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Accounting

For the year ended December 31, 2010, Transformers Inc. reported the following: Net income $ 60,000 Preferred dividends declared, $10,000 Common dividend declared, $2,000 Unrealized holding loss, net of tax; $1,000 Retained earnings $80,000 Common stock, $40,000 Accumulated Other Comprehensive Income, Beginning Balance 5,000 What would Transformers report as its ending balance of Accumulated Other Comprehensive Income?

5. (TCO C) For the year ended December 31, 2010, Transformers Inc. reported the following: Net income $ 60,000 Preferred dividends declared, $10,000 Common dividend declared, $2,000 Unrealized holding loss, net of tax; $1,000 Retained earnings $80,000 Common stock, $40,000 Accumulated Other Comprehensive Income, Beginn

Unearned rent at 1/1/10 was $7,300 and at 12/31/10 was $8,000. The records indicate cash receipts from rental sources during 2010 amounted to $40,000, all of which was credited to the Unearned Rent Account. You are to prepare the missing adjusting entry. Please indicate DR (debit ) or CR (credit) to the left of the account title, and place a comma between the account title and the amount of the adjustment.

Unearned rent at 1/1/10 was $7,300 and at 12/31/10 was $8,000. The records indicate cash receipts from rental sources during 2010 amounted to $40,000, all of which was credited to the Unearned Rent Account. You are to prepare the missing adjusting entry. Please indicate DR (debit ) or CR (credit) to the left of the account title

Accounting: Provide the Missing Adjusting Entry

Allowance for doubtful accounts on 1/1/10 was $50,000. The balance in the allowance account on 12/31/10 after making the annual adjusting entry was $65,000, and during 2010 bad debts written off amounted to $40,000. You are to provide the missing adjusting entry. Please indicate DR (debit) or CR (credit) to the left of t

Cost Accounting in Excel

Please help complete the attached exercise Mitsu Corporation produces two types of flat screen televisions. The standard televisions are designed for durability. The company recently began producing the higher quality, high grade model to appeal to dedicated watchers. Since the introduction of the high grade product, profi

Percentage Change in the Demand for Foreign Travel

If there has been a 10 percent increase in consumer income between two periods, what was the percentage change in the demand for foreign travel? For tobacco products? For flour? Use the income elasticity values in the table below. Commodity Income Elasticity Wine (

Real Estate and Taxes...

Real estate is the cornerstone of many investment portfolios. If the government took away the tax benefits, do you think people would still invest in real estate? Why or why not?

Leeds Architectural Consultants: Predetermined Overhead Rate

Leeds Architectural Consultants began operations on January 2. The following activity was recorded in the company's Work in Process account for the first month of operations: Work in Process Costs of subcontracted work 230,000 To completed projects 390,000 Direct staff costs 75,000 Studio overhead 120,000 Leeds Arc

Duke Plumbing and Wallpaper Company is a corporation that has been in business since 1990. During the current year, it has the following property transactions: a. A warehouse purchased in 2000 for $200,000 is sold for $180,000. Depreciation taken on the building to date of sale totals $62,000. b. Wallpaper that cost $60,000 becomes obsolete when a new type of wallpaper is developed. Duke is unable to sell the wallpaper and ends up throwing it in the trash. c. Two of Duke's service trucks collide in the parking lot, destroying both trucks. The older truck cost $18,000 and had an adjusted basis of $5,000. Its fair market value of $9,000 is reimbursed by Duke's insurance company. The newer truck was purchased 3 months earlier for $22,000. It has a fair market value of $18,000, which is reimbursed by Duke's insurance company. d. Plumbing equipment purchased in January for $6,000 is sold in November for $4,000. The equipment was advertised as being the easiest of its kind to use in installing new plumbing fixtures. However, it is so complicated to operate that none of Duke's employees can figure out how to use it, and Duke decides it is easier to do the work the old-fashioned way. e. Duke's computer system becomes obsolete and is sold for $1,500. Duke paid $15,000 for the system 4 years earlier and has taken $11,500 in depreciation on the system as of the date of sale. f. Because the 2 service trucks that were destroyed (in part c) have to be replaced, Duke decides to sell its other service truck and buy 3 new trucks. The third service truck cost $19,000 two years earlier and has an adjusted basis of $14,000. Duke receives $15,000 from the sale of the truck. g. An antique plumbing plunger for which Duke had paid $4,000 and which was fully depreciated is sold for $7,000. h. Duke decides not to replace the warehouse it sold in part a. The office building it erected in 2001 at a cost of $140,000 to service the warehouse is no longer of any use and is sold for $162,000. The office building has an adjusted basis of $122,000. For each of these transactions, determine the gain or loss that must be recognized on the transaction and the character of the gain or loss. Determine the effect of all the transactions on Duke's taxable income for the year.

Duke Plumbing and Wallpaper Company is a corporation that has been in business since 1990. During the current year, it has the following property transactions: a. A warehouse purchased in 2000 for $200,000 is sold for $180,000. Depreciation taken on the building to date of sale totals $62,000. b. Wallpaper that

Crown sold property to Leary but no exchange price

On January 1, 2010, Crown Company sold property to Leary Company. There was no established exchange price for the property, and Leary gave Crown a $2,000,000 zero-interest-bearing note payable in five equal annual installments of $400,000, with the first payment due December 31, 2010. The prevailing rate of interest for a note o

Calculating the Business Impact of Accepting a Special Order

A customer has offered to buy a special order of 100 units of D for $60 each. This sale will not impact any other part of your business and you have excess capacity to produce this special order and will produce these extra units if you accept the order. How would this impact the business - would you be better off and by how muc

Explanation of PERT-CPM, Decision Analysis, and EOQ

1. PERT & CPM Widgetco is about to introduce a new product. One unit of this product is produced by assembling subassembly 1 and subassembly 2. Before production begins on either subassembly, raw materials must be purchased and workers must be trained. Before the subassemblies can be assembled into the final product, the f

IRS decision and after-tax cost

Ms. T. Potts, the treasurer of Ideal China, has a problem. The company has just ordered a new kiln for $ 400,000. Of this sum, $ 50,000 is described by the supplier as an installation cost. Ms. Potts does not know whether the Internal Revenue Service ( IRS) will permit the company to treat this cost as a tax- deductible current

Cost per Equivalent Unit of Materials and Conversion Costs

Department Alpha had no beginning inventory. The department added direct materials of $100,000 and conversion costs of $150,000 during the month of July. Materials are added at the beginning of the process and conversion costs are added evenly throughout the process in this department. During the period, 40,000 units were comple

Relationship between risk aversion and investment decisions

"Risk aversion implies that only risk-free investments will be undertaken by corporate managers". Critically evaluate this statement (indicate whether you agree or disagree in your answer). Explain how the concept of risk aversion may relate to investment decision making.

Income and Material Participation

1. Differentiate between the following: active income, passive income, and portfolio income. 2. Briefly, what is material participation? Why is the determination of whether a taxpayer materially participates important? 3. Mary Beth is a CPA, devoting 3,000 hours per year to her practice. She also owns an office building in

Are ratios that Bankers and Bondholders want similar if so why

Please comment for the following questions: 1. Are ratios that Bankers and Bondholders want similar if so why? 2. Are common sized trend income statements more valuable for a review than a single period; if so why? 3. If you identify an unusual item based upon % what should you do?

Financial Analysis

1. Calculate the contribution margin rate for each product. 2. Calculate the weighted average contribution margin (WACM) rate for all five products. Target Profit is $35,000 Product Retail Selling Price/yard Wholesale Selling Price/yard Variable Cost/yard Expected Sales Breakdown ($) Green $18.00 $13.00 $11.00 10% Bl

ACC - Exercise 2.44 Absorption vs Variable costing

Exercise 2.44 (ignore 2.40) 2.44 Activities Amounts Units produced 120,000 units Units sold 104,000 units Direct material $780,000 Direct labor 450,000 Manufacturing overhead (unit, variable) 180,000 Manufacturing overhead (facility, fixed) 180,000 Selling and administrative (unit, variable) 140,000

Answer

See attachment Problem 15-14 - Refer to problems at the end of the chapter for details and instructions: Use the template to complete the problem : Winston Sporting Goods Solution: Retail Price per Share $18 a) Spread ($) = # of shares 600,000 Spread (%) = Company Proceeds $16.50 Total Val

Component Technologies: Adding FlexConnex Capacity

Please see attached assignment Case 12-4: Component Technologies, Inc.: Adding FlexConnex Capacity In 2002, Component Technologies, Inc. (CTI) manufactured components, such as interconnect components, electronic connectors, fiber-optic connectors, flexible interconnects, coaxial cable, cable assemblies, and interconnect

Interviewing Techniques

***Please take a moment to read the article and respond with your thoughts.**** Interviewing Techniques: Tips from the Pros Ask the right questions to assess the skills and attitudes of job candidates. EXECUTIVE SUMMARY A skillful interview consists of *Preparation. Collect information about the job you're trying t