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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?

Deviational Variables Example Problem

Define deviational variables. What is separable programming and describe its purpose. State the advantage of goal programming over linear programming. Please cite answer. Please do not use Wikipedia.

Good and Bad Decisions

Give an example of a good decision that you made that resulted in a bad outcome. Also give an example of a bad decision that you made that had a good out-come. Why was each decision good or bad? Discuss what was involved in your decision process.

Calculating phantom profit

In its first month of operation, Wier Company purchased 100 units of inventory for $6, then 200 units for $7, and finally 150 units for $8. At the end of the month, 160 units remained. Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO. Explain why this amount is referred to as phant

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

Advertiser's Records and Payment Options

Please choose the correct answer and explain in a few words why: 1. In an advertiser's records, a newspaper ad submitted and published this week with the agreement to pay for it next week would: a. Increase liabilities and increase expenses. b. Increase assets and decrease liabilities. c. Decrease assets and increase

the budgeting process

Describe and give an example of the budgeting process in any business and if you could improve one thing about it, what would that be?

Accounting questions: Define revenues, accumulated depreciation

Please select the correct answer: 1. Revenues are: a. increases in net assets from occasional sales of equipment. b. increases in net assets from selling common stock. c. cash receipts. d. increases in net assets from selling a product. 2. Accumulated depreciation on a balance sheet: a. Represents the portion o

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

Advertising Method for Mona Company

The Mona Company expects to sell 40,000 Jump-Ups during the coming year. The advertising manager has decided to spend $1 on advertising for each unit expected to be sold. The method that the manager is using to determine how much to spend on advertising is: Percentage of sales Percentage of profits

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

Realized and recognized gain or loss in exchange

Debbie Davis and Elizabeth Engels exchanged like-kind property. Debbie had an adjusted basis of $12,000 in her property (fair market value is $15,000). Elizabeth's property had an adjusted basis of $9,000, and a fair market value of $10,500, and Elizabeth gave Debbie $4,500 in cash. Determine Debbie's and Elizabeth's realized

Recognized Income Tax Gain or Loss

On April 18, 2010, Jane Juniper purchased 30 shares of Bryan Corp. stock for $210, and on September 29, 2010, she purchased 90 additional shares for $900. On November 28, 2010 she sold 48 shares, which could not be specifically identified, for $576 and on December 8, 2010, she sold another 25 shares for $188. What is recognized

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

Net income or loss

Assistance with calculating net income or loss Liabilities 320,000, decreased by 18,000, assets increased by 65,000, paid in capital increased from 30,000 to 192,000, dividends paid and declared 25,000 with a total year end of 429,000

Calculate Retained Earnings: Example Question

Please provide steps to calculate the retained earnings in 2010 using the following information: Retained earnings: 841, 200 Decrease in total 183, 200 liabilities: Gain on sale of building: 64, 400 Dividends declared and pd. in 2010: