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Financial Accounting & Bookkeeping

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

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

A company wants to raise $20 million: How many shares, cost of issue, go public

A company wants to raise $20 million. Its stock price is now $20 per share. The new issue will be priced at $18 per share. The underwriters' compensation will be 5 percent of the issue price. The firm will also incur expenses of $200,000. 1. How many shares of stock must be sold for the company to net $20 million after co

Management Accounting 20 multiple choice questions

1. Management accounting information can be used for all of the following except: calculate the cost of a product or service. evaluate the performance of a company. project materials needs. evaluate the market price of the stock. 2. Management accounting reports might include informa

Accounting questions: cost of goods sold, gross profit rate, and more...

1. At the beginning of the year, Midtown Athletic had an inventory of $400,000. During the year, the company purchased goods costing $1,600,000. If Midtown Athletic reported ending inventory of $600,000 and sales of $2,000,000, their cost of goods sold and gross profit rate must be a. $1,000,000 and 50% b. $1,400,000 and 30%

Managerial accounting and financial accounting

I have attached the document. Exercise E1-1 in Managerial Accounting: Tools for Business Decision Making. E1-1 Chris Martin has prepared the following list of statements about managerial accounting and financial accounting. 1. Financial accounting focuses on providing information to internal users. 2. Analyzing cost-volume-p

Cost Accounting: Eldorado Inc.

Can you help me get started on this assignment? Eldorado Inc manufactures products A and B. Manufacturing overhead was allocated to the products based on machine hours which were estimated to be 6,000. Overhead, which includes salaries, rent, utilities, and depreciation, was estimated to be $120,000 for the year. This overhea

Cost accounting for Vosges Candy, Lubelchek Company, Barabanova Company

Vosges Candy Company produces handmade candies. The candies sell for $12 per box. During its first year of operations, the company produced 10,000 boxes of candies and sold 9,000 boxes of the candies. The companyâ??s cost information includes the following: Direct materials $ 2.00 per unit Direct labor $ 3.00 per unit Var

Classify each cost as variable or fixed for the measure of activity

See attached file. Below are cost and measures of activity in a variety of organizations. Classify each cost as variable or fixed with respect to the indicated measure of activity by listing out the numbered item and a "V" for variable or an "F" for fixed cost. For example 1F, 2F etc. Below are cost and measures of activit

Cost accounting problem

Cannata Corporation has two operating divisions-a North Division and a South Division. The company's Logistics Department services both divisions. The variable costs of the Logistics Department are budgeted at $32 per shipment. The Logistics Department's fixed costs are budgeted at $372,300 for the year. The fixed costs of the L

Cost Accounting: Comparing Car Divisons

Can you help me get started on this assignment? Colorful Auto Company manufactures automobiles. The Red Car Division sells its red cars for $25,000 each to the general public. The red cars have manufacturing costs of $12,500 each for variable and $5,000 each for fixed costs. The division's total fixed manufacturing costs are

Varriance Analysis Managerial Financial Accounting

Variance Analysis Service Environment Todd Judd separated from his wife Stella ,had filed for Divorced. As Part of the divorce, Todd realized that he would have to engaged in a legal battle with Stella since the couple owned several parcels of property and had considerable investment, including a business Todd acqu

Accounting F-10

*Please look at the attachment!!!! *Please describe how to calculate!! Outdoor Sports, Inc., produces two types of skis, downhill skis and cross country skis. Product and production information about the two items is show below (see the attachment) 1) Outdoor Sports uses the traditional two-stage method of allocating ov

Cost accounting

40) In most cases, prices are set by the A. competitive market B. customers C. selling company D. largest competitor 41) Prices are set by the competitive market when A. there are no other producers capable of manufacturing a similar item B. the product is specially made for a customer C. a

Costs and Operating Leverage

Two brothers (Barry and Larry) dreamt about owning and operating companies in the same line of business. Barry believed that maintaining a very large, highly efficient manual labor force; Larry, on the other hand, favored an automated production process. One business was located in Madison and the other was located in Austin

Types of Business Structures and Features

Discuss in 350 to 700 words the following topics: Include at least three (3) references from different sources 1. Identify and describe the sources of generally accepted accounting principles. Identify source hierarchy and explain why the hierarchy is important. 2. Describe the qualities of accounting information. 3. Com