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October 24, 2014

Homework Help: Business: Accounting

Recent Homework Questions About Accounting

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fnancial accounting
Joseph Corporation needs to calculate their September 30 cash balance per books. The following information is available before any adjustments were made based on the monthly bank statement. Outstanding checks $690 Balance per books $6,111 NSF check $275 Safe deposit box fee $45
Monday, August 2, 2010 at 7:17pm

accounting
An audit trail allows an individual to track a transaction from the journal entry to the general ledger through to the financial statements. The audit trail can also find all the transactions that comprise the dollar amount for each account listed on the income statement and ...
Monday, August 2, 2010 at 2:12pm

accounting
A new inventory management system for ABC Company could be developed at a cost of $200,000. The estimated net operating costs and estimated net benefits over six years of operation would be: Year Estimated Net Operation Estimated NetBenefits 0 200,000 0 1 7,0000 $ $52,000 2 9,...
Monday, August 2, 2010 at 11:50am

accounting
Your CEO has limited knowledge of management accounting but of course, is vitally interested in forecasting profitability under different scenarios. He asked you, the management accountant, to begin your report by answering a few basic questions he's always wondered about...
Saturday, July 31, 2010 at 9:47pm

accounting-explain
Create a table comparing the gross profit for this product’s sales for the month of June under each of the two formulas (1) FIFO and (2) average. Calculate the gross profit margin under each formula. Can you please help me wiht this question. just explain the questions. i...
Friday, July 30, 2010 at 6:52pm

childcare
plz check homework ...thanks 1. Which one of the following categories makes up the largest percentage of a child care operating budget? A. Supplies C. Food B. Salaries and benefits D. Mortgage or rent 2. Child care operating budgets generally contain a pro forma income ...
Friday, July 30, 2010 at 11:12am

accounting
is it ethical for a bookkeeper to take it upon herself to set aside a delinquent account to keep it from going to collections?
Thursday, July 29, 2010 at 8:42pm

accounting
Can someone give me the site where I can do practice problems for Managerial Accounting. My instructor bases his exam on the CPA, the homework is easy. He said that he wants us to think outside the box. I need practice. All were word problems.
Thursday, July 29, 2010 at 8:06pm

Accounting
o What are the advantages of the four different special journals? When would you use each type?
Thursday, July 29, 2010 at 3:26pm

College/Healthcare Accounting
What is the profit variance of 0.3 million? And how is it converted into millions (0.3)
Wednesday, July 28, 2010 at 6:16pm

accounting
Write a 700-word paper answering Question 2 in Ch. 24. Explain the need for full disclosure in financial reporting. Identify possible consequences of failing to properly disclose certain items in financial statements.
Tuesday, July 27, 2010 at 10:27pm

accounting
E11-6 The following direct materials and direct labor data pertain to the operations of Batista Manufacturing Company for the month of August.
Tuesday, July 27, 2010 at 12:48pm

Financial Accounting
Prepare adjusting journal entries for the year ended December 31, 2011 for each of the independent situation in (a) to (f). Assume that prepaid expenses are initially recorded in asset accounts. Assume that fees collected in advance of work are initially recorded as ...
Sunday, July 25, 2010 at 9:38pm

accounting
Data provided: Estimated manufacturing overhead cost for year....$93,000 Estimated direct labor cost for the year... $75,000 Actual manufacturing overhead cost for the year... $84,000 Actual direct labor cost for the year... $64,000 Requirements: 1. Compute the predetermined ...
Sunday, July 25, 2010 at 7:54pm

accounting
express in journal entry form: incurred and paid web site expenses, $2,000
Sunday, July 25, 2010 at 7:46pm

Accounting
1. Bonds Payable has a balance of $900,000 and Premium on Bonds Payable has a balance of $10,000. If the issuing corporation redeems the bonds at 103, what is the amount of gain or loss on redemption? 1. $1,200 gain 2. $17,000 gain 3. $1,200 loss 4. $17,000 loss 2. Which of ...
Sunday, July 25, 2010 at 4:05pm

Accounting
1. The price of a bond is equal to the sum of the interest payments and the face amount of the bonds. 1. True 2. False 2. When a corporation issues bonds, it executes a contract with the bondholders, known as a bond debenture. 1. True 2. False 3. A corporation issues $100,000...
Sunday, July 25, 2010 at 4:01pm

accounting
Mr. and Mrs. Garcia have a total of $ 100,000 to be invested in stocks, bonds, and a money market account.The stocks have a rate of return of 12%/ year, while the bonds and the money market account pay 8% and 4%/ year, respec-tively. They have stipulated that the amount ...
Wednesday, July 21, 2010 at 1:14pm

accounting for health care environment
Assume you are the financial director of a clinic that is a part of an organization named Getwell Clinics Incorporated. Your clinic—named after you—serves a suburban community with a population of about 24,000, of which 25% are expected to become patients of the ...
Tuesday, July 20, 2010 at 12:41pm

Accounting
Costs can be classified into two categories, fixed and variable costs. These costs behave differently based on the level of sales volumes. Suppose we are running a restaurant and have identified certain costs along with the number of annual units sold of 1000. Item: Raw ...
Tuesday, July 20, 2010 at 11:37am

accounting
How you would expect the following events to affect each type of lag: a. The company imposes a service charge on late payers. b. A recession causes customers to be short of cash. 1. C. The company changes its terms from net 10 to net 20.
Tuesday, July 20, 2010 at 12:32am

Accounting
It's approaching year-end, and your president has asked you, the management accountant, to visit his office for a heart-to-heart talk. After he closes the door, he tells you that profits for the year will end up below plan and that he's disappointed. He had just ...
Monday, July 19, 2010 at 8:00pm

Accounting
How can I project profits using tradition format ?
Monday, July 19, 2010 at 2:01pm

Managerial Accounting Practices
Your general manager called you into his office to discuss an ongoing problem. He explains that in the past, whenever he wanted to know how the projected income statement might change if sales volume changes, it would take weeks to have the accounting department redo the ...
Sunday, July 18, 2010 at 8:49pm

accounting
You have been assigned the task of testing the accuracy of the final inventory compilation for Mt. Hood Furniture. You may assume that you have separately observed the inventory and that you are satisfied that the inventory was accurately counted. However, you need to test ...
Saturday, July 17, 2010 at 12:15am

accounting
I am showing a $8100 debit balance on prepaid insurance at the end of august. The pre-paid insurance was purchased in Feb. for 12 months. what should my adjusting entry to pre-paid insurance be for the month of Sept. which is the end of my fiscal year? Those are the only ...
Thursday, July 15, 2010 at 7:10pm

payroll accounting
4. First Case Manufacturing Company has annual payroll of $100,000. Voluntary contribution are allowed in the State where this company does business. Total unemployment taxes paid into the State’s unemployment fund amounts to $24,000. Cumulative unemployment benefits paid...
Wednesday, July 14, 2010 at 7:41pm

accounting
What are the different criteria for recognizing revenue?
Wednesday, July 14, 2010 at 3:48pm

accounting
Why is cost recognized as an expense at the time of a sale?
Friday, July 9, 2010 at 10:46am

accounting
Cooper Construction Company had a contract starting April 2010, to construct a $9,000,000 building that is expected to be completed in September 2012, at an estimated cost of $8,250,000. At the end of 2010, the costs to date were $3,795,000 and the estimated total costs to ...
Thursday, July 8, 2010 at 3:20pm

accounting
On January 2, 2010, Wine Corporation wishes to issue $2,000,000 (par value) of its 8%, 10-year bonds. The bonds pay interest annually on January 1. The current yield rate on such bonds is 10%. Using the interest factors below, compute the amount that Wine will realize from the...
Thursday, July 8, 2010 at 3:05pm

accounting
The Ritz Manor is a popular seaside resort. A double room costs $220 for one night. To reserve a room, guests must pay one night’s stay in advance. On each floor of the hotel, Vendalite Company operates vending machines with energy bars, juices, and other snacks for ...
Wednesday, July 7, 2010 at 1:38pm

accounting
The Ritz Manor is a popular seaside resort. A double room costs $220 for one night. To reserve a room, guests must pay one night’s stay in advance. On each floor of the hotel, Vendalite Company operates vending machines with energy bars, juices, and other snacks for ...
Wednesday, July 7, 2010 at 1:34pm

Accounting
The income statement section of the worksheet of Smith Company for the year ended December 31, has 169,000 recorded in the Debit column and 193,434 in the Credit column on the line for the Income Summary account. What were the beginning and ending balances for Merchandise ...
Saturday, July 3, 2010 at 7:48pm

accounting
$8,000 in 5 years at a semiannual discount rate of 6%
Friday, July 2, 2010 at 2:06am

xacc 280
If there has been anyone that has taken this class could get a little help. I am not looking for the answers just some more info. I am not understanding it. Instructions For each of the three situations, say if the accounting method used is correct or incorrect. If correct, ...
Thursday, July 1, 2010 at 11:53pm

accounting
On January 2, 2006, Grant Corporation leases an asset to Pippin Corporation under the following conditions: 1. Annual lease payments of $10,000 for twenty years. 2. At the end of the lease term the asset is expected to have a value of $2,750. 3. The fair market value of the ...
Thursday, July 1, 2010 at 5:36am

Individual Income
1. Ann Bolen's husband died last year. Ann maintains a household where she and her 8-year-old daughter reside for the tax year. On her tax return, she properly claims a dependency exemption for her daughter. For the current year, Ann should file her tax return as: a. ...
Wednesday, June 30, 2010 at 5:52pm

business
The ABC Company purchased a solar powered electrical generator on March 9, 2005 for $1.5 million. At that time, it was estimated that the generator would have a useful life of 20 years and a salvage value of $50,000. Over its life span, it was estimated that the generator ...
Tuesday, June 29, 2010 at 6:46pm

accounting
__a__ 1. A responsibility center that incurs costs (and expenses) and generates revenues is classified as a(n) a. cost center. b. revenue center. c. profit center. d. investment center. _a___ 2. The most useful measure for evaluating a manager's performance in controlling ...
Tuesday, June 29, 2010 at 12:54am

accounting
Your company’s sales are 50,000 units. The unit variable cost is $12. Your markup percent on sales is 40% and your fixed costs are $100,000. 1. What is your profit / loss? You are thinking of increasing your advertising by $200,000. Based on previous data, you know that ...
Sunday, June 27, 2010 at 7:50am

accounting
How formulate your transcations on a general journal then post it to a general ledger
Saturday, June 26, 2010 at 6:57pm

Cost Accounting
For 2008, Southwest Industrial has a monthly overhead cost formula of $42,900 + $6 per direct labor hour. The firm's 2008 expected annual capacity is 156,000 direct labor hours, to be incurred evenly each month. Making one unit of the company's product requres three ...
Saturday, June 26, 2010 at 6:50pm

accounting
For the year ending December 31, 2010, Johnson Manufacturing Company had depreciation totaling $38,000 on its office equipment. Give the journal entry to record the adjusting entry.
Saturday, June 26, 2010 at 4:28am

accounting
What were the begining and ending balances for MERCHANDISE INVENTORY when $169,000 was recorded in the debit column and $193,434 was in the credit column on the line for the INCOME SUMMARY account
Friday, June 25, 2010 at 1:23pm

Accounting
Use the following adjusted trial balance of Webb Trucking Company to prepare a classified balance sheet as of December 31, 2005.Account Title Debit Credit Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,000 Accounts receivable...
Thursday, June 24, 2010 at 9:14pm

Accounting information system
1.The number of symbols in data fow diagrams. 2. Type of phrase associated with a process 3. Descriptor for entities outside the system.
Wednesday, June 23, 2010 at 7:37pm

business
As a newly hired Staff I, you are responsible for analyzing the work papers for one of the clients of your organization. Your client is not clear about why you are asking for information on the following topics: o Adjusting lower of cost or market inventory on valuation o ...
Wednesday, June 23, 2010 at 6:14am

accounting
Why does the source document discloses information about the consumers?
Monday, June 21, 2010 at 11:24pm

Accounting
Please describe how the following transactions affects the accounting equation: Provide service for cash Increase, decrease of no change from the following accounts Assets, Liability and Owners Equity
Monday, June 21, 2010 at 9:59am

COLLEGE ACCOUNTING
Sunset Company uses the periodic inventory method and had the following inventory information available: Units Unit Cost 1/1 Beginning Inventory 200 $6.20 1/20 Purchase 300 $6.50 7/25 Purchase 200 $6.80 10/20 Purchase 300 $7.00 A physical count of inventory on December 31 ...
Friday, June 18, 2010 at 8:04pm

accounting
If a company sold inventory that had cost 5,000 for 8,000, where would you place these figures on the balance sheet?
Friday, June 18, 2010 at 12:00pm

accounting
Prepare a journal entry for the purchase of office supplies on October 14 for 9,000, paying $1,800 cash and the remainder on account????????? if anyone knows how to do this can you help me out please!!!! (this is accounting - journal entry for asset purchase)
Wednesday, June 16, 2010 at 10:30pm

accounting
I don't understand how I'm suppose to properly write this. Ratio 2009 2008 Current Ratio .89 1.13 Debt-to-Equity 527% 240% Earnings Per Share $.96 $1.37 We can use financial ratios to evaluate a company's performance over time. Based on the 3 ratios above, how has ...
Wednesday, June 16, 2010 at 4:06pm

Accounting
What is the journal entry for a bounced check. For exemplar, on May 10, Mr. Smith pays his $1000 bill the a certain company, cash receipt #1. On May 12 the check is returned marked Not Sufficient Funds. Would the journal entry look like this. debit credit Accounts Receivable $...
Wednesday, June 16, 2010 at 12:43pm

accounting
wat is the difference between total share capital & Equity Share Capital ?
Tuesday, June 15, 2010 at 12:25pm

accounting
How do I figure out the cost of merchandise purchases for the year?
Monday, June 14, 2010 at 5:06pm

basic accounting edit plz
STEVENS REALTY Paid $300 to send employees to realtor's workshop. is it: Salaries Expense (DEBIT) Cash (CREDIT) OR Salaries Expense (DEBIT) Salaries Payable (CREDIT)
Sunday, June 13, 2010 at 11:58pm

basic accounting!plz help!
STEVENS REALTY Paid $300 to send employees to realtor's workshop. is it: Salaries Expense (DEBIT) Cash (CREDIT) OR Salaries Expense (DEBIT) Salaries Payable (CREDIT)
Sunday, June 13, 2010 at 9:09pm

accounting
Fundamental Accounting Princples Problems 5-A, 6-1A, 6-6B,and 6-7B hope you can help ,desperate
Sunday, June 13, 2010 at 5:23pm

Managerial Accounting
Gladmark company produces two types of get well cards scented and regular drivers for the four activities as follows: Scented Regular Inspection hours 40 160 Set up hours 50 50 Machine hours 200 600 Number of moves 225 75 1. Calculate the consumption ratios for the four ...
Sunday, June 13, 2010 at 3:17pm

Managerial Accounting
Tiger Golf Accessories sells golf shoes, gloves and laser-guided range finder that measures distance Below are unit cost and sales data. Shoes Gloves Range find Unit sales $100 $30 $250 Unit VC 60 10 200 Unit CM $40 $20 $50 Sales Mix 40% 50% 10% Fixed cost are $620,000 a.) ...
Sunday, June 13, 2010 at 3:11pm

Accounting
Hess, Inc. sells a single product with a contribution margin of $12 per unit and fixed costs of $74,400 and sales for the current year of $100,000. How much is Hess’s break even point?
Sunday, June 13, 2010 at 1:44pm

managerial accounting
Accounting homework Gladmark company produces two types of get well cards scented and regular drivers for the four activities as follows: Scented Regular Inspection hours 40 160 Set up hours 50 50 Machine hours 200 600 Number of moves 225 75 1. Calculate the consumption ratios...
Saturday, June 12, 2010 at 7:34pm

accounting
I need help wit Acc/225 week 2 and the exercise is 2-5 I have to do a T-account and Trial balance for Pose Pics and it is really confusing me
Saturday, June 12, 2010 at 2:07pm

business accounting
Lakie uses a perpetual inventory system. Ending inventory consists of 500 units, 400 from the July 28 purchase and 100 from the Dec19 purchase. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c...
Friday, June 11, 2010 at 12:53pm

accounting
JULY 12 Paid $300 to send employees to realtor’s workshop. Cheque 614. is this right:::: Salaries expense (Debit) Cash (Credit)
Monday, June 7, 2010 at 5:04pm

Accounting
Imagine you have been selected by your manager to present a training session to a group of new employees. The new hires do not have accounting backgrounds and have little or no work history in a responsibility center. The purpose of this training session is to explain the ...
Monday, June 7, 2010 at 3:45pm

accounting
What are some internal controls related to cash? Why is control over cash important? What are the pros and cons of segregation of duties over cash?
Monday, June 7, 2010 at 1:34pm

accounting
Why is a bank reconciliation considered an internal control over cash? How does it provide control? What control violations might the bank reconciliation highlight?
Monday, June 7, 2010 at 1:32pm

accounting help plz
Sent a cheque for $40 to help sponsor a local road race to aid the poor. (This is not to be considered an advertising expense, but it is a business expense.) Cheque 616. i knoe that Cash is Credit BUT im not sure what EXPENSE is Debit?
Sunday, June 6, 2010 at 6:02pm

accounting edit plz
June: 1)Sold a house and collected a $6,000 commission. Ans: Cash (debit) Commission earned (credit) 2)Sold a building lot and earned a commission, $6,500. Payment is to be received on July 8. Ans: Accounts recievable (DR) comission Earned (CR) 3)Received advertising bill for...
Sunday, June 6, 2010 at 5:17pm

Accounting
Can anyone help me with writing a book report for Accounting. It is due on Tuesday, it can pertain to anything in accounting. TIA
Sunday, June 6, 2010 at 1:04pm

accounting
Would Pastin's approach also work in a merger situation? Look at past mergers to see what worked and what did not?
Saturday, June 5, 2010 at 11:37pm

accounting
"Harris Company manufactures and sells a single product. A partically completed schedule of the company's total and per unit cost over the relevant range of 30,000 to 50,000 per units produced and sold are: United produced and Sold: 30,000 ; 40,000; 50,000 Total costs...
Thursday, June 3, 2010 at 5:43am

ACCOUNTING
Mary and Jack Gray, local golf stars, opened the Chip-Shot Driving Range on March 1, 2008, by investing $25,000 of their cash savings in the business. A caddy shack was constructed for cash at a cost of $8,000, and $800 was spent on golf balls and golf clubs. The Grays leased ...
Wednesday, June 2, 2010 at 4:39pm

(basic)accounting help plz!
June 1: Rented office space and paid three months’ rent in advance, $3,000, cheque 601. Ans: Rent expense (DEBIT) Cash (CREDIT) adjustment: a) One month’s rent had expired. i think it will be: prepaid rent (DEBIT $2000) rent payable (CREDIT $2000) CAN U CHECK IF ...
Tuesday, June 1, 2010 at 6:25pm

Managerial Accounting
Which of the following is a characteristic of ABC? 1. improved financial reporting 2. aid to managers in determining product cost 3. used in place of job or process costing 4. use restricted to manufacturing entities
Tuesday, June 1, 2010 at 6:01pm

Managerial Accounting
Which of the following is not a benefit of implementing ABC:? 1. more accurate cost assignments 2. better cost control 3. cheaper to implement 4. more efficient operations 5. all of the above
Tuesday, June 1, 2010 at 5:57pm

Taxation
81. Joe operates a business that locates and purchases specialized assets for clients, among other activities. Joe uses the accrual method of accounting but he doesn’t keep any significant inventories of the specialized assets that he sells. Joe reported the following ...
Monday, May 31, 2010 at 8:34pm

edit accounting plz!
June: Sold a house and collected a $6,000 commission. Ans: Cash (debit) Commission earned (credit) Sold a building lot and earned a commission, $6,500. Payment is to be received on July 8. Ans: Accounts recievable (DR) comission Earned (CR) Received advertising bill for June...
Monday, May 31, 2010 at 7:58pm

accounting
Describe Your Perfect Job:
Monday, May 31, 2010 at 7:19am

ACCOUNTING
COM-220 Writing skills assessment week 8
Monday, May 31, 2010 at 2:18am

Writting 4
Part IV: Punctuation In this section of the final, insert appropriate commas and semicolons in the following sentences. In the space provided, indicate the number of marks you added. Write 0 if you add none. 51. Rich accepted the position in May but took a leave of absence in ...
Sunday, May 30, 2010 at 2:11pm

accounting
• Write a 200- to 300-word response explaining what information would be found in each of the following groupings on a classified balance sheet and how that data might indicate the future success or failure of a business: o Current assets o Long-term investments o ...
Saturday, May 29, 2010 at 2:36am

Accounting
I am having a technical problem using Simply Accounting 2008 (student version). I am creating my own company and entering the accounts in the Chart of Accounts. However, there is a problem with the drawings account. Most equity accounts have a credit balance, but a drawings ...
Friday, May 28, 2010 at 10:13pm

Accounting
I am having a technical problem using Simply Accounting 2008 (student version). I am creating my own company and entering the accounts in the Chart of Accounts. However, there is a problem with the drawings account. Most equity accounts have a credit balance, but a drawings ...
Friday, May 28, 2010 at 1:44pm

Writing
Part III: Revision In this section of the final, revise the sentences provided to correct the grammar errors indicated. (In many cases there will be more than one correct alternative to the sentence provided; credit will be given for all correct answers.) Revise the following ...
Friday, May 28, 2010 at 12:46pm

Accounting
1. What would you think of a company's ethics if ti changed accounting methods every year? 2. What accounting principle would changing methods every year violate? 3. Who can be harmed when a company changes its accounting methods too often? How?
Wednesday, May 26, 2010 at 10:14pm

Cost Accounting
What are the differences between job-cost and process-cost systems? When would it be appropriate to use each type of system? How does each system affect the cost of a product?
Tuesday, May 25, 2010 at 11:33am

Cost Accounting
What are the differences between a direct cost and an indirect cost? Which is the more difficult cost to track? Why? How do indirect costs affect the cost of a product? Should indirect costs be included in product cost? Why or why not?
Tuesday, May 25, 2010 at 11:29am

accounting
what is the percentage of 600000 tha equals 120000
Monday, May 24, 2010 at 10:19pm

accounting info. systems
The last step in the revenue cycle is cash collections. The accounts receivable department must know when customers pay their invoices, yet segregation of duty controls dictate that the collection and recording functions be kept separate from each other. What is a solution to ...
Sunday, May 23, 2010 at 11:53pm

ACCOUNTING
cost,volume and profit formulas
Sunday, May 23, 2010 at 9:54pm

accounting
I am looking for the answer to this assignment. I am not an accounting major and have no clue. Please help Assignment Name: Unit 4 Individual Project Deliverable Length: 2-3 paragraphs Details: Les Fleurs, a boutique in Paris, France, had the following accounts in its ...
Friday, May 21, 2010 at 5:00pm

accounting
please explain how a large variance from budget would you consider important to address on a monthly hospital variance report:5% 10% 25%
Wednesday, May 19, 2010 at 8:04pm

accounting
solution 5 -- The Accounting Cycle: Reporting Financial Results Comprehensive Problem 1 - Tony's Rentals
Wednesday, May 19, 2010 at 4:40pm

accounting
Post a 200- to 300-word response to the following: You have been hired into a new company to oversee the accounting department. What type of financial reports would you expect to see in your department? How will you use the financial reports available to you to make business ...
Tuesday, May 18, 2010 at 4:16pm

accounting
At the end of April, ABC company had a balance of $37,910 in vacations benefits payable account. During May, employers earned an additional $2,790 in vacation benefits, but some employee used vacation days amounting to $2,050 of vacation benefits.. The $2,050 was charged to ...
Tuesday, May 18, 2010 at 1:08pm

Accounting
Mr. jones intends to retire in 20 years at the age of 65. As yet he has not provided for retirement income, and he wants to set up a perodic savings plan to do this. If he makes equal annual payments into a savings account that pays 4 percent interest per year, how large must ...
Monday, May 17, 2010 at 10:44am

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