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Homework Help: Business: Accounting

Recent Homework Questions About Accounting

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 ...

accounting
which one of the following contingencies must be accrued on the balance sheet

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...

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 ...

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 Department ...

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 ...

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 ...

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 ...

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 scratch ...

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.

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 ...

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...

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.

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

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 guests. ...

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 bonds ...

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

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 ...

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 ...

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?

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 ...

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. ...

Revised paragraph of 8-12 sentences
I have to write these paragraphs for a writing assignment and just wasn't 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 with ...

Revised paragraph of 8-12 sentences
I have to write these paragraphs for a writing assignment and just wasn't 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 with ...

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.

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 $315,000 of ...

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?

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 ...

business
At the end of January, Mineral Labs had inventory of 725 units, which cost $10 per unit to produce. During February the company produced 650 units at a cost of $14 per unit. If the firm sold 1,000 units in February, what was the cost of goods sold? a. Assume LIFO inventory ...

Accounting
On November 30, 2011, Constance purchased an apartment building for $750,000. Determine her cost recovery deduction for 2011 rounded to the nearest dollar? A. $0 B. $2,400 C. $3,413 is it B

Accounting
On July 15, 2009, Travis purchased some office furniture for $20,000 to be used in his business. He did not elect to expense the equipment under §179 or bonus. On December 15, 2011, he sells the equipment. What is his cost recovery deduction for 2011? A. $0 B. $1,749 c. $3,...

Accounting
On May 26, 2007, Jamal purchased machinery for $30,000 to be used in his business. He did not elect to expense the equipment under §179 or the bonus. On October 10, 2011, he sells the machinery to a scrap metal dealer. What is his cost recovery deduction for 2011 rounded to ...

Accounting
Which of the following is not a "trade or business" expense? A. Mortgage interest on a warehouse b. Mortgage interest on a personal residence c. Cost of goods sold is it B

Financial Accounting
Is Depreciation expense recorded in the General Journal?

accounting
how is accounting information in financial statement confusing?

accounting
What is the ending balance in an account that opebs with $7000, earns 7.5% interest compound quarterly, and is held for 20 years.

Financial Accounting
3. How is accounts receivable turnover calculated?

Finance
Cost Allocation It started with a letter Statendam, November 5, 2001 To: Henk Jacobs, director finance department From: Bob Jansen, manager refuse collection department Dear Henk, Someone told me that you had to see the teachers of one or your children last night, so you could...

accounting
Discuss in 200 to 300 words, each of the four financial statements. Explain the different components of the statements as well as what the statements tell about a business.

accounting
The predetermined overhead rate for manufacturing overhead for 2008 is $4.00 per direct labor hour. Employees are expected to earn $5.00 per hour and the company is planning on paying its employees $100,000 during the year. However, only 75% of the employees are classified as...

Accounting
§179 expense is available for all of the following business assets except: A. a bulldozer. B. a phone system. C. an apartment complex. D. office furniture. is it A

Accounting
Della purchased a warehouse on February 25, 2011, for $350,000. $45,000 of the price was for the land. What is her cost recovery deduction for 2011 rounded to the nearest dollar? A. $6,853 B. $7,865 C. $9,705 D. $11,137 is it D

accounting
how would the table of analysis be set up with these transactions: started business with $25,000 paid rent $2,000 purchased equipment $6,000 only paid 40% owes difference purchased food and beverage $4,000 paid 75% in cash owes difference cash sales $4,000 utility bill was ...

Accounting
Much of accounting is directed at servicing the information needs of those users that are external to an organization. Identify at least three external users of accounting information and indicate two questions they might seek to answer through their use of accounting ...

Accounting
Identify internal control principles. (SO 2), C The internal control procedures in Phillips Company make the following provisions. Identify the principles of internal control that are being followed in each case. a. Employees who have physical custody of assets do not have ...

accounting URGENT HELP DUE IN 1HR
(a) Fill in the missing amounts. (If answer is zero, please enter 0. Do not leave any fields blank.) Account Titles Trial Balance Adjusted Trial Balance Dr. Cr. Dr. Cr. Accounts Receivable 34,000 Prepaid Insurance 26,000 20,000 Supplies 7,000 Accumulated Depreciation 12,000 ...

b.law
Over many years, Jake and Jo Bob built up a barbeque ribs business, Hambones, Inc., which caters picnics and parties and sells ribs and corn at county fairs. They have several creditors, including Sauce Supply and First State Bank. Two years ago, in reliance on an audit of the...

Managerial accounting
I have homework in managerial accounting, textbook by Atkinson 6edition. Problems, 10-59, 10-68, 11-68 and case 11-73. Pages; 446, 450, and 504. Thank you.

Accounting
For the current year, Sheila Jones had adjusted gross income of $100,000. During the year, she contributed $6,000 to her church and an additional $3,000 to qualified charities. She also contributed religious artwork with a fair market value of $60,000 and a basis of $20,000 to...

Accounting
Which of the following expenses is deductible, but subject to the 2% limitation on Form 1040, Schedule A; Job Expenses and Most Other Miscellaneous Itemized Deductions? A. A blue suit for an accountant b. Uniforms for a UPS delivery person c. The cost of hauling tools to work ...

accounting
P9-4A (a-d) Wall Inc. uses the allowance method to estimate uncollectible accounts receivable. The company produced the following aging of the accounts receivable at year end. Number of Days Outstanding Total 0-30 31-60 61-90 91-120 Over 120 Accounts receivable $200,000 $77,...

accounting
Classify each of the following items as owner's drawing, revenue, or expense. (a) Advertising expense (b) Commission revenue (c) Insurance expense (d) Salaries Expense (e) Bergman, Drawing (f) Rent revenue (g) Utilities expense

Accounting
Paid advertising bill for June, $1,200.

payroll accounting
Julie Whiteweiler made $930 this week. Only social security (fully taxable) and federal income taxes attach to her pay. Julie 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 matches ...

ACC 290
When might an accountant use cash basis accounting without violating GAAP?

Accounting
Blane Company has the following data: Total Sales 800,000, Total Variable Costs 300,000, Fixed Costs 200,000, Units Sold 50,000, What will operating income be if units sold double to 100,000 units?

accounting
Schumacher Company uses the perpetual inventory system, and it engaged in the following transactions during 2012: 1) Started the business by issuing common stock for $7,500 cash 2) Paid cash to purchase $5,000 of inventory 3) Sold inventory that cost $3,000 for $7,250 cash 4) ...

accounting
Write the journal entries to record the following transactions. A) Purchased $4,900 of merchandise from a supplier on account, terms FOB shipping point, 1/10, n/30, transportation charges of $80 were added to the invoice. B) Received a credit memorandum for $500 for ...

accounting
Write the journal entries to record the following transactions. A) Sold merchandise on account, $11,000, terms 2/10, net 30. The cost of merchandise sold was $8,000 (2 entries required). B) Issued a credit memorandum for $500 to the customer for merchandise sold in A. (2 ...

Accounting
DATA: The 2011 employee performance bonus will be $10 mil. The bonus is paid in March of 2012 is $9 mil The 2012 employee performance bonus will be $12 mil. The bonus is paid in March of 2013 Exercise: What is the monthly accrual amount? What account is debited? What account ...

Managerial Accounting 2025
The company applies manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is $10 per machine-hour. Compute the unit product cost that would appear on the job cost sheet for this job.

Bus
Write a 1,050-word paper, explaining the concept of environmental accounting. Select an organization with which you are familiar, such as a past or current employer. Select one of the following environmental accounting applications: „h Budgeting „h Calculating costs, ...

economics
The MidNight Hour, a local nightclub, earned $100,000 in accounting profit last year. This year the owner, who had invested $1 million in the club, decided to close the club. What can you say about economic profit (and the rate of return)in the nightclub business?

tax income
When filing their tax returns, almost all individuals use the __________ method. A. accrual B. cash receipts and disbursements C. recognition D. accounting is it B

Accounting
Continuing Cookie Chronicle (Note: This is a continuation of the Cookie Chronicle from Chapters 1 through 6.) CCC7 Part 1 Natalie is struggling to keep up with the recording of her accounting transactions. She is spending a lot of time marketing and selling mixers and giving ...

Accounting
If Tom, an accountant, agrees to provide accounting services to Carl, a friend, in exchange for Carl fixing Tom's office floor, then: (Points : 1) Tom must report income on his tax return. Carl must report income on his tax return. Neither Tom nor Carl must report income on ...

Immediate accounting
On June 1 2009, ABC sold an accounts receivable in the amount of $200,000 to XYZ bank for $190,000. The sale is "with recourse". ABC estimates that the fair value of the recourse obligation is $12,000. Provide the journal entry for the sale of the receivable in the books of ABC

accounting
Albright Company purchased as a long-term investment $500,000 of Benton Corporation 10-year 9% bond present entries to record the following selected transactions: (a.) Purchased bonds for $475,000.

accounting
If current assets decrease and current liabilities increase, the current ratio

accounting
New technology, like the latest cell phones and HDTV, would probably be costed using the

accounting
Goods such as milk, bread, and cheese would probably be costed using the _______ method of inventory costing.

accounting
When a merchandiser sells on account, which of the following is not needed to record the transaction?

accounting
Meranda Corporation purchases $3,500 of inventory on account from Ashley Corporation. The journal entry to record this purchase for Meranda under a perpetual inventory system is

Accounting
A company's current ratio increased from 1.23 to 1.45. What does this mean?

Finite with Calculus Applications
The Ball Company manufactures three types of lamps, labeled A,B,and C. Each lamp is processed in two departments, I and II. Total available work-hours per day for departments I and II are 400 and 600, respectively. No additional labor is available. Time requirements and profit...

Accounting
In its first month of operations, Cisler Company made three purchases of merchandise in the following sequence: (1) 300 units at $6, (2) 400 units at $8, and (3) 500 units at $9. Assuming there are 200 units on hand at the end of the period, compute the cost of the ending ...

Accounting
In its first month of operations, Cisler Company made three purchases of merchandise in the following sequence: (1) 300 units at $6, (2) 400 units at $8, and (3) 500 units at $9. Assuming there are 200 units on hand at the end of the period, compute the cost of the ending ...

Accounting
In its first month of operations, Cisler Company made three purchases of merchandise in the following sequence: (1) 300 units at $6, (2) 400 units at $8, and (3) 500 units at $9. Assuming there are 200 units on hand at the end of the period, compute the cost of the ending ...

accounting
Jack Shellenkamp owns and manages a computer repair service, which had the following trial balance on December 31, 2011 (the end of its fiscal year). BYTE REPAIR SERVICE Trial Balance December 31, 2010 Cash $8,000 Accounts Receivable 15,000 Parts Inventory 13,000 Prepaid Rent ...

accounting
Wilson Reed, the bookkeeper for Home Interior Improvements and Designs Company, has just finished posting the closing entries for the year to the ledger. He is concerned about the following balances: Capital account balance in the general ledger: $ 48,550 Ending capital ...

accounting
Your review of the general ledger of Home Interior Improvements and Designs Company reveals a beginning capital balance of $25,000. You also review the general journal for the accounting period and find the closing entries shown on the next page.Prepare a general journal entry...

accounting
You notice that your accounts receivable days have doubled in the first six months of this year. Do you give the A/R Director a bonus or put him/her on probation? Why? Explain fully what questions you would ask the Director about the A/R and why it has doubled.

accounting
On December 31, 2009, $150,000 of 14% bonds were issued. The market interest rate at the time of issuance was 15%. The bonds pay interest on June 30 and December 31 and mature in 8 years. Compute the selling price of a single $1,000 bond on December 31, 2009

Finanace
Beginning inventory 600 units @ $ 10 Purchases ( in order from first to last) 1,000 units @ $11 900 units @ $ 12 700 units @ $ 14 Sales for the period were 1,900 units A) Compute the inventory balance and the cost of goods sold at the end of the accounting period using average...

accounting
compute the working capital, current ratio, and quick ratio after each transaction for boole company

Accounting
Give an example where product and period costs are the same and a separate example where they are different.

Accounting
I am having difficulties with the accounting problem below Roland Andersson is the manager of the Ekland Division of Ystad Industries. He is one of several managers being considered for position of CEO, as the current CEO is retiring in a year. All divisions use standard ...

Accounting
Do you include opening stock in the profit and loss account?

Financial Accounting
Prepare the general journal entries for the following transactions: Jan 2, 2011 -- Purchased land with a building on it for $750,000. The land is worth $300,000. Paid $150,000 cash down and signed a mortgage payable for the balance. Dec. 31, 2011--Depreciation is computed ...

Managerial Accounting
During June, the receipts and issuances of Material No. A2FO are as follows: Received June 3 1,100 units @ $15 16 1,700 units@ $17 29 900 units@ $18 Issued June 11 700 units 4 Job No. 116 18 1,900 units 4 Job No.117 30 800 units 4 Job No. 118 A) Determine the cost of each of ...

Accounting
Hayes Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred June 20 Purchased books on account for $720 from Cook Book Publishers, terms ...

accounting
the gross profit rate represents:

Accounting
Hayes Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred June 20 Purchased books on account for $720 from Cook Book Publishers, terms ...

accounting
Bryan company budgets sales of 1,800,000, fixed costs of 1,000,000 and variable costs of 1,080,000. what is the contribution margin ratio for Bryan Company

follow up from before
Is there some reason as to why nobody has addressed my financial accounting post from Saturday, February 11, 2012 at 5:45pm?

Accounting
Case study 2 Sailmakers Ltd John Jeffries recently left the army after more than 20 years in the service. He had decided that at 45 years of age it was time to start a second career. Throughout most of his life John had a passion for yachting and had competed successfully in ...

financial accounting
I am preparing an adjusted trial balance and I have almost gotten my debits to equal my credits. I need to figure out how much to debit the equipment and how much to credit the accumulated depreciaton. To give you an idea of the gap between the two, my debits thus far are 57,...

human resource
1.  Regulations governing the employer-employee relationship are based on agency law and failure of an employee/agent to act according to the employer's instructions could result in liability for the employer.  2.  Misclassification of employees as independent contractors...

accounting
Research/Ratio Assignment:Choose two competitor companies that are U.S. GAAP publicly traded companies. Determine and compare their net profit margin and debt to asset ratio for the most recent year reported. Interpret the information and support your answer. The PDF version ...

accounting
competitor companies that are U.S. GAAP publicly traded companies.

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