Use T accounts to record transactions involving assets, liabilites and owners equity for the following: 1. James walker made an additional investment of $16000 in cash. 2. A firm purchased equipment for $9000 in cash 3. A firm sold some surplus office furniture for $1200 in cash 4. A firm purchased a computer for $2700 to
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CFO: Financial performance of your division: ratios, break-even, variances, strengths, recommendations
You have been asked to attend the corporate meeting next week to discuss the performance of your division. To help you prepare for the meeting, you requested the following information from the Chief Financial Officer. Balance Sheet Assets 2008 Cash $14,000 Short-term investments. 71,632 Accounts receivable 878,000 Invento
Kendal County engaged in the following transactions. For each, prepare an appropriate journal entry and indicate the type of fund in which it would most likely be recorded. It levied and collected $1 million in taxes and dedicated to the repayment of outstanding general obligation bonds. It billed sponsors of a charity bic
Could you provide me with an accounting introduction including the following information: -What is the relationship between receivables and cash? -What is their influence on liquidity and solvency? -How do they affect competitiveness? -Why are sales revenue and gross margin so important? -How do they influence the profita
July December E12.2 Production level, in units........... 5,000 10,000 Variable costs........................... $12,000 $ ? Fixed costs.............................. ? 18,000 Mixed costs............................
What would be the impact on each of the 3 wheels (cash,profit,ROE) if a firm decides to relax credit standards in response to a decline in sales? Assume the firm does not have any cash sales.
In the section on the yield to call, a bond pays annual interest of $80 and matures after ten years. The bond is valued at $1,147 if the comparable rate is 6 percent and the bond is held to maturity. If, however, an investor expects the bond to be called for $1,050 after five years, the value of the bond would be $1,122. (See fo
Taxes and user fees provide much of the revenue for public organizations that is necessary to fund public programs. Yet, despite these revenue streams, local, state, and federal governments consistently face budgetary shortfalls in attempting to fund public programs. What changes, if any, would you make to the way governments ob
Is this true and can you explain why? After the post-Enron era the FASB came up with the new requirement that require companies to record the expense at the time the stock option was awarded and many companies fought to do away with this new requirement.
Part 1: On July 1, 2005, Jones Beauty Supply, a calendar-year company, sold special-order merchandise on credit and received in return an interest-bearing note receivable from the customer. Jones Beauty Supply will receive interest at the prevailing rate for a note of this type. Both the principal and interest are due in one lum
I have no idea how this thing works. Could really use some to tell me how to makes the numbers make sense. Below find production and sales information for Herrestad Company. Product information Beginning inventory 0 Units produced 10,000 Units sold 8,000 Selling price per unit $250 Variab
4. Wilmington, Inc. manufactures five models of kitchen appliances at its Mesa plant. The company is installing activity-based costing and has identified the following activities performed at its Mesa plant. 1. designing new models 2. purchasing raw materials and parts. 3. storing and managing inventory. 4. receiving and
The Claxton Company manufactures children's toys and also has a division that makes automobile parts. Due to a change in its strategic focus, the company sold the automobile parts division. The division qualifies as a component of the entity according to GAAP regarding disposal of long-lived assets. How should Claxton report the
On November 1, 2011, Jamison Inc. adopted a plan to discontinue its barge division, which qualifies as a separate component of the business according to GAAP regarding discontinued operations. The disposal of the division was expected to be concluded by April 30, 2012. On December 31, 2011, the company's year-end, the following
Well you sent Tex home a happy man. After having your desk re-varnished from the dirt of Tex's boots, you are ready to assist some real clients. You sit back and let fate take its course. Just then the buzzer sounds. You answer it, "Yes who is it?" The reply comes back, "Ish me!" "Me who?" you inquire, "Whash do you mean Me Whos
Your current assets consist of cash, accounts receivable, and inventory. Total current liabilities equal $200,000. The average collection period is 20 days on average daily credit sales of $2,500. The current ratio is 1.3 and the quick ratio is 0.625. What is the balance in the cash account? $75,000 $65,000
Rich Novelty Company identified the following ctivities in its production and support operations. Classify each of these activities as either value-added or non-value added. a. machine setup d. moving work in process b. design engineering e. inspecting and testing c. storing inventory
Monthly demand for an inventory item currently averages 160 units. The annual carrying cost is $10 per unit. Ordering cost is $60 per order. This information applies to all of the questions on this page. Find the EOQ. Please show the formula (with values) you used. 2.Suppose instead of using the EOQ, we decide to use Q
I recommended that my client open their rafting company in the state of New Hampshire. However, I first need some information on the following: 1. The type of insurance needed for a rafting business 2. The type of insurance needed for mobile home used in business. 3. Any other insurance issues that the client might find imp
Determine the pre determined overhead cost from the given data. Winkle, Kotter, and Zale is a small law firm that contains 10 partners and 10 support persons. The firm employs a job-order costing system to accumulate costs chargeable to each client, and it is organized into two departments-the Research and Documents Department
Information attached in spreadsheet As You Like It Gardening is a small gardening service that uses activity-based costing to estimate costs for pricing and other purposes. The proprietor of the company believes that costs are driven primarily by the size of customer lawns, the size of customer garden beds, the distance to tr
28) Which of the following most accurately reflects the concept of depreciation as used in accounting? A. The process of charging the decline in value of an economic resource to income in the period in which the benefit occurred. B. An accounting concept that allocates the portion of an asset used up during the year to the
In our real life, the value of assets cannot be estimated perfectly because we can't be certain for the future cash flows that the asset generates and also we can't be certain for the discount rate. Because of the uncertainty for the future cash flows and the discount rate, we cannot complete the balance sheet if we do have the
Need help answering questions and need example to get full understanding. 1. What is the fundamental accounting model? 2. Explain what debit and credit mean? 3. What is a journal entry? 4. What is a T-account? What is its purpose?
We learned about other types of cost classifications, such as differential costs, sunk costs, and opportunity costs. How are these types of costs defined? How could these concepts be used in managerial decision making? Please provide an example.
Listed below are account balances (in $millions) taken from the records of Symphony Stores. All of these are permanent accounts, except the last two that have yet to be closed. The installment receivables are current. Symphony uses a perpetual inventory system. Debit Credit Accounts receivable-trade
Evaluate how research and normative theory impacts accounting education today and the likely impact that more research may have on the accounting profession. While research evidence indicates that historical cost valuation methods are often irrelevant discuss why the accounting profession has a difficult time moving away fr
Last year, Fabre Company produced 20,000 units and sold 18,000 units at a price of $12. Costs for last year were as follows: Direct materials 25,000 Direct labor 35,000 Variable factory overhead 12,000 Fixed factory overhead 37,000 Variable selling expense 9,000 Fixed selling expense 7,500 Fixed ad
The portion of gross domestic product that is created by the health care industry is growing faster than any other sector. What are three reasons for the unique increase in health care costs? Why are these factors contributing to the rising cost of health care?
Changing Standards The empirical evidence reveals that firms change their standard prices and standard quantities during the fiscal year. Most firms have the following policy, ?We set our standards before the fiscal year begins and we NEVER, NEVER change them during the year (except when we have to).? Required: a. Eva