E1-23 Hootie and the Blow Fish, Inc., organized in 2002, has the following transactions related to intangible assets. 1/2/02 Purchased patent (7-year life) $490,000 4/1/02 Goodwill purchased (indefinite life) 360,000
BrainMass Solutions Available for Instant Download
Why is it important for accounting information to be accurate and timely? How can this be achieved?
I need a 2nd opinions on these questions and how would you explain this if a friend ask you how will you use accounting information in: a. your personal life. b. the business of your friend, who plan to be a farmer. c. the business like of another friend, who plan an career in sales.
1. A profit-making business that is a separate legal entity and in which ownership is divided into shares of stock is known as a: A. sole proprietorship B. single proprietorship C. partnership D. corporation 2. The properties owned by a business enterprise are called: A. assets B. liabilities C. the accounting equation
7. (Adjusting Entry for Sales Tax) During the month of June, R. Attenborough Boutique had cash sales of $233,200 and credit sales of $153,700, both of which include the 6% sales tax that must be remitted to the state by July 15. Instructions: Prepare the adjusting entry that should be recorded to fairly present the June 30
11. (Warranties) Sheryl Crow Equipment Company sold 500 Rollomatics during 2004 at $6,000 each. During 2004, Crow spent $20,000 servicing the 2-year warranties that accompany the Rollomatic. All applicable transactions are on a cash basis. Instructions a. Prepare 2004 entries for Crow using the expense warranty approach. A
Calculate the gross profit using the percentage-of-completion method for revenue recognition. (See attached file for full problem description) The Construction Company was the low bidder on the office building construction contract. The contract bid was $7,000,000, with an estimated cost to complete the project of $6,000,000
I need to search Internet for an article about organization that applied the principles of theory of constrains to improve its productive processes. I need a written description or analysis of that organization experience.
1. What is "Sale of Stock in Secondary Markets"? 2. What is "Stock Issued for Noncash Assets or Services"? 3. What is "Component Percentages"? 4. What is "Tests of Solvency." 6. Do you think financial statement measures have to conform with GAAP to be useful to analysts? Why or why not? 7. How does recognizing a
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. A bank deposit transaction was accidentally coded with a withdrawal code. b. The key-entry operator keyed in the purchase order number as a nine-digit number instead
1. Please help to research on Internet about any new product that Ford company www.Ford.com has recently introduced. 2. Please discuss steps that the company took in establishing standard costs for this new product.
Calculate retained earnings. From the following data, calculate the retained earnings balance as of December 31, 2007. Retained earnings, December 31,2006....................................$311,800 Cost of equipment purchased during 2007............................... 32,400 Net loss for the year ended December 31, 200
What pros and cons of cash flow reporting versus accrual income reporting?
Big-batch restructuring charge, identified by former SEC Chairman Arthur Levitt in his famous 1998 speech. What are benefits, both from economic and financial reporting perspective, that a company might expect to enjoy through recognizing big-batch restructuring charge?
Costs can be classified into two categories, fixed and variable costs. These costs behave differently based on the level of sales volumes. Suppose we are running a restaurant and have identified certain costs along with the number of annual units sold of 1000. Item: Raw Materials (cost for hamburgers) Total Annual Cost: 650
16. (Accounting for R & D Costs) Leontyne Price Company from time to time embarks on a research program when a special project seems to offer possibilities. In 2003 the company expends $325,000 on a research project, but by the end of 2003 it is impossible to determine whether any benefit will be derived from it. Instruction
1. Prepare an income statement, balance sheet, and statement of changes in owners' equity; analyze results. The following information was obtained from the records of Shae, Inc.: Merchandise inventory................................................ $132,000 Notes payable (long term).........................................
I have about 10 Multiple Choice questions, if you answer the questions please provide me with detailed work so I can understand how the problem was solved. --- This information is common for questions 1 and 2: Imperial Products has a budget of $600,000 in 20x1 for prevention costs. If it decides to automate a portion of
Please give a brief explanation of how information systems increase the efficieny and effectiveness of business processes in accounting functions and what are the problems associated with dependence on human information?
Describe how information systems are changing the various aspects of the accounting profession. Include a description of a variety of new technologies and their effects on accounting processes. In addition, discuss how these technologies have changed the way accounting is performed at your organization or an organization of your
I need to add some more to my report can you answer the following questions in regards to Sketchers USA 10K 1. Does sketchers use the direct method for its statement of cash flows? 2. What were Sketchers USA Inc net income (net earnings) reported for 2001 and 2002? 3. What were Sketchers USA Inc's net cash flows from operat
I need some help with these remaining questions. 23-1, 23-3 and 23-7 24-2, 24-5 and 24-8 (See attached file for full problem description)
1) Define risk in regards to the 'uncertainty' about future gains? 2) Do you think there is a difference between managing and minimizing risk? Why?
1. (Lower of Cost or Market) The inventory of 3T Company on December 31, 2005, consists of the following items. Part No. Quantity Cost per Unit Cost to Replace per Unit 110 6 00 $90
Presented below are a number of independent situations. For each individual situation, determine the amount that should be reported as cash. If the item(s) is not reported as cash, explain the rationale. 1. Checking account balance $925,000; certificate of deposit $1,400,000; cash advance to subsidiary of $980,000; utility d
Problem #1. The Harding Company manufactures skates. The company's income statement for 2001 is as follows: HARDING COMPANY Income Statement For the Year Ended December 31, 2001 Sales (10,000 skates @ $50 each) $500,000 Less: Variable costs (10,000 skates at $20)
(See attached file for full problem description) --- P6-2A The management of Borealis Manufacturing Company is trying to decide whether to continue manufacturing a part or to buy it from an outside supplier. The part called, WISCO, is a component of the company's finished product. The following in
6-18 Funnifaces , inc. manufactures various Halloween masks. Each mask is shaped from a piece of rubber in the molding department. The masks are then transferred to the finishing department where they are painted and have elastic bands attached. In April, the molding department reported the following data: a. In molding,
My company lost $600,000 during 2004(its net income was -$600,000). The corporate tax rate is 40 percent. The company paid the following amount in taxes over the past five years: Year Taxes Paid 1999 $ 50,000 2000 75,000 2001 60,000 2002 40,000 2003 160,000 Assume that current carry back and carry forward provis
Refineries Incorporated uses chemical X to manufacture oil products. Variance data for the month follows (F indicates a favorable variance, U indicates unfavorable variance): Chemical X Materials Price Variance $84,000 F Materials Efficiency Variance 80,000 U Net Materials Variance 4,000 F Oil prod