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    Prepare adjusting entry for prepaid expense

    On July 1, 2006, Orlow Co. pays $12,000 to Pizner Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Orlow Co., journalize and post the entry on July 1 and the adjusting entry on December 31.

    Income Tax effects of estate assets and punitive versus compensatory damages

    1. For 2005, Arlene's only capital transactions are a short-term loss of $2,000 and a long-term loss of $2,000. How are these losses handled for tax purposes? 2. During the year, Wilbur received the following in connection with his father's estate: ? His father's will named Wilbur as the executor of the estate. He received

    Journal Entries for Governmental Accounting

    Assume that the City of Pasco maintains its books and records in a manner that facilities preparation of the fund financial statements. The Cit engaged in the following transactions related to its general fund during the current fiscal year. The City formally integrates the budget into the accounting records. The City does not m

    Summary of Treasury Department's Circular 230

    I need a summary of Circular 230. There doesn't need to be any specific layout-just a plain summary of the most important parts & the general meaning. I have to make a presentation to my business class. I attached the full circular 230 I found on the IRS website.

    Why Do Small Businesses Need Accounting Records?

    Baker Construction is a small corporation owned and managed by Tom Baker. The corporation has 21 employees, few creditors, and no investor other than Tom Baker. Thus, like many small businesses, it has no obligation to issue financial statements to creditors or investors. Under these circumstances, is there any reason for this c

    Audit Questions: observation, fixed assets, unrecorded transactions

    Please help with these four questions _____ 12. The use of a "blind" purchase order is designed to prevent errors by the: A. Purchase department B. Receiving department C. Stores department D. Accounting department _____13. Which of the following best describes the auditors' typical

    Materials Price for Paper Shredders

    Each paper shredder has a standard material cost of 20lbs.at $6.50/lb. or $130 in total. 60,000lbs of material were purchased for $420,000 during the period and 39,000lbs were used in the production of 2,000 good units. Compute the direct materials price and quantity variances. Label them as favorable or unfavorable.

    Disposal of Property, Plant and Equipment

    Question: Explain accounting steps for the sale and retirement of property, plant and equipments and record journal entries for the following transactions. On 1st July 2002, Jessica Ltd purchased equipments for $130000 cash. It was estimated that the equipments would have a salvage value of $ 10000 and a useful life of six y

    Decision Analysis

    1. A firm is considering two business projects. Project A will return a loss of $5 if conditions are poor, a profit of $35 if conditions are good, and a profit of $95 if conditions are excellent. Project B will return a loss of $15 if conditions are poor, a profit of $45 if conditions are good, and a profit of $135 if conditions

    Equivalent units of production for the year.

    A company's January 1 goods in process inventory contained 30,000 units that were 1/4 complete with respect to direct labor. The beginning inventory was completed this year and another 120,000 units were started. Of those started, 80,000 were finished and the remaining 40,000 were left 1/5 complete. Calculate the equivalent unit

    Bonds

    Why do companies issue bonds? Would you rather buy a bond at a discount or a premium rate? Why or why not? What is the determining factor of whether a bond is sold at a discount, face, or premium?

    Parent Company

    PARENT COMPANY CONCEPT David Company Book Value Current Assets: $620,000 Equipment: $260,000 Buildings: $410,000 Liabilities:($390,000) Revenues: ($900,000) Expenses: $500,000 Investment income: not given Mark Company Book Value Current assets: $300,000 Equipment: $200,000 Buildings: $150,000 Liabilities: ($120

    Cost Based Pricing and profit calculations

    A Grocery store makes pricing decisions based on cost of the products. All other costs are fixed at $800,000 per year. The average cost of inventory at the store is $1,000,000. The inventory turns over eight times a year. a. If prices are set at 12% above costs, what is the profit of the grocery store for the year? b. What

    Investing

    According to portfolio theory, people should hold more than one asset (or investment) in their portfolios. The idea is that if some investments do poorly, other investments in the portfolio can compensate for the poor investments. Some experts claim, however, that not all people in a society follow this prescription. In other wo

    Accounting Regression Analysis

    During the last 10 months, Arcade Corporation has had the following indirect costs. It is tryng to determine a good cost driver for the indirect costs. That usage of two potential cost drivers, direct labor hours and machine hours has been recorded over the last 10 months. Month Indirect Costs Direct Labor Hours Machine Hour

    Accounting example problems

    I need assistance with these three problems regarding a break-even problem solving. 6-12 Magic Realm, Inc., has developed a new fantasy board game. The company sold 15,000 games last year at selling price of $20 per game. Fixed costs associated with the game total $182,000 per year, and variable costs are $6 per game. Pro

    Calculating Net Cash Using the Indirect Method

    Martin, Inc.'s, income statement is shown below. Based on this income statement and the other information provided, calculate the net cash provided by operations using the indirect method. See attached file for full problem description.

    How does ABM helps uncover what causes cost.

    Accounting and ABM. See attached file for full problem description. Katherine Mitchell Salem Enterprises How are accountants likely to response? How does ABM helps uncover what causes cost. What are types and level of details required for ABC Pitfalls or barriers for successful implementation of ABC

    D.C. Dawg started a business, Cats and Dogs Company, by contributing $6,000.

    D.C. Dawg started a business, Cats and Dogs Company, by contributing $6,000. The Cats and Dogs Company borrowed $2,000 from the bank on March 1. The note is a 1-year, 12% note, with both principal and interest to be repaid on February 28 of next year. The company earned $900 in revenue. Expenses amounted to $650. Dis

    Uncollectible Account Receivable-Allowance method

    Explain Direct write off method and Allowance method of estimating bad debts expense. Give general journal entries for the following transactions separately for (Direct write off (2) Allowance method (Percentage of sales and (3) Allowance method (Percentage of accounts receivable. 1 during year 1 a corporation made credi

    Traditional and Activity Based Costing/Accounting Questions

    Compute the balance in each of the three accounts for Jobs P-20 and P-43. Compute the 6/1 balance in each account, post June events, and calculate the 6/30 ending balances. You will be calculating unit costs for products A and B using both traditional and activity-based costing methodologies. See attached file for full pro

    Ending Retained Earnings Balance

    Ending balance for retained earnings. See attached file for full problem description. The accountant for Robinson Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available: What is the ending balance for retained earnings?

    Credits, debits, t-accounts

    What do you think of when you hear the word debit? What do you think of when you hear the word credit? Why does your bank statement show a credit for an increase in your cash balance? Why are T-accounts such a valuable tool for analyzing accounting transactions?

    Calculate: Absorption and Variable Costing

    Far North Telecom, Ltd., of Ontario has organized a new division to manufacture and sell specialty cellular telephones. The division's monthly costs are shown below. Manufacturing Costs: Variable Cost per Unit: Direct materials: $48 Variable manufacturing overhead: $2 Fixed manufacturing overhead costs (total): $360,000

    Accounting Information Systems

    Describe some considerations useful in the design of accounting codes. For each consideration you name, provide an example to illustrate your point.

    Payroll Accounting: Preparing a Payroll Register

    ** Please see the attached file for the complete problem description ** Payroll accounting. The problem asks to have a payroll register prepared and then the journal entries to record the payroll and the related tax expense.

    Steps required to become a corporation

    Why would a company choose to form as a corporation? What are the steps that are required to become a corporation? What are the advantages and disadvantages of the corporate form of doing business?

    cost accounting value to an organization

    1. Does cost accounting differ from financial accounting? If so, how? When is cost accounting valuable to an organization? Where is cost accounting information stored and maintained? 2. If cost accounting serves internal more than external purposes, do ethics matter not only in the development of the cost accounting system b

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