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.
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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
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
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
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
Battonkill Company, operating at full capacity, sold 112,800 units at a price of $150 per unit during 2010. Its income statement for 2010 is as follows: sales 16,920,000 cost of good sold 6,000,000 gross profit
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
Operating income and ROI calculation - see attachment for details and fill out the missing fields.
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
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
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:
Understanding financial relationships Total Assets 420,000 540,000 325,000 Total Liabilities 215,000 145,000 _____ Paid in capital 75,000 _____ 40,000 Retained earnings _____ 310,000 ______ Net Income
On January 1, 2006, (JDE) bought a 55% interest in Bubba Manufacturing, Inc. (BMI). JDE paid for the transaction with $3.5 million cash and 400,000 shares of JDE common stock (par value $1.00 per share). At the time of the acquisition, BMI's book value was $16,970,000. On January 1, JDE s
Please see attached file.
Please fill out the attached balance sheet using the company information provided in the Excel file. The following are the transactions relating to the formation of Cardinal Mowing Services, Inc., and its first month of operations. a. The firm was organized and the owners invested cash of $600. b. T
On February 1, 2010, the balance of the retained earnings account of Blue Power Corporation was $630,000. Revenues for February totaled $123,000, of which $115,000 was collected in cash. Expenses for February totaled $131,000, of which $108,000 was paid in cash. Dividends declared and paid during February were $12,000. Req
Shorewood Shoes Company makes and sells a variety of leather shoes for children. For its current mix of different models and sizes, the average selling price and costs per pair of shoes are as follows: Item Price $20 Costs: Direct materials $6 Direct labor 4 Variable manufacturing support 2 Variable selling suppo
1. On October 6,2011 Greenbelt Construction traded in an old tractor for a new truck, receiving a $56,000 trade in allowance and paying the remanning $164,000 in cash. The old tractor cost $190,000 and straight line amortization of $105,000 had been recorded as of October 6, 2011. Assume the fair value of the old tractor was equ
Consider the following data regarding factory overhead: Variable Fixed Budget for actual hours of input $45,000 $70,000 Applied 41,000 64,800 Budget for standard hours allowed for actual output achieved ? ? Actual incurred 48,500 68,500 Using the above data, fill in the following blanks with the variance amounts. Use F fo
Please explain 2 ways in which accounting data are used to make business decisions. Explain at least three related accounting terms or theories.
See attached Excel file. Chapter 10 PROBLEM ONE The Keaton, Lewis, and Meador partnership had the following balance sheet just before entering liquidation: CASH 10000 LIABILITIES 130000 NON CASH ASSETS 300000 KEATON CAPITAL 60000 LEWIS CAPITAL 40000 MEADOR CAPITAL 80000
Accounting Questions: Intercompany Transactions, Realized Income, Consolidation Elimination Entries, Depreciation, and more...
** Please see attached EXCEL file for complete details. **
It has been argued by a journalist that utility companies should not be allowed to pay cash dividends.
It has been argued by a journalist that utility companies should not be allowed to pay cash dividends. His reasoning is that it would reduce their need to raise external capital, thereby reducing their transaction costs and ultimately lowering their cost of capital. These savings would ultimately be passed on to customers in t
Lakeside Hospital is a division of Superior Healthcare organized as an investment center. In the past year, the hospital reported an after-tax income of $2,500,000.Total interest expense was $1,900,000,and the hospitals tax rate was 35 percent.Hospital assets totaled $33,000,000, and noninterest-bearing current liabilities were
Consider the following information pertaining to a year's operations of Youngstown Manufacturing: Units sold 1,400 Units produced 1,600 Direct labor $4,200 Direct materials used 3,500 Fixed manufacturing overhead 2,200 Variable manufacturing overhead 300 Selling and administrative expenses (all fixed) 700 Beginning inven
Explain what is meant by a Monte Carlo simulation? Explain what is meant by operational gaming and give one example.
See attached file for clarity. 4- 2 How does a job-costing system differ from a process-costing system? 4- 16 Job costing, process costing. In each of the following situations, determine whether job costing or process costing would be more appropriate. a. A CPA firm l. A landscaping company b. An oil refinery
Like-Kind Property. Which of the following exchanges qualify as like-kind exchanges under Sec. 1031? a. Acme Corporation stock held for investment purposes for Mesa Corporation stock also held for investment purposes b. A motel used in a trade or business for an apartment complex held for investment c. A pecan orchard in Te
In general terms, describe what time-series forecasting models are. Explain, briefly, why the larger number of periods included in a moving average forecast, the less well the forecast identifies rapid changes in the variable of interest.
Mike and Sally Card file a joint return for the 2010 tax year. Their adjusted gross income is $65,000 and they incur the following interest expenses: Qualified educations loans: $3,500 Personal Loan: $1,000 Home Mortgage Loan: $4,000 Loan used to purchase a variety of stocks, bonds, and securities: $15,000 Investme