E12-13 AS A LONG-TERM INVESTMENT AT THE BEGINNING OF THE FISCAL YEAR, FLORISTS INTERNATIONAL PURCHASED 30 % OF NURSERY SUPPLIES INC.'S 8 MILLION SHARES FOR $56 MILLION. THE FAIR VALUE AND BOOK VALUE WERE THE SAME AT THAT TIME. DURING THE YEAR, NURSERY SUPPLIES EARNED NET INCOME OF $40 MILLION AND DISTRIBUTED CASH DIVIDENDS OF
10-12 Cisco System reported the following information in its 2009 financial statements ($ in millions): 2009 2008 Balance sheets $4,043 $4,151 Property, plant, and equipment (net) Income statement $36,117 Net sales for 2009 Required 1. Calculate Cisco's 2009 fixed-asset turnover ratio 2. How woul
Problem 4-1 Parent Company Entries, Three Methods On Jan 1,2004, Perelli Company purchased 90,000 of the 100,000 outstanding shares of common stock of Singer Company as a long term investment. The purchase price of $4,972,000 was paid in cash. At the purchase date, the balance sheet of Singer Company included the following:
P2-1 Consolidation Phillips Solina Current Assets $180,000.00 $85,000.00 Plant & equipment (net) $450,000.00 $140,000.00 Total Assets $630,000.00 $225,000.00 Total Liabilities $95,000 $35,000 Common Stock, $10 par value
On January 1, 2010, Carolinas Corporation had the following stockholders' equity accounts. Common Stock ($20 par value, 60,000 shares issued and outstanding) - $1,200,000 Paid-in Capital in Excess of Par Value - $200,000 Retained Earnings - $600,000 During the year, the following transactions occurred. Feb. 1 - Declar
Record the adjusting entries at December 31, using T-accounts. DeCort Company had these adjusting entry situations at the end of December: 1. May 1-paid $960 for a two -year insurance policy. The policy was for the period May 1-April 30(for 2yrs). This is the first year of the policy-Transaction was recorded as insurance e
Can you help me with this assignment? During 2010, Lakeview Co. completed the following two transactions. The annual accounting period ends Dec. 31. a. On Dec 31, 2010, calculated the payroll, which indicates gross earnings for wages ($82,000), payroll deductions for income tax ($8,000), payroll deductions for FICA( $6,000
(Dividend Entries) The following data were taken from the balance sheet accounts of Masefield Corporation on December 31, 2007. Current Assets $540,000 Investments $624,000 Common Stock (par value $10) $500,000 Paid in Capital in excess of par $150,000 Retained Earnings $840,000 Instructions Prepare the required jou
Do you think that online data gathered via survey is of a better or worse quality than data gathered from more traditional methods?
Westy Company manufactures cribs. Each crib passes through the assembly department and the testing department. This problem focuses on the assembly department. The process-costing system at Westy Company has a single direct-cost category (direct materials) and a single indirect-cost category (conversion costs). Direct materi
Pinehollow and Stonebriar Scenario Pinehollow acquired all of the outstanding stock of Stonebriar by issuing 100,000 shares of its $1 par value stock. The shares have a fair value of $15 per share. Pinehollow also paid $25,000 in direct acquisition costs. Prior to the transaction, the companies have the following balance shee
Describe what an annotated bibliography looks like and provide different examples.
Clemson company prepares its budgets on the basis of standard costs.A resposibility report is prepared monthly showing the differences between master budget and actual results. Variances are analysed and reported separately. There are no materials inventories. The following information relates to the current peri
Berman Company sold equipment on June 30, 2005 for $40,000. The equipment had cost $105,000 and had $60,000 of accumulated depreciation as of January 1, 2005. Depreciation for the first 6 months of 2005 was $6,000. Prepare the journal entry to record the sale of the equipment. Account Title Debit Credit
1. Candlestick Corporation purchased raw material used for manufacturing candles from a supplier on June 1. The total amount of the purchase was $10,500 of which $3,000 was paid on the day of purchase. The remaining amount owed is due to the suppler within 15 days. Prepare the journal entry for Candlestick Corporation to record
1. Chester Lome drills well for residential and commercial lots. In April 2008. Chester decided to scrap his well drilling truck, purchased in 1984 for $25,000 and fully depreciated Prepare the journal entry recording the scrapping of the truck. 2. Alik Amal is a bar in Panama City, Florida, in April 2008, rowdy spring bre
Wertz Corporation decided at the beginning of 2010 to change from the completed-contract method to the percentage-of-completion method for financial reporting purposes. The company will continue to use completed-contract method for tax purposes. For years prior to 2010, pre-tax income under the two methods was as follows: percen
Before preparing financial statements for the current year, the chief accountant for Springer Company discovered the following errors in the company accounts: 1. The declaration and payment of a $50,000 cash dividend was recorded as a debut to Interest Expense $50,000, and a credit to Cash $50,000. 2. A 10% stock dividend
At December 31, 2008, the trial balance of Worcester Company contained the following amounts before adjustment. Debits Credits Accounts receivable $385,000 Allowance for doubtful accounts $
Beka Company owns equipment that cost $50,000 when purchased on January 1, 2005. It has been depreciated using the straight-line method based on estimated salvage value of $5,000 and an estimated useful life of 5 years. Instructions Prepare Beka Company's journal entries to record the sale of the equipment in these four ind
Bliny Corporation makes a product with the following standard costs for direct material and direct labor: Direct material: 1.20 meters at $5.30 per meter $6.36 Direct labor: .40 hours at $14.00 per hour $5.60 ________________________________________ During the most recent month, 8,300 units were produced. The c
ACCT 731 P22 Equipment that cost $80,000 and has accumulated depreciation of $63,000 is exchanged for similar equipment with a fair value of $35,000 and $15,000 cash is received. The exchange lacked commercial substance. Directions: Respond to these questions on a separate Excel spreads
Problem Two (Chapter 11): On January 1, 2011, Morrow Inc. purchased a spooler at a cost of $40,000. The equipment is expected to last eight years and have a residual value of $4,000. During its eight-year life, the equipment is expected to produce 250,000 units of product. In 2011 and 2012, 42,000 and 76,000 units respectively
Kelsey Gunn is the only employee of Arsenault Company. His pay rate is $23.00 per hour with an overtime rate of 1 and 1/2 times for hours over 40 in a work week. For the week ending March 31,2010, he worked 48 hour. Calculate the gross pay for the week using the overtime premium approach to calculate gross pay. Since rthe compa
On December 31, 2010 Karmansky Co. needed to record its accrued wages for year-end. December 31 is a Tuesday, and Karmansky Co. must account for two days of wages. The company operates on a five-day workweek, the prior week's gross pay(December 26 payday) was $32,650, and the net pay was $21,330. Journalize the adjusting entry
Explain the purposes of special journals. What are the types of special journals that are typically used in merchandising companies? Explain the uses of special journals.
Accounting: Journal Entries (Barnes, King, and Morton) This question requires the journal entries and T-account computations for a given set of job-related costs that were incurred in a month. The focus is on cost accounting and the flow of costs. Both the question and answer are best viewed in the attached Microsoft Word document.
Please help me with this problem. Thank you. Please see ** ATTACHED ** file(s) for complete details!!
E17-12 (Journal Entries for Fair Value and Equity Methods) Situation 1 Conchita Cosmetics acquired 10% of the 200,000 shares of common stock of Martinez Fashion at a total cost of $13 per share on March 18, 2007. On June 30, Martinez declared and paid a $75,000 cash dividend. On December 31, Martinez reported net income of
Jacobs Company manufactures refrigerators. The company uses a budgeted indirect-cost rate for its manufacturing operations and during 2005 allocated $1,000,000 to work-in-process inventory. Actual overhead incurred was $1,100,000. Ending balances in the following accounts are: Work in Process $100,000 Finished Goo
Ex 14-19 Ingalls Company. sells $300,000 of 10% bonds on February 1, 2003. The bonds pay interest on August 1 and February 1. The due date of the bonds is August 1, 2006. The bonds yield 12%. The company has a year end of December 31. Show the journal entries required on the following dates: a. February 1, 2003 b. August 1