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Financial Accounting & Bookkeeping

Accounting: Balance Sheet

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: ABC Systems

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

Accounting: Common Size Analysis

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

Common Size Financial Statements and Percentage Change

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.

Basic Concepts in Accounting Problems

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

Accounting for Bonds Payable

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

Accounting: Ratio analysis for XYZ ltd.

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

Intermediate accounting/Journal Entries

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

Clayton Co Lease Amortization Schedule & JEs

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

QuickBooks Bookkeeping 2012

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

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

Accounting - Stock splits

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?

IMA Statement of Ethical Professional Practice

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

Accounting for costs of obtaining a contract

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

Phifer Landscaping Corp. Construct building capitalize interest

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

Robertson Inc: Property Plant & Equipment activity loss on disposal

1. The property, plant, and equipment accounts of 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   Transactions that occurred during 201 include the following: i. A tract of land was acquired for$150,0

Eastern Contingent Liabilities: Record or not? JEs and footnote.

Contingent Liabilities: Eastern Chemical Co. The following contingent matters involve your client: 1. Eastern's attorneys indicated that they believe it is probable that Eastern will lose an ongoing dispute with the IRS, likely between $900,000 and $1,400,000. After the 2014 financial statements were issued, the case w

Blanton Dept Store Liabilities: Sales tax reserves current

Blanton Dept Store Liabilities: Sales taxes, reserves, current vs long term The trial balance indicates: Cash $50,000 Accounts receivable 142,500 Accounts payable 98,500 Prepaid advertising $40,000 Short-term notes payable 250,000 Mortgage note payable 1,000,000 Retained earnings $500,000 Blanton Department Store

Tax Question - Exclusions

Of the items specifically excluded from gross income which one do you feel should not be excluded. Defend your response. 1. Donative items Gifts, bequests, and inheritances (102) Life insurance proceeds paid by reason of death (101) Accelerated death benefits (101(g)) Survivor benefits for public safety officer killed in

Analysis of Inventory Eldermon Sales Company

Income statements for Eldermon Sales Company follow. Analyze the inventory position at the end of each year as well as the profitability of inventory sales in each year. What conclusions would you make concerning the inventory trend?

Pension Plan Accounting

One of your friends just heard a lecture on accounting for defined-benefit pension plans. "I can't believe how complicated that is," she says. "And half of the information used is just a guess. I think we should go back to the cash basis of reporting for these plans. At least it was reliable." Using your knowledge of how the

Pension Accounting - Gap Inc

For Gap, Inc., examine and analyze the company's financial statements and pension and other postretirement benefit plans footnote. Based on your analysis, create a report, that includes answer to the following questions: 1 - What is the difference between pension and postretirement benefits? 2 - What type of pension and othe

Intermediate Financial Accounting III - Book-Tax Differences

You have just been promoted to assistant controller of Doncast company. One of your responsibilities is to calculate income tax expense and any deferred tax assets or liabilities. The company took a lot of debt five years ago to finance a major expansion, and the recent rise in interest rates, along with a decline in sales, h

Statement of Cash Flow using Indirect method and Direct method.

Executive Inc. had the following operating balances for 2015: December 31, 2015 January 1, 2015 Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $54,400 $62,800 Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,300 29,900 Accounts Re

Benefits of Advanced Accounting.

After reflecting on what you have learned and how you have benefited by taking AC450 Advanced Accounting, write a minimum one page response to the questions below. Make sure to address the critical elements so you will be successful in completing this assignment. Please answer the following questions in your paper: 1. Reflect

Sub-Prime Crisis and Fair-Value Accounting

Consider the article "Subprime Crisis and Fair-Value Accounting" (Healy, Palepu, & Serafeim, 2009) from the perspective of an accounting regulator (e.g., the FASB). Next, using outside sources that you may seek and your professional experience, develop and write a 3- to 4-page paper concisely answering the following questions:

Accounting for non-strategic investment

***Please refer to the attached file for better formatting.**** Real-Time Corporation is a diversified company that uses an investment portfolio to manage its liquidity and to enhance earnings. Their fiscal year ends on December 31. On October 1, 2011, its investment portfolio consisted of the following securities: Date

Legal Practices: Accounting Abuses

Some practices that are taken for granted as standard practices in some cultures may be viewed negatively in others. Find an example of a business practice that is considered both legal and ethical in a particular country but considered illegal and unethical in the U.S (e.g. bribery, child labor). Describe the business pr

TLC Inc Patents R&D Expenses & Amortization Expenses for 2012 and 2013

TLC, Inc. began operations in January 2012. Listed below are some transactions for 2012 and 2013. - During 2012, $125,000 in R&D (expense) expenditures were made to develop a new product that was patented on July 1, 2012. TLC, Inc. believes the patent will provide benefits for 10 years. Legal fees incurred were $24,000 (ca