1. Goodwill valuation - Accountancy

    In case of Admission: Given a balance sheet as at 31 Dec 2008. The new partner was admitted on 1 Jan 2009. Goodwill was agreed at 2 years purchase and was to be valued in accorfance to the weighted average gross profit method for the previous four years
  2. ACCOUNTING- 2

    HELP HERE IS WHOLE PROBLEM.IT NEEDS TO BE JOURNALIZED PROPERLY. mAY 15-fILED THE FEDERAL INCOME TAX RETURN FOR 2009. THE TOTAL TAX FOR THE YEAR WAS 124,000. DURING 2009, QUARTERLY DEPOSITS OF ESTIMATED TAX TOTALING 122,700 ;HAD BEN MADE. THE ADDITIONAL TAX
  3. accounting

    is any one can help me in solving these problem.thank you and may GOD blees u always. Problem Solving: 1. Xiat is a partner who used the stock of the firm worth Php 10,000 and suffered a loss of Php 2,000. He went the firm to bear the loss. How much
  4. Accounts

    The Net Income amount from the Income Statement is used as a line item on which statement? (Points: 5) Profit and loss statement Statement of owner's equity Balance sheet Trial balance help please not sure what is meant by line item
  5. English

    Posted by rfvv on Thursday, December 16, 2010 at 2:39am. 1. We need to prepare food in order to take a party. 2. We need to prepare food in order to have a party. 3. We need to prepare food in order to throw a party. (Are they all grammatical? Would you
  6. accountyin question

    how does one prepare a pro forma income with different assumptions given the numbers for current year sales revenue 2,000,000 Cost of goods sold 1,400,000 Gross profit 600,000 Selling & admin.expenses 260,000 Net income 340,000 Cost of goods sold is
  7. Tax

    RPC has EMP of $200,000 end of 2008. Taxable income end of 2009 is $1 million and the tax for the year is $340,000. Non deductible charitable contribution of $10,000 dividends received is $25,000 Net Capital Gain is $40,000 Paid dividends to shareholders
  8. 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
  9. 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
  10. Finance and literacy

    Bailee had a gross income of $2358.33 during each pay period in 2009. If she got paid monthly, how much of her pay was deducted for FICA in 2009
  11. accounting

    Question: Because Aqua Elite, Inc. is a new startup business, the beginning balances in all the general ledger accounts are zero to start. n The length of the accounting periods are three months using a fiscal calendar year. (A fiscal calendar is on a
  12. Math

    On July 15,2009, the Nixon Car Company purchased 1,000 tires from the Harwell Company for $50 each. The terms for the sale were 2/10, n/30. Nixon uses a periodic inventory system and the net method of accounting for purchase discounts. 1. prepare the
  13. 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
  14. ACC233- INCOME TAX

    Computation of taxable income: The following information for 2009 relates to Tom, a single taxpayer, age 18. Salary $1,800 Intrest income $1,600 Itemized deductions $ 600 A. Compute Tom's taxable income assuming he is self-supporting B. Compute Toms's
  15. Income tax / Accounting

    Computation of taxable income: The following information for 2009 relates to Tom, a single taxpayer, age 18. Salary $1,800 Intrest income $1,600 Itemized deductions $ 600 A. Compute Tom's taxable income assuming he is self-supporting B. Compute Toms's
  16. accounting

    amair started the business with a capital of rs60000 on 1jan 2009 during the year he had with drawn goods rs8000 and cash rs5000for personal use he has also paid life insurance premium rs.2000 he had aiso introduced additional capital of rupees 20000 on
  17. accounting

    Accrued salaries 1 Bill’s Company Partial Worksheet For the Year Ended December 31st, 2012 Account Titles Trial Balance Adjustments Adjusted Trial Balance Debit Credit Debit Credit Debit Credit Merchandise Inv. 16 Store Supplies 10 Store Equipment 20
  18. 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
  19. accounting

    PR 9-6bAmortization and depletion entries Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows: a. On December 31, the company determined that $3,400,000 of goodwill was impaired.
  20. Math

    On December 28, 2007, you could buy a 10-year U.S. Treasury note for $10000 that pays 6.29% simple interest every year through December 28, 2017. How much total interest would it earn by then?
  21. Accounting

    Assume that Esquire consulting erroneously recorded the payment of $30,000 of dividends as salary expense. How would this error affect the equality of the accounting equation? How would this error affect the income statement, retained earnings statement
  22. 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;
  23. accounting

    Worthington Company issued $1,000,000 face value , six-year, 10% bond on July 1, 2010, when the market rate of interest was 12%. Interest payments are due every July 1, and January 1. Worthington uses a calendar year-end. 1. Prepare the journal entry to
  24. 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
  25. financial management

    Data for Barry Computer Company and its industry averages follow: A. Calculate the indicated ratios for Barry. B. Construct and extend DuPont evaluation for both Barry and the industry. C. Outline Barry’s strengths and weaknesses as revealed by your
  26. 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
  27. Advanced accounting

    Up owns 80% of Down. During 2009 Down began selling merchandise to Up at gross profit margin of 20%. Sales by Down to Up for the year totaled $80,000, of which $10,000 remain unsold. In 2010 Down sold $100,000 merchandise to Up at gross margin of 40%.
  28. 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
  29. 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.
  30. Acct/ Fwederal Taxation

    Itemized Deductions: During 2009 Sam had incurs the following deductible expenses: state income taxes $2,300,local property taxes $2,000, medical expenses $800,and charitable contributions $1,500. Sam is aingle with no dependents and has a $35,000 AGI for
  31. Health Care

    I cannot figure out the GAAP and the relevance of each GAAP that is being used to create the financial plan for Patton-Fuller Hospital. I did complete the following budget projections necessary to help answer the question Patton-Fuller Community Hospital
  32. managerial accounting

    Frigid Motors Inc. assembles and sells snowmobile engines. The company began operations on July 1, 2016, and operated at 100% of capacity during the first month. The following data summarize the results for July: 1 Sales (35,000 units) $8,750,000.00 2
  33. accounting

    Can someone check my answers. A car dealership gives customers the choice of buying or leasing its cars. The cars cost $20,000 and are sold for $25,000. The standard lease contract is for four years, with the first payment made at the time the lease is
  34. accounting

    On January 1, 2013, Sweetwater Furniture Company leased office space under a 21-year operating lease agreement. The contract calls for annual rent payments on December 31 of each year. The payments are $19,000 the first year and increase by $350 per year.
  35. Accounting, TAX

    Which of the following entities may not use the cash method of accounting? A partnership with average annual gross receipts in excess of $5 million. A C corporation whose average annual gross receipts for the preceding 3 taxable years do not exceed $5
  36. Accounting

    Show the effect of each transaction on the individual accounts of the expanded accounting equation: Assets=Liabilities +Owner's Equity (Capital-Drawing+Revenues-Expenses). After each transaction, show the new account total. Prepare Income Statement,
  37. Accounting help

    I'm trying to make an income statement...for sales revenue out of this information what do I add up? Sales Revenue Forecast: June (actual) 24,000 July (actual) 20,000 August 28,000 September 52,000 October 44,000 November 76,000 December 96,000 January
  38. accounting

    "Harris Company manufactures and sells a single product. A partically completed schedule of the company's total and per unit cost over the relevant range of 30,000 to 50,000 per units produced and sold are: United produced and Sold: 30,000 ; 40,000; 50,000
  39. accounting

    Sherrod, Inc., reported pretax accounting income of $89 million for 2006. The following information relates to differences between pretax accounting income and taxable income: Income from installment sales of properties included in pretax accounting income
  40. Statistics

    Suppose the mean income of 35-year-olds in the U.S. is $25,000. A random sample of 150 35-year-olds in California results in a sample mean income of $26,600 and a sample standard deviation of $3800. At the 5% significance level, can we conclude that the
  41. 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
  42. accounts

    On January 1, 2012, the organizers of the Parsons Corporation obtained their charter and issued 10,000 shares of $1 par common stock for $4 per share. During 2012, the corporation earned $30,000 in cash revenue and paid $20,000 in cash expenses, not
  43. Excelsior

    he following transactions occurred during March 2009 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 30,000 shares of common stock in exchange for $300,000 in cash. 2. Purchased equipment of a cost of $40,000.
  44. math

    suppose the ratio of your income last year to your income this year is 3 to 2. explain what this means. give an example of the dollars earned last year and this year that fits the 3 to 2 ratio.
  45. Accounts

    Which statement is prepared for only one date? Income Statement Statement of Cash Flows Balance Sheet Statement of Owner’s Equity D
  46. 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;
  47. Statistics

    Suppose the mean income of 35-year-olds in the US is $25,000. A random sample of 150 35-year-olds in California results in a sample mean income of $26,600 and a sample standard deviation of $3800. At the 5% significance level, ca we conclude that the true
  48. finance

    Thelma and Louie's Inc started the year with a balance of retained earnings of $547 million and ended the ear with retained earnings of $594 million. The company paid dividends of $37 million to the preferred stockholders and $77 million to common
  49. Accounting

    It's approaching year-end, and your president has asked you, the management accountant, to visit his office for a heart-to-heart talk. After he closes the door, he tells you that profits for the year will end up below plan and that he's disappointed. He
  50. 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
  51. finance

    Thelma and Louie's Inc started the year with a balance of retained earnings of $547 million and ended the ear with retained earnings of $594 million. The company paid dividends of $37 million to the preferred stockholders and $77 million to common
  52. Finance

    Assume personal income was $28 million last year. Personal outlays were $20 million and personal current taxes were $5 million. a. What was the amount of disposable personal income last year?
  53. accounting

    At December 31, 2004, Enfron Corporation reported the following data (condensed in millions): Stockholders' equity 11470 Total current liabilities 28406 Long-term liabilities 25627 Investments and other assets 23379 Property, plant, equipment, net 11743
  54. Accounting 102

    Turner and Isham agreed to form a partnership. Turner contributed $ 200,000 in cash, and Isham contributed assets with a fair market value of $ 400,000. The partnership, in its initial year, reported net income of $ 120,000. Assume that the partnership
  55. Economics

    What happens to the cash flow statement for a company operating on a calendar year when a sale is made in December but the firm isn’t paid until the following January?
  56. Finance

    What happens to the cash flow statement for a company operating on a calendar year when a sale is made in December but the firm isn’t paid until the following January?
  57. Accounting

    E13 Selected account balances of the Lakeside Grocery Store for the year ended December 31, 20xx, follow. Beginning merchandise inventory was $ 26,000, and ending merchandise inventory is $ 22,000. Prepare closing entries, assuming that the owner of
  58. finanical accounting

    Assume that you are the president of Gaslight company. At the end of the year (December 31, 2011 of operation.
  59. accounting

    kindly please help me. B1, G1, and P1 formed a partnership. They agreed that B1 will receive a bonus of 10% of partnership net income. B1 and G1 will receive salary allowances of $10,000 and $8,000, respectively, and the remaining income is allocated
  60. Accounting

    I have to prepare an income statement from the following records. Can someone show me how? The following selected information is taken from the records of Beckstrom Corporation. Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . $ 35,000
  61. Accounting

    1. The price of a bond is equal to the sum of the interest payments and the face amount of the bonds. 1. True 2. False 2. When a corporation issues bonds, it executes a contract with the bondholders, known as a bond debenture. 1. True 2. False 3. A
  62. Following Month income statement

    "Customers are billed when serviced and settle their accounts in the following month." I am supposed to construct an income statement for three straight months but I do not know where to put the revenue. So for instance the company made $15,000 in revenue
  63. 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
  64. accounting

    This year , Kirby company sold 35,000 units of production at $16 per unit. Maunfactoring and selling the product required $120,000 of mixed manufacturing costs and $180,000 of fixed selling and administrative expenses. This years variable costs and
  65. physics

    A 1.6 kg particle moving along the x-axis experiences the force shown in the figure. The particle's velocity is 4.2 m/s at x = 0 m. The figure or graph has F (N) along the y axis and velocity along the x axis. A diagonal line drops from positive 10 force
  66. Accounts

    The financial statement that shows business results in terms of revenue and expenses is __________. an income statement a balance sheet a statement of owner's equity the statement of cash flows Answer A
  67. college Managerial accounting

    Problem 47 Simon Hinson Company operates two divisions: Gordon and Ronin. A segmented income statement for the company’s most recent year is as follow: Total Company Gordon Division Ronin Division Sales $850,000 $250,000 $600,000 Less variable expense
  68. accounting

    Exercise 9-13: Accounts receivable turnover L.O. A1 The following information is from the annual financial statements of Lucilla Company. 2009 2008 2007 Net Sales $ 262,000 $ 193,000 $ 245,000 Accounts Receivable, net (year-end) 42,700 40,500 37,200
  69. Finance

    Fine Breads Inc. paid out $26,000 common dividends during 2005, and it ended the year with $150,000 of retained earnings. The prior year’s retained earnings were $145,000. What was the firm's 2005 net income?
  70. Hospitality Management Accounting

    i don't really understand what kind of calculations they are asking for Charlie is thinking of spending $3,000 more in year 2004 on advertising (part of marketing expense). Because of his marketing courses, he believes he can design appealing
  71. accounting

    Ignoring income taxes compute the amount of loss, if any, to be recognized by Banno as a result of retiring the $900,000 of bonds in 2007 and prepare the journal entry to record the retirement. On January 2, 2002, Banno Corporation issued $1,500,000 of 10%
  72. 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. Please add your file. Next, as a small group discuss the following. Was
  73. math

    A company purchased a truck for $50,000 on July 1, 2009. The truck has an estimated useful life of 5 years and will have no salvage value. It is estimated that the truck can be driven for 150,000 miles. The truck was driven for 18,000 miles during 2009. If
  74. math

    DQ sells 6 times as many orders of french fries as sonic everyday. If both sold 60 more orders DQ would only sell 3 times as many fries. How many do each sell before and after the incease? math - DrBob222, Wednesday, December 23, 2009 at 4:34pm S = number
  75. 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
  76. accounting

    The following was taken from the records of Smith Company in the year ending December 31, 2014. Journalize the following transactions in an Excel spreadsheet for year-end 2014 using the aging method. Assume that the allowance for doubtful accounts has a
  77. math

    The Ministry of Finance published the FY2009 Tax Reform ( Main Points) on December 19, 2008. Included in the Reform is the introduction of a 2- year measure allowing immediate depreciation for investment in energy- saving facilities and appliances. If this
  78. math

    The Ministry of Finance published the FY2009 Tax Reform ( Main Points) on December 19, 2008. Included in the Reform is the introduction of a 2- year measure allowing immediate depreciation for investment in energy- saving facilities and appliances. If this
  79. Managerial finance

    Superior Manufacturing is lauching a new product, that is expected to sell $950,000 of its new product the first year alone, and $1,500,000 each year thereafter. Direct cost labor and materials will be 55% in sales.indirect cost is $80,000 a year, the
  80. Accounting

    I have to prepare a income statement with the following info. I don't understand it. cash 11,360 Accounts Receivable 14,000 office supplies 3,250 land 46,000 office equipment 18,000 accounts payable 8,500 owner investments 84,000 cash withdrawals by owner
  81. account

    For both cases, show what each firm would report in its annual statement of profit and loss and other comprehensive income under the: a)Cash Basis b)Accrual Basis CASE 1 During 2012 Gangnam Marketing earned revenues of $500,000 on account. Gangnam
  82. math

    Part 1 : Store equipment is purchased on January 1, 2002 at a cost of $14,000 and $1,000 was spent on its installation. The depreciation is written-off at 10% on the original cost every year. The books are closed on December 31, every year. Instructions:
  83. Finance

    Camping USA Inc. has only been operating for 2 years in the outskirts of Albuquerque, New Mexico, and is a new manufacturer of a top-of-the-line camping tent. You are starting an internship as assistant to the chief financial officer of the company, and
  84. Managerial Economic

    The equation for a demand curve has been estimate to be Q = 100 - 10P + 0.5Y, where Q is quantity, P is price, and Y is income. Assume that p = 7 Y = 50. a. Interpret the equation b.At a price of 7, what is price elasticity? c. At an income level of 50,
  85. Math

    Determine the expotential growth equation from the following table? Year 2007: 1.6 million subscribers Year 2008: 2.7 Year 2009: 4.4 Year 2010: 6.4 Year 2011: 8.9 Year 2012: 13.1 Year 2013: 19.3 Year 2014: 28.2 Year 2015: 38.2 Year 2016: 48.7 A. What is
  86. Finance

    P17-3 (Available-for-Sale Investments) Cardinal Paz Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions. Feb. 1, 2010 Sharapova Company common
  87. 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
  88. Managerial Economics

    I need assistance with the following question: A researcher estimated that the price elasticity of demand for automobiles in the United States is -1.2, while the income elasticity of demand is 3.0. Next year, U.S. auto makers intend to increase the average
  89. Fundamentals of finance

    "Genatron wants to estimate what will happen to its income before interest and taxes if its net sales change from the 2012 level of $1,500,000. Refer to Genatron’s 2012 income statement below, where the income before interest and taxes is $247,000 (EBT
  90. Fundamentals of finance

    "Genatron wants to estimate what will happen to its income before interest and taxes if its net sales change from the 2012 level of $1,500,000. Refer to Genatron’s 2012 income statement below, where the income before interest and taxes is $247,000 (EBT
  91. *Math*

    The price of the common shares of SouthCo was valued at $39.45 at the end of 2009, increased by 8.06% in 2010, and overall increased by 12.60% over the two year period 2009/2010. What was the original price of each share at the beginning of 2009? ANSWER:
  92. 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
  93. Corporate finace

    suppose your firm is planning to invest in a project that will generate the following income stream:a negative flow $250000 per year for 5 years, a positive floww of $550000 in year 6, and a positive flow of $600000 per year in the year 7 through9. What is
  94. accounting

    Your general manager called you into his office to discuss an ongoing problem. He explains that in the past, whenever he wanted to know how the projected income statement might change if sales volume changes, it would take weeks to have the accounting
  95. accounting 2

    a.Equipment and land were acquired for cash b.There were no disposal of equipment during the year c.The investments were sold for 45,000 cash d.The common stock was issued for cash e.There was a 65,900 credit to retained earning for net income f.There was
  96. Financial Accounting

    Here is the problem: if you could just help me get started in the right direction that would be great, I don't even know where to begin with this question ellar Company was established to manufacture components for the auto industry. The components are
  97. accounting

    Adjusting entries. You have been retained to examine the records of Kathy's Day Care Center as of December 31, 20X3, the close of the current reporting period. In the course of your examination, you discover the following: •On January 1, 20X3, the
  98. Tax Accounting

    deduction for AGI Toby, a calendar year tax payer, was employed and resided in NY. On February 2, 2009, Toby was permanently transferred to Florida by his new employer. Toby worked full time for the entire year. In 2009 Toby had the following unreimbursed
  99. Accounting

    CollegePak Company produced and sold 60,000 backpacks during the year just ended at an average price of $20 per unit. Variable manufacturing costs were $8 per unit, and variable marketing costs were $4 per unit sold. Fixed costs amounted to $180,000 for
  100. accounting

    Can somebody please help me understand what this is wanting? CheckPoiint: Analyzing an Income Statement. Resource: Ch. 3 of Understanding Financial Statements Complete Problem 3.16b on p. 111 (Ch. 3).Eastman Kodak Comprehensive Analysis Problem Using the