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Accounting

Explain how accounting codes are selected and grouped in Quickbooks

Do you know how accounts were grouped so financial statements could be generated for Quicken, Quickbooks? Was it based upon some type of code assigned to each account, like a=assets,l=liabilities, etc. Also, do you know if the later versions are now using account codes for grouping?

Solving Simple Accounting Problems

Please provide step-by-step solutions so I can know how to do it. Problem One: (1) Most companies use straight-line depreciation for their books but an accelerated method for the tax return. Explain why companies use these two different methods that result in the need for two sets of records. (2) Private Industries paid $

Accounting: CVP Method and ABC Systems

Can you help me with these questions?? 1. It is essential to choose the right CVP method, equation, contribution margin, or graphical. If you pick the wrong one, your analysis will be faulty. Do you agree? If so, why? If not, why not? 2. What is ABC? Why are more organizations adopting ABC systems? List at least three reas

Accounting questions: Compute retained earnings, matching revenue and expense

Please select the correct answer: 1. At the end of the year, retained earnings totaled $1,700. During the year, net income was $250, and dividends of $120 were declared and paid. Retained earnings at the beginning of the year totaled: a. $1,570 b. $1,330 c. $2,070 d. $1,230 2. Which of the following accountin

What are total S&A expenses for November?

The Fleece Enterprise makes and sells a product titled Fleece. The company is in the process of preparing its selling and administrative expense budget for next year. The following budget data are available: Variable Cost Per Fleece Sold Monthly Fixed Cost Sales commi

Should CPA firm employees be required to sell stock of clients? Is it fair?

Suppose you were a CPA and you had invested in IBM when IBM was not one of your firm's clients. Two years later, after IBM's stock price had fallen considerably, your firm won the IBM audit contract. You will not in any way be involved in working with the IBM audit, which will be done by one of your firm's other offices in a

Calculate correlation coefficient of stock returns. (1 question)

The data to be used is included in the sheet named as Data. The data consist of the closing prices for each month for the five-year period from June 1998 through June 2003. What is correlation coefficient? Compute the correlation coefficient of the (1) two stock returns and (2) the S&P 500 index returns with each stock's retu

EPS

At July 1, 2007, Peter Corporation had the following share capital: $2 Preferred shares, cumulative, 200,000 shares authorized, 50,000 shares issued $ 800,000 Common shares, 1,000,000 shares authorized, 100,000 shares issued 2,500,000 $3,300,000 *The preferred dividends are 2 years in arrears. On January 1,

Passive Activity Gain or Loss: Rental House Example

What is the other passive activity gain or loss beside the two rental houses that the couple owns that is managed by a local realty company? Individual Tax Task - Financial Information Personal Data: Spouse A is one of the partners in Fan Company A. Spouse A is married and has a total of three children living in the h

Operating cycle

The operating cycle for a company is one year. Do you agree? Why or why not? Provide support for your opinion by giving an example to illustrate your argument.

Assets

Which of the following are Section 1231 assets? Explain. Assume all the items have been held long-term. a. Machinery used in the business b. Personal home c. Factory building d. Land held as an investment e. Land used in a business f. Shares of stock in Jones Corporation g. Inventory h. Musical composition h

Productions Budgets

1. Fantastic Futons go through two departments in the production process. Each futon requires two direct labor hours in Department A and one hour in Department B. the labor cost is $8 per hour in Department A, and $10 per hour in Department B. Assuming the amount budgeted to be produced in January is 30,000 units, what is th

Production Budgets

See attached Required: Prepare the following production budgets for July, August, and September for the Hale Company: 1. Production budget 2. Materials purchase budget 3. Direct labor budget 4. Overhead budget For the quarter (quarter totals only), prepare the: 5. Cost of goods manufactured budget

3 Basic Accounting Questions

Problem One: The following data have been gathered for Leigh Corporation for the month ended September 30, 2009. Prepare a bank reconciliation based on the following information: - The bank statement reveals a balance of $3,536. - The September 30, 2009, book balance was $3,200. - There was an EFT deposit of $1,800 on the b

Bubba Manufacturing Inc. and JDE: Consolidation Problem.

On January 1, 2006, (JDE) bought a 55% interest in Bubba Manufacturing, Inc. (BMI). JDE paid for the transaction with $3.5 million cash and 400,000 shares of JDE common stock (par value $1.00 per share). At the time of the acquisition, BMI's book value was $16,970,000. On January 1, JDE s

Shorewood Shoes Special Order Pricing: Calculate minimum price for order

Shorewood Shoes Company makes and sells a variety of leather shoes for children. For its current mix of different models and sizes, the average selling price and costs per pair of shoes are as follows: Item Price $20 Costs: Direct materials $6 Direct labor 4 Variable manufacturing support 2 Variable selling suppo

Fixed and Capital Assets

1. On October 6,2011 Greenbelt Construction traded in an old tractor for a new truck, receiving a $56,000 trade in allowance and paying the remanning $164,000 in cash. The old tractor cost $190,000 and straight line amortization of $105,000 had been recorded as of October 6, 2011. Assume the fair value of the old tractor was equ

Cost accounting problems: 4-2, 4-16, 4-19, 4-20, 4-21

See attached file for clarity. 4- 2 How does a job-costing system differ from a process-costing system? 4- 16 Job costing, process costing. In each of the following situations, determine whether job costing or process costing would be more appropriate. a. A CPA firm l. A landscaping company b. An oil refinery

Biz Fraud... Information Breach

Using the Internet find a recent case (within the last 18 months) in the news of business fraud, involving systems and/or information breach. Summarize the situation, identify the control issues that were compromised and discuss what could have been done to mitigate the loss. Please refer to the 6 questions below and adapt them

Need to understand how to solve this problem

The Blade Division of Axe Company produces hardened steel blades. One-third of Blade's output is sold to the Forestry Products Division of Axe; the remainder is sold to outside customers. Blades' estimated operating profit for the year is: Forestry Outside Division Customers Sales $15,000 $40,000

Differences in Partnerships and Corporations in Accounting

How do partnerships and corporations differ in accounting processes? Reporting? Financial Statements? What are the benefits of each? How would you select one from another? The Paper: -Must be double-spaced (excluding the title page, reference page, exhibits, etc.) and formatted according to APA style as outlined in your

Analyze & Calculate the Better of Two Options for a Dishmachine

I have to calculate the two options and find out which one is the better choice. Dishmachine is $11,000. Option 1: To buy the dishmachine directly, you will have to pay more than $11,000 after three years because the cost of the dishmachine may increase over the period of next three years. Use the Internet or other rel

Job Costing, Accounting for Manufacturing OH

The Lynn Company uses a job-costing system at its Minneapolis plant. The plant has has a Machining Department and an Assembly Department. Its job-costing system has two direct-cost cateories (direct materials and direct manufacturing labor) and two manufacturing overhead cost pools (the Machining Department overhead, allocated

importance of Asset Allocation in classes

Discuss the importance of asset allocation in constructing the investment portfolio. Make sure you cover the following: Asset classes Percentage of assets classes within the portfolio Defend your allocation percentages given the target risk tolerance and investment horizon. Include references.

Accounting questions

1. Which of the following does not affect retained earnings? b. Investments by stockholders c. Declaration and payment of dividends d. Earnings of revenues e. Incurring of expenses 2. A company recorded office supplies in an asset account when the supplies were purchased. Failure to take inventory and make an adjusting entr