Under which accounting system will you find the Statement of Financial Position and the Statement of Comprehensive Income? In an essay of about 250 words, explain why these terms are becoming adopted.
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At a recent meeting, one of your coworkers stated that "Using the right analysis tool will compensate for inexperienced managers." Do the tools help only in certain situations such as routine, daily, or rather mundane decisions, like cost controls, quality controls, or staffing questions (in term of number of people needed)?
Compute the Accounts Receivable Balance from the given data. (Days sales outstanding) Jessica Corporation has a DSO of 60 days, and its annual sales are $7,300,000. What is its accounts receivable balance? Assume it uses a 365-day year.
Sunny Inc. manufactures refrigerators. On April 15, 2010 the company sold 10,000 units to bernies for 500 each. The terms of the sale were 2/10, n30. Using the gross method of discounts prepare the following: a. The journal entries to record the April 15 sale and payment made on April 30,2010 b. The journal entries to r
Michael won the state lottery and had the option of taking his winnings is one of three ways: a. 175000 cash immediately b. 25000 cash immediately and six equal installments beginning one year from today with a 3% return c. Seven equal payments beginning in one year with a 6% return. Which would be the best option for Mi
Loss of value of a current asset like inventories is a carrying cost because if there is a reduction in value of inventory then its part of the holding cost. Some inventory goes from full value to essentially zero, or lower if you have to pay disposal costs. What about seasonal inventories such as fashion, accessories etc?
Coldplay Corporation incurred the following costs while manufacturing its product. Materials used in product $100,000 Advertising expense $45,000 Depreciation on plant $60,000 Property taxes on plant $14,000 Property taxes on store $7,500 Delivery expense $21,000. Labor costs of assembly-line workers $110,000 Sale
The sales price per unit is 13 for the dakota company's only product the variable cost per unit is $5. in the year 2011, the company sold 80,000 units which was 10,000 above the break even point. 1. total fixed expenses (computer the contribution margin first) 2. total variable expenses at the break even volume.
Assume that you must take a presentation to the marking staff explaining the difference between product and period costs. Your supervisor tells you the marking staff would also like clarification regarding prime and conversion costs and an explanation of how these terms fit with product and period cost. You are told that many on
Tax return problem: Using the following link to find the appropriate forms - http://www.irs.gov/app/picklist/list/formsInstructions.html (You should be able to enter information on forms before saving or printing ) prepare a 2009 income tax return based on the following. Name: Kid Rock SS: 123-45-6789 DOB: 5/11/71 Address
1. Under the equity method, when the company's share of cumulative losses equals its investment and the company has no obligation or intention to fund such additional losses, which of the following statements is true? The investor should change to the fair-value method to account for its investment The inv
Exercise E20-19 Projected benefit obligation 930,000 Accumulated benefit obligation 865,000 Plan assets (at fair value) 700,000 Vested benefits 200,000 Prior service cost not yet recognized in pension expense 120,000 Gains and losses
ComputerTown's Chief Financial Officer (CFO) was asked to become a member of the board for a local non-profit hospital. Should she expect the mission, goals, and performance measures of the hospital to be like those of ComputerTown? Why or why not?
Heal, Inc., a tax-exempt hospital, was sold to its shareholders for $6.6 million. The IRS determined that the fair market value of the hospital was $7.8 million. An IRS agent is proposing that the tax-exempt status of the hospital be revoked because the sale of the hospital to the shareholders for less than the fair market value
When Yuji dies in March 2009, his gross estate is valued at $6 million. He owes debts totaling $300,000. Funeral and administration expenses are $12,000 and $120,000, respectively. The marginal estate tax rate will exceed his estate's marginal income tax rate. Yuji wills his church $300,000 and his spouse $1.1 million. What
What you might do in the following scenario. You have been offered a job in the suburbs on the side of town you live on. It is for more money than you are making and will be 9-5, five days a week instead of overtime at your current job. The company is small and privately held. The company you work for now is a large establis
Please help me in completing the following take-home problem Introduction: Lisa is single has a dependent child, Ava, who lives with her. After her divorce, Lisa, was awarded the permanent custody of Ava, and has not agreed to waive her right to claim Ava as a dependent. Task: Compute Lisa's taxable income and her net tax
Calculate earnings per share for the following: Net income $ 500,000 Interest expense $ 50,000 Preferred Dividends paid $ 75,000 Common Dividends paid $ 100,000 Preferred shares outstanding $ 50,000 Common shares outstanding $ 100,000 Please explain
Tracy acquires an automobile (MARCS 5 year recovery) on March 1, 2009. He uses the automobile 70% of the time in his business and 30% of the time for personal use. The automobile costs $36,000, and no amounts are expensed under Sec. 179 or bonus depreciation. a. What is depreciation for 2009-2011 and any subsequent years?
Describe how to calculate. A company has 10%, 20-year bonds outstanding with a par value of $500,000. The company calls the bonds at 96 when the unamortized discount is $24,500. Calculate the gain or loss on the retirement of these bonds.
98% of larger corporations use the big four public accounting firms to audit their books. What are the reasons that you can think of on why this number is so high. What are the advantages and disadvantages of using one of the big four accounting firms?
Cerritos Circuitry manufactures electrical instruments for a variety of purposes. The following costs related to maintaining product quality were incurred in May. Training of quality-control inspectors $31,500 Tests of instruments before sale
For the following income statement and balance sheet, fill in the missing information for the calendar year ending December 31. Sales ($) __________ COGS 200,000 Gross Profit __________ Expenses 300,000 EBIT __________ Interest Expense 1
"I don't need to know accounting principles because my business is a sole proprietorship." Comment on this statement.
What are the essential features of the allowance method of accounting for bad debts?
ABD Co. began operating on January 1st, 2006. on December 31st, 2006 the company records showed the following account balance : The following transactions occurred during 2006 : 1- Collected $7,000 from Accounts Receivable. 2- Purchased supplies of $5,000 in cash. 3- Purchased equipment for $5,000 with
Select a step of the accounting that is not automated at AT&T then. A) How would you integrate this part of the accounting cycle into AT&T, wide accounting information system, identified some of the internal controls associated with the portion of the accounting cycle. B) Describe why these controls are important.
Discuss how income is recognized when accounting for long-term contracts? What are some alternatives to recognizing revenue? How are losses accounted for?
The stockholders' equity section of a corporation's balance sheet which is attached follows. 1. Assuming that the preferred stock is not callable and no dividends are in arrears, compute the book values per preferred share and per common share. Book value per preferred share _________________ Book value per common share
Record the following transactions of a company in general journal form. (a) Reacquired 8,000 of its own $10 par value common stock at $40 cash per share. The stock was originally issued at $15 per share. (b) Sold 2,000 shares of stock reacquired under part (a) at $43 cash per share. (c) Sold 3,000 shares of the stock re