S
  1. study help
  2. subject categories
  3. business
  4. accounting
  5. october 2018
  6. 01

Accounting Questions and Answers October 01, 2018

Expert-verified solutions to help you succeed

i cant do right . i need help please Chapter 11 Homework Sived Help Save & Exit Submit Check my work 4. Parnell Company acquired construction equipment on January 1, 2017, at a cost of $70,500. The equipment was expected to have a useful life of six

I also tried crediting inventory but it wasn't correct either. help please Brief Exercise 9-03 Your answer is partially correct. Try again. Metlock Inc. uses a perpetual inventory system. At January 1, 2020, inventory was $215,557,300 at both cost

please include working note. the number on #2 is $600 Presidio, in produces one model of mountain bike. Partial information for the company follows: Required: 1. Complete Presidio's cost data table. (Round your Cost per Unit answers to 2 decimal

Suponga que est cerrando los libros del perodo contable y tiene un saldo de $75,000 en su cuenta de Ventas. Qu debes hacer con ese saldo? R. Debe transferirlo al siguiente perodo contable. B. Debe ponerlo a cero. C. Debe iniciar una nueva cuenta de

Unique Corporation manufactures two products; data are shown below: Contribution Relative Margin Ratio Sales Mix Product A ....................................... 50% 40% Product B........................................ 30% 60% If Unique's monthly

Cameron received the following benefits from his employer for the FBT year Fully maintained vehicle cost $28,000. No log book was kept. The car is used predominately for work purposes and is garaged at Camerons house overnight. Cameron made no

In a troubled debt restructuring in which the debt is continued with modified terms and the carrying amount of the debt is less than the total future cash flows, the creditor should singthe crnffive rat f the loan O calculate its loss using the

Nighthawk Services was incorporated in the state of VA. The company will provide management consulting services to business and governmental clients. Tom M. contributed $20,000 of personal funds to the business in exchange for shares of common stock

The income and want to have Producer Diction to view the Requirements 1. Photosmart of our own and December 31, 2011 angentot Ewe owe your in your love of thousand give the one for your in Requirement 1. Preparator can womended December 31, 2016.

The Receiving Department has three activities: unloading, counting goods, and inspecting. Unloading uses a forklift that is leased for $21,500 per year. The forklift is used only for unloading. The fuel for the forklift is $4,100 per year. Other

On January 1, 2020, West Co. exchanged equipment for an $800,000 zero-interest-bearing note due on January 1, 2023. The prevailing rate of interest for a note of this type at January 1, 2020 was 10%. The present value of $1 at 10% for three periods

The following transactions are given for TTB Company. 10 Jun: Purchased merchandise on account from Tiger Company for TL 1.850. 15 Jun: Sold merchandise on account (TL 400) under the condition 5/10,n/30. Its cost was TL 300. 27 Jun: One customer

Explain the expense claim Legislation understand and current requirements of the ATO in Australia which apply petty cash management.

02 P8-2A. Special Order Total cost data follow for Glendale Manufacturing Company, which has a normal capacity per period of 8,000 units of product that sell for $60 each. For the foreseeable future, regular sales volume should continue to equal

On August 1, 2022, Oriole Company issued $660,000.7%, 10-year bands at face value. Interest is payable annually on August 1. Oriolc's year end is December 31 (a) Prepare the journal entry to record the ixuance aft e bonds. (Credit account titles are

Exercise 11-13 On January 1, Monty Corp. had 97,500 shares of no-par common stock issued and outstanding. The stock has a stated value of $6 per share. During the year, the following Apr. Issued 22,500 additional shares of common stock for $18 per

An accountant is sorting tax returns in their files that require attention in the next week. Let U = the set of all tax returns, A = the set of all tax retums with standard deduction, B = the set of all tax retums showing business income, C = the

Piedmont Fasteners Corporation makes three different clothing fasteners in its manufacturing facility in North Carolina. All three products are sold in highly competitive markets, so the company is unable to raise prices without losing an

Scenario: Ark and Bark Dog Food Company team produces and packages cases of dog food. They are not making enough profit as they need and think it may be that their product is not priced correctly. They want you to prepare an estimate. You must show

AFN equation Broussard Skateboard's sales are expected to increase by 25% from $7.8 million in 2019 to $9.75 million in 2020 . Its assets totaled $5 million at the end of 2019. Broussard is already at full capacity, so its assets must grow at the

Chec Wiseman Video plans to make four annual deposits of $5,250 each to a special building fund. The fund's assets will be invested in mortgage instruments expected to pay interest at 12% on the fund's balance. (FV of $1. PV of $1. FVA of $1. PVA of

Please answer according to the box arrangements The following selected accounts from Swifty Corporation's general ledger are presented below for the year ended December 31, 2021: $ 105,840 $1,797,120 159,840 142,560 618,840 Accounts payable Accounts

At December 31,2019 , Swifty Co. reported the following information on its balance sheet During 2020 , the company had the following transactions related to receivables

cognitive status? a) ADL section b) BDL section c) CCL section d) Memory and orientation Development means: * 7 point a) The unfolding of characteristics and abilities in an orderly way b) A change in behaviour which results from the acquisition of

1. Materials inventory decreased $4,000. 2. Materials inventory on December 31 was 50% of materials inventory on January 1. 3. Beginning work in process inventory was $145,000. 4. Ending finished goods inventory was $65,000. 5. Direct materials used

Use the following intormation tor the Quick Study below. The following information applies to the questions displayed below.) Brodrick Company expects to produce 20100 units for the year ending December 31. A flexible budget for 20,100 units of

Describe how the Dividends Received Deduction serves to mitigate triple taxation. Specifically comment on the criteria for claiming the DRD and the % ownership and rates that apply.

Queton 11 Last year a company had stockholder's equity of $160,000, net operating income of $16,000 and sales of $100,000. The turnover was 0.5. The return on investment (ROI) was: Not yet answered Marted out of 250 a 9% b. 89 Flag Question C10% d

E6-10 (Algo) Reporting Net Sales after Sales Discounts [LO 6-4] During the months of January and February, Solitare Corporation sold goods to two customers. The sequence of events was as follows January 6 sold goods for $260 to Wizard Incorporated

Garrett Company had the following activities for a recent year ended December 3 1 : Sold land that cost $ 3 2 , 0 0 0 for $ 3 2 , 0 0 0 cash; purchased $ 1 9 0 , 0 0 0 of equipment, paying $ 1 6 0 , 0 0 0 in cash and signing a note payable for the

PROBLEM 10-14 Basic Variance Analysis LO10-1, ( LO10-2, LO10-3 Becton Labs, Inc, produces various chemical compounds for industrial use. One compound, called Fludex, is prepared Page 469 using an elaborate distilling process. The company has

Hyper Ltd owns a major building complex at West End. It rents out office and other space in this building. It has no other assets and essentially no cash reserves. When the West End property is fully tenanted Hyper Ltd makes a healthy profit but if

Ben est preparando una declaraci n de impuestos y el contribuyente tiene un dependiente en la lista. El dependiente es hijo del primo del contribuyente. El ni o vivi con el contribuyente unos meses. Ben prepar la declaraci n y anot en el Formulario

Question 19. A major difference between the annual budget and long-range planning is the over which the data pertain

Required information [The following information applies to the questions displayed below.) During the year, TRC Corporation has the following inventory transactions. Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul. 16 Purchase Oct. 6

Lodi Fabrication is evaluating a proposal to purchase a new turbine to replace a less efficient machine presently in use. The cost of the new equipment at time 0 , including delivery and installation, is $470,000. If it is purchased, Lodi will incur

Effects of Transactions (Revenue, Expense, Withdrawals) Assume Jon Wallace completed the following additional transactions during March. e. Performed services and received cash, $2,800. f. Paid rent for March, $1,130. g. Paid March phone bill, $67.

Question 1 of 5 - 1 View Policies Current Attempt in Progress Peete Company identifies the following items for possible inclusion in the physical inventory. Indicate whether each item should be included or excluded from the inventory taking. a . 9 0

The following transactions were completed by the company. a. The company completed consulting work for a client and immediately collected $6,400 cash earned. b. The company completed commission work for a client and sent a bill for $4,900 to be

uestion 28 (2 points) Saved What principal will earn $219.89 interest at 11.25% p.a. from November 16, 2019 to February 7, 2020? Question 28 options: $8,500.00 $8985.45 $8,589.45 $8,000.00

Prepare a monthly flexible selling expenses budget for Cottonwood Company for sales volumes of $300,000, $350,000, and $400,000, based on the following data: Line Item Description Value Sales commissions 6% of sales Sales manager's salary $120,000

On March 1. Eckert and Kelley formed a partnership. Eckert contributed $94,000 cash, and Kelley contributed land valued at $75,200 and a building valued at $105,200. The partnership also took Kelley's $84,000 long-term note payable associated with

Carla Vista Corp. designs and builds custom harvesting equipment for logging companies across Canada. The company, which is publicly traded, has a May 31 year end. On February 18, 2024, Carla Vista signed a contract with Pharoah Harvesting Ltd. to

The flexible budget for direct materials is computed in which of the following ways? Muttiple Choice Actual quantty used (AC) * standard price (SP) Actual quantity used (AQ) * actual price (AP) Standard quantly allowed (SC) * standard price (SP)

Schlitterbahn Waterslide Company issued 42,000, 10-year, 5 percent, $100 bonds on January 1 at face value. Interest is payable each December 31. (a) The issuance of these bonds on January 1. (b) The first interest payment on December 31. Prepare the

The post-closing trial balances of two proprietorships on January 1, 2022, are presented below. Cash Accounts receivable Allowance for doubtful accounts Inventory Equipment Accumulated depreciation-equipment Notes payable Accounts payable Sorensen,

Common-size percent computation and interpretation LO P2 Express the following comparative income statements in common-size percents. Has the company's situation improved in the most recent year? Yes No

Suppose you purchase 2 shares of ACME Inc. today at $20 per share. At the beginning of year 2 you buy 3 additional shares at $18 per share. At the end of year 2 you sell all your shares at $27 per share. The dollar-weighted return on this portfolio

Gibralter Insurance Company uses a flexible overhead budget for its application-processing department. The firm offers five types of policies, with the following standard hours allowed for clerical processing. Automobile Renter's Homeowner's Health

At the seller's discretion When the seller needs to increase net income When the seller satisfies the performance obligation When the seller receives cash

In a powerbank producing enterprise, the costs of the cafeteria employees are 36,000.00 and the costs of the maintenance workers are 78,000.00 Other expenses of the management unit are 145,000,00 t, the other expenses of the R\&D unit are 175,000,00

Due in 20 minutes. Please answer as soon as possible. Thank you so much for your help! Assume the following (1) variable expenses = $287,000, (2) unit sales = 10,000, (3) the contribution margin ratio = 20%, and (4) net operating income = $10,000.

Exercise 23-19 The accounts below appear in the ledger of Flounder Company. Retained Earnings Dr. Cr. Bal. Jan. 1, 2017 Credit Balance $15,200 Aug. 15 Dec. 31 Dividends (cash) Net Income for 2017 $41,900 26,700 66,700 Nel $40,000 Equipment Dr. Cr.

A company's unit costs based on 100000 units are: $75 Variable costs Fixed costs 30 The normal unit sales price per unit is $165. A special order from a foreign company has been received for 7100 units at $135 a unit. In order to fulfill the order.

A construction company entered into a fixed - price contract to build an office building for $ 1 0 million. Construction costs incurred during the first year were $ 2 million, and estimated costs to complete at the end of the year were $ 3 million.

Edwin Parts, a job shop, recorded the following transactions in May: Purchased $87,280 in materials on account. Issued $3,690 in supplies from the materials inventory to the production department. Issued $43,680 in direct materials to the production

Jane, a single taxpayer, operates a farm as a sole proprietor. The farm has two employees who are paid a total of $40,000. Assume that the business has no significant assets. The business generates $130,000 of income, and her taxable income before

Key comparative figures ($ millions) for both Apple and Google appear below: Key Figure Apple Google Liabilities and Equity $290,479 $147,461 Net income 53,394 16,348 Revenues and Sales 233,715 74,989 a. What is the total amount invested in (i)

A company reports pretax accounting income of $17 million, but because of a single temporary difference, taxable income is only $14 million. No temporary differences existed at the beginning of the year, and the tax rate is 40%. Prepare the

Common stock transactions on the statement of cash flows Jones Industries received $600,000 from issuing shares of its common stock and $400,000 from issuing bonds. During the year, Jones Industries also paid dividends of $60,000. How are the

You would like to start saving for retirement Assuming you are now 25 years old and you want to retire at age 55, you have 30 years to watch your investment grow. You decide to invest in the stock market, which has earned about 9% per year over the

Calculate the return on assets and return on equity for the following companies. What appears to be the average interest rate faced by the companies? As a broad generalization, which companies appear to be effectively utilizing debt to improve

Cullumber Wig Shoppe carries a number of wigs that are made specifically for people who require them while undergoing medical treatment. They use a perpetual inventory system and the FIFO cost formula for valuing inventory. The following information

To follow is information about the units produced and total manufacturing costs for Pine Enterprises for the past six months Month January February March April May June Number of units produced 8,000 7,500 6,600 6,800 4,300 7,000 Total manufacturing

Hearne Company has a number of potential capital investments. Because these projects vary in nature, initial investment, and time horizon, management is finding it difficult to compare them. Assume straight line depreciation method is used. ( Future

A building acquired at the beginning of the year at a cost of $2,200,000 has an estimated residual value of $400,000 and an estimated useful life of 20 years. Determine the following: (a) The depreciable cost $ (b) The straight-line rate % (c) The

Laval produces lamps and home lighting fixtures. Its most popular product is a brushed aluminum desk lamp. This lamp is made from components shaped in the fabricating department and assembled in the assembly department. Information related to the

Chapter 16 #9 Income Statement for a Manufacturing Company Two items are omitted from each of the following three lists of cost of goods sold data from a manufacturing company income statement. Determine the amounts of the missing items, identifying

Question 5 of 9 -/1 E View Policies Current Attempt in Progress Milner Company is working on two job orders. The job cost sheets show the following Job 201 Job 202 Direct materials $7,500 $9,250 Direct labor 4,000 8,150 Manufacturing overhead 5,050

You are asked to find the present value of $45,000 in one year with an 8% annual interes rate, compounded annually? ANSWER FORMAT For answers referring to dollar amount, use no commas or dollar signs: 12345 (NOT $12,345 ) For answers referring to a

Maria Bockman, Bates & Hill Fabricators' accounts payable manager, has just received the company's direct materials purchases budget for the first quarter. January February March Quarter Budgeted purchase cost $23,104 $44,362 $39,112 $106,578 The

Sweet Catering completed the following selected transactions during May 2016: May 1: Prepaid rent for three months, $1,500 May 5: Received and paid electricity bill, $210 . May 9: Received cash for meals served to customers, $2,090 May 14: Paid cash

Crane Company had the following adjusted trial balance. \ table [ [ \ table [ [ Crane Company ] , [ Adjusted Trial Balance ] , [ For the Year Ended June 3 0 , 2 0 2 2 ] ] ] , [ Account Titles,Adjusted Trial Balance ] , [ Debit , Credit ] , [ Cash ,

Za romandre o g and coding to come and The low for the past year Read the 0 Date Table Rem Cach demo youwde 560 000 $ Manasa water och des The only tended Dom your answer above agree on the bank Rol for the professional avenion you calculated h

Item 3 3 points Time Remaining 2 hours 4 1 minutes 2 1 seconds 0 2 : 4 1 : 2 1 eBookHintPrintReferencesCheck my workCheck My Work button is now enabledItem 3 Time Remaining 2 hours 4 1 minutes 2 1 seconds 0 2 : 4 1 : 2 1 The following information

Dynatech Convenience Store Ltd. is a small retailer operated by a number of shareholders from a First Nations community. It reports under IFRS at the request of the creditor holding the note payable. The company's post-closing trial balance at

Exercise 5 - 1 1 ( Algo ) Future value; ordinary annuity ( LO 5 - 7 ) You would like to start saving for retirement Assuming you are now 2 0 years old and want to retire at age 6 0 , you have 4 0 years to watch your investment grow. You decide to

35) In preparing a company's statement of cash flows for the most recent year using the indirect method, the following information is available: Net income for the year was $ 73,000 Accounts payable increased by 20,100 Accounts receivable decreased

13-2B Answer a, b, c P13-2B Dougherty Corporation had the following stockholders' equity accounts on January?1,2012: Common Stock ($1 par) $400,000, Paid-in Capital in Excess of Par-Common Stock $500,000, and Retained Earnings $100,000. In 2012, the

Crane Manufacturing is in the process of setting a selling price on a new product it has just developed. The following data is available from the accounting department based on a budgeted volume of 1 0 0 , 0 0 0 units. \ table [ [ , Per Unit,Total ]

Tannin Bus Co. sold 8,000 tickets on 1/5/2020 at $20 each for four-month period from 1/5/2020 to 31/8/2020. The adjusting entry on 31/5/2020 is: O a. Dr. Ticket revenue 40,000 and Cr. unearned revenue 40,000 O b. Dr. Ticket revenue 120,000 and Cr.

a. Received $72,000 cash and a building valued at $260,000 from the five investors who organized Jameson Corporation. Each 33.34 investor recelved 107 shares of $10 par value common stock. b. Ordered store fixtures costing $18,000. c. Borrowed

Brief Exercise 9-21 Calculate ratios (LO9-8) Surf's Up, a manufacturer of surfing supplies and training equipment, has the following selected data ($ in millions): Surf's Up Selected balance sheet data 2021 Total assets $ 737 Total liabilities 623

helpppp On December 31, 2022, HP Co. has $7,000,000 of short-term notes payable due on March 1, 2023. On February 18, 2023, HP reached an agreement to borrow up to $5,500,000 from Gulf Bank which will be provided with an additional cash $1,500,000

Sonic Corporation purchased and installed electronic payment equipment at its drive-in restaurants in San Marcos, TX, at a cost of $48,600. The equipment has an estimated residual value of $2,100. The equipment is expected to process 274,000

On July 1, 2017, Novak Corporation purchased Young Company by paying $251,100 cash and issuing a $133,000 note payable to Steve Young. At July 1, 2017, the balance sheet of Young Company was as follows Cash Accounts receivable Inventory Land

You are hired as a junior manager at a state-owned institution at the beginning of 2021 with a salary of $100,000. You must choose between two retirement plans in the first week of your employment. This choice cannot be reversed. The two

On September 2 9 , the company determined that the petty cash fund needed to be increased to $ 1 , 0 0 0 . What is the correct journal entry? Group of answer choices Debit Credit Cash 2 0 0 Petty Cash 2 0 0 Debit Credit Petty Cash 2 0 0 Cash 2 0 0

Please explain how you get the answer using T account Use the following for questions 9-11 - The income statement of Dolan Corporation for 2018 included the following items: Interest revenue $131,000 Salaries and wages expense 170,000 Insurance

Steven Company has fixed costs of $274,164. The unit selling prices, variable cost per unit, and contribution marrin per unit for the company's twa products are provided below. Product Selling Price per Unit Variable Cost per Unit Contribution

Question 4 5 Benny Industries allocates manufacturing overhead at a predetermined rate of 1 6 0 % of direct labor cost. Any overallocated or underallocated overhead is closed to the cost of goods sold at the end of the month. Below is information on

Question 2 : ( 1 0 marks ) Marin Ltd . started the year with a balance owing from Stratford Inc. of $ 3 1 , 2 0 0 . After several phone calls, on Feb. 1 , 2 0 2 5 , Stratford offered to sign a 5 % note for the balance owing. The note is due May 1 ,

One of your clients is trying to diversify your investment portfolio and asks you to perform an analysis of the financial statements and various financial reasons of some foreign companies. Before advising your client to invest high amounts of

Part E (Transaction 5) of first photo only. Second photo is referenced exercise(s). Using Problem E4, answer the following questions based on information given in the problenm: a. Transaction 1: What amount would be assigned to Additional Paid-in b.

On December 1,2019 , St. Sebastian University received cash of $60,000 and a pledge for another $30,000 to be paid in 2020 . The amounts are to establish a permanent endowment to provide scholarships for music mojors. How should this event be

* * * * * * Scenario 5 : It's All Relative Related Party Transactions Michael owns a small manufacturing business. He employs his son, David, and pays him a $ 6 0 , 0 0 0 salary. Michael also sells a piece of equipment to David for $ 1 0 , 0 0 0 (

Filimore, Incorporated, expects sales of its housing for electric motors to be $81,000,$76,000, and $92,000 for January, February, and March, respectively. Its variable selling and administrative expenses are 7 percent of sales, and fixed selling

Shortly explain how you can determine if a company is effectively using leverage?

Here is the information for a set of small tools that will be depreciated over three years: a. What is the annual depreciation expense when the straight-line depreciation method is used? b. What is the depreciation expense in Year 1 when the units

(a) Prepare worksheet entries to consolidate these two companies as of December 31, 2018. 1 Prepare Entry *G to remove the intra-entity gross profit from the beginning account balances. 2 Prepare Entry *TA to adjust the equipment balance to the

Showing 1 - 100 of 1500
  • 1 / 15