(Accounting Principles-Comprehensive) Presented below are a number of business transactions that occurred during the current year for Fresh Horses, Inc. Instructions In each of the situations, discuss the appropriateness of the journal entries in terms of generally accepted accounting principles. (a) The president of Fresh
See attached files for problems. P9-3B Presented below is an aging schedule for Jafar Company: Number of Days Past Due Customer: Total: Not yet due: 1 ~ 30 31 ~ 60 61 ~ 90 Over 90 Akers $30,000 $13,500 $16,500 Baietto 45,000 $45,000 Comer 75,000 22,500 7,500 $45,000 DeJong 57,0
Ending inventory 2005 = 5,000 overstated insurance expense 2005 = 2,400 understated Assuming that the errors were no corrected, by what amount will 2005 income before taxes be overstated or understated? Please explain.
Managerial Accounting: Hamilton Stage Supplies variable & full costing. Problem P5-2 Variable and Full Costing: Sales Constant but Production Fluctuates
See attached file. Managerial Accounting, Third Edition by James Jiambalvo "Solving Managerial Accounting Problems Using Microsoft Excel or Windows Templates by Rex A Schildhouse" Problem P5-2 Variable and Full Costing: Sales Constant but Production Fluctuates Hamilton Stage Supplies is a
See attached file. Managerial Accounting, Third Edition by James Jiambalvo "Solving Managerial Accounting Problems Using Microsoft Excel for Windows Templates by Rex A Schildhouse" PROBLEM P4-6 - Account Analysis, High-Low, Contribution Margin Information on occupancy and costs at the New
See attached file. Managerial Accounting, Third Edition by James Jiambalvo "Solving Managerial Accounting Problems Using Microsoft Excel for Windows Templates by Rex A Schildhouse"(Spreadsheet template is attached to assist in better understanding problem) Problem P3-1 Comprehensive Problem, One Dep
Using Alcoa's & Ford's most current 10-K or the company's annual report analize both companies. Post comments about the comparison between the two companies. Compare the income statement elements and comment if the ratios are comparable or not and which company may be doing better and why. I am having such a hard time even f
I am having trouble with the following three questions: 1. What is "consolidated retained earnings"? 2. Distinguish between "transfer at cost" and "transfers at a profit or loss" in intercompany transactions? 3. What is the eliminating entry when one subsidiary sells merchandise to another subsidiary?
See the attached file. V- Each of the following events describes acquiring an asset that requires a year-end adjusting entry. 1- Paid $7,000 cash on January 1 to purchase printers to be used for administrative purposes. The useful life is estimated of three years and a $1,000 salvage value. 2- Paid $7,000 cash on January 1
A. Calculate the annual MACRS depreciation for a machine in the 7-year MACRS asset class, assuming that the asset costs $20,000. B. If you knew that the asset had an expected salvage value of $2,000 at the end of its 12-year economic life, would your answer to part a change? Calculate the annual MACRS depreciation schedu
The solution computes, net income, book value, retained earnings,common stock outstanding, market value of asset is given examples of Romo Inc, Fyre Inc & Klington Widgets Inc.
Romo, Inc., has current assets of $1,100, net fixed assets of $14,500, current liabilities of $ 600, and long-term debt of $4,000. The value of the shareholders' equity account for this firm is $ ? The amount of net working capital is $ ...... . Fyre, Inc., has sales of $485,000, costs of $190,000, depreciation expense
Please help. I'm trying to follow the examples in the text book, however I'm not sure I'm on the right track. Please help with step-by-step on how the journal entries should be made. See the attached file.
What effect does a debit memo in a bank statement have on the Cash account? What effect does a credit memo in a bank statement have on the Cash account?
2. The accumulated benefit obligation measures A. The pension obligation on the basis of the plan formula applied to years of service to date and based on existing salary levels. B. The pension obligation on the basis of the plan formula applied to years of service to date and based on future salary levels.
10) On August 1, 2005, Sarah Brown invested $90,000 in her new business, Brown Construction. During August, she withdrew $10,000 from the business. The amounts of the various assets, liabilities, revenues and expenses are as follows: Accounts payable, $9,000, Accounts Receivable, $26,000, Cash, $5,400, Construction revenue,
1. Markes Corporation's partial income statement after its first year of operations is as follows: Income before Income Taxes $3,750,000 Income tax expense Current $1,035,000 Deferred 90,000 __________ 1,125,000
Dot Point, Inc. is a retailer of washers and dryers and offers a three-year service contract on each appliance sold. Although Dot Point sells the appliances on an installment basis, all service contracts are cash sales at the time of purchase by the buyer. Collections received for service contracts should be recorded as A
8-74. The mix of salary and commission. Belleville Fashions sells high-quality women's, men's, and children's clothing. The store employs a sales staff of 11 full-time employees and 12 part-time employees. Until recently, all sales staff were paid a flat salary and participated in a profit-sharing plan that provided benefits
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
Computation of leverage, profitability, Liquidity ratios for Flying Penguins Corp,Breckenridge Ski Company,Rangoon Timber Company, Cisco Systems.
Liquidity ratios: Flying Penguins Corp. has total current assets of $11,845,175, current liabilities of $5,311,020, and a quick ratio of 0.89. What is its level of inventory? 4.6 Leverage ratios: Breckenridge Ski Company has total assets of $422,235,811 and a debt ratio of 29.5 percent. Calculate the company's debt
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
Alpha Manufacturing produces two types of entry doors, deluxe and standard. The assignment basis for support cost has been direct labor dollars. For 2008 Alpha compiled the following data for the two products: Deluxe Standard Sales units 50,000 400,000 Sales price pe