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Homework Help: Business: Accounting

Recent Homework Questions About Accounting

Managerial accounting
[Figure 5-1]. - The receiving department of Owen has three activities: unloading, counting goods, and inspecting. Unloading requires a forklift that is leased for $15,000 per year. The forklift is used only for unloading. The fuel for the forklift is $2,000 per year. ...

Accounting
good such as milk bread and chesse would problably be costed using what method of inventory costing

Principles of accounting
Sold goods on credit at list price less 10% trade discount to: D. Prince 25,000 S. Cato 14,000 What is the trade discount amount and how much does each person pays for the goods?

Accounting
Hi, When delivery eqipment is purchased on account, the transaction to be recorded by the purchaser inclues debiting: A: Delivery Equip & crediting AP B: Delivery Equip & crediting Cash C: Delivery Expense & crediting AP D: Delivery Expense & crediting Cash My answer is D. I'm...

Accounting
statement that the difference between the opening bank balance ($30,000) and the January statement balance ($75,000) is pure profit.

accounting
using the following information, calculate inventory turnover ratio, the average days in inventory, and the gross profit ratio for Howard Company for the year ended december 31, 2011( round to two decimal places) sales $225,00 Cost of goods $175,000 Ending inventory, December ...

accounting
Georgia owns a home in Colorado that she rents for $1,200 per month that she does not use personally. While she was in Europe for Christmas, the roof in her house leaked and her tenants repaired it for $900. For the following month's rent (January), her tenants paid her $300 ...

accounting
On November 30, 2011, Constance purchased an apartment building for $750,000. Determine her depreciation deduction for 2011

accounting
. Della purchased a commercial warehouse which has a 39 year life on February 25, 2011, for $350,000. $45,000 of the price was for the land. What is her depreciation deduction for 2011

accounting
THIS IS THE SECOND PHASE OF THE TAX RETURN PROBLEM YOU BEGAN AT THE END OF CHAPTER 4. THIS PHASE OF THE TAX RETURN INCORPORATES THE MATERIAL FROM CHAPTERS 5,6,7, AND 8 BY PROVIDING YOU WITH INFORMATION CONCERNING THE SCHNAPPAUFS' DEDUCTIONS FOR 2010. THEY PROVIDE YOU WITH THE ...

Accounting
which of the following is true: cash flow data is superior to earnings under the accrual basis in predicting long-term performance of an entity, earnings under the accrual basis is superior to cash flow data in predicting short-term performace of an entity, earnings under the ...

Finance Accounting
Blankenship Company estimated that its warranty expense would be $4,250 for the current year. During the year Blankenship paid $920 to repair merchandise that was returned by customers. a) What is the amount of warranty expense for the current year? b) If this is the first ...

accounting
By Saturday, January 5, 2013, submit the following assignment: As a financial consultant, you have contracted with Wheel Industries to evaluate their procedures involving the evaluation of long term investment opportunities. You have agreed to provide a detailed report ...

accounting
On March 3, a customer gives you $1800 cash for services not yet performed. At the end of the month, only $600 of services are performed. In preparing the March statement, all $1800 was listed as revenue. What errors would this cause? What principles are involved? What is the ...

accounting
You issue a $120,000 bond at par on March 31 due in 10 years that pays 11%. You pay interest on September 30. You pay off the bond ten years later. Assume that the company makes no adjusting entries. What journal entries should be recorded to issue the bond, pay interest and ...

accounting
The balance in the allowance for doubtful account is $30,000 credit. You write off $18,000 on a specific invoice to Bob. Later, Bob pays you $2000 on these written off invoices. At year-end, you estimate that $25,000 of invoices will not be collectible. Make all the ...

Accounting
1. A manager is considering the following investment: Initial capital investment $180,000 Estimated useful life 3 years Estimated disposal value in 3 years 0 Estimated annual savings in cash operating costs $80,000 Minimum desired rate of return 10% The net present value of ...

priciple of accounting
What effect does a debit memo in a bank statement have on the Cash account? What effect does a credit memo in a bank statement have on the Cash account? Ms. Sue

Accounting
Harris company borrowed 65,000 by giving 10 year , 6% installment note to Cuba Bank The note requires annual payments of $8832 first payment occuring on the last day of the fiscal year. the first payment consists of interest of $3,900 and principal repayment of $4932, Issued ...

accounting
is returned purchased inventory considered as claims exchange(ce)?

ACC305 Accounting for Decision Making
I am trying to get my research paper done, but I am having some trouble find the information that I am looking for on the company Bausch & Lomb. Here are the question that I am having trouble finding information for. 1. Who within the organization has the responsibility for ...

ACC305 Accounting for Decision Making
I am trying to get my research paper done, but I am having some trouble find the information that I am looking for on the company Bausch & Lomb. Here are the question that I am having trouble finding information for. 1. Who within the organization has the responsibility for ...

accounting
im working on an hst and journalizing assignment and theres a question that says sales invoice to b.enright for $825 plus taxes which is 13%, how would i journalize that ???

accounting
management anticipates fixed cost of $72,500 and variable cost equal to 40% of sales. what will pretax income equal if sales are $325,000?

accounting
a product sells for $200.00 p/unit and its variable cost p/unit are $130 the fixed cost are $420,000. if the firm wants to earn $35,000 pretax income, how many units must be sold?

accounting
a firm expects to sell 25000 units of its products at $11.00 p/unit. pretax income is predicted to be $60,000. if the variable cost p/unit are $5.00, total fixed cost must be?

accounting
Assume that you are the president of Gaslight Company. At the end of the first year (December 31, 2011) of operations, the following financial data for the company are available:

accounting and taxes
I recently closed my retail business which was very small... I chose not to sell my equipment as I can still use it at home as a hobby for myself. What do I put as furniture and equipment sold on my BOE form? Do I have to buy the equipment from the business and if so how do I ...

accounting
Ihave recently closed my retail business. While operating I only expensed my items purchased for resale when they were sold. So my inventory is personally owned. What do I declare as ex-tax inventory now that my business is closed... $0?

Advanced Accounting
GAAP rules are clear about when a company needs to consolidate or not, but companies tend to find loopholes to circumvent this rule. GAAP clearly indicates that consolidated financial statements are “usually necessary for a fair presentation when one of the companies in the ...

Advanced Accounting
Mr. White (invested $20,000) and Mr. Black (invested $10,000) are in a partnership to run a marketing firm. They share profits and losses in the ratio of 2:1, which is also the ratio of their initial investment in the business. Mr. White manages the office but Mr. Black gets ...

Advanced Accounting
Mr. Right and Mr. Wrong own an antique store in a partnership. They share profits and losses equally and receive an annual salary of $50,000, as per the partnership agreement. Mr. Right travels the country buying antiques. Mr. Wrong manages the store. From time to time, they ...

accounting
On September 1, 2013, Jacob Furniture Mart enters into a tentative agreement to sell the assets of its office equipment division. This division qualifies as a component of the entity according to GAAP regarding discontinued operations. The division's contribution to Jacob's ...

accounting
On July 1, 2013, a firm purchased a 1-year insurance policy for $6,300 and paid the full premium in advance. The insurance expense associated with this policy for the year ending December 31, 2013, is $6,300. $3,150. $3,675. $2,100. On January 2, 2014, a firm purchased ...

Accounting
On July 1, 2013, a firm purchased a 1-year insurance policy for $6,300 and paid the full premium in advance. The insurance expense associated with this policy for the year ending December 31, 2013, is $6,300. $3,150. $3,675. $2,100. On January 2, 2014, a firm purchased ...

ACCOUNTING
Mills Company uses standard costing for direct materials and direct labor. Management would like to use standard costing for variable and fixed overhead. The following monthly cost functions were developed for manufacturing overhead items: Overhead Item Cost Function Indirect ...

accounting
PA11-4 Comparing Stock and Cash Dividends [LO2, LO3, LO4] Ritz Company had the following stock outstanding and Retained earnings at December 31, 2010: Common stock (par $1; outstanding, 500,000 shares) $ 500,000 Preferred stock, 8% (par $10; outstanding, 21,000 shares) 210,000...

accounting
PA11-4 Comparing Stock and Cash Dividends [LO2, LO3, LO4] Ritz Company had the following stock outstanding and Retained earnings at December 31, 2010: Common stock (par $1; outstanding, 500,000 shares) $ 500,000 Preferred stock, 8% (par $10; outstanding, 21,000 shares) 210,000...

Advance Accounting
On January 1, 20X1, Parent Company acquired 80% of the common stock of Subsidiary Company for $560,000 On this. date Subsidiary had total owners' equity of $540,000, including retained earnings of $240,000. During 20X1, Subsidiary had net income of $60,000 and paid no ...

math accounting
The following information was drawn from the accounting records of Kwon Company as of December 31, 2012, before the temporary accounts had been closed. The Cash balance was $4,000, and Notes Payable amounted to $2,000. The company had revenues of $6,000 and expenses of $3,500...

account
Assume it is Monday, May 1, the first business day of the month, and you have just been hired? Assume it is Monday, May 1, the first business day of the month, and you have just been hired? Assume it is Monday, May 1, the first business day of the month, and you have just been...

accounting
marcum company was started in 2012 when issued a note to borrow $6,200 cash. write an accounting equation and record the effects of the borrowing transaction under the appropriate general ledger accounts heading.

Finance
We are considering the introduction of a new product. Currently we are in the 34% tax bracket with a 15% discount rate. This project is expected to last five years and then, because this is somewhat of a fad project, it will be terminated. The following information describes ...

principle of accounting
if kennedy has net income of $1,600 and then liquidates, what amount of cash will the creditors receive? what amount of cash will the investors receive?:

accounting
if kennedy has net income of $1,600 and then liquidates, what amount of cash will the creditors receive? what amount of cash will the investors receive?: .

Accounting
Journalize the following transactions for Tammy Company: Sept. 1 Sold $3,500 of merchandise to Jim on account Oct. 1 Exchanged Jim’s account receivable for a fourmonth, 8% note for $3,500 Dec. 31 Recorded accrued interest on Jim’s note Feb. 1 Jim paid off his note with ...

Accounting
Below is a list of treatments of accounting topics. Place GAAP on the line if the treatment is GAAP-based and place IFRS on the line if the treatment is IFRS-based. A. Interest and dividend income are reported in the investing section of the cash flow statement.__________ B. ...

Accounting
Assume that in Year 1, the ending merchandise inventory is overstated by $30,000. If this is the only error in Years 1 and 2, fill in the items below, indicating which items will be understated, overstated, or correctly stated for Years 1 and 2. Item Year 1 Year 2 Ending ...

Accounting
. Journalize the following transactions using the perpetual inventory method. Aug. 6 Purchased $830 of inventory on account from Johnston with terms of 2/10, n/30. Aug. 8 Purchased $2,611 of inventory for cash from Pillner Company. Aug.15 Paid for August 6 purchase from ...

Accounting
Prepare a trial balance from the following information for Learn a New Language, Inc. for December 31, 2012. Accounts payable $5,012 Common stock $9,692 Cash $3,928 Notes payable $1,439 Wages expense $777 Marketing expense $493 Equipment $8,345 Accounts receivable $1,142 ...

Accounting
Journalize the following transactions and omit the explanations. A. ABC Corporation purchased $15,000 of office furniture by putting $7,000 down in cash and the rest on account on April 8. B. The corporation paid $60,000 for a two-year lease on April 19. C. The corporation had...

Accounting
Record the following transactions using the accounting equation. Example: Assets = Liabilities + Equity XXXX(cash) XXXX(accounts payable) A. Amanda invests $17,000 cash into her merchandising business. B. She buys $6,500 of office equipment and $3,000 of office supplies with ...

Accounting
The following information was made available from the income statement and balance sheet of Lauren Company. Item 12/31/10 12/31/09 Accounts Receivable $53,400 58,600 Accounts Payable 35,600 32,700 Merchandise Inventory 85,000 79,000 Sales (2010) 243,000 Interest Revenue (2010...

Accounting
Please Help!!!! Trying to get a little help on working this accounting problem. Please help... Jawed enterprises uses a job-order costing system and a predetermined overhead rate based on machine hours. At the beginning of the year, the company estimated manufacturing ...

Accounting
Trying to get a little help on working this accounting problem. Please help... Jawed enterprises uses a job-order costing system and a predetermined overhead rate based on machine hours. At the beginning of the year, the company estimated manufacturing overhead for the year ...

Accounting/Office admin
It is the beginning of a new year and you just received the landlord’s building expense pass through reconciliation for the previous year. Assuming the math is correct, what are the two most important things to look for?

accounting
Anthony Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units Sold at Retail Mar. 1 Beginning inventory 170 units @ $52.40/unit Mar. 5 Purchase 260 units @ $57.40/unit ...

ACC305 Accounting for Decision Making
What is the difference between the flow of products and cost in a manufacturing organization to the flow of products and cost in a service and merchandising organization, please provide an example?

financial accounting
eckman company purchased equipment for $80,000 on january 1,2011 and will use the double declining balance method of depreciation. it is estimated that the equipment will have a 5 year life and a $4,000 salvage value at the end of its useful life. the amount of depreciation ...

intermediate accounting
purchase of a machine for $2000 was expensed. The machine has a four year life , no residual value , and straight line depreciation is used how to write journal entry?

intermediate accounting
goods in transit, purchased on credit and shipped FOB destination. $10000 . were included in purchases but not in the ending inventory? how would you write this journal entry.( this company uses periodic inventory.

Brenau University
To: From: Date: Subject: Observation Methodology: A. Description of internal control: (What did you observe?) B. Objective of internal control: (Why was the control implemented? There may be more than one reason.) C. Tie to accounting records: (What was impact on accounting ...

FINANCIAL ACCOUNTING
a) Discuss General Motors in the context of the forces considered in performing an environmental scan. b) Discuss the risks that General Motors needs to consider in conducting its operations c) Explain whether you believe that GM can take on more debt. Use some computations to...

FINANCIAL ACCOUNTING
A portfolio manager is managing a $10 million portfolio. Currently the portfolio is invested in the following manner: Investment Dollar Amount Invested Beta Electric Utility $2 million 0.6 Cable Company $3 million 0.8 Real Estate Development $3 million 1.2 International ...

ACC340
Using at least two sources in addition to the text, Write a 700- to 1,050-word paper describing how information systems are changing the various aspects of the accounting profession. • Include a description of a variety of specific new technologies and their effects on ...

ACC340
Using at least two sources in addition to the text, Write a 700- to 1,050-word paper describing how information systems are changing the various aspects of the accounting profession.

Accounting
The company’s fiscal year ends on December 31. Using the following information, compute depreciation for this machine for each of the 4 years using each of the following methods: Straight-line method Sum-of-years method Double-declining method Units-of-production Year ...

Accounting
The beginning inventory of Merchandise at Waldo Co. and data on purchases and sales for a three-month period are as follows: Date Transaction Number of Units Per Unit Total March 3 Inventory 60 $1500 $90,000 8 Purchase 120 1800 216,000 11 Sale 80 5000 400,000 30 Sale 50 5000 ...

Accounting
ABC company purchased machine for $300,000 that had a useful life of 5 years, with a salvage value of $50,000 at the end its life. Depreciation was calculated over 2 years on straight-line basis. In 20X2, it determined that the total life should be 10 years with the salvage ...

Accounting
In 20X0, ABC company purchased machine for $300,000 that had a useful life of 5 years, with a salvage value of $50,000 at the end its life. Depreciation was calculated over 2 years on straight-line basis. In 20X2, it determined that the total life should be 10 years with the ...

Accounting
When calculating the times interest earned ratio, you you include "interest expense on debt extinguishment" in the interest expense? Thanks!

accounting
Analyze and record, in the form of T Accounts, Mr. James' transactions: Jan 1: Amount invested in the business $10,000 Jan 7: Bought equipment for $500 Jan 9: Bought office furniture with $2,000 cash Jan 10: Bought materials with $2,000 cash Jan 17: Sold part of equipment for...

ACC305 Accounting for Decision Making
Describe the complications that arise when LIFO or average cost is used with a perpetual inventory system. Use specific examples and references. The part that I am having trouble with is finding examples. I have the rest of the work done now I just need help with getting some ...

accounting
The trial balance of Bair Company includes the following balance sheet accounts. Identify the accounts that require adjustment. For each account that requires adjustment, indicate (a) the type of adjusting entry (prepaid expenses, unearned revenues, accrued revenues, and ...

mis
Choose one of the following basic business processes: inventory management, operations and manufacturing, HR management, or accounting/financial management. Use the Internet to identify three vendors that license a product to support that process. Compare offerings from the ...

accounting
The monetary contributions that the owners of IBM pay for shares of the company's stock are ____ resources for IBM. a. material b. financial c. human d. informational e. manufacturing Patents and copyrights confer value on a firm but do not exist physically. Thus, they are ...

Accounting
Which of the following would be most likely to lead to a higher level of interest rates in the economy? Answer a. Corporations step up their expansion plans and thus increase their demand for capital. b. Households start saving a larger percentage of their income. c. The ...

Accounting
Which of the following would be most likely to lead to a higher level of interest rates in the economy? Answer a. Corporations step up their expansion plans and thus increase their demand for capital. b. Households start saving a larger percentage of their income. c. The ...

financial accounting
The lake theater opened on april 1.all facilities were completed on march 31. During april,the following events and transactions occured. Apr.2 paid film rental of $800 on first movie. 3 ordered two additional films at $1,000 each. 10 made $2,000 payment on mortgage and $1,000...

Accounting
Inventory as of Nov. 30th, 2010, consists of 20 bikes costing $550 each. Balance Sheet: Nov. 30th 2010. Cash-9150 Debit Accounts Receivable-12300 Debit Inventory-11000 Debit Supplies-900 Debit Office Equipment-18000 Debit Accumulated Depreciation, Office Equipment- 3000 Credit...

accounting
The following information is available for ABC Company for the year ended December 31, 1997: Ending Inventory …………………………. $7,500 Purchases ………………………………….​ 31,000 Transportation-in …………………………. 1,500 ...

accounting
imagine a business and its 50 transactions.. journalize it and also record it in subsidary books, post into ledger and prepare a trial balance... plzz help me...

Accounting
I am given several hypothetical amounts and interest rates and need to find the amount of the rental payments. (Lessee-Lessor Entries; Sales-Type Lease) On January 1, 2011, Palmer Company leased equipment to Woods Corporation. The following information pertains to this lease. ...

accounting
Okay so I need help Identifying the reporting issues in this case with references to the conceptual framework pyramid, such as revenue recognition, full disclosure, historical cost, etc. So this gym offers one year memberships. Members can use any of the facilities but must ...

accounting
In its first month of operations, Danielle Company made three purchases of merchandise in the following sequence: (1) 161 units at $17, (2) 414 units at $18, and (3) 115 units at $19. Assuming there are 271 units on hand, compute the cost of the ending inventory under the FIFO...

Financial accounting
Laird Company sells coffee makers used in business offices. Its beginning inventory of coffee makers was 200 units at $41 per unit. During the year, Laird made two batch purchases of coffee makers. The first was a 295-unit purchase at $46 per unit; the second was a 380-unit ...

I need help answering this Accounting question!?
Bluejay Corp. prepared a bank reconciliation as of July 31, 2009. The following items were identified: Bluejay's bank statement balance: $14,300 Deposit in transit: 1,000 Outstanding checks: 1,300 Bank service charges: 50 Customer's NSF check returned by the bank: 150 What is ...

I need help answering this Accounting question!?
While preparing the April 30th bank reconciliation for the checking account for Calvin Corporation, the accountant identified the following items: Calvin's balance according to the general ledger: $15,000 Outstanding checks: 2,500 Bank service charge: 15 A customer's NSF check...

Accounting
Financial Accounting 1. The following information was made available from the income statement and balance sheet of Meranda Company: ITEM 12/31/2010 12/31/2009 Accounts Receivable $ 42,000 $ 45,100 Accounts Payable 27,900 24,500 Merchandise Inventory 68,000 63,000 Sales (2010...

Accounting
A check returned by a bank because the issuer's cash account balance could not cover the check is called a(n): a. Cancelled check b. Certified check c. Outstanding check d. NSF check

Accounting
On June 1, 2012, Pitts Company sold some equipment to Gannon Company. The two companies entered into an installment sales contract at a rate of 8%. The contract required 8 equal annual payments with the first payment due on June 1, 2012. What type of compound interest table is...

Accounting
On June 1, 2012, Pitts Company sold some equipment to Gannon Company. The two companies entered into an installment sales contract at a rate of 8%. The contract required 8 equal annual payments with the first payment due on June 1, 2012. What type of compound interest table is...

LAW421
How does the strict liability doctrine apply to the practice of accounting? Provide examples.

accounting
in order for companies to prepare and issue financial staements, their accounting equations (debit and credits) must be in balance at year end. Discuss how errors and misstatements may occur given this requirement.

accounting
•In order for companies to prepare and issue financial statements, their accounting equations (debits and credits) must be in balance at year end. Discuss how errors and misstatements may occur given this requirement

accounting
in order for companies to prepare and issue financial staements, their accounting equations (debit and credits) must be in balance at year end. Discuss how errors and misstatements may occur given this requirement.

accounting
the responsibility for issuing a report on a company's internal controls over financial reporting rests with?

accounting
imageshack.us/a/img404/2843/img001292012​10132042.jpg if over 600 units, fixed costs goes up 20% how do i get each blank?

accounting
Lisa school supplies suffred a fire loss. The company needs to estimate the cost of good destroyed. Beginning inventory was 100,000 purchases totaled 600,000 and sales came equaled 1,000,000. Lisa normal gross profit percentage is 40%. What is the estimated cost of the ...

cost and management accounting
Choice any company and explain the five ways of applying cost and management in company process system.

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Homework Help: Business

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