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    The Correct Balance in the Cash Account

    The cash account shows a balance of $45,000 before reconciliation. The bank statement does not include a deposit of $2300 made on the last day of the month. The bank statement shows a collection by the bank of $940 and a customer's check for $320 was returned because it was NSF. A customer's check for $450 was recorded on the bo

    Cash provided by operating acitivites

    Porter Corporation reports the following information: Net Income $250,000 Depreciation Expense $70,000 Increase in accounts receivable $30,000 Porter should report cash provided by operating activities of what?

    Mortgage Industry

    Do you think what's going on with the Mortgage Industry now is a result of poor Risk Management, Fraud or mismanagement?

    Teixo, Inc: calculate whether to buy or make a component

    Teixo Inc. is considering whether to continue to make a component or to buy it from an outside supplier. The company uses 15,000 of the components each year. The unit product cost of the component according to the company's absorption cost accounting system is given as follows: Direct materials $7.90 Direct labor $2.10

    Sealed Quote for Claire's Antiques

    Claire's Antiques was ready to submit a sealed quote (bid) for a new customer who desired to purchase 150 clocks during the upcoming year. The sealed quote was for 150 clocks at $650 each, for a total selling price of $97,500. Claire's Antiques gained knowledge that its competitor was also placing a bid with this client. The com

    Travel and Entertainment expenses for Monique: For AGI or from AGI

    Monique is a self-employed manufacturer's representative who solicits business for clients and receives a commission based on sales. She incurs the following expenditures during the current year: Airfare and lodging while away from home overnight $ 4,000 Business meals while traveling at which business is discussed 1,000 Lo

    Stock Price, After Tax Cost of Debt and Leverage

    Please see the attached file(s). 1) A stock that currently trades for $40 per share is expected to pay a year-end dividend of $2 per share. The dividend is expected to grow at a constant rate over time. The stock has a beta of 1.2, the risk-free rate is 5%, and the market risk premium is 5%. What is the stock's expected price

    Financial information: Finding Missing Amounts

    Please see attached. Petson Company's financial information is presented below. Sales $ ???? Purchase Returns and Allowances $ 15,000 Sales Returns and Allowances 30,000 Ending Merchandise Inventory 35,000 Net Sales 250,000 Cost of Goods Sold 180,000 Beginning Merchandise Inventory ???? Gross Profit ????

    Accounting questions

    Please provide an answer to the following questions below that contains 250 to 300 words for each. 1. What is the purpose of the statement of cash flows? We already discussed the Balance Sheet, Income Statement and Statement of Retained Earnings. If you wanted to invest in a company, what information would you look for in th

    Adams Independent School District: evaluate three offers for sale of land.

    The Adams Independent School District desires to sell a parcel of unimproved land that it does not need. Its three best offers are as follows: from State Department of Public Safety (DPS), $2.3 million; from Second Baptist Church, $2.2 million; and from Baker Chevrolet Company, $2.1 million. DPS would use the property for a new

    Evaluate the concept of lifetime gifts and the transfer tax

    As the Federal estate tax is scheduled to be phased out, making lifetime gifts unnecessarily incurs a transfer tax that could have been avoided by passing the property by death. a. Evaluate this statement. In what way is it correct? Incorrect? Misleading? b. What could be some justification for lifetime giving?

    Product Costing and Cost Accumulation in a Batch Production Environment

    Product Costing and Cost Accumulation Exercise 3-27 Bordin Company manufactures finger splints for kids who get tendonitis from playing video games. The firm had the following inventories at the beginning and end of the month of January. January 1 January 31 Finished goods $125,000 $117,000 Work in process

    Self Help Income

    In which of the following situations would the taxpayer realize taxable income? a. A mechanic performs work on his own automobile. The mechanic would have charged a customer $400 for doing the same work. b. A mechanic repairs his neighbor's personal automobile. In exchange, the neighbor, an accountant, agrees to prepare me

    Life Insurance Proceeds

    Don is the beneficiary of a $50,000 insurance policy on the life of his mother, Anna. To date, Anna paid premiums of $16,000. What amount of gross income must be reported in each of the following cases? a. Anna elects to cancel the policy and receives $20,000, the cash surrender value of the policy. b. Anna dies and Don rece

    Income

    6. Selected transaction data of a business for June are summarized below. Determine the following amounts for June: (a) total revenue, (b) total expense, (c) income from operations. Service sales charged to customers on account during June $35,000 Cash received from cash customers for services performed in June 30,000 Ca

    Carol Thomas Flow of Money

    Carol Thomas will pay out $6,000 at the end of year 2, $8,000 at the end of year 3, and receive $10,000 at the end of year 4. With an interest rate of 13%, how much does she need to have on hand to meet her obligations? Consider all flows of money in make your decision. A) $7,326 B) $10,242 C) $16,372 D) $4,112

    Calculating Depletion Expense and Discovering its Impact

    A company purchased oil rights on July 1, 2008 $1,200,000. If 200,000 barrels of oil are expected to be extracted over the assets life, and 30,000 barrels are extracted and sold in 2008, the recognition of depletion expense on December 31, 2008 would cause what?

    Sell or Process Decision at Zeppe Inc.

    Zeppe Inc. purchased potatoes from farmers. The potatoes are then peeled, producing two intermediate products- peeled and depeeled spuds. The peels can then be processed further to make a cocktail of organic nurtrients. And the depeeled spuds can be processed further to make frozen french fries. A batch of potatoes cost $63 to b

    Accounting problems

    38) Account Record of Loan Oak Products: Raw materials purchases $175,000 Direct labor 254,000 Indirect labor 109,000 Selling and administrative salaries 133,000 Building depreciation* 80,000 Selling & admin expense 195,000 Other factory cost 344,000 Sales revenue ($130 per unit) 1,495,000

    Accounting concepts

    Please provide an answer to the following questions below that contains 250 to 300 words for each. 1. Compare the three forms of business entities: corporation, partnership and sole proprietor. What are the advantages and disadvantages or each form of entity? Share with the class your experience with the different forms of en

    Accounting Equation

    Increase an asset and increase a liability. Increase one asset and decrease another asset. Decrease an asset and decrease owner's equity. Decrease an asset and decrease a liability. Increase an asset and increase owner's equity.

    Statue of Limitations for Fraud and Tax Deductions

    State the statue of limitations for transactions involving: a. Fraud (e.g., failure to file a tax return) b. Disallowance of tax deduction items c. The omission of rental income equal to greater than 25% of the taxpayer's reported gross income.