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    Accounting Multiple Choice

    1. If a company fails to record estimated bad debts expense, a. cash realizable valve is understated b. expenses are understated c. revenues are understated d. receivables are understated 2. Stiner Company acquires land for $36,000 cash. Additional costs are as follows: Removal of shed

    Accounting Study Questions

    1. Management should select the depreciation method that is easiest to apply OR best measures the plant asset's market vale over its useful life OR best measures the plant asset's contribution to revenue over its useful life OR has been used most often in the past by the company? 2. Corporations invest in other companies f

    Accounting Case - Stock Dividends and Stockholders

    CA15-5 (Stock Dividends) Kitakyushu Inc., a client, is considering the authorization of a 10% common stock dividend to common stockholders. The financial vice president of Kitakyushu wishes to discuss the accounting implications of such an authorization with you before the next meeting of the board dividend. Instructions:

    Accounting Interest Note Receivables

    A. How would I show the interest on a $2,000,10%,1-year note receivable would be? b.The maturity value of a $15,000, 12%,3-month note receivable ? c. If Lj company acquires land for $36,000 cash. Additional costs are as follows: Removal of shed $ 300 Fillin

    Horizontal spreadsheet of past two years

    1 Excel spreadsheet + 1 - 3 paragraph memo Details: Using the sample format, list each of the activities in the scenario showing how they affect the balance sheet, income statement, and statement of cash flows by listing each year on a horizontal financial statement. At the bottom of the spreadsheet, include a column total f

    Accounting questions

    A) Company's Acctg Change Disclosure---- Find a company which had a change in accounting principle recently. Many companies have changes in accounting principles. One way to facilitate this process is to review the Independent Auditors' Report for a company, since a company is required to disclose any material changes in acco

    Activity Based Overhead Rate

    BYP 4-2 Ideal Manufacturing Company of Sycamore, Illinois has supported a research and development (R&D) department that has for many years been the sole contributor to the company's new farm machinery products. The R&D activity is an overhead cost center that provides services only to in-house manufacturing departments (four di

    Dupont Formula

    The Dupont formula defines the net return to shareholder's equity as a function of the following components: operating margin, asset turnover, interest burden, financial leverage, income tax rate. a. Calculate each of the five components listed above for 2001 and 2005, and calculate the return on equity for 2001 and 2005, us

    Advanced Accounting - Partnerships

    Me an my business partner are thinking about forming a Partnership. I must consider the below aspects of forming the Partnership. 1-Partnership Formation a-Articles of copartnership b-Types of Partnerships c-Roles of partners 2-Partnership taxation 3-Partnership features

    Tax reporting for independent contractor income

    As an independent contractor for Abe & Murray's Tax Service, I earned $6,000 during My work from 1/15 through 4/30. Regarding my income, please discuss the following items: What type of income is this? What expenses, if any, could be deducted from the income? What form is used to report income to me and the IRS? Wha

    Intangible Assets - Patent

    Developed a new product, incurring $140,000 in research and development costs. A patent was granted for the product on July 1. Its useful life is equal to its legal life.

    Job Costs

    A job cost sheet of Battle Company is given in attachment. Instructions (1) What are the source documents for direct materials, direct labor, and manufacturing overhead costs assigned to this job? (2) What is the predetermined manufacturing overhead rate? (3) What are the total cost and the unit cost of the completed jo

    Compute the predetermined overhead rate

    Acquatic Manufacturing uses a job order cost system in each of its three manufacturing departments. Manufacturing overhead is applied to jobs on the basis of direct labor cost in Department A, direct labor hours in Department B, and machine hours in Department C. (a) Compute the predetermined overhead rate for each departm

    Unit Flow/Production

    P3-3A Stein Corporation manufactures in separate processes refrigerators and freezers for homes. In each process, materials are entered at the beginning and conversion costs are incurred uniformly. Production and cost data for the first process in making two products in two different manufacturing plants are as follows. (a)

    Tax problems for White Company

    White Company acquires a new machine (seven-year property) on January 10, 2005, at a cost of $204,000. White makes the election to expense the maximum amount under § 179. No election is made to use the straight-line method. Determine the total deductions in calculating taxable income related to the machine for 2005 assuming

    AMT Adjustments

    I need to find Allens' AMT adjustments. Don't we just take the expenses and contributions from his AGI?

    Accounting Study Questions (25)

    25 Accounting Study Questions General Accounting Study Questions . 1. If a company fails to record estimated bad debts expense, A) cash realizable value is understated. B) expenses are understated. C) revenues are understated. D) receivables are understated. . 2. The method of

    Accounting Questions

    1. Financing activities for corporations include borrowing money and selling shares of their own stock. A.) True B.) False 2. Income will always be greater under the cash basis of accounting than under the accrual basis of accounting. A.) True B.) False 4. The statement of cash flows discloses significant events

    Accounting Problem - Allocated Costs USAA

    Please review United Services Automobile Association (USAA) and its treatment of allocated costs. Retrieve any report of USAA that allocates common costs to a division, product, or service. Recast that report with unallocated costs and comment on the usefulness of that revised report. If you cannot identify specific actua

    Dividends and Stockholder Wealth Maximization

    The Vinson Corporation has earnings of $500,000 with 250,000 shares outstanding. Its P/E ratio is 20. The firm is holding $300,000 of funds to invest or pay out in dividends. If the funds are retained, the after tax return on investment will be 15 percent, and this will add to present earnings. The 15 percent is the normal retur

    Cash Discounts Company

    X Company has always followed the policy to take any cash discounts on goods purchased. Recently the company purchased a large amount of raw materials at a price of $800,000 with terms 2/10, n/30 on which it took the discount. Company X recently estimated its cost of funds at 10% should the company continue this policy of alwa

    Sample Question: accounting multiple choice

    1. Which of the following is not a piece of qualitative information in a decision? A) The effect of the decision on employees' morale. B) The effect of the decision on customer perception of service quality. C) The effect of the decision on the quality of the product produced. D) The total cost savings to be gained

    Record the following transactions for x company in the general journal.

    4. Record the following transactions for Greg's company in the general journal. 2007 1-May Received a $10,500, 1-year, 8% note in exchange for Linda Anderson's outstanding accounts receivable. 31-Dec Accrued interest on the Anderson Note. 31-Dec Closed the interest revenue account. 2008 1-May Received principal plu