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Accounting

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, 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 to

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

Entries for purchase of assets and subsequent payments on notes

Would you please explain how the following should be recorded? A building used for the primary work establishment which has a recurring payment as well as an additional interest payment? Vehicles used for business purposes which have recurring payments as well as an additional interest payment?

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

Why is accounting often referred to as the "language of business"?

5- Why is accounting often referred to as the "language of business"? 7- What are generally accepted accounting principles (GAAP)? Who currently develops and issues GAAP? What is the purpose of GAAP? 3-1 and 3-2 3-1 The company borrowed $125,000 in cash from Far West Bank. 3-2 The company used $45,000 in cash to pur

Tax Laws of Transferring Property

ABC Corp is planning an expansion. Arnold James owns a building that adjoins the current location. With little modification, the restaurant could expand into that building and double its seating capacity. Arnold has owned this property for 10 years during which it has increased in value. Arnold would like to avoid recognizin

Review of Accounting Procedures at Local Church

You have been asked by the board of trustees of a local church to review its accounting procedures. As a part of this review, you have prepared the following comments relating to the collections made at weekly services and record-keeping for members' contributions: 1. The church's board of trustees has delegated responsibili

Calculate Sally's AGI, Taxable Income and Income Tax

PROBLEM I Sally is age 28. Sally is single. Sally is a C.P.A. but has become disenchanted with the business world and she is taking some time to find herself. She has spent 2007 living with a series of friends. Although she has received some financial assistance from family members there is no person or group of people th

Calculate the Division operating income for the Beta Shoe Company which manufactures only one type of shoe and has two divisions, the Sole Division, and the Assembly Division.

Calculate the Division operating income for the Beta Shoe Company which manufactures only one type of shoe and has two divisions, the Sole Division, and the Assembly Division. The Sole Division manufactures soles for the Assembly Division, which completes the shoe and sells it to retailers. The Sole Division "sells" soles to the

Budgeted Manufacturing Overhead Cost/CVP Graph

Please help me with this: A department has budgeted monthly manufacturing overhead cost of $40,000 plus $5 per direct labor hour. The flexible budget report reflects $120,000 for total budgeted manufacturing cost for the month. What is the actual level of activity achieved during the month (OR, CAN IT NOT BE Determined?) ---

Absorption vs.Variable Costing for the Bohne Company

9. The Bohne Company produces chocolate candies. The chocolates sell for $12 per box. Annually, the company produces 10,000 boxes of chocolates and sells 9,000 boxes of the candies. The company's cost information includes the following: Direct materials $2.00 per unit Direct labor $3.00 per unit Fixed manufacturing overhea

Which of the following is not excluded from income?

1. Gross income may be realized when a taxpayer receives economic benefit even if no cash is received. T or F 2. Which of the following is not excluded from income? (Assume that any amounts received by the taxpayer were kept). a. fair market value of prize won on a game show b.

Taxable Income Ruling: doctrine of constructive receipt

Introduction: Walter used the cash method to account for income from his cattle ranch. During an audit in the third year, the IRS auditor discovered a document from a customer indicating that two years earlier, Walter sold 115 heads of cattle to the customer for $77,000. The document appeared to be a tear slip, the top half of

Common errors in accounting systems

Answer each in 3 or more sentences. What do you do if your G/L A/R balance states $1M and your subsidiary ledger says $800K? What are the most common errors in working with General Accounting, Fixed Assets, Revenue (billing)? What would you do to ensure these errors do not happen?