#1. At the end of an accounting period, the amount of net income earned by a company is transferred to the balance sheet and reported under which one of the following categories? a. owner's equity b. liabilities c. assets d. all of the above #2. Shari started a computer software firm by investin $20,000 of her own money.
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On January 1, 2008, Titania Inc. granted stock options to officers and key employees for the purchase of 20,000 shares of the company's $10 par common atock at $25 per share. The options were exercisable within a 5 year period beginning Jan. 1, 2010, by grantees still in the employ of the company, and expiring Dec. 31, 2014. The
Addison Manufacturing holds a large portfolio of debt and equity securities as an investment. The fair value of the portfolio is greater than its original cost, even though some securities have decreased in value. Ted Abernathy, the financial vice president, and Donna Nottebart, the controller, are near year-end in the process o
Andre has asked you to evaluate his business, Andre's Hair Styling. Andre has five barbers working for him. (Andre is not one of them.) Each barber is paid $9.90 per hour and works a 40-hour week and a 50-week year, regardless of the number of haircuts. Rent and other fixed expenses are $1,750 per month. Hair shampoo used on all
Account balances are as follows: Manufacturing overhead $240,000 underapplied Work in process 100,000 Finished goods 300,000 Cost of goods sold 800,000 If underapplied or overapplied overhead is material and is allocated to Work in Process, Finished Goods, and Cost of Goods Sold (based on ending account balance
5) Zipp Company manufactures two products (X and Y). The overhead costs ($84,000) have been divided into three cost pools that use the following activity drivers: Product Number of Setups Machine Hours Packing Orders X 10 500 75 Y 10 2,000 175 Cost per pool $9,000 $60,000 $15,000 What is the all
A company manufactures a product. The company can manufacture 1,200,000 units a year at a variable cost of $3,000,000 and a fixed cost of $1,800,000. Based on projections for next year, 960,000 units will be sold at the regular price of $20.00 each. A special order has been received for 240,000 units to be sold at a 70% discount
Accounting research is developed using research methodology. Which of the following is not a commonly identified methodology? a. Detailed approach b. Deductive approach c. Pragmatic approach d. Behavioral approach The type of risk that is related to the overall movements in the stock market and is unavoidable is cal
Jaycie Phelps Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2008. The purchase price was $1,200,000 for 50,000 shares. Kulikowski Inc. declared and paid an $0.85 per share cash dividend on June 30 and on December 31, 2009. Kulikowski reported net income of $730,000 for 2009. The
1-What type of inflation accounting do you favor under high inflationary periods? 2-Do you think tax allocation can improve the prediction of future tax payments in the short run? 3-What are the economic consequences of SFAS No. 87? Apa style Intext citation and reference No copy and paste
Using course materials, the internet, and/or the Library answer the following questions: What is the fundamental issue surrounding capitalization versus expensing? Which approach do you believe management would prefer? Which approach do you believe auditors would prefer? Why? Apa style No copy and paste Intext
S12-1 (LO 9) Delaware Company incurred the following costs that relate to research and development in 2009: Salaries and wages for lab research $ 400,000 Materials used in R&D projects 200,000 Construction of prototype used in R&D 900,000 Research & Development assoc w /specific c
1. ABC Company purchased manufacturing equipment on February 1, 2007 for $504,000 to be used in a new manufacturing facility production. The equipment is expected to have a salvage value of $24,000 at the end of 12 years of production. It should produce 435,000 units and maintain 49,000 hours of production. During 2008 the equip
Current assets, end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 35,000 Fixed assets, end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180,000 Fixed assets, beginning of year . . . . . . . . . . .
Fred Moss, owner of Moss Interiors, is negotiating for the purchase of Zweifel Galleries. The balance sheet of Zweifel is given in an abbreviated form below. Zweifel Galleries Balance Sheet As of December 31, 2008 Assets: Cash $100,000 Land 70,000 Building (net) 200,000 Equipment (net) 175,000
I need a lot of help on this, I am completely lost. Thank you. Preferred language style: English (U.S.) In memo format: answer the question from "Professional Research: FASB Codification". On each written assignment, students should follow the APA guide for referencing and citations. 3-5 pages Three-four references per questi
Please see attached file. Fontenot Corporation was organized in 2009 and began operations at the beginning of 2010. The company is involved in interior design consulting services. The following costs were incurred prior to the start of operations. Attorney's fees in connection with organization of the compan
Athens Corporation uses a job-cost system and applies manufacturing overhead to products on the basis of machine hours. The company's accountant estimated that overhead and machine hours would total $800,000 and 50,000, respectively, for 20x1. Actual costs incurred follow. The manufacturing overhead figure presented above ex
Evergreen corp has provided the following data: sales per period: 1,000 units selling price: $40 per unit Variable manufacturing cost: $12 per unit Selling expense: $5,100 plus 5% of selling price Administrative expenses: $3000.00 plus 20% of selling price The number of units needed to achieve a target net operating i
Trying to figure out if a company manufactures in house as opposed to sending out to have a product made does a fixed manufacturing overhead of $500.00 get multiplied by anything or just stay the same.
Mesmer Analytic, a biotechnology firm, floated an initial public offering of 2,000,000 shares at a price of $5.00 per share. The firm's owner/managers held 60 percent of the company's $1.00 par value authorized and issued stock following the public offering. One month after the IPO, the firm's board of directors declared a one-t
1.What is the function of commercial tax services? 2. Why would a practitioner need a tax service when most primary tax sources are available for free on the internet? 3. Describe the function of a citator in tax research process?
Steadry Corporation purchased 80 percent of Lowe Corporation's stock on January 1, 20X2. At that date Lowe reported retained earnings of $80,000 and had $120,000 of stock outstanding. The fair value of its equipment and buildings was $32,000 more than the book value. Steadry paid $190,000 to acquire the Lowe shares. The remain
Herman Corporation operates two divisions, the A Division and the B Division. Both divisions manufacture and sell logs to paper manufacturers. The company is considering disposing of the B Division since it has been consistently unprofitable for a number of years. The income statements for the two divisions for the year ended De
The information needs of a specific user of financial accounting information depends upon the kinds of decisions that user makes. Identify the major users of accounting information and discuss what questions financial accounting information answers for each group of users.
1. In computing the earnings per share of common stock, noncumulative preferred dividends not declared should be A. deducted from the net income for the year. B. added to the net income for the year. C. ignored. D. deducted from the net income for the year, net of tax. 2. When using the if-converted method to compute dil
You are the IT manager of a university. The School president has given you a directive to find a way to allow students to take closed - book exams at home and be SURE that the person taking them is at all times during the exam the one enrolled in the course. What is your plan?
What are the differences in reporting guidance in a for-profit and not-for-profit organization?
50. Emmett Company has a deferred tax asset of $1,000,000 at December 31, 2011. This amount arises from the recording of the company's liability for postretirement benefits other than pensions. The company's CPA has asked management whether a valuation allowance should be recorded to reduce the deferred tax asset to zero.
ROI analysis using DuPont model. a. Firm D has net income of $27,900, sales of $930,000, and average total assets of $465,000. Calculate the firm's margin, turnover, and ROI. b. Firm E has net income of $75,000, sales of $1,250,000, and ROI of 15%. Calculate the firm's turnover and average total assets. c. Firm F has