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April 18, 2014

Homework Help: Business: Accounting

Recent Homework Questions About Accounting

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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

accounting
Suppose a company rents a building for $250,000 a year for the purpose of manufacturing between 80,000 and 140,000 units (the relevant range of activity). The rental cost per unit of production will __________ as production levels increase.
Saturday, March 9, 2013 at 3:10am

accounting
How should Lani account for this lease at its inception and determine the amount to be recorded?
Friday, March 8, 2013 at 2:23am

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
I = Principle x rate x time I = 300 x .22 x 1
Monday, March 4, 2013 at 9:07am

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

accounting
Kathy Company purchased and installed a machine on January 1, 2006 at a total cost of $72,000. Straight-line depreciation was calculated based on the assumption of a five-year life, and no salvage value. The machine was disposed of on July 1, 2009. Prepare the general journal ...
Saturday, March 2, 2013 at 5:48pm

account
http://www.investopedia.com/terms/a/acco​unting-error.asp#axzz2MPMZvmKI
Saturday, March 2, 2013 at 1:24pm

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

survey of accounting
The ______ interest rate is used to calculate the regular interest payments made to the bond holder.
Thursday, February 28, 2013 at 6:45pm

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
Palmer Golf Accessories sells golf shoes, gloves, and a laser-guided range-finder that measures distance. Shown below are unit cost and sales data. Pairs of Shoes Pairs of Gloves Range- Finder Unit sales price $103 $32 $243 Unit variable costs 59 10 204 Unit contribution ...
Wednesday, February 27, 2013 at 10:56am

Chemistry
Okay, I made an accounting error. I calculated a Ka2 value different from yours and am not sure that it is correct. I would repost this question if Dr. Bob222 doesn't answer this soon.
Monday, February 25, 2013 at 9:44pm

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
The effectiveness of the business
Sunday, February 24, 2013 at 1:00pm

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
The post closing trial balance contains balance sheet accounts only. True or False
Monday, February 11, 2013 at 4:58pm

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 for got to add I need to come up with Premium Long-term Liabilities and Discount Long-term Liabilities
Sunday, February 10, 2013 at 6:00pm

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
The corporation borrowed $25,000 by signing a note payable on April 22. how to journalize
Sunday, February 10, 2013 at 11:09am

accounting
http://www.jiskha.com/display.cgi?id=134​6292275
Saturday, February 9, 2013 at 9:07pm

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
Assuming it's simple interest >> 500 * 1.08 = ?
Friday, February 8, 2013 at 5:11pm

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

Advanced accounting
Hanna Company borrows $80,000 on July 1 from the bank by signing a $80,000, 10%, one-year note payable. Correct. Prepare the journal entry to record the proceeds of the note. Date Account/Description Debit Credit July 1 Incorrect. Prepare the journal entry to record accrued ...
Wednesday, February 6, 2013 at 9:57pm

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
If two years’ preferred dividends are in arrears and the board of directors declares cash dividends of $11,500, what total amount will be paid to the preferred and to the common shareholders? What is the amount of dividends per share for the common stock?
Saturday, February 2, 2013 at 2:08pm

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
aphael Corporation’s common stock is currently selling on a stock exchange at $85 per share, and its current balance sheet shows the following stockholders’ equity section: Preferred stock—5% cumulative, $___ par value, 1,000 shares authorized, issued, and ...
Wednesday, January 30, 2013 at 12:59am

accounting
Raphael Corporation’s common stock is currently selling on a stock exchange at $85 per share, and its current balance sheet shows the following stockholders’ equity section: Preferred stock—5% cumulative, $___ par value, 1,000 shares authorized, issued, and ...
Wednesday, January 30, 2013 at 12:35am

accounting
Y= a + bx y= 567,000 + (4.00* 38,000) y= 567,000 + 152,000 y= 719,000 estimated manufacturing overhead Predetermined overhead rate= estimated manufacturing overhead/ estimated allocation base POR= 719,000/38,000 POR= $18.92 per direct labor hour
Tuesday, January 29, 2013 at 11:20pm

Accounting
31 march 1998goodwill was vaued rs.a
Tuesday, January 29, 2013 at 2:12am

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
11422 4572 812 4518
Friday, January 25, 2013 at 4:39pm

Finance
1. Which of the following are legal and acceptable reasons for the high level of merger activity in the U.S. during the 1980s? a. Synergistic benefits arising from mergers. b. A profitable firm acquires a firm with large accumulated tax losses that my be carried forward. c. ...
Friday, January 25, 2013 at 2:35pm

Finace
1. Which of the following are legal and acceptable reasons for the high level of merger activity in the U.S. during the 1980s? a. Synergistic benefits arising from mergers. b. A profitable firm acquires a firm with large accumulated tax losses that my be carried forward. c. ...
Friday, January 25, 2013 at 10:22am

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

English
That works just fine. You could also start with "Patsy Moore, director of budget and accounting . . ."
Wednesday, January 23, 2013 at 11:15pm

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

accounting
The Bags and Luggage Company had the following account balances as of January 1: Direct Materials Inventory $ 8,700 Work in Process Inventory 76,500 Finished Goods Inventory 53,000 Manufacturing Overhead - 0 - During the month of January, all of the following occurred: 1. ...
Tuesday, January 22, 2013 at 9:19pm

College Accounting
apr. 12 no entry no entry 0
Monday, January 21, 2013 at 6:40pm

accounting
Why didn’t more whistle-blowers come forward, and why didn’t some make a significant difference? How could whistle-blowers have been encouraged?
Sunday, January 20, 2013 at 11:04pm

Accounting
47
Sunday, January 20, 2013 at 8:08pm

accounting
Maria Gonzalez opened a veterinary business in Nashville, Tennessee, on August 1. On August 31, the balance sheet showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Office Equipment $6,000, Accounts Payable $3,600, and M. Gonzalez, Capital $13,700. During ...
Sunday, January 20, 2013 at 12:42am

Accounting
Can someone show me this bank reconciliation? On Aug 14th, One of our Partner's ( Compuville ) cash book showed a debit balance of $4,000.00. His bank statement showed a balance of $4,270.00. On comparison the following were found: * check issued amounting to $2,500.00 has...
Saturday, January 19, 2013 at 6:31pm

english
NOMINAL CONFISCATE CONSTITUTE DECIPHER DEFAULT HYPOTHETICAL CONCURRENT PREDOMINANT PREREQUISITE RECESSION 1-2. This summer, local children can sign up for art or music lessons for a _____ fee of $ 3.00. It’s impossible to take both, though, since the classes will be _____...
Saturday, January 19, 2013 at 3:42pm

Accounting
how do you classify what the cost to set up a manufacturing facility as? is it general, selling and administrative and what type of cost is it? Please Help.
Saturday, January 19, 2013 at 2:21pm

accounting
What is the purpose of closing all temp accounts.
Thursday, January 17, 2013 at 7:32pm

accounting
The following stockholders' equity accounts arranged alphabetically are in the ledger of McGrath Corporation at December 31, 2011. Common Stock ($10 stated value) $1,500,000 Paid-in Capital from Treasury Stock 6,000 Paid-in Capital in Excess of Stated Value-Common Stock ...
Tuesday, January 15, 2013 at 11:31pm

accounting
a tabular analysis of the transactions made during august 2010 by witten company during its first month of operations is shown below each increase and decrease in stockholders' equity is explained.
Sunday, January 13, 2013 at 9:37pm

understanding and managing money
carmen santiago works for a number of business as a consultant. She has helped design accounting systems, provided accounting services and analyzed the finacial stregth of her clients' business. carmen is working as a
Thursday, January 10, 2013 at 6:46pm

accounting
Income Statement Data: This year Last year Revenue $150,000 $120,000 Cost of Goods Sold $90,000 $60,000 Operating Income $10,000 $5,000 Income Tax Expense $1,800 $500 Based on a horizontal analysis of the data, which statement correctly identifies the company's performance...
Thursday, January 10, 2013 at 5:27pm

Accounting
ccz
Wednesday, January 9, 2013 at 3:42pm

Accounting
The Dubuque Cement Company packs 80-pound bags of concrete mix. Time-study data for the filling activity are shown in the following table. Because of the high physical demands of the job, the company's policy is a 23% allowance for workers. a) Compute the standard time for...
Wednesday, January 9, 2013 at 8:02am

Managerial accounting
[Figure 5-1]. - The receiving department of Owen has three activities: unloading, counting goods, and inspecting. Unloading requires a forklift that is leased for $15,000 per year. The forklift is used only for unloading. The fuel for the forklift is $2,000 per year. ...
Monday, January 7, 2013 at 10:31pm

Accounting
good such as milk bread and chesse would problably be costed using what method of inventory costing
Friday, January 4, 2013 at 7:46pm

Principles of accounting
Sold goods on credit at list price less 10% trade discount to: D. Prince 25,000 S. Cato 14,000 What is the trade discount amount and how much does each person pays for the goods?
Friday, January 4, 2013 at 2:16am

Accounting
Hi, When delivery eqipment is purchased on account, the transaction to be recorded by the purchaser inclues debiting: A: Delivery Equip & crediting AP B: Delivery Equip & crediting Cash C: Delivery Expense & crediting AP D: Delivery Expense & crediting Cash My answer is D. I&#...
Tuesday, January 1, 2013 at 11:14am

Accounting
Yes, CB is essential because it helps to determine the profitability of a proposed project over a defined time period and emphasizes on the key role management has in value creation by taking projects and expanding the size of the firm if profitable. For this purpose economic ...
Monday, December 31, 2012 at 10:30am

Accounting
statement that the difference between the opening bank balance ($30,000) and the January statement balance ($75,000) is pure profit.
Friday, December 21, 2012 at 12:05am

accounting
using the following information, calculate inventory turnover ratio, the average days in inventory, and the gross profit ratio for Howard Company for the year ended december 31, 2011( round to two decimal places) sales $225,00 Cost of goods $175,000 Ending inventory, December ...
Thursday, December 20, 2012 at 7:21pm

accounting
It did not affected my responsibilies. yes it well.
Thursday, December 13, 2012 at 11:44pm

accounting
Georgia owns a home in Colorado that she rents for $1,200 per month that she does not use personally. While she was in Europe for Christmas, the roof in her house leaked and her tenants repaired it for $900. For the following month's rent (January), her tenants paid her $...
Thursday, December 13, 2012 at 1:54pm

accounting
On November 30, 2011, Constance purchased an apartment building for $750,000. Determine her depreciation deduction for 2011
Thursday, December 13, 2012 at 1:53pm

accounting
. Della purchased a commercial warehouse which has a 39 year life on February 25, 2011, for $350,000. $45,000 of the price was for the land. What is her depreciation deduction for 2011
Thursday, December 13, 2012 at 1:52pm

accounting
THIS IS THE SECOND PHASE OF THE TAX RETURN PROBLEM YOU BEGAN AT THE END OF CHAPTER 4. THIS PHASE OF THE TAX RETURN INCORPORATES THE MATERIAL FROM CHAPTERS 5,6,7, AND 8 BY PROVIDING YOU WITH INFORMATION CONCERNING THE SCHNAPPAUFS' DEDUCTIONS FOR 2010. THEY PROVIDE YOU WITH ...
Thursday, December 13, 2012 at 12:16am

Accounting
which of the following is true: cash flow data is superior to earnings under the accrual basis in predicting long-term performance of an entity, earnings under the accrual basis is superior to cash flow data in predicting short-term performace of an entity, earnings under the ...
Tuesday, December 11, 2012 at 12:13pm

Finance Accounting
Blankenship Company estimated that its warranty expense would be $4,250 for the current year. During the year Blankenship paid $920 to repair merchandise that was returned by customers. a) What is the amount of warranty expense for the current year? b) If this is the first ...
Tuesday, December 11, 2012 at 12:00pm

accounting
Use your knowledge of income statements to fill in the missing items: Sales Cost of goods sold $575,000 Gross profit $1,600,000 General and administrative expense $200,000 Selling and marketing expense $ Depreciation $50,000 Operating income $ Interest $100,000 Income before ...
Monday, December 10, 2012 at 1:46pm

accounting
Contribution margin = sales revenue - variable cost... So (20000*10) 200000-(20000*4)80000= 120000
Sunday, December 9, 2012 at 7:11pm

accounting
By Saturday, January 5, 2013, submit the following assignment: As a financial consultant, you have contracted with Wheel Industries to evaluate their procedures involving the evaluation of long term investment opportunities. You have agreed to provide a detailed report ...
Sunday, December 9, 2012 at 8:34am

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