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Account Adjustments

Adjustment and closing process Basic entries: Selected ledger counts used by Alvarez Truck Rental, Inc are listed long with identifying numbers. Following this list of account numbers and titles is a series of transactions. For each transaction, you are to indicate the proper accounts to be debited and credited. Please se

Net income and cash flows

1) XYZ has sales of $100,000 a year, and the sale price will increase with inflation. Inventory valuation is such that the effective cost of goods sold is the purchase price 3 months prior to sale. Depreciation is fixed, and other operating costs are increase proportionately with inflation. The company sells on terms of net 30

3745- activity analysis

Activity analysis The cost of system support department (SS) department (and other service departments) of Clark paper products inc. have always been charged to the three business divisions of management, lumber products and paper products) based on the number of employees in each division this measure is easy to obtain and

Examples of Transactions Recorded

b) What are two or three examples of transactions recorded by your company that might need an adjusting entry? What do you think the original entry would be (accounts debited/credited, and description of the entry), and what do you think the adjusting entry should be (accounts debited/credited, and description of the entry)? An


What do we mean when we say that investors and creditors are interested in a company's cash flow prospects? Explain the effect of operating profitably n the balance sheet of a business entity. Does the receipt of cash by a business indicate that revenue has been earned? Explain. Does the payment of cash by a business in

Multiple choice accounting

Please explain the following: 1. Total fixed costs for product A are $23,400 per month; the variable cost per unit is determined to be $32; the selling price is $45. A firm must sell ____ units to generate $12,000 per month in profits. a. 876 b. 1,800 c. 1,853 d. 2,723 2. A firm generates $81,000 in revenue from se

Debits and Credits

Multiple Choice Questions on debits and credits 1)The business wrote a check: a)increase Cash account. b)decrease Cash account. 2)The business wrote a check to the owner: a)increase Withdrawals account. b)decrease Withdrawals account 3)The business wrote a check to a vendor for supplies it had purchased on cre

Determine increases and decreases to accounts based on type of transaction

1)The business received cash: a)increase Cash account. b)decrease Cash account. 2)The owner invested cash in the business: a)increase Capital account. b)decrease Capital account. 3)The owner invested cash in the business a)debit Capital account b)credit Capital account 4)The business received cash from a cred

Accounting concepts: classification and effects to accounting equation

Multiple Choice Questions on Accounting Concepts 1)An example of an asset is: a)a bank loan. b)workers' wages. c)a computer. d)profit. 2) If you start a window cleaning business and deposit $1,000 of your own personal money in a bank account for the business, what effects are there to the accounting equation (Asse

Use the grid below to prepare an overhead analysis sheet for the year ending 31 December 2004. Calculate the overhead recovery rate for the cutting department, based on direct wages and the stitching department, based on machine hours.

Darnick Holdalls Ltd., manufacture three types of high quality hand made cases, small, medium and large. These are manufactured in two departments, the cutting department and the stitching department. There are also two service departments, maintenance and canteen. The estimated data for the year ending 31 December 2004 is as fo

Journal Entries

Problem 3: The Bryan Construction Company received a contract to build a new dormitory complex. The selling price of $30,000,000 will be paid when the complex is completed. The costs to construct the complex are as follows: {see attachment}. a. Assuming the contract is with a large state-supported school which is very strong f

Accounting Transaction Analysis/2629

I am having difficulty understanding if the questions effect asset, and net income. It is difficult for me to determine if they need to be posted in a column and if it is a+ or - I really do not understand how amoritization is calulated and effects these problems I have attached the problem and the excel sheet that I am

Need some help with this analysis/2497

Minor Medical Company is a manufacturer of blood pressure monitors, catheters, surgical instruments, and other medical products. In each of the past five years, Minor has added approximately 10 new products to its sales. Although its product line has become more diversified and its manufacturing process more complex, Minor conti

FASB Standard Required for Impairment Loss

Case 1. A recently issued FASB standard requires that an impairment loss be recognized if the sum of the expected future net cash inflows (undiscounted and without interest charges) is less than the carrying value of the asset. The amount of the impairment loss recognized is the amount by which the carrying amount of the ass

Corporate: Transactions and Dividends

Magnifico Inc. owns and operates movie theatres throughout Georgia and Mississippi. Magnifico has declared the following annual dividends over a six-year period (see attachment). Instructions: (1) Calculate the total dividends and the per-share dividends in arrears on January 1, 1999. Summarize the data in tabular form, usin


Three different plans for financing a $15,000,000 corporation are under consideration by its organizers. Under each of the following plans, the securities will be issued at their par or face amount, and the income tax rate is estimated at 405 of income. Plan 1 Plan 2 Plan 3 12% Bonds $6,250,000 Preferred $4 stock, $50 pa

Management accounting

For OTA 103058 -- per Posting 12648 - you adv'd that "D" was the answer. I understand what you're saying, but don't understand why "A" isn't the answer. I quess it's because I don't know what storyboarding is. Please advise. Thanks much!!!

Management Accounting

Which of the following activities is unlikely to help improve a process efficiency? a) storyboarding/charting b) activity analysis c) employee training d) improving understanding of customer requirements

Management Accounting

Understanding the causes of cost is important because it? a) keeps accountants employed b) helps motivate employees c) provides a basis to manage and improve cost performance d) is information required by auditors I believe "c" is the correct answer. Please advice if correct or not & why. Thanks!!!!

Management Accounting

Continouous improvement involves all the following except? a) understanding the activities that the organization undertakes to meet its customers'requirements b) improving the performance of value-added activities c) redesigning entire procees d) eliminating inefficent activities I believe "b" is the correct

Accounting questions

29. All of the following are purposes of internal control except to: a) safeguard assets b) promote operational inefficiency c) encourage adherence to company policies d) ensure accurate and reliable accounting records 30. Paying top salaries to attract top-quality employees is a part of which characteristic of internal c

Cost Allocation Problem

Please see the attached Word document. Would anyone be able to help me with this? The questions that I have are as follows: 1. Using assumed numbers, develop a cost allocation method for materials overhead (MOH) to quantify and communicate the strategy of parts standardization. 2. Explain how use of your method would sup

Income Tax Accounting Appendix F

Please assist me with the attached problem. Problem 1 of Appendix F. I will attach the problem and my work so far. I am having great difficulty completing problem 1, I do not understand this at all. The answer is supposed to be $667, but I can not figure it out. Can you please assist me?

True/False and Multiple Choice Accounting Problems

True/False 1. The vice presidents of production and sales and the controller hold line positions in most large organization. 2. Managerial accounting information includes both historical and estimated data. 3. As product costs are incurred in the manufacturing process, they

Accounting Principles

See attached file for full problem description. Complete questions 1 through 11. The questions deal with the following: Sales transactions, Net sales and gross profit, Periodic inventory system, Income summary account, Credit memorandum, Purchase merchandise

Financial Questions

What piece of information flows from the income statement to the statement of owner's equity? What information flows from the statement of owner's equity to the blaance sheet? What balance sheet item is explained by the statement of cash flows? How does the over-the-counter exchange operate? How does it differ from the

Cost Accounting: special order and job costing

Burke offers to pay Ryan $10.75 per unit for an order of 8,000 units. Ryan has the capacity to fill the order and accepting the order will not affect any other orders. Should Ryan accept this special order? Show your analysis. Job FWS consists of 40 units and will require 15 setups, 200 machine hours, and 60 inspections. U