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July 25, 2014

Homework Help: Business: Accounting

Recent Homework Questions About Accounting

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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

accounting
Fixed Company produces a single product selling for $30 per unit. Variable costs are $12 per unit and total fixed costs are $4,000. What is the contribution margin ratio? (Points :1) 1.67 2.50 0.40 0.60
Sunday, May 16, 2010 at 11:46am

accounting
Canine Company produces and sells dog treats for discriminating pet owners. The unit selling price is $10, unit variable costs are $7, and total fixed costs are $3,300. What are breakeven sales? (Points :1) $11,000 $4,714 $3,300 $7,700
Sunday, May 16, 2010 at 11:42am

accounting
What would be the fee for a buyer to purchase 2 discount points on a home with a sale price of $275,000?
Sunday, May 16, 2010 at 11:38am

Math
I am looking for a website or two so that I can help my daughter with her accounting homework. Usually my husband helps her, but he was just deployed to Iraq a few days ago. Can you help me locate some websites? I found a few, but I am not willing to pay for them.
Saturday, May 15, 2010 at 3:08pm

Accounting
Case 1. Steve and Linda Hom live in Bartlesville, Oklahoma. Two years ago, they visited Thailand. Linda, a professional chef, was impressed with the cooking methods and the spices used in the Thai food. Bartlesville does not have a Thai restaurant, and the Homs are ...
Saturday, May 15, 2010 at 2:53pm

Finance
You are provided the following information on a company. The total market value is $40 million. The capital structure, shown here, is considered to be optimal. Accounting Value Market Value Bonds, $1000 par, 6% coupon, 6% YTM $10,000,000 $10,000,000 Preferred Stock, 7%, $100 ...
Wednesday, May 12, 2010 at 6:21pm

accounting
how can financial managers budget for unforseen events that require large capital outlays?
Tuesday, May 11, 2010 at 10:41pm

Intermediate Accounting
A note receivable Mild Max Cycles discounted with recourse was dishonored on its maturity date. Mild Max would debit: A. A loss on dishonored receivable. B. A receivable. C. Dishonored note expense. D. Interest expense.
Tuesday, May 11, 2010 at 10:00pm

Accounting
Are "trading assets" and "deferred tax assets" considered quick assets? Thanks.
Tuesday, May 11, 2010 at 4:12pm

business
On a Corporation's balance sheet, a large tract of company-owned land is reported at its original cost of $50,000. The owner of the company is upset, because he thinks the land's true value is ten times that amount. He fears the low-cost figure may hurt the company as ...
Tuesday, May 11, 2010 at 2:01pm

accounting
Think back over what you have studied and learned in this course. Do you have a new perception of or appreciation for the field of accounting and how it contributes to business? Explain
Tuesday, May 11, 2010 at 9:16am

accounting
Cash Management Matrix For each principle in the matrix,describe how the principle ensures the reliability of a company's financial statements and provide at least one example of how the principle might work in a real company. Principles of Internal Control Establishment ...
Monday, May 10, 2010 at 11:43pm

accounting
Cash Management Matrix For each principle in the matrix,describe how the principle ensures the reliability of a company's financial statements and provide at least one example of how the principle might work in a real company. Principles of Internal Control Establishment ...
Monday, May 10, 2010 at 11:42pm

Accounting
Physicians practicing in Eastern University’s hospital have the following compensation agreement. Each doctor bills the patient (or Blue Cross Blue Shield) for his or her services. The doctor pays for all direct expenses incurred in the clinic, including nurses, medical ...
Monday, May 10, 2010 at 9:56pm

Marketing
9. The annual planning at Century Office Systems, Inc. had been arduous but produced a number of important marketing initiatives for the next year. Most notably, company executives had decided to restructure its product-marketing team into two separate groups: (1) Corporate ...
Monday, May 10, 2010 at 4:35pm

accounting
pg76 excercises 2-4 and 2-5
Monday, May 10, 2010 at 2:44pm

accounting
P13-4A The following financial information is for Inca Company. INCA COMPANY Balance Sheets December 31 Assets 2007 2006 Cash $ 70,000 $ 65,000 Short-term investments 55,000 40,000 Receivables 104,000 90,000 Inventories 230,000 125,000 Prepaid expenses 25,000 23,000 Land 130,...
Sunday, May 9, 2010 at 8:07pm

MARKETING
8. Net-4-You is an Internet Service Provider that charges its 1 million customers $19.95 per month for its service. The company's variable costs are $.50 per customer per month. In addition, the company spends $.50 per month per customer. or $6 million annually, on a ...
Saturday, May 8, 2010 at 12:19am

Accounting
The Landis Corporation had 2008 sales of $100 million. The balance sheet items that vary directly with sales and the profit margin are as follows: Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5% Accounts receivable...
Friday, May 7, 2010 at 12:57pm

Accounting
I am trying to tell the difference between trade credit and opportunity costs, but now liking what I find on the internet. Is there a link that shows both? I could not find one. In order to do my assignment I need to compaire the two so I could figure out how opportunity costs...
Thursday, May 6, 2010 at 5:17pm

College Finance
Aunt Sally's Food Inc. is considering expansion. Sally has paid $100,000 for a marketing study to assist in the potential valuation. The study indicates that the new product will have sales of $1,500,000 per year each year for the next 6 years. However, existing product ...
Thursday, May 6, 2010 at 12:30pm

Finance
Aunt Sally's Food Inc. is considering expansion. Sally has paid $100,000 for a marketing study to assist in the potential valuation. The study indicates that the new product will have sales of $1,500,000 per year each year for the next 6 years. However, existing product ...
Thursday, May 6, 2010 at 12:29pm

Accounting
Which of these assets are "quick assets"? -Cash and cash equivalents -Short-term investment -Trading assets -Accounts receivable -Inventories -Deferred tax assets -Other current assets I am thinking "cash and cash equivalents" and "accounts receivable&...
Thursday, May 6, 2010 at 11:23am

accounting
Ken is 63 years old and unmarried. He retired at age 55 when he sold his business, Though Ken is retired, he is still very active. Ken reported the following financial information this year. Assume Ken’s modified adjusted gross income for purposes of the bond interest ...
Thursday, May 6, 2010 at 11:10am

accounting
Assuming Alexa receives $20,000 in gross rental receipts, answer the following questions: a. What effect does the rental activity have on her AGI for the year? b. Assuming that Alexa’s AGI from other sources is $90,000, what effect does the rental activity have on Alexa&#...
Thursday, May 6, 2010 at 11:06am

accounting
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 ...
Thursday, May 6, 2010 at 11:04am

ACCOUNTING
COM/220 Grammer exercise week 3 1) dangling modifiers 2) misplaced modifiers 3) correcting dangling or misplaced modifiers
Thursday, May 6, 2010 at 8:54am

Accounting
If you were buying a business what would you look for in the company's financial statement?
Thursday, May 6, 2010 at 1:40am

Accounting
If the owner invests additional capital in the business during the month, how would that new investment be shown in the financial statements?
Thursday, May 6, 2010 at 12:16am

Accounting
Which of these assets are "quick assets"? -Cash and cash equivalents -Short-term investment -Trading assets -Accounts receivable -Inventories -Deferred tax assets -Other current assets I am thinking "cash and cash equivalents" and "accounts receivable&...
Wednesday, May 5, 2010 at 10:37pm

Accounting
Which of these assets are "quick assets"? -Cash and cash equivalents -Short-term investment -Trading assets -Accounts receivable -Inventories -Deferred tax assets -Other current assets I am thinking "cash and cash equivalents" and "accounts receivable&...
Wednesday, May 5, 2010 at 6:51pm

Accounting
Which of these assets are "quick assets"? -Cash and cash equivalents -Short-term investment -Trading assets -Accounts receivable -Inventories -Deferred tax assets -Other current assets I am thinking "cash and cash equivalents" and "accounts receivable&...
Wednesday, May 5, 2010 at 2:27pm

accounting
can anyone help me with accounting
Monday, May 3, 2010 at 2:11am

Accounting
Jones Company had 100 units in beginning inventory at a total cost of $10,000.The company purchased 200 units at a total cost of $26,000. At the end of the year, Jones had 80 units in ending inventory. Instructions (a) Compute the cost of the ending inventory and the cost of ...
Sunday, May 2, 2010 at 5:36pm

accounting
Enter the trial balance on a worksheet and complete the worksheet. E4-2 The adjusted trial balance columns of the worksheet for Goode Company are as follows
Saturday, May 1, 2010 at 6:13pm

accounting
Indicate whether each of the followings accounts normally has a debit balance or a or a credit balance 1.Mary Amos,Capital 2.Cash 3.Fees income 4.Accounts Payable 5.Supplies 6.Salaries Expense 7.Accounts Receivable 8.Equipment
Saturday, May 1, 2010 at 2:29pm

accounting
At the beginning of September,Alex Parker started parker investment services, a firm that offer advice about investment and managing money.on sept 30,th accounting record of the business showed the following information prepare an incom statment for the month of september2010.
Saturday, May 1, 2010 at 2:20pm

accounting
On december1 Doris opened a speech and learning clinic.during december,her firm had the following transaction involving revenue and expenss.did the firm earn a net income or incur a net loss for the period? what was th amount? Paid 2,600 for advertising. provided service for 2...
Saturday, May 1, 2010 at 2:11pm

Accounting
The general manager of a business encounter many types of business transaction provide an example of a transaction?
Friday, April 30, 2010 at 11:53pm

Accounting
How does one determine variance analysis? I am trying to understand this and my text book is confusing me. Also, to determine this, would one find the the answers in the balance sheet or cash flow statement, or from the revenue and expenses?
Friday, April 30, 2010 at 2:21pm

accounting tutoring
these guys are very good in accounting tutoring
Friday, April 30, 2010 at 4:01am

accounting
The transaction would decrease one liability account and increase another liability account
Friday, April 30, 2010 at 12:33am

accounting
E11-9 The following stockholders’ equity accounts, arranged alphabetically, are in the ledger of Marvel Corporation at December 31, 2007. Common Stock ($5 stated value) $1,500,000 Paid-in Capital in Excess of Par Value—Preferred Stock 45,000 Paid-in Capital in Excess...
Thursday, April 29, 2010 at 4:57pm

accounting
At October 31, Nathan Company made an accrued expense adjusting entry of $1,400 for salaries.
Thursday, April 29, 2010 at 4:28pm

Accounting
I am going to post the Arcadia work sheet so you will have a better understanding for my question: Arcadia Hospital Income Statement YTD Dec 31, 2005 (Dollars in Millions) Operating Revenues 2005 % of rev Budget Over/(Under) Patient revenues 500 550 less: Allowance for ...
Thursday, April 29, 2010 at 12:50pm

Accounting
If the owner of a business invests personal funds into the business, will it be a credit to his drawings? For example,if the owner had drawings of $5000 and then he invested $2000 of his personal funds into the business, would the drawings account then be $3000? Thanks.
Tuesday, April 27, 2010 at 9:52pm

Accounting
If the owner of a business invests personal funds into the business, will it be a credit to his drawings? For example,if the owner had drawings of $5000 and then he invested $2000 of his personal funds into the business, would the drawings account then be $3000? Thanks.
Tuesday, April 27, 2010 at 8:47pm

Accounting
If the owner of a company invests personal funds into his company, where does that fit into the balance sheet. I know the cash will increase, but I don't know how it put it in the equity section. For example, If Greg Jones invests $2000 into his company, would to equity ...
Tuesday, April 27, 2010 at 8:01pm

accounting
I am stumped on my last question which is using the discounted cash flow formula.... what effect will increase the required rate of return on the present value. I'm getting that it will be increased. Is this right?
Tuesday, April 27, 2010 at 5:34pm

Accounting
If the owner of a company invests personal funds into his company, where does that fit into the balance sheet. I know the cash will increase, but I don't know how it put it in the equity section. For example, If Greg Jones invests $2000 into his company, would to equity ...
Tuesday, April 27, 2010 at 3:07pm

Accounting
If the owner of a company invests personal funds into his company, where does that fit into the balance sheet. I know the cash will increase, but I don't know how it put it in the equity section. For example, If Greg Jones invests $2000 into his company, would to equity ...
Tuesday, April 27, 2010 at 1:52pm

Accounting
Based on the following values, calculate the Return on Assets? Gross Income = $2.7M || Net Income = $1.8M || Net Assets = $900K || Current Assets = $450K I'm having a hard time with this and unsure of the formula to use. Can you please help?
Tuesday, April 27, 2010 at 9:18am

accounting
take suitable example and explain the impact of costs and volume on profits of a business.
Tuesday, April 27, 2010 at 4:06am

Accounting
When the owner of a company invests his personal funds into the business, would it be entered as a credit to his drawings in the Ledger or would it be entered in a new column under the company's revenue?
Monday, April 26, 2010 at 2:55pm

accounting
debit and credit journal entries- Sold merchandise with retail value of $6,000 and a cost of $4,080 to Chang Corp., invoice dated Jan. 13.
Monday, April 26, 2010 at 1:57pm

ACCOUNTING
Gain on redemption of bonds 1,150 Income tax: Applicable to continuing operations Applicable to loss from discontinued operations Applicable to gain from redemption of bonds 247,509 100,000 150 Interest expense 778,266 Interest revenue 2,025 Loss from disposal of discontinued ...
Monday, April 26, 2010 at 9:38am

ACCOUNTING
if a company issued $32,000,000 of 10-year, 12% bonds at an effective interest rate of 13%, receiving cash of $30,237,139 and interest on the bonds is paid semiannually how do you calculate the first semiannual interest payment and the amortization of the bond discount?
Monday, April 26, 2010 at 7:41am

accounting
what effect would the change in predetermined overhead rate have on the company's inventory values?
Monday, April 26, 2010 at 1:22am

accounting
Shania Shelton, the owner, invested $105,000 cash, office equipment with a value of $6,000 and $45,000 of drafting equipment to launch the business in exchange for its common stock. Which journal entry would this be?
Sunday, April 25, 2010 at 5:10pm

accounting
The following data represent total revenues (from all sources) for the Palmdale Human Service Agency for the past four fiscal years: 20X1 $15,000,000 20X2 $14,250,000 20X3 $14,000,000 20X4 $13,500,000 Forecast total revenues for fiscal year 20X5 using moving averages, weighted...
Sunday, April 25, 2010 at 5:10pm

Accounting
The following are all of the accounts of Mean Green Company that have a balance at the end of August, the company's first month of operation: Accounts receivable $11,000 Cash $10,100 Equipment 39,700 Advertising expense 3,000 Service revenues earned 32,000 Accounts payable...
Sunday, April 25, 2010 at 1:19pm

Accounting
Sam's grocery store had the following at the end of 20X5: Cash $22,000 Accounts receivable 49,000 Accounts payable 17,000 Fees earned 61,000 Rent expense 12,000 Insurance expense 3,600 Salary expense 18,000 Supplies 15,000 Sam, capital 49,600 Sam, withdrawals 8,000 If all ...
Sunday, April 25, 2010 at 1:18pm

Accounting
Janfer Book Store purchased a new automobile that cost $10,000, made a down payment of $3,000, and signed a note payable for the balance. The entry to record this transaction is: Cash 3,000.00 Note Payable7,000.00 Automobile 10,000.00 Cash 3,000.00 Automobile 3,000.00 ...
Sunday, April 25, 2010 at 1:16pm

accounting
The following transactions occurred during July: (1) Received $700 cash for photography services provided to customer during the month. (2) Received $1,500 cash from Barbara Hanson, the owner of the business. (3) Received $800 from a customer in partial payment of his account...
Sunday, April 25, 2010 at 12:24pm

accounting
Evaluate the asset, debt, and equity structure of Lucent Technologies, as well as trends and changes found on the common-size balance sheet. 3. What concerns would investors and creditors have based on only this information? 4. What additional financial and nonfinancial ...
Sunday, April 25, 2010 at 11:42am

accounting
how do you find the percent of $20768 ?
Sunday, April 25, 2010 at 8:23am

accounting
consider the purpose of the trail balance. do you feel it is important? How would you use this with your own records?
Sunday, April 25, 2010 at 12:05am

Accounting
Target corp is currently seeking additional capital to expand it's operation. Two companies have shown interset. The first company would like to have part ownership. Company 2 would like to provide target with a loan. Write a memo in which you explain what information from...
Saturday, April 24, 2010 at 7:13pm

Accounting
What conclusions can be drawn about the frequency of compounding interest? What conclusions can be drawn about the length of time an amount is compounding?
Friday, April 23, 2010 at 6:37pm

accounting
Select a business in your community and observe its internal control over cash receipts and cash payments. The business could be a bank, bookstore, restaurant, department store, or other retailer. What are the strengths and weaknesses? What would you do to correct the ...
Friday, April 23, 2010 at 3:26pm

accounting
Invest $5,000 in a savings account at 6.6% interest compounded monthly.
Friday, April 23, 2010 at 12:06pm

accounting
Explain, with examples, the internal controls which you would expect the partnership to maintain.
Friday, April 23, 2010 at 9:20am

Accounting
I am trying to figure out if I am doing this accounting problem correctly? Old van was purchased 5 years ago at 20,000. estimated life was 5years with salvage value of 5,000. van has to have repairs enging and tranny for 4000 and will extend life of van by 5years. new tires ...
Thursday, April 22, 2010 at 9:12pm

Accounting
what dificulties will a business face if it does not prepare a bank statement at regular intervals?
Thursday, April 22, 2010 at 7:00pm

Accounting 2
Can someone help me with this problem. At least get me started so I can figure out how to do this. Your manager, Mr. Smith, has asked you to prepare a report, for a client, based on the following inquiry (see below). This report will be reviewed by Mr. Smith and used to ...
Thursday, April 22, 2010 at 6:23pm

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