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April 18, 2014

Search: Prepare an income statement for the year ended December 31, 2009. (Assume that

Number of results: 31,391

Accounting
Use the following adjusted trial balance of Webb Trucking Company to prepare the (1) income statement and (2) statement of retained earnings, for the year ended December 31, 2011. The retained earnings ac- count balance is $151,000 at December 31, 2010.
Wednesday, July 30, 2008 at 4:28pm by HALA

Intermediate Accounting
On January 4, 2002, Wynn, Inc., bought 15% of Parr Corporation’s common stock for $60,000. Wynn appropriately accounts for this investment by the cost method. The following data concerning Parr are available for the years ended December 31, 2002 and 2003: 2002 2003 Net income...
Saturday, December 11, 2010 at 2:43am by cyndi

accounting
In 2007, Clyde Blackstock opened Clyde’s Pets, a small retail shop selling pet supplies. On December 31, 2007 Clyde’s accounting records showed the following: Merchandise inventory at December 31, 2007 $10,250 Merchandise inventory at January 1, 2007 $15,000 Sales revenue for ...
Saturday, December 10, 2011 at 3:17am by Anonymous

Accounting
Please Help I have no idea how to do this! I have to prepare a adjusting entry for year ended December 31, 2008 A. One third of the work related to 15,000 cash recieved in advance is performed this period. The company has a bank loan and has incurred but not recorded interest ...
Saturday, September 16, 2006 at 10:58am by Amber

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 by Anonymous

Accounting
The income statement section of the worksheet of Smith Company for the year ended December 31, has 169,000 recorded in the Debit column and 193,434 in the Credit column on the line for the Income Summary account. What were the beginning and ending balances for Merchandise ...
Saturday, July 3, 2010 at 7:48pm by Crystal

college accounting
Complete the correct income statement, beginning with income before income taxes. MOLINI CORPORATION Partial Income Statement For the Year Ended October 31, 2008 Income before income taxes $ 540000 Income tax expense 162000 Income before extraordinary item 378000 Extraordinary...
Tuesday, October 6, 2009 at 10:55am by Anonymous

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 by Anonymous

Accounting
Prepare the income statement of Draper Consulting for the month ended Deceomber 31, 2012
Tuesday, May 15, 2012 at 6:17pm by kim

business math
Lowery landscapes had net income of $50,000 for 2010. Land was sold for $40,000, of which #3,000 was a gain. The beginning cash balance was #53,000, and the ending cash balance was #252,000. Depreciation expenses were $11,000. Prepare a statement of cash flows for the year ...
Sunday, May 26, 2013 at 8:59am by Anonymous

accounting
I have tried to figure out how to do this for four days and my textbook does not give an example on how to do this problem. Lower-of-Cost-or-Market Corrs Company began operations in 2007 and determined its ending inventory at cost and at lower of cost or market at December 31...
Friday, September 16, 2011 at 12:59pm by Nick

principle of accounting
raper Consulting began operations and completed the following transactions during the first half of December: Dec 2   Received $18,000 cash and gave capital to Draper. 2   Paid monthly office rent, $550. 3   Paid cash for a Dell computer, $1,800. This equipment is expected to ...
Monday, June 4, 2012 at 11:03am by carol

accounting
P4-2A The adjusted trial balance columns of the worksheet for Porter Company are as follows. PORTER COMPANY Worksheet For the Year Ended December 31, 2008 Adjusted Account Trial Balance No. Account Titles Dr. Cr. 101 Cash 18,800 112 Accounts Receivable 16,200 126 Supplies 2,...
Thursday, February 9, 2012 at 10:24am by Beth

Accounting
The SOO Company has machinery that it acquired a number of years ago at a cost of $812,000. As of December 31, 2012 the company has recorded life-to-date depreciation in the amount of $332,900. Because of changes in their manufacturing processes, the equipment does not ...
Monday, May 2, 2011 at 5:01pm by Jennifer

Fin 324
Income and retained earnings relationships: Assume that retained earnings increased by $375,000 from December 31, 2008 to December 31, 2009, for jarvie Distribution Corporation. During the year, a cash dividend of $135,000 was paid. 1. Compute the net income for the year 2. ...
Saturday, March 12, 2011 at 12:50am by Jodie

accounting
The E-Company The E-Company manufactures trendy, high-quality moderately priced watches that it sells on the Internet. As the company's senior financial analyst, you are asked to analyze the overall profitability fo the current year. The CFO has heard that there are two ...
Wednesday, September 30, 2009 at 9:14pm by Tracy

college/ accounting
The E-Company The E-Company manufactures trendy, high-quality moderately priced watches that it sells on the Internet. As the company's senior financial analyst, you are asked to analyze the overall profitability fo the current year. The CFO has heard that there are two ...
Wednesday, September 30, 2009 at 9:16pm by Tracy

comprehensive income
Can I please have help with the following problem. Bee Spears Clothing Stores reported sales of $250,000 cost of goods sold of $150,000, operating expenses of $25,000, income tax expense rate of 30% in calendar year 2006, and an unrealized loss from marketable securities (...
Monday, October 9, 2006 at 6:45pm by confused

accounting
A firm has in the past provided for bad debts on the basis of 10% of yr end trade receivables.The provision brought forward (brought down) on 1 Jan 2006 was €520 During the yr ended 31 December 2006 the bad debts written off amounted to €620 and the remaining trade receivables...
Thursday, January 25, 2007 at 8:26pm by Mehreen

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 by Karen

managerial accounting
For year ended December 31, 2006, firm a produced and sold 12,000 units of product. Fixed expenses associated with producing the product totaled $4000 for the year. A variable cost of $3.20 per unit was incurred to produce the product. Fixed expenses associated with selling ...
Monday, October 17, 2011 at 11:20am by mz nailz

Intermediate Accounting
Information relating to the capital structure of Parke Corporation is as follows: ` December 31 2008 2009 Outstanding shares of: Common stock 90,000 90,000 Preferred stock, convertible into 30,000 shares of common 30,000 30,000 10% convertible bonds, convertible into 20,000 ...
Saturday, December 11, 2010 at 2:43am by cyndi

Finance
Trying to figure out how to do problems like these. So confused! 1. The receivables turnover for 2009 is 10 times. 2. All sales are on account. 3. The profit margin for 2009 is 14.5%. 4. Return on assets is 22% for 2009. 5. The current ratio on December 31, 2009, is 3.0. 6. ...
Sunday, November 13, 2011 at 1:14am by Ali

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 by alexis

accounting
Company reports net income of $ 530,000 for the year ended December 31, 2009. It also reports $ 95,400 depreciation expense and a $ 4,000 gain on the sale of machinery. Its comparative balance sheets reveal a $ 42,400 increase in accounts receivable, $21,730 increase in ...
Monday, October 24, 2011 at 7:31pm by Renee

Math
Staley Watch Company reported the following income statement data for a 2-year period. 2008 2009 Sales $210,000 $250,000 Cost of goods sold Beginning inventory 32,000 44,000 Cost of goods purchased 173,000 202,000 Cost of goods available for sale 205,000 246,000 Ending ...
Sunday, May 2, 2010 at 5:42pm by Angie

Account
Here is my question, please help!!! 5. Assume that Z company's chief financial officer gave you the following information: net sales, $3,800,000; cost of goods sold, $2,100,000; extraordinary gain (net of income taxes of of $7,000), $25,000; loss from discontinued operations (...
Tuesday, December 5, 2006 at 12:52pm by Angel

accounting
On January 1, 2008 Touring company agreed to buy some equipment from Jones Company. Touring company signed a note,agreeing to pay Jones company $500,000 for the equipment on December 31, 2010. The market rate of interest for this note was 10%. a. Prepare the journal entry ...
Wednesday, May 2, 2012 at 10:30pm by Jamie

accounting
Les fleurs a boutique in paris france had the following accounts in its accounting records at december 31, 20x2. compute the following for les fleurs during 20x2 net sale cost of goods sold net income balance sheet december 31, 20x2 statement of owners equity december 31, 20x2
Monday, December 7, 2009 at 11:43pm by Gia

Finance 200
11. The Sterling Tire Company’s income statement for 2008 is as follows: Given this income statement, compute the following: STERLING TIRE COMPANY Income Statement For the Year Ended December 31, 2008 Sales (20,000 tires at $60 each...
Friday, February 26, 2010 at 6:04pm by teena

accounting
Calculate margin, net income, and ROE For the year ended December 31,2009, Ebanks, Inc. earned an ROI of 12%. Sales for the year were $96 million, and average asset turnover was 2.4 Average owners equity was $32 million. Calculate Ebanks, Inc.’s margin and net income Calculate...
Saturday, November 8, 2008 at 12:55pm by MURIEL

Accounting
Smith Company for the year ended December 31, has $169,000 recorded in the Debit column and $193,434 in the Credit column on the line for the Income Summary account. What were tht beginning and ending balances for Merchandise Inventory?.
Saturday, January 2, 2010 at 7:45pm by Tim

accounting
a partial balance sheet and income statement for King Corproation follow: KING CORPORATION Partial Balance Sheet December 31,2009 Assets Current assets: Cash $33,493 Marketable securities $215,147 Trade receivables, less allowance of $6,000 $255,000 Inventories, LIFO $523,000 ...
Thursday, November 18, 2010 at 12:29pm by Sheryl

Accounting
At the end of its first year, the trial balance of Riko Company shows Equipment $20,590 and zero balances in Accumulated Depreciation–Equipment and Depreciation Expense. Depreciation for the year is estimated to be $3,333. Prepare the adjusting entry for depreciation at ...
Tuesday, October 2, 2007 at 8:32pm by jimmy

Accounting Question
Below are two questions from my accounting class. I am not sure how to approach this kind of problem. Any help or suggestions would be greatly appreciated. Thanks in advance! ------------------------------ The following trial balance of Trane Corp. at December 31, 2001 has ...
Sunday, May 11, 2008 at 2:37am by jason

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 by Lisa

accounting
herman company received proceeds of $188,500 on 10-year, 8% bonds issued on january 1, 2009. the bonds had a face value of $200,000, pay interest semi-annually on june 30 and december 31, and have a call price of 101. herman uses the straight-line method of amortization. what ...
Wednesday, November 10, 2010 at 6:46pm by debbie

accounting
In 2002, construction work began on a three-year contract at a price of $7,525,000. The firm uses the percentage-of-completion method of financial accounting purposes. The income to be recognized each year is based on the proportion of cost incurred to the total estimated ...
Friday, February 13, 2009 at 11:21am by Cindy

accounting
Ayres Services acquired an asset for $80 million in 2011. The asset is depreciated for financial reporting purposes over four years on a straight-line basis (no residual value). For tax purposes the asset's cost is depreciated by MACRS. The enacted tax rate is 40%. Amounts for...
Wednesday, September 28, 2011 at 7:12am by Robert

accounting
Prepare adjusting journal entries for the year ended (or date of) December 31, 2005, for each of these separate situations. Assume that prepaid expenses are initially recorded in asset accounts. Also assume that fees collected in advance of work are initially recorded as ...
Tuesday, April 6, 2010 at 7:25pm by kim

college accounting
Solution Close E15-12 (a) MOLINI CORPORATION Partial Income Statement For the Year Ended October 31, 2008 Income before income taxes $540,000 Income tax expense ($540,000 × 30%) 162,000 Income before extraordinary item 378,000 Extraordinary loss from flood, net of $45,000 tax...
Tuesday, October 6, 2009 at 10:55am by Anonymous

accounting
Below is a list of account balances for Currie Hospital as of December 31, 2013. Prepare a balance sheet as of December 31, 2013, in proper form. (Hint: You will need to compute the net assets account. Assume that all net assets at the beginning of the year are unrestricted.)
Monday, July 8, 2013 at 10:02pm by Anonymous

college accounting
For its fiscal year ending October 31, 2010, Molini Corporation reports the following partial data. Income before income taxes $540,000 Income tax expense (30% $390,000) 117,000 Income before extraordinary items 423,000 Extraordinary loss from flood 150,000 Net income $273,000...
Tuesday, October 6, 2009 at 10:55am by chris

acc/291
I got problem P-13-9-A allfigured out I just can'tP13-9A Condensed financial data of Arma Inc. follow. ARMA INC. Income Statement For the Year Ended December 31, 2011 Sales $392,780 Less: Cost of goods sold $135,460 Operating expenses, excluding depreciation 12,410 ...
Saturday, June 16, 2012 at 1:36pm by at

Financial Accounting
Prepare adjusting journal entries for the year ended December 31, 2011 for each of the independent situation in (a) to (f). Assume that prepaid expenses are initially recorded in asset accounts. Assume that fees collected in advance of work are initially recorded as ...
Sunday, July 25, 2010 at 9:38pm by Prateek

Financial Accounting
Calculate accounts receivable turnover ratio. Calculate accounts receivable turnover ratio. Selected information from Mystic Corporation’s balance sheet at December 31, 2010 and income statement for the year ended December 31, 2010 is as follows: Cash $35,000 Accounts ...
Friday, May 3, 2013 at 8:12am by Anonymous

accy 201
i need help with adjusting and paying accrued expenses for three seperate situations and also preparing an income statement and statement of retained earnings for Resource Trucking Company for December 31,2009
Monday, February 14, 2011 at 8:45am by ann

acct HELP!!!
In January 2010, Rich Corporation estimated that its 2010 year-end bonus to executives would be $1,125,000 for 2010. This forecast was based on the actual amount paid for the bonuses in the previous year. The estimate for 2010 is subject to change as the year adjusts. What ...
Saturday, May 25, 2013 at 9:07pm by kelli

Accounting
O' Hara Company began operations on December 1, 2011. Presented below is selected information related to O' Hara Company at December 31, 2011. Office Equipment ₤ 40,000; Utilities Expense ₤ 6,000; Cash 14,000; Accounts Receivable 27,000; Service Revenue 108,000; ...
Sunday, December 18, 2011 at 1:57am by ummu

Accounting
On January 2, Todd Company acquired 40% of the outstanding stock of McGuire Company for $205,000. For the year ending, December 31, McGuire earned income of $48,000 and paid dividends of $14,000. Prepare the entries for Todd Company for the purchase of the stock, share of ...
Saturday, June 15, 2013 at 9:43pm by Ant

Accounting
(Dollar-Value LIFO) Presented below is information related to Dino Radja Company. Ending Inventory Price Date (End-of-Year Prices) Index December 31, 2004 $ 80,000 100 December 31, 2005 115,500 105 December 31, 2006 108,000 120 December 31, 2007 122,200 130 December 31, 2008 ...
Monday, May 12, 2008 at 11:41pm by Gurtie

accounting
hi,..!! i hope u can answer it,.. the following data are gathered prior to the preparation of the year end adjusting journal entries of IEMELIF enterprises: nature: last payment date: TAXES december 15, 20-7 ELECTRICITY december 22, 20-7 WATER december 10, 20-7 WAGES december ...
Tuesday, August 3, 2010 at 9:30am by jhona

Acounting question. pls help
A firm has in the past provided for bad debts on the basis of 10% of yr end trade receivables. The provision brought forward (brought down) on 1 January 2006 was €520 During the yr ended 31 December 2006 the bad debts written off amounted to €620 and the remaining trade ...
Wednesday, January 24, 2007 at 4:30pm by Mehreen

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, ...
Monday, March 31, 2014 at 12:41pm by Big Dada

accounting
Selected year- end financial statements of Cadet Corporation follow. ( All sales were on credit; selected balance sheet amounts at December 31, 2008 (prior year – you will need this to calculate certain averages), were inventory, $ 56,900; total assets, $ 219,400; common stock...
Sunday, October 30, 2011 at 4:42am by Renee

accounting
3. On December 1, year 1, Newton Corporation incurs a 15-year $300,000 mortgage liability in conjunction with the acquisition of an office building. This mortgage is payable in monthly installments of $3,600, which include interest computed at the rate of 12% per year. The ...
Monday, January 30, 2012 at 2:31pm by herman

Introduction to Finance: Harvesting the Money Tree
27. Prepare a statement of cash flows for the Crosby Corporation. Follow the general procedures indicated in Table 2–10 on page 38 . Statement of cash flows (L04) Current Assets Liabilities Cash . . . . . . . . . . . . . . . . . . . . . . . . . $ 15,000 Accounts payable...
Sunday, July 12, 2009 at 6:00pm by scooby9132002

accounting
My friend Robert Hughes runs hardware business in down town Dallas. Because of competition he relies on neighborhood customers for sales. From inception of operations to December 31, 2010, Robert Hughes Hardware Company provided for uncollectible accounts receivable under the ...
Sunday, October 16, 2011 at 6:08pm by adam

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 by Rescueme417

accounting
. For each of the following cases, prepare adjusting entries required of financial statements for the year ended (date of) December 31, 2011. (Assume that prepaid expenses are initially recorded in asset accounts and that fees collected in advance of work are initially ...
Sunday, September 16, 2012 at 9:22pm by loly

Intermediate Accounting
Island Builders, Inc., has consistently used the percentage-of-completion method of accounting for construction type contracts. During 2004 Island Builders started work on a $9,000,000 fixed-price construction contract that was completed in 2006, Island Builders’ accounting ...
Saturday, December 11, 2010 at 2:41am by cyndi

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...
Wednesday, July 25, 2012 at 8:00am by anon

accounting
I am looking for the answer to this assignment. I am not an accounting major and have no clue. Please help Assignment Name: Unit 4 Individual Project Deliverable Length: 2-3 paragraphs Details: Les Fleurs, a boutique in Paris, France, had the following accounts in its ...
Friday, May 21, 2010 at 5:00pm by Terill

accounting
On December 31, 2013, a company issues bonds with a par value of $600,000. The bonds mature in 10 years, and pay 6% annual interest, payable each June 30 and December 31. The bonds sold at $592,000. The company uses the straight-line method of amortizing bond discounts. The ...
Tuesday, February 4, 2014 at 9:40pm by micheal

c++ programming
Write a program that determines the day number (1 to 366) in a year for a date that is provided as input data. As an example, January 1, 2011 is day 1. December 31, 2010 is a day 365. December 31, 2012 is day 366, since 2012 is a leap year. A year is a leap year if it is ...
Tuesday, March 20, 2012 at 4:03am by hafsa

Fin/200
I have to prepare a Cash Flow Statement and I am confused on the Net Income The income statement has Earnings after taxes at 304,000 I want to make sure I am starting with the correct amount. Is this my net income?
Thursday, May 27, 2010 at 10:46pm by Linda

Accounting
The Dec. 31, 2001, balance sheet includes the following items: 9% bonds payable due 12/31/2010 $800,000 Discount on bonds payable $21,600 The bonds were issued on December 31, 2000, at 97, with interest payable on June 30 and December 31 of each year. The straight-line method ...
Friday, February 13, 2009 at 11:25am by Cindy

accounting
On December 31, 2013, a company issues bonds with a par value of $600,000. The bonds mature in 10 years, and pay 6% annual interest, payable each June 30 and December 31. The bonds sold at $592,000. The company uses the straight-line method of amortizing bond discounts. The ...
Tuesday, February 4, 2014 at 9:43pm by micheal

Finance
During 2012, the company completed the following selected transactions. Journalize each transaction. Explanations are not required. a. Issued for cash 1,300 shares of preferred stock at par value. b. Issued for cash 2,400 shares of common stock at a price of $5 per share. c. ...
Monday, June 15, 2009 at 5:59am by Anonymous

Acounting
During 2012, the company completed the following selected transactions. Journalize each transaction. Explanations are not required. a. Issued for cash 1,300 shares of preferred stock at par value. b. Issued for cash 2,400 shares of common stock at a price of $5 per share. c. ...
Thursday, July 12, 2012 at 6:48pm by Anonymous

acc/422
Week Two Individual Assignment the Robert Hughes Hardware Company My friend Robert Hughes runs hardware business in down town Dallas. Because of competition he relies on neighborhood customers for sales. From inception of operations to December 31, 2010, Robert Hughes Hardware...
Sunday, October 16, 2011 at 9:23pm by adam

Accounting
Each of the following items was found on the financial stateme Company for the year ended December 31, 2007: Net income from continuing operations $136,500 Gain on the sale of a discontinued segment, net of taxes of $42,000 140,000 Loss from operation of discontinued segment, ...
Sunday, March 9, 2008 at 9:09pm by An-G

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 by Anonymous

Accounting
I am having trouble with this problem that is due tonight. Can someone please help!! I am unsure what to do with the information given after the adjusted trial balance. Do I add those numbers into the adjusted trial balance or what do I do with them? HELP!! BizKid Company’s ...
Sunday, October 11, 2009 at 9:01pm by TinkRose

accounting
Express the following comparative income statements in common- size percents and assess whether or not this company’s situation has improved in the most recent year. 5 points) MULAN CORPORATION Comparative Income Statements For Years Ended December 31, 2009 and 2008 2009 2008 ...
Sunday, October 30, 2011 at 4:41am by Renee

accouting
Company E December 31, 2010 Assets $42,000 $32,760 $26,880 $74,760 $114,660 Liabilities 34,440 22,932 14,515 51,584 ? December 31, 2011 Assets 45,000 32,400 ? 81,900 124,200 Liabilities ? 22,032 14,773 39,312 98,118 During year 2011 Stock issuances 6,000 1,400 9,750 ? 6,500 ...
Monday, May 2, 2011 at 11:20pm by kelly

Account
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 & administrative expense - 40,000 Other Expense - 30,000 Dividends - 10,000 Income Tax ...
Sunday, September 23, 2012 at 5:30pm by Anton

Accounting
Nafari Company's sales budget has the following unit sales projection for each quarter of the calendar year 2011. January -March 1,080,000 April-June 1,360,000 July-September 980,000 October-December 1,100,000 Total 4,520,000 Sales for the first quarter of 2012 are expected to...
Wednesday, October 13, 2010 at 10:43pm by sylvia

Accounting
Nafari Company's sales budget has the following unit sales projection for each quarter of the calendar year 2011. January -March 1,080,000 April-June 1,360,000 July-September 980,000 October-December 1,100,000 Total 4,520,000 Sales for the first quarter of 2012 are expected to...
Wednesday, October 13, 2010 at 10:44pm by sylvia

Finance
On January 1, 2011 you bought a two-year U.S. government bond with a principal (face value) of $1000 and a coupon rate of 6% with coupons paid on December 31, 2011 and December 31, 2012. The principal will be repaid on December 31, 2012. The Consumer Price Index (CPI) was 120 ...
Wednesday, September 12, 2012 at 1:53pm by Jerry

Accounting
Complete the six-column table by entering adjustments that reflect the following information: a. As of December 31, 2005, employees had earned $900 of unpaid and unrecorded salaries. The next payday is January 4, at which time $1,600 of salaries will be paid. b. The cost of ...
Sunday, May 24, 2009 at 1:41pm by Bonnie

Unit 4 - Individual project
Les Fleurs, a boutique in Paris, France, had the following accounts in its accounting records at December 31, 20X2 (amounts in Euros, denoted as "E") Purchases………………... E250,000 Freight In……………… E8,000 Sales discounts…………. 4,000 Purchase returns…….. 7,000 Inventory Sales...
Wednesday, September 20, 2006 at 11:54pm by candy

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 by Anton

accounting
Use the following adjusted trial balance of Webb Trucking Company to prepare a classified balance sheet as of December 31, 2005. Account Title Debit Credit Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,000 Accounts receivable...
Tuesday, May 19, 2009 at 4:06pm by Bonnie

Accounting
Help with Crosby Corporation? Can you please help me. I am completly stuck. Prepare a statement of cash flows for the Crosby Corporation. Follow the general procedures indicated in Table 2–10 on page 38 . Statement of cash flows (L04) Current Assets Liabilities Cash...
Wednesday, January 27, 2010 at 1:17am by Marla

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 by carol

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 ...
Thursday, April 7, 2011 at 11:12am by mike

Accounting
O' Hara Company began operations on December 1, 2011. Presented below is selected information related to O' Hara Company at December 31, 2011. Office Equipment ₤ 40,000; Utilities Expense ₤ 6,000; Cash 14,000; Accounts Receivable 27,000; Service Revenue 108,000; ...
Sunday, December 18, 2011 at 2:03am by ummu

accounting
The following information is available for ABC Company for the year ended December 31, 1997: Ending Inventory …………………………. $7,500 Purchases …………………………………. 31,000 Transportation-in …………………………. 1,500 Beginning Inventory ……………………… 6,000 Sales returns & allowances ……………….. 2,500 ...
Wednesday, October 24, 2012 at 11:46pm by yo

accounting
As a team, prepare the income statement of Maltbee Lawn Service for the four months May through August. Prepare the classified balance sheet of Maltbee Lawn Service at August 31.
Tuesday, November 25, 2008 at 1:38pm by nautica

finance
1. Baldwin Products Company anticipates reaching a sales level of $6 million in one year. The company expects net income during the next year to equal $400,000. Over the past several years, the company has been paying $50,000 in dividends to its stockholders. The company ...
Monday, August 25, 2008 at 8:35pm by Help

Intermediate Accounting
Python Company leased equipment from Hope Leasing on January 1, 2006. Hope purchased the equipment at a cost of $232,666. Other information: Lease term 3 years Annual payments $90,000 on January 1 each year Life of asset 3 years Fair value of asset $232,666 Implicit interest ...
Saturday, November 29, 2008 at 2:25pm by Frank

accounting
On July 1, 2010, Brower Industries Inc. issued $8,900,000 of 9-year, 10% bonds at an effective interest rate of 12%, receiving cash of $7,936,343. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. ...
Monday, April 25, 2011 at 8:25pm by Kieran McCamment

Accounting
E3-5 Drew Carey Company has the following balances in selected accounts on December 31,2008. Accounts Receivable $ -0- Accumulated Depreciation—Equipment -0- Equipment 7,000 Interest Payable -0- Notes Payable 10,000 Prepaid Insurance 2,100 Salaries Payable -0- Supplies 2,450 ...
Monday, March 21, 2011 at 2:33pm by Mickey

Accounting
On January 1, 2007, the Kings Corporation issued 10% bonds with a face value of $100,000. The bonds are sold for $96,000. The bonds pay interest semiannually on June 30 and Decemeber 31 and the maturity date is December 31, 2011. Kings records straight line amortization of the...
Saturday, April 28, 2012 at 6:55pm by Anonymous

accounting
The following information relates to Vice Versa Ventures for calendar year 20XX, the company’s first year of operations: Units produced 20,000 Units sold 17,000 Selling price per unit $35 Direct material per unit $5 Direct labor per unit $5 Variable manufacturing overhead per ...
Sunday, December 4, 2011 at 8:02pm by ellyssa

accounting
The following information relates to Vice Versa Ventures for calendar year 20XX, the company’s first year of operations: Units produced 20,000 Units sold 15,000 Selling price per unit $30 Direct material per unit $5 Direct labor per unit $5 Variable manufacturing overhead per...
Sunday, June 16, 2013 at 6:59pm by mont

RE: Account
Hi. I never posted my work yet. Sorry. Here is the question then my answer which I cannot solve!! I cant balance out the balance sheet.... I have spent 2 days on this... Please help: Prepare a Trial Balance, an Income Statement and a Balance Sheet. Doris' Custom Designs Jan. 1...
Friday, October 21, 2011 at 4:39pm by Jon

accounting
P15-1 Comparative statement data for Douglas Company and Maulder Company, two competitors, appear below. All balance sheet data are as of December 31, 2009, and December 31, 2008. Douglas Company Maulder Company 2009 2008 2009 2008 Net sales $1,549,035 $339,038 Cost of goods ...
Sunday, November 29, 2009 at 2:10pm by Kat

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 by Shawn Williams

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