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Financial Accounting & Bookkeeping

Error corrections for Sherwood Real Estate Company

1. (E6-2) Errors in Financial Statements The following financial statements are available for SHERWOOD REAL ESTATE COMPANY: Balance Sheet Assets Liabilities Cash . . . . . . . . . . . . . . $ 1,300 Accounts payable . . . . . . . . $ 100,000 Receivable from sale . . Mortgage payable . . . . . .

Taxation: involuntary conversion for a condemnation

Tax question: Review and comment on response. 1. Stallings' personal residence, located in a plush suburban area, is condemned to facilitate the construction of a new freeway artery. Stallings receives a condemnation award of $1,000,000. She uses the award to purchase anew residence for $1,150,000. The adjusted basis of

Total inventory accounting

1. What should be the toal amount of inventory reported in the consolidated balancce sheet as of Dec. 31, 20X? a) 360,000 b) 374,000 c) 375,200 d) 380,000 2. What amound of cost of goods sole should be reported in the 20X6 consolidate income statement? a) 288,000 b) 294,000 c) 296

Financial Accounting - Consolidated Workpaper

A) Prepare a consolidation workpaper for 20X4 in good form. b) Prepare a consolidated balance sheet, income statement, and retained earnings statement for 20X4. See attached file for full problem description.

Financial Accounting - Multiple Inventory Transfers

Multiple inventory transfers between parent and subsidiary file. See attached file for full problem description. Multiple Inventory Transfers between Parent and Subsidiary Proud Companyt and Slinky Company both produce and purchase equipment for resale each period and frequently sell to each other. Since Proud Company hold

Financial Accounting: Salvage Value

At the end of the year 2003, a parent sold equipment to a wholly owned subsidiary for $32,000. The equipment cost the parent $100,000 and, at the date of the intercompany sale, had accumulated depreciation of $60,000 and a four-year remaining life. Both the subsidiary and the parent use straight line depreciation and assume no s

Payne Company Financial Accounting

On January 2, 2003, Payne Company, a 60 percent owned subsidiary, sold equipment to its parent company, Jones Corporation, for $276,000. The equipment originally was purchased at the beginning of 1999 for $760,000 and was being depreciated on a straight-line basis over a 10-year period. The equipment was not expected to have any

Compute consolidated net income for 2003

5. On January 1, 2002, Park Corporation purchased 70 percent of the common stock of North Corporation for $1,100,000. At that date, North had $1,150,000 of common stock outstanding and retained earnings of $370,000. Equipment with a remaining life of 5 years had a book value of $560,000 and a fair value of $600,000. North's rem

B.N. Counter Corporation

A) Record the business combination on the books of B.N. Counter Corporation b) Present in general journal form all elimination entries needed in a work paper to prepare a Consolidated balance sheet immediately following the business combination on Jan. 2, 20X8. c) Prepare and complete a consolidated balance sheet work paper a

Financial Accounting: Corporate Purchases

Small Corporation's owners recently offered to sell 60 percent of their ownership to Large Corporation for $450,000. Large's business manager was told that Small's book value was $300,00, and she estimates the fair value of its net assets at approximately $600,000. Small has relatively old equipment and manufacturing facilitie

Accounting Calculation Questions

Can you help me get started with this assignment? 1. Juro Supply forecasts purchases of 12,200 units in June. It sells each unit for $10.50. The firm has 1,000 units on hand on June 1. The desired ending inventory on June 30th is to be 20% higher than beginning inventory. Total dollar sales for June are expected to be: a. $

Important information about Materials price variance

The following material standards have been established for a partiuclar raw material used in the company's sole product: standard quantity per unit of output .1 pound standard price $18.20 per pound Following data pertain to operations for the last month: actual materials purchased

Cost Accounting

Company X wants to have 40,000 at end of 5 years. How much needs to be invested at 10%? A 10,551 B 8000 C 24840 D 12882

Cost Accounting

Company Y purchase machine with 7 year life. Will generate cash flows of 9000 each year over 7 years. No salvage value at end of 7 years. Discount rate 10%, what is the purchase price of the machine is the npv is 17,000 A 43812 B 26812 C 17000 D 22195

Calculating Net Present Value

Paving Company is getting a paver. Machine will cost $240,000 and will last 10 years and will have a $40,000 salvage value at end of 10 years. Machine will generate net cash inflows of $60,000 per year in each of ten years. Discount rate is 18%. What is the net present value? A 5840 B 37280 C (48780) D 69640

Advanced Financial Accounting for Park Corp.

On 1/1/03, Park Corp. acquired all of the outstanding common stock of Rose, Inc. by exchanging 600,000 shares of $5 par common stock in a purchase type stock acquisition. Subsequently, Rose was liquidated and its assets and liabilities merged into Park. Park's common stock had a market price of $50 per share at 1/1/03. The amoun

Cost Accounting - allocating the costs of inspecting the finished products

38. Guerra Electronics manufactures a variety of electronic gadgets for use in the home. Which of the following would probably be the most accurate measure of activity to use for allocating the costs of inspecting the finished products at Guerra? Why???? A) machine-hours. B) direct labor-hours. C) inspection time. D) n

Cost Accounting

40. Which of the following would probably be the most accurate measure of activity to use for allocating the costs associated with a factory's purchasing department? Why??? A) Machine-hours. B) Direct labor-hours. C) Number of orders processed. D) Cost of materials purchased.

Financial Multiple Choice Questions

1).The par value of the common stock of a large listed corporation A)Tends to establish a ceiling for the market price of the stock(B) Tend to establish a floor for the market price of the stock (C) Represents the legal capital and is not related to the market price of the stock.(D) Is increased by net income and decrease by di

CVP Problems and Cost Accounting

1. Eastman Kodak Company produces and sells cameras, film, and other imaging products. A condensed 2000 income statement follows (in millions): Sales $13,994 Cost of goods sold 8,019 Gross Margin 5,975 Other operating expenses 3,761 Operating income $2,214 Assume that $1,800 million of the cost of goods sold is a fixe

Disucs: Financial Accounting for Calliope

Write an e-mail memo to Jan describing which criteria Calliope online courses needs to meet to be reported as a distinct segment of the company. Calliope has not reported business segments before, but the demand for its new online courses is high. Therefore, Jan would like to know what type of information is reported in connecti

Business Taxation

1. Waters Salad Dressing had beginning work-in-process in July of $248,320 consisting of $101,640 of materials and $146,680 of conversion costs. There were 16,000 units (one unit equals one case of salad dressing) in beginning work-in-process, 40% complete as to conversion costs. Materials are added at the beginning of the proc

Cost Accounting: Methods in Certain Situations

Companies can choose among a few allocation methods. Do some methods make more sense in certain situations than others? Explain by describing at least two allocation methods and when they make more sense or less.

Financial Accounting

Journal entry, correcting entry, and computation Journal entries Prepare the necessary general journal entries for the month of October for Stringer Company for each situation given below. Stringer uses a perpetual inventory system. Oct. 5 Paid operating expenses as follows: $4,000 Salaries Expense, $2,000 Rent Expense,

Financial Accounting

Multiple choice questions used for study aid. 1. A private organization which establishes broad accounting principles as well as specific accounting rules is the a. Securities and Exchange Commission. b. Internal Revenue Service. c. Financial Accounting Standards Board. d. Corporate Board of Directors. 2. T

Les Fleurs Accounting Computations

Les Fleurs, a boutique in Paris, France Les Fleurs, a boutique in Paris, France, had the following accounts in its accounting records at December 31, 20X2 (amounts in Euros, denoted as "E") Purchases..................... E250,000 Freight In.................. E8,000 Sales discounts............. 4,000 Purchase returns.....