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October 20, 2014

Homework Help: Business: Accounting

Recent Homework Questions About Accounting

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Advanced Accounting
GAAP rules are clear about when a company needs to consolidate or not, but companies tend to find loopholes to circumvent this rule. GAAP clearly indicates that consolidated financial statements are “usually necessary for a fair presentation when one of the companies in ...
Monday, December 3, 2012 at 11:20am

Advanced Accounting
Mr. White (invested $20,000) and Mr. Black (invested $10,000) are in a partnership to run a marketing firm. They share profits and losses in the ratio of 2:1, which is also the ratio of their initial investment in the business. Mr. White manages the office but Mr. Black gets ...
Monday, December 3, 2012 at 11:19am

Advanced Accounting
Mr. Right and Mr. Wrong own an antique store in a partnership. They share profits and losses equally and receive an annual salary of $50,000, as per the partnership agreement. Mr. Right travels the country buying antiques. Mr. Wrong manages the store. From time to time, they ...
Monday, December 3, 2012 at 11:16am

accounting
On September 1, 2013, Jacob Furniture Mart enters into a tentative agreement to sell the assets of its office equipment division. This division qualifies as a component of the entity according to GAAP regarding discontinued operations. The division's contribution to Jacob...
Monday, December 3, 2012 at 6:25am

accounting
On July 1, 2013, a firm purchased a 1-year insurance policy for $6,300 and paid the full premium in advance. The insurance expense associated with this policy for the year ending December 31, 2013, is $6,300. $3,150. $3,675. $2,100. On January 2, 2014, a firm purchased ...
Sunday, December 2, 2012 at 5:24pm

Accounting
On July 1, 2013, a firm purchased a 1-year insurance policy for $6,300 and paid the full premium in advance. The insurance expense associated with this policy for the year ending December 31, 2013, is $6,300. $3,150. $3,675. $2,100. On January 2, 2014, a firm purchased ...
Sunday, December 2, 2012 at 5:21pm

ACCOUNTING
Mills Company uses standard costing for direct materials and direct labor. Management would like to use standard costing for variable and fixed overhead. The following monthly cost functions were developed for manufacturing overhead items: Overhead Item Cost Function Indirect ...
Saturday, December 1, 2012 at 1:44am

accounting
PA11-4 Comparing Stock and Cash Dividends [LO2, LO3, LO4] Ritz Company had the following stock outstanding and Retained earnings at December 31, 2010: Common stock (par $1; outstanding, 500,000 shares) $ 500,000 Preferred stock, 8% (par $10; outstanding, 21,000 shares) 210,000...
Friday, November 30, 2012 at 4:03pm

accounting
PA11-4 Comparing Stock and Cash Dividends [LO2, LO3, LO4] Ritz Company had the following stock outstanding and Retained earnings at December 31, 2010: Common stock (par $1; outstanding, 500,000 shares) $ 500,000 Preferred stock, 8% (par $10; outstanding, 21,000 shares) 210,000...
Friday, November 30, 2012 at 4:02pm

Advance Accounting
On January 1, 20X1, Parent Company acquired 80% of the common stock of Subsidiary Company for $560,000 On this. date Subsidiary had total owners' equity of $540,000, including retained earnings of $240,000. During 20X1, Subsidiary had net income of $60,000 and paid no ...
Friday, November 30, 2012 at 9:58am

math accounting
The following information was drawn from the accounting records of Kwon Company as of December 31, 2012, before the temporary accounts had been closed. The Cash balance was $4,000, and Notes Payable amounted to $2,000. The company had revenues of $6,000 and expenses of $3,500...
Thursday, November 29, 2012 at 3:08pm

account
Assume it is Monday, May 1, the first business day of the month, and you have just been hired? Assume it is Monday, May 1, the first business day of the month, and you have just been hired? Assume it is Monday, May 1, the first business day of the month, and you have just been...
Wednesday, November 28, 2012 at 7:00pm

accounting
marcum company was started in 2012 when issued a note to borrow $6,200 cash. write an accounting equation and record the effects of the borrowing transaction under the appropriate general ledger accounts heading.
Wednesday, November 28, 2012 at 6:21pm

Finance
We are considering the introduction of a new product. Currently we are in the 34% tax bracket with a 15% discount rate. This project is expected to last five years and then, because this is somewhat of a fad project, it will be terminated. The following information describes ...
Wednesday, November 28, 2012 at 6:14pm

principle of accounting
if kennedy has net income of $1,600 and then liquidates, what amount of cash will the creditors receive? what amount of cash will the investors recieve?:
Wednesday, November 28, 2012 at 5:28pm

accounting
if kennedy has net income of $1,600 and then liquidates, what amount of cash will the creditors receive? what amount of cash will the investors recieve?: .
Wednesday, November 28, 2012 at 5:27pm

Accounting
Journalize the following transactions for Tammy Company: Sept. 1 Sold $3,500 of merchandise to Jim on account Oct. 1 Exchanged Jim’s account receivable for a fourmonth, 8% note for $3,500 Dec. 31 Recorded accrued interest on Jim’s note Feb. 1 Jim paid off his note ...
Monday, November 26, 2012 at 2:25pm

Accounting
Below is a list of treatments of accounting topics. Place GAAP on the line if the treatment is GAAP-based and place IFRS on the line if the treatment is IFRS-based. A. Interest and dividend income are reported in the investing section of the cash flow statement.__________ B. ...
Monday, November 26, 2012 at 2:25pm

Accounting
Assume that in Year 1, the ending merchandise inventory is overstated by $30,000. If this is the only error in Years 1 and 2, fill in the items below, indicating which items will be understated, overstated, or correctly stated for Years 1 and 2. Item Year 1 Year 2 Ending ...
Monday, November 26, 2012 at 2:23pm

Accounting
. Journalize the following transactions using the perpetual inventory method. Aug. 6 Purchased $830 of inventory on account from Johnston with terms of 2/10, n/30. Aug. 8 Purchased $2,611 of inventory for cash from Pillner Company. Aug.15 Paid for August 6 purchase from ...
Monday, November 26, 2012 at 2:22pm

Accounting
Prepare a trial balance from the following information for Learn a New Language, Inc. for December 31, 2012. Accounts payable $5,012 Common stock $9,692 Cash $3,928 Notes payable $1,439 Wages expense $777 Marketing expense $493 Equipment $8,345 Accounts receivable $1,142 ...
Monday, November 26, 2012 at 2:22pm

Accounting
Journalize the following transactions and omit the explanations. A. ABC Corporation purchased $15,000 of office furniture by putting $7,000 down in cash and the rest on account on April 8. B. The corporation paid $60,000 for a two-year lease on April 19. C. The corporation had...
Monday, November 26, 2012 at 2:21pm

Accounting
Record the following transactions using the accounting equation. Example: Assets = Liabilities + Equity XXXX(cash) XXXX(accounts payable) A. Amanda invests $17,000 cash into her merchandising business. B. She buys $6,500 of office equipment and $3,000 of office supplies with ...
Monday, November 26, 2012 at 1:49pm

Accounting
The following information was made available from the income statement and balance sheet of Lauren Company. Item 12/31/10 12/31/09 Accounts Receivable $53,400 58,600 Accounts Payable 35,600 32,700 Merchandise Inventory 85,000 79,000 Sales (2010) 243,000 Interest Revenue (2010...
Monday, November 26, 2012 at 1:48pm

Accounting
Please Help!!!! Trying to get a little help on working this accounting problem. Please help... Jawed enterprises uses a job-order costing system and a predetermined overhead rate based on machine hours. At the beginning of the year, the company estimated manufacturing ...
Sunday, November 25, 2012 at 2:04am

Accounting
Trying to get a little help on working this accounting problem. Please help... Jawed enterprises uses a job-order costing system and a predetermined overhead rate based on machine hours. At the beginning of the year, the company estimated manufacturing overhead for the year ...
Saturday, November 24, 2012 at 9:38pm

Accounting/Office admin
It is the beginning of a new year and you just received the landlord’s building expense pass through reconciliation for the previous year. Assuming the math is correct, what are the two most important things to look for?
Saturday, November 24, 2012 at 12:53pm

accounting
Anthony Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units Sold at Retail Mar. 1 Beginning inventory 170 units @ $52.40/unit Mar. 5 Purchase 260 units @ $57.40/unit ...
Thursday, November 22, 2012 at 12:07am

ACC305 Accounting for Decision Making
What is the difference between the flow of products and cost in a manufacturing organization to the flow of products and cost in a service and merchandising organization, please provide an example?
Thursday, November 22, 2012 at 12:01am

financial accounting
eckman company purchased equipment for $80,000 on january 1,2011 and will use the double declining balance method of depreciation. it is estimated that the equipment will have a 5 year life and a $4,000 salvage value at the end of its useful life. the amount of depreciation ...
Monday, November 19, 2012 at 2:01am

intermediate accounting
purchase of a machine for $2000 was expensed. The machine has a four year life , no residual value , and straight line depreciation is used how to write journal entry?
Saturday, November 17, 2012 at 11:48am

intermediate accounting
goods in transit, purchased on credit and shipped FOB destination. $10000 . were included in purchases but not in the ending inventory? how would you write this journal entry.( this company uses periodic inventory.
Saturday, November 17, 2012 at 11:44am

Brenau University
To: From: Date: Subject: Observation Methodology: A. Description of internal control: (What did you observe?) B. Objective of internal control: (Why was the control implemented? There may be more than one reason.) C. Tie to accounting records: (What was impact on accounting ...
Saturday, November 17, 2012 at 10:12am

FINANCIAL ACCOUNTING
a) Discuss General Motors in the context of the forces considered in performing an environmental scan. b) Discuss the risks that General Motors needs to consider in conducting its operations c) Explain whether you believe that GM can take on more debt. Use some computations to...
Thursday, November 15, 2012 at 10:25am

FINANCIAL ACCOUNTING
A portfolio manager is managing a $10 million portfolio. Currently the portfolio is invested in the following manner: Investment Dollar Amount Invested Beta Electric Utility $2 million 0.6 Cable Company $3 million 0.8 Real Estate Development $3 million 1.2 International ...
Thursday, November 15, 2012 at 10:18am

ACC340
Using at least two sources in addition to the text, Write a 700- to 1,050-word paper describing how information systems are changing the various aspects of the accounting profession. • Include a description of a variety of specific new technologies and their effects on ...
Monday, November 12, 2012 at 3:43pm

ACC340
Using at least two sources in addition to the text, Write a 700- to 1,050-word paper describing how information systems are changing the various aspects of the accounting profession.
Monday, November 12, 2012 at 3:41pm

Accounting
The company’s fiscal year ends on December 31. Using the following information, compute depreciation for this machine for each of the 4 years using each of the following methods: Straight-line method Sum-of-years method Double-declining method Units-of-production Year ...
Saturday, November 10, 2012 at 10:11pm

Accounting
The beginning inventory of Merchandise at Waldo Co. and data on purchases and sales for a three-month period are as follows: Date Transaction Number of Units Per Unit Total March 3 Inventory 60 $1500 $90,000 8 Purchase 120 1800 216,000 11 Sale 80 5000 400,000 30 Sale 50 5000 ...
Saturday, November 10, 2012 at 10:07pm

Accounting
ABC company purchased machine for $300,000 that had a useful life of 5 years, with a salvage value of $50,000 at the end its life. Depreciation was calculated over 2 years on straight-line basis. In 20X2, it determined that the total life should be 10 years with the salvage ...
Saturday, November 10, 2012 at 10:04pm

Accounting
In 20X0, ABC company purchased machine for $300,000 that had a useful life of 5 years, with a salvage value of $50,000 at the end its life. Depreciation was calculated over 2 years on straight-line basis. In 20X2, it determined that the total life should be 10 years with the ...
Friday, November 9, 2012 at 11:53am

Accounting
When calculating the times interest earned ratio, you you include "interest expense on debt extinguishment" in the interest expense? Thanks!
Thursday, November 8, 2012 at 12:23am

accounting
Analyze and record, in the form of T Accounts, Mr. James' transactions: Jan 1: Amount invested in the business $10,000 Jan 7: Bought equipment for $500 Jan 9: Bought office furniture with $2,000 cash Jan 10: Bought materials with $2,000 cash Jan 17: Sold part of equipment...
Tuesday, November 6, 2012 at 10:53am

ACC305 Accounting for Decision Making
Describe the complications that arise when LIFO or average cost is used with a perpetual inventory system. Use specific examples and references. The part that I am having trouble with is finding examples. I have the rest of the work done now I just need help with getting some ...
Wednesday, October 31, 2012 at 7:03pm

accounting
The trial balance of Bair Company includes the following balance sheet accounts. Identify the accounts that require adjustment. For each account that requires adjustment, indicate (a) the type of adjusting entry (prepaid expenses, unearned revenues, accrued revenues, and ...
Tuesday, October 30, 2012 at 9:52pm

mis
Choose one of the following basic business processes: inventory management, operations and manufacturing, HR management, or accounting/financial management. Use the Internet to identify three vendors that license a product to support that process. Compare offerings from the ...
Tuesday, October 30, 2012 at 7:01pm

accounting
The monetary contributions that the owners of IBM pay for shares of the company's stock are ____ resources for IBM. a. material b. financial c. human d. informational e. manufacturing Patents and copyrights confer value on a firm but do not exist physically. Thus, they are...
Monday, October 29, 2012 at 2:55pm

Accounting
Which of the following would be most likely to lead to a higher level of interest rates in the economy? Answer a. Corporations step up their expansion plans and thus increase their demand for capital. b. Households start saving a larger percentage of their income. c. The ...
Saturday, October 27, 2012 at 6:04pm

Accounting
Which of the following would be most likely to lead to a higher level of interest rates in the economy? Answer a. Corporations step up their expansion plans and thus increase their demand for capital. b. Households start saving a larger percentage of their income. c. The ...
Saturday, October 27, 2012 at 5:59pm

financial accounting
The lake theater opened on april 1.all facilities were completed on march 31. During april,the following events and transactions occured. Apr.2 paid film rental of $800 on first movie. 3 ordered two additional films at $1,000 each. 10 made $2,000 payment on mortgage and $1,000...
Saturday, October 27, 2012 at 2:32am

Accounting
Inventory as of Nov. 30th, 2010, consists of 20 bikes costing $550 each. Balance Sheet: Nov. 30th 2010. Cash-9150 Debit Accounts Receivable-12300 Debit Inventory-11000 Debit Supplies-900 Debit Office Equipment-18000 Debit Accumulated Depreciation, Office Equipment- 3000 Credit...
Thursday, October 25, 2012 at 1:53am

accounting
The following information is available for ABC Company for the year ended December 31, 1997: Ending Inventory ……………… ​3;………. $7,500 Purchases ……………… ​3;……………&#...
Wednesday, October 24, 2012 at 11:46pm

accounting
imagine a business and its 50 transactions.. journalize it and also record it in subsidary books, post into ledger and prepare a trial balance... plzz help me...
Tuesday, October 23, 2012 at 1:02am

Accounting
I am given several hypothetical amounts and interest rates and need to find the amount of the rental payments. (Lessee-Lessor Entries; Sales-Type Lease) On January 1, 2011, Palmer Company leased equipment to Woods Corporation. The following information pertains to this lease. ...
Monday, October 22, 2012 at 3:53pm

accounting
Okay so I need help Identifying the reporting issues in this case with references to the conceptual framework pyramid, such as revenue recognition, full disclosure, historical cost, etc. So this gym offers one year memberships. Members can use any of the facilities but must ...
Monday, October 22, 2012 at 10:53am

accounting
In its first month of operations, Danielle Company made three purchases of merchandise in the following sequence: (1) 161 units at $17, (2) 414 units at $18, and (3) 115 units at $19. Assuming there are 271 units on hand, compute the cost of the ending inventory under the FIFO...
Sunday, October 21, 2012 at 8:38pm

Financial accounting
Laird Company sells coffee makers used in business offices. Its beginning inventory of coffee makers was 200 units at $41 per unit. During the year, Laird made two batch purchases of coffee makers. The first was a 295-unit purchase at $46 per unit; the second was a 380-unit ...
Sunday, October 21, 2012 at 5:31pm

I need help answering this Accounting question!?
Bluejay Corp. prepared a bank reconciliation as of July 31, 2009. The following items were identified: Bluejay's bank statement balance: $14,300 Deposit in transit: 1,000 Outstanding checks: 1,300 Bank service charges: 50 Customer's NSF check returned by the bank: 150 ...
Saturday, October 20, 2012 at 2:15pm

I need help answering this Accounting question!?
While preparing the April 30th bank reconciliation for the checking account for Calvin Corporation, the accountant identified the following items: Calvin's balance according to the general ledger: $15,000 Outstanding checks: 2,500 Bank service charge: 15 A customer's ...
Saturday, October 20, 2012 at 2:14pm

Accounting
Financial Accounting 1. The following information was made available from the income statement and balance sheet of Meranda Company: ITEM 12/31/2010 12/31/2009 Accounts Receivable $ 42,000 $ 45,100 Accounts Payable 27,900 24,500 Merchandise Inventory 68,000 63,000 Sales (2010...
Friday, October 19, 2012 at 9:41am

Accounting
A check returned by a bank because the issuer's cash account balance could not cover the check is called a(n): a. Cancelled check b. Certified check c. Outstanding check d. NSF check
Thursday, October 18, 2012 at 7:14pm

Accounting
On June 1, 2012, Pitts Company sold some equipment to Gannon Company. The two companies entered into an installment sales contract at a rate of 8%. The contract required 8 equal annual payments with the first payment due on June 1, 2012. What type of compound interest table is...
Wednesday, October 17, 2012 at 8:22pm

Accounting
On June 1, 2012, Pitts Company sold some equipment to Gannon Company. The two companies entered into an installment sales contract at a rate of 8%. The contract required 8 equal annual payments with the first payment due on June 1, 2012. What type of compound interest table is...
Wednesday, October 17, 2012 at 8:02pm

LAW421
How does the strict liability doctrine apply to the practice of accounting? Provide examples.
Tuesday, October 16, 2012 at 10:39am

accounting
in order for companies to prepare and issue financial staements, their accounting equations (debit and credits) must be in balance at year end. Discuss how errors and misstatements may occur given this requirement.
Monday, October 15, 2012 at 4:13pm

accounting
•In order for companies to prepare and issue financial statements, their accounting equations (debits and credits) must be in balance at year end. Discuss how errors and misstatements may occur given this requirement
Monday, October 15, 2012 at 4:01pm

accounting
in order for companies to prepare and issue financial staements, their accounting equations (debit and credits) must be in balance at year end. Discuss how errors and misstatements may occur given this requirement.
Monday, October 15, 2012 at 2:07pm

accounting
the responsibility for issuing a report on a company's internal controls over financial reporting rests with?
Sunday, October 14, 2012 at 5:40pm

accounting
imageshack.us/a/img404/2843/img001292012​10132042.jpg if over 600 units, fixed costs goes up 20% how do i get each blank?
Saturday, October 13, 2012 at 9:08pm

accounting
Lisa school supplies suffred a fire loss. The company needs to estimate the cost of good destroyed. Beginning inventory was 100,000 purchases totaled 600,000 and sales came equaled 1,000,000. Lisa normal gross profit percentage is 40%. What is the estimated cost of the ...
Friday, October 12, 2012 at 12:44pm

cost and management accounting
Choice any company and explain the five ways of applying cost and management in company process system.
Thursday, October 11, 2012 at 4:32pm

Statistics: Regression
The June 1997 issue of Management Accounting gave the following rule for predicting your current salary if you are a managerial accountant. Take $31,865. Next, add $20,811 if you are top management, add $3604 if you are senior management, or subtract $11,419 if you are entry ...
Wednesday, October 10, 2012 at 5:55pm

Accounting Question?
What is the distinguishing characteristic between accounts receivable and notes receivable? a. Notes receivable generally specify an interest rate and a maturity date at which any interest and principle must be repaid. b. Accounts receivable are usually current assets while ...
Thursday, October 4, 2012 at 7:13pm

Accounting
Comment on Dr. Hendley's statement that the difference between the opening bank balance ($30,000) and the January balance ($75,000) is pure profit.
Thursday, October 4, 2012 at 2:10pm

accounting
BLT produces plastic that is used for injection molding applications such as gears for small motors. In 2012, the first year of operations, BLT produced 6,492 tons of plastic and sold 5,410 tons. In 2013, the production and sales results were exactly reversed. In each year, ...
Wednesday, October 3, 2012 at 7:23am

accounting
A review of the ledger of Terrell Company at December 31, 2012, produces these data pertaining to the preparation of annual adjusting entries. 1. Prepaid Insurance $18,279. The company has separate insurance policies on its buildings and its motor vehicles. Policy B4564 on the...
Tuesday, October 2, 2012 at 3:36pm

accounting
18. Balance sheet and income statement data indicate the following: Bonds payable, 6% (issued 2000, due 2020) $1,200,000 Preferred 8% stock, $100 par (no change during the year) 200,000 Common stock, $50 par (no change during the year) 1,000,000 Income before income tax for ...
Tuesday, October 2, 2012 at 10:52am

Accounting
Accounting for a Job-Order Cost System [LO 3, 6, 7, 9] Bob and Beth Ford retired from the food services industry and began catering wedding receptions on a limited basis. The major costs in setting up their business included: linens, $1,600; two complete silver services, $1,...
Monday, October 1, 2012 at 4:13pm

Accounting
If a company erroneously records a $500 deposit as $50 in its records, which of the following must occur when reconciling its bank statement? a. The company must increase the balance per its records by $500. b. The company must decrease the balance per its records by $500. c. ...
Sunday, September 30, 2012 at 1:37pm

accounting
Shastri Bicycle of Bombay, India, produces an inexpensive, yet rugged, bicycle for use on the city’s crowded streets that it sells for 717 rupees. (Indian currency is denominated in rupees, denoted by Picture.) Selected data for the company’s operations last year ...
Saturday, September 29, 2012 at 9:14pm

accounting
Shastri Bicycle of Bombay, India, produces an inexpensive, yet rugged, bicycle for use on the city’s crowded streets that it sells for 930 rupees. (Indian currency is denominated in rupees, denoted by Picture.) Selected data for the company’s operations last year ...
Saturday, September 29, 2012 at 9:13pm

accounting
During Denton Company’s first two years of operations, the company reported absorption costing net operating income as follows: Year 1 Year 2 Sales (@ $64 per unit) $ 1,216,000 $ 1,856,000 Cost of goods sold (@ $32 per unit) 608,000 928,000 Gross margin 608,000 928,000 ...
Saturday, September 29, 2012 at 9:12pm

accounting
Frieden Company's contribution format income statement for the most recent month is given below: Sales (46,000 units) $ 966,000 Variable expenses 676,200 Contribution margin 289,800 Fixed expenses 231,840 Net operating income $ 57,960 The industry in which Frieden Company ...
Saturday, September 29, 2012 at 9:10pm

Accounting
Shirts Unlimited operates a chain of shirt stores that carry many styles of shirts that are all sold at the same price. To encourage sales personnel to be aggressive in their sales efforts, the company pays a substantial sales commission on each shirt sold. Sales personnel ...
Saturday, September 29, 2012 at 9:09pm

accounting
YSL Marketing research is a small firm located in Seattle. On behalf of its clients, the firm conducts focus group meetings, telephone and mail opinion surveys, and evaluations of marketing strategies. The firm has three partners and six nonpartner professionals. At the start ...
Thursday, September 27, 2012 at 7:01am

accounting
1. Use the general journal to journalize the following transactions completed during July of the current year. 2. Post from the general journal to the general ledger. Using the following steps. a. A. Write the current year and July 1 in the Date column. (The account title, ...
Tuesday, September 25, 2012 at 10:39am

accounting information system
how to make a flow diagram in bumper cars
Monday, September 24, 2012 at 10:17pm

Account
Use the following identification codes to indicate the effects of each transaction on the accounting equation: I = Increase; D = Decrease; NE = No Effect. Write your answers in the space provided under the accounting equation, being sure to include an identification code for ...
Sunday, September 23, 2012 at 5:31pm

Account
If an investor can use accounting information for two different companies to evaluate the types and amounts of expenses, the information is said to have the quality of ________? a. Neutrality b. Comparability c. Materiality d. Consistency
Sunday, September 23, 2012 at 5:28pm

Accounting
Which of the following accounts is decreased by a debit entry? Answer a. Accounts Payable b. Cash c. Prepaid Insurance d. Insurance Expense
Sunday, September 23, 2012 at 4:14pm

Accounting
Scott Brothers, Inc. follows the qualitative characteristic of consistency. This means that Answer a. Scott applies the same accounting principles as its competitors. b. Scott has elected certain accounting principles that can never be changed. c. Scott applies the same ...
Sunday, September 23, 2012 at 4:13pm

Accounting
If an investor can use accounting information for two different companies to evaluate the types and amounts of expenses, the information is said to have the quality of Answer a. Neutrality b. Comparability c. Materiality d. Consistency
Sunday, September 23, 2012 at 4:12pm

Accounting
The going concern assumption is concerned with a. The company's ability to continue operations long enough to carry out its existing obligations. b. Measuring ongoing business activities at their exchange price at the time of the initial external transaction. c. offsetting...
Sunday, September 23, 2012 at 4:11pm

Accounting
Doughtry's Pet Shop reported a net loss of $1,500,000 and total expenses of $2,900,000. How much are total sales? Answer a. $1,600,000 b. $4,400,000 c. $2,400,000 d. $1,400,000
Sunday, September 23, 2012 at 3:29pm

Accounting
Peck Company The Peck Company reported the following items on its financial statements for the year ending December 31, 2010. Sales - $1,560,000 Cost of Sales - $1,400,000 Selling, general and administrative expense - 40,000 Other Expense - 30,000 Dividends - 10,000 Income Tax...
Sunday, September 23, 2012 at 3:28pm

accounting
Salt River Copmany is evaluating a capital expenditure propsal that has the following predicted cash flows: Intial investment $(43,270) Operation Year 1 20,000 Year 2 30,000 Year 3 10,000 Salvage 0 a. Using a discount rate of 14 percent, determine the net present value of the ...
Friday, September 21, 2012 at 11:43pm

accounting
Salt River Copmany is evaluating a capital expenditure propsal that has the following predicted cash flows: Intial investment $(43,270) Operation Year 1 20,000 Year 2 30,000 Year 3 10,000 Salvage 0 a. Using a discount rate of 14 percent, determine the net present value of the ...
Friday, September 21, 2012 at 11:40pm

Accounting
A $15 credit to Sales was posted as a $150 credit. By what amount is Sales in error? my answer is $135 overstated
Friday, September 21, 2012 at 8:06pm

accounting
The journal entry to record the withdrawal of cash by Sue Snow, the owner, to pay a personal utility bill would include a debit to __________ and a credit to __________.
Friday, September 21, 2012 at 11:20am

Accounting
Calculate variable cost variances—explain results The standards for one case of Springfever Tonic are: Direct materials . . . . . . . . . . . . . . . . . . 8 lbs. @ $3.00/lb. = $24 Direct labor . . . . . . . . . . . . . . . . . . . . . 6 hrs. @ $1 0.00/hr. = 60 Variable ...
Thursday, September 20, 2012 at 9:22pm

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