Cash versus accrual accounting. Jack Block opens a tax and bookkeeping services business, Block's Tax and Bookkeeping Services, on July 1, 2008. He invests $40,000 for all the common stock of the business, and the firm borrows $20,000 from the local bank, promising to repay the loan on December 31, 2008, along with interest at
A journal is used to chronologically record all transactions of a business. These transactions are then posted to the ledger. Consider the steps involved in recording transactions in the books of account and respond to the following: - Discuss whether entering a transaction in a journal and posting it again in the ledger invo
Information for TAB M2-9, M2-10 and M2-11 is below: a. Borrowed $3,940 from a local bank on a note due in six months. b. Received $4,630 cash from investors and issued stock to them. c. Purchased $1000 in equipment, paying $200 cash and promising the rest on a note due in one year. d. Paid $300 cash for supplies. e. Bough
The Tampa Division of Awercamp Manufacturing produces and markets two product lines: Racquets and Gloves. The following data were gathered on activities last month:
21. The Tampa Division of Awercamp Manufacturing produces and markets two product lines: Racquets and Gloves. The following data were gathered on activities last month: Racquets Gloves Sales in Units 1,000 5,000 Selling Price Per Unit $100 $40 Variable Costs Per Unit $31
1.What does Bank Reconciliation mean? A) It means to reconcile with the banker after getting into a fight for bank errors B)Verifies which transactions have cleared or not to verify that the amounts in the QuickBooks register match the bank C)It automatically downloads the bank transactions so you do not have enter any data
ABC Electronics manufactures Blue-Ray drive, which has a fixed manufacturing overhead budget for year 20X3 of $2,000,000. The sales of Blue-Ray drive are expected to be 500,000 units for the year. All variable manufacturing costs are expected to be $8 per unit. The company has budgeted $5,000,000 for selling and administra
100 words-Read "Sometimes the Most Important Evidence is Not Found in the Accounting Records" at the beginning of Ch. 7 of Auditing and Assurance Services. Discuss the steps that Ralph Smalley could have taken to prevent the bankruptcy of Crenshaw. Do you believe these steps would have been reasonable and logical to take at that
In detail, Describe the three major activities the statement of cash flows reports. Cite examples of cash flows for each activity.
Describe the accounting treatment for discontinued operations. How should an analyst treat discontinued operations?
1. Review the Managerial Application "Toyota: Growth versus Reputation" (see attachment) a. Who benefitted from management's decision to grow at the potential risk of lower quality? b. Who suffered from that decision? 2. Why does just-in-time require total quality management? 3. Why might managers be more concerned ab
QUESTION ONE: Shetland Inc. had pretax financial income of $154,000 in 2014. Included in the computation of that amount is insurance expense of $4,000 which is not deductible for tax purposes. In addition, depreciation for tax purposes exceeds accounting depreciation by $10,000. Prepare Shetland's journal entry to record 2014
The following (given in scrambled order) are accounts and balances from the accounting records of Alleg, Inc., as of December 31, 2012, after the books were closed for the year. Common stock, authorized 21,000 share At $1 par value, issued 12,000 shares $12,000 Additional paid-in capital 38,000 Cash 14,0
1. Under the U.S. GAAP, financial assets and liabilities such as securities and other financial instruments can fall into three categories: available for sale, held for trading, and held to maturity. It is important to consider how these financial assets and liabilities are reported on income statements. For instance, depending
Managerial Accounting Questions 1. Should Activity Based Costing (ABC) be implemented in all organizations? Please explain. 2. Accountants want not to assign costs to the wrong jobs. What problem(s) does assigning cost to the wrong job cause? 3. Why is an organization that has a long-run focus more likely to implement ABC th
You are considering investing in ATP Limited ("ATP") which is listed on Singapore Exchange. Financial information on ATP, which is shortly to pay its annual dividend, is as follows: See attached for tables. Calculate the value of ATP using (i) price/earnings ratio method and (ii) dividend growth model, and discuss the sign
Please take a look at both attachments and let me know if I answered the questions correctly. Also, I'm having trouble making a common-size balance sheet and income statement using this information. Please point me in the right direction and example how I'm supposed to complete both financial statements. Thanks Also, the dire
See the attached file. What was the percentage increase or decrease in income tax expense from 2014 to 2015? Q 1: Calculate the percentage change in three financial statement items. Q 2: Perform horizontal analysis by creating a common-size financial statement.
Need help with the following 6 problems for a final review: 4) What is the NPV for the following project if its cost of capital is 12 percent and its initial after tax cost is $5,000,000 and it is expected to provide after-tax operating cash flows of $1,800,000 in year 1, $1,900,000 in year 2, $1,700,000 in year 3 and ($1,30
Volker Inc. issued $2,832,000 of convertible 10-year bonds on July 1, 2012. The bonds provide for 12% interest payable semiannually on January 1 and July 1. The discount in connection with the issue was $31,200, which is being amortized monthly on a straight-line basis. The bonds are convertible after one year into 8 shares o
XYZ Ltd is a group of doctors, dentists, professional sports players and celebrities with excess funds who wish to find small companies with great innovative ideas and invest in them. Several of the small companies present their idea to XYZ under a televised show broadcasted on national TV. The following information has been
1-Jan Crazy's sold 100% of its common stock for $200K cash. Par value of stock was 80.00/share and a thousand shares were sold 1-Jan Crazy borrowed $50K cash by issuing a 3-year note with a stated interest rate of 8% per year. To be compounded semi-annually. The interest is due on January 1 of each year; and the principal
Kimono Leasing Company (lessor) and Clayton Company (lessee) entered a six-year non-cancellable lease on January 1, 2014. The annual lease payment of $81,365 is due at the start of each year, with the first payment on January 1, 2014. There is also a guaranteed residual value of $50,000 that is due at the end of the lease te
Answer all the questions to Quickbooks bookkeeping 2012. This is not an assigment. QuickBooks Setup 1.1 What information is required before they set up a QuickBooks file? 1.2 How to start a new company data file in QuickBooks (Easy Step Interview)? 1.3 How to keep the lists and preferences from an old file while rem
Financial versus Managerial Accounting 1) What is your opinion on the questions below? It is time to explore the differences between financial and managerial accounting. Financial accounting is rule-oriented since the information is used to communicate with third parties. Managerial accounting, on the other hand is for inter
This is not an assignment completion request. Stock splits and reverse splits are often a reflection of the economic times we live in. Could you find a recent real life example of a stock split or reverse split announced by a company?
Discuss the difference between half-year, mid-quarter, and mid-month conventions. What type of asset falls into each category and why do you think the IRS code has these different categories.
Could you please help me to answer the following question? Review the IMA Statement of Ethical Professional Practice. Does business interaction in the global market conflict with these ethical standards? Consider outsourcing, sustainability, and social responsibility. Is it possible to remain competitive in a global market and
I do not fully understand the FASB and IASB update to US GAAP revenue recognition regarding, Costs of Obtaining a Contract, specifically the section on "Services: Separately Priced Extended Warranty and Product Maintenance Contracts" (Section 605-20-25; FSAB Codification). Refer to slide 24 of attached pdf. Please explain in
The property, plant, and equipment accounts o Robertson Inc. had the following balances at December 31, 2014. Account Name Amount Land $300,000 Land improvements $140,000 Buildings $1,100,000 Equipment $960,000 Required: For each property, plant, a
Phifer Landscaping Corp. capitalization of interest on construction of building Phifer Landscaping Corp. purchased a parcel of land for $139,000. They also paid $2,000 for a survey and $4,000 in title insurance. An old dwelling on the land was demolished costing $3,000, with $1,000 being recovered from salvage materials on t