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August 22, 2014

Homework Help: Business: Accounting

Recent Homework Questions About Accounting

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accounting
Phil Phoenix is paid monthly. For the month of January of the current year, he earned a total of $8,288. The FICA tax rate for social security is 6.2% and the FICA tax rate for Medicare is 1.45%. The FUTA tax rate is 0.8%, and the SUTA tax rate is 5.4%. Both unemployment taxes...
Sunday, April 28, 2013 at 11:43pm

Accounting
On an Organizatrional charet, span of control refer to the
Sunday, April 28, 2013 at 3:16pm

accounting
State Company manufactured a forklift machine at a cost of $60,000. The product is sold for $66,000 at a 5% discount. The delivery costs are estimated to be $6,000. Under IFRS, how much should be the carrying amount of this inventory?
Friday, April 26, 2013 at 12:55am

Financial Accounting 1
Maximus Dog Company purchased a new supply van on January 1, 2011, for $35,000. The van is estimated to last for five years and will then be sold, at which time it should be worth approximately $5,000. The company uses straight- line depreciation and has a fiscal year end of ...
Thursday, April 25, 2013 at 8:22am

Financial Accounting
Hobbs Company started the year with $6,000 of prepaid rent. Hobbs paid additional rent in advance amounting the $12,000. The rent expense for the year was $15,000. What was the balance in prepaid rent on the year-end balance sheet?
Thursday, April 25, 2013 at 8:16am

Financial Accounting
E3-30A. Account for depreciation expense. (LO 1, 3). Maximus Dog Company purchased a new supply van on January 1, 2011, for $35,000. The van is estimated to last for five years and will then be sold, at which time it should be worth approximately $5,000. The company uses ...
Thursday, April 25, 2013 at 8:09am

Cost Accounting
Miller Ltd has been considering the purchase of a new machine. The existing machine is operable for three more years and will have a zero disposal price. If the machine is disposed now, it may be sold for $35,000. The new machine will cost $180,000 and an additional cash ...
Monday, April 22, 2013 at 6:37pm

Financial Accounting
Wings Inc., a software development firm, has stock outstanding as follows: 25,000 shares of cumulative 1%, preferred stock of $40 par, and 50,000 shares of $120 par common. During its first four years of operations, the following amounts were distributed as dividends: first ...
Sunday, April 21, 2013 at 4:04pm

accounting
Cindy Lou makes $30,000 per year as an exempt employee. She worked 15 hours of overtime in the month of September. Payday for wages earned in the month of September is October 7. Ignoring Federal and State income tax withholdings, how much would she receive for September net ...
Sunday, April 21, 2013 at 10:15am

accounting
2. Cindy Lou makes $30,000 per year as an exempt employee. She worked 15 hours of overtime in the month of September. Payday for wages earned in the month of September is October 7. Ignoring Federal and State income tax withholdings, how much would she receive for September ...
Saturday, April 20, 2013 at 10:20pm

accounting
Ziegler Corporation purchased 25,000 shares of common stock of the Sherman Corporation for $40 per share on January 2, 2010. Sherman Corporation had 100,000 shares of common stock outstanding during 20 I3, paid cash dividends of $120.000 during 20 I3, and reported net income ...
Saturday, April 20, 2013 at 12:15pm

accounting
Customer relations are usually part of:
Friday, April 19, 2013 at 7:47pm

accounting
features of king code iii
Friday, April 19, 2013 at 5:28am

Accounting Associates
I have re and re-read all of the Leadership vs. Management paragraphs in my textbook, Even looked at all the figures and graphs a hundred times. I can still cannot see a clear understanding.. I have narrowed it to two possible answers, I think I am stuck because in the steps ...
Thursday, April 18, 2013 at 6:33pm

STATISTICS
The manager of an accounting office is studying the problem of incorrect account numbers being entered into the computer system and wishes to produce a p chart. A subgroup of 200 account numbers is selected from each day's enteries and checked to determine the number of ...
Tuesday, April 16, 2013 at 6:12pm

accounting
The cash payments journal used in this problem has only three special amount columns. Under what circumstances would you recommend that additional special amount columns be added to a cash payments journal?
Sunday, April 14, 2013 at 8:25pm

accounting
Hillsborough Co. has an available-for-sale investment in the bonds of Schuyler with a carrying (and fair) value of $ 85,540. Hillsborough determined that due to poor economic prospects for Schuyler, the bonds have decreased in value to $ 59,710. It is determined that this loss...
Sunday, April 14, 2013 at 4:53pm

accounting
Rushia Company has an available-for-sale investment in the 10%, 10-year bonds of Pear Co. The investment’s carrying value is $3,200,000 at December 31, 2010. On January 9, 2011, Rushia learns that Pear Co. has lost its primary manufacturing facility in an uninsured fire. ...
Sunday, April 14, 2013 at 4:49pm

tax accounting
purchased a bond on August 15, 2012 for $2,100. $200 of the purchase price represented accrued interest. She received $210 in interest income on the bond on December 1, 2012. What is the proper treatment of the $210 interest income for federal income tax purposes?
Sunday, April 14, 2013 at 11:06am

stats
Cushman and Wakefield accounting that the average annual rent for office space in Tampa was $17.63 per square foot. A real estate agent selected a random sample of 15 rental properties (offices) and found that mean rent was $18.72 per square foot and s= $3.64. At a= 0.05, test...
Saturday, April 13, 2013 at 10:06pm

Accounting
Basic NPV: No Salvage Value or Taxes Carrie Rushing is considering the purchase of a new production machine that costs $120,000. She has been told to expect decreased annual operating expenses of $40,000 for four years. At the end of the fourth year, the machine will have no ...
Saturday, April 13, 2013 at 3:06am

Managerial Accounting
IRR: Even Cash Flows Williams and Park Accounting Practice is considering investing in a new computer system that costs $9,000 and would reduce processing costs by $2,000 a year for the next six years. Required: Calculate the internal rate of return, using the time value of ...
Saturday, April 13, 2013 at 3:05am

Managerial Accounting
IRR: Even Cash Flows Williams and Park Accounting Practice is considering investing in a new computer system that costs $9,000 and would reduce processing costs by $2,000 a year for the next six years. Required: Calculate the internal rate of return, using the time value of ...
Saturday, April 13, 2013 at 3:05am

Managerial Accounting
IRR: Even Cash Flows Williams and Park Accounting Practice is considering investing in a new computer system that costs $9,000 and would reduce processing costs by $2,000 a year for the next six years. Required: Calculate the internal rate of return, using the time value of ...
Saturday, April 13, 2013 at 3:05am

Managerial Accounting
Kim Johnson purchased an asset for $80,000. Annual operating cash inflows are expected to be $30,000 each year for four years. At the end of the life of the asset, Kim will not be able to sell the asset because it will have no salvage value. Required: What is the net present ...
Saturday, April 13, 2013 at 3:02am

accounting
The cash payments journal used in this problem has only three special amount columns. Under what circumstances would you recommend that additional special amount columns be added to a cash payments journal?
Wednesday, April 10, 2013 at 1:33pm

accounting
On April 25, 2010, Bullseye Company purchased all of the outstanding common stock of Vista Company, paying $14,000,000. The book values and fair values of Vista's assets and liabilities acquired are shown below in dollar amounts: Accounts Book Value Fair Value Accounts ...
Tuesday, April 9, 2013 at 8:20pm

accounting
Jan Nab is the sole owner of Deer Park, a public camping ground near the Lake Mead National Recreation Area. Jan has compiled the following financial information as of December 31, 2010. Revenues during 2010—camping fees $140,000 Market value of equipment $140,000 ...
Tuesday, April 9, 2013 at 2:25pm

Accounting
The Divine Merchandising Corporation began March operations with merchandise inventory of 6 units, each of which cost $27. During March, Divine Merchandising made the following purchases: (1) March 4, 12 units @ $28 per unit, (2) March 15, 18 units @ $30 per unit, (3) March 26...
Monday, April 8, 2013 at 8:57pm

accounting 205
compute the following items for lone pine company for 20x2, rounding all calculations to two decimal places when necessary
Monday, April 8, 2013 at 12:16am

ACC 400
Case 13-4 Application of SFAC No. 13 On January 1, 2006, Lani Company entered into a non cancelable lease for a machine to be used in its manufacturing operations. The lease transfers ownership of the machine to Lani by the end of the lease term. The term of the lease is eight...
Saturday, April 6, 2013 at 10:09pm

Accounting
The Converting Department of Soft N' Dry Towel and Tissue Company had 920 units in work in process at the beginning of the period which were 75% complete During the period 16200 unis were completed and transferred to the Packing Department. There were 960 units in process ...
Saturday, April 6, 2013 at 9:24pm

Accounting
How would the journal entry look if you sold a 8% bond with a face value of $11,000 for $9,500? Bond will mature in 10 years.
Friday, April 5, 2013 at 11:39am

Accounting
1. Complete Problem 14.1 on page 279 of the course text (solution is on page 501-502). Next, work the problem again using the following variables: project yield annual net cash inflows are $10,500 for the next five years; interest rate of 16.5%, and the initial investment of $...
Thursday, April 4, 2013 at 3:36pm

Managerial Accounting
If given the Selling price, the direct labor costs and other variable costs how do you determine the number of direct labor hours per unit?
Sunday, March 31, 2013 at 9:35pm

accounting
. XYZ Company reconciled the accounting books at the end of the month. At the end of the month XYZ Company had unpaid employee wages for the month of$1,000. How would this transaction be posted?
Friday, March 29, 2013 at 7:17pm

accounting
XYZ Company sold oneboat for $15,000 and half was received in cash and the rest is due in 30 days.The Cost of Goods Manufactured for this boat was $10,000. How would XYZ Companypost this transaction?
Friday, March 29, 2013 at 7:16pm

Math
Seattle Chocolates for the year ended December 31, 2002: The following are selected items from the accounting records of Seattle Chocolates for the year ended December 31, 2002: Note payable to northwest Bank $500,000 Income taxes payable 40,000 Accrued expenses and payroll ...
Friday, March 29, 2013 at 12:42pm

math
Part 1 : Store equipment is purchased on January 1, 2002 at a cost of $14,000 and $1,000 was spent on its installation. The depreciation is written-off at 10% on the original cost every year. The books are closed on December 31, every year. Instructions: Prepare a Depreciation...
Thursday, March 28, 2013 at 1:34pm

accounting
how to The beginning inventory of merchandise at Francesca Co. and data on purchases and sales for a three-month period are as follows:
Wednesday, March 27, 2013 at 3:57pm

stats
A study by Hewitt Associates showed that 79% of companies offer employees flexible scheduling. Suppose a researcher believes that in accounting firms this figure is lower. The researcher randomly selects 415 accounting firms and through interviews determines that 303 of these ...
Sunday, March 24, 2013 at 9:50pm

accounting
Tribke Enterprises collected the following data from its financial reports for 2012: Stock price $18.37 Inventory balance $300,000 Expenses (excluding COGS) $1,120,000 Shares outstanding 290,000 Average issue price of shares $5.00 Gross margin % 40% Interest rate 8% TIE ratio ...
Sunday, March 24, 2013 at 1:50pm

accounting
On dec. 31, 2010 a corporation issued 200,000 face value 12% bonds that mature 10 years from the date of issue. The issue price was 97. if the firm uses the straight line method of amortization interest expense for 2011 wll be reported at
Saturday, March 23, 2013 at 1:54am

accounting
due date and amount of interest due October 1 for $10,500 @ 8% for 60 days ?
Wednesday, March 20, 2013 at 3:56pm

Accounting 1
Red Bank Enterprises was involved in the following transactions during the fiscal year ending October 31: 8/2: Borrowed $75,000 from the Bank of Kingsville by signing a 120-day note. 8/20: Issued a $40,000 note to Harris Motors for the purchase of a $40,000 delivery truck. The...
Wednesday, March 20, 2013 at 2:19pm

accounting
Andy, an inexperienced accountant, had to account for his company's purchase of a motorcar on credit. Unsure of the correct accounting entries, Andy debited the supplier's account and credited the motor expenses account. Was Andy correct?
Wednesday, March 20, 2013 at 10:03am

accounting
Nature’s Way, Inc., keeps one of its production facilities busy making a perfume called Essence de la Vache The $32,800 beginning inventory in the Blending Department consisted of the following elements: materials, $8,000; direct labor, $4,000; and overhead applied, $20,...
Tuesday, March 19, 2013 at 4:54pm

Accounting 202
Tse does not want to give Towry this budget without making constructive suggestions for steps Towry could take to improve expected performance. Write a memo to Towry outlining your suggestions.
Monday, March 18, 2013 at 5:12pm

accounting
An organization that does not require precise measurements of the use of services probably would allocate its service center costs by: A. using some form of the step method. B. applying the direct method. C. each revenue center's ability to absorb the cost. D. the actual ...
Sunday, March 17, 2013 at 7:56pm

Business studies,economic,accounting. Maths lit
Examples of corporate social responsibility involvement by anglo american, nedcor and absa
Sunday, March 17, 2013 at 12:06pm

accounting
Normal price of mini-scooters are $120 per scooters, ABC estimates 400,000 scooters to be sold for Year 2013. Material costs are $20,0000 per year to produce these scooters. Variable costs are $10.00/per mile delivery and $50.00/scooter for handling charges. ABC is approached ...
Saturday, March 16, 2013 at 9:25pm

accounting
Normal price of mini-scooters are $120 per scooters, ABC estimates 400,000 scooters to be sold for Year 2013. Material costs are $20,0000 per year to produce these scooters. Variable costs are $10.00/per mile delivery and $50.00/scooter for handling charges. ABC is approached ...
Saturday, March 16, 2013 at 9:23pm

accounting
Dan and Joan want to buy an airplane. They find one that will cost $200,000. They must pay 10% down, and can get the balance financed with a 10 year loan at 7% interest and annual payments. What is their annual payment? Answer $26,826 $25,626 $24,457 $19,260
Saturday, March 16, 2013 at 6:40pm

accounting
24000 pounds of product a can be sold for $8 per pound
Wednesday, March 13, 2013 at 11:22pm

accounting
I need to ask some opinion about this question. determine whether the description refers to solo proprietorship, partnership or corporation. 1. Jo Chen & Al Fitch own Financial services provider. Neither Chen nor Fitch has personal responsibility for the debts of Financial ...
Wednesday, March 13, 2013 at 9:03am

accounting
13. A drawback to using _______ when inventory costs are rising is that the company reports lower net income. A. LIFO B. FIFO C. specific-identification costing D. average costing 14. The balance sheet format that lists assets
Tuesday, March 12, 2013 at 5:58am

accounting please help
Phil Phoenix is paid monthly. For the month of January of the current year, he earned a total of $8,288. The FICA tax rate for social security is 6.2% and the FICA tax rate for Medicare is 1.45%. The FUTA tax rate is 0.8%, and the SUTA tax rate is 5.4%. Both unemployment taxes...
Monday, March 11, 2013 at 10:36pm

Accounting
She deferred the current year depreciation of $49,000 to the following year in order to present in higher profit. My answer is the violation in conservatism bcuz she should calculate the current profit for every year.
Monday, March 11, 2013 at 10:33pm

Accounting - Struggling answering this.
Updraft Systems, Inc., makes paragliders for sale through specialty sporting goods stores. The company has a standard paraglider model, but also makes custom-designed paragliders. Management has designed an activity-based costing system with the following activity cost pools ...
Saturday, March 9, 2013 at 5:07pm

EMS
mention and define any five concepts for each of the following subject,accounting;economics and business studies?
Thursday, March 7, 2013 at 9:18am

accounting
Acme Corporation issued $650,000, 8%, bonds for $720,000. Was the market rate on the date of issue higher than, lower than, or equal to the stated rate of interest?
Tuesday, March 5, 2013 at 5:41pm

accounting
Acme Corporation issued $650,000, 8%, bonds for $720,000. Was the market rate on the date of issue higher than, lower than, or equal to the stated rate of interest?
Tuesday, March 5, 2013 at 5:21pm

corporate finance
1. Which of the following is NOT correct for a firm with seasonal sales and customers who all pay promptly at the end of 30 days? a. DSO will vary from month to month. b. The quarterly uncollected balances schedule will be the same in each quarter. c. The level of accounts ...
Monday, March 4, 2013 at 11:40am

accounting
A customer requests a loan advance of $300 with an annual interest rate of 22%. What is the dollar amount of the interest for the entire year?
Monday, March 4, 2013 at 3:04am

account
what is error of accounting principel
Saturday, March 2, 2013 at 7:28am

accounting
On each December 31, you plan to transfer $2,000 from your checking account into a savings account.The savings account will earn 9 percent annual interest, which will be added to the savings account balance at each year-end. The first deposit will be made December 31, 2010 ...
Thursday, February 28, 2013 at 4:44pm

Accounting
Date Activities Units Acquired at Cost Units Sold at Retail Mar. 1 Beginning inventory 50 units @ $50/unit Mar. 5 Purchase 200 units @ $55/unit Mar. 9 Sales 210 units @ $85/unit Mar. 18 Purchase 60 units @ $60/unit Mar. 25 Purchase 100 units @ $62/unit Mar. 29 Sales 80 units...
Monday, February 25, 2013 at 2:37pm

accounting
1-On May 1, 2012, Pinkley Company sells office furniture for $150,000 cash. The office furniture originally cost $375,000 when purchased on January 1, 2005. Depreciation is recorded by the straight-line method over 10 years with a salvage value of $37,500. What depreciation ...
Monday, February 25, 2013 at 12:26pm

Introduction to Accounting
Payment of a telephone bill represents an increase in a/an: A. Asset B. Expense C. Liability D. Revenue My answer:B. I'm I correct?
Sunday, February 24, 2013 at 2:00pm

accounting
Write a 3-4 Page Paper That Summarizes Your Findings From The Four Scenarios As Well As How Using Microsoft Excel Helped You With This Process
Thursday, February 21, 2013 at 6:58pm

Managerial Accounting
Why is the salary of a production worker capitalized while the salary of a marketing manger expensed?
Wednesday, February 20, 2013 at 10:52pm

Accounting
Dividing Partnership Income Desmond Drury and Ty Wilkins have decided to form a partnership. They have agreed that Drury is to invest $140,700 and that Wilkins is to invest $60,300. Drury is to devote full time to the business, and Wilkins is to devote one-half time. The ...
Tuesday, February 19, 2013 at 11:01pm

accounting
What is manufacturing overhead and how is it useful? How do you calculate applied manufacturing overhead?
Monday, February 18, 2013 at 2:47am

fundamental accounting principle II
How do I explain to a customer about the $6000. loss reported on the sale of its investment of common stock that the customer has 40% interest. When the 2010 income statement reported earning form all investments were $126,000. On January 2011 the company sold the investment ...
Sunday, February 17, 2013 at 7:11pm

Accounting
Hankco accepts all major bank credit cards, including Omni Bank's, which assesses a 3% charge on sales for using its card. On June 28, Hankco had $4,500 in Omni Card credit sales. What entry should Hankco make on June 28 to record the deposit? A. Debit Accounts Receivable...
Friday, February 15, 2013 at 9:03pm

accounting
In its first year of operations Tower Ltd purchased and paid for widgets costing $50,000. During that year Tower Ltd sold 60 per cent of the widgets. The widgets on hand at the end of the year cost $20,000. The sales were on credit terms. Tower Ltd received $37,000 in cash ...
Tuesday, February 12, 2013 at 6:25am

Accounting
What affect can the incorrect (intentional or unintentional) posting, journalizing, and reporting of financial data have on a company, an accountant, or a company's stakeholders?
Monday, February 11, 2013 at 6:15pm

accounting
Suppose that two years after the bonds were issued, the required interest rate fell to 7 percent. What would be the bonds’ value?
Monday, February 11, 2013 at 12:39pm

accounting
I need help, do not want the answer just stuck on how to solve this one. Here is the problem Elkins Company sold $2,500,000, 8%, 10-year bonds on July 1, 2011. The bonds were dated July 1, 2011, and pay interest July 1 and January 1. Elkins Company uses the straight-line ...
Sunday, February 10, 2013 at 5:59pm

accounting
Mikayla, chief financial officer of Napoli Chocolate Company, adopts religious ethical standards. These involve an element of
Saturday, February 9, 2013 at 8:58pm

accounting
Which of the following statements is incorrect? a. The normal balance of accounts receivable is a debit. b. The normal balance of an expense account is a credit. c. The normal balance of the owner's capital account is a credit. d. The normal balance of unearned revenues is...
Friday, February 8, 2013 at 7:47pm

accounting
what is the future value of $500 invested at 8 percent for one year?
Friday, February 8, 2013 at 5:08pm

Accounting
An index fund is autu fund that My answer is invest s only uncertain kinds of stock, such as those related to transportation
Thursday, February 7, 2013 at 7:21pm

Accounting
The business was started on April 1st. I have the following events that happened: what accounts should I debit and credit? 1. Incurred advertising expense of $1,907 on account. 2. Hired park manager at a salary of $3,783 per month, effective May 1. 3. Sold 140 coupon books for...
Wednesday, February 6, 2013 at 3:26pm

Accounting
The business was started on April 1st. I have the following events that happened: what accounts should I debit and credit? 1. Incurred advertising expense of $1,907 on account. 2. Hired park manager at a salary of $3,783 per month, effective May 1. 3. Sold 140 coupon books for...
Tuesday, February 5, 2013 at 11:43pm

Accounting
What is "loss of lawsuit" categorized as? Current/non-current assets, current/non-current liabilities, owners' equity, expenses or revenues?
Tuesday, February 5, 2013 at 1:18pm

Accounting
Holly County needs a new county government building that would cost $24 million. The politicians feel that voters will not approve a municipal bond issue to fund the building since it would increase taxes. They opt to have a state bank issue $24 million of tax-exempt ...
Thursday, January 31, 2013 at 12:01pm

ACCOUNTING
Gardner Manufacturing Company produces a product that sells for $120. A selling commission of 10% of the selling price is paid on each unit sold. Variable manufacturing costs are $60 per unit. Fixed manufacturing costs are $20 per unit based on the current level of activity, ...
Monday, January 28, 2013 at 4:36pm

ACCOUNTING (Advance Sales)
Hi: I am unsure of how to adjust Advance Sales. For Year End, DEC 31, 2011. If my Unadjusted Balance for advance sales is $324,000 and I am told the following: 75% of the balance in Advance Sales is for garments to be made and delivered in 2012; the remaining 25% is from sales...
Sunday, January 27, 2013 at 8:00pm

Accounting
Hello, I’m having a difficult time understanding how to adjust the following unadjusted accounts: A/R ……………… ​3;………………..​480,000 Accum. Depr, building………116,000 Accum. Depr, ...
Sunday, January 27, 2013 at 7:30pm

Economics
a firm in a purely competitive industry is currently producing a 1000 unir per day at a total cost of $450. if the firm produced 800 units per day, it total cost will be $300, and it it produced 500 units per day, it total cost will be $275. Requirements: (1) what are the firm...
Sunday, January 27, 2013 at 5:14pm

science
The XYZ Company makes widgets and sells to a market that is just about to expand after a period of stability. As the year starts, the widgets are manufactured at a cost of $0.75 and sold at a market price of $1.00. In addition, the firm has 1,000 widgets in finished goods ...
Sunday, January 27, 2013 at 2:56pm

accounting
What is the value of the following future amount? a)RM800 to be received 10 years from now discounted back to present at 10%.
Sunday, January 27, 2013 at 7:08am

accounting
What is the present value of RM6, 500 to be received 10 years from today if our discount rate is 10%?
Sunday, January 27, 2013 at 7:06am

accounting
Adam place RM2, 000 in a saving account paying 5% interest compounded annually, how much will Adam account accrue to in a)10 years b)15 years
Sunday, January 27, 2013 at 6:54am

accounting
Can uot help me with journal entries
Saturday, January 26, 2013 at 5:46pm

ACCOUNTING
Gardner Manufacturing Company produces a product that sells for $120. A selling commission of 10% of the selling price is paid on each unit sold. Variable manufacturing costs are $60 per unit. Fixed manufacturing costs are $20 per unit based on the current level of activity, ...
Saturday, January 26, 2013 at 1:00am

accounting
simple plant manufactures DNA test strips
Friday, January 25, 2013 at 5:27am

English
I need help writing a lead sentence, it has to answer the who, what, why, when and how The Director of Budget and Accounting, Patsy Moore, shared a presentation about the 2013 Capital Improvement Plan on Monday during the City Commission Meeting in Kalamazoo. Does that work, ...
Wednesday, January 23, 2013 at 11:13pm

accounting
The accounting records of NuTronics, Inc., include the following information for the year ended December 31, 2011. Dec. 31 Jan. 1 Inventory of materials $ 24,000 $ 20,000 Inventory of work in process 8,000 12,000 Inventory of finished goods 90,000 80,000 Direct materials used ...
Tuesday, January 22, 2013 at 9:24pm

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