1. Which of the following is not an asset: a. Accounts Payable b. Furnishing and Equipment c. Supplies d. Cash 2. Amy Co. acquired $500 worth of supplies on credit. Which of the following journal entries would be recorded? a. Debit supplies, credit cash b. Debit cash, credit supplies c. Debit supplies, credit accoun
Answer is provided for these questions. Please use Excel to help me understand how this answer came and show all calculations. 1.Mike deposited $1,000 in a savings account. The annual interest rate is 10 percent, compounded semiannually. How many years will it take for his money to grow to $2,653.30? Answer: Solve for
Charlie and Maribelle Brown have owned and operated a retail furniture store for more than 20 years. They have employed an independent CPA during this time to prepare various sales tax, payroll tax, and income tax returns, as well as financial statements for themselves and the bank from which they borrowed money from time to tim
On October 1, 2007, Lyman Co. purchased to hold to maturity, $1,000, 9% bonds for $208,000. An additional $6,000 was paid for accrued interest. Interest is paid semi-annually on December 1 and June 1 and the bonds mature on December 1, 2011. Lyman uses straight-line amortization. Ignoring income taxes, the amount to be repor
Prepare income statements under variable and absorption costing for the year ended December 31, 2007. - see attachment Jennifer Bruner Cost Accounting December 21, 2008 Variable versus Absorption Costing Introduction: The Zwatch Company manufactures trendy, high-quality, moderately priced watches. As Zwatch's senior
Bart's Wood Work Company Assume that the company keeps no inventories. Below is information that pertains to Bart's Wood Work Company for the past year. Based on this information prepare a financial accounting income statement (that is in the required GAAP for US external reporting). From this information make appro
Suppose you have a lemonade stand, and when you charge $2 per cup of lemonade you sell 120 cups. But when you raise your price to $3 you only sell 60 cups. Write an equation for the number of cups you sell as a function of the price you charge. Denote "C" for number of cups, and "P" for the price you charge. Assume the func
Using the various components of Form 1040 listed below, enter the components in the correct order in which they are found on Form 1040: 1) Payments 2) Tax and credits 3) Income 4) Signature 5) Label 6) Other Taxes 7) Adjusted Gross Income 8) Refund 9)
Would each of the following assets be "good" money? Why or why not? A. Gold B. Dirt C. Corn D. Oil (Often called liquid gold)
Fowler Company manufactures a single product. Annual production costs incurred in the manufacturing process are shown below for two levels of production. Exercises Costs Incurred Production in Units 5,000 10,000 Total Cost/ Total Cost/ Production Costs Cost Unit Cost Unit Direct materials $8,250 $1.65 $16,500 $1.65 D
Define: -assets, current assets, liability, current liability, contributed capital, retained earnings. -what is the accounting equation?
Do you think that the FASB could stand alone without the help of other organizations?
Willkom Corporation bought 100 percent of Szabo, Inc., on January 1, 2009, at a price in excess of the subsidiary's fair value. On that date, Willkom's equipment (10 -year life) has a book value of $300,000 but a fair value of $400,000. Szabo has equipment (10-year life) with a book value of $200,000 but a fair value of $300,0
Panner, Inc. owns 30 % of Watkins and applies the equity method. During the current year, Panner buys inventory costing $54,000 and then sells it to Watkins for $90,000. At the end of the year, Watkins still holds only $20,000 of mechandise. What ammount of unrealized gross profit must Panner defer in reporting this investm
Ace purchases 40% of Baskett Co. on Jan 1 for $500,000. Although Ace did not use it, the acquistion gave Ace the ability to apply significant influence to Baskett's operating and financing policies. Baskett reports assets on that date of $1,400,000 with liabilties of $500,000. One building with a seven-year life is undervalu
A student from a former class posted this and it is relevant to the material we have gone over. Check out the article and let me know your thoughts! "Our readings have discussed the importance of recognizing revenues and expenses in the appropriate time period, but here is an article by Browning (2008) about the importance
Using the statements in the attached file, please answer the questions: Compute the following ratios for 2002 and 2003: a. Earnings per share b. Return on assets c. Current ratio d. Times interest earned e. Asset turnover f. Debt to total assets g. Current cash debt coverage h. Cash debt coverage i. Free cash flow
Mary Graham and Paula Moore are partners engaged in operating the M&P Doll Shop, which has employed the following persons since the beginning of the year: V. Hoffman (general office worker).........$1,700 per month A. Drugan (saleswoman).....................$15,000 per year G. Beiter (stock clerk)....................$180 pe
In the cost analysis of public projects, there is a large factor to consider that is neither financial or political...and that is the measurement and calculation of social benefit or impact costs, one or the other, or both. One aspect to teach about public administration is how to account for the social expectations and outcomes
Fontillas Instrument, Inc. manufactures two products: missile range instruments and space pressure gauges. During April, 50 range instruments and 300 pressure gauges. Identify activity cost drivers. Compute overhead rates and assign overhead using ABC. Activity-Based Costing overhead costs of $89,500 were estimated. An
What are the limitations of activity-based costing? Under what conditions is ABC generally the superior overhead costing system?
Rank the following assets in terms of their liquidity. From least to most liquid: cash, savings deposits, gold, a house, a rare painting, a checkable deposit. Explain you rank order.
Peoria Implements Company produces farm implements. Peoria is in the process of measuring its manufacturing costs and is particularly interested in the costs of the manufacturing maintenance activity, since maintenance is a significant mixed cost. Activity analysis indicates that maintenance activity consists primarily of mainte
The Drosselmeier Corporation, located in Munich, makes Christmas nutcrackers and has an annual plant capacity of 2,400 product units. Its predicted operating results (in German marks) for the year are: Production and sales of 2,000 units, total sales DM 180,000 Manufacturing Costs Fixed (total) 60,000 Variable (per u
Please complete the attached practice problems. Use the attached excel template for practice problem number 7. 1) 3. Define accrual accounting and contrast it with cash basis accounting. 2) 4. What four conditions must normally be met for revenue to be recognized under accrual basis accounting? 3) 2. Identify and
Baker Company has three employees. Its payroll information is given below Employee Earning prior October To October earnings John $78,200 $11,230 Alice 6,430
The Jessie Lynne Company manufactures playground equipment. For 2004, budgeted manufacturing overhead is $240,000. Budgeted direct labor is $30,000 hours at a cost of $384,000. Budgeted machine hours are 12,500. a. When production begins on Jan 1 2004, would it be a good idea for the managers to determine the cost of the manu
Winston Corporation purchased 40% of the stock of Fullbright Company on January 21, 20x2, at underlying book value. The companies reported the following operating results and dividend payments during the first three years of intercorporate ownership. See the required data in the attached document. Compute the net income r
I am looking for a detailed responses in essay form to better understand the subject matter. A) In your own words, please explain the difference between NOPAT and net income? Which is a better measure of the performance of a firm's operations? B) In your words, What is free cash flow (FCF)? I personally know that ba
The Shimano Company allocates manufacturing overhead to production based on direct labor hours. The following information is available for Shimano: Estimated manufacturing overhead $403,200 Actual manufacturing overhead $378,000 Estimated direct labor hours 21,000 Actual direct labor hours 20,000 a. Compu