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Accounting

Blue Sky Window Washing Inc.

Blue Sky Window Washing Inc. was started on May 1. Here is a summary of the May transactions. 1 Stockholders invested cash in the company in exchange for common stock - $16,000 2 Purchased equipment for cash - $7,000 3 Paid cash for May office rent - $700 4 Paid cash for supplies - $400

Far and Wide Travel Agency Inc

On April 1 Far and Wide Travel Agency Inc. was established. These transactions were completed during the month. 1 Stockholders invested cash in the company in exchange for common stock - $20,000 2 Paid cash for April office rent - $900 3 Purchased office equipment for cash - $2,800 4 Purchase

Kaplin Manufacturing Company

Help needed to understand how to work a problem. I need help with Letter D. Kaplin Manufacturing Company uses a standard cost accounting system. In 2006, 33,000 units were produced. Each unit took several pounds of direct materials and 11⁄3 standard hours of direct labor at a standard hourly rate of $12.00.

Tax Liability Comparisons

June and John decide to start a business. They plan to contribute $20,000 in exchange for a 50 percent interest in the business. They expect that the business will make a profit of $80,000 in the first year and that it will not make any cash distributions that year. Excluding the business income, June, who files as the head of h

Service Times in Doctor's Offices

Do doctors' offices generally have random arrival rates for patients? Are service times random? Under what circumstances might service times be constant?

Brandon Inc.

Please see attached file, very confused. Here are incomplete financial statements for Brandon, Inc. BRANDON, INC. Balance Sheet Assets Liabilities and Stockholders' Equity Cash $5,000 Liabilities Inventory 10,000 Accounts payable $5,000 Building 45,000 Stockholders' Equity Total assets $60,000

Tax Liability and Marginal Tax Rate

I need assistance in solving the two problems below: 1. Assume that a corporation has $100,000 of taxable income from operations plus $5,000 of interest income and $10,000 of dividend income. What is the company's tax liability? 2. Assume that you are in the 25% percent marginal tax bracket and that you have $5,000 to in

Theories of Term Structure of Interest Rates

1-1 What are some problems involved in the use of profit maximization as the goal of the firm? How does the goal of maximization of shareholder wealth deal with those problems? 1-7 Using the following criteria, specify the legal form of business that is favored: A-organizational requirements and costs. B-liability of the ow

Accounting Equation/Debits and Credits

1 - What is the accounting equation? What does it tell you? Why does it have to balance? What happens if the equation does not balance? 2 - What are debits and credits? How do debits and credits affect the accounting equation? Are debits always increases? Are credits always decreases? Why or why not?

What are the three roles that management accountants perform?

Please, see attached and help me if possible. Thank you. ? Questions: 1-4 What are the three roles that management accountants perform? 1-10 What are three guidelines help management accountants provide the most value to managers? 2-3 Why do managers consider direct cost to be more accurate than indirect costs? 2-

Genera Corporation reported federal taxable income of $1,000,000.

1. Genera Corporation reported federal taxable income of $1,000,000. During the year it received $15,000 of interest income on Federal bonds, and paid $105,000 of state income taxes. Under the general definitions used in the text, what is Genera's state taxable income? Please list your reference page. Thanks.

Income Tax Brackets

Please help me to understand how to complete the following: Assuming that I am in the highest tax bracket of 39 percent. I know that this basically means that a taxpayer will pay 39 percent of his/her income to the government. An amount will be paid based on the portion of his/her income in each tax bracket up to total income

Important information about Multiple Choice - Managerial Accounting

Please see the attachment. When a company recognizes depreciation on manufacturing equipment: a. Total assets increase. b. Total assets, equity, and net income decrease. c. Total assets, equity, and net income are not affected. d. None of the above. Western Company purchased direct materials on

Using the following information, compute total revenues.

For the following four cases, use the accounting equation to compute the missing quantity. Assets Liabilities Owners' Equity Case A $10,000 $ 4,000 A Case B 8,000 B $3,500 Case C C 5,500 7,000 Case D 13,000 15,000 D Using the following information, compute total current assets. Land $ 9,000

Special Order Plant Capacity Calculations

Hillside Company has an annual plant capacity of 3,000 units. Data concerning this product are given below: Annual sales at regular selling prices............ 2,500 units Manufacturing costs: Variable............................................... $20 per unit Fixed (annual)....................................... $75,

Portand After School Program - Accounting Journal

For my assignment I was asked to complete a journal for the Portand After School Program. I have completed it, but I know I did something wrong because when I try to do the second part which is a trial balance it is not balancing out right. Can some one please help me correct my mistakes? (a) July 1, 20XX? Received unrestr

Business and Taxation

1. For tax purposes, what is the best form of business entity to have? Why? 2. Is a budget always necessary in business? Why or why not? 3. Is a budget always necessary in personal money management? Why or why not? 4. Should individuals be taxed the same as business entities? Why or why not?

Merchandising transactions- Journalize and post to T accounts

Midwest Distributing Company completed these merchandising transactions in the month of April. At the beginning of April, the ledger of Midwest showed Cash of $9,000 and Common Stock of $9,000. Apr. 2 Purchased merchandise on account from Kane Supply Co. $6,300, terms 2/10, n/30 Apr. 4 Sold merchandise on account for $5,00

Online professor's response to: Accounting questions

21. Employees at B Corporation are paid $5,000 cash every Friday for working Monday through Friday. The calendar year accounting period ends on Wednesday, December 31. How much salary expense should be recorded two days later on January 2? a. $5,000 b. $3,000 c. None, matching requires the weekly salary to be accrued on Decem

Accounting education, experience and responsibilities

The accounting firm I am employed with is very active in its community and is recognized as a valuable corporate citizen. Each year a team from my firm meets with the local high school seniors to discuss career opportunities in finance and taxes. This year you have been assigned to present career opportunities for tax practiti

ROI and Residual Income on Excel worksheet

Calculate on Excel worksheet NP7.2 ROI and Residual Income Suppose that a division of a company is treated as an investment center. Its manager is currently obtaining an ROI of 15% from existing assets of $1 million. The cost of capital (corporate discount rate) is 10%. The division manager has the option of choosing among

Upstream Sale of Equipment in Prior Period

E6-11 Upstream Sale of Equipment in Prior Period Baywatch Industries purchased 80 percent ownership of Tubberware Corporation on January 1, 20X0, at underlying book value. On January 1, 20X6, Baywatch paid Tubberware $270,000 to acquire equipment that Tubberware had purchased on January 1, 20X3, for $300,000. The equipment is