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Homework Help: Business: Accounting

Recent Homework Questions About Accounting

accounting
The capital expenditures budget shows that Valley must purchase $50,000 of equipment on January 1 to establish the new center. Valley will pay for the equipment on January 31. The equipment is expected to have a 8-year useful life and a $2,000 salvage value and will depreciate...

Accounting
Is it wise to manage a company's debts by consultants or by foreigners and why?

Survey of Accounting
Calculate basic EPS Net income was $659,250 for the year. Throughout the year the company had outstanding 18,000 shares of $2.50, $50 par value preferred stock in 105,000 shares of common stock. Required: Calculate basic earnings per share of common stock for the year.

accounting
A credit customer paid $850 toward his accounts receivable. The accountant recorded a credit to the revenue account. This error would cause __________. A. revenue to be understated B. cash to be overstated C. accounts receivable to be overstated D. liabilities to be ...

Accounting
During 2013, Moore Corporation paid $14,000 of dividends. Moore's assets, liabilities, and common stock at the end of 2012 and 2013 were: 12/31/2012 Total Assets:$144,200 Total Liabilities:$52,600 Common Stock:$60,000 12/31/2013 Total Assets:$178,500 Total Liabilities:$59,700 ...

Accounting help
Bank Reconciliation Prepare a bank reconciliation as of October 31 send the following information: a. October 31 cash balance in the general ledger is $1688. b. The October 31 balance Sean thinks statement is $746. c. Checks issued but not returned with the bank statement ...

Accounting help
Cost flow assumptions-FIFO and LIFO using a periodic system. Beginning inventory was 600 units at a cost of $20 per unit. Goods available for sale during the year 2600 units at a total cost of $57,600. In May 1200 units were purchased at a total cost $26,400. The only other ...

Accounting
Cost flow assumptions for FIFO and LIFO using a periodic system. Question 1. Sales during the year were 700 units. Beginning inventory was 400 units at a cost of $10.00 per unit. Purchase 1 was 500 units at $12.00 per unit. Purchase 2 was 300 units at $14.00 per unit. Required...

Payroll accounting
Julie Whiteweiler made $930 this week. Only social security (fully taxable) and federal income taxes attach to her pay. Whiteweiler contributes $100 each week to her company's 401(k) plan and has $25 put into her health savings account (nonqualified) each week. Her employer ...

Accounting
Jim Hurley is an accountant for a local manufacturing company. Jim’s good friend, Mike Kotowski, has been operating a retail sporting goods store for about a year. Mike has proposed that the fee he will pay for Jim’s accounting work should be contingent upon his receiving ...

Accounting Help (with answers for checking)
Ben Guslists, vice-president of sales, has recommended adding a new product line. A market study and cost analysis show that the new line should yield the following annual results: New Sales $2,800,000.00 Cost of Sales $1,600,000.00 Operating Expenses $200,000.00 Total ...

Accounting.
At what rate of interest compounded semi-annually will payments of birr 3500 per every six months for 12 years discharge a current debt of birr 35000 ?

Database Design and Programming
Assignment Problem. Given the following functional requirements description of the following application, produce an ERD model based on the Crow’s Foot model—that can be implemented. Show all entities, relationships, optionalities, connectivities, and cardinalities. ...

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 $...

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?

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...

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...

Accounting 1
Invested $25000 in cash and office equipment that had a fair value of $6000. What is the journal entry for this?

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.

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?

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 ...

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 ...

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, ...

Maths, Accounting, Life Orientation, Life Science, Physical Science, English and my home language (sepedi)
Could I become a social worker with those subjects?

accounting
Which college or university could I go after grade 12

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,...

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...

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?

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 ...

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

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-...

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...

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...

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?

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

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

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...

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

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)

Financial Accounting
Explain the reason for creation of provision, how they are accounted for, and where it is presented in the funancial statement.

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. ...

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 ...

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.

accounting
A debit increases the balance in all of the following accounts except for which one?

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 ...

Financial Accounting
What are some examples of things that would give a company significant or controlling interest?

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

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

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

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

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 ...

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 ...

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

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...

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

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...

accounting
how would this be posted to the general ledger. dr.cash 19,000 dr.office equipment 6,000 cr. rich capital 25,000

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.

Accounting
Rented. An office and paid three months rent in advance to property management check $4,500.

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.

accounting
performed accounting services for kirby collected 3,500 cash. how would this journal entry be posted to the general journal

accounting
purchased additional office supplies from office depot paid cash check #0002. $75 how would this journal entry be posted to the general journal

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.

Accounting
How can a flexible budget answer questions about what variances are saying?

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.

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 ...

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...

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...

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.

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 ...

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 ...

Accounting
AJNB Company purchased equipment costing 500,000 paying 20% down payment with the balance paid by the issuance of promissory note

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 ...

accounting
The entry to transfer a net loss to the owner's capital account would include a debit to

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 ...

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?

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 ...

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?

Accounting
What is the annual capital loss deduction? How does it apply to worthless securities?

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...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

accounting
Five characteristics of financial statement

Accounting
The company rents office space and on December 1 had paid 7200 to the landlord for 12 months' rent in advance.

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?

ACCOUNTING
List sections of the income statement and give a brief explanation for each section

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 ...

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

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 ...

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. ...

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 ...

Accounting
Value of $40000 compounded at 5% annually for 35 years

Accounting
How do i prepare a work sheet?

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

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?

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...

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Homework Help: Business

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