profits, each is to be allocated interest at 10 percent of her beginning capital balance. The balance of net
Connie Lacy and Lelia Cook are partners who share profits and losses in the following manner. Lacy receives a salary of $212,000 and Cook receives a salary of $300,000. These amounts were paid to the
On May 1, 2019, Stanley Carpenter and Fred Kenamond formed The Wine Shop. The two partners invested cash and other assets and liabilities with the following agreed-upon values:Carpenter: Cash,
Sarah Punter operates a sole proprietorship business that sells golf equipment. In 2019, Punter agrees to transfer her assets and liabilities to a partnership that will operate The Golf Shop. Punter
In 2019, Selena Lopez invests cash of $110,000 in a newly formed partnership that will operate The Tennis Shop. In return, Lopez receives a one-third interest in the capital of the partnership. In
Why should the assets and liabilities of an existing partnership be revalued when a new partner is to be admitted by the investment of cash in the organization?
Explain what the term “mutual agency” means in regard to a partnership.
Explain how the net income of a partnership is allocated if it is less than the salary and interest allowances.
Are partners’ salaries considered to be expenses of the partnership? Explain.
What is the advantage of a limited partnership?
How does the balance sheet of a partnership differ from that of a sole proprietorship?
Why are assets of an existing sole proprietorship revalued when they are transferred to a partnership?
Does a partnership pay federal income tax? Explain.
The two partners in a business often pay personal bills by writing checks on the business bank account. Is this a good business practice? Explain. How should such payments be recorded?
Refer to The Home Depot, Inc., 2015 Annual Report ( for the fiscal year ended January 31, 2016) in Appendix A.1. Locate the Notes to Consolidated Financial Statements. Review Note 1, Summary of
Wheeless Company operates a real estate abstract, title, and insurance company. Below are selected transactions and events that occurred during the years 2019 to 2022. Using those transactions and
Selected accounts of the Mayo Medical Labs are listed below. Also given are some transactions and events that took place at the company during 2019.INSTRUCTIONS1. Record in general journal form the
Liberty National Airlines is a small commercial airline operating in the United States. Because of poor economic conditions in the airline industry in 2019, Liberty National has eliminated some
Campuzano Company acquired a mineral property and drilled an oil well in 2019. Capitalized costs subject to depletion totaled $800,000. When the well began producing in late 2019, it was estimated
Freedom Company purchased four identical machines on January 4, 2019, paying $9,000 for each machine. The useful life of each machine is expected to be five years, with no salvage value expected. The
The following transactions occurred at Wilson Company during 2019:INSTRUCTIONSIn each case, assume that straight-line depreciation is used and that depreciation was last recorded on December 31,
On January 6, 2019, Harris Company purchased a computer (cost, $10,000; expected life, four years; estimated salvage value, $2,000) and an eight-passenger van (cost, $76,000; estimated life, eight
Zulu Company purchased a carton fabrication unit for $495,000 on January 8, 2019. The machine’s useful life is estimated as 3,000,000 units of product or eight years and its salvage value is
On January 5, 2019, Joshua Company purchased a new $325,000 machine with a five-year useful life and an estimated salvage value of $25,000.INSTRUCTIONSPrepare a schedule showing the annual
On July 5, 2019, Clear Lake Company purchased a site for its new headquarters for $212,500. At a cost of $20,000, it razed two existing houses, with a total appraised value of $47,500, and received
Selected accounts of the Brecha Company are listed below. On January 1, 2019, the only intangible asset in the company’s accounts was Goodwill. This was recorded in 2012 when the company acquired
Herron Realty Company owns a number of large office buildings in several cities in the United States. One of the buildings is 16 years old and has had a large number of vacant office suites for
Yellowstone Mining Company had total depletable capitalized costs of $828,000 for a mine acquired in early 2019. It was estimated that the mine contained 920,000 tons of recoverable ore when
James Company purchased four identical machines on January 10, 2019, paying $5,500 for each. The useful life of each machine is expected to be five years, with a salvage value of $700 each. The
The transactions listed below occurred at Jarred Company during 2019:INSTRUCTIONSIn following these instructions, assume that straight-line depreciation is used and that depreciation was last
On January 12, 2019, Mosley Company purchased a computer (cost, $6,500; expected life, five years; estimated salvage value, $500) and a lightweight van for delivery purposes (cost, $34,000; estimated
On January 5, 2019, Williams Company purchased equipment for $310,000 that had an estimated useful life of five years or 147,500 units of product. The estimated salvage value was $15,000. Actual
On January 4, 2019, Columbus Company purchased new equipment for $300,000 that had a useful life of four years and a salvage value of $30,000.INSTRUCTIONSPrepare a schedule showing the annual
On January 6, 2019, Baxter Company purchased a site for a new manufacturing plant for $6,800,000. At a cost of $42,000, it razed an existing facility (fair market value $600,000) and received $28,000
On December 31, 2019, Warren Company’s Intangible Assets account reflects two assets1. Goodwill, $145,000. This amount was recorded in December 2018 as part of the cost of acquiring an existing
Heath Mining Company acquired a mine in 2019. Capitalized costs of the minerals were $5,460,000. The company mined 200,000 tons of ore in 2019 and on December 31, 2019, it is estimated that 2,200,000
At the beginning of the year, it became obvious that the truck purchased the year before was too small to handle many of Laurel’s jobs. On January 4, 2020, Laurel traded in the old truck on a new,
On January 5, 2015, Mountain View Company purchased construction equipment for $710,500, with a useful life of six years and estimated salvage value of $100,000. The company uses the straight-line
Sowell Company owns a truck that cost $102,000. Depreciation totaling $70,000 had been taken on the truck up to January 8, 2019, when it was sold for $28,300.1. Give the journal entry to record the
On January 20, 2019, Laurel Transportation Company purchased a new lightweight truck for $100,000.1. Into which MACRS “class” is this asset classified?2. What would be the amount of cost recovery
On January 10, 2019, Jackson Company purchased a machine to mold components for one of its products. Total cost of the machine was $430,000. It is expected to produce 450,000 units and to have a
Hightower Company acquired an asset on January 2, 2019, at a cost of $133,000. The asset’s useful life is four years and its salvage value is $38,000. Compute the depreciation expense for each of
For the year ending December 31, 2019, Hogan Manufacturing Company had depreciation totaling $38,000 on its office equipment. Give the general journal entry to record the adjusting entry.
The International Shipping Company incurred the costs below related to a new packing machine:Invoice price of packing machine.................................$95,000Cash discount for prompt
The following costs were incurred by Imports Auto Parts in connection with the construction of a retail store building:Cost of land, including $9,500 of legal costs..................$200,000Cost to
What accounting treatment is given to most research costs?
Are gains and losses on trade-in transactions recognized and recorded under GAAP?
Explain how to measure the gain or loss when an old asset is traded in on a new one.
Explain how double-declining-balance depreciation is computed on an asset with a life of six years.
What is the name of the process by which costs of a natural resource deposit are removed from the asset account as the resources are produced?
Which, if any, of the depreciation methods discussed in this chapter ignore(s) salvage value?
Name two accelerated depreciation methods.
What is meant by the term “personal property”?
Explain how straight-line depreciation is computed.
A company purchased some land on which an old building is located. The building has to be torn down to enable construction of a new building. Which, if any, of the following costs related to the old
What is meant by “capitalized costs”?
Which of these, if any, is not “real property”?a. Landb. A buildingc. A motor home being used as an officed. Pavement for a parking lot
What information related to the company’s property, plant, and equipment must be presented in the financial statements and in the notes to the financial statements?
Under what circumstances is the units-of-production method of depreciation especially desirable?
What account is debited and what account is credited to record depreciation on trucks?
Is MACRS used for federal income tax rules acceptable under GAAP?
Suggest two situations where it may be necessary or desirable to estimate the inventory without a physical count.
In a period of rising prices, is the LIFO method or the FIFO method likely to yield the larger inventory cost?
Is the value of inventory likely to be lower if the cost or net realizable value rule is applied on an item-by-item basis, on a group basis, or to the inventory as a whole?
Explain how the lower of cost or net realizable value method is applied on a group basis.
What is meant by the term net realizable value as it is used in the lower of cost or net realizable value rule?
What is meant by the first-in, first-out assumption?
Explain briefly the average cost method.
Under what circumstances is the specific identification method for determining cost of inventory items logical?
Why is a perpetual inventory easier to maintain today than it would have been 50 years ago?
Does the maintenance of a perpetual inventory eliminate the need for taking physical inventory? Explain.
What impact does the ending inventory have on net income for the period covered by the financial statements?
What accounting principle or constraint underlies the lower of cost or net realizable value rule for inventory valuation.
Information about Vinzant Company€™s inventory of one item follows. Compute the cost of the ending inventory under(1) The average cost method (round unit cost to the nearest cent),(2) The FIFO
The following information concerns four items that Modern Woman Clothiers has in its ending inventory on December 31. Two of these items are in the accessories department, and two are in the women

Showing 1900 - 2000 of 2126

First
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22

Get In Touch

About Us
Contact Us
Career
Jobs
FAQ
Campus Ambassador

Company Info

Security
Copyrights
Privacy Policy
Terms & Condition
SolutionInn Fee
Scholarship

Services

Sitemap
Fun
Definitions
Become Tutor
Study Help Categories
Recent Questions
Expert Questions

Copyright © 2024 SolutionInn All Rights Reserved.

Get the SolutionInn - Study Help App