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Effect of each transaction on assets

1. sold common stock for cash to start business 2. Paid monthly rent 3. purchased equipment on account 4. billed customers for services performed 5. paid dividends 6. received cash from customers billed in (4) 7. incurred advertising expense on account 8. purchased additional equipment for cash 9. received cash from cust

Payroll Tax Entries

I need to double check my answers with a professional. Thank you. Please see attached. Allison Hardware Company's payroll for November 2010 is summarized below. Amount Subject to Payroll Taxes Unemployment Tax Payroll Wages Due F.I.C.A Federal State Factory $140

EBIT-EPS and perferred stock

EBIT-EPS and preferred stock Litho-Print is considering two possible capital structures, A and B, shown in the table at the top of the facing page. Assume a 40% tax rate. Source of capital Structure A Structure B Long-term debt $75,000 at 16

Capacity utilization - Mantle Company

Mantle Company has met all production requirements for the current month and has an opportunity to manufacture additional units with its excess capacity. Unit selling prices and unit costs for three product lines follow. Plain Regular Super Selling price $30.00 $43.00 $40.00 Direct material

Budgeted vs actual costs (Hempstead Corporation)

Hempstead Corporation plans to manufacture 8,000 units over the next month at the following costs: direct materials, $480,000; direct labor, $60,000; variable manufacturing overhead, $150,000; and fixed manufacturing overhead, $300,000. The last amount, which includes $24,000 of straight-line depreciation, resulted in a total bu

Journalize and Post Transactions and Income Statements

VICTORIA CONSULTING, INC. INSTRUCTIONS: Complete the following steps in the order given. 1. Journalize and post the transactions noted below for Victoria Consulting, Inc. during the firm's first month of business. Note: Use the account titles and numbers in the chart of accounts provided and round all calculations to the n

Step by Step solutions

1.On December 31, 2007, Shard Co. has $2,000,000 of short-term notes payable due on February 14, 2008. On January 10, 2008, Shard arranged a line of credit with County Bank which allows Shard to borrow up to $1,500,000 at one percent above the prime rate for three years. On February 2, 2008, Shard borrowed $1,200,000 from County

Multiple Choice: Depreciation

1. Harris Corporation purchased factory equipment that was installed and put into service January 2, 2006, at a total cost of $60,000. Salvage value was estimated at $4,000. The equipment is being depreciated over four years using the double-declining balance method. For the year 2007, Harris should record depreciation expense

Moss Interiors: Accounting for Goodwill

Fred Moss, owner of Moss Interiors, is negotiating for the purchase of Zweifel Gallaries. The balance sheet of Zweifel is given in an abbreviated form below. Zweifel Galleries Balance Sheet As of Dec. 31, 2008 ASSETS: Cash - $100,000 Land - 70,000 Building (net) - 200,000 Equipment (net) - 175,000 Copyright (net) -

The Plane Ride to Profit

See the attached file. Chapter 6: Written Assignment: The Plane Ride to Profit You are the President of Union Molding, on an airplane to meet with a potential investor. You have just opened your briefcase expecting to find the latest income statement, but in its place is the sales and expense data. Because your office

Cumulative Total Time

Abboud Company is planning to introduce a new product with an 80 percent learning rate for production for batches of 1,000 units. The variable labor costs are $30 per unit for the first 1,000-unit batch. Each batch requires 100 hours. There are $10,000 in fixed costs not subject to learning. Refer to Figure 3-4. What is the c

Managerial Accounting

5-21 Activity-based costing, service company Quikprint Corporation owns a small printing press that prints leaflets, brochures, and advertising materials. Quikprint classifies its various printing jobs as standard jobs or special jobs. Quikprint's simple job-costing system has two direct cost categories (direct materials and di

Break even analysis

To establish a driver education school, organizers must decide how many cars, instructors, and students to have. Costs are estimated as follows. Annual fixed costs to operate the school are $30,000. The annual cost per car is $3200. The cost per instructor is $11,000 and one instructor is needed for each car. Tuition for each st

Accounting Equations

#1. At the end of an accounting period, the amount of net income earned by a company is transferred to the balance sheet and reported under which one of the following categories? a. owner's equity b. liabilities c. assets d. all of the above #2. Shari started a computer software firm by investin $20,000 of her own money.

Changing underapplied or overapplied overhead costs

Account balances are as follows: Manufacturing overhead $240,000 underapplied Work in process 100,000 Finished goods 300,000 Cost of goods sold 800,000 If underapplied or overapplied overhead is material and is allocated to Work in Process, Finished Goods, and Cost of Goods Sold (based on ending account balance

Allocation rate per order, forecasted productions units for Norah Co

5) Zipp Company manufactures two products (X and Y). The overhead costs ($84,000) have been divided into three cost pools that use the following activity drivers: Product Number of Setups Machine Hours Packing Orders X 10 500 75 Y 10 2,000 175 Cost per pool $9,000 $60,000 $15,000 What is the all

Accounting research methodology, types of risk, net operating loss

Accounting research is developed using research methodology. Which of the following is not a commonly identified methodology? a. Detailed approach b. Deductive approach c. Pragmatic approach d. Behavioral approach The type of risk that is related to the overall movements in the stock market and is unavoidable is cal

Fair Value and Equity Method for purchase of Kulikowski Inc

Jaycie Phelps Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2008. The purchase price was $1,200,000 for 50,000 shares. Kulikowski Inc. declared and paid an $0.85 per share cash dividend on June 30 and on December 31, 2009. Kulikowski reported net income of $730,000 for 2009. The

What is the fundamental issue surrounding capitalization versus expensing?

Using course materials, the internet, and/or the Library answer the following questions: What is the fundamental issue surrounding capitalization versus expensing? Which approach do you believe management would prefer? Which approach do you believe auditors would prefer? Why? Apa style No copy and paste Intext

Delaware Company Research and Development

S12-1 (LO 9) Delaware Company incurred the following costs that relate to research and development in 2009: Salaries and wages for lab research $ 400,000 Materials used in R&D projects 200,000 Construction of prototype used in R&D 900,000 Research & Development assoc w /specific c

Step by Step solutions S11-1

1. ABC Company purchased manufacturing equipment on February 1, 2007 for $504,000 to be used in a new manufacturing facility production. The equipment is expected to have a salvage value of $24,000 at the end of 12 years of production. It should produce 435,000 units and maintain 49,000 hours of production. During 2008 the equip

Professional Research: FASB Codification

I need a lot of help on this, I am completely lost. Thank you. Preferred language style: English (U.S.) In memo format: answer the question from "Professional Research: FASB Codification". On each written assignment, students should follow the APA guide for referencing and citations. 3-5 pages Three-four references per questi

Herman Corporation operates two divisions

Herman Corporation operates two divisions, the A Division and the B Division. Both divisions manufacture and sell logs to paper manufacturers. The company is considering disposing of the B Division since it has been consistently unprofitable for a number of years. The income statements for the two divisions for the year ended De

Accounting Assignment for course in Business Administration

ASSIGNMENT FOR ACCOUNTING COURSE in Business Administration. Please see attachment file below. Tried to get answer/assistance from but to NO avail. Still Need assistnce with the assignment even though it's past due. Can you still help, assignment still needs to be addressed by the end of this week. I have attached

Financial reporting purposes and tax reporting purposes

42. Dodger Corporation reported a loss for both financial reporting purposes and tax reporting purposes of $231,000 in 2011. For financial reporting purposes, Dodger reported income before taxes for years 2008-2010 as listed below: 2008 ............................ $ 66,000 2009 ............................ 99,000 2010 ...