The scenario is designed to help you determine and evaluate the payment amount of a car loan and a mortgage, based on the assumption that your household income is $36,000 per year or $3,000 per month. Based on your income, you may spend 28% of your monthly income on housing, and 10% on a car loan. You are to put a 3% down pa
How do the following relate to the practice of accounting and its use in businesses? 1. Preparation of closing entries, reversing entries and the post-closing trial balance 2. Preparation of a classified income statement, retained earnings statement and balance sheet.
Search the library and Internet, and provide an example of a successful retail business that competes on the global economic market. How has this led to its competitive advantage? Provide specific examples to support the points in your post.
ABC Company estimated its bad debts equal to 2.5% of its $850,000 credit sales for the year 2011. On December 31, 2011 ABC Company made an adjustment for the 2.5% amount. On July 1, 2012 the management decided that $2,000 account of Mary Smith was uncollectible and wrote it off using Allowance for Doubtful Accounts. On December
Assuming Alexa receives $20,000 in gross rental receipts, what effect does the rental activity have on her AGI for the year?
Use the following data set and assumptions to create payoff and regret matrices in order to answer questions 1 and 2. Alternative A Alternative B Present value of costs incurred for selecting the alternative
Describe what is meant by Incremental Analysis? Briefly describe an example from a situation you know or have read about?
For the fiscal year ended Feb 2, 2013 (2012 Annual Report) for Kroger: 1a Which CPA firm audited the financial statements? 1b What type of opinion was issued? 2a What are "deposits in transit"? 2b Are they properly classified on the balance sheet? Explain briefly. 3a Compute the rate of change in weekly sales from 20
Tom, Dick and Harry are operative workers working in a factory producing metal brackets. The basic hourly rate is US$6.00 and overtime rate is "time and a half'. The factory policy is to pay their workers on weekly basis. The factory normal working hours is 40. In addition, a group bonus scheme is in operation where bonus wi
During the current year, Hugo sells equipment for $150,000, which it placed in service in 2009. The equipment cost $175,000, and $55,000 of depreciation deductions was allowed. The results of the sale are A. LTCG of $30,000. B. Sec. 1231 gain of $30,000. C. Sec. 1245 ordinary income of $30,000. D. Sec. 1250 ordinary income
In a nontaxable exchange, Henri traded in a truck having an adjusted basis of $8,500 and a FMV of $15,000, for a new truck having a FMV of $15,000. In addition, Henri paid cash of $5,000. What is Henri's basis in the new truck? A. $5,000 B. $8,500 C. $13,500 D. $15,000
Why did Congress establish favorable treatment for 1231 assets? I. to encourage the mobility of capital II. to allow a larger deduction for losses III. to help business owners replace assets which had declined in value A. I only B. II only C. III only D. I and II only E. I, II, and III
If there is a like-kind exchange of property between related parties, how long do they have to wait to dispose of the property received in order to avoid having to recognize any gain on the exchange? A. 6 months B. 1 year C. 2 years D. no waiting period
Lockyear window company makes and sells three product lines- custom detailed windows, large standard windows, and small standard windows. The statement of operating income for the most recent period is shown here: Lockyear window company Statement of operating income T
What surprised you most about the things you learned in the Accounting Information Systems (AIS)? You can be general or very specific, but state why it surprised you.
1. How should a stock dividend that has been declared, but not yet issued be classified in a statement of financial position? Why? 2. Derivative accounting: What are the disclosure requirements for traditional and derivative financial instruments? Should companies disclose if such instruments are used for hedging or speculati
First Question: In your opinion, are certain types of contracts unethical or unconscionable? (or at least should be) If so, what types of contracts are either unethical or unconscionable? How should the law treat a situation where a contract is unethical or unconscionable? Second Question: In discussing capacity, and specif
See the attached file. Zhao Manufacturing Company has two departments, machining and finishing. For a given period the following costs were incurred by the company as a whole: direct material, $200,000; direct labor, $75,000; and indirect production, $80,000. The grand total was $355,000. The machining department incurred
ABC Hardware store is open for business 350 days a year. Annual demand for a power cutter at this store is 700 units. Replenishment cost is $15 per order and annual inventory holding cost is 10% of the inventory value. ABC pays $20 for each power cutter. What is the economic order quantity for this cutter, and what is the re
Does a non-controlling shareholder have access to any information other than the consolidated financial statements to determine how well the subsidiary is doing?
So your new accountant could practice the budgeting process in your for-profit company, you want her to compare budgeting methods for two different kinds of entities. You give her information for a for-profit and for a nonprofit entity and ask her to complete the following: Given the assumptions and data in this Excel fil
Joe operates a business that locates and purchases specialized assets for clients, among other activities. Joe uses the accrual method of accounting but he doesn't keep any significant inventories of the specialized assets that he sells. Joe reported the following financial information for his business activities during year 0.
Jeremy and Alyssa Johnson have been married for five years and do not have any children. Jeremy was married previously and has one child from the prior marriage. He is self-employed and operates his own computer parts store. For the first two months of the year, Alyssa worked for Staples, Inc., as an employee. In March, Alyssa a
Stock: Std. Dev. Beta ABC 12.5% 1.0 FGH 8.0% 0.5 MNO 20.2% 2.4 TUV 15.3% 3.0 1. a. According to the information listed above, which of the stocks would be considered riskiest by itself (2 pts.)? b. Which one would be the riskiest in a diversified portfolio of investments (2 pts.)? 2. Stoc
Using the internet, find a real world example where fractions were used to solve a problem. Explain what the real world problem is, what the fractions mean in the problem and explain how the problem was solved. In addition, be sure to explain what the solution is to the problem as well.
Tutoring: Trimble Company sells an electronic toy for $40. The variable cost is $24 per unit and the fixed cost is $32,000 per year. Management is considering the following changes: Alternative #1 Lease a new packaging machine for $4,000 per year, which will reduce variable cost by $1 per unit. Alternative #2 Incr
Of all the business processes in the Accounting Information Systems (AIS), which do you think is the hardest to control and why? Be specific in your discussion of internal controls.
I understand that non-recurring items such as adjustments for changes in accounting methods, extraordinary gains/losses, income from discontinued operations, etc. must not be included. However, what items should I address? I would like to establish the estimate for a firm over a three-year period but I'm not sure where to start
How does technology effect the accounting profession and accounting processes? Give examples for accountants and auditors. Also, discuss how information system are changing how accounting is performed at a law firm.
Evaluation of a Comprehensive Annual Financial Report for a government entity Prepare an overview of government accounting for a business person, using the State of Georgia as an example. Describe the entity and evaluate the Management Discussion & Analysis (MD&A) section.