Hachey Company has accounts receivable of $95,100 at March 31, 2007. An analysis of the accounts shows these amounts. Prepare entries for recognizing accounts receivable. Balance, March 31 Month of Sale 2007 2006 March $65,000 $75,000 February 12,600 8,000 December and Janu
Calculate gross pay for the current week including employee and employer payroll taxes and withholdings.
I am employed by HN Construction. Hourly rate of $32 with overtime of 1.5 times regular pay rate for all hours more than 40 per week. Total hours worked:52 Federal Income tax withheld $275 Cumulative earnings prior to the current week: $45,800 Payroll taxes: FICA Taxes-owed by both Employee and Employer: Social Security 6
In 2007, TPC Inc. sold investment land with a $474,000 book and tax basis for $775,000. The purchaser paid $100,000 in cash and gave TPC a note for the $675,000 balance of the price. In 2008, TPC received a $105,500 payment on the note ($67,500 principal + $38,000 interest). Assuming that TPC is using the installment sale method
Book and Tax gain for Q&J, Inc. This transaction involves a Section 1031 exchange which is carefully explained in the solution.
Five years ago, Q&J Inc. transferred land with a $345,000 book and tax basis for a different parcel of land worth $472,000. Q&J included its $127,000 realized gain in book income, but the exchange was nontaxable. This year, Q&J sold the parcel of land received in the exchange for $533,000 cash. Compute Q&J's book and tax gain on
Several Years ago McCoy's purchased a small building adjacent to it's manufacturing plant in order to have room for expansion when needed. Since the company had no immediate need for the extra space, the building was rented out to another company for rental revenue of $40,000 per year. The renter's lease will expire next month,
19. The process by which a financial transaction is recorded so that its flow through the system can be followed is called: a. Financial shadowing b. Managerial trace technique c. Concatenation d. Audit trail 20. The essential steps in performing a systems study are (in order of occurrence): a. Analysis, design, imp
The Company produces a component that is subsequently used in the aerospace industry. The component consists of three parts (A, B, and C) that are purchased from outside and cost 40, 35, and 15 cents per piece respectively. Parts A and B are assembled first on assembly line 1, which produces 140 components per hour. Part C under
Write a report that defines internal controls. List specific examples that Done Jones should use in his small business. Use the Library, the Internet, or any other resources to help you with this task. Be sure to use APA style writing. Spell check and proofread your document before posting. Remember to cite your sources.
Manufacturing overhead is applied to production. A) Describe how manufacturing overhead may be under-applied. B) Assume that under-applied manufacturing overhead is treated as an adjustment to Cost of Goods Sold. Explain why an under-application of overhead increases Cost of Goods Sold.
Income statement help please please see attached. BE5-1 Presented below are the components in Clearwater Company's income statement. Determine the missing amounts. Cost of Gross Operating Net Sales Goods Sold Profit Expenses Income (a) $75,000 ? $28,600 ? $10,800 (b) $108,000 $70,000
On January 1, 2006, Carson Company purchased a new machine for $2,100,000. The new machine has an estimated useful life of nine years and the salvage value was estimated to be $75,000. Depreciation was computed on the sum-of-the-years'-digits method. What amount should be shown in Carson's balance sheet at December 31, 2007, net
A company has a loss that meets the requirement of a loss contingency in the amount of $500,000. The company has insurance coverage in the amount of 1,000,000 with a deductible of 250,000. What amount should be accrued for the loss contingency?
The Sonne Company produces a perfume called Whim. The direct materials and direct labor standards for one bottle of Whim are given in the attached file in a chart. During the most recent month, the following activity was recorded: a. Twenty thousand ounces of material were purchased at a cost of $2.40 per ounce. b. All o
You recently began a job as an accounting intern at Regis Golf Park. Your first task was to help prepare the cash budget for April and May. Unfortunately, the computer with the budget file crashed, and you did not have a backup. You ran a program to salvage bits of data from the budget file. After entering the following data in
Need help putting together and completeing a paper on accounting. ( using Coca Cola Co.) Please Google the Coca Cola Co. for specific Coca Cola info.
Your friend, Don Jones, has provided you with the following information about his new home inspection business, which he is operating as a sole proprietorship. Using the accounting equation, analyze and report Don's business transactions for the months of September, October and November. Since Don is planning to do his own bookk
Using the financial statements of Landry's Restaurants located in Appendix A of the text, Fundamentals of Financial Accounting 1st ed., by Phillips, Libby, and Libby, compute the following ratios for 2002 and 2003: a. Earnings per share b. Return on assets c. Current ratio d. Times interest earned e. Fixed Asset turnover f
12. Which of the following is a change in accounting principle? a. A change in the estimated service life of machinery b. A change from FIFO to LIFO c. A change from straight-line to double-declining balance d. A change from FIFO to LIFO and a change from straight-line to double-declini
Garth Brooks Specialty Company, a division of Fresh Horses Inc., manufactures three models of gear shift components for bicycles that are sold to bicycle manufacturers, retailers, and catalog outlets. Since beginning operations in 1975, Brooks has used normal absorption costing and has assumed a first-in, first-out cost flow in
14. Actual results might differ from the static budget because _____. a. sales and other cost-driver activities were not the same as originally forecasted b. revenues or variable costs per unit of activity were not as expected c. fixed costs per period were not as expected d. all of these answers are correct 15. Effect
Assume that the tax law allows individuals to claim an itemized deduction for the cost of music lessons for the taxpayer or any member of his family. Instead of this deduction, individuals may claim the first 1000 of the cost as a nonrefundable tax credit (no carry forward or carry back of any excess credit). In each of the foll
Discuss how the following transactions would fit into the accounting equation. Fitness Solutions sold 1,250 of its $600 annual memberships to its fitness centers in 2006. Fitness Solutions earned $400,000 in revenues from providing the services of a personal trainer. Fitness Solutions reported $850,000 in sales from sell
Congratulations! You just graduated with a business degree and accepted a new position with the investigative unit of the FBI's white-collar crimes division. You are a leader on a team of law enforcement investigators called to examine alleged accounting fraud at Fitness Solutions. Fitness Solutions, headquartered in Dallas,
Details: Your friend, Don Jones, has provided you with the following information about his new home inspection business, which he is operating as a sole proprietorship. Using the accounting equation, analyze and report Don's business transactions for the months of September, October and November. Since Don is planning to do his
1. Lynam Company's fixed budget for the 1st quarter of calendar year 2007 revealed the following. Prepare flexible budgets that show variable costs per unit, fixed costs, and 3 different flexible budgets for sale volumes of 6,000, 7,000 and 8,000 units. Sales (7,000 units) $2,800,000 Cost of Goods
Firm D has a net income of $27,900, sales of $390,000, and a average total assets of $465,000. Calculate the firm's margin, turnover, and ROI 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. Firm F has ROI of 12.6%, average total assets of $1,73
Please see the attached case study and answer the following: 1. Compute 2004 income for Parque Corporation using the FIFO inventory flow assumption. Ignore income taxes. 2. Did Parque Corporation really earn a profit from its operating activities in 2004? 3. Given the circumstances described, what risks exist that coul
The president of Jeanette Corporation is in a dilemma regarding which inventory method (LIFO or FIFO) to use. The controller of Jeanette Corporation provides the following list of factors that should be considered before making a choice. 1. Jeanette Corporation has borrowed money during the current month and has entered into a
1. A business organized as a corporation A) is not a separate legal entity in most states. B) requires that stockholders be personally liable for the debts of the business. C) is owned by its stockholders. D) has tax advantages over a proprietorship or partnership. 2. A business organized as a separate legal
Quick-Rite Company manufactures computers. The following cost information for the manufacture of one computer has been compiled: Direct Materials $48 Direct Labor $64 Variable manufacturing overhead $36 Variable selling & administrative expenses $12 Fixed manufactu