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Homework Help: Business: Accounting

Recent Homework Questions About Accounting

Accounting
Your client Anjelica Seeds wants to purchase a Burg-N-Fry franchise. The buy-in is $500,000. Burg-N-Fry headquarters tells Anjelica that typical annual operating costs are $160,000 (all cash) and that she can bring in “as much as” $260,000 in cash revenues per year. ...
Tuesday, June 5, 2012 by Kristen

accounting
Pearson Corporation makes an investment today (January 1, 2012). They will receive $6,000 every December 31st for the next six years (2012 – 2017). If Pearson wants to earn 12% on the investment, what is the most they should invest on January 1, 2012?
Tuesday, June 5, 2012 by ashley

business
How important is accounting information to the decision making processes of a business
Tuesday, June 5, 2012 by Thomas

principle of accounting
raper Consulting began operations and completed the following transactions during the first half of December: Dec 2   Received $18,000 cash and gave capital to Draper. 2   Paid monthly office rent, $550. 3   Paid cash for a Dell computer, $1,800. This equipment ...
Monday, June 4, 2012 by carol

accounting
James, Inc. discovered that equipment purchased three years ago for $600,000 will not last as long as originally estimated. The firm was depreciating the equipment at the rate of $80,000 per year with an estimated salvage value of $40,000. New estimates indicate that the ...
Sunday, June 3, 2012 by T Smith

accounting
amair started the business with a capital of rs60000 on 1jan 2009 during the year he had with drawn goods rs8000 and cash rs5000for personal use he has also paid life insurance premium rs.2000 he had aiso introduced additional capital of rupees 20000 on 1st july .2009 on 31st ...
Sunday, June 3, 2012 by misba

accounting
How can we pass the entry in journal and how can we check that which expenses comes in debit side nd which comes in credit side?
Sunday, June 3, 2012 by Sania zehra

ACCOUNTING
The entry to close Cost of goods sold results in a debit to Income summary
Thursday, May 31, 2012 by Nadne

accounting
The annual interest rate for a customer’s loan of $425 is 15.75%. What is the total dollar amount to be repaid on the loan, including principle and interest, for the entire year?
Thursday, May 31, 2012 by Jennifer

Accounting
The annual interest rate for a customer’s loan of $675 is 19.25%. What is the total dollar amount to be repaid on the loan, including principle and interest, for the entire year?
Thursday, May 31, 2012 by Sienna

accounting
. Making Product X requires 4,000 hours of labor and Product Y requires 6,000 hours of labor. TUV undertakes an automation program that reduces the consumption of labor required by Product Y to only 2,000 hours of labor. Product X is not affected by the automation process. ...
Thursday, May 31, 2012 by Sara

accounting information system
Brisbane Ltd has always had a strategy of product differentiation; that is, providing high quality products and extracting a price premium from the market. During the recent economic downturn, Brisbane Ltd has seen its customer base diminish and has decided to move ...
Thursday, May 31, 2012 by Steph

accounting
The Diamond Glitter Company is in the process of preparing its financial statements for 2012. Assume that no entries for depreciation have been recorded in 2012. The following information related to depreciation of fixed assets is provided to you.
Monday, May 28, 2012 by Anonymous

Cost Accounting
Budgeted material costs 1,000 Budgeted labor costs 2,000 Budgeted overhead costs 1,500 Actual material costs 900 Actual labor costs 1,800 Actual overhead costs 1,250 1/1 WIP = 0 12/31 WIP = 2 1) Materials 25 Labor 20 2) Materials 15 Labor 32 Compute the overhead allocation ...
Sunday, May 27, 2012 by Julia

Accounting
Holden Company's shareholders' equity includes 75,000 shares of $0.40 cumulative preferred shares that had been issued for $375,000 and 200,000 common shares issued for a total of $720,000. Holden did not declare any dividends during the prior year and now declares and...
Sunday, May 27, 2012 by Seinna

Accounting
You own a gas pipeline that requires no maintenance and will produce $2 million of revenue next year. Unfortunately, the volume of gas is expected to decline by 4.0% per year. a.If the discount rate is 11.0% and the pipeline lasts forever, what is it worth today? b.If the ...
Sunday, May 27, 2012 by Anonymous

Accounting
6. Suppose NPI’s reinvestment rate on all future retained earnings were 12% instead of the 16% assumed in the previous problem. (Continue to assume initial earnings of $16 million.) If the dividend payout ratio were increased to 0.75, what happens to the growth rate and ...
Sunday, May 27, 2012 by Anonymous

Accounting
What s an excess of expense over revenue called?
Saturday, May 26, 2012 by Seinna

Business HELP!!!
This is a 100 question hw sheet and I have answered all but i am unsure about a few please help!!! 8. Which of the following statements about when the Fed increases the reserve requirement is correct? A. Interest rates go down. B. Banks have more money to lend. C. Inflation ...
Friday, May 25, 2012 by anon

Business
This is a 100 question hw sheet and I have answered all but i am unsure about a few please help!!! 8. Which of the following statements about when the Fed increases the reserve requirement is correct? A. Interest rates go down. B. Banks have more money to lend. C. Inflation ...
Thursday, May 24, 2012 by anon

Business Accounting
This is a 100 question hw sheet and I have answered all but i am unsure about a few please help!!! 8. Which of the following statements about when the Fed increases the reserve requirement is correct? A. Interest rates go down. B. Banks have more money to lend. C. Inflation ...
Thursday, May 24, 2012 by anon

Business Accounting
Which of the following statements about the money invested in a traditional IRA account is correct? A. It isn’t taxed until it’s withdrawn. B. It’s subject to double taxation. C. It’s taxed as you make deposits. D. It isn’t taxed.
Thursday, May 24, 2012 by anon

Accounting
Susan Kline works for Trend Press, a fairly large book publishing firm. Her best friend and rival, Lisa, works for Silver Books, a smaller publisher. Both companies issue $100,000 in bonds on July 1. Trend's bonds were issued at a discount, while Silver's were issued ...
Tuesday, May 22, 2012 by Karen

accounting
What sources are reliably used to estimate an asset's useful life?
Friday, May 18, 2012 by Quana

accounting
What is included in the cost basis of a long-lived asset? Explain for at least two types of such assets.
Friday, May 18, 2012 by Quana

Accounting
Prepare the income statement of Draper Consulting for the month ended Deceomber 31, 2012
Tuesday, May 15, 2012 by kim

accounting
how do i close a partial worksheet for Walter Searing, for month-end and post closing trial balnce.
Monday, May 14, 2012 by Renee Davis

Accounting
The ranking of project differs, depending on the use of IRR or NPV measures. Which project should be selected? Why is the IRR ranking misleading?
Monday, May 14, 2012 by Anonymous

economics
Movie attendance dropped 8 percent as tick prices rose a little more than 5 percent. What is the price elasticity of demand for movie tickets? Could price elasticity be some-what overestimated from these figures? That is, could other things have changed, accounting for some of...
Saturday, May 12, 2012 by Ashaki

accounting
1.On December 15, 2012, Pascal declared a cash dividend of $2.00 per share to stockholders of record on December 31. The dividend is payable on January 15, 2013. Pascal has issued 1,000,000 shares of common stock, of which 50,000 shares are held in treasury. 2.At December 31, ...
Saturday, May 12, 2012 by ashley

Programming with Eclipse
Design, implement, test, and debug an application to compute an employee’s weekly pay. If the employee works more than 40 hours a week, the employee earns 1.5 times the basic hourly pay for any time worked over 40 hours. The program should allow the user to input the ...
Thursday, May 10, 2012 by Marie

Managerial Accounting
The gross earnings of the factory workers for Vargas Company during the month of January are $66,000. The employer’s payroll taxes for the factory payroll are $8,000. The fringe benefits to be paid by the employer on this payroll are $6,000. Of the total accumulated cost ...
Wednesday, May 9, 2012 by SFC Triplett Larry A

Accounting
How to perpera the accounts of the company and cash flow statement
Monday, May 7, 2012 by Galane letshela

Microeconomics
3. Suppose that a business incurred implicit costs of $500,000 and explicit costs of $6 million in a specific year. If the firm sold 100,000 units of its output at $60 per unit, its accounting: A) profits were $100,000 and its economic profits were zero. B) losses were $500,...
Monday, May 7, 2012 by Anonymous

accounting
Moreno Industries has adopted the following production budget for the first 4 months of 2013. Month Units Month Units January 10,000 March 5,000 February 8,000 April 4,000 Each unit requires 3 pounds of raw materials costing $2 per pound. On December 31, 2012, the ending raw ...
Monday, May 7, 2012 by lynette

accounting
what is the MIRR of cash flows of -900, 820,400,510,-180,and 200 at the rate of 16%?
Sunday, May 6, 2012 by farooq

financial accounting
If a $6,000, 10%, 10-year bond was issued at 104 on October 1, 2011, how much interest will accrue on December 31 if interest payments are made annually
Saturday, May 5, 2012 by nash

accounting
On January 1, 2008 Touring company agreed to buy some equipment from Jones Company. Touring company signed a note,agreeing to pay Jones company $500,000 for the equipment on December 31, 2010. The market rate of interest for this note was 10%. a. Prepare the journal entry ...
Wednesday, May 2, 2012 by Jamie

Accounting
Spencer Company manufactures and sells three products. Relevant per unit data concerning each product are given below. Product A B C Selling price $9 $12 $14 Variable costs and expenses $3 $9.50 $12 Machine hours to produce 2 1 2 Compute the contribution margin per unit of the...
Monday, April 30, 2012 by Dean

Accounting
Imagen Arquitectonica of Tijuana, Mexico is contemplating a major change in its cost structure. Currently, all of its drafting work is performed by skilled draftsmen. Alfredo Ayala, Imagen's owner, is considering replacing the draftsmen with a computerized drafting system...
Monday, April 30, 2012 by Dean

Accounting
E6-9 (a,b) Tiger Golf Accessories sells golf shoes, gloves, and a laser-guided range-finder that measures distance. Shown below are unit cost and sales data. Pairs of Shoes Pairs of Gloves Range Finder Unit sales price $100 $30 $250 Unit variable costs 60 10 200 Unit ...
Monday, April 30, 2012 by Dean

acc202managerial accounting
need help with problems 16-16, 16-17 and 16-18.
Monday, April 30, 2012 by Doris

Manigerial Accounting
This is an extra credit assignment I was assigned that I really need the points for. I am having alot of trouble with it. I did a few of the questions but im not sure if they are right or not and I dont know how to do a few. For number 1 (Listed below) Payback = $46 million/$4...
Sunday, April 29, 2012 by Brian

Accounting
T/F Questions The main reason that the bank statement cash balance and the company's cash balance do not initially balance is due to timing differences. Sales Discounts is a revenue account with a credit balance. Multiple Choice: Assuming a 360-day year, proceeds of $48,...
Saturday, April 28, 2012 by Natalie

Marketing
Managerial accounting is
Saturday, April 28, 2012 by BOB

Accounting
Big Company purchased a machine on February 1, 2013, and will make seven semiannual payments of $26,000 beginning five years from the date of purchase. The interest rate will be 12%, compounded semiannually. Determine the purchase price of the machine.
Thursday, April 26, 2012 by Anonymous

Accounting
When finding the break even point, I know that total fixed costs/contribution margin= Break Even Point, but is that answer in dollars? How do you find the sales volume (dollars) that need to be produced in order to break even? How do you find the required amount of hours that ...
Wednesday, April 25, 2012 by Katherine

Accounting
I have to create a contribution margin income statement (per unit) and need to determine how many burgers per hour I think the chef can make, so I can get the Direct Labor cost per burger. How do I find the Direct Labor cost, and where would that be located on a contribution ...
Wednesday, April 25, 2012 by Kaity

College Accounting
How do the entries affect account balances and why both debit and credit entries can increase or decrease an account balance?
Tuesday, April 24, 2012 by shanty

Accounting
Questions 1. What is the issuing price for bonds A and B respectively? Show your calculations. 2. For bond A, provide the journal entries for • the issuance of bond, and • the first three interest payments. Please write down the date for each journal entry. Show your...
Monday, April 23, 2012 by Kate

accounting
The market interest rate for Christian Charities is 8% on January 1, 2008. On that day, Christian Charities issued the following bonds. A. $500,000 7-year 7% bond B. $300,000 10-year 9% bond For both bonds, interest is paid semiannually on June 30 and December 31 each year up ...
Monday, April 23, 2012 by kayla

accounting
examples from the manufacturing industry of: o a journal entry that would be recorded that impacts the balance sheet
Monday, April 23, 2012 by Ruth

Health
Jennifer is fifty-four. Her husband Brian died suddenly in a care crash. Not only was she emotionally distraught, but she found herself in serious financial turmoil. Brian had handled the finances (at least she had thought he had) throughout their 21 year marriage. Upon his ...
Sunday, April 22, 2012 by RT

Accounting
1.state ten users of accounting information and show their intrest 2. Enlimurate eight qualities that accounting information must poses. 3. Itemize at least eight roles of accounting in any organisation.,
Sunday, April 22, 2012 by Charles

Accounting
1.state ten users of accounting information and show their intrest 2. Enlimurate eight qualities that accounting information must poses. 3. Itemize at least eight roles of accounting in any organisation.,
Sunday, April 22, 2012 by Charles

Accounting
State ten users of accounting iformation and show their intrest 2 enumurate eighth qualities that accounting information must posses 3. Itemize at least eight rules of accounting in any organisation.
Sunday, April 22, 2012 by Charles

Accounting
1. Partially Correct Check My Work Problem-Solving Strategy Problem 16-1 (Algorithmic) Statement of Cash Flows—Indirect Method The comparative balance sheet of Mavenir Technologies Inc. for December 31, 2013 and 2012, is shown as follows: Dec. 31, 2013 Dec. 31, 2012 ...
Saturday, April 21, 2012 by shell

Accounting
What types of cost information are reported to support managerial purposes and decisions? Describe 2 major categories of purposes that are supported by cost information. Describe how cost information supports both of these categories. What is a cost object and how is it used ...
Saturday, April 21, 2012 by Rachel

Accounting
Please prepare the following journal entries. Indicate which account should be debited and which account should be credited along with the dollar amount of the debit and credit. a) Investors invested $100,000 in exchange for 10,000 shares of common stock. b) Company paid a ...
Thursday, April 19, 2012 by Anne

english
what are the five reasons why knowlegde of english language registers is important in accounting and finance?
Wednesday, April 18, 2012 by tory

accounting
what are the five sentences about why you think knowledge of english language registers will be important in accounting and finance?
Wednesday, April 18, 2012 by tory

english
what are the five sentences about why you think knowledge of english language registers will be important in accounting and finance?
Wednesday, April 18, 2012 by tory

Accounting HELPPPP
Jim Johnson has 40% interest in Richards and Johnson, LLP. The partnership has the following activity for the year: Sales $180,000 Cost of Goods Sold 105,000 Guaranteed Payment to Ron Richards 25,000 Depreciation 11,000 Interest Expense 1,000 Tax-Exempt Income 1,500 Health ...
Wednesday, April 18, 2012 by Aby

accounting
Complete the work sheet. In completing the worksheet, compute State of Illinois corporate income taxes at 41/2% of pretax income. The state income tax is deductible on the federal tax return, and the federal tax is not deductible on the Illinois return. Assume federal ...
Wednesday, April 18, 2012 by bakbone

accounting
Question: Because Aqua Elite, Inc. is a new startup business, the beginning balances in all the general ledger accounts are zero to start. n The length of the accounting periods are three months using a fiscal calendar year. (A fiscal calendar is on a yearly basis other than a...
Monday, April 16, 2012 by diana

accounting
Last year Angela used her 60% margin account and purchased 100 shares of stock at a price of $33 a share. Today she sold this stock for $36 a share. Angela paid a total of $70 in margin interest for the year. Ignoring transaction costs, what rate of return did Angela earn on ...
Saturday, April 14, 2012 by Anonymous

Accounting
At the beginning of April, Owl Corporation has a balance of $12,000 in the Retained Earnings account. During the month of April, Owl had the following external transactions. 1. Issue common stock for cash, $10,000. 2. Provide services to customers on account, $7,500. 3. ...
Friday, April 13, 2012 by John

Accounting
Identify whether each description best applies to a periodic or a perpetual inventory system. a. Provides more timely information to managers. b. Requires an adjusting entry to record inventory shrinkage. c. Markedly increased in frequency and popularity in business within the...
Wednesday, April 11, 2012 by Mar

Accounting
Our company bought the fully-depreciated personal car of our General manager. What is the proper and correct journal entry?
Wednesday, April 11, 2012 by Benjo

accounting
Discuss the ethics of what Amy is doing. Are there any consequences to her actions? How does the store account for Amy’s returns?
Tuesday, April 10, 2012 by Mar

accounting
What items appear in financial statements of merchandising companies that do not appear in the financial statements of service companies? Why is there a difference?
Tuesday, April 10, 2012 by Mar

Accounting
$10,000,000 face value, zero coupon bonds due in 20 years, priced on the market to yield 8% compounded semiannually.
Tuesday, April 10, 2012 by Bryan

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. Bookkeeping is largely done today using a computer and ...
Monday, April 9, 2012 by meka

accounting
which one of the following contingencies must be accrued on the balance sheet
Sunday, April 8, 2012 by jo

bookkeeping
what is the accounting system where you record revenue when the business earns it,and expenses at the time the business incurs them? (a)cash (b)GAAP (c)accrual (d)COGS my answer is c what is the time period called from the time the business opens to the last day of the twelfth...
Friday, April 6, 2012 by susue

bookkeeping
suppose your business caters a party august 23.according to the contract ,your client will pay the 2500 bill on september 1.using the accrual basis of accounting ,how would you record the transaction? (a)on august 23,debit accounts receivable 2500 and credit revenue2500 (b)on ...
Friday, April 6, 2012 by susue

accounting
Nature’s Way, Inc., keeps one of its production facilities busy making a perfume called Essence de la Vache. The perfume goes through two processing departments: Blending and Bottling. The following incomplete Work in Process account is provided for the Blending ...
Wednesday, April 4, 2012 by Daddyoj

accounting
Posson Catering uses two measures of activity, jobs and meals, in the cost formulas in its budgets and performance reports. The cost formula for catering supplies is $210 per month plus $96 per job plus $20 per meal. A typical job involves serving a number of meals to guests ...
Tuesday, April 3, 2012 by Deborah

Accounting
Identify each statement as true or false. If false, indicate how to correct the statement. 1. Depreciation is a process of asset valuation, not cost allocation. 2. Depreciation provides for the proper matching of expenses with revenues. 3. The book value of a plant asset ...
Monday, April 2, 2012 by Casey

Accounting
Presented below are selected financial statement items for Rowe Corporation for December 31, 2012. Inventory $55,000 Cash paid to purchase equipment $30,000 Cash paid to suppliers 154,000 Equipment 40,000 Buildings 400,000 Revenues 200,000 Common stock 20,000 Cash received ...
Monday, April 2, 2012 by Dan

Accounting
A woman would like to open a store in 8 years. She figures she will need 50,000 in capital to do so. She will make 10% on her money. a. How much would she need to invest today in one lump sum to end up with 50000 in 8 years? I got 23,325.25 b. if she's starting from ...
Sunday, April 1, 2012 by Jeremy

English
I urgently need you to help me,write five sentences about why you think knowledge of English language registers will be important in accounting and finance.
Saturday, March 31, 2012 by Siarah

Accounting
Store equipment is purchased on January 1, 2002 at a cost of $14,000 and $1,000 was spent on its installation. The depreciation is written-off at 10% on the original cost every year. The books are closed on December 31, every year. Prepare a Depreciation Expense-Stores ...
Thursday, March 29, 2012 by Anonymous

accounting
I need HELP in journalizing the following please: February 1 Paid $3,750 accounts payable balance due to a supplier. March 15 Received $2,500 partial payment on a $5,000 accounts receivable balance. Wrote off the rest of the account as uncollectible. April 1 April 15 Purchased...
Thursday, March 29, 2012 by Jan

accounting
Journalize: March 15 Received $2,500 partial payment on a $5,000 accounts receivable balance. Wrote off the rest of the account as uncollectible.
Thursday, March 29, 2012 by Jan

accounting
March 15 Received $2,500 partial payment on a $5,000 accounts receivable balance. Wrote off the rest of the account as uncollectible.
Thursday, March 29, 2012 by Jan

Accounting
The Ritz Manor is a popular seaside resort. A double room costs $220 for one night. To reserve a room, guests must pay one night’s stay in advance. On each floor of the hotel, Vendalite Company operates vending machines with energy bars, juices, and other snacks for ...
Wednesday, March 28, 2012 by Stephanie

Accounting
I have to do a research paper on the finance of GameStop, and I'm having problem with the first two questions: 1. If GameStop Corp chose to issue another round of corporate bonds, how much interest rate should they offer? 2. Assume that GameStop Corp did issue corporate ...
Wednesday, March 28, 2012 by Viola

accounting
Bulldog Appliances uses the periodic inventory system. Details regarding the inventory of appliances at September 1, 2011, purchases invoices during the next 12 months, and the inventory count at August 31, 2012, are summarized as follows
Tuesday, March 27, 2012 by Anonymous

ACCOUNTING
On March 1, 2012, Enrique Company acquired real estate, on which it planned to construct a small office building, by paying $90,504 in cash. An old warehouse on the property was demolished at a cost of $7,646; the salvaged materials were sold for $1,633. Additional ...
Tuesday, March 27, 2012 by Anonymous

Accounting
What is the difference between cash basis and accrual basis accounting? Why do accrual-basis financial statements provide more useful information than cash-basis financial statements? Describe when each method (cash basis and accrual basis accounting) would be appropriate to ...
Monday, March 26, 2012 by Mar

accounting
Mendez Company currently produces and sells 20,000 units of product at a selling price of $10. The product has variable costs of $4 per unit and fixed costs of $50,000. The company currently earns a total contribution margin of?
Monday, March 26, 2012 by Anonymous

accounting
Part 5 Cash Budgeting Landis Company has the following sales forecasts for the selected three-month period in the current year: Month Sales April $12,000 May 7,000 June 8,000 Seventy percent of sales are collected in the month of the sale, and the remaining balance is ...
Sunday, March 25, 2012 by beth

Accounting
Problem 9-5 Warranties Bombeck Company sells a product for $1500. When the customer buys it, Bombeck provides a one-year warranty Bombeck sold 120 products during 2010. Based on analysis of past warranty records, Bombeck estimates that repairs will average 3% of total sales. ...
Thursday, March 22, 2012 by Lisa

Revised paragraph of 8-12 sentences
I have to write these paragraphs for a writing assignment and just wasnt sure is I was doing it right. Need some advice!! ASSIGNMENT: You’ve applied for a specific job in your field of study. The Human Resources Department arranges an interview and tells you to bring ...
Thursday, March 22, 2012 by alma

Revised paragraph of 8-12 sentences
I have to write these paragraphs for a writing assignment and just wasnt sure is I was doing it right. Need some advice!! ASSIGNMENT: You’ve applied for a specific job in your field of study. The Human Resources Department arranges an interview and tells you to bring ...
Wednesday, March 21, 2012 by alma

accounting
Mia Enterprises sells a product for $90 per unit. The variable cost is $40 per unit, while fixed costs are $75,000. Determine the (a) break-even point in sales units, and (b) break-even point if the selling price was increased to $100 per unit.
Wednesday, March 21, 2012 by Meagan McPhail

business-ACCOUNTING
Income from operations, $151,800 The following events took place for Fed Inc. during October 2012, the first month of operations as a producer of road bikes: • Purchased $427,000 of materials. • Used $367,500 of direct materials in production. • Incurred $315,...
Tuesday, March 20, 2012 by Ashley

healthcare accounting
what is the entry when we get a gift of $100,000 for cancer research only with the investments earnings also limited to cancer research?
Tuesday, March 20, 2012 by scott

business
On December 31 of last year, Wolfson Corporation had in inventory 400 units of its products, which cost $21 per unit to produce. During January, the company produced 800 units at a cost of $24 per unit. Assuming that Wolfson Corporation sold 700 units in January, what was the ...
Tuesday, March 20, 2012 by Andrea

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Homework Help: Business