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Purchases recorded gross and net

Some of the transactions of Torres Company during August are listed below. Torres uses the periodic inventory method. August 10 Purchased merchandise on account,$12,000, terms 2/10, n/30. 13 Returned part of the purchase of August 10, $1,200, and received credit on account. 15 Purchased merchandise on account,

Efficient Markets

You must complete the activity in class materials to complete this assignment. Go to course materials, click on Unit 3 tab, click on view unit, click on the activity button, and follow the directions in the activity. After completion of the activity answer the following question: 1-How do you think the efficient market hypot

Computation of Ending Retained Earnings

Please help with the following accounting problem. For the following four cases, compute the ending amount of retained earnings. Provide step by step calculations. Caution: Not all of the items listed should be included in the computation of ending retained earnings. Case A Case B Case C Case D Cost of goods sold

Accounting for Property, Plant, and Equipment

Among the principal topics related to the accounting for the property, plant, and equipment of a company are acquisitions and retirements. a. What expenditures should be capitalized when equipment is acquired for cash? b. Assume the market value of equipment is not determinable by reference to a similar purchase for cash. D

The Effect of Accounting Transactions on Liquidity Ratios

The Lux Company experiences the following unrelated events and transactions during Year 1. The company's existing current ratio is 2:1 and its quick ratio is 1.2:1. 1. Lux wrote off $5,000 of accounts receivable as uncollectible. 2. A bank notifies Lux that a customer's check for $411 is returned marked insufficient funds.

Inventoriable costs for Garza Company

In your audit of Garza Company, you find that a physical inventory on December 31, 2010, showed merchandise with a cost of $441,000 was on hand at that date. You also discover the following items were all excluded from the $441,000. 1. Merchandise of $61,000 which is held by Garza on consignment. The consignor is the Bontemps

Calculate variances, prepare reports, calculate cash receipts and more...

Various problems that I need assistance with are down below... Thanks again! ------------------- 1.) Production and purchases budgets of Osage Inc. has actual sales for June and July and forecast sales for August, September, October, and November as follows: Actual: June 4,150 units July 4,350 units Forec

Reggie White, Jack the Treasurer, Cash Manager Ken

(1) Reggie White, a corporate treasurer, is trying to decide which two 1-year securities to purchase: a negotiable CD with nominal yield of 6 percent or a municipal security with a nominal yield of 4.5 percent. The issuing municipality is not in the same state as Reggie's company, but he recognizes the muni's interest is exempt

Cost, Discretionary Cost, Revenue, Profit and Investment Centers

Can you help me get started on this assignment? Identify each of the following as a cost center, a discretionary cost center, a revenue center, a profit center, or an investment center: a. The manager of center A is responsible for generating cash inflows and incurring costs with the goal of making money for the company. Th

Accounting: Chart of accounts, equation, journal, ledgers. debits, credits

1) In a typical chart of accounts, liabilities start with a _______ and expenses start with a _____ Possible answers are (a) 2,4 (b) 1,3 (c) 2,5 (d) 1,4 2) A business makes a principle payment of cash on a note payable. The note payable was originally issued for the purchase of equipment. Which of the following occurs?

System Integrity and Validation

- Which CAAT are the best to use for Kudler Foods Fine? - Describe how the selected computer assisted auditing techniques will be used to validate data and system integrity within the system. - Explain the functions of audit productivity software. - Explain how audit productivity software might be used in the four systems d

Transfer of Property to Corporation in Exchange for Stock

Sam Rogers forms a corporation. Sam transfers to the corporation property having a basis to him of $15,000 and a fair market value of $27,000 for 900 shares of the $10 par stock of the corporation. A year later, Bill Morrison, who is not related to Sam, transfers property having a basis to him of $1,000 and a fair market value

Calculate a payroll in Excel for a computer repair business

See attached file. 1. The Orange colored cells on the worksheet indicate places where you will put in the formulas and functions. 2. Calculate the total Gross Pay for each employee. Keep in mind that employees are paid time and a half for all over-time hours. Here is an example formula that demonstrates how you would make

Zillman Co.

Presented below is an aging schedule for Zillmann Company. Number of Days Past Due Customer Total Not Yet Due 1-30 31-60 61-90 Over 90 Arndt $23,410 $11,220 $12,190 Blair 40,360 $40,360 Chase 61,890 17,720 7,060 $37,110 Drea 36,430 $36,430 O

Tax issues for Don and Jane in withdrawing money

The ABC Company was incorporated (as an LLC) two years ago. The success of the company is exceeding the owners' expectations. The land owned by the company is used as a site for special events and parties. The rental income from the events and fees for services rendered at these events are substantial for a new business. The

Computation for a retirement fund

Please help, I do not understand... Stephen Bosworth, a super salesman contemplating retirement on his 55th birthday, decides to create a fund on an 8% basis that will enable him to withdraw $25,000 per year on June 30th, beginning in 2014 and continuing through 2017. To develop this fund, Stephen intends to make equal contri

Politicalization of Accounting Standards

Some accountants have said that politicalization in the development and acceptance of generally accepted accounting principles (i.e., standard setting) is taking place. Some use the term politicalization in a narrow sense to mean the influence by governmental agencies, particularly the Securities and Exchange Commission, on the

Break-Even Analysis

Please help... NoNox manufactures gasoline additives. The variable material cost is $0.72 per pint, and the variable labor cost is $1.90 per pint. Suppose NoNox incurred a fixed cost of $510,000 during the year. What if the selling price is $4.25 per pint? a/ what is the volume of gasoline additives (in pints) that NoN

Journalize Long-Term Investments in Stock-Equity Method

On January 1,2008,Compustat Co.bought 30% of the outstanding common stock of Freelance Corp. for $258,000 cash. Compustat Co. accounts for this investment by the equity method. At the date of acquisition of the stock, Freelance Corp. 's net assets had a carrying value of $590,000. Assets with an average remaining life of five ye

Compute cash flow from operating and from investing

EXERCISE 14-41 GAIN AND LOSSES AND THE STATEMENT OF CASH FLOWS Miss Maggie Company entered into the following transactions during the year: Miss Maggie had no investment securities at the beginning of the year. The cost of the trading securities sold was $300; the cost of the available-for-sale securities sold was $150.

Managerial Accounting

1.What is the appropriate journal entry if $100,000 of materials were purchased on account for the month of August? a. Manufacturing Overhead Control 100,000 Accounts Receivable Control 100,000 b. Manufacturing Allocated 100,000 Accounts Receivable Control 100,000 c. Materials Control 100,000 Accounts Payab