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10 Multiple Choice: governmental accounting

3-2 1. Upon ordering supplies a government should a. Debit encumbrances and credit reserve for encumbrances b. Debit reserve for encumbrances and credit encumbrances c. Debit expenditures and credit encumbrances d. Debit expenditures and credit vouchers payable 2. Upon receiving supplies that had previously been encumb

Compare the United States accounting standards with those of Russia

Compare the United States accounting standards and those of Russia. Also, include description regarding significance of the finding. Differences are frequently found in the following areas: -Research and development -Goodwill -Consolidations -Capitalized Interest -Asset Valuation -Leases -Inflation accounting Ple

Personal Taxation: Demarco Jackson's taxable income

See attached file. Demarco and Janine Jackson have been married for 20 years and have four children who qualify as their dependents. Their income from all sources this year (2009) totaled $200,000 and included a gain from the sale of their home, which they purchased a few years ago for $200,000 and sold this year for $250,000


Standard cost system-overhead variances Assume the following data for John Company's August operations. Standard overhead per direct labor hour based on normal monthly capacity of 30,000 hours: Fixed( $270,000/30,000 hours) $9 Variable ($660,000/30,000 hours) 22 $31 Dir

Executive Summary Statement Requirements

SFAS 116 and 117 Executive Summary · Resources: Statements of Financial Accounting Standards (SFAS) 116 and 117; sample Executive Summary · Write an Executive Summary assessing the requirements of SFAS 116 and 117 and its effect on the financial statements. · Refer to the sample Executive Sum

Determine Net Income for Sanhueza, Inc.

Determining net income from net cash flow from operating activities Sanhueza, Inc. reported a net cash flow from operating activities of $187,600 on its statement of cash flows for the year ended December 31, 2010. The following information was reported in the Cash Flows from Operating Activities section of the statement of c

Income Tax Preparation

Using TaxCut® or other tax preparation software, and Prentice Hall's Federal Taxation 2010 Dave Stevens, age 34, is a self-employed physical therapist. His wife Sarah, age 31, teaches English as a Second Language at a local language school. Dave's Social Security number is 417-46-9403. Sarah's Social Security number is 5

Miller and Taylor Companies Consolidation Goodwill

Problem 27 Miller Company acquired an 80 percent interest in Taylor Company on January 1, 2009, Miller paid $664,000 in cash to the owners of Taylor to acquire these shares. In addition, the remaining 20 percent of Taylor shares continued to trade at a total valueof $166,000 both before and after Mil

Comparison of Entity Forms

Can you help me get started with this assignment? Determine the tax liabilities of a C Corporation vs a S Corporation with one shareholder who owns 100% of the company's stock. C11-29: Carl Carlson, a single taxpayer, owns 100% of Delta Corporation. During 2009, Delta reports $150,000 of taxable income. Carl reports no

Estate Taxes Example Problems

Can you help me get started with this assignment? 1. Hershel Barker was the president and majority shareholder in Bulldog Inc. He was a cash-basis taxpayer who reported his income on a calendar-year basis. On March 1,2009, Hershel was killed in a skiing accident. The estate has elected to report its income on a calendar-year

Alvin Gifted Widget

Alvin purchased and put in service a new widget (seven year item for MACRS rules) on December 26, 2006. It was the only item placed in service in 2006. Cost $3.5 million. 2006 was a bad year for Alvin and he had an operating loss before considering MACRS. The widget was used for business purposes only. In 2008 the widget was

Individual Income Tax Questions

1) Denzel earns $120,000 this year through his job as a sales manager. What is his FICA tax? A) $9,180. B) $7,803. C) $7,459. D) $8,362. 2) Sarah receives a $9,000 scholarship from City University. The university specifies that $3,000 is for tuition, books, supplies, and equipment for classes. The other $6,000 is for room a

Comparable sales method, valuable trademark & unrelated distributors

1. USM, a US manufacturing corporation, sells electrical gizmos to foreign distribution subsidiaries and to unrelated foreign distributors. The terms of sale are substantially the same except that the price charged to subsidiaries is a delivered price, while the price charged to unrelated distributors is FOB USM's factory. Is th

Incomplete Data Consolidation - Skyler Corporation & Blue Corporation

Blue Corporation acquired controlling ownership of Skyler Corporation on December 31, 20X3, and a consolidated balance sheet was prepared immediately. Partial balance sheet data for the two companies and the consolidated entity at that date is attached. During 20X3, Blue provided engineering services to Skyler and has not yet

Capital Market: Technical analysis Vs Fundamental Analysis

Technical analysis assumes that non-random price patterns and trends exist in the markets and these patterns can be identified and exploited while many different methods and tools are used, the study of charts of past price is primary. It is argued by chartists that all information needed to make buy and sell decisions is reflec

Accounting: Sampling Procedures

I'm working on 2 problems and am having trouble with them. Analysis 13-1 As auditor for the Harder Company, you decide to use PPS sampling in determining the fairness of accounts receivable. In executing the plan, you discover the following misstatements: Book Audit Value Value $1,500 $1,000 2,400

Depreciation Schedule for Tax and Financial Reporting

The following information is available for the first three years of operations for Cooper Company: 1. Year 2010 2011 2012 Taxable Income $500,000 330,000 400,000 2. On January 2, 2010, heavy equipment costing $600,000 was purchased. The equipment had a li

Management Accounting Process Costing

Daisy Ltd. uses FIFO process costing. The following information is for the current period production process. Each unit must pass through two separate processes, the Assembly and the Finishing departments. This information is for the Finishing department. Direct materials are added at the beginning of the process, while conve

Accounting Word Problems E 12-1, E 12-4, E 12-6, P 12-9, P 12-12, P 12-14

E 12-1, E 12-4, E 12-6, P 12-9, P 12-12, P 12-14 E 12-1 The Befort Company filed for a patent on a new type of machine. The application costs totaled $12,000. R&D costs incurred to create the machine were $75,000. In the year in which the company filed for and received the patent, it spent $20,000 in the successful defense of

ABC, variable, overhead cost allocations

1. Information for Gifford, Inc., as of December 31 follow: Administrative salaries-----------------------$35,000 Dpreciation of factory equipment------------25,000 Depreciation of delivery vehicles--------------6,000 Direct labor----------------------------------------68,000 Factory supplied u

Accounting - 20 Multiple Choice

Question 1 Trademarks or trade names must be renewed every 40 years can be considered intangibles with indefinite lives are developed internally and thus should not have any related costs capitalized and amortized are synonymous with internally developed goodwill Question

Inventory, Income Tax, Cash Flows, Allowance Accounts

P 3-8 The Ferdon Company uses a periodic inventory system. The following is partial information from its income statements for 2007 and 2008: 2007 2008 Beginning inventory $(2) $(4) Sales 220,000 (6) Purchases 118,000 140,000 Purchases returns 2,000 3,000 Ending Inventory 48,000 74,000 Sales retur

Growth, terminal value, annual withdrawals, tax impact

This problem uses a tax deferred 401(k) pension plan as the basis for considering the choice among different types of mutual funds. 1. This first question illustrates the large amount to which a modest amount will grow over an extended time period. Bozena's contribution $1,600 Company's match 800

Random Accounting Questions

See attached file for clarity. 1. All of the following are true regarding journal entries except: A. Journal entries show the effects of transactions. B. Journal entries provide account balances. C. The debited account titles are listed first. D. Each journal entry should begin with a date. 2. Marvin's Art Inc. purchas

Accounting F-7

** Please see the attached file for the complete problem description ** Brurien,Inc., operates a retail store with two departments, A and B. Its departmental income statement for the current year follows: (please see the attachment F-7-1) Burien allocates building depreciation, maintenance, and utilities on the basis of sq

Preparing a Manufacturing Statement

*Please look at the attachment!!!! *Please describe how to calculated!! Information for Gifford, Inc., as of December 31 follows: (see attachment) Prepare a manufacturing statement for the yea ended December 31. Administrative Salaries $35,000 Depreciation of Factory Equipment $25,000 Depreciation of Delivery

Physical Flow Schedule and Computing Cost

1. Medi Syrup is a large cough syrup producer. The cough syrup passes through several stages during production. In department B, the following activity was recorded for October. - Beginning work-in-process on October 1 was 40,000 gallons. - 20,000 gallons were started into production in department B during the month. - 55,000

Durocher Guitar Cash Flow Reporting

Durocher Guitar Company is in the business of manufacturing top quality, steel-string folk guitars. In recent years the company has experienced working capital problems resulting from the procurement of factory equipment, the unanticipated buildup of receivables and inventories, and the payoff of a balloon mortgage on a new manu