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July 29, 2015

Homework Help: Business: Accounting

Recent Homework Questions About Accounting

grade 12 accounting
I posted a question a while ago, I was hoping someone would get back to it? Its not a difficult question, I'm just unsure whether to debit or credit accumulated amortization. This is for march 31 and the adjustment is 100 of amortization. What do I do?
Friday, September 17, 2010 by kat

grade 12 accounting
The account accumulated amortization - equipment is a credit account and it has 1,200 in it on the work sheet for the month ended march 31, 2003. I have to make an adjustment to it, and the adjustment is: amortization for march is 100. Do I credit or debit the 100 to the ...
Friday, September 17, 2010 by kat

Managerial Accounting
Rocky Mountain Outfitters manufactures cowboy boots. Information related to a recent production period is as follows: Estimated manufacturing overhead, 2004 $240,000 Estimated machine hours, 2004 12,000 Direct labor cost, September $ 8,000 Direct materials cost, September $5,...
Friday, September 17, 2010 by Anonymous

Accounting
The proposed 'asset' investment for a new restaurant is $2,000,000. The restaurant is expected to generate cash inflows of $300,000 during its 'project' life of ten (10) years. The Weighted Cost of Capital is 10%. What is the Present Value of a 'cash' ...
Thursday, September 16, 2010 by Kathy

accounting 101
Preparing A Journal Entry. I need help telling whether it's accounts receivable, rent expense, etc. Also determining whether it's debit or credit. I understand everything else like the T-account and Trial Balance, just determining what they are is what I'm having ...
Thursday, September 16, 2010 by James

accounting
Making a t account need to know how to enter this Recognized operating expenses for 2009 of 30,000 including 5,000 on credit and 25,000 cash
Wednesday, September 15, 2010 by chris

accounting
I need to make a t account for accounting homework. The statements are from 2009? Earned revenues for 2009 of 55,000 including 8,000 on credit and 47,000 cash. Received a 3,000 deposit from hospital to start January 5, 2010. Purchased supplies on account for future use. 7,000
Wednesday, September 15, 2010 by chris

Accounting
I am attempting to complete a budget matrix. Is a consultant listed as a functional budget item or a line-item budget? Are indirect costs listed as a functional budget item or a line-item budget? My understanding from the reading is that I have 1) Functional Budget to ...
Wednesday, September 15, 2010 by Sarah

accounting
E4-1 The trial balance columns of the worksheet for Briscoe Company at June 30, 2008, are as follows. BRISCOE COMPANY Worksheet For the Month Ended June 30, 2008 Trial Balance Account Titles Dr. Cr. Cash $2,320 Accounts Receivable 2,440 Supplies 1,880 Accounts Payable $1,120 ...
Monday, September 13, 2010 by Kris

accounting
There is also a lot of companies that report their federal taxes using the accrual basis and their state taxes on the cash method. Why do you think a company would want to do this?
Sunday, September 12, 2010 by Richard

Business
Is internal control concerned only with enhancing the accuracy of accounting records? Why or why not?
Saturday, September 11, 2010 by Jonas

Business
can a company enter into a business transaction that affects only one side of the basic accounting equation?
Saturday, September 11, 2010 by Jonas

accounting
The stockholders' equity accounts of Lawrence Company have the following balances on December 31, 2010. Common stock, $10 par, 274,000 shares issued and outstanding $2,740,000 Paid-in capital in excess of par 1,200,000 Retained earnings 5,600,000 Shares of Lawrence Company...
Friday, September 10, 2010 by janice

accounting
If a company purchases a 12-month insurance policy for $3600, what journal entry would be prepared to record the purchase? At 6 months? At year end?
Friday, September 10, 2010 by Anonymous

accounting
What role might an accounting professional play in ethical corporate decision making? Should an accounting professional play a role even when he or she is not the final decision maker? Explain your answer.
Thursday, September 9, 2010 by Gina

accounting
What are the qualifications for the FASB board members?
Monday, September 6, 2010 by Mary

accounting
How do I make general journal entries from a adjusted trial balance?
Monday, September 6, 2010 by Cindy

Financial Accounting
What is the importance of GAAP? I know GAAP is a collection of methods used to process, prepare, and present public accounting information.
Saturday, September 4, 2010 by Bryan

Financial Accounting
Where can I find several small articles on business and accounting ethics?
Friday, September 3, 2010 by Bryan

Accounting
A May 2002, Business Week story by Stanley Holmes and Mike France entitled “Boeing’s Secret” discusses issues surrounding the timing of the disclosure of information at the giant airplane manufacturer. To summarize, on December 11, 1996, Boeing closed a giant ...
Friday, September 3, 2010 by Anonymous

accounting
initial investment in the company of $26,200 cash. Here are the assets and liabilities for the month of June, its first month of operation. Cash $4,600.00 Accounts receivable $4,000.00 Revenue $7,000.00 Supplies $2,400.00 Advertising expense $400.00 Equipment $29,000.00 Notes ...
Friday, September 3, 2010 by Anonymous

accounting help please?!
Nancy Sly wishes to sell her business and receives the following three offers:? 1. $568,000 cash immediately. 2. $200,000 cash now plus an annual installment of $60,000 at the end of each year for 10 years, a total of $800,000. 3. An offer to manage the property for 10 years ...
Thursday, September 2, 2010 by Jay

accounting help please?!
Nancy Sly wishes to sell her business and receives the following three offers:? 1. $568,000 cash immediately. 2. $200,000 cash now plus an annual installment of $60,000 at the end of each year for 10 years, a total of $800,000. 3. An offer to manage the property for 10 years ...
Thursday, September 2, 2010 by Jay

please help ASAP
How would you compare the accounting for an enterprise funds with those of a for-profit business? How would you compare the accounting for the business-type activities in an enterprise fund with accounting for those activities in a governmental fund? Summarize the reasons both...
Wednesday, September 1, 2010 by 2much

accounting
On January 1, 2004, $100,000,000 in 7.5%, 10-year callable bonds were issued at 96.64% to yield an effective rate of 8.0%. Callable at 103; interest paid annually on January1. If the bonds are called on April 1, 2006, what are the needed payments and entries to extinguish the ...
Tuesday, August 31, 2010 by maret

business
Choose one of the organizational departments, such as accounting, finance, HR, and so on of a business. What is the role of this department? What types of information does the department need? How does the department use that information?
Tuesday, August 31, 2010 by erica

Business accounting question
The standards and rules that are recognized as a general guide for financial reporting are called __________. A. generally accepted accounting principles B. operating guidelines C. generally accepted accounting standards D. standards of financial reporting
Monday, August 30, 2010 by BC

Accounting
HOW DO I find the net icome for this company with this information? Beginning of the year: ASSETS WERE $810,000 lIABILTES WERE:$324,000 eND OF YEAR: aSSETS WERE: $1,296,000 AND lIABILTES WERE:$540,000. cAPITAL STOCK OF $162,000 WAS ISSUSED dIVIDENDS OF $72,OOO WERE PAID
Sunday, August 29, 2010 by Dan

accounting
Unit 1 Individual Project Deliverable Length: 2 to 3 pages Details: You have been asked to speak at a career fair for high school students in your home town. Specifically, you are making a presentation about your role as an accountant. •Describe for the students the ...
Saturday, August 28, 2010 by Anonymous

accounting
How can we determine if the adjusted entries are correct?
Saturday, August 28, 2010 by Cindy

accounting
How do I find the net income for this company ,with this information? Beginning of year Total Assets were:$810,000 Total liabilites were:$324,000 End of year Total Assets were:$1,296,000 Total liabiltes were:$540,00 Capital stock of $162,000 was issued dividends of $72,000were...
Friday, August 27, 2010 by Dan

adult education
Already Tried: Proposal to Solo Practitioner or Head of Firm For your Midterm Project, you will draw upon what you have learned so far in this course. Recall back to Unit 2, where you developed guidelines for ensuring network security in your office. In Unit 3, you summarized ...
Thursday, August 26, 2010 by TAMI

accounting
is the 5-question approach to ethical decision making superior to the moral standards or pastin approach
Wednesday, August 25, 2010 by Leona

Accounting
Please check my answers. Identify each of the following as either assets, liabilities, or owner's equity. 1. Petty cash- Owner's Equity 2. Mortgage payable- Liabilities 3. Furniture- Assets 4. Owner's Capital- Owner's Equity 5. Food inventory- Assets 6. Profit...
Tuesday, August 24, 2010 by Jenna

Cost Accounting
Please somebody can help with the steps of this problem: Thank you (Comprehensive) Construction Company uses a job order costing system. In May 2008, company made a $1,650,000 bid to build a pedestrian overpass over the beach highway in Gulfport, Mississippi. Company ...
Monday, August 23, 2010 by Josephine

marketing
Which of the following statements best describes the modern view of marketing? A. Marketing should take over production, accounting, and financial services within a firm. B. The job of marketing is to get rid of whatever the company is producing. C. Marketing is concerned with...
Sunday, August 22, 2010 by Anonymous

Accounting
Larry sells each unit for $500. Variable costs per unit equal $300. Totalfixed costs equal $800,000. Larry is currently sellig 5,000 units per period and would like to earn net income of $400,00. comput: Break-evn point indollras, sales units necessary to attain desired income...
Friday, August 20, 2010 by Judy

Accounting
Larry sells each unit for $500. Variable costs per unit equal $300. Totalfixed costs equal $800,000. Larry is currently sellig 5,000 units per period and would like to earn net income of $400,00. comput: Break-evn point indollras, sales units necessary to attain desired income...
Friday, August 20, 2010 by Judy

accounting
When fixed costs are unitized, they A. may appear to be variable costs. B. may cause managers to make decisions that are not in the best interest of the company as a whole. C. are stated on a per unit basis. D. All of the above are true.
Friday, August 20, 2010 by G

accounting
How many joint products can come from a set of common inputs?
Friday, August 20, 2010 by G

Health Care Fnancial Accounting
the local school system asks to submit a proposal to do pre-employment physicalsfor 60 bus drivers. What financial or accounting informaton is needed to submit the proposal? what shall I charge the school system?
Thursday, August 19, 2010 by Jerry

accounting
who is hurt when accounting methods are changed often?
Wednesday, August 18, 2010 by michael

accounting
what accounting principle would changing accounting methods violate?
Wednesday, August 18, 2010 by michael

accounting
is it ethical to change accounting methods every year
Wednesday, August 18, 2010 by michael

accounting
I am calculating inventory methods and wanted to see if anyone could double check my figures? See below weighted Average Date Transaction Units 1-Apr Purchase 250 Unit Cost Ext Cost 5-Apr Sold 10 $10.00 2500 10-Apr Sold 10 15-Apr Purchase 200 $15.00 3000 20-Apr Sold 250 25-Apr...
Tuesday, August 17, 2010 by Debbie

accounting
Write a 350- to 700-word summary indicating the ways that this memo should be changed based on its audience. In the summary, identify how and why the audience affects the style of communication. Include the following:
Monday, August 16, 2010 by angie

Child care
Financing and Budgeting 1. Which one of the following categories makes up the largest percentage of a child care operating budget? A. Supplies B. Salaries and benefits C. Food D. Mortgage or rent 2. Child care operating budgets generally contain a pro forma income statement. ...
Monday, August 16, 2010 by Tina

Accounting
Candace Corporation has decided to introduce a new product that can be manufactured using either a capital-intensive method or a labour-intensive method. The predicted manufacturing costs for each method are as follows: Capital-Intensive Labour-Intensive Direct materials per ...
Monday, August 16, 2010 by Flo

accounting-explain
April.4 purhcase merchandise from RediX, Inc.,$1900;term 2/10, n/60,FOB shipping point, frieght of $85 added to the invoice. April 10 returned $850 of merchandise to Redix.Inc. perpetual invetory: April 4 (Debit) Inventory $1985 (Credit) Accounts Payable $1985 April 10 (Debit...
Sunday, August 15, 2010 by Thara

accounting
I have need to descirbe two business factors that I might wnat to work for. I am lost can someone give me an example of what this is asking for???
Sunday, August 15, 2010 by Tracie

Accounting
Go to the U.S. Securities and Exchange Commission’s Web site and the Financial Accounting Standards Board’s Web site. Identify the mission and main activities of each organization. Then, analyze the similarities and differences between the roles of each entity. Which...
Thursday, August 12, 2010 by Anonymous

Accounting 225
Use the information in Exercise 2-4 to prepare an August 31 trial balance for Pose-for-Pics. Open these T-accounts: Cash; Office Supplies; Prepaid Insurance; Photography Equipment; H. Paris, Capital; Photography Fees Earned; and Utilities Expense. Post the general journal ...
Tuesday, August 10, 2010 by Amanda

accounting
what control violations might bank reconcilation highlight?
Tuesday, August 10, 2010 by gloria

Accounting please help in homework
The overall (weighted average) cost of capital is composed of a weighted average of : a)The cost of common equity and the cost of debt b)The cost of common equity and the cost of preferred stock c)The cost of preferred stock and the cost of debt d)The cost of common equity, ...
Thursday, August 5, 2010 by william

Accounting please help in homework
Question No: 1 Mr. A, as a financial consultant, has prepared a feasibility report of a project for XYZ Company that the company is planning to undertake. He has suggested that the project is feasible. The consultancy fee paid to Mr. A will be considered as: a)Sunk cost b)...
Thursday, August 5, 2010 by william

accounting
The overall (weighted average) cost of capital is composed of a weighted average of : a)The cost of common equity and the cost of debt b)The cost of common equity and the cost of preferred stock c)The cost of preferred stock and the cost of debt d)The cost of common equity, ...
Thursday, August 5, 2010 by james

Business finance
Question No: 1 The overall (weighted average) cost of capital is composed of a weighted average of : a)The cost of common equity and the cost of debt b)The cost of common equity and the cost of preferred stock c)The cost of preferred stock and the cost of debt d)The cost of ...
Wednesday, August 4, 2010 by zeeshan

Business finance
Question No: 1 If sales revenue was Rs. 100,000, accounts receivable decreased by Rs. 4,000, and inventory increased by Rs. 3,000, cash received from customers would be: a)Rs. 107,000 b)Rs. 104,000 c)Rs. 101,000 d)Rs. 93,000 Question No 2: Kamran just won a lottery and want to...
Wednesday, August 4, 2010 by zeeshan

accounting
paid $ 2.600 for advertising what is the accounting equation?
Wednesday, August 4, 2010 by bomba

accounting
hi,..!! i hope u can answer it,.. the following data are gathered prior to the preparation of the year end adjusting journal entries of IEMELIF enterprises: nature: last payment date: TAXES december 15, 20-7 ELECTRICITY december 22, 20-7 WATER december 10, 20-7 WAGES december ...
Tuesday, August 3, 2010 by jhona

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 by nichala

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 by Constance

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 by YENY

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 by Kyra

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 by thara

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 by Tina

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 by lynne

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 by Carol

Accounting
o What are the advantages of the four different special journals? When would you use each type?
Thursday, July 29, 2010 by Diana

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 by Lashunta Battle

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 by connie

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 by joe

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 by Prateek

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 by john

accounting
express in journal entry form: incurred and paid web site expenses, $2,000
Sunday, July 25, 2010 by john

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 by Tasha

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 by Tasha

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 by Anonymous

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 by lisa

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 by Marie

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 by donald

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 by Anonymous

Accounting
How can I project profits using tradition format ?
Monday, July 19, 2010 by adolphus

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 by stacy

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 by renegade

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 by lynn

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 by Jennifer

accounting
What are the different criteria for recognizing revenue?
Wednesday, July 14, 2010 by debbie

accounting
Why is cost recognized as an expense at the time of a sale?
Friday, July 9, 2010 by debbie

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 by Jamie

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 by Jamie

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 by jazzyshoes2004

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 by Anonymous

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 by Crystal

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

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 by Tracie

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 by LILIANA

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 by Kheang

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 by suman

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 by connie

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Homework Help: Business

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