accounting

Popular questions
  1. accounting

    List the following steps of the accounting cycle in their proper order a. Preparing the post closing trial balance b. postint the journal entries c. journalizing and posting adjusting entries d. preparing the adjusted trial balance e. journalizing and

  2. Accounting

    Classify the following adjusting entries as involving prepaid expenses (PE), unearned revenues (UR), accrued expenses (AE), or accrued revenues (AR). a. To record revenue earned that was previously received as cash in advance. b. To record annual

  3. accounting

    journalize the earning of services $53,000 on account and then additional $45,000 in cash

  4. accounting

    Identify whether a debit or credit yields the indicated change for each of the following accounts: a. To increase Store Equipment f. To decrease Unearned Revenue b. To increase Owner Withdrawals g. To decrease Prepaid Insurance c. To decrease Cash h. To

  5. Accounting

    On March 1, 2003, a company paid a $16,200 premium on a 36-month insurance policy for coverage beginning on that date. Refer to that policy and fill in the blanks in the following table: Check 2005 insurance expense: Accrual, $5,400; Cash, $0. Dec. 31,

  6. accounting

    On January 1, 2013, an investor purchases 28,000 common shares of an investee at $12 (cash) per share. The shares represent 20% ownership in the investee. The investee's common stock does not have a readily determinable fair value. On January 1, 2013, the

  7. accounting

    Specify which of the following cash transactions would have resulted in the $4,100 posting to the account. (You select more than one answer. Single click the box with a check mark for correct answers and double click to empty the box for the wrong

  8. accounting

    What would you pay for a $50,000 debenture bond that matures in 15 years and pays $5,000 a year in interest if you wanted to earn a yield of: (Round computations to 2 decimal places and use the rounded amounts to calculate the final answer. Round the final

  9. Accounting

    What equation was used to get the answer in requirement 3? Consulting to control costs. Requirement 1. Compute Draper's predetermined overhead (OH) allocation rate for 2018. Estimated OH costs / Estimated direct labor costs = Predetermined OH allocation

  10. Accounting

    Describe the mechanisms that WorldCom’s management used to transfer profit from other time periods to inflate the current period.

  11. Accounting

    What would the journal entry be for this transaction? sent a reminder to Gomez Co to pay the fee for services recorded on November 8 There would be no entry since a transaction did not take place.

  12. Accounting

    What is the total stockholders' equity based on the following account balances? Common Stock $450,000 Paid-In Capital in Excess of Par 90,000 Retained Earnings 190,000 Treasury Stock 10,000 Answer A.$740,000 B.$730,000 C.$720,000 D.$640,000

  13. accounting

    Logan Products computes its predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 38,000 direct labor-hours would be required for the period’s estimated level of production. The company

  14. Accounting

    1. What are the three types of assets that will be found on a balance sheet? A.local, national, and international B. land , buildings , and liquid C.current , fixed, and intangible D.short - term, long -term , and medium

  15. Accounting

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

  16. accounting

    Event: One stockholder reported to the company that 330 shares of his East Hill stock had been sold and transferred to another stockholder for $3,700 cash. what effects does this event have on the balance sheet of a company? How do I input this in the

  17. 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

  18. accounting

    Explain how shaving 5% off the estimated direct labor hours in the base for the predetermined overhead rate usually results in a bog boost in net operating income at the end of the fiscal year.

  19. accounting

    Williams Company's direct labor cost is 25% of its conversion cost. If the manufacturing overhead for the last period was $45,000 and the direct materials cost was $25,000, the direct labor cost wa

  20. accounting

    examples of relevant economic events

  21. accounting

    A debit increases the balance in all of the following accounts except for which one? A. Cash B. Withdrawals C. Expenses D. Accounts payable My answer is D

  22. Accounting

    Department J had no work in process at the beginning of the period, 18,000 units were completed during the period, 2,000 units were 30% completed at the end of the period, and the following manufacturing costs were debited to the departmental work in

  23. Accounting

    The accounts payable account is a/an _______, and it has a normal ________ balance. A. revenue; debit B. expense; credit C. liability; debit D. liability; credit I think the answer is D.

  24. accounting

    Harris Fabrics computes its predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 20,000 direct labor-hours would be required for the period? estimated level of production. The company also

  25. Accounting

    The cost principle requires that when assets are acquired, they be recorded at

  26. accounting

    Determine the missing amount for each of the following: Assets = Liabilities + OE a. x = 250,000 + 780,000 B. 125,000 = X + 39,500 c. 60,000 = 7,500 + x

  27. Accounting

    Identify whether each of the following items would appear on the income statement (IS), statement of changes in stockholders’ equity (SE), balance sheet (BS), or statement of cash flows (CF). Some items may appear on more than one statement; if so,

  28. Accounting

    On April 1, 2013, Ringo Company borrowed $20,000 from its bank by using a 9%, 12 month note, with the interest to be paid on the maturity date. I need to find the interest paid on the maturity date, prepare a journal for it, and then make a reversing

  29. Accounting

    Given the following information, calculate, in order, the amount credited and the outstanding balance. Invoice: $1,000 Terms: 3/10, n/30 Invoice date: May 5 Payment amount: $800 Date paid: May 9

  30. accounting

    Hanson Company uses the weighted-average method in its process costing system. The first processing department, the Welding Department, started the month with 17,000 units in its beginning work in process inventory that were 60% complete with respect to

  31. 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

  32. accounting

    List the following steps of the accounting cycle in their proper order a. Preparing the post closing trial balance b. postint the journal entries c. journalizing and posting adjusting entries d. preparing the adjusted trial balance e. journalizing and

  33. accounting

    After the closing entries are posted to the ledger, each revenue account will have a zero balance: a. a zero balance, b. a debit balance, c. a credit balance, or d. either a debit or a credit balance.

  34. accounting

    Fergie has the choice between investing in a State of New York bond at 5.8 percent and a Surething bond at 9.2 percent. Assuming that both bonds have the same nontax characteristics and that Fergie has a 30 percent marginal tax rate, what interest rate

  35. accounting

    Notified by Alex's Engineering Co that Success's bid of $9000 on a proposed project has been accepted. Alex's paid a $2500 cash advance to success systems. My question is how am i going to put or write this transaction on journal entry? Do i just ignore

  36. accounting

    Identify several ways in which you currently use accounting information in your life as a student. Also identify several situations in which, while you are still a student, you might be required to supply financial information about yourself to others?

  37. accounting

    in the blank space beside each adjustin entry, enter the letter of the explanation A through F that most closely describes the entry. A. to record this periods depreciation expense B. to record accrued salaries expense. C. to record this period's use of a

  38. Accounting

    This is for an accounting course doing adjusting entries.. The rental revenue represents the amount received for 11 months for dining facilities. The December rent has not yet been received. On the trial balance the amount for rental revenue is 17,600

  39. Accounting

    O'Neill Co. has $296,000 in accounts receivable on January 1. Budgeted sales for January are $860,000. O'Neill expects to sell 20% of its merchandise for cash. Of the remaining 80% of sales on account, 75% are expected to be collected in the month of sale

  40. accounting

    A debit increases the balance in all of the following accounts except for which one? A. Cash B. Withdrawals C. Expenses D. Accounts payable My answer is D

  41. Accounting

    A credit to a liability account was posted to an owner's equity account. This would cause __________. A. assets to be overstated B. liabilities to be understated C. owner's equity to be understated D. net income to be overstated i think its D A credit to

  42. accounting

    Classify each of the following costs incurred in manufacturing bicycles as variable (V), fi xed (F), or mixed (M) cost (using number of units produced as the activity measure). Also indicate whether the cost is direct material (DM), direct labor (DL), or

  43. accounting

    P20-2A For the year ended December 31, 2010, the job cost sheets of DeVoe Company contained the following data. Job Number Explanation Direct Materials Direct Labor Manufacturing Overhead Total Costs 7640 Balance 1/1 $25,000 $24,000 $28,800 $77,800 Current

  44. accounting

    identify three external users of accounting information and indicate two questions they might seek to answer through accounting information.

  45. accounting

    Classify the following adjusting entries as involving prepaid expenses(PE), unearned revenues)UR), accrued expenses(AE), or accrued revenues(AR). a. ____ to record revenue earned that was previouslu received as cash advance. b.___ to record annual

  46. Accounting

    The income tax rate is 30% on current and is payable in the first quarter of 2014. The pretax income before the preceding adjusting entries is $6,800. The accounts are; Income tax expense Income tax payable. I do not understand this question and what it is

  47. Accounting

    On April 1, 2013, Ringo Company borrowed $20,000 from its bank by using a 9%, 12 month note, with the interest to be paid on the maturity date. I do not understand this question, can you help me out, please.

  48. Accounting

    Jay Pembroke started a business. During the first month (April 20--), the following transactions occurred. Invested cash in business, $18,428. Bought office supplies for $4,433: $1,896 in cash and $2,537 on account. Paid one-year insurance premium, $1,003.

  49. Accounting

    If fixed costs are $300,000, the unit selling price is $31, and the unit variable costs are $22, what is the break-even sales (units) if fixed costs are reduced by $30,000? Answer 30,000 units 8,710 units 12,273 units 20,000 units

  50. accounting

    The following transactions occurred during July: (1) Received $700 cash for photography services provided to customer during the month. (2) Received $1,500 cash from Barbara Hanson, the owner of the business. (3) Received $800 from a customer in partial

  51. Accounting

    On January 1, 2009, 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 $11,000 the first year and increase by $600 per year.

  52. accounting

    XYZ's receivables turnover is 10x. The accounts receivable at year-end are $600,000. The average collection period is 90 days (3 months). What was the sales figure for the year? A) $60,000 B) $6,000,000 C) $24,000,000 D) none of the above

  53. accounting

    Computing in the Business World Suppose you are opening a 1,000 square foot baseball card store in a shopping center. You have signed a lease that requires you to pay a monthly rent of $1.75 per square foot, plus 5% of your gross annual sales. What is the

  54. Accounting

    Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $4,375,000; Allowance for Doubtful Accounts has a debit balance of $21,300; and sales for the year total $102,480,000. Bad debt expense is estimated at 1/4 of 1%

  55. Accounting

    Accounts receivable will appear on which of the following financial statements? Statement of changes in stockholders’ equity Statement of cash flows Balance sheet Income statement

  56. accounting

    Central States Manufacturing produces a single product: Product 1222. The company has estimated that annual overhead expenses wll be $180,000 and production volume will be 20,000 units using 20,000 hours of labor. Overhead is applied to production based on

  57. Accounting

    You own a gas pipeline that requires no maintenance and will produce $2 million of revenue next year. Unfortunately, the volume of gas is expected to decline by 4.0% per year. a.If the discount rate is 11.0% and the pipeline lasts forever, what is it worth

  58. accounting

    Fill in the blanks in the following separate income statements a through e. Identify any negative amount by putting it in parentheses. a b c d e Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $60,000 $42,500 $36,000 $ ? $23,600

  59. accounting

    An employee earns $40 per hour and 1.75 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 60 hours during the week, and that the gross pay prior to the current week totaled $58,000. Assume further that the social

  60. Accounting

    Which type of corporate information is not available to investors?

  61. accounting

    Which of the following is not one of the steps to follow when preparing a bank reconciliation statement? A. Compare the amounts of deposits in the bank statement with the amounts shown in your accounting records. B. Compare the amounts of canceled checks

  62. Accounting

    Department E had 4,000 units in Work in Process that were 40% completed at the beginning of the period at a cost of $12,500. 14,000 units of direct materials were added during the period at a cost of $28,700. 15,000 units were completed during the period,

  63. accounting

    indicate in the table below the financial statement on which each of the following accounts appear. (FINANCIAL STATEMENTS) ACCOUNTS: CASH IN THE BANK DOES IT BELONG ON INCOME STATEMENT OR STATEMENT OF CHANGES IN OWNERS EQUITY OR BALANCE SHEET. LL I NEED IS

  64. Accounting

    Which of the following errors in the journal entry will not be detected by trial balance? A:Credits are understand and debits are recorded correctly B:Debits are overstated and the credits are correctly recorded C:Debits are understated and the credits are

  65. accounting

    what is the journal entry of cash received from a customer on account was recorded(both debit and credit) as birr 1400 instead of birr 1120

  66. Accounting

    The Major Issue in inventory accounting is: A. determining whether to take inventory using cycle counts as opposed to counting all inventory only at the end of the year. B. deciding whether to maintain records on a periodic or perpetual basis. C.

  67. accounting

    Classify the following items as (a) deferred expense (prepaid expense), (b) deferred revenue (unearned revenue), (c) accrued expense (accrued liability), or (d) accrued revenue (accrued asset). 116117 • 2. A three-year premium paid on a fire insurance

  68. 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

  69. Accounting

    Complete an Income Statement, Statement of Owner's Equity, and Balance Sheet using the information provided below for Rya’s Planning Services. Cash… …… ……… … … … ………$21,500 Accounts Receivable………17,500 Office Supplies……

  70. accounting

    Tracy Migre, a certified public accounting, has completed the following transactions. Ms.Migres assests , liabilites, and owner equity account titles and balances are shown in the table below. use the table on the page to show the effect of each

  71. accounting

    Joe Brown invests $10,000 into his new business. How would the journal entry for this transaction be entered in the journal? Cash 10,000 Brown, Capital 10,000 Invested cash in business Cash 10,000 Brown, Capital 10,000 Invested cash in business Brown,

  72. accounting

    Classify the following adjusting entries as involving prepaid expenses(PE), unearned revenues)UR), accrued expenses(AE), or accrued revenues(AR). a. ____ to record revenue earned that was previouslu received as cash advance. b.___ to record annual

  73. ACCOUNTING

    #1 chin company incurred direct materials costs of $300,000 during the year. manufacturing overhead rate is 70%. how much are chin company total manufacturing costs for the year?

  74. Accounting

    which of the following situations will not cause a deferred income tax amount to be recorded ? a - expense that is recognized in 20A for income tax purposes and in 20 B for financial statement purposes b - expense that is recognized in 20A for financial

  75. accounting

    Total Assets Total Liabilities Beginning of the year $550,000 $215,000 End of the year 844,000 320,000 On the basis of the preceding data and the following additional information for the year, determine the net income (or loss) of each company for the

  76. Accounting

    Department S had no work in process at the beginning of the period , 18,000 units were started during the period, 2,000 units were 30% completed at the end of the period, and the following manufacturing costs were debited to the departmental work in

  77. Accounting

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

  78. Accounting

    As of January 1 of the current year, the Grackle Company had accounts receivables of $50,000. The sales for January, February, and March were as follows: $120,000, $140,000 and $150,000. 20% of each month’s sales are for cash. Of the remaining 80% (the

  79. accounting

    During the month of December 20-1, TJ's Specialty Shop engaged in the following transactions: Dec. 1 Sold merchandise on account to Anne Clark, $2,000, plus tax of $100. Sale no. 637. 2 Issued check no. 806 to Owen Enterprises in payment of December 1

  80. Accounting

    A $15 credit to Sales was posted as a $150 credit. By what amount is Sales in error? my answer is $135 overstated

  81. accounting

    The following cost data relate to the manufacturing activities of Black Company during the just completed year: Manufacturing overhead costs: Property taxes, factory $ 3,000 Utilities, factory 4,800 Indirect labor 9,900 Depreciation, factory 23,900

  82. Accounting

    Please prepare the following journal entries. Indicate which account should be debited and which account should be credited along with the dollar amount of the debit and credit. a) Investors invested $100,000 in exchange for 10,000 shares of common stock.

  83. Accounting

    The following information is necessary to compute the net assets (stockholders' equity) and book value per share of common stock for Rothchild Corporation: 8% cumulative preferred stock, $100 par $ 200,000 Common stock, $5 par, authorized 100,000 shares,

  84. accounting

    For 2010, Fielder Corporation reported net income of $30,000; net sales $400,000; and average shares outstanding of 6,000. There were no preferred stock dividends. What was the 2010 earnings per share? (Points: 4) $4.66 $0.20 $66.67 $5.00

  85. 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

  86. accounting

    a. What type of information does managerial accounting provide?

  87. accounting

    Shelton Engineering completed the following transactions in the month of June. a. Shania Shelton, the owner, invested $105,000 cash, office equipment with a value of $6,000, and $45,000 of drafting equipment to launch the business. b. Purchased land worth

  88. Accounting

    Harding Company is in the process of purchasing several large pieces of equipment from Danning Machine Corporation. Several financing alternatives have been offered by Danning: 1. Pay $950,000 in cash immediately. 2. Pay $420,000 immediately and the

  89. accounting

    In accounting for an immaterial amount of overapplied overhead, which of the following is part of the adjusting entry? a. A debit to the Work in Process Inventory account b. A debit to the Overhead account A debit to the Cost of Goods Sold account c. A

  90. Accounting

    Olympic Theatre Inc. owns and operates movie theaters throughout Texas and California.Olympic Theatre has? declared the following annual dividends over a six-year period: 2003, $21,000; 2004, $50,000; 2005, $15,000; 2006, $80,000; 2007, $90,000; and 2008,

  91. accounting

    If total assets decreased by $47,000 during a period of time and owner's equity increased by $24,000 during the same period, then the amount and direction (increase or decrease) of the period's change in total liabilities is ________. $23,000 increase

  92. accounting

    Record the following transactions as general journal entries. Use the gross-price method. Aug. 6 Purchased $830 of merchandise on account from Johnston Co. Credit terms 2/10, n/30. 8 Bought an $18,000 truck from Pillner Co., paying $3,000 down; balance on

  93. accounting

    Cash $40,000 Accounts receivable $120,000 Inventory $300,000 Prepaid rent $2,000 Accounts payable $150,000 Salaries payable $7,000 Long-term bonds payable $200,000 The selected accounts above are from TJ Supply’s balance sheet. What is TJ Supply’s

  94. Accounting

    A company that uses the perpetual inventory system purchased $8,500 on September 25. Terms of the purchase were 2/10, n/30. The invoice was paid in full October 4. Prepare the journal entries to record these merchandise transactions.

  95. Accounting

    Jim Hurley is an accountant for a local manufacturing company. Jim’s good friend, Mike Kotowski, has been operating a retail sporting goods store for about a year. Mike has proposed that the fee he will pay for Jim’s accounting work should be

  96. Accounting

    On April 1, 2013, Ringo Company borrowed $20,000 from its bank by using a 9%, 12 month note, with the interest to be paid on the maturity date. Sorry about not being more descriptive. I need to find the maturity date, prepare a journal for it, and then

  97. accounting

    Pike Corporation paid $100,000 for a 10% interest in Salmon Corp. on January 1, 2010, when Salmon's stockholders' equity consisted of $800,000 of $10 par value common stock and $200,000 retained earnings. On December 31, 2011, after receipt of the year's

  98. 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

  99. accounting

    Classify each of the following items as owner's drawing, revenue, or expense. (a) Advertising expense (b) Commission revenue (c) Insurance expense (d) Salaries Expense (e) Bergman, Drawing (f) Rent revenue (g) Utilities expense

  100. accounting

    Jack Shellenkamp owns and manages a computer repair service, which had the following trial balance on December 31, 2011 (the end of its fiscal year). BYTE REPAIR SERVICE Trial Balance December 31, 2010 Cash $8,000 Accounts Receivable 15,000 Parts Inventory

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