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Accounting Problems: 42 multiple choice 1st year accounting.

Question 1 Moss County Bank agrees to lend the Blackwood Brick Company $100,000 on January 1. Blackwood Brick Company signs a $100,000, 6%, 9-month note. The entry made by Blackwood Brick Company on January 1 to record the proceeds and issuance of the note is a. Debit Interest Expense 4,500 Debit Cash 95,500 Credit


Please see the attached files and complete the work. NARRATIVE OF TRANSACTIONS The transactions in this final were completed by Top Ten Sporting Goods Company, owned and operated by Jack Newman, during the month of October of the current year. Although the transactions deal with the operations of a sporting goods business,

Variance Analysis

I'm having trouble figuring out the standard quantity and standard hours. I'm not sure that the rest of my calculations are correct either. Then there are the actual variances themselves and while I have the formulas they don't seem correct.

Iron Mountain Mining Company

Iron Mountain Mines produces iron ore at four different mining locations in the Iron Mountain Range area of Colorado; however, the ores extracted at each mine are different in their iron content. Mine #1 produces magnetite ore, which has a 70% iron content; mine #2 produces limonite ore, which has a 60% iron content; mine #3 pr

Business Accounting Exercises - Adjusting Entries

See attached file for full problem description. 3. Gleason Advertising Company's trial balance at December 31 shows Advertising Supplies $6,700 and Advertising Supplies Expense $0. On December 31, there are $1,700 of supplies on hand. Prepare the adjusting entry at December 31, and using T accounts, enter the balances in the

Managerial Accounting Assistance

Managerial Accounting Assistance 1. Anticipating unusually high sales for July, Radios, Inc. a producer of small two-way radios, plans to produce 20,000 radios, using all available capacity. Radios anticipating costs for the radios for July as follows: Unit Manufacturing Costs Variable Direct labor Materials Cost $1.20 Va

Tax accounting

See attached file for full problem description. 1. Lori, who is single, purchased a new copier (five-year class property) for $30,000 and new furniture (seven-year class property) for $112,000 on May 20, 2005. Lori expects the taxable income derived from her business (without regard to the amount expensed under § 179) to

EPS Computation of Basic and Diluted EPS

T P16-6 (EPS Computation of Basic and Diluted EPS) Edmund Halvor of the controller's office of East Aurora Corporation was given the assignment of determining the basic and diluted earnings per share values for the year ending December 31, 2007. Halvor has compiled the information listed below. 1.

Account Identification

Using the format provided, for each account identify: (a) whether the account would be reported on a balance sheet (B/S), on an income statement (I/S), or on neither statement (N); (b) whether it is an asset (A), liability (L), owners' equity (OE), a revenue (R), or an expense (E); and (c) whether the account has a debit or a c

Quantitative Methods

1. s1 s2 s3 d1 10 8 6 d2 14 15 2 d3 7 8 9 The probabilities of each state s1, s2, s3 are 0.2, 0.4 and 0.4 respectively. What is the EVPI? Put your answer in the form x.x 2. The quality control manager for ENTA Inc. must decide whether to accept (a1), further analyze (a2), or reject (a3) a lot of incoming materia

Accounting Question

Complete the six-column table. Please see attachment. Required 1. Complete the six-column table by entering adjustments that reflect the following information: a. As of December 31, 2005, employees had earned $900 of unpaid and unrecorded salaries. The next payday is January 4, at which time $1,600 of salaries will be pai

If a plant was designed to produce 7,000 hammers per day, but is limited to making 6,000 hammers per day because of the ime needed to change equipment between styles of hammers, what is the utilization?

If a plant was designed to produce 7,000 hammers per day, but is limited to making 6,000 hammers per day because of the ime needed to change equipment between styles of hammers, what is the utilization? For the past month, the plant [in the above problem], which has an effective capacity of 6,500, has made only 4,500 hammers

Accounting for Martin and Associates

Martin & Associates borrowed $5,000 on April 1, 2003 at 8% interest with both principal and interest due on March 31, 2004. How much should be in the firm's interest payable account at December 31, 2003? (Points: 1) $300 $400 $0 $333

Accounting and Budget Principles

Law enforcement operations must react to changing conditions, yet they must do so within the bounds of the department's budget. For example, if a serious trend of daytime burglaries in a particular district emerges, the department must use either overtime or reallocate assets to counter the criminal activity. Consider the fo

Break-even analysis

I am working on an assumption to find what the maximum profits would be. I have run 8 trials and I'm not getting any profits, I'm not sure where I have gone wrong. (See attached file for full problem description) Minden Company Current Conditions -- Per unit: Selling Price Variable expenses Fixed expenses (for th

Accounting tasks: delegate tasks?

Keith Martin is the controller for Daniels Printing Service. Keith has been putting in a lot of overtime; therefore, Mr. Daniels has allowed Keith to hire an assistant. Keith's assistant is a bright, high school graduate, but he has never taken an accounting class. Keith is trying to decide which accounting activities could be d

Accounting for Troubled Debt Restructuring

On December 31, 2004, Kathleen Lowell Bank enters into a debt restructuring agreement with Dennis Company which is experiencing financial difficulties. The bank restructures a $4,000,000 note receivable by: 1. Reducing the principal obligation from $4,000,000 to $3,200,000. 2. Extending the maturity date from 12/31/

Determine gross income and dependency exemptions

Question 1: Under the rules applicable after 2004, determine how many dependency exemptions would be available in each of the following independent situations. Specify whether any such exemptions would come under the qualifying child or the qualifying relative category : a. Richard maintains a household that includes a cousin

Short Exercises for Introductory Accounting

SE4. For each transaction below, tell which account is debited and which account is credited. SE5. Set up T accounts and record each transaction in SE4. Determine the balance of each account. SE6. From the T accounts created in SE5, prepare a trial balance dated May 31, 20x1. SE9. Prepare ledger account forms like

Entries for bond investments

I am really having a difficult time figuring out the entries when it comes to bonds and investments, please help. Danka Inc. develops and leases databases of publicly avaiable information. The following selected transactions relate to certain securities acquired as a long term investment by Danka Inc. whose fiscal year end

Return and Risk

Over the past 10 years, Molly O'Rourke has slowing built a diversified portfolio of common stock. Currently her portfolio includes 20 common stock issues and has a total market value of $82,500. Molly is at present considering the addition of 50 shares of one of two common stock issues-X or Y. To assess the return and risk

The Cardinal Wholesale Company: Tax calculation/S corporation

The Cardinal Wholesale Company is an S corporation that began business on March 1, 2005. Robert, a calendar year taxpayer, owns 100% of the Cardinal stock. He has $400,000 taxable income from other sources each year. Robert will work approximately 30 hours a week for the corporation. Cardinal sells swimming pool supplies, and it

Compute their tentative minimum tax

56. Rosa and Steve, who are married, had taxable income of $225,000 for 2005. They had positive AMT adjustments of $40,000, negative AMT adjustments of $10,000, and tax preference items of $67,500. a. Compute their AMTI. b. Compute their tentative minimum tax.

Calculate Bonnie's Gain or Loss for her Printer

Bonnie owns a personal computer (adjusted basis of $3,000) that she uses exclusively in her business. Bonnie transfers the computer and cash of $1,500 to Green Computers for a laser printer (worth $5,500) also to be used in her business. a. Calculate Bonnie's recognized gain or loss on the exchange. b. Calculate Bonnie's b

Entries for investments in stock

Theater Arts Company produces and sells theater costumes. The following transactions relate to certain securities acquired by Theater Arts Company, which has a fiscal year ending on December 31: 2004 Feb 10 Purchased 4,000 shares of the 150,000 outstanding common shares of Haslam Corporation at 48 plus commission and oth

Calculate Carlton's AGI.

34. Carlton received the following income and incurred and paid the following expenses during the current year: Salary income $72,000 Dividend income 4,000 Interest income 3,000 Contributions to First Church 2,500 Real estate taxes on personal residence 1,800 Alimony paid to former spouse

What is the theoreticalminimum number of workstations?

Four hundred and eighty minutes of production time are available per day. The schedule calls for the production of 80 units per day. Each unit of the product requires 30 minutes of work. What is the theoreticalminimum number of workstations? a. 2 b. 3 c. 4 d. 5 e. 6 East Texas Seasonings is prepar

A. Compute earnings per share if earning before interest and taxes are $20,000, $30,000 and $120,000 b. Explain the relationship between earnings per share and the level of EBIT. c. If the cost of debt went up to 12% and all other facts remained equal, what would be the break-even level for EBIT?

Leno Drug Store and Hall Drug store are competitors in the discount drug chain business. Two separate capital structures. Leno Debt @ 10% $100,000 Common Stock, $10 par $200,000 Total $300,000 Shares 20,