Hachey Company has accounts receivable of $95,100 at March 31, 2007. An analysis of the accounts shows these amounts. Prepare entries for recognizing accounts receivable. Balance, March 31 Month of Sale 2007 2006 March $65,000 $75,000 February 12,600 8,000 December and Janu
Calculate gross pay for the current week including employee and employer payroll taxes and withholdings.
I am employed by HN Construction. Hourly rate of $32 with overtime of 1.5 times regular pay rate for all hours more than 40 per week. Total hours worked:52 Federal Income tax withheld $275 Cumulative earnings prior to the current week: $45,800 Payroll taxes: FICA Taxes-owed by both Employee and Employer: Social Security 6
Book and Tax gain for Q&J, Inc. This transaction involves a Section 1031 exchange which is carefully explained in the solution.
Five years ago, Q&J Inc. transferred land with a $345,000 book and tax basis for a different parcel of land worth $472,000. Q&J included its $127,000 realized gain in book income, but the exchange was nontaxable. This year, Q&J sold the parcel of land received in the exchange for $533,000 cash. Compute Q&J's book and tax gain on
Several Years ago McCoy's purchased a small building adjacent to it's manufacturing plant in order to have room for expansion when needed. Since the company had no immediate need for the extra space, the building was rented out to another company for rental revenue of $40,000 per year. The renter's lease will expire next month,
19. The process by which a financial transaction is recorded so that its flow through the system can be followed is called: a. Financial shadowing b. Managerial trace technique c. Concatenation d. Audit trail 20. The essential steps in performing a systems study are (in order of occurrence): a. Analysis, design, imp
The Company produces a component that is subsequently used in the aerospace industry. The component consists of three parts (A, B, and C) that are purchased from outside and cost 40, 35, and 15 cents per piece respectively. Parts A and B are assembled first on assembly line 1, which produces 140 components per hour. Part C under
Write a report that defines internal controls. List specific examples that Done Jones should use in his small business. Use the Library, the Internet, or any other resources to help you with this task. Be sure to use APA style writing. Spell check and proofread your document before posting. Remember to cite your sources.
A company has a loss that meets the requirement of a loss contingency in the amount of $500,000. The company has insurance coverage in the amount of 1,000,000 with a deductible of 250,000. What amount should be accrued for the loss contingency?
The Sonne Company produces a perfume called Whim. The direct materials and direct labor standards for one bottle of Whim are given in the attached file in a chart. During the most recent month, the following activity was recorded: a. Twenty thousand ounces of material were purchased at a cost of $2.40 per ounce. b. All o
Need help putting together and completeing a paper on accounting. ( using Coca Cola Co.) Please Google the Coca Cola Co. for specific Coca Cola info.
12. Which of the following is a change in accounting principle? a. A change in the estimated service life of machinery b. A change from FIFO to LIFO c. A change from straight-line to double-declining balance d. A change from FIFO to LIFO and a change from straight-line to double-declini
Garth Brooks Specialty Company, a division of Fresh Horses Inc., manufactures three models of gear shift components for bicycles that are sold to bicycle manufacturers, retailers, and catalog outlets. Since beginning operations in 1975, Brooks has used normal absorption costing and has assumed a first-in, first-out cost flow in
14. Actual results might differ from the static budget because _____. a. sales and other cost-driver activities were not the same as originally forecasted b. revenues or variable costs per unit of activity were not as expected c. fixed costs per period were not as expected d. all of these answers are correct 15. Effect
Assume that the tax law allows individuals to claim an itemized deduction for the cost of music lessons for the taxpayer or any member of his family. Instead of this deduction, individuals may claim the first 1000 of the cost as a nonrefundable tax credit (no carry forward or carry back of any excess credit). In each of the foll
Discuss how the following transactions would fit into the accounting equation. Fitness Solutions sold 1,250 of its $600 annual memberships to its fitness centers in 2006. Fitness Solutions earned $400,000 in revenues from providing the services of a personal trainer. Fitness Solutions reported $850,000 in sales from sell
Congratulations! You just graduated with a business degree and accepted a new position with the investigative unit of the FBI's white-collar crimes division. You are a leader on a team of law enforcement investigators called to examine alleged accounting fraud at Fitness Solutions. Fitness Solutions, headquartered in Dallas,
Details: Your friend, Don Jones, has provided you with the following information about his new home inspection business, which he is operating as a sole proprietorship. Using the accounting equation, analyze and report Don's business transactions for the months of September, October and November. Since Don is planning to do his
1. Lynam Company's fixed budget for the 1st quarter of calendar year 2007 revealed the following. Prepare flexible budgets that show variable costs per unit, fixed costs, and 3 different flexible budgets for sale volumes of 6,000, 7,000 and 8,000 units. Sales (7,000 units) $2,800,000 Cost of Goods
The president of Jeanette Corporation is in a dilemma regarding which inventory method (LIFO or FIFO) to use. The controller of Jeanette Corporation provides the following list of factors that should be considered before making a choice. 1. Jeanette Corporation has borrowed money during the current month and has entered into a
1. A business organized as a corporation A) is not a separate legal entity in most states. B) requires that stockholders be personally liable for the debts of the business. C) is owned by its stockholders. D) has tax advantages over a proprietorship or partnership. 2. A business organized as a separate legal
KX Corporation makes stools and tables. The company can sell as many stools and/or tables as it can produce, buts machine-hour capacity is limited. Revenue and cost data for each unit are given as follows: Stool Table Selling Price
EEC currently uses a basic standard cost system. Management knows very little about other concepts of costing and the benefits of having multiple costing methods. Your superior has asked that you and your team put together a presentation to management explaining various costing concepts as it relates to EEC. As an EEC corpor
Please see attached. Thrifty Co. reported net income of $465,000 for its fiscal year ended January 31, 2009. At the beginning of that fiscal year, 200,000 shares of common stock were outstanding. On October 31, 2008, an additional 60,000 shares were issued. No other changes in common shares outstanding occurred during the yea
McDonald (In millions of USD) 2008 2007 2006 Net sales $23,522.40 $ 22,786.60 $20,895.20 Acct Recv 931.20 1,053.80 806.90 2008 23522.40/(1053.80+931.20)/2 = 23522.4/1985 =23.70 times or 15 days 2007 22786.6/(1053.80+806.9)/2= 22786.6/930.35=24.50 times or 15 days" now to compare it to Burger King (BKC) 2008
Can you help me get started with this assignment? Paul, Janie, and Kyla, incorporate their perspective businesses and form Blue Corporation. On April 1 of the current year, Paul exchanges his property (the basis of 50,000 and value of 150,000) for 150 shares in Blue Corp. On May 15, Janie exchanges her property (the basis of
Can you help me with these three problems? 1. Escareno Corporation has provided its contribution format income statement for June. The company produces and sells a single product. Sales (8,400 units) $764,400 Variable expenses 445,200 Contribution margin 319,200 Fixed expenses 250,900 Net operating income
I am trying to figure out how to compute the net cash provided by operating activities and how to explain why the net cash provided by operating activities is greater than the net income? The company had net earnings of 2,408 million in the first fiscal year ending January 28...the following info is in millions year end
The Green Giant has a 5% profit margin and a 40% dividend payout ratio. The total asset turnover is 1.40 and the equity multiplier is 1.50. What is the sustainable rate of growth? A. 6.30% B. 6.53% C. 6.72% D. 6.80% E. 6.83%
Bet'r Bilt Toys just purchased some MACRS 5-year property at a cost of $230,000. Which of the following will correctly give you the book value of this equipment at the end of year 2? MACRS 5-Year property Year Rate 1 20.00% 2 32.00% 3 19.20% 4 11.52% 5 11.5
Please see atachement.