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Homework Help: Business: Accounting

Recent Homework Questions About Accounting

Accounting
During its first year of operations, Maria Rose set up Roseland Inc. and invested $25,000 in the corporation. The company earned $68,000 of revenues and incurred $32,000 of expenses. At the end of the year, the company owed $24,000 to its creditors. A cash dividend of $5,000 ...

Accounting
I have completed all of my assignment except this one last question. I am having a heck of a time figuring out where to even start. Can anyone help me? The comparative year-end balance sheets of Sign Graphics, Inc., revealed the following activity in the company's current ...

accounting
Describe how the separation of (1) authorization of production transactions, (2) recording of these transactions, and (3) physical custody of inventories can be specified among the production, inventory, and cost accounting departments. How does the production order document ...

accounting
Describe how the separation of (1) authorization of production transactions, (2) recording of these transactions, and (3) physical custody of inventories can be specified among the production, inventory, and cost accounting departments. How does the production order document ...

Accounting
A restaurant has a beginning inventory for the month of 150 pounds of beef at $2.70 per pound. In week 1 they use 125 pounds of beef and receive 175 pounds of beef into inventory at $2.80 per pound. In week 2 they use 190 pounds of beef and receive 150 pounds of beef at a cost...

MGF 1106
Four accounting majors, two economics majors, and three marketing majors have interviewed for five different managerial positions with a large company. Find the number of different ways that five of these people could be hired if the first two positions are to be filled by an ...

ACCOUNTING
86,500 ASSETS = 50,500 LIABILITIES+OWNERS EQUITY hOW DO I SOLVE THIS PROBLEM

bussines studies economics accounting maths literacy
which job career do i qualify for?

Finacial Accounting.
I am really struggling with this question and my accounting book is no help at all. A company has $4500 in net sales, $3200 in gross profit, $1300 in ending inventory, and $1800 in beginning inventory. What is the cost of goods sold? Im not looking for the answer, just a ...

accounting
The formula for computing additional paid-in capital in excess of par is shares of stock times

accounting
Cargin Company uses the FIFO method in its process costing system. The Assembly Department started the month with 15,000 units in its beginning work in process inventory that were 50% complete with respect to conversion costs. An additional 71,000 units were transferred in ...

accounting
Is the interest on a note receivables recorded if paid prior to the due date? A. Debit to interest expense B. debit to interest payable C. Credit to interest receivable D. Credit interest expense I think it's A since it's before the maturity date.

accounting
As part of their divorce agreement , Harry transfers to Mary, his former spouse, GM stock with a market value of 30000, Harry had $20000 invested in the stock. How does this transfer affect Harry and what is Mary’s basis in the stock.

algebra.having problems
Draw a stem-and-leaf plot for the data set. (Enter numbers from smallest to largest separated by spaces. Enter NONE for stems with no values.) Data set A: The annual wages of employees at a small accounting firm are given in thousands of dollars. 50 15 18 60 36 21 22 22 34 24...

algebra/ please ck my answers
Draw a stem-and-leaf plot for the data set. (Enter numbers from smallest to largest separated by spaces. Enter NONE for stems with no values.) Data set A: The annual wages of employees at a small accounting firm are given in thousands of dollars. 50 15 18 60 36 21 22 22 34 24 ...

algebra/how can I solve this/Thank You
Draw a stem-and-leaf plot for the data set. (Enter numbers from smallest to largest separated by spaces. Enter NONE for stems with no values.) Data set A: The annual wages of employees at a small accounting firm are given in thousands of dollars. 50 15 18 60 36 21 22 22 34 24 ...

Accounting
What is the closing entry to allocate a net income of $48,000 to Sara, Ellen, and Mary? Respective capital balances are $30,000, $40,000, and $30,000. No agreement was made for division of income. A. Debit Income Summary $48,000; credit Sara’s Capital $16,000; credit Ellen...

accounting
The following financial data were taken from the annual financial statements of Smith corporation: 2007 2008 2009 Current assets $450,000 $400,000 $500,000 Current liabilities $390,000 $300,000 $340,000 Sales $1,450,000 $1,500,000 $1,400,000 Cost of goods sold $1,180,000 $1,...

Principles of Accounting
Secret Trails received payment in full within the credit period for horse boarding for $900 plus 6% sales tax. terms of the sale were 2/10, n/30. which entry is required to record this payment? a. Debit Cash, $900; credit accounts receivable sales $900 b. Debit cash, $936; ...

Pure maths ,accounting ,business studies,economics
What careers can i do with these subjects?

ACCOUNTING HELP
Hello, I'm having trouble understanding Direct Cost, Overhead Cost and Indirect Cost. ***Also Period cost and Product cost. please can anyone explain it and give examples for each! thanks

Introduction To Business
Hi, could someone help me please with the following questions? Thanks 1. Carmen Santiago works for a number of businesses as a “consultant.” She has helped design accounting systems, provided accounting services, and analyzed the financial strength of her clients’ ...

ACCOUNTING HELP
Hello, I'm having trouble understanding Direct Cost, Overhead Cost and Indirect Cost. ***Also Period cost and Product cost. please can anyone explain it and give examples for each! thanks

Cost Accounting
A company’s sales volume averages 4,000 units per year. Recently, its main competitor reduced the price of its product to $48. The company expects sales to drop dramatically unless it matches the competitor's price. In addition, the current profit per unit must be maintained...

accounting
The major difference in the statement of retained earnings between a service business and a Merchandising business is A. that the retained earnings statement of a merchandising business includes dividends. B. that the retained earnings statement of a merchandising business ...

Economic/ Accounting
what are welfare payments or consumer subsidies

QuickBooks Accounting
Describe how the QuickZoom feature of QuickBooks does or does not provide the same help in the statement of cash flows as it does in the income statement.

accounting
In recent years, there has been a lot of media coverage about the funding status of pension plans for state employees. In many states, the amount of money invested in employee pension plans is far less than the amount estimated to be needed to pay them the retirement benefits ...

Accounting
Use the following information to answer questions 8-10. The Boxcar Corporation has paid a total of $1 million in cash bonuses to its officers for 8 consecutive years. The board’s policy requires that, for this bonus to be paid, net cash provided by operating activities ...

Accounting
Use the following information to answer questions 5-7. Blue Bird Bus Company is suffering declining sales of its principal product, school buses. The bank has threatened to call due a note if the company’s net income declines next year. The president, Joe Blow, talks to his ...

Accounting
The Bayside Company uses the LIFO cost flow method to value inventory. In the current year, profit at Bayside is running unusually high. The corporate tax rate is also high this year but it is scheduled to decline significantly next year. In light of this information, the ...

Accounting
NOTE: I NEED HELP WITH THESE 10 QUESTIONS,IT IS AN EMERGENCY PLEASE! Use the following information to answer questions 1-4. The Bayside Company uses the LIFO cost flow method to value inventory. In the current year, profit at Bayside is running unusually high. The corporate ...

Accounting; Emergency
NOTE: I NEED HELP WITH THESE 10 QUESTIONS,IT IS AN EMERGENCY PLEASE! Use the following information to answer questions 1-4. The Bayside Company uses the LIFO cost flow method to value inventory. In the current year, profit at Bayside is running unusually high. The corporate ...

Accounting
NOTE: I NEED HELP WITH THESE 10 QUESTIONS,IT IS AN EMERGENCY PLEASE! Use the following information to answer questions 1-4. The Bayside Company uses the LIFO cost flow method to value inventory. In the current year, profit at Bayside is running unusually high. The corporate ...

finance
It’s been two months since you took a position as an assistant financial analyst at Caledonia Products. Although your boss has been pleased with your work, he is still a bit hesitant about unleashing you without supervision. Your next assignment involves both the calculation...

Accounting Questions
NOTE: I NEED HELP WITH THESE 10 QUESTIONS,IT IS AN EMERGENCY PLEASE! Use the following information to answer questions 1-4. The Bayside Company uses the LIFO cost flow method to value inventory. In the current year, profit at Bayside is running unusually high. The corporate ...

managerial accounting
Scott Manufacturing Co.’s static budget at 10,000 units of production includes $40,000 for direct labor and $4,000 for electric power. Total fixed costs are $23,000. At 12,000 units of production, a flexible budget would show:

accounting
Meranda Corporation purchases a machine for $125,000. It has an estimated salvage value of $10,000 an is expected to produce 50,000 units in its lifetime. During the first year of operation, it produced 14,500 units. To the nearest dollar, the depreciation for the first year ...

accounting II
i am completely stuck on this! 5. Manufacturing statements and cost behavior Tampa Foundry began operations during the current year, manufacturing various products for industrial use. One such product is light-gauge aluminum, which the company sells for $36 per roll. Cost ...

Cost Accounting
The accounting records of Nu-tonics Inc., include the following information for the year ended December 31, 2013: Materials Inventory as at 1 January 2013 $ 20,000 Materials Inventory as at 31 December 2013 $ 24,000 Work in process Inventory as at 1 January 2013 $ 12,000 Work ...

Cost Accounting
The accounting records of Nu-tonics Inc., include the following information for the year ended December 31, 2013: Materials Inventory as at 1 January 2013 $ 20,000 Materials Inventory as at 31 December 2013 $ 24,000 Work in process Inventory as at 1 January 2013 $ 12,000 Work ...

Cost Accounting
The accounting records of Nu-tonics Inc., include the following information for the year ended December 31, 2013: Materials Inventory as at 1 January 2013 $ 20,000 Materials Inventory as at 31 December 2013 $ 24,000 Work in process Inventory as at 1 January 2013 $ 12,000 Work ...

accounting II
3. Definitions of manufacturing concepts Interstate Manufacturing produces brass fasteners and incurred the following costs for the year just ended: Materials and supplies used Brass $75,000 Repair parts 16,000 Machine lubricants 9,000 Wages and salaries Machine operators 128,...

accounting
i need help working through this! i am stuck. 3. Definitions of manufacturing concepts Interstate Manufacturing produces brass fasteners and incurred the following costs for the year just ended: Materials and supplies used Brass $75,000 Repair parts 16,000 Machine lubricants 9...

accounting
After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $673,400, and Allowance for Doubtful Accounts has a balance of $11,900. Describe how the accounts receivable and the allowance for doubtful accounts are reported on ...

accounting
The Sneed Corporation issues 10,000 shares of $50 par value preferred stock for cash at $75 per share. The entry to record the transaction will consist of a debit to Cash for $750,000 and a credit or credits to:

Accounting
In June 2011,Kelly purchased new equipment for $26000 to be used in her business.Assuming Kelly has net income from her business of $75000 prior to the deduction,what is the maximum amount of the cost recovery Kelly can deduct rounded to the nearest $,assuming she does NOT ...

Manegerial accounting
calculate the net operating income , evergreen corp has provided the following data: sales per period 1000 units ,selling price $ 40 per unit , variable manufacturing cost 12 per unit, selling expenses $5,100 pls 5% of selling price , administrative expenses $3,000 plus 20% of...

accounting
If you can earn 4 percent, how much will you have to save each year if you want to retire in 35 years with $ 1 million?

accounting
On December 31, 2013, University Theatres issued $500,000 face value of bonds. The stated rate is 8%, and interest is paid semiannually on June 30 and December 31. The bonds mature in 15 years. If required, round your answers to the nearest whole dollar. Follow the format ...

managerial accounting
what is nile's strategy for success in the marketplace ?

accounting
Cartwright inc has $1,000,000 of 10% bonds outstanding on December 31, 20x8. On January 1, 20x9 adams corp and 80% owned subsidiary of Cartright, inc purchases a $250,000 part of cartwrights inc's outstanding bonds in the market for $245,000. Interest accured by 12/31/20x9 is...

Maths, biology, accounting, business economics
What career could one study with these subjects

cost accounting
Marvin’s Motors Company (MMC) manufactures outboard motors for use on small to medium sized boats. MMC produces three models: the Standard, the Deluxe and the Performance. The company uses a normal job costing system with manufacturing overhead applied on the basis of direct...

accounting
A patent costing $500,000 was purchased on July 1. The company expects the patent to be useful for 5 years. How much amortization expense is reconized on December 31?

Managerial 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, ...

accounting
Using 2012 as the base year, prepare a trend anslysis for the data that follow, and tell whether the results suggest a favorable or unfavorable trend.(round to one decimal place.  2014. 2013. 2012  Net sales $316,000 $272,000 $224,000  Accounts receivable(net)  2014. 2013 ...

managerial accounting
The break-even point in dollar sales for Rice Company is $480,000 and the company’s contribution margin ratio is 40 percent. If Rice Company desires a profit of $84,000, how much would sales have to total? Answer: Fixed cost $288,000 Variables cost $192,000 (0.4)= $76,800 ...

accounting
The Greenwood Company purchased equipment costing $900. Greenwood paid $400 in cash and agreed to pay the remaining amount in thirty days. As a result of this transaction:

Accounting
During the week ended May 15, 2013, Scott Fairchild worked 40 hours. His regular hourly rate is $31. Assume that his earnings are subject to social security tax at a rate of 6.20 percent and Medicare tax at a rate of 1.45 percent. He also has deductions of $48 for federal ...

accounting
If Alisha Maintenance manufacturing has: total maintenance cost of $2,785,000 total fixed maintenance cost of $310,000 total variable maintenance cost of $2,475,000 total maintenance cost per unit is $18.57 fixed maintenance cost per unite of $2.07 variable maintenance cost ...

Accounting
Accounting 1 Help! 1. An accountant records a transaction when cash is paid or received under which basis of accounting? cash deferred accrual liability 2. When unearned revenue is initially recorded as a revenue, the adjusting entry would include a credit to a liability. ...

Accounting
Target Company issues bonds with a par value of $900,000 on their stated issue date. The bonds mature in 10 years and pay 10% annual interest in semiannual payments. On the issue date, the annual market rate for the bonds is 12%. What is the selling price of the bond

accounting
Wendell Corporation exchanged an old truck and $25,500 cash for a new truck. The old truck had a book value of $6,000 (original cost of $25,000 less $19,000 in accumulated depreciation) and a fair value of $7,700. Required: 1. Prepare the journal entry to record the exchange. ...

Math Accounting
Determine the proposal’s appropriateness and economic viability. For all scenarios, assume spending occurs on the first day of each year and benefits or savings occurs on the last day. Assume the discount rate or weighted average cost of capital is 10%. Ignore taxes and ...

accounting
At the end of the current year, $19,900 of fees have been earned but not billed to clients. a. What is the adjustment to record the accrued fees? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease. b. If ...

math lit,business studies,accounting and computer
Can I be an accountant when doing these subjects?

Accounting
During the current year, Mast Corporation expects to produce 10,300 units and has budgeted the following: net income $350,376; variable costs $1,080,800; and fixed costs $105,000. It has invested assets of $1,459,900. The company’s budgeted ROI was 24%. What was its budgeted...

Accounting
When common stock has a par value of $2 and a market value of $15: 1.) the liability of the stockholders is $13 per share 2.) there will be additional paid-in capital of $13 per share 3.) common stock will be credited for $15 per share 4.) the paid-in capital will equal the $2...

Accounting
An estimated liability: 1. Is an unknown liability of a certain amount. 2. Is a known obligation of an uncertain amount that can be reasonably estimated. 3. Is a liability that may occur if a future event occurs. 4. Is not recorded until the amount is known for certain. (...

Accounting
Internal control devices for banking activities include signature cards, deposit tickets, checks, and bank statements. 01.) True 02.) False True or False?

Accounting
An asset's cost includes all normal and reasonable expenditures necessary to get the asset in place and ready for its intended use. 01.) True 02.) False True or False?

Accounting
Problems: Please show all calculations. Claudette, Inc., provides warranties for many of its products. The January 1, 2014, balance of the Estimated Warranty Liability account was $38,500. Based on an analysis of warranty claims during the past several years, this year’s ...

Accounting
The capital accounts of Hawk and Martin have balances of $160,000 and $140,000, respectively, on January 1, 2010, the beginning of the current fiscal year. On April 10, Hawk invested an additional $10,000. During the year, Hawk and Martin withdrew $86,000 and $68,000, ...

Accounting
Needs the entries for the following scenarios: Capital accounts as follows : Mason ; 90,000 Jiri; 30,000 James; 60,000 a) Frank pays mason 25,000 for 20% of masons interest in the company b) Frank invests 60,000 cash in the partnership for a 40% interest in the business. The ...

intermediate accounting
in 2011 hardin company had 220000 shares $10 par common stock, march 1 issued 45000 shares at $22, June 1 issued 15% stack dividend, July 1 issued 10000 at $27, Aug 31 2-for-1 stock split reduce par $5, determine the weighted average number of shares based on the transactions

accounting
Liz Marett is the chief financial officer for Fulton Restaurants. She delivered the following comments in a recent conference call with analysts that follow the company: "20X5 was another excellent year. Net income was a record setting $10,000,000. Food Revenue reflected 60% ...

Accounting 205
help with paper on basic transaction processing fr Richard Simmons

Payroll Accounting
Julie Whiteweiler made $930 this week. Only social security (fully taxable) and federal income taxes attach to her pay. Whiteweiler contributes $100 each week to her company's 401(k) plan and has $25 put into her health savings account (nonqualified) each week. Her employer ...

accounting
a simple discount note for $6,600 at a ordinary bank discount rate of 8.61% for 60 days. What is the effective interest rate? Round to the nearest tenth of a percent

Accounting - need guidance
On January 1, 2012, Bartell Company sold its idle plant facility to Cooper Inc. for $1,050000. On this date, the plant had a depreciated cost of $735,000. Cooper paid $150,000 cash on January 1, 2012, and signed a $900,000 note bearing interest at 10%. The note was payable in ...

accounting-fory
On January 1, 2012, Bartell Company sold its idle plant facility to Cooper Inc. for $1,050000. On this date, the plant had a depreciated cost of $735,000. Cooper paid $150,000 cash on January 1, 2012, and signed a $900,000 note bearing interest at 10%. The note was payable in ...

Accounting
the Dwyer corporation incurred costs of 114000 in purchasing a process which it eventually had patented. The patent was issued on July 20x1. To secure the patent, an additional 6000 had been spent on legal fees. On June 30 20x3, a patent infringement suit was successfully ...

accounting
Corporations are subject to specific corporate tax rates different from those for individuals. True False

accounting
The process of adjusting the bond interest expense account for any premium or discount is called amortization of the premium or discount

accounting
Bonds issued giving the holder the option of exchanging the bonds for capital stock of the corporation are called

Math, accounting, investments
A firm is evaluating two machines. The first costs $250,000 and will require annual maintenance of $30,000 per year for 10 years. At the end of 10 years, the salvage value will be $75,000. The second machine costs $400,000 and will require $225,000 at the end of the fifth year...

accounting
1-Aug-13 Started business by investing $20,000 from personal savings into a business' bank account and a car and furniture worth $90,000 and $30,000 respectively. 2-Aug-13 Purchased office furniture from Standards for $3,000 paying by cheque. 4-Aug-13 Purchased goods for ...

Accounting Corporations
Birch issued 200 shares of $12 par common stock in exchange for a piece of equipment with a current market value of $3,000.Whichof the following is not part of the journal entry for tis transaction? A.Debiting Equipment for $3,000 B.Crediting Common Stock for $3,000 C....

Accounting
For earnings management, is impairment of goodwill easier to manipulate than impairment of PPE?

Accounting
Jane has a $35,000 bank loan that she wishes to pay off in five equal annual payments with 12% interest. If the first payment is due one year from today, what will be the amount of the annual payment necessary

accounting
A bauxite mine was acquired at a cost of $1,500,000 and estimated to contain 6,000,000 tons of ore. During the year, 95,000 tons were mined and sold. Prepare the journal entry for the year's depletion expense.

accounting
Uncollectible Accounts—Percentage of Sales Ryan's Express has total credit sales for the year of $178,000 and estimates that 3% of its credit sales will be uncollectible. Record the end-of-period adjusting entry on December 31, in general journal form, for the estimated ...

accounting
Uncollectible Accounts—Percentage of Sales Ryan's Express has total credit sales for the year of $178,000 and estimates that 3% of its credit sales will be uncollectible. Record the end-of-period adjusting entry on December 31, in general journal form, for the estimated ...

accounting
A light truck is purchased on January 1 at a cost of $27,000. It is expected to serve for eight years and have a salvage value of $3,000. Calculate the depreciation expense for the first and third years of the truck's life using the following methods. If required, round your ...

accounting
Based on the financial statements for Jackson Enterprises (income statement, statement of owner's equity, and balance sheet) shown below, prepare the following financial ratios. All sales are credit sales. The Accounts Receivable balance on January 1, 20--, was $21,600. Assume...

accounting
If on the opening day of business, you put in supplies worth $250 and $3000 cash, would that be considered a transaction OR would it be considered your beginning balances because it's the first day of business? Would it be considered beginning capital OR a credit to drawings? ...

accounting
Richard Hamilton has a fast - food franchise and must pay a franchise fee of $35000 plus 3% of gross sales. In terms of cost behavior, the total cost is a: a) variable cost b) fixed cost c) step - fixed cost d) mixed cost

Accounting
An example of a committed fixed cost would be: a) taxes on real estate b) management development programs c) public relations d) advertising programs

accounting
Cash flow information: Direct and indirect methods The comparative year-end balance sheets of Sign Graphics, Inc., revealed the following activity in the company's current accounts:

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