6) Cash is collected from a customer who was previously put on account. How does the collection of the cash affect the accounting equation?__A, B, C, or D__ A) assets increase; owner's equity increases B) assets increase; liabilities increase C) assets increase; assets decrease D) assets decrease; owner's equity decreases
Total Liabilities increase by $7,000. How is the accounting equation affected? answer A, B, C or D. a) Assets must have increased by $7,000 or owner's equity must have decreased by $7,000 b) Assets must have decreased by $7,000 c) Assets and owner's equity must have each decreased by $3,500 d) Owner's equity must have incr
Pat Jones invests personal funds to start his own law practice. The following transactions occur during the first month of operation of the proprietorship. For each transaction, insert "I" for increase and "D" for decrease in the apporpriate columns to indicate an increase or decrease in asset, liabilities, or owner's equity. If
1. Which one of the following is an accounting equation? a. Assets = Liabilities + Owners' Equity b. Assets + Liabilities = Owners' Equity c. Assets + Owners' Equity = Liabilities d. Assets = Liabilities - Owners' Equity 2. Which one of the following is NOT an example of an asset? a. Cash b. Accounts Payable
Auditing What are the differences between attribute sampling and variable sampling? Which of the sampling techniques would you prefer to use and why?
Use instructions below to complete the worksheet in next page: Formula Instructions 1 Total tuition (column E) is $3050 for full-time students taking 12 credits or more and $125 per credit hour for part-time students (taking less than 12 credits). Use an IF function to determine the correct tuition charges. 2 Scholarsh
Randazzo may produce 80,000 components per year for various vehicles and 5,000 per year for the corvette. Selling prices vary greatly across the product line as a result of market supply and demand. The machine shop is automated. By changing cutting tools and entering different measurements into the system a variety or produc
Provide a brief history or discussion on International Accounting Standards Board (IASB) and include the following: a) The role of IASC Foudantion b) Structure of IASB c) Explanation of steps involved in creating international accounting standards in accordance with due process d) Local mailing address and contact Brie
Revenues increase by 400,000, cash operating expenses increase by 180,000, and depreciation increases by 45,000. The tax rate is 34%. a) Calculate the cash flow after tax using the formula that CFAT is operating cash flows after tax plus the depreciation tax shield. b) Calculate the cash flow after tax using the formula that C
Alpha manufacturing produces two types of entry doors and standard. The assignment basis for the support costs has been direct labor dollars. For 2008 alpha complied the following data for the two products: deluxe Standard sales units 50,000
Solve sample problems. * credit will be given. due date today around 6PM Circle the one best answer. 1. The ACE Company has five plants nationwide that cost $100 million. The current market value of the plants is $500 million. The plants will be recorded and reported as assets at a. $100 million. b. $600 million. c. $4
Speed Dress Manufacturing has two work stations, cutting and finishing. The cutting station is limited by the speed of operating the cutting machine. Finishing normally waits for work from cutting. Each department works an eight-hour day. If cutting begins work two hours earlier than finishing each day, the two departments gener
Ballpark Concessions currently sells hot dogs. During a typical month, the stand reports an operating income of $9,000 with sales of $50,000, fixed costs of $21,000, and variable costs of $0.64 per hot dog. (The selling price per hot dog should be calculated given the information.) Next year, the company plans to start se
E7-1 (Determining Cash Balance) The controller for Clint Eastwood Co. is attempting to determine the amount of cash to be reported on its December 31, 2007, balance sheet. The following information is provided. 1. Commercial savings account of $600,000 and a commercial checking account balance of $900,000 are held at First
Caleb Corporation has the following information available concerning its post-retirement benefit plan for 2008. Service cost $40,000 Interest cost 52,400 Actual and expected return on plan assets 26,900 Compute Caleb's 2008 post-retirement expense.
Well you made it and you have hung up your shingle that your are a CPA and are prepared to take on new clients. You sit down at your desk, turn on your shiny new Dell Laptop with wireless connection, take a sip of your steamy hot Starbucks Coffee and gaze at that beautiful shiny new wooden desk (that set you back $1000). Just
With the provided balance sheet of Johnson Corporation as of 12/31/2007 and the relevant data for 2008: 1. Record the effects of the information given and provide in journal entry form. 2. Prepare an income statement, statement of retained earnings, and a balance sheet for year ending December 31, 2008. Johnson Corporatio
Identify planned costs: variable costs, discretionary fixed costs, committed fixed costs, mixed costs or step costs 1. straight-line depreciation of office furniture 2. electricity used in operating equipment 3. a lump sum amount of advertising costs planned by a local restaurant 4. nursing supervisors' sal
Envision you have served as a business manager for over 2 years. You have noticed that for the last 12 months the business has regularly had cash assets of $20,000 or more at the end of each month. You have found a 6 month-certificate of deposit that pays 6% compounded monthly. To obtain this rate of interest, you must invest
X Y Z Sales $400 $200 $80 Variable expenses 128 52 34 Fixed expenses Unavoidable 96 52 12 Avoidable 116 104 54 a. compute the operating income of the company b. compute the contribution margin and operating i
Under the assumptions used in cost-volume-profit analysis, as volume increases: A. fixed costs increase in proportion to the increase in volume. B. variable costs per unit remain the same. C. fixed costs per unit remain the same. D. variable costs per unit increase in proportion to the increase in
On January 1, 2008, acme co, is considering purchasing a 40 percent ownership interest in PC co, a privately held enterprise for $700,000. PHC predicts its profit will be $185,000 in 2008, projects a 10 percent annual increase in profits in each of the next four years, and expects to pay a steady annual dividend of $30,000 for t
D&D, Inc. reported the following results for 2007. Calculate D&D's taxable income and resulting tax liability using the tax rates given. Sales $20,000,000 Cost of sales $8,000,000 Operating expenses $1,000,000
I have the answers for the problems, I just need help with a 800 word memo. I've tried but am having really problems putting it into words. Please help me. ------- DATE : September 18, 2009 TO : John Smith Audit Partner [Name of Audit Firm] FROM : [Your Name] Auditor-in-Charge Audit Team Key We
Current assets 8,000 Total assets 30,000 Current liabilities 4,000 total liabilities 5,000 stockholders equity 27,000 net income 9,000 Average number of common shares outstanding = 10,000 shares How much is basic earnings per share? If the company's bonds can be converted by the bond holder into 20,000 additional com
Assignment Type: Individual Project Les Fleurs, a boutique in Paris, France, had the following accounts in its accounting records at December 31, 20X2 (amounts in Euros, denoted as "E") Purchases..................... E250,000 Freight In.................. E8,000 Sales discounts............. 4,000
During the month of December 2000, Schmidt and Carlson, LLP's employee salaries totaled $45,000. Employees are paid on the first of the following month. What journal entries should be made to account for this transaction?
1. What's bank reconciliation? Is it important to reconcile books on a regular basis? What are the steps? Please prepare bank reconciliation for the following scenario: Prepare a July 31 bank reconciliation statement and the resulting journal entries for the Simmons Company. The July 31 bank statement indicated a cash balan
#1 Well that glorious day has arrived and you have opened up your owned beautiful business consulting practice in that new tower located on the corner of 56th Street and Lexington, New York City!!! Who would have believed the day that you were sitting on top of the world. You unlock the doors and await that first client.
Please assist with practice question. Please show step by step. The ledger of Piper Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. Debit Credit Debit Credit Prepaid Insurance 3,600.00 Supplies 2,80