Monday
February 27, 2017

Homework Help: Business: Accounting

Recent Homework Questions About Accounting

Accounting
X has recorded bad debt expense in the past at a rate of 1.5% of accounts receivable, based on an aging analysis. In 2017, X decides to increase its estimate to 2%. If the new rate had been used in prior years, cumulative bad debt expense would have been $387,800 instead of $...
Tuesday, February 21, 2017 by Tim

accounting
Given the cost of direct materials of $500 and the labour rate of $20 per hour. Assuming the predetermined overhead rate is $5 per hour and the actual hours is 50 hours - please calculate the total cost of this job?
Monday, February 20, 2017 by vivian

business communication
please help me to revise this paragraph I’m fed up with the mistakes that our current accounting firm makes. I run a small construction company, and I don’t have time to double-check every bookkeeping entry and call the accountants a dozen times when they won’t return my...
Friday, February 17, 2017 by JP

Accounting
Cash $10,000 Accounts Payable $7,000 Accounts Receivable $6,400 Mortgage Payable $65,000 Supplies $1,500 Long-term Debt $36,000 Building $150,000 Notes Payable $9,000 Equipment $80,000 Preferred Stock $32,000 Merchandise Inventory $18,000 Retained Earnings $59,900 Prepaid Rent...
Thursday, February 16, 2017 by Veronica Salas

Accounting 1
Invested $25000 in cash and office equipment that had a fair value of $6000. What is the journal entry for this?
Sunday, February 12, 2017 by Adoni

Accounting
Cupid Co. has total assets of $600,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of Cupid Co.'s Owner's Equity? Please explain how you got this answer.
Tuesday, February 7, 2017 by Anon

Accounting
On 2015 January 1, Jackson Company purchased equipment for $440,000. The equipment has an estimated useful life of 10 years and an estimated salvage value of $40,000. If Jackson uses the straight-line depreciation method, what is the depreciation expense for 2015?
Tuesday, January 24, 2017 by Jala

accounting
Need advise in how to set up? On, April 1, 2015, Lester Company received a bank statement that showed a balance of $ 8,950. Lester showed a $8,000 checking account balance. The bank did not return check No. 115 for $750 or check No. 118 for $370.00. A $900.00 deposit made on ...
Monday, January 23, 2017 by jennifer

accounting
On, April 1, 2015, Lester Company received a bank statement that showed a balance of $ 8,950. Lester showed a $8,000 checking account balance. The bank did not return check No. 115 for $750 or check No. 118 for $370.00. A $900.00 deposit made on March 31 was in transit. The ...
Monday, January 23, 2017 by jennifer

Accounting
Davis Company was started on January 1, 2012. During the month of January, Davis earned $4,600 of revenue and incurred $3,000 of expense. Davis closes its books on December 31 of each year. Required a. Determine the balance in the Retained Earnings account as of January 31, ...
Friday, January 20, 2017 by sammy

Maths, Accounting, Life Orientation, Life Science, Physical Science, English and my home language (sepedi)
Could I become a social worker with those subjects?
Wednesday, January 18, 2017 by Pamela Mosoane

accounting
Which college or university could I go after grade 12
Sunday, January 15, 2017 by Ndlandla

Accounting
What equation was used to get the answer in requirement 3? Consulting to control costs. Requirement 1. Compute Draper's predetermined overhead (OH) allocation rate for 2018. Estimated OH costs / Estimated direct labor costs = Predetermined OH allocation rate $198,000 / $990,...
Saturday, January 14, 2017 by Peter

accounting
40. The following items are taken from the financial statements of Pelatihan OSN Company for the year ending December 31, 2016: Accounts payable 18,000 Accounts receivable 11,000 Accumulated depreciation – equipment 28,000 Advertising expense 21,000 Cash 15,000 Pelatihan OSN...
Saturday, January 14, 2017 by alpi

Business
The accrual accounting system is a standard system used by most businesses and is also the system used in the simulation. In relation to the rules of accrual accounting, consider the following question: What is being "unaccounted" for?
Wednesday, January 11, 2017 by Patte

accounting
home / study / math / other math / questions and answers / the following tabulation gives earnings per share ... Question: The following tabulation gives earnings per share ... The following tabulation gives earnings per share figures for theFoust Company during the preceding ...
Wednesday, January 11, 2017 by tati

accounting
Revenue is traditionally recognized in the accounting records when A. cash is received. B. services are rendered. C. it’s incurred. D. None of the above
Friday, January 6, 2017 by Anonymous

accounting
This table is used to calculate annual commissions and salaries for car salespeople. What would the total yearly earnings of a sales assistant be who has $90,000 in sales? Commission & Salaries Sales Assistant-Base Salary-$10,000 Sales Person-Base Salary-20,000 Sales Manager-...
Wednesday, January 4, 2017 by esther

accounting
Assume ABC merchandize company purchase merchandize and 680000 on April 2016. A) Record the journal entry. B) Assume ABC purchase on account ( credit) and record the journal entry. C) Assume that the company purchase in terms of n/30 and record the journal entry. D) Assume the...
Wednesday, January 4, 2017 by Lidiya Teshome

ACCOUNTING
Paid employees' salaries, 20,000. Employees' payroll deductions are made at the end of every month. the employees' payroll for July 31 is shown Gross Pay 24,000 Deductions: Withholding Tax 2,500 SSS Contributions 1,000 Health Contribution 500 4,000 Net Pay: 20,000 Where should...
Monday, December 26, 2016 by Chewbacca

ACCOUNTING
Began his business with equipment valued at 40,000 and place 400,000 in the business checking account. What accounts will be decrease or increase?
Monday, December 26, 2016 by Chewbacca

Accounting
7. If the net present value of a project equals zero _______________. (Points : 1) the project should be considered the project should not be considered then someone made an error in the calculation then a balanced scorecard should be adopted to compensate
Tuesday, December 13, 2016 by Jenny

accounting
3. Managers would prefer a budget prepared______________________________. (Points : 1) by the budget committee utilizing the top-down approach utilizing the bottom-up approach utilizing none of the methods listed here
Monday, December 12, 2016 by Jenny

acc 305 accounting
The fourth step in the financial accounting research process may require you to​ ________. A. cross reference information in the Codification B. work down the levels of the hierarchy to identify a similar transaction C. draft a memo D. change or refine your research question...
Sunday, December 11, 2016 by madam

acc 305 accounting
In addition to disclosing judgments involving estimates and​ assumptions, ________ requires that companies disclose judgments made when determining appropriate accounting treatments. A. IFRS B. U.S. GAAP C. both A​ & B D. neither A nor B answer C
Sunday, December 11, 2016 by madam

Accounting
In january, a group of investors contributed $140,000 in the company in return for $70,000 shares of capital stock(no par value)
Thursday, December 8, 2016 by Shaymaa

Financial Accounting
Explain the reason for creation of provision, how they are accounted for, and where it is presented in the funancial statement.
Wednesday, December 7, 2016 by shima

ACCOUNTING
On April 1, 10,000 shares of $5 par common stock were issued at $22, and on April 7, 5,000 shares of $50 par preferred stock were issued at $104. On April 20, 5,000 shares of common stock were issued in exchange for land. The stock had a market value of $23 on that date. ...
Sunday, December 4, 2016 by AMY

Accounting
Herring Wholesale Company has a defined benefit pension plan. On January 1, 2016, the following pension related data were available: ($ in 000s) Net gain–AOCI $ 350 Accumulated benefit obligation 3,170 Projected benefit obligation 3,200 Fair value of plan assets 2,700 ...
Wednesday, November 30, 2016 by Ben

Accounting
Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period.
Monday, November 28, 2016 by Kimmie

accounting
A debit increases the balance in all of the following accounts except for which one?
Thursday, November 24, 2016 by Anonymous

Statistics
Please help I don't know how to solve this problem : Trevor is interested in purchasing the local hardware/sporting goods store in the small town of Dove Creek, Montana. After examining accounting records for the past several years, he found that the store has been grossing ...
Monday, November 21, 2016 by Amy

Financial Accounting
What are some examples of things that would give a company significant or controlling interest?
Sunday, November 20, 2016 by Patte

ACCOUNTING
Budgeting is _______________________________. (Points : 1) A an exact science B going to involve the use of estimates C not going to ever produce a variance if properly prepared D never created using information from a previous period ANSWER B
Saturday, November 19, 2016 by madam

ACCOUNTING
Padding a budget __________________________________. (Points : 1) A is a smart use of company funds by a manager B does little to advance organizational efficiency C may induce wasteful spending D is impacted by more than one of the solutions listed here ANSWER B
Saturday, November 19, 2016 by madam

ACCOUNTING
Managers would prefer a budget prepared______________________________. (Points : 1) A by the budget committee B utilizing the top-down approach C utilizing the bottom-up approach D utilizing none of the methods listed here ANSWER C
Saturday, November 19, 2016 by madam

ACCOUNTING
All of the following are parts of a Master budget except a___________________. (Points : 1) A sales budget B production budget C direct labor budget D balanced scorecard ANSWE4 D
Saturday, November 19, 2016 by madam

ACCOUNTING
Budgets are ___________________________. (Points : 1) A a tool for management to use to penalize managers with poor performance B detailed financial plans that quantify future expectations and actions C busy work assigned to keep department managers from wasting valuable time ...
Saturday, November 19, 2016 by madam

ACCOUNTING
If the actual factory overhead applied is more than the actual factory overhead incurred _________. (Points : 1) A a favorable variance is produced B an unfavorable variance is produced C no variance is produced D there is no way to calculate which way the variance will fall ...
Saturday, November 19, 2016 by madam

ACCOUNTING
Production Standards should be set ______________________. (Points : 1) A by the managerial accountant B by an engineer C by the production department manager D by some combination of the above individuals and possibly others not named here ANSWER D
Saturday, November 19, 2016 by madam

accounting
Standards are ______________________________. (Points : 1) A the predetermined expectations about the inputs required to achieve anticipated output. B the result of engineers and accountants trying to reach a targeted net income figure on the budget C singular in purpose D set...
Saturday, November 19, 2016 by madam

accounting
Budgeting is _______________________________. (Points : 1) A an exact science B going to involve the use of estimates C not going to ever produce a variance if properly prepared D never created using information from a previous period ANSWER B
Saturday, November 19, 2016 by madam

accounting
Prepare the journal entries for each transaction. Post to the ledger and prepare a trial balance. May 2 Purchased merchandise on account from Wendy Supply Co. P10,000 terms, 2/10,n/30 3 Sold merchandise for P4,500 terms P500 down balance 2/10,n/30. 4 Paid P500 cash for freight...
Friday, November 18, 2016 by faye

accounting
how would this be posted to the general ledger. dr.cash 19,000 dr.office equipment 6,000 cr. rich capital 25,000
Wednesday, November 16, 2016 by Anonymous

Accounting
Rented an office and paid three months rent in advance to property management check $4500, how would this journal entry be posted to the general journal.
Wednesday, November 16, 2016 by Anonymous

Accounting
Rented. An office and paid three months rent in advance to property management check $4,500.
Wednesday, November 16, 2016 by Anonymous

accounting
provided accounting services to dress shop $8,500. payment to received on july 9th how would this journal entry be posted to the general journal.
Sunday, November 13, 2016 by maria

accounting
performed accounting services for kirby collected 3,500 cash. how would this journal entry be posted to the general journal
Sunday, November 13, 2016 by Anonymous

accounting
purchased additional office supplies from office depot paid cash check #0002. $75 how would this journal entry be posted to the general journal
Sunday, November 13, 2016 by Anonymous

Accounting
Rented an office and paid three months rent in advance to property Management check #001 $4,500. How would this journal entry be posted to the general journal.
Saturday, November 12, 2016 by Maria

Accounting
How can a flexible budget answer questions about what variances are saying?
Friday, November 11, 2016 by Patte

accounting
Invested $19,000cash in the business along with $6,000 of office equipment. How would this journal entry be posted to the general journal.
Friday, November 11, 2016 by Maria

Cost Accounting
Please explain: You are preparing a short presentation for a group who wants learn performance reporting issues. One question that was raised during the discussion is about measuring variances when the actual output (or activity) does not match with the budgeted output (or ...
Thursday, November 10, 2016 by Patte

Cost Accounting Please explain how to do the probl
Can someone please explain how to do the following? Baxter Company manufactures two products, Product F and Product G4. The company expects to produce and sell 2,600 units of Product F and 6,000 units of Product G during the current year. The company uses ABC method to compute...
Sunday, November 6, 2016 by Patte

accounting
Determine the ending balance of the Merchandise Inventory account given the following transactions: TooDaLoo had a beginning balance of $8,500 in its Merchandise Inventory account. They purchased $45,000 worth of inventory on account from WeeParcel under the credit terms 2/10...
Saturday, November 5, 2016 by nicole

Business
Accounting is actually an easy subject for most people to understand because almost everyone is exposed to basic accounting concepts in their everyday life. True or False. I say True.
Saturday, November 5, 2016 by Tim

mgf liberal arts
Four accounting majors, two economics majors, and three marketing majors have interviewed for five different managerial positions with a large company. Find the number of different ways that five of these people could be hired if the first two positions are to be filled by an ...
Monday, October 31, 2016 by Anonymous

Accounting
On December 1,2016, AJNB Company commences its operation. The following transactions occured for the month of December 2016. a.) Dec.1 The owner invests 1,000,000 to start the operation of the business b.) Dec.1 Paid rent in advance for 180,000 c.) Dec.1 Paid an advertising ...
Sunday, October 30, 2016 by Normie Escalante

Accounting
AJNB Company purchased equipment costing 500,000 paying 20% down payment with the balance paid by the issuance of promissory note
Sunday, October 30, 2016 by Normie Escalante

Financial Accounting
On March 31 a post closing trial balance was completed On April 4, the business purchased a new truck on account. The residual value is $2400, and the estimated useful life is 5 years. How do I enter this information into a general journal? Do I even need to calculate the ...
Wednesday, October 26, 2016 by Michelle

accounting
The entry to transfer a net loss to the owner's capital account would include a debit to
Sunday, October 23, 2016 by Anonymous

Accounting
during 2016 bava corporation sold merchandise for a total of 600000 the cost of merchandise to bava was $450000 bava offers credit terms of 1/10, n/30 to encourage early payment. at year end there are $15000 of sales still eligible for the 1% discount. Bava believes that all ...
Saturday, October 22, 2016 by Larry Burton

Cost Accounting
What effect can an increase in production volume has on per unit fixed costs, per unit variable costs, total fixed costs, and total variable costs?
Saturday, October 22, 2016 by Patte

Cost Accounting
You have been appointed as the costing manager of a large health club having a membership of around 2000–2500 members. The club provides personal trainers for its members on request as an add-on facility. The club pays a small salary to the hired personal trainers as ...
Friday, October 14, 2016 by Patte

Accounting
Can someone please help me with this? Compare and contrast the primary purpose of the generally accepted accounting principles (GAAP) with the accounting principles of the U.S. Department of Treasury. Is it important to understand the difference to tax planners? Why or why not?
Thursday, October 6, 2016 by Patte

Accounting
What is the annual capital loss deduction? How does it apply to worthless securities?
Tuesday, October 4, 2016 by Patte

Tax Accounting
Can someone please explain how to figure this out. Is there a formula? On August 2, 2012, Wendy purchased a new office building for $3.7 million. On October 1, 2012, she began to rent out office space in the building. On July 15, 2016, Wendy sold the office building. Determine...
Saturday, October 1, 2016 by Patte

Tax Accounting
Can someone explain how to do the math on this? Tax Deductions on Stolen Items: During 2012, someone broke into Jacob's personal residence and took the following items: Asset Adjusted Basis Fair Market Value (FMV) before Fair Market Value (FMV) after Insurance Recovery ...
Saturday, October 1, 2016 by Patte

Accounting
On September 1, 2011, Fast Track, Inc. was started with $30,000 invested by the owners as contributed capital. On September 30, 2011, the accounting records contained the following amounts: Accounts Payable $2,200 Dividends Declared and paid $2,300 Accounts Receivable $2,200 ...
Monday, September 26, 2016 by Jake

economics
This chart shows the components of nominal GDP for the years 2000 and 2001. All figures are in billions of current dollars. Components 2000 2001 Consumption $6,684 $6,987 Investment $1,755 $1,560 Government Spending $1,751 $1,858 Exports $1,101 $1,034 Imports $1,467 $1,383 ...
Friday, September 23, 2016 by mary

accounting
In determining the viability of a strategic investment, several pieces of information are required, including the cost of the project, the projected cash flows, and the discount, or interest, rate. In the Guillermo Furniture Scenario, which costs would you NOT consider, and ...
Monday, September 19, 2016 by gus

math
For tax and accounting purposes businesses often have to depreciate equipment values over time. One method of depreciation is the straight-line method. Three years ago Hilde Construction purchased a bulldozer for $51,500. Using the straight-line method, the bulldozer has now ...
Thursday, September 15, 2016 by Cameron

Accounting
In its first month of operation, Kuhlman Company purchased 130 units of inventory for $6, then 230 units for $7, and finally 170 units for $8. At the end of the month, 200 units remained. Compute the amount of phantom profit that would result if the company used FIFO rather ...
Thursday, September 15, 2016 by Ann

accounting
Five characteristics of financial statement
Sunday, September 11, 2016 by obakeng seroalo

Accounting
The company rents office space and on December 1 had paid 7200 to the landlord for 12 months' rent in advance.
Saturday, September 10, 2016 by Danielle

Tax Accounting
Many tax professionals have moved into the field of financial planning for their clients. How do taxes impact financial planning for a client? Why do tax professionals have a perfect opportunity to perform financial planning for their clients?
Friday, September 9, 2016 by Patte

ACCOUNTING
List sections of the income statement and give a brief explanation for each section
Wednesday, September 7, 2016 by NATHASA JUBETA

Accounting
First, you have to categorize each transaction as financial, operating, or investment. THEN, determine if the total assets increases, decreases, or stays the same. THEN, determine if the total income decreases, increases, or stays the same. THEN determine what financial ...
Thursday, August 25, 2016 by Char

Chemistry
Chlorine has two isotopes with mass number 35 and 37. Calculate the relative abundance of the two isotopes accounting for normal atomic mass of 35.5
Thursday, August 18, 2016 by Iyana

accounting
At the end of the current year, $19,900 of fees have been earned but not billed to clients. a.What is the adjustment to record the accrued fees? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease. b.If the ...
Tuesday, August 2, 2016 by tay

Financial Acc & Reporting
Archive bhd acquired a franchise on finance lease. it is required to pay 200000 per annum in advance for five years. the implicit interest rate is 10%. the franchise could be bought for 800000. the legal life is five years but can be renewed at 5000 for another five years. ...
Saturday, July 30, 2016 by Nurul

accounting
What is the predetermined manufacturing overhead rate? The cost of the direct materials that can be used to manufacture the table are as follows. These cost are on a per unit basis. Table Top $ 1,700.00 Table Leg $ 500.00 Drawer $ 370.00 Assume a $35 per hour wage rate to the ...
Monday, July 18, 2016 by koko

Accounting
Value of $40000 compounded at 5% annually for 35 years
Saturday, July 9, 2016 by Roger

Accounting
How do i prepare a work sheet?
Friday, July 8, 2016 by Debby

Economics
The Southern Tree Trimming Corporation reported an accounting profit of $35,000 and a normal rate of return of 15 percent on capital and enterprise of $30,000. The opportunity cost of labor is $15,500. What is the economic profit? $110,500 X $19,500 $15,000 $5,000
Sunday, July 3, 2016 by Frank

Accounting
Which of the following is not generally written into the articles of partnership agreement? A. Rights and responsibilities of each partner B. Provisions for admitting new partners C. Amount that each partner is investing D. None of the above D?
Friday, July 1, 2016 by quick help please

Accounting
The first entry to liquidate a partnership would probably include A. a debit to Cash and a credit to Individual Assets Sold. B. a debit to Cash, a debit or credit to Loss or Gain from Realization, and a credit to Individual Assets Sold. C. a debit to Individual Assets Sold and...
Friday, July 1, 2016 by quick help please

Basic Accounting
Pay $3000 toward lease agreement for office. The agreement is for 1year. The rent is 1,500 per month, last months rent was required at time of lease agreement. Lease period is effective July 1st 2014 through jun 30th 2015. I think it's like this: Rent expense 1,500.00 Prepaid ...
Monday, June 27, 2016 by Lisa

Basic Accounting
Pay $3000 toward lease agreement for office. The agreement is for 1year. The rent is 1,500 per month, last months rent was required at time of lease agreement. Lease period is effective July 1st 2014 through jun 30th 2015. I think it's like this: Rent expense 1,500.00 Prepaid ...
Monday, June 27, 2016 by Lisa

Accounting Homework Help!
If a cashier rang up sales totaling $5,098, but had $5,105 to deposit, which journal entry would be recorded? A debit to Cash for $5,105 a credit to Cash Overage for $7 and a credit to Sales Revenue for $5,098. A debit to Sales for $5,105 a debit to Cash Overage for $7 and a ...
Wednesday, June 22, 2016 by Lexis

Accounting Homework
On October 31, 2015, your company's records say that the company has $18,588.13 in its checking account. A review of the bank statement shows you have three outstanding checks totaling $7,403.37, and the bank has paid you interest of $20.24 and charged you $16.00 in service ...
Wednesday, June 22, 2016 by Lexis

Accounting (Please Help)
Acme, Inc.'s books show an ending cash balance of $14,500 before preparing the bank reconciliation. Given the bank reconciliation shows outstanding checks of $3,900, deposits in transit of $2,900, NSF check of $190, and interest earned on the bank account of $100, the company'...
Wednesday, June 22, 2016 by Lexis

Accounting (Please Help)
If the company's accountant mistakenly recorded a $78 deposit as $125, the error would be shown on the bank reconciliation as a(n): $47 addition to the book balance. $125 deduction from the book balance. $47 deduction from the book balance. $125 addition to the book balance.
Wednesday, June 22, 2016 by Lexis

accounting
Tyler Constructions constructed a new campus block to house Business School. The building cost a tool of $180,000,000 to construct and was completed 30 March 2011, with an expected useful life of 60 years and residual value of $10,000,000. The building is depreciated on a ...
Saturday, June 18, 2016 by ss

accounting
A term investment of 85000, is madr for 10 years at 4.25% interest. Find the value of the investment at maturity if interest is compoundes quarterly?
Thursday, June 16, 2016 by dan

business accounting
The current liabilities of Mohit Ltd are Rs. 150000 and its current ratio is 3:1 and liquid ratio is 1:1. Calculate the value of current assets, liquid assets and stock of Mohit ltd.
Thursday, June 9, 2016 by sonika

Accounting
When M. Landis invests $20,000 in the corporation in return for shares of stock, is the Retained Earnings account affected? Explain your answer.
Tuesday, June 7, 2016 by Stella

Governmental and Not-for-profit Accounting
public colleges and universities are treated as component units of their respective primary governments (cities or states).what is the criteria under GASB Statement No. 14 for a public college or university to be excluded
Friday, May 20, 2016 by Patte

Accounting
The accounts payable account is a/an _______, and it has a normal ________ balance. A. revenue; debit B. expense; credit C. liability; debit D. liability; credit I think the answer is D.
Tuesday, May 17, 2016 by No

Accounting
Please help (Revenue Classification) Clark County had the following revenue sources in 2011: General property taxes $8,000,000 Restricted (for education) property taxes 570,000 Meals tax (restricted for economic development and tourism) 200,000 Fines and forfeits 82,000 ...
Monday, May 16, 2016 by Patte

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Homework Help: Business