Please see the attached excel file. There are 8 multiple choice questions. 1. HIJ Company paid $500 cash for salary expenses. Which of the following choices accurately reflects how this event would affect the company's financial statements? Assets = Liab. + Equity Rev. - Exp. = Net Inc. Cash Flow A)
1.Speedy Bike Company received a $940 check from a customer for the balance due. The transaction was erroneously recorded as a debit to Cash $490 and a credit to Service Revenue $490. The correcting entry is a. debit Cash, $940; credit Accounts Receivable, $940. b. debit Cash, $450 and Accounts Receivable, $490; credit Servi
If D = 9,000 per month, S = $45 per order, and H = $2 per unit per month, what is the economic order quantity? Round your answer to the nearest whole number; for example, 1234. Please show your work.
- Calculate the after-tax cost of preferred stock for Bozeman-Western Airlines, Inc., which is planning to sell $10 million of $4.50 cumulative preferred stock to the public at a price of $48 a share. The company has a marginal tax rate of 40 percent.
Cheryl (a calendar year taxpayer) donates a statue to a local art museum (a qualified charity). The statue cost Cheryl $13,000 ten years ago and, according to one of Cheryl's friends (an amateur artist), is worth $50,000. On her income tax return, Cheryl deducts $50,000 as a charitable contribution. Upon later audit by the IRS,
The General's Favorite Fishing Hole Chart of accounts Assets Revenues 101 Cash 401 Registration Fees 142 Office Supplies 144 Food Supplies Expenses 145 Prepaid Insurance 511 Wages Expense 181 Fishing Boats 521 Rent Expens
1. The Equipment account's proper classification is: a. Revenue b. Liability c. Expense d. Asset 2. The Supplies account's proper classification is: a. Asset b. Revenue c. Liability d. Expense 3. The Cost of Goods Sold account's proper classification is: a. Asset b. Revenue c. Liability
For job costing in service industries, overhead costs are usually applied to jobs based on? Factory overhead. Indirect labor. Indirect materials. Direct labor-hours or dollars. Direct materials.
If estimated annual factory overhead is $480,000, estimated annual direct labor hours are 200,000, actual March factory overhead is $41,000, and actual March direct labor hours are 17,000, then overhead is?: $800 overapplied. $200 overapplied. $800 underapplied. $200 underapplied. $1,000 underapplie
Fill in the blanks in the following separate income statements a through e. Identify any negative amount by putting it in parenthesis. See attached file. Sales............................................... $60,000 $42,500 $36,000 $ ? $23,600 Cost of goods sold .............................. Merchandise In
Prepare a proposal to the CEO in which you discuss what the advantages and disadvantages to the corporate form of doing business.
Cripple Creek Company has one trusted employee who, as the owner said, "handles all of the bookkeeping and paperwork for the company." This employee is responsible for counting, verifying, and recording cash receipts and payments, making the weekly bank deposit, preparing checks for major expenditures, making small expenditures
The controller of Summit Systems Inc. devised a new costing system based on tracing the cost of activities to products. The controller was able to measure post-manufacturing activities, such as selling, promotional, and distribution activities, and allocate these activities to products in order to have a more complete view of th
Five years ago, Brian and his brother Boyd formed Stewart Corp., a golf apparel manufacturing corporation. At that time, Brian contributed $300,000 to the corporation in exchange for 50% of its stock. During the current year, Brian needed some cash to purchase a golf course so he sold a third of his interest in Stewart Corp. for
Golden Years Easy Retirement Homes owns several adult care facilities throughout the southeast United States. A budget analyst for Golden Years has collected the data found in the file Dat9-10.xls on your data disk describing for each facility: the number of beds(X1), annual number of medical in-patient days(X2), the total annua
Please see the attached file. Stone Tools, Inc., had the following account balances as of January 1: Direct Materials Inventory $8,700.00 Work in Process Inventory $76,500.00 Finished Goods Inventory $53,000.00 Manufacturing Overhead $- During the month of January, all of the following occurred:
The Neptune Value Fund has sold 150,000 shares to investors. Currently the fund has accrued investment management fee obligations of $50,000. The fund's portfolio is shown below. Calculate the fund's net asset value. Stock A $50,000 $10 per share Stock B $20,000 $7 per share Stock C $35,000 $30 per share Stock D $10,
What is fund accounting? How does it compare to proprietary accounting? Why is it necessary? What are the major fund types?
Why does it make sense to let the firm's cash balance or a short-term liability account serve as the plug figure in pro forma projections? Why not use gross fixed assets as the plug figure?
Murphy Corporation began operations in 2007 and reported pretax financial income of $225,000 for the year. Murphy's tax depreciation exceeded its book depreciation by $30,000. Murphy's tax rate for 2007 and years thereafter is 30%. In its December 31, 2007 balance sheet, what amount of deferred tax liability should be report
I need help with this problem. Strickland Corporation earned a net income of $300,000 in 2008 and had 100,000 shares of common stock outstanding throughout the year. Also outstanding all year was $400,000 of 10% bonds, which are convertible into 16,000 shares of common. Strickland's tax rate is 40 percent. Compute Strickland's 2
Discuss the Robinson' family's 2007 tax return. Develop a presentation for the Robinson' to explain their 2007 tax return and based on the completed return for 2007, make suggestions for other tax-savings strategies. My portion of the tax return is to explain Schedule D and E and come up with some tax savings strategies. I hav
Question: Does the balance in accumulated depreciation - machinery account represent funds to replace the machinery when it wears out? If not, what does it represent?
As the accountant for Pure-Air Distributing, you attend a sales managers meeting devoted to a discussion of credit policies. At the meeting, you report that Bad Debts expense is estimated to be $59,000 and Accounts Receivable at year amount to be $1,750,000, less a $43,000 allowance for Doubtful accounts. Sid Omar, a sales manag
Identify one or more control procedures (either general or application controls, or both) that would guard against each of the following errors or problems. a. Leslie Thomas, a secretary at the university, indicated that she had worked 40 hours on her regular time card. The university paid her for 400 hours worked that week.
What is the justification for expensing organization costs versus capitalizing them? What would be some arguments against expensing organization costs?
Identify and research three different accounting software applications. Compare and contrast each accounting application. Describe the industries and organization size that the application is best suited for. Identify each application's strengths and weakness. Prepare a 10-minute PowerPoint® presentation that documents your ana
Jack Robinson is considering selling his computer consulting business. Discuss the possible tax consequences of the sale fo the business Deliver with references
The electronic fund transfer (EFT) system includes ATM's, point-of-sale terminals, direct deposits and withdrawals and payments by phone or computer, using PIN numbers instead of signatures. Do you feel the conveniences are worth the risks? How does the UCC deal with electronic transfers?
Esther Industries developed the following standards for one of its products: Material 6 feet $15/foot $ 90 Labor 10 hours $12/hour 120 Total variable cost $210 Actual results for September were: Units produced 13,000 Material purchased 40,000 feet for $14.25/foot Material used 80,000 feet Direct Labor 1