3-2 1. Upon ordering supplies a government should a. Debit encumbrances and credit reserve for encumbrances b. Debit reserve for encumbrances and credit encumbrances c. Debit expenditures and credit encumbrances d. Debit expenditures and credit vouchers payable 2. Upon receiving supplies that had previously been encumb
Compare the United States accounting standards and those of Russia. Also, include description regarding significance of the finding. Differences are frequently found in the following areas: -Research and development -Goodwill -Consolidations -Capitalized Interest -Asset Valuation -Leases -Inflation accounting Ple
See attached file. 1. Compute the estimated tax liability on the difernces between the estimated current value of the assets and liabilities and their tax based. 2. Present a statement of finacial condition for Mary Lou and Ernie at December 31, 2006. 3. Comment on the statement of financial condition.
See attached file. Demarco and Janine Jackson have been married for 20 years and have four children who qualify as their dependents. Their income from all sources this year (2009) totaled $200,000 and included a gain from the sale of their home, which they purchased a few years ago for $200,000 and sold this year for $250,000
2009 2008 Sales $750,000 $600,000 Cost of goods sold 465,000 390,000 Selling expenses 120,000 72,000 Administrative expenses 60,000 54,000 Income tax expense 33,000 24,000 Net income 72,000 60,000 Instructions Prepare a schedule showing a vertical analysis for 2009 and 2008.
Standard cost system-overhead variances Assume the following data for John Company's August operations. Standard overhead per direct labor hour based on normal monthly capacity of 30,000 hours: Fixed( $270,000/30,000 hours) $9 Variable ($660,000/30,000 hours) 22 $31 Dir
SFAS 116 and 117 Executive Summary · Resources: Statements of Financial Accounting Standards (SFAS) 116 and 117; sample Executive Summary · Write an Executive Summary assessing the requirements of SFAS 116 and 117 and its effect on the financial statements. · Refer to the sample Executive Sum
A not-for-profit organization receives a restricted gift. When, and in which type of fund, should it recognize the revenue? When, and in which type of fund, should it recognize the related expense?
Determining net income from net cash flow from operating activities Sanhueza, Inc. reported a net cash flow from operating activities of $187,600 on its statement of cash flows for the year ended December 31, 2010. The following information was reported in the Cash Flows from Operating Activities section of the statement of c
Using TaxCut® or other tax preparation software, and Prentice Hall's Federal Taxation 2010 Dave Stevens, age 34, is a self-employed physical therapist. His wife Sarah, age 31, teaches English as a Second Language at a local language school. Dave's Social Security number is 417-46-9403. Sarah's Social Security number is 5
Problem 27 Miller Company acquired an 80 percent interest in Taylor Company on January 1, 2009, Miller paid $664,000 in cash to the owners of Taylor to acquire these shares. In addition, the remaining 20 percent of Taylor shares continued to trade at a total valueof $166,000 both before and after Mil
Can you help me get started with this assignment? Determine the tax liabilities of a C Corporation vs a S Corporation with one shareholder who owns 100% of the company's stock. C11-29: Carl Carlson, a single taxpayer, owns 100% of Delta Corporation. During 2009, Delta reports $150,000 of taxable income. Carl reports no
Can you help me get started with this assignment? 1. Hershel Barker was the president and majority shareholder in Bulldog Inc. He was a cash-basis taxpayer who reported his income on a calendar-year basis. On March 1,2009, Hershel was killed in a skiing accident. The estate has elected to report its income on a calendar-year
At the beginning of the current fiscal year, the balance sheet of Hughey Inc. showed owners' equity of $520,000. During the year, liabilities increased by $21,000 to $234,000: paid -in capital increased by $40,000 to $175,000: and assets increased by $260,000. Dividends declared and paid during the year were $55,000. Calculat
Annual credit sales of Nadak Co. total $340 million. The firm gives a 2% cash discount fort payment within 10 days of the invoice date: 90% of Nadak's accounts receivable are paid within the discount period. What is the total amount of cash discounts allowed in a year? Calculate the approximate annual rate of return on inv
An airline reservation is an association between a passenger; a flight, and a seat. Select a few pertinent attributes for each of these entity types and represent a reservation in an E-R diagram. Thanks for your help!!
Alvin purchased and put in service a new widget (seven year item for MACRS rules) on December 26, 2006. It was the only item placed in service in 2006. Cost $3.5 million. 2006 was a bad year for Alvin and he had an operating loss before considering MACRS. The widget was used for business purposes only. In 2008 the widget was
1) Denzel earns $120,000 this year through his job as a sales manager. What is his FICA tax? A) $9,180. B) $7,803. C) $7,459. D) $8,362. 2) Sarah receives a $9,000 scholarship from City University. The university specifies that $3,000 is for tuition, books, supplies, and equipment for classes. The other $6,000 is for room a
Lisa and John are in the business of breeding beavers to produce fur for sale. They recently purchased a pair of breeding beavers for $30,000 from XUN, Inc., and agreed to pay interest at 10% each year for five years. After the five-year period, they could pay the debt by delivering seven beavers to XUN, Inc., provided that each
Please see the attachment. Individual transactions often have a significant impact on ratios. This problem will consider the direction of such an impact. (See attached file.) Indicate the effects of the previous transactions on each of the following: total current assets, total current liabilities, net working capital,
1. USM, a US manufacturing corporation, sells electrical gizmos to foreign distribution subsidiaries and to unrelated foreign distributors. The terms of sale are substantially the same except that the price charged to subsidiaries is a delivered price, while the price charged to unrelated distributors is FOB USM's factory. Is th
Blue Corporation acquired controlling ownership of Skyler Corporation on December 31, 20X3, and a consolidated balance sheet was prepared immediately. Partial balance sheet data for the two companies and the consolidated entity at that date is attached. During 20X3, Blue provided engineering services to Skyler and has not yet
Information concerning Sandro Corp. intangible assets is as follows. 1. On Jan 1, 2010 Sandro signed an agreement to operate as a franchisee of Hsian Copy Service, Inc. for an initial fee of $75,000. Of this amount $15000 was paid when the agreement was signed and the balance is payable in 4 annual pmts of $15,000 each, beginni
Technical analysis assumes that non-random price patterns and trends exist in the markets and these patterns can be identified and exploited while many different methods and tools are used, the study of charts of past price is primary. It is argued by chartists that all information needed to make buy and sell decisions is reflec
Please see attachment for table. Answer the following questions, assuming the year begins January 1. (a) If the amount in Supplies Expense is the January 31 adjusting entry, and $452 of supplies was purchased in January, what was the balance in Supplies on January 1? (b) If the amount in Insurance Expense is the Ja
How does a company's financial position play a role upon the market value vs book value? Consider if the company in experiencing financial distress? Need about 75 to 100 word on this please.
I'm working on 2 problems and am having trouble with them. Analysis 13-1 As auditor for the Harder Company, you decide to use PPS sampling in determining the fairness of accounts receivable. In executing the plan, you discover the following misstatements: Book Audit Value Value $1,500 $1,000 2,400
The following information is available for the first three years of operations for Cooper Company: 1. Year 2010 2011 2012 Taxable Income $500,000 330,000 400,000 2. On January 2, 2010, heavy equipment costing $600,000 was purchased. The equipment had a li
Daisy Ltd. uses FIFO process costing. The following information is for the current period production process. Each unit must pass through two separate processes, the Assembly and the Finishing departments. This information is for the Finishing department. Direct materials are added at the beginning of the process, while conve
E 12-1, E 12-4, E 12-6, P 12-9, P 12-12, P 12-14 E 12-1 The Befort Company filed for a patent on a new type of machine. The application costs totaled $12,000. R&D costs incurred to create the machine were $75,000. In the year in which the company filed for and received the patent, it spent $20,000 in the successful defense of