Homework Help: Business: Accounting

Recent Homework Questions About Accounting

accounting
what is the most important step in the acounting cycle
Saturday, December 1, 2007 at 7:48pm

Accounting
I am just wanting to see if i chose the right answer. Deferred expenses have _________. not yet been recorded as expenses or paid been recorded as expenses and paid been incurred and paid not yet been recorded as expenses I put that not been recorded as an expenses or paid. Am...
Saturday, December 1, 2007 at 2:42pm

Accounting-balance sheet and income statement
Argo Sales Corporation has in recent years maintained the following relationships among the data on its financial statements: Gross profit margin 40% Net profit margin 10% Rate of selling expenses to net sales 20% Accounts receivable turnover 8 times per year Inventory ...
Friday, November 30, 2007 at 2:41pm

Accounting
I can't get the balance sheet, well, balanced. Accounts Receivable 120600 a Land 1500000 a Notes Receivable 61200 a Insurance Expenses 54000 l Accounts Payable 45000 l Interest Expenses 24600 l Common Stock 1896000 o Depreciation -400000 a Net Sales 1053000 Ending ...
Friday, November 30, 2007 at 1:08am

Accounting Help Needed
The balance in the office supplies account on June 1 was $5,200, supplies purchased during June were $2,500, and the supplies on hand at June 30 were $2,000. The amount to be used for the appropriate adjusting entry is cant figure out how to do it. please help. Thanks
Friday, November 30, 2007 at 12:01am

Accounting
A business pays weekly salaries of $20,000 on Friday for a five-day week ending on that day. The adjusting entry necessary at the end of the fiscal period ending on Thursday is: debit Salaries Payable, $16,000; credit Cash, $16,000 debit Salary Expense, $16,000; credit Drawing...
Thursday, November 29, 2007 at 10:21pm

Accounting
Argo Sales Corporation has in recent years maintained the following relationships among the data on its financial statements: Gross profit margin 40% Net profit margin 10% Rate of selling expenses to net sales 20% Accounts receivable turnover 8 times per year Inventory ...
Thursday, November 29, 2007 at 10:08pm

Accounting
The question is: Deferred expenses have _________. choices below got to choose from 1. not yet been recorded as expenses or paid 2. been recorded as expenses and paid 3. been incurred and paid 4. not yet been recorded as expenses The answer that I am thinking is right, is Not ...
Thursday, November 29, 2007 at 10:04pm

Accounting
Could somebody please explain how to compute the "relative sales value at split-off"? I am given the amount of products a & b, as well as their sales prices at split off. I would also appreciate if somebody could explain how to find joint costs. Thanks in advance.
Thursday, November 29, 2007 at 2:36pm

accounting
assume you want to retire next year. at that time you expect to have a retirement fund with 300,000 in it. assume you need to take out the money in the form of an annuity over a 20 year period, with the first withdraw occuring at the end of the first year of retirement. how ...
Tuesday, November 27, 2007 at 8:36pm

Accounting question..
Having trouble figuring out how to do this problem for my accounting homework.. any help would be greatly appreciated..the information given goes as follows.. On 1/1/08 you issue $400,000 of 7%, 10 year bonds that pay intrest semiannually. The Market intrest rate is 8% The ...
Tuesday, November 27, 2007 at 8:05pm

accounting
Hi! I can't figure out this question...any help is greatly appreciated! In a common size financial statement, which of the following is given a percentage of 100 percent? a. total liabilities b. total assets c. net income d. cost of goods sold I was thinking net income, ...
Sunday, November 25, 2007 at 9:05pm

Accounting
Why is Simon taking this action? Is her action ethical? Give a reason, identifying the parties helped and the parties harmed by Simon's action. The net income of Simon and Hobbs, a department store, decreased sharply during 2000. Carol Simon, owner of the store, ...
Monday, November 19, 2007 at 11:55am

finanical accounting
Z Corp. Balance Sheet 12/31 2000 2001 Cash $ 100 $120 Accounts receivable 250 260 Inventory 400 500 Equipment (net) 550 620 Total assets 1300 1500 Accounts payable 300 350 Mortgage payable 500 500 Capital stock (100 Shares) 200 200 Retained earnings 300 450 Total equities 1300...
Sunday, November 18, 2007 at 10:29am

accounting
calculate taxable income for 2005: this is related informaton given for 2005: income statement: sales 41,100 cogs (23,725) GP 17375 SG&a (15,492) EBIT 1883 TAXES 25% Net income 1412 tax issues: all 2005 assets purchases were made on 9/27/05 no estimated tax payments have been ...
Saturday, November 17, 2007 at 8:53pm

ACCOUNTING
THE NET INCOME OF SIMON AND HOBBS, A DEPT.STORE,DECREASED SHARPLY DURING 2000.CAROL SIMON, OWNER OF THE STORE, ANTICIPATES THE NEED FOR A BANK LOAN IN 2001. lATE IN 2000, SIMON INSTRUCTS THE STORE'S ACCOUNTANT TO RECORD A 410,000 SALE OF FURNITURE TO THE SIMON FAMILY, EVEN...
Saturday, November 17, 2007 at 7:26pm

accounting
Item: Raw Materials (cost for hamburgers) Total Annual Cost: 650 Item: Building Rent Total Annual Cost: 9000 Identify which cost item above is fixed and variable and why
Friday, November 16, 2007 at 7:44pm

by any chance would there be any tutuors today for
accounting?
Tuesday, November 13, 2007 at 5:51pm

accounting question
I have to prepare a general journal entry for a company of transactions that they have done in the month of june. I have done a couple of them. But i haven't had one that says the following for the beginning: S.Shelton, the owner, invested $105, 000 cash, office equipment ...
Tuesday, November 13, 2007 at 5:13pm

account. question
Is this correct are the steps correct for the accounting cycle. They gave a list the list says the following: a)Preparing the post-closing trial balance b) posting the journal entries c)journalizing and posting adjusting entries d)preparing the adjusted trial balances e)...
Tuesday, November 13, 2007 at 5:06pm

acct. correction
can someone correct these for me thanks. for the accounting cycle. i have to place these in order. a) Posting the journal entries b) Journalizing and posting adjusting entries c) Preparing the adjusted trial balances d) Journalizing and posting closing entries e) Analyzing ...
Monday, November 12, 2007 at 11:37pm

acct. question
my question is what are the steps for the accounting cycle?
Monday, November 12, 2007 at 11:25pm

accounting
Identify one decision that Nike managers make in each of the six value-chain functions.
Monday, November 12, 2007 at 12:41pm

accounting, question
I need help how do you calculate a first year's net income under both the cash basis and the accrual basis of accounting?
Friday, November 9, 2007 at 11:10pm

Accounting
A piece of equipment is purchased on May 1, 2007 for $80,000 and has a residual value of $5,000. The equipment's useful life is 8 years or 12,500 hours. It is used 2,700 hours in 2007, and 2,600 in 2008. The question is what is the book value on December 31, 2009 if I use ...
Thursday, November 8, 2007 at 8:15pm

accounting
Assume that Hickory Copany has the following data related to its accounts receivable: 2005 2006 net sales $1,425,000 $1,650,000 net receivables beginning of 2005:375,000 beginning of 2006:333,500 end of 2005:420,000 end of 2006:375,000 Use these data to compute accounts ...
Thursday, November 8, 2007 at 12:35pm

accounting
The lag between purchase date and the date at which payment is due is known as the "terms lag". The lag between the due date and the date on which the buyer actually pays is termed the "due lag", and the lag between the purchase and actual payment dates is ...
Thursday, November 8, 2007 at 12:26pm

Accounting
Indicate how each of the following six different transactions a company would make would affect (i)cash and (ii) net working capital: a)Paying out a $2 million cash dividend. b)A customer paying a $2,500 bill resulting from a previous sale. c)Paying $5000 previuosly owed to ...
Thursday, November 8, 2007 at 12:18pm

Accounting
Three years back, Mr. Az bought a property from Mr. Za for $100,000 under a term. Today, after the depreciation property's book value is $70,000. Now, Mr. Za asking $200,000 more to give the title of the property to Mr. Az, and Mr. Az is bond to pay this amount under the ...
Thursday, November 8, 2007 at 11:14am

Accounting
On the balance sheet it states that bonds payable is $32,000 and Discount on bonds payable is $2000. When it says that the company retired the bond at net book value, does that mean they cashed out $30,000 and that's the amount that goes into the Cash Flow Statement or ...
Wednesday, November 7, 2007 at 1:57pm

financial
My first question is: I need help understanding the difference between cash basis and accrual basis accounting? My second question is can someone let me know if i am correct on this: cash-basis financial statements provide more useful information than accrual-basis financial ...
Monday, November 5, 2007 at 8:48pm

Financial Acct. (again) sorry
Hi again, I was wondering if anyone might know how to check my answers to these questions on accounting...thanks!! 1. The current portion of long-term debt should a. not be separated from the long-term portion of debt. b. be paid immediately. c. be reclassified as a current ...
Monday, November 5, 2007 at 11:39am

Financial Accounting
Hi, Sorry for this format, it's kind of hard to read, but I'm supposed to journalize these transactions and I can't get June 30th and Dec. 31st to work out correctly. I would greatly appreciate any help. Thanks! Jan. 1 Retired a piece of machinery that was ...
Monday, November 5, 2007 at 11:35am

Accounting question
my question is..... how or what are the steps to preparing general journal entries.
Sunday, November 4, 2007 at 4:14pm

accounting, correction
Can someone correct these for me thanks I'll appreciate it very much.... Identify whether a debit or credit yields the indicated change for each of the following accounts: a. To increase Store Equipment My answer: Debit b. To increase Owner Withdrawals My answer: Credit c...
Thursday, November 1, 2007 at 10:46pm

accounting, correction
can someone correct these for me thanks. If you have a spare minutes. I'll appreciate it.... Identify whether the normal balances (in parentheses) assigned to the following accounts are correct or incorrect. a. Office supplies (Debit) My answer: Correct b. Owner ...
Thursday, November 1, 2007 at 10:30pm

accounting
BULLSEYE RANGES Dec, 31, 2005 Account Title Unadjusted Adjustments Adjusted Trial Trial Balance Balance Dr. Cr. Dr. Cr. Dr. Cr. Cash 13000.00 13000.00 Accounts Receivable 0 17,100 17,100.00 Supplies 5500.00 2700.00 2800.00 Equipment 130000.00 12500.00 117,500.00 Accumulated ...
Wednesday, October 24, 2007 at 11:26am

Accounting
I am struggling with the operating activities section of this as in what titles of accounts I should use in this section and do they decrease or increase the net income 2005 2004 Assets Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 53,875 $ 76,625 Accounts ...
Sunday, October 21, 2007 at 3:20pm

Accounting
A company had 120,000 shares of common stock outstanding on January 1 and then sold 40,000 additional shares on March 30. Net income for the year was $280,000. What are the earnings per share?
Friday, October 19, 2007 at 11:05pm

Accounting urgent Edit
The management of Stampfer Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2007 the accounting records show these data. Inventory, January 1 (10,000 units) $35,390 Cost of 120,000 units purchased 484,338 Selling ...
Friday, October 19, 2007 at 5:06pm

accounting
my question is if my work enviornment is consider working in a school. 1. Would this organization be considered a sole proprietorship, partnership, or corporation? My answer: I feel that it would be a corporations because it is dealing with the school district wouldn't it...
Wednesday, October 17, 2007 at 6:56pm

accounting
List the following steps of the accounting cycle in their proper order a. Preparing the post closing trial balance b. postint the journal entries c. journalizing and posting adjusting entries d. preparing the adjusted trial balance e. journalizing and posting closing entries f...
Tuesday, October 16, 2007 at 11:36am

ACCOUNTING
I have to prepare an adjusting entry for Dec 31, 2008 for prepaid insurance from this: An analysis of the company's insurance policies provided these facts: Policy A Purchased on April 1, 2007 for 24 month at $11400. Policy B Purchased on April 1, 2008 for 36 months at $...
Tuesday, October 16, 2007 at 12:29am

ACCOUNTING plz help thnx
I have to prepare an adjusting entry for Dec 31, 2008 for prepaid insurance from this: An analysis of the company's insurance policies provided these facts: Policy A Purchased on April 1, 2007 for 24 month at $11400. Policy B Purchased on April 1, 2008 for 36 months at $...
Sunday, October 14, 2007 at 5:18pm

accounting
I have to prepare an adjusting entry for Dec 31, 2008 for prepaid insurance from this: An analysis of the company's insurance policies provided these facts: Policy A Purchased on April 1, 2007 for 24 month at $11400. Policy B Purchased on April 1, 2008 for 36 months at $...
Sunday, October 14, 2007 at 2:18pm

accounting
A company earned earned $39,000 in revenues and received $33,000 cash from these customers. The company incurred expenses of $22,500 but had not paid $2,250 of them at years end. Harden also prepaid $3750 cash for expenses that would be incurred the next year. Calculate the ...
Friday, October 12, 2007 at 7:31am

accounting
in the blank space beside each adjustin entry, enter the letter of the explanation A through F that most closely describes the entry. A. to record this periods depreciation expense B. to record accrued salaries expense. C. to record this period's use of a prepaid expense D...
Friday, October 12, 2007 at 7:27am

accounting
Classify the following adjusting entries as involving prepaid expenses(PE), unearned revenues)UR), accrued expenses(AE), or accrued revenues(AR). a. ____ to record revenue earned that was previouslu received as cash advance. b.___ to record annual depreciation expense. c. to ...
Friday, October 12, 2007 at 7:25am

acounting
A company earned earned $39,000 in revenues and received $33,000 cash from these customers. The company incurred expenses of $22,500 but had not paid $2,250 of them at years end. Harden also prepaid $3750 cash for expenses that would be incurred the next year. Calculate the ...
Thursday, October 11, 2007 at 1:53pm

accounting
The Ritz Manor is a popular seaside resort. A double room costs $220 for one night. In order 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 ...
Thursday, October 11, 2007 at 10:57am

Accounting
How would I record this on the "Journal Entry" and at what amount? Information for Year-End Adjusting Journal Entries December 31,2006 1. $71,400 of office equipment was purchased on Jan. 1, 2004. The office equipment is expected to have a useful life of 7 years with...
Wednesday, October 10, 2007 at 12:27am

accounting
Identify whether a debit or credit yields the indicated change for each of the following accounts: a. To increase Store Equipment f. To decrease Unearned Revenue b. To increase Owner Withdrawals g. To decrease Prepaid Insurance c. To decrease Cash h. To increase Notes Payable ...
Saturday, October 6, 2007 at 1:55pm

economics
I tried answering b, but stuck with a. Can someone please take a look at this and help me out? Also check, if answer to b is correct? 1)Bob and Jane decide to open their own business selling ergonomically correct office furniture that Jane has designed. They have so much faith...
Friday, October 5, 2007 at 1:20pm

Economics
Hi, Could you please help me with the following question? Bob and Jane decide to open their own business selling ergonomically correct office furniture that Jane has designed. Assume they operate this business from leased office space near their home. Also assume that they ...
Thursday, October 4, 2007 at 10:03am

accounting
working capital management: how this transaction might affect dynamic mattress in cash and net working capital, customer paying a $2,500 bill resulting from a previous sale. Paying $5,000 previously owed to one of its suppliers, borrowing $1 million long-term and investing the...
Wednesday, October 3, 2007 at 1:33pm

Accounting urgent
Prepare the journal entries to record the following transactions on Panther Company’s books using a perpetual inventory system. (For multiple debit/credit entries, list accounts in order of magnitude.) (a) On March 2 Panther Company sold $853,700 of merchandise to Eagle ...
Wednesday, October 3, 2007 at 3:33am

accounting
In its first year of operations, Bere Company earned $27,046 in service revenue, $6,667 of which was on account and still outstanding at year-end. The remaining $20,379 was received in cash from customers. The company incurred operating expenses of $14,655. Of these expenses $...
Tuesday, October 2, 2007 at 10:32pm

Accounting
At the end of its first year, the trial balance of Riko Company shows Equipment $20,590 and zero balances in Accumulated Depreciation–Equipment and Depreciation Expense. Depreciation for the year is estimated to be $3,333. Prepare the adjusting entry for depreciation at ...
Tuesday, October 2, 2007 at 8:32pm

math
There are 37 accounting classes with 26 students in each class. Estimate the total number of students in the accounting classes. A) 1,200 students B) 900 students C) 1,600 students D) 1,500 students
Sunday, September 30, 2007 at 10:39am

Human Resource Paper
I don't know if anyone could be could someone proof read my paper? Executive Summary The position of financial manager is to coordinate financial activities of workers in a branch, or department of the bank, such as brokerage, risk management, or credit department. Other ...
Saturday, September 29, 2007 at 3:49pm

Please help!!!!Accounting
. Leng Xiong is unable to reconcile the bank balance at January 31. Leng’s reconciliation is shown here. Cash balance per bank $3,660.20 Add: NSF check 370.00 Less: Bank service charge 25.00 Adjusted balance per bank $4,005.20 Cash balance per books $3,975.20 Less: ...
Saturday, September 29, 2007 at 1:01am

accounting
Identify at least three external users of accounting information and indicate two questions they might seek to answer through their use of accounting information
Friday, September 28, 2007 at 10:35pm

ACCOUNTING
ANSWER THIS SURVEY ASAP: 1. A compound entry in the general journal is made to close expense accounts. True False 2. The entry to transfer net income to the owner's capital account would include a debit to the owner's capital account. True False 3. Withdrawals by the ...
Wednesday, September 26, 2007 at 10:44am

accounting
Accounts often need to be adjusted because
Tuesday, September 25, 2007 at 2:41pm

Accounting
At December 31, 2007, before any year-end adjustments, Bollis Company's Prepaid Insurance account had a balance of $2,700. It was determined that $1,500 of the Prepaid Insurance had expired. The adjusted balance for Insurance Expense for the year would be?? plz help urgent
Thursday, September 20, 2007 at 11:26am

Financial accounting
Last year Rattner had $5 million in operating income(EBIT). The company had net depreciation expense of $1 million and interest expense of $1 million; its corporate tax rate was 40 percent. The company had $14 million in current assets and $4 million in non-interest bearing ...
Wednesday, September 19, 2007 at 9:51pm

chem
how would you make a 4% percent paraformaldehyde solution? Work: starting from 20% (diluted with PBS) V1C1=V2C2 (100)(20)=(x)(4) x=500 so add 496 ml of PBS (accounting for 4% paraformaldehyde) or would you add 500ml of PBS Thank you
Monday, September 17, 2007 at 5:52pm

chem please help
how would you make a 4% percent paraformaldehyde solution? Work: starting from 20% (diluted with PBS) V1C1=V2C2 (100)(20)=(x)(4) x=500 so add 496 ml of PBS (accounting for 4% paraformaldehyde) or would you add 500ml of PBS Thank you
Sunday, September 16, 2007 at 9:15pm

chemistry
how would you make a 4% percent paraformaldehyde solution? Work: starting from 20% (diluted with PBS) V1C1=V2C2 (100)(20)=(x)(4) x=500 so add 496 ml of PBS (accounting for 4% paraformaldehyde) or would you add 500ml of PBS Thank you
Sunday, September 16, 2007 at 2:36pm

accounting
An investment under consideration has a payback of five years and a cost of $1,200. If the required return is 20 percent, what is the worst-case NPV?
Saturday, September 15, 2007 at 3:14pm

Managerial Accounting
Explain why there is a need for a bank loan and what operating sources provide cash for the repayment of the bank loan
Saturday, September 15, 2007 at 1:27pm

accounting management
How are research and development cost accounted for in the United States? Thanks for your help.
Friday, September 14, 2007 at 1:10pm

inb
1.How would you accomplish exposure netting with currencies to two countries that tend to go up and down together in value? 2.Some argue that translation gains or losses are not important so long as they have not been realized and are only accounting entries. What is the other...
Thursday, September 13, 2007 at 8:27pm

inb-help
1.Why is an exporter that is to be paid in six months in a foreign currency worried about fluctuating foreign exchange rates? 2.Are there ways in which this exporter can protect itself? If so, what are they? 3.How does the credit or money market hedge work?buy protection on ...
Thursday, September 13, 2007 at 8:06pm

INB
1.Why is an exporter that is to be paid in six months in a foreign currency worried about fluctuating foreign exchange rates? 2.Are there ways in which this exporter can protect itself? If so, what are they? 3.How does the credit or money market hedge work? 4.Why is ...
Thursday, September 13, 2007 at 7:48pm

Advanced Accounting
Time had a bad year in 2001; the company suffered a net loss. The loss pushed most of the return measures into the negative column, and the current ratio dropped below 1.0. The company's debt ratio is still only .27. Assume top management of Time is pondering ways to ...
Tuesday, September 11, 2007 at 10:38am

econ
National Accounting (the value of GDP should be the same all along the exercice) Say that PmQ = 20 (market value of domestic production), J = 5 (imports), FC = 8.5 (total final consumption), IC = 4 (intermediate consumption), IT = 4 (total investment), Δinventories = 2.5...
Tuesday, September 11, 2007 at 2:27am

Accounting
Float Management: Merrill Lynch increased in float by mailing checks drawn on West Coast banks to customers in the east and checks drawn on east coast banks to customers in the west. A subsequent class action suit agains Merrill Lynch revealed that in 28 months from September ...
Tuesday, September 11, 2007 at 1:18am

Math (Finance)
What are generally accepted accounting principles (GAAP)? Who currently develops and issues GAAP? What is the purpose of GAAP?
Tuesday, September 11, 2007 at 12:11am

Math (Finance)
Why is accounting often referred to as the “language of business”?
Tuesday, September 11, 2007 at 12:10am

accounting
46,000=total revenue+10,000-360000-12000 What is the total revenue? show calculation pleaseeee.
Sunday, September 9, 2007 at 11:55pm

Accounting
How would an auditor go about assessing the quality of an organization’s corporate governance?
Friday, September 7, 2007 at 4:17pm

Accounting
I am doing some accounting homework and I'm trying to figure out a problem but got confused. It says "You pay cash to rent a storage area" obviously cash is involved, but it is equity or asset also involved?
Monday, September 3, 2007 at 12:54am

intro to accounting
Target Corporation is currently seeking additional capital to expand its operations. Two companies have shown interest in providing additional capital.
Sunday, September 2, 2007 at 3:56pm

Accounting
The materiality concept implies that if an error is large enough or could effect the decisions of its users, a correction is absolutely necessary. True or False?
Saturday, September 1, 2007 at 10:33pm

Accounting
Even when the trial balance is in balance, there may be errors in the individual accounts. True or False?
Saturday, September 1, 2007 at 10:32pm

Accounting
Should the charts for the accounts be the same for each business?
Saturday, September 1, 2007 at 10:31pm

Accounting
Are the stockholders' rights to the assests of a company ranked ahead of the creditors' rights to the assets?
Saturday, September 1, 2007 at 10:29pm

Accounting
How do I entry a provion Its an Asset ?
Friday, August 31, 2007 at 11:48am

accounting
This year , Kirby company sold 35,000 units of production at $16 per unit. Maunfactoring and selling the product required $120,000 of mixed manufacturing costs and $180,000 of fixed selling and administrative expenses. This years variable costs and expenses per unit were: ...
Wednesday, August 22, 2007 at 8:34pm

accounting
How might a service company use accounting information systems? In what ways do these systems benefit the company? In what ways mights the system be challenging fot the company?
Thursday, August 16, 2007 at 4:08pm

accounting
Your client is preparing financial statements to show the bank. You know that he has incurred a computer repair expense during the month, but you see no such expense on the books. When you question the client, he tells you that he has not received the official bill, although ...
Wednesday, August 15, 2007 at 6:38pm

ACCOUNTING
Your client is preparing financial statements to show the bank. You know that he has incurred a computer repair expense during the month, but you see no such expense on the books. When you question the client, he tells you that he has not received the official bill, although ...
Wednesday, August 15, 2007 at 7:03am

accounting1
Your client is preparing financial statements to show the bank. You know that he has incurred a computer repair expense during the month, but you see no such expense on the books. When you question the client, he tells you that he has not received the official bill, although ...
Tuesday, August 14, 2007 at 7:07am

Accounting
I am researching a company for my class. I am supposed to identify the depreciation method in use. How do I do this? I've searched through their annual report and they don't explicitly say. You will probably have to call company HQ and ask to be put in touch with ...
Saturday, August 11, 2007 at 10:22pm

accounting
Forecasting payments; If a firm pays its bills with a 30-day delay, what fraction of its purchases will be paid for in the current quarter? In the following quarter? What if its payment delay is 60 days?
Thursday, August 9, 2007 at 1:39pm

accounting
Credit Policy Review The president, vice president, and sales manager of Moorer Corporation were discussing the company’s present credit policy. The sales manager suggested that potential sales were being lost to competitors because of Moorer Corporation’s tight ...
Thursday, August 9, 2007 at 1:38pm

Accounting
I need to do a report and compare ratios for a target company against industry averages. I have calculated the averages for my company, but where do I get information on industry averages? For example, what is the industry average receivable turnover ratio in the enterprise ...
Wednesday, August 8, 2007 at 11:57am

HELP ME PLEASE
how will the fundemantal accounting equtation (assets=liabilities+owners equity) change if supplies are purchased on account? explain how tgis purchase will or will not change the owner's equity? i thought maybe if the company buys 1000.00 on office supplies account it ...
Tuesday, August 7, 2007 at 6:37pm

Accounting
Dear sir,Hi, My question is related to Accounting, would appreicaite if you could solve my question. Q. 1
Tuesday, August 7, 2007 at 7:26am

accountingI
how will the fundemantal accounting equtation (assets=liabilities+owners equity) change if supplies are purchased on account? explain how tgis purchase will or will not change the owner's equity? i thought maybe if the company buys 1000.00 on office supplies account it ...
Monday, August 6, 2007 at 1:20pm

Accounting
Does retained earnings include investment capital? I thought no. I thought retained earnings is cumulative net income - dividends. However, Wikipedia says: Ending Retained Earnings = Beginning Retained Earnings + Investments − Dividends Paid + Net Income Why are ...
Sunday, August 5, 2007 at 1:04pm

Business statistics
An accounting firm recently stated: "The client's mean sales per customer is estimated to be between $14.50 and $28.50. Further this estimate is based on a random sample of 100 customers and was computed using 95% confidence. Discuss the appropriateness of this ...
Friday, August 3, 2007 at 7:17am

Accounting1 - ethical issue
Discount Hardware Wishes to expand its business and has borrowed $200,000 from the Toronto Dominion Bank. As a condition for making this loan, the bank required discount hardware to maintain a current ratio of atleast 1.50 and a debt ratio of no more than 0.50, and to submit ...
Wednesday, August 1, 2007 at 10:38pm

Accounting1 - ethical issue
Gorries Bearing Company makes all sales of industrial bearings under terms of FOB shipping point. The Company usually receives orders for sales approximately one week before shipping inventories to customers. For orders received late in december Bob Gorries, the owner, decides...
Wednesday, August 1, 2007 at 10:38pm

Accounting1 - ethical issue
On a recent trip to Brazil, Carlo degas, sales manager of cyber systems, took his along for a vacation and included her airfare and meals on his expense report, which he submitted for reimbursement. Chelsea Brindley, vice president of sales and Degas boss thought his total ...
Wednesday, August 1, 2007 at 10:37pm

Accounting
John Sullivan owns appartments buildings in Nova Scotia, New Brunswick, and Quebec. Each property has a manager who collects rent, arranges for reparis, and runs advertisements in the local newpaper. the property managers transfer cash to Sullivan monthly and prepare their own...
Wednesday, August 1, 2007 at 10:35pm

ACCOUNTING
Forecasting Payments. If a firm pays its bills with a 30-day delay, what fraction of its purchases will be paid for in the current quarter? In the following quarter? What if its payment delay is 60 days?
Tuesday, July 31, 2007 at 7:31pm

Managerial Economics Question
1)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? ANSWER: ...
Thursday, July 26, 2007 at 8:50pm

Managerial econ 1
1)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? ANSWER: ...
Tuesday, July 24, 2007 at 9:27pm

HELP
The general manager of a business encounters many different types of business transactions. Provide an example of a transaction that would describe the effect on the accounting equation. Each situation is independent of the other situations. a. The transaction would increase ...
Sunday, July 22, 2007 at 6:50pm

accounting I
The general manager of a business encounters many different types of business transactions. Provide an example of a transaction that would describe the effect on the accounting equation. Each situation is independent of the other situations. a. The transaction would increase ...
Saturday, July 21, 2007 at 6:59pm

accounting
Based on this information, what type of adjusting entries does the Ritz Manor have? The Ritz Manor is a popular seaside resort. A double room costs $220 for one night. In order to reserve a room, guests must pay one night’s stay in advance. On each floor of the hotel, ...
Wednesday, July 18, 2007 at 12:30pm

accounting I
A friend of yours wants to start her own pet sitting business. She already has a business license that is required in her city. She has had a personal checking account for years. You have told her that she also needs to open a separate account for her business needs, but she ...
Tuesday, July 17, 2007 at 3:21pm

accounting
Invested $105,000 cash, office equipment with a value of $6,000, and $45,000 of drafting equipment to launch the business. How would this journal entry be posted to the general journal?
Saturday, July 14, 2007 at 10:18pm

managerial accounting
Hess,Inc.Sells a single product with a contribution margin of $12 per unit, fixed costs of $74,400, and sales for the current year of $100,00. How much is Hess's Break even point?
Tuesday, July 10, 2007 at 8:31pm

accounting
# 1 Takers,Inc.provide the following results: 2004 2003 Units 2,400 3,000 Total Cost 19,200 24,000 What form of cost behavior is the cost above? Fixed cost, Sunk Cost, Mixed Cost or Variable Cost
Tuesday, July 10, 2007 at 8:13pm

ACCOUNTING
wrapping department's output during the period consist of 10,000 units completed and transfered out, and 600 units in ending work in process that were 75% complete as to materials and conversion costs.begining inventory was 800 units that were 30% equivalent units of ...
Friday, July 6, 2007 at 7:21pm

ACCOUNTING
#1 chin company incurred direct materials costs of $300,000 during the year. manufacturing overhead rate is 70%. how much are chin company total manufacturing costs for the year?
Friday, July 6, 2007 at 7:14pm

accounting
discuss the four financial statements and explain the different components of the statements as well as what the statements tell about a business What four financial statements? What different components? Please note that we don't do students' homework for them. Our ...
Thursday, July 5, 2007 at 8:58pm

Financial Management
If you make an extra $50.00 principal payment per month, what are the opportunity cost considerations? The sites listed below should be of help to you. 4 Financial Statements http://www.quickmba.com/accounting/fin/statements/ Beginners' Guide to Financial Statements...
Thursday, July 5, 2007 at 8:14pm

MANAGERIAL ACCOUNTING
#1 chin company incurred direct materials costs of $300,000 during the year. manufacturing overhead rate is 70%. how much are chin company total manufacturing costs for the year? #2 wrapping department's output during the period consist of 10,000 units completed and ...
Tuesday, July 3, 2007 at 1:00am

accounting
What is a balance sheet typically used for? What information on the balance sheet is the most valuable? How does it complement another financial statement? Thank you for using the Jiskha Homework Help Forum. A Balance Sheet is quick reference to see how the business is doing. ...
Sunday, July 1, 2007 at 11:45pm

Accounting
What is an example of present value concept? If you win the lottery, and they tell you will get 20,000 a year for 30 years. What is that worth in present dollars? $36000.00
Thursday, June 28, 2007 at 8:43pm

business
I hope that someone can help me answer this question because I am totaly mind blocked. My question is: I will be interviewed for an evening business report. As CEO of your computer manufacturing company, you must answer the following question. How do you account for the loss ...
Monday, June 25, 2007 at 12:56am

Computer (Excel)
This is my assignment (actually a quiz) You work at an accounting firm and you need to design a spreadsheet for a business customer's income and expenses. The business is divided into four departments: Sales, Marketing, Development, and Executive. Each dept. keeps track of...
Thursday, June 21, 2007 at 6:41am

Economics
What is the lowest value of economic profit that the firm must earn if it is to keep its resources in the current industry? do some research, then take a shot. Hint: what is the difference between economic profit and accounting profit.
Wednesday, June 20, 2007 at 8:42pm

Accounting
The balance sheet caption for common stock is:
Thursday, June 14, 2007 at 4:23pm

Accounting
Morley Company issued a $7 million face amount of 10% 10-year bonds on June 1, 2004. The bonds pay interest on an annual basis on May 31, each year. 1.
Thursday, June 14, 2007 at 4:22pm

Accounting
how can you determine what side is a debit and what side is a credit A debit is an expense that is paid. A credit is income. The following rules are applied to decide debit or credit side. 1.Debit what comes in and credit what goes out 2.Debit the reciever and credit the giver...
Sunday, June 10, 2007 at 9:35pm

Accounting
How might borrowing $1 million long-term and investing the proceeds in inventory affect cash and net working capital? Borrowing $1 million and investing the proceeds will increase the cash and net working capital by $1 million less the interest charges.
Sunday, June 10, 2007 at 7:58pm

Accounting
How would paying out a $2 million cash dividend affect cash and net working capital? It seems to me that paying out a $2 million cash dividend will diminish the cash and net working capital by $2 million plus the costs of paying this dividend.
Sunday, June 10, 2007 at 7:39pm

accounting
Prepare an income statement cash 16050.00 accounts receivable 1500.00 office supplies 1200.00 office equipment 18250.00 accounts payable 2350.00 Stanley Neal, Capital, 12850.00 fees income 36400.00 advertising expense 2750.00 salaries expense 7500.00 telephone expense 350.00 ...
Wednesday, June 6, 2007 at 8:51pm

Accounting
Hello, I need help with this case please: All Star Cards and Bubble Gum Cards recently formed a New Company “Baseball Trading Cards” in order to combine their respective wholly-owned baseball trading card business. In connection with the formation of Baseball Trading...
Friday, June 1, 2007 at 7:43pm

Management accounting
Suppose one chairlift costs $2 million now you have to install the lift for $1.3 million, this lift allows 300 skiers on the slopes,for 40 days out of a year, running it costs $500 a day for the 200 days that it is open, now suppose the lift tickets cost $55 a day and cash ...
Monday, May 28, 2007 at 11:39am

Management accounting
Suppose one chairlift costs $2 million and the slopes along with the lift have to be install for $1.3 million, this lift allows 300 skiers on the slopes, for 40 days out of a year. Running the lift will cost $500 a day for 200 days that the ski resort will be opened, now ...
Sunday, May 27, 2007 at 1:22pm

Management accounting
suppose one chairlift costs $2 million and the slopes aand the lift had to be install for $1.3 million, and the lift let 300 skiers on the slopes, for 40 days out of a year) Running the lift cost $500 a day for 200 days for the ski resort openings, now suppose the lift tickets...
Saturday, May 26, 2007 at 8:07pm

Management Accounting
Deer Valley Lodge, a ski resort in the Wasatch Mountains of Utah, has plans to eventually add five new chair lifts. Suppose that one lift costs $2 million and preparing the slope and installing the lift costs another $1.3 million. The lift will allow 300 additional skiers in ...
Friday, May 25, 2007 at 8:27pm

Management accounting
Andre has a hair styling business with five workers that are paid $9.90 per hour,they work 40-hour per week and 50 weeks a year.Rent is $1,750 per month, hair shampooing is .40 per client, haircuts unit price is $12. Andre needs your help in finding the following information. ...
Friday, May 25, 2007 at 7:02am

management accounting
Andre has a hair styling business and he has five barbers who each make $9.90 per hour then work 40-hours a week and 50-weeks a year, the rent and other fixed expenses are $1,750 per month. shampoo is used on all client is .40 per client, the unit price of the haircut is $12. ...
Thursday, May 24, 2007 at 8:40pm

Management Accounting
Deer Valley Lodge, a ski resort in the Wasatch Mountains of Utah, has plans to eventually add five new chair lifts. Suppose that one lift costs $2 million, and preparing the slope and installing the lift costs another $1.3 million. The lift will allow 300 additional skiers on ...
Wednesday, May 23, 2007 at 10:26pm

Management Accounting
Andre has asked you to evaluate his business, Andre's Hair Styling. Andre has five barbers working for him (Andre is not one of them) Each barber is paid $9.90 per hour and works a 40-hour week and a 50-week year, regardless of the number of haircuts, rent and other fixed ...
Wednesday, May 23, 2007 at 10:08pm

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