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    Accounting: the accounting equation.

    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

    50 Basic Accounting multiple choice questions

    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

    Arkansas Academy: Calculating tuition charges

    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

    Managerial Financial Accounting/Management Accounting

    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

    What is the cash flow after tax using the CFAT formula?

    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

    Cost accounting: Activity based costing.

    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 and Activity Based Costing

    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

    Detailed Explanation to Accounting questions

    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

    Compute total production per day and contribution margin

    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

    Costing accounting for Ballpark Concessions

    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

    Determining Cash Balance for Clint Eastwood Co

    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: Compute Post-retirement expense

    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.

    Identifying Variances in Budgets

    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

    Effect of Information on Journal Entries

    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

    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

    Compute and Compare Investing Excess Cash

    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

    Volume and Contribution Margin

    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

    The Equity Method of Accounting for Investments

    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

    Question about Taxable Income & Tax Liability

    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

    Key West Company: Memo Help

    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

    Basic Earnings per Share Calculations

    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

    Schmidt and Carlson Accounting

    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?

    Bank reconciliation, accounting

    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

    Accounting: Instructions for the Microsoft Excel Templates

    Instructions for the Microsoft Excel Templates Detail and information on Excel is contained within the manual. Striking the "F1" key or following the path "Windows>Excel Help" will invoke the Office Assistant and bring up one of several help menus. Type your name into the cell to the right of the label "Name." This wil

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