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    Financial Accounting & Bookkeeping

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    Cost Accounting

    Problem 7 The Greater Insurance Company has two service departments -- actuarial (S1) and premium rating (S2), and two production departments -- marketing and sales. The distribution of each service department's efforts to the other departments is shown below: FROM TO Actuarial Premium Marketi

    Financial Accounting

    Problem 2-7 The following income statement items, arranged in alphabetical order, are taken from the records of Shaw Corporation for the year ended December 31, 2008. Advertising expense $1,500 Commission expense $2,415 Cost of goods sold $29,200 Depreciation expense - office building $2,900 Income tax expense $1,540 Insu

    Accounting: Fixed and Variable Costs

    As I understand it, costs such as the salary of the vice president of transportation operations are variable because the more traffic you handle, the lowers your unit costs are. In contrast, costs such as fuel are fixed because each ton-mile should entail consumption of the same amount of fuel and hence bear the same unit cost.

    financial and management accounting reports for managers

    You are heading for an interview at a fortune 500 company. You know there will be interviews for 2 different positions; one in the financial accounting department, and one in their managerial accounting department. You expected to interview by managers from each department, and in fact they have each sent you a set of questions

    Review Intuit's Quickbooks bookkeeping software.

    Review Intuit's Quickbooks bookkeeping software. Please download a sample copy of the software from the following site: http://quickbooks.intuit.com/product/accounting-software/free-accounting-software.jsp. After experimenting with the software write a report discussing the positive and negative aspects of the software. Is th

    Financial accounting problems dealing with account receivable, preparing journal entries related to bad debts expense, computing bad debts amounts, accounts receivable turnover ratio, and weakness of direct-write off method.

    Also please see the attached files P9-1A and P9-2A. P9-1A Preparing journal entries related to bad debts expense. At December 31 2007, Leis Co. reported the following information on its balance sheet. Accounts receivable $960,000 Less: Allowance for doubtful accounts 80,000 During 2008, the company had the follo

    FIN 324: Financial Accounting Practice Exam

    1. Chuck McElravy owns Common Grounds Coffee House, near the campus of Manatee College. The business has cash of $2,000, furniture that cost $8,000 and account receivable from customers for $1,000. Debts include accounts payable of $1,000 and a $6,000 note payable. How much equity does McElravy have in the business? Using Mc

    Financial Accounting: capitalization of interest on PPE

    Capitalization of Interest Wordcrafters Inc. is a book distributor that had been operating in its original facility since 1982. The increase in certification programs and continuing education requirements in several professions has contributed to an annual growth rate of 15% for Wordcrafters since 2002. Wordcraftersâ?? or

    Understanding Journal entries from two perspectives

    A bank/company just opened with no assets, cash or bills. A company needs cash to operate and accept deposits from the public. When they receive the money, the company will enter the following entry: Cash 1,000 John Doe deposit 100 Mary Smith- deposit

    Cost accounting

    ACE Corporations incurs a $9 per unit cost for Product A, which it currently manufactures and sells for $13.50 per unit. Instead of manufacturing and selling this product, ACE can purchase Product B for $5 per unit and sell it for $12 per unit. If it does so, unit sales would remain unchanged and $5 of the $9 per unit costs as

    Financial Accounting: Journal Entries, Practice Exam

    ** Please see the attached file for the complete problem description formatted in Excel ** At December 31, 2007, Ruiz Corporation reported the following plant assets. Land $3,000,000 Buildings $26,500,000 Less: Accumulated depreciation?buildings 12,100,000 $14,400,000 Equipment 4

    Financial Accounting: Gain or Loss Computation

    Last year (2011) Solomon Condos installed a mechanized elevator for its tenants. The owner of the company, Sam Solomon, recently returned from an industry equipment exhibition where he watched a computerized elevator demonstrated. He was impressed with the elevator's speed, comfort of ride, and cost efficiency. Upon returning fr

    Financial Accounting: journal entries; practice exam

    1. Robert Haddon contributed $70,000 in cash and some land worth $130,000 to open a new business, RH Consulting. Which of the following general journal entries will RH Consulting make to record this transaction? A) Assets $ 200,000 Robert Haddon, Capital $ 200,000 B) Cash and Land $

    Bad Debt Accounting and journal entries

    See excel where formatting is readable: Presented below is an aging schedule for Joplin Company. Customer Total Not Yet Due Number of Days Past Due 1-30 31-60 61-90 Over 90 Adisy $20,000 $9,000 $11,000 Bloom 30,000 $30,000 Cai 50,000 5,000 5,000 $40,000 Dahl 38,000

    Financial Accounting: Stockholders Equity transactions: Practice Exam Question

    1. Horner Corporation is authorized to issue 1,000,000 shares of $5 par value common stock. During 2010, its first year of operation, the company has the following stock transactions. Jan. 1 Paid the state $2,000 for incorporation fees. Jan. 15 Issued 500,000 shares of stock at $6 per share. Jan. 30 Attorneys for the com

    Federal manufacturers: land charge

    Federal Manufacturers, Inc. purchased land with the intention of building its new administrative headquarters on the site. Which of the following costs should be charged to Land? I. Title and recording fees. II. Clearing of trees and grading. III. Interest on loan to purchased land. IV. Architect's fees. V. Installation

    Proper accounting for restoration cost

    LoJo Developers Inc. purchased a coal mine for $10,000,000. As a condition of the purchased, LoJo agreed to restore the land after mining operations ceased. Restoration costs are estimated at $2,500,000. The proper accounting for these restoration cost is: o Expense them as incurred. o Capitalize and depreciate them over the

    Composite life of assets

    A schedule of machinery owned by Rain Bird Manufacturing Company is as follows: Estimated Estimated Total Cost Salvage Value Life in Years Machine A $450,000 $30,000

    Principles of Financial Accounting: Cash problems, journal entries

    E2-1. Prepare the Statement of Cash Flows (Indirect Method) Net income $ 22,000 Investment by Ryan Bond $ 2,200 Depreciation expense 15,000 Decrease in accounts receivable 2,800 Decrease in prepaid expenses 1,250 Increase in accrued expenses 2,300 Decrease in accounts payable (10,450) Withdrawal by Tr