Recent Homework Questions About Accounting
On January 2, 2007, a company issued $100,000 of 5%, 10 year bonds. The bonds will mature in ten years. The bonds were sold for for 95% (or .95 of par) and will pay interest semi-annually, or twice a year, on June 30 and Dec 31. Record the journal entries to record the ...
Saturday, October 8, 2011 at 1:49pm
Maria Gonzalez opened a veterinary business in Nashville, Tennessee, on August 1. On August 31, the balance sheet showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Office Equipment $6,000, Accounts Payable $3,600, and M. Gonzalez, Capital $13,700. During September...
Thursday, October 6, 2011 at 6:13pm
Lily Company had the following assets and liabilities on the dates indicated. December 31 Total Assets Total Liabilities 2009 $400,000 $250,000 2010 $460,000 $300,000 2011 $590,000 $400,000 Lily began business on January 1, 2009, with an investment of $100,000. Instructions ...
Thursday, October 6, 2011 at 6:12pm
Presented below are three business transactions. For each transaction indicate whether there is an Increase, a Decrease or No Effect on the assets, the liabilities and the owner's equity. Assets Liabilities Owner's Equity (a) Invested cash in the business. Increase ...
Thursday, October 6, 2011 at 6:11pm
Jan Nab is the sole owner of Deer Park, a public camping ground near the Lake Mead National Recreation Area. Jan has compiled the following financial information as of December 31, 2010. Revenues during 2010camping fees $140,000 Market value of equipment $140,000 ...
Thursday, October 6, 2011 at 6:07pm
andrew quits his job as an accountantwhere he earns $45000 per year to go back to scool for 2 years to get an NBA degree. He attends a school that charges $25000 per year for tuition & related expenses. How much is the total cost (explicit plus opportunity) of that degree?
Wednesday, October 5, 2011 at 3:09pm
You have recently been employed by a large retail chain that sells sporting goods. One of your tasks is to help prepare financial statements for external distribution. The chain's largest creditor, National Savings & Loan, requires that financial statements be prepared ...
Sunday, October 2, 2011 at 4:31pm
The financial officer for an accounting firm allows Dh 50,000 for computer supplies in the annual budget. After 6 months, Dh 26,200 has been spent on supplies. Is this figure within 55% of the annual budget?
Saturday, October 1, 2011 at 1:37pm
Nature of Traits: Interactionism: Observe a social gathering. Write a 200 to 300 word response to the following: What influence does culture have on personality? Do you see a person's reaction to something as separate from social experience or as a result social experience...
Friday, September 30, 2011 at 12:38pm
Marks: 20 At the beginning of the fiscal year, ABC Clinic expected to treat 10,000 patients and estimated that it would incur $1,000,000 in overhead. At fiscal year end data indicated that the clinic only saw 9,000 patients and incurred overhead of $925,000.If the clinic used ...
Wednesday, September 28, 2011 at 10:44am
Ayres Services acquired an asset for $80 million in 2011. The asset is depreciated for financial reporting purposes over four years on a straight-line basis (no residual value). For tax purposes the asset's cost is depreciated by MACRS. The enacted tax rate is 40%. Amounts...
Wednesday, September 28, 2011 at 7:12am
How do write this as a journal entry transaction? Alex transferred $17,000 from his personal bank account to the corporation in exchange for capital stock.
Wednesday, September 28, 2011 at 3:07am
A company purchased machinery for $660,000 on May 1,2008. It is estimated that it will have a useful life of ten years,salvage value of $45,000, production of 350,000 units, and working hours of 60,000. During 2009 the company uses the machinery 3,050 hours, and the machinery ...
Tuesday, September 27, 2011 at 8:35pm
Case 13-5 Lease Classifications Doherty Company leased equipment from Lambert Company. The classification of the lease makes a difference in the amounts reflected on the balance sheet and income statement of both Doherty and Lambert. Required: What criteria must be met by the ...
Saturday, September 24, 2011 at 9:05pm
On December 31 of last year, Wolfson Corporation had in inventory 400 units of its product, 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 ...
Thursday, September 22, 2011 at 4:01pm
jim smith had trouble finding a job, so he decided to start his own sole proprietorship by the name of designers, inc. jim is a web site designer and here are the results as of the end of the first year of his business.br accounts payable =$12,100br cash=$19,150br service ...
Thursday, September 22, 2011 at 12:04pm
Larissa has also provided the following information. During the year, the company raised $40 million in new long-term debt and retired $22.8 million in long-term debt. The company also sold $30 million in new stock and repurchased $36 million. The company purchased $60 million...
Thursday, September 22, 2011 at 12:42am
Wilson Corporation began operations in January 2008, and purchased a machine for $20,000. Wilson uses straight-line depreciation over a four-year period for financial reporting purposes. For tax purposes, the deduction is 50% of cost in 2008, 30% in 2009, and 20% in 2010. ...
Wednesday, September 21, 2011 at 7:47pm
Hanson Company uses the weighted-average method in its process costing system. The first processing department, the Welding Department, started the month with 17,000 units in its beginning work in process inventory that were 60% complete with respect to conversion costs. The ...
Wednesday, September 21, 2011 at 3:05pm
Journalize the following transactions -Recieved cash from investment made by owner,$15000. Recieved cach providing accounting services, $8000. Billed customers on account for providing services, $4000. Paid Advertising expense 400. Recieved cash from customers on account 3500.
Tuesday, September 20, 2011 at 1:03pm
6. Acme Manufacturing Company estimates factory overhead as a percentage of machine hours. On 1.1.11, Acme estimates total factory overhead of $400,000 for the year, and estimates 20,000 machine hours will be required during the year. During the year, 10,000 units of product ...
Tuesday, September 20, 2011 at 11:44am
Bubba Production Company produces a homogenous product. All materials are added at the beginning of production and other product costs are added evenly over time until the product is complete. Conversion costs were 70% complete with respect to the 2,000 units in process July 1...
Tuesday, September 20, 2011 at 11:44am
I have tried to figure out how to do this for four days and my textbook does not give an example on how to do this problem. Lower-of-Cost-or-Market Corrs Company began operations in 2007 and determined its ending inventory at cost and at lower of cost or market at December 31...
Friday, September 16, 2011 at 12:59pm
Han Products manufactures 30,000 units of part S-6 each year for use on its production line. At this level of activity, the cost per unit for part S-6 is as follows: Direct materials $ 3.60 Direct labor 10.00 Variable manufacturing overhead 2.40 Fixed manufacturing overhead 9....
Thursday, September 15, 2011 at 8:34pm
a company issues 7% 10 year bonds with a par value of $150,000 and semi annual payments. On the side date the annual market rate for these bonds are 8%, which implies a selling price of 93 1/4 the straight line is used to allocate interest expense what is the total amount of ...
Tuesday, September 13, 2011 at 11:22am
The fixed cost is 100,000 the price is $80. a pair the product is 10,000 paris direct labor $35 a pair, direct material $30 a pair, total overhead $15 which adds up to $80. I dont't know how to start with this, than its asking if outsoucing the price would be 10.50 a pair ...
Monday, September 12, 2011 at 12:42pm
Cruise industries purchased $10,800 of merchandise on February 1, 2007, subject to a discount trade of 10% and with credit terms of 3/15, n/60. It returned $2,500 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13. At what amount ...
Friday, September 9, 2011 at 10:05pm
can somebody please explain to me how to do this problem: Cruise Industries purchased $10,800 of merchandise on February 1, 2007, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned $2,500 (gross price before trade or cash discount) on February ...
Thursday, September 8, 2011 at 7:52pm
Is there a relationship between ethical behavior in academia and ethical behavior in the business world? If I am correct I would have to say that there is a relationship between ethical behavior in academia and ethical behavior in the business world. I am I correct?
Thursday, September 8, 2011 at 1:05pm
Considering how organization must manage cash, receivables, and inventories. Which of the three variables is the most important to manage? In my opinion I would have to say that the cash would be the most important to manage. Am I right?
Wednesday, September 7, 2011 at 6:38pm
If you notice that your accounts receivable days outstanding has doubled in the first 6 months. Do you give someone a bonus or put hin or her on probation? Why?
Monday, September 5, 2011 at 8:22pm
The marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year (all sales are on account): 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Units to be produced 12,000 14,000 13,000 11,000 The selling price of the company...
Monday, September 5, 2011 at 12:18am
VF is a small accounting firm supporting wealthy individuals in their preparation of annual income tax statement. Every December, VF sends out a short survey to their customers, asking for the information required for preparing the tax statements. Based on 24 years of ...
Wednesday, August 31, 2011 at 7:27pm
March 3 Inventory units 60 per unit $1,500 total $90,000 March 8 Purchase 120 units $1,800 per unit total $216,000 March 11 Sal units 80 per units $5,000 total $400,000
Sunday, August 28, 2011 at 2:51am
In your businesss first year in operation you had sales totaling $40,000 and collected $30,000 from your customers. You also incurred $20,000 in expenses but $5,000 of them will not be paid until the following year. Calculate your profit or loss under the cash and ...
Friday, August 26, 2011 at 10:27pm
On July 1, 2011 you purchase and pay $36,000 for a three year insurance policy. How much will your insurance expense be this year and during the following three years under the cash and accrual basis methods? At December 31 of each year, how much will Pre-Paid Insurance be on ...
Friday, August 26, 2011 at 10:13pm
what is the journal entry if a owner of a company deposited $15,000 in their checking account. In return they received 1000 shares of common stock in their corporation. The par value of the common stock is $1 per share?
Friday, August 26, 2011 at 4:29pm
What would be the effect of removing either the Matching Principle or the Revenue Recognition Principle from the process? Use a concrete example of how doing so might affect accounting in a given period.
Wednesday, August 24, 2011 at 10:26pm
At the beginning of the year, Keller Company's liabilities equal $60,000. During the year, assets increased by $80,000, and at year-end assets equal $180,000. Liabilities decrease $10,000 during the year. What are the beginning and ending amount of equity?
Tuesday, August 16, 2011 at 5:47pm
At the beginning of the year, Logan company's assets are $200,000 and its equity is $150,000. during the year, assets increase $70,000 and liabilities increase $30,000. What is the equity at the end of the year?
Tuesday, August 16, 2011 at 5:44pm
Pearson began 20XX with 30,000 $1 common shares issued and outstanding. Paid in capital in excess of par was $25,000 and retained earnings were $75,000. Net income for 20XXwas $22,000. Requirements: Review Pearson's transactions for 20XX in the Excel Template below, then: ...
Monday, August 15, 2011 at 5:06pm
1. Please refer to the worksheet below. Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Cash $1,700 $1,700 $1,700 Accounts receivable 8,500 $2,000 10,500 10,500 Supplies 100 $80 20 20 ...
Monday, August 15, 2011 at 12:45am
You are the CIO of the healthcare organization. Your project team has advised you that the supervisor of the accounting department is less than enthusiastic about the idea of interviewing his staff for information needs assessment. After questioning your team further, it ...
Sunday, August 14, 2011 at 8:41pm
Valmont, Inc. experienced the following events in 2012, in its first year of operation. 1. Received $20,000 cash from the issue of common stock. 2. Performed services on account for $50,000. 3. Paid utility expense of $12,500. 4. Collected $39,000 of the accounts receivable. 5...
Sunday, August 7, 2011 at 3:08pm
Gallatin Carpet Cleaning is a small, family-owned business ooperating out of Bozeman, Montana. For its services, the company has always charged a flat fee per hundred square feet of carpet cleaned. The current fee is $28 per hundred square feet. However, there is some question...
Saturday, August 6, 2011 at 3:32pm
Walt s Whistles manufactures referee whistles. At the end of February, Walt s has 2,000 pounds of steel for whistles in inventory. Walt s expects to produce and sell 50,000 whistles in March. Each whistle requires a standard quantity of 0.2 pounds of steel...
Thursday, August 4, 2011 at 2:31am
On January 1, 2006, Powell Company purchased a building and machinery that have the following useful lives, salvage value, and costs. Building, 25-year estimated useful life, $4,000,000 cost, $400,000 salvage value Machinery, 10-year estimated useful life, $500,000 cost, no ...
Tuesday, August 2, 2011 at 4:01pm
Horton Company, as lessee, enters into a lease agreement on July 1, 2008, for equipment. The following data are relevant to the lease agreement: 1. The term of the non-cancelable lease is 4 years, with no renewal option. Payments of 422,689 are due on June 30, of each year. 2...
Monday, August 1, 2011 at 11:51pm
Complete an Income Statement, Statement of Owner's Equity, and Balance Sheet using the information provided below for Ryas Planning Services. Cash $21,500 Accounts Receivable ...
Sunday, July 31, 2011 at 12:42pm
angela bennett is an employee at coopers and smith cpa firm. Angela, a part-time student, is working on her graduate degree in history. Coopers & Smith which has an educational assistance program reimburses Angela $6,000 of her educational expenses she incurred in the year. ...
Sunday, July 31, 2011 at 2:54am
On December 31, 2008, University Theatres issued $500,000 face value of bonds. The stated rate is 6 percent, and interest is paid semiannually on June 30 and December 31. The bonds mature in 10 years. Required: If required, round your answers to the nearest whole dollar. ...
Wednesday, July 20, 2011 at 2:16pm
ane Doe of Creative Marketing was recording transactions into the accounting records to prepare financial statements for the bank in a loan application. Her expenses were higher than anticipated and she was concerned about the effects on net income. As she was recording $3,000...
Monday, July 18, 2011 at 6:37pm
A company has an overhead application rate of 125% of direct labor costs. How much overhead would be allocated to a job if it required total direct labor cost of $20,000? $5,000. $16,000. $25,000. $125,000. $250,000. The R&R Company's production costs for August are: ...
Saturday, July 16, 2011 at 2:29pm
Williams Company's direct labor cost is 25% of its conversion cost. If the manufacturing overhead for the last period was $45,000 and the direct materials cost was $25,000, the direct labor cost wa
Thursday, July 14, 2011 at 5:29pm
Don't know how to start.. Can anyone help me? For this program you are to create a two class application - a driver and a principal class - that reads in text interactively from the keyboard, and then reports on two aspects of the entered text. First it should print a ...
Wednesday, July 13, 2011 at 3:51am
2. Lucy quits a $50,000 job to open her waffle business. She makes $225,000 in revenue from her first year of waffle sales. She pulls $50,000 out of an account that returns 3% interest per year and invests the entire amount in her business. She also borrows $50,000 at 10% ...
Saturday, July 9, 2011 at 11:15pm
Fill in the blanks in the following separate income statements a through e. Identify any negative amount by putting it in parentheses. a b c d e Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $60,000 $42,500 $36,000 $ ? $23,600 Cost of goods sold ...
Saturday, July 9, 2011 at 2:30am
Jan. 1 Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite. May 1 Purchased for $90,000 a patent with an estimated useful life of 5 years and a legal life of 20 years
Friday, July 8, 2011 at 3:13pm
Complete an Income Statement, Statement of Owner's Equity, and Balance Sheet using the information provided below for Ryas Planning Services. Cash $21,500 Accounts Receivable ...
Thursday, July 7, 2011 at 8:58pm
due to continued growth, our local claims office is interviewing applicants who are interested in processing medical claims. background in bookkeeping, accounting, banking, or medical terminology and/or keyboard skills, is preferred. a stable work history required. our ...
Thursday, July 7, 2011 at 5:49pm
Caren Smith opened a medical practice. During July, the first month of operation, the business, titled Caren Smith, M.D., experienced the following events: Jul 6 Smith invested $55,000 in the business by opening a bank account in the name of C. Smith, M.D. The business gave ...
Thursday, July 7, 2011 at 1:25am
you have just won the National Publisher's Sweepstakes. You have two options, you can receive ten, $500,000 semiannual payments starting today, or you can take your winnings in a lump-sum payment now based on 7% annual interest rate. Determine the equivalent lump-sum ...
Monday, July 4, 2011 at 2:42pm
Your firm uses return on assets (ROA) to evaluate investment centers and is considering changing the valuation basis of assets from historical cost to current value. When the historical cost of the asset is updated, a price index is used to approximate replacement value. For ...
Monday, July 4, 2011 at 2:12am
Panarude Airfreight is an international air freight hauler with more than 45 jet aircraft operating in the United States and the Pacific Rim. The firm is headquartered in Melbourne, Australia, and is organized into five geographic areas: Australia, Japan, Taiwan, Korea, and ...
Monday, July 4, 2011 at 2:10am
Principles of Accounting I
Deliverable Length: 5-10 PowerPoint slides / can include an Excel file for financial analysis Details: Choose a public company in the food industry. Analyze the financial statements and assess whether the financial performance has improved or declined year-over-year. Analysis ...
Saturday, July 2, 2011 at 6:38pm
Identify at least three external users of accounting information and indicate two questions they might seek to answer through their use of accounting information I just need help on indicate 2 questions they might seek to answer through their use of accounting information
Friday, July 1, 2011 at 11:00pm
answer question Jane Kent is a licensed CPA. During the first nonth of operations of her business, the following events and transactions occurred
Wednesday, June 29, 2011 at 3:04am
HELP HERE IS WHOLE PROBLEM.IT NEEDS TO BE JOURNALIZED PROPERLY. mAY 15-fILED THE FEDERAL INCOME TAX RETURN FOR 2009. THE TOTAL TAX FOR THE YEAR WAS 124,000. DURING 2009, QUARTERLY DEPOSITS OF ESTIMATED TAX TOTALING 122,700 ;HAD BEN MADE. THE ADDITIONAL TAX OF 1,300 WAS PAID ...
Tuesday, June 28, 2011 at 6:05pm
You trade equipment in 2010 and pay a $10,000 cash boot for similar equipment with a fair market value of $20,000. The transaction cost is $100. You paid $25,000 for your old equipment. The depreciation deduction allowed for tax purposes on the old equipment was $4,000 in 2007...
Sunday, June 26, 2011 at 5:13pm
If both my trial balance and balance sheet are balanced, my business should breakeven with no gain or loss. But my accountant told me my business has lost $500,000. Could my accountant be right?
Sunday, June 26, 2011 at 5:08am
Mitchell Corporation has current assets of $1 million and current liabilities of $750,000. If they pay $250,000 of their accounts payable, what will their new current ratio be? (Points: 4) 1.25:1 2.0:1 2.0:1 1.5:1
Wednesday, June 22, 2011 at 3:59pm
For 2010, Fielder Corporation reported net income of $30,000; net sales $400,000; and average shares outstanding of 6,000. There were no preferred stock dividends. What was the 2010 earnings per share? (Points: 4) $4.66 $0.20 $66.67 $5.00
Wednesday, June 22, 2011 at 3:58pm
Confused on the method used to solve this problem and could really use some help. The 5% is throwing me off as we don't know 5% on what amount and we assume that amount compounds over time? You are currently 25 years old and have just spent the past weekend in Vegas. As ...
Monday, June 20, 2011 at 4:05pm
need help checking grammar errors please and how good is it? Credits cards have some positive value to them from being able to make big purchases, to making an everyday purchase. This reminds me of a quote said by John Mc Donalds Everything that has a positive side...
Friday, June 17, 2011 at 9:29pm
Enter transactions: 1. owner contributes $6,00 cash 2. $2,000 in revenue on account 3. $1,500 cash from debtors 4. Rent expense cash $400 5. $300 in cash for salaries invested $2,500 in a certificate of deposit(terms - 12 months, rate of interest - 8%) Adjusted enteries at end...
Wednesday, June 15, 2011 at 9:42pm
Incentive Corporation was organized in 2009 to operate a financial consulting business. The charter authorized the following capital stock: common stock, par value $4 per share. 12,000 shares. During the first year, the following selected transactions were completed: a - ...
Wednesday, June 15, 2011 at 4:33pm
Jay Corp. bought a machine for $15,000. The machine is expected to produce 10,000 units. The machine has a residual value of $5,000. Assuming the machine produces 400 units during Year 1, what should the depreciation expense be?
Tuesday, June 14, 2011 at 11:07pm
Selling price of a bond: Problem type 1 On December 31, 2008, $140,000 of 9% bonds were issued. The market interest rate at the time issuance was 11%. The bonds pay on June 30 and December 31 and mature in 10 years. Compute the selling price of a single $1,000 bond on December...
Monday, June 13, 2011 at 7:46am
At the beginning of the year, we purchased a generator for $ 56,000. We expect then generator to have a useful life of 12 years, or 60,000 hours. The residual value of the generator at the end of its life is expected to be $ 5,600. We actually used the generator 3,500 hours in...
Sunday, June 12, 2011 at 9:03am
How do you prepare the following adjusting, reversing and next period entry into an unadjusted trial balance? I also need help with the rest of this problem. Cost of supplies still available December 31 is 2,700 The notes payable requires an interest payment to be made every 3...
Saturday, June 11, 2011 at 2:29pm
How do I figure FUTA/SUTA earnings? This is what my book gives: James Company has three employees .Its payroll information is given below. Employee Earnings Prior October to October Earnings Donald Robinson: $6050 $1200 OASDI Earnings FUTA/SUTA Earnings $1200 $950 Tax Rate ...
Friday, June 10, 2011 at 6:38pm
I got this of this web site but I don't understand where it all goes. this is the one I am working on. I need help. Part 1 BULLSEYE RANGES For Year Ended December 31, 2005 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. ...
Friday, June 10, 2011 at 6:05pm