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Accounting

Accounting for Petty Cash Transactions

James Hughes Company established a petty cash fund on May 1, cashing a check for $119.84. The company reimbursed the fund on June 1 and July 1 with the following results. June 1: Cash in fund $3.65. Receipts: delivery expense $34.29; postage expense $39.27; and miscellaneous expense $25.34. July 1: Cash in fund

A key goal of tax planning is to legally minimize or defer taxes. This is done by focusing on key components of taxable income. How can timing strategies and income-shifting strategies be used to affect deductions for adjusted gross income (AGI), dependency exemptions, itemized deductions, and tax credits? Provide at least one example for each.

A key goal of tax planning is to legally minimize or defer taxes. This is done by focusing on key components of taxable income. How can timing strategies and income-shifting strategies be used to affect deductions for adjusted gross income (AGI), dependency exemptions, itemized deductions, and tax credits? Provide at least one e

Many people struggle to understand that debt forgiveness creates a taxable event. However there are some exclusions. The following article covers the topic in good detail. Please give your thoughts and comments about this. http://taxes.about.com/od/income/qt/canceled_debt.htm

Many people struggle to understand that debt forgiveness creates a taxable event. However there are some exclusions. The following article covers the topic in good detail. Please give your thoughts and comments about this. http://taxes.about.com/od/income/qt/canceled_debt.htm

Journalization of Asset Transactions for the Jimenez Co.

P10-5A At December 31, 2008, Jimenez Company reported the following as plant assets: Land $4,000,000 Buildings $28,500,000 Less: Accumulated depreciation - buildings 12,100,000 16,400,000 Equipment 48,000,000 Less: Accumulated depreciation - equipment 5,000,000 43,000

Standards Overload for CPA reporting on public vs nonpublic companies

Would the user of statements be aided if there is a distinction between financial reporting standards for public vs. nonpublic companies? Would CPA's favor a distinction between financial reporting standards for public vs. nonpublic companies? Would small business owner managers favor a distinction between financial repor

Carryback, Carryforward and Other Journal Entries

(Carryback and Carryforward of NOL, No Valuation Account, No Temporary Differences) The pretax financial income (or loss) figures for Jenny Spangler Company are as follows. 2002 $160,000 2003 250,000 2004 80,000 2005 (160,000) 2006 (380,000)

CPA's and accounting exchange of information,

Part I The CPA is involved in many aspects of accounting and business. Let's discuss some other tasks, other than external auditing, that the CPA performs. What are some non-traditional areas where CPAs are now involved? Do research on the Internet and show the reference for the information. Part II Accounting is becomin

Detailed calculations for the revision of asset depreciation.

E10-8 Jerry Grant, the new controller of Blackburn Company, has received the expected useful lives and salvage values of selected depreciable assets at the beginning of 2008. His findings are as follows: (View attachment for asset valuations) All assets are depreciated by the straight-line method. Bla

Computing an Overhead Rate

Renteria Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $305,000 for the year, and machine usage is estimated at 125,000 hours. For the year, $322,000 of overhead costs is incurred and 130,000 hours are used. Instructions (a) Compute the manufacturi

Budgeted Overhead Cost for the Marchi Family Inn

Marchi Family Inn is a bed and breakfast establishment in a converted 100-year-old mansion. The Inn's guests appreciate its gourmet breakfasts and individually decorated rooms. The Inn's overhead budget for the most recent month appears below: Activity level 65 Guests Variable overhead costs: Supplies

Money Laudering Detection Business

An account for a small retail business that was started less than a year ago was opened. It is owned by one individual who lists the address of the business as an office on the second floor of an building on a highway. The owner has the proper paperwork and is a sole proprietor with a valid certificate from the state and a drive

Book summary of The Power of Positive Confrontation by Barbara Pachter.

Book summary: "The Power of Positive Confrontation" by Barbara Pachter. There is this book in Google book, some pages are missing. Additionally, this is my first time for book summary, so I don't know how to summarize such a long book Google book "The Power of Positive Confrontation By Barbara Pachter" http://books.

Money Laundering Detection Information

Can you help me get started with this assignment? Analyze the money laundering issue that caused a major scandal for the bank. What was the problem with the AML programs? How did the regulators fail at first? Discuss whether this bank did the right due diligence on its customers and what it could have done better.

Foot Locker, Inc.: Questions from 2007 Annual Report

See the attached files. The Financial Statements and footnotes are attached (scanned from my text) in PDF files. Please help me solve these problems. 1) Prepare a T-account to show the beginning and ending balances, plus all the activity in Retained Earnings for fiscal 2007. 2) What indicates that Foot Locker, Inc. own

Foot Locker, Inc. - Questions from 2007 Annual Report

Foot Locker, Inc. - Questions from 2007 Annual Report 1) The current liability section of Foot Locker, Inc. Consolidated Balance Sheet as of February 2, 2008 (the end of fiscal 2007) lists accrued and other liabilities totaling $268 million. Find the details of this total in the Notes to Consolidated Financial Statements. Wh

Foot Locker, Inc. - Questions from 2007 Annual Report

Need help figuring out these questions from my textbook. The information to solve these is attached in PDF files....I just can't figure them out. 1 Make a T-account for Short-term investments. Record $249 as the balance in the account as of the end of 2006. Using the information in the investments section of the Consolidated

Deferred tax asset

Please explain a loss carryback. Briefly explain a deferred tax asset and a deferred tax liability and give an example. Briefly explain what a current tax expense is and a deferred tax expense.

What are the costs to include in the initial valuation of fixed assets? How would you report them? Provide an example from among property, plant, and equipment, as well as other costs you can identify as should be included. Answer must be based on Ch. 10 of Intermediate Accounting. Reference: Intermediate Accounting, 12e ISBN: 0471749559 Author: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield copyright © 2007 John Wiley & Sons, Inc.

What are the costs to include in the initial valuation of fixed assets? How would you report them? Provide an example from among property, plant, and equipment, as well as other costs you can identify as should be included. Answer must be based on Ch. 10 of Intermediate Accounting. Reference: Intermediate Accounting

Cost of Goods Sold, Gross Profit, A/P Balance, and Gross Profit Rate

Kristen Montana operates a retail clothing operation. She purchases all merchandise inventory on credit and uses a periodic inventory system. The accounts payable account is used for recording inventory purchases only; all other current liabilities are accrued in separate accounts. You are provided with the following sel

Accounting Fundamental Principles

Can you help me get started with this assignment? 1.Use the following information as of December 31 to determine equity. Liabilities $141,000 Cash $57,000 Equipment $206,000 Buildings $175,000 -$ 57,000 -$141,000 -$297,000 -$438,000 Question 2 1. A company shows a $600 balance in Prepaid Ins

Describe and analyze the effects of business transactions

Can you help me get started with this project? Respond to the following questions with your thoughts, ideas, and comments. Describe and analyze the effects of business transactions (both in terms of increases and decreases, and debits and credits) on the basic accounting elements: assets, liabilities, owners' equity, rev

Managerial accounting problems

Can you help me understand these problems?? 1. Kraska Corporation has provided the following data from its activity-based costing system: Activity Cost Pool Total Cost Total Activity Assembly $460,000 39,000 machine-hours Processing orders $33,750 950 orders Inspection $108,242 1,320 inspection-hours Data concern

Practice exam questions, managerial accounting

1. Dewiel Corporation manufactures a variety of products. The following data pertain to the company's operations over the last two years: Variable costing net operating income, last year $91,400 Variable costing net operating income, this year $111,500 Increase in inventory, last year 1,700 units Decrease i

Managerial accounting

Yoshihara Corporation produces a single product and has the following cost structure: Number of units produced each year 5,700 Variable costs per unit: Direct materials $70 Direct labor $63 Variable manufacturing overhead $8 Variable selling and administrative expense $8 Fixed costs per ye