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October 25, 2014

Homework Help: Business: Accounting

Recent Homework Questions About Accounting

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accounting
A company purchased $4,000 worth of merchandise. Transportation costs were an additional $350. The company later returned $250 worth of merchandise and paid the invoice within the 2% cash discount period. What is the total amount paid for this merchandise is?
Sunday, April 10, 2011 at 10:00pm

accounting
a merchandising company wants to include the cost of operating its warehouse in the cost of inventory. The company’s controller argues that the cost of the warehouse is a reasonable and necessary cost of getting the inventory ready for sale and, therefore, should be ...
Sunday, April 10, 2011 at 3:58pm

accounting
identify whether each descripition best applies to a periodic or a perpetual inventory system
Friday, April 8, 2011 at 6:52pm

English
Urgent! Can someone please look these over? The sentences are very vague (welcome to online schooling, I guess). Some of them are questionable. Please help! Need to write whether the sentence is a "POINT" or "TOPIC" sentence. Point Sentence-Announces the ...
Thursday, April 7, 2011 at 8:48pm

Advanced accounting
Up owns 80% of Down. During 2009 Down began selling merchandise to Up at gross profit margin of 20%. Sales by Down to Up for the year totaled $80,000, of which $10,000 remain unsold. In 2010 Down sold $100,000 merchandise to Up at gross margin of 40%. Up’s Ending ...
Thursday, April 7, 2011 at 11:12am

introduction to accounting
a merchandising company wants to include the cost of operating its warehouse in the cost of inventory. The company’s controller argues that the cost of the warehouse is a reasonable and necessary cost of getting the inventory ready for sale and, therefore, should be ...
Thursday, April 7, 2011 at 9:15am

accounting
Dsoft manufactures PC’s. The company’s Notebook Division reports the following results for the current year: Sales Revenue $2,000,000 Operating Income $500,000 Average Operating Assets $5,000,000 Dsoft’s management’s required rate of return on invested ...
Thursday, April 7, 2011 at 12:43am

accounting
a merchandising company wants to include the cost of operating its warehouse in the cost of inventory. The company’s controller argues that the cost of the warehouse is a reasonable and necessary cost of getting the inventory ready for sale and, therefore, should be ...
Wednesday, April 6, 2011 at 9:58pm

Accounting
Janes Company provided the following information on intangible assets: a. A patent was purchased from the lou Company for $700,000 on January 1, 2007. Janes estimated the remaining useful life of the patent to be 10 years. The patent was carried on Lou's accounting records...
Wednesday, April 6, 2011 at 8:34pm

Accounting
Alteran Corporation purchased a machine for 1.5 million in 2006. The machine is being depreciated over a 10-year life using the sum-of-the-years'-digits method. The residual value is expected to be $300,000. At the beginning of 2009, Alteran decided to change to the ...
Wednesday, April 6, 2011 at 8:22pm

accounting
your firm, which is on accrual basis has a 100,000 mon-fri weekly payroll, and friday is payday. if the year ends on a Tuesday, what adjusting journal entry will you record??
Tuesday, April 5, 2011 at 9:09pm

Accounting III
What arguments can be advanced in favor of treating fixed manufacturing overhead costs as product costs? What arguments can be advanced in favor of treating fixed manufacturing overhead costs as period costs? Which arguments do you find to be the most valid? Explain.
Tuesday, April 5, 2011 at 11:03am

Managerial Accounting
what management position is responsible for each variance: Sales Materials Labor Overhead General, Selling & Administrative What causes these variances?
Tuesday, April 5, 2011 at 1:33am

Managerial Accounting
Determining and interpreting flexible budget variances Use the standard price and cost data supplied in problem 15-18. Assume that Holligan actually produced and sold 31,000 books. The actual sales price and costs incurred follow. Actual price and variable costs: Sales price $...
Tuesday, April 5, 2011 at 12:05am

Managerial Accounting
Flexible budget planning Sam Yu, the president of Centech Computer Services, needs your help. He wonders about the potential effects on the firm's net income if he changes the service rate that the firm charges its customers. The following basic data pertains to fiscal ...
Tuesday, April 5, 2011 at 12:02am

accounting
Santa Fe Company purchased merchandise for resale from Mesa COmpany with an invoice price of $24,000 and credit terms of 3/10,n/60. The merchandise had cost Mesa $16,000. Santa Fe paid within the discount period. Prepare entries that Santa Fe Company should record for the ...
Monday, April 4, 2011 at 8:00pm

ACCOUNTING
In its financial statements, Trio uses straight-line depreciation with the half-year convention. The book value of the equipment at December 31, 2006, will be: a $29,000. b $35,000. c $31,000. d Some other amount.
Monday, April 4, 2011 at 2:55pm

Accounting
This spreadsheet assignment will require you to use multiple approaches to estimating manufacturing overhead costs for a fictitious company, including the high-low method and regression analysis This exercise will require you to perform regression analysis to determine the ...
Saturday, April 2, 2011 at 2:47am

accounting
prepare entries to record the following summarized operations related to production for a company using a job order cost system: a. materials purchased on account-$167000 b. prepaid expenses incurred on account-$12200 c. materials pequisitioned: for production orders-$153700 ...
Friday, April 1, 2011 at 7:34pm

Finance/Cost accounting
The XYZ Corporation is contemplating the introduction of a new machine tool which will be used solely in the manufacture of a rotor shaft. 50,000 units per year are expected to be manufactured, and the time study group anticpates a standard of 2.5 hours per piece. The labor ...
Friday, April 1, 2011 at 7:16am

Finance/Cost Accounting
You are given the following data: Annual demand is 1600 pieces Cost per piece is $50 Cost of money factor is 30 percent What is the EOQ point?
Friday, April 1, 2011 at 7:03am

accounting.plz urgent
If an item is purchased with terms of 2/EOM, n/60, there is a discount for paying within 60 days
Wednesday, March 30, 2011 at 4:10pm

Accounting
A company has two major businesses that it operates. One business manufactures and sells unicycles for commercial use in circuses and so forth (total sales of $150M), and the other sells bicycles to the public (total sales of $20M). The unicycle business occupies 75,000 square...
Tuesday, March 29, 2011 at 9:46pm

accounting
what is the total liabilites and the owners equity in the balance sheet you prepared in exam figure 4? a. $,5,906.54?
Tuesday, March 29, 2011 at 3:02pm

Accounting
If Grant House Furnishing accepted a ten month 8% interest rate, $3000 note from one of its customers on april 1, 2008. How much interest will Grant House Furnishing accrue for the month of April?
Tuesday, March 29, 2011 at 9:53am

accounting
Neer Department Store uses the retail inventory method to estimate its monthly ending inventories. The following information is available for two of its departments at August 31, 2011. Sporting Goods Jewelry and Cosmetics Cost Retail Cost Retail Net sales $1,000,000 $1,160,000...
Tuesday, March 29, 2011 at 8:39am

accounting
Assume that the following transactions affected owners' equity for De Soto Inc. during 2011. Feb. 1- Sold 40,000 shares of common stock in the market. Apr. 1- Purchased 3,000 shares of common stock to be held as treasury stock. Paid cash dividends of $0.50 per share. May 1...
Monday, March 28, 2011 at 2:27pm

Managerial Accounting
The questions in this exercise are based on JetBlue Airways Corporation. To answer the questions, you will need to download JetBlue’s 10-K/A for the year ended December 31, 2004 (10K/A with a filing date of March 8, 2005). You do not need to print the 10-K/A to answer the...
Monday, March 28, 2011 at 11:23am

business
The conceptual framework developed by the Financial Accounting Standards Board
Sunday, March 27, 2011 at 11:53pm

accounting
P20-2A For the year ended December 31, 2010, the job cost sheets of DeVoe Company contained the following data. Job Number Explanation Direct Materials Direct Labor Manufacturing Overhead Total Costs 7640 Balance 1/1 $25,000 $24,000 $28,800 $77,800 Current year's costs 30...
Sunday, March 27, 2011 at 7:14pm

linguistics please!!!
1. (a) Mary murdered the platypus (b) Mary killed something Select a maxim that is being flouted in this conversation. A.Quantity B. Manner C. Quality D. Relevance 2. Bob: Do you want to grab a cup of coffee sometime? Sally: Sure! I absolutely love spending time with people ...
Sunday, March 27, 2011 at 3:18pm

accounting
sa traders who use the perpetual inventory system, purchased merchandise on the 1 feb 2011 form africa limited for 500. the purchase was subject to a cash discount of 5% if settled within 20 days and a trade discount of 25%
Saturday, March 26, 2011 at 11:14am

Economics
U.S. Pharmaceutical of Korea* U.S. Pharmaceutical of Korea (USPK) was formed in 1969. Its one manufacturing plant is located just outside Seoul, the capital. Although the company distributes its products throughout South Korea, 40 percent of its total sales of $5 million were...
Friday, March 25, 2011 at 1:09pm

accounting
$36,000 PAYABLE AT THE END OF THE SEVENTH, EIGHT, NINTH, AND TENTH PERIODS AT 12%
Monday, March 21, 2011 at 4:34pm

Accounting
E3-5 Drew Carey Company has the following balances in selected accounts on December 31,2008. Accounts Receivable $ -0- Accumulated Depreciation—Equipment -0- Equipment 7,000 Interest Payable -0- Notes Payable 10,000 Prepaid Insurance 2,100 Salaries Payable -0- Supplies 2,...
Monday, March 21, 2011 at 2:33pm

Math
Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 26. The units have a list price of $500 each, but Thomas was given a 30% trade discount. The terms of the sale were 2/10, n/30. Thomas uses a periodic inventory system. 1. prepare ...
Sunday, March 20, 2011 at 2:07pm

Math
On July 15,2009, the Nixon Car Company purchased 1,000 tires from the Harwell Company for $50 each. The terms for the sale were 2/10, n/30. Nixon uses a periodic inventory system and the net method of accounting for purchase discounts. 1. prepare the journal entries to record ...
Sunday, March 20, 2011 at 1:56pm

Accounting writen report
Why is it important for a business to prepare a monthly bank reconillation statement? state two points (b)what should the internal auditor do about this? Name two points
Sunday, March 20, 2011 at 1:01pm

Accounting
What should the internal auditor do this? Name two point
Sunday, March 20, 2011 at 2:58am

accounting
True or false ? The columns of the employee earnings record consist of the amount columns in a payroll register and accumulated earnings column? Can you help me answer this question ? thank you.
Tuesday, March 15, 2011 at 10:42pm

accounting
When Collum Corporation was organized in January 2011, it immediately issued 10,000 shares of $60 par, 5 percent, cumulative preferred stock and 20,000 shares of $10 par common stock. The company's earnings history is as follows: 2011, net loss of $15,000; 2012, net income...
Sunday, March 13, 2011 at 5:19pm

accounting
Jackson Company invests in a new piece of equipment costing $40,000. The equipment is expected to yield the following amounts per year for the equipment's four-year useful life: Cash revenues $ 60,000 Cash expenses (32,000) Depreciation expenses (straight-line) (10,000) ...
Friday, March 11, 2011 at 11:54pm

accounting
Van Meter Company is considering the purchase of the following computer equipment, which is considered 5-year property for tax purposes: Acquisition cost $500,000 Annual cash flow $180,000 Annual operating costs $30,000 Expected salvage value $-0- Cost of capital 12% Tax rate ...
Friday, March 11, 2011 at 11:53pm

accounting
Information about a project Darcy Company is considering is as follows: Investment $1,000,000 Revenues $700,000 Variable costs $140,000 Fixed out-of-pocket costs $80,000 Cost of capital 12% Tax rate 40% The property is considered 5-year property for tax purposes. The company ...
Friday, March 11, 2011 at 11:42pm

Accounting
American Food Services, Inc., leased a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1, 2011. The lease agreement for the $4 million (fair value and present value of the lease payments) machine ...
Thursday, March 10, 2011 at 9:36am

Accounting
On June 30, 2011, Georgia-Atlantic, Inc., leased a warehouse facility from IC Leasing Corporation. The lease agreement calls for Georgia-Atlantic to make semiannual lease payments of $585,423 over a three-year lease term, payable each June 30 and December 31, with the first ...
Thursday, March 10, 2011 at 9:35am

accounting
Lone Star Theatre Inc. owns and operates movie theaters throughout Arizona and Texas. Lone Star Theatre has declared the following annual dividends over a six-year period: 2005, $7,500; 2006, $9,000; 2007, $30,000; 2008, $30,000; 2009, $40,000; and 2010, $48,500. During the ...
Wednesday, March 9, 2011 at 12:20pm

financial accounting
I am having trouble figuring out my accounts payable and capital. Any help on going about and solving this would be greatly appreciated. I have listed the data below... Travis Fortney, an architect, opened an office on April 1, 2010. During the month, he completed the ...
Tuesday, March 8, 2011 at 11:36am

accounting
onlinesolutionproviders Get free homework and earn as well
Monday, March 7, 2011 at 12:10pm

accounting 1
what accounting principle would changing methods every year violate?
Monday, March 7, 2011 at 10:26am

accounting
Capwell Corporation uses a periodic inventory system. The company's ending inventory on December 31, 2011, its fiscal-year end, based on a physical count, was determined to be $326,000. Capwell's unadjusted trial balance also showed the following account balances: ...
Sunday, March 6, 2011 at 6:58pm

accounting
please help me to get the answers choices below just choice the letter provied. thanks a lot 1.Asset would be increased by : a.Debit to Prepaid Insurance b.Debit to expense c.Credit to Cash d.Debit to Notes Payable 2.Failure to record a bill from Meralco for services already ...
Sunday, March 6, 2011 at 6:52pm

accounting
please help to get the correct of questions beloww..thanks i hope you can help me thanks ang god bless you always. 1.the cost-benefit constraint 2.importance of financial accounting 3.explain nuetrality and how can you say if an accounting information is nuetral?
Sunday, March 6, 2011 at 9:43am

advanced accounting
prepare the investment-related entries on pert company's books for 2009
Saturday, March 5, 2011 at 9:01pm

cost accounting
prepare the necessary journal entry to close the overhead account if the balance is considered immaterial
Saturday, March 5, 2011 at 3:52pm

accounting management
please help me to define these words below thanks a lot differentiate Management and Financial Accounting
Saturday, March 5, 2011 at 3:00pm

management accounting
kindly please can you help me to get the correct answer for this question below thanks a lot.. differentiate Accounting from Auditing and Bookkeeping
Saturday, March 5, 2011 at 2:59pm

accounting
kindly please can you help me to get the correct answer for this question below thanks a lot.. differentiate Accounting from Auditing and Bookkeeping
Saturday, March 5, 2011 at 3:15am

accounting management
please help me to define these words below thanks a lot differentiate Management and Financial Accounting
Saturday, March 5, 2011 at 3:13am

accounting
For each of the following, indicate the accounting concept or constraint that has been violated, if any: 1) The company currently records its accounting transactions and prepares its financial reports manually. The cost of using a new computerized accounting system to do these...
Friday, March 4, 2011 at 10:22am

ACCOUNTING
Department A had 10,000 units in work in process that were 30% converted at the beginning of the period at a cost of $10,000. During the period, 15,000 units of direct materials were added at a cost of $60,000, 16,000 units were completed, and 9,000 units were 40% completed. ...
Thursday, March 3, 2011 at 8:13am

Accounting
In 2014 ABC Company reported net income of $100,000. What would be the effect on retained earnings on ABC Company's balance sheet and on its 2015 income statement if it didn't record a closing entry?
Wednesday, March 2, 2011 at 11:08pm

Accounting
What is the journal entry for the following? Stan opened a bank account in the name of SSRC and deposited $10,000 of his savings into the account.
Wednesday, March 2, 2011 at 6:37pm

Accounting
Cadzow Inc purchases all of its inventory on credit. On January 1, 2008 Cadzow had $1,750,000 of Inventory. Cost of goods Sold during 2008 was $5,650,000. The beginning and ending balances in Cadzow’s Accounts Payable account on January 1, 2008 and December 31, 2008 were...
Wednesday, March 2, 2011 at 6:18pm

accounting
Brianna Moore is an accountant for New World Pharmaceuticals. Her duties include tracking research and development spending in the new product development division. Over the course of the past six months, Brianna noticed that a great deal of funds have been spent on a ...
Wednesday, March 2, 2011 at 9:38am

accounting
Brevard County needs a new county government building that would cost $24 million dollars. The politicians feel that voters will not approve a municipal bond issue to fund the building since it would increase taxes. They opt to have a state bank issue $24 million of tax exempt...
Wednesday, March 2, 2011 at 9:34am

accounting
I need help with Intermediate Accounting 303 on-line
Tuesday, March 1, 2011 at 12:48am

accounting
did these questions ever get answered
Sunday, February 27, 2011 at 9:37pm

managerial accounting
Department A had 10,000 units in work in process that were 30% converted at the beginning of the period at a cost of $10,000. During the period, 15,000 units of direct materials were added at a cost of $60,000, 16,000 units were completed, and 9,000 units were 40% completed. ...
Sunday, February 27, 2011 at 8:29am

Managerial accounting
What is the method of inventory costing that assumes the unit product costs should be determined separately for each period i the order in which the costs were incurred? I think it is "process cost system". Is that right?
Sunday, February 27, 2011 at 8:21am

Accounting
Cambridge Manufacturing Company, Inc. has 200 labor-hours available. There is no limit on machine hours. Cambridge can sell all of Product B that it wants, but it can only sell 30 units and 20 units of Products A and C, respectively. Product-A Product-B Product-C Contribution ...
Saturday, February 26, 2011 at 10:50pm

Accounting
Ferguson Company was started in 2008 when it acquired $60,000 from the issue of common stock. The following data summarize the company's first years' operating activities. Assume that all transactions were cash transactions. 2008 2009 2010 Purchase of Inve 24,000 12,...
Saturday, February 26, 2011 at 4:13pm

accounting
a song or poem to help remember the defintion of accountig
Saturday, February 26, 2011 at 11:40am

Accounting
The cost of an asset less accumulated depreciation equals what
Friday, February 25, 2011 at 10:00pm

Financial Accounting
What financial statement or document would a business use to account for losses, damaged goods, and stolen inventory?
Friday, February 25, 2011 at 8:55am

Accounting
The primary objective in job order costing is to determine the cost of materials, labor, and factory overhead used to produce a specific order or contract. Cost estimates are made when the order is taken, and the job order procedures are designed to reveal costs as the order ...
Friday, February 25, 2011 at 12:08am

Accounting
Cost Allocation is a method to identify and distribute indirect costs. Direct costs are costs assignable to a specific cost objective, whereas indirect costs are costs incurred for multiple cost objectives or not assignable to a specific cost objective without effort ...
Friday, February 25, 2011 at 12:04am

Accounting
Give an example of an existing cost center. Why is it a cost center? Explain.
Thursday, February 24, 2011 at 11:52pm

Accounting
Capital budgeting emphasizes the key role management has in value creation by taking projects and expanding the size of the firm if profitable. Do you agree or disagree with this statement? Why or why not?
Thursday, February 24, 2011 at 11:12pm

acc250
Please post your response to the following: Chapter 5 discusses internal control. Why are internal controls and audit trails important in a computerized accounting system?
Thursday, February 24, 2011 at 10:26am

accounting
a mutual fund has total assets of $57000000 and liabilities of $ 8550000. if 15960000 shares are outstanding, what is the net asset value of the fund?
Wednesday, February 23, 2011 at 1:55pm

Accounting
how do i record a refund on a accounting equation?
Wednesday, February 23, 2011 at 12:03pm

cost accounting
Underapplied or overapplied overhead, prepare the necessary journal entry to close the overhead account if the balance is considered immaterial
Tuesday, February 22, 2011 at 10:16pm

Advance Accounting
How do I prepare a consolidated elimination worksheet when the parent purchases all of subsidiary's bonds on open market?
Sunday, February 20, 2011 at 8:14pm

managerial accounting
Submit a paper on one of the major topics listed below using one of the recommended journal articles found in the syllabus as the basis for the paper and incorporating at least two other related articles of the student’s choice: Cost Management Outsourcing Supply Chain ...
Sunday, February 20, 2011 at 5:32pm

Personal Finance
From the throne room in your base station on Alpha Centauri-in the video game Galactic Empire-you dispatch your loyal, obedient minions to use their diligence and skill to loot the universe on your behalf and return with the treasure for its accounting and their compensation. ...
Thursday, February 17, 2011 at 1:15pm

accounting
how do you write a program for an accountant using java to calculate income tax?
Wednesday, February 16, 2011 at 7:58pm

accounting
Notified by Alex's Engineering Co that Success's bid of $9000 on a proposed project has been accepted. Alex's paid a $2500 cash advance to success systems. My question is how am i going to put or write this transaction on journal entry? Do i just ignore 9000 and ...
Wednesday, February 16, 2011 at 3:11pm

advanced accounting
purchas, date of acquisition
Wednesday, February 16, 2011 at 12:58am

advance accounting
consolidation,prepare the journal entries on books of phillips to recod the acquistion of solina company's net assets
Wednesday, February 16, 2011 at 12:40am

advanced accounting
allocation of purchase price to various assets and liabilities
Wednesday, February 16, 2011 at 12:24am

advance accounting
prepare a balance sheet for petrello company immediately after the merger
Tuesday, February 15, 2011 at 10:05pm

advance accounting
acquisiton method
Tuesday, February 15, 2011 at 9:53pm

Accounting Systems
How does information flow between departments at your organization? Why do some organizations continue to use both manual and computerized systems? What are the problems associated with dependence on human information processing and paper documentation? Explain your response. ...
Tuesday, February 15, 2011 at 3:21pm

Accounting 280
E15 1
Monday, February 14, 2011 at 3:24am

Immediate accounting
make a journal entry received cash for 1600 frome customer for rent from dec 2009 thru mar 2010 I have more room than I need so i rented out the area
Saturday, February 12, 2011 at 12:28am

accounting
V P3-10. Calculating Present Value of a Savings Fund. (Obj. 5) Hal Thomas wants to establish a savings fund from which a community organization could draw $850 a year for 45 years. If the account earns 6 percent, Hal will have to deposit $ now to achieve this goal.
Friday, February 11, 2011 at 10:34pm

financial managerial accounting
Boeing Company is the largest manufacturer of commercial aircraft in the United States and is a major employer in Seattle, Washington. Explain why each of the following individuals or organizations would be interested in financial information about the company.
Friday, February 11, 2011 at 5:02pm

business accounting
can someone help me with some information on each one of this. Employee Receives Either Rewards or Punishments Employee Identifies Need Employee searches for ways to satisfy these needs Employee Reassess Need Deficiencies Employee Performs Employee Selects Goal-directed ...
Thursday, February 10, 2011 at 9:59pm

business accounting
what dose Lack of prejudice mean
Thursday, February 10, 2011 at 9:56pm

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