Explore BrainMass

The Accounting Cycle

Analyze an article on Private Business Competition from a professional journal

Choose an article on Private Business Competition from a professional, economic, or management journal published in the last ten years such as The Freeman: Ideas On Liberty, The Economist, Forbes, The Cato Journal, Harvard Business Review, or Sloan Management Review. Provide an article review that: a. Sets forth the tit

Debenture Journal Entries and Financial Analysis

Liabilities Part 2 Tutorial Practice Revision Question 1: On 1 July 2008 Coledale Ltd issued $10 million in five year debentures that pay interest each six months at a coupon rate of 8%, with the first interest payment due on 31 December 2008. The debentures will mature on 30 June 2013, which is also the date of the fina

Sharp Co. for year-end 2007: accounting cycle problem

The following information relates to Sharp Co. for year-end 2007. 1. The allowance for bad debts should be 6% of accounts receivables. 2. A physical count of supplies at year-end showed $3,200 on hand. 3. The note receivable came from a customer on October 1. It was a six month note at 6% interest. 4. On September 1 the comp

Complete Bank Reconciliation with Journal Entries

The following information pertains to Family Video Company. 1. Cash balance per bank, July 31, $7,742.36. 2. July bank service charge not recorded by the depositor $29.85. 3. Cash balance per books, July 31, $7,764.74. 4. Deposits in transit, July 31, $1,599.00. 5. Bank collected $959.40 note for F

Pension worksheet, journal entries for defined benefit pension plan

See attached file for proper format. (Comprehensive 2-Year Worksheet) Glesen Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the years 2008 and 2009. 2008 2009 Projected benefit obligation, January 1 $650,000 Plan assets (fair value and market

E10-13 Journal Entries for the Herzogg Company

E10-13 Herzogg Company, organized in 2008, has the following transactions related to intangible assets: 1/2/2008 Purchased patent (7-year life) - $560,000 4/1/2008 Goodwill purchased- $360,000 7/1/2008 10-Year franchise; expiration date: 7/1/2018 - $440,000 9/1/2008 Research and Development costs - $185,000 Prepare the

E12-4 Grossman Corporation Exercise

Grossman Corporation issued 1,000 shares of stock. Instructions: Prepare the journal entry for the issuance under the following assumptions: 1. The stock had a par value of $5 per share and was issued for a total of $52,000. 2. The stock had a stated value of $5 per share and was issued for a total of $5

Depreciation Expense for New Equipment Purchase

At the beginning of 2006, Lehman Company acquired equipment costing $90,000. It was estimated that this equipment would have a useful life of 6 years and a residual value of $9,000 at that time. The straight-line method of depreciation was considered the most appropriate to use with this type of equipment. Depreciation is to be

Burns Company: Journal Entries

Can you help me get started with this assignment? During Burns Company's first year of operations, credit sales totalled $140,000 and collections on credit sales totalled $105,000. Burns estimates that bad debt losses will be 105% of credit sales. By year-end, Burns had written off $300 of specific accounts as uncollectible.

Depreciation & Payroll Journal

Can you help me with this assignment? Wisconsin Tool Biz purchased tool sharpening equipment on July 1, 2008 for 48,600. The equipment was expected to have a useful life of three years, and a residual value of $3,000. Determine the amount of depreciation expense for the years ended December 31, 2008, 2009, 2010, and 2011,

On January 1, 2010, Magilla Inc. - Journal Entries

On January 1, 2010, Magilla Inc. granted stock options to officers and key employees for the purchase of 20,000 shares of the company's $10 par common stock at $25 per share. The options were exercisable within a 5-year period beginning January 1, 2012, by grantees still in the the employ of the company, and expiring December 31

Whitefish machine Shop: Spoilage in job costing, journal entries

See attached file. P18-35 Whitefish Machine Shop is a manufacturer of motorized carts for vacation resorts. Peter Cruz, the plant manager of Whitefish, obtains the following information for Job #10 in August 2007. A total of 40 units were started, and 5 spoiled units were detected and rejected at final inspection, yieldi

Journal Entries for Preferred and Common Stock Issue

A corporation was organized on January 30 of the current year, with an authorization of 20,000 shares of $4 preferred stock, $12 par, and 100,000 shares of $3 par common stock. The following selected transactions were completed during the first year of operations: Jan. 30 Issued 15,000 shares of common stock at $21 per sha

Accounting Tables for Revenue Recognition Cycle

The partially completed tables are in the Excel doc attached. Complete the cell entries in the first table which list the various activities performed in the Revenue Cycle and the journal entries, documents, data, and control issues associated with them. The second table lists the various activities performed in the Expendit

When McDonald's Corp. reduced the price of its Big Mac by 75 percent if customers also purchased french fries and a soft drink, The Wall Street Journal reported that the company was hoping the novel promotion would revive its U.S. sales growth. It didn't; within two weeks sales had fallen. Using your knowledge of game theory, what do you think disrupted McDonald's plans?

When McDonald's Corp. reduced the price of its Big Mac by 75 percent if customers also purchased french fries and a soft drink, The Wall Street Journal reported that the company was hoping the novel promotion would revive its U.S. sales growth. It didn't; within two weeks sales had fallen. Using your knowledge of game theory, wh

the accounting cycle

What are steps of the accounting cycle? Why is it necessary to make adjusting entries at the end of each accounting period? What would happen if all steps were not completed in a specific period?

Prepare Journal Entries for Gardener Corporation

The following is a list of transactions entered into during the first month of operations of Gardener Corporation, a new landscape service. Prepare in journal form the entry to record each transaction. April 1 Articles of incorporation are filed with the state, and 100,000 shares of common stock are issued for $100,000 in ca

Prepare general journal entries for Smith Co.

Smith Co. has the following securities in its portfolio of trading equity securities on 12/31/10: Cost Fair Value 5000 shares of johnson corp, common 155,000 139,000 10000 shares of simpson common

Sixnut Inc: Prepare journal entries for stock transactions

Sixnut, Incorporated has been authorized to issue 1,000,000 shares of $1 par common stock, and 100,000 shares of 8%, $100 par, cumulative, preferred stock. During the first six months of operation, the following transactions occurred related to the stock. Jul 1st Sold 200,000 shares of common stock for $15 per share, and 10

Preparing an Income Tax Journal Entry: Minnie Company

Minnie Company reports taxable income of $4,500 for 2010. The company has two temporary differences between pretax financial income and taxable income at the end of 2010. The first difference is expected to result in taxable amounts totaling $2,470 in future years. The second difference is expected to result in deductib

Online journal

Discuss: 1. My collaboration and contribution What was my approach to interacting with the other team members? How did I collaborate and contribute and was my participation effective, important, useful? What did I expect to get out of working within my team? How did I feel and accept the peer-evaluations regarding my

Journal entries for foundation's formal letter of acknowledgement

Suppose that a foundation's formal letter acknowledging its pledge was worded in 3 different ways: 1. "We are pleased to pledge $100,000 in support of your group's efforts to assist victims of violent crimes." 2. "We are pleased to pledge $100,000 in support of your group's efforts to develop a new program to provide legal

Journal Entries for Not for Profit Science Center for Children

Discovery Barn, a not-for-profit science center for children, received a contribution for $30,000 explicitly designated for the acquisition of computers. During the year it acquired $21,000 of computers, which it estimated to have a useful life of three years. It is the policy of the organization to charge an entire year's depre

Prepare a bank reconciliation, journal entries, cash equivalents

The cash account in the general ledger of Hendry Corporation shows a balance of 96900 at December 31 2009 (prior to performing a bank reconciliation). The company's bank statement shows a balance of $100,560 at the same date. An examination of the bank statement reveals the following: 1. Deposits in transit amount to $24,600

Company Purchases and Mergers

Tribbs has completed the purchase of Quicker. During the previous year, Tribbs sells a wrapping machine to Quicker. The details include the following: - Tribbs purchased the equipment on 6/30/02 and sold it on 6/30/05. - Original purchase price is $160,000; depreciation under 7 years in the Modified Accelerated Cost Recovery

Journal Entries: Donovans, Rowenda Hotels, Wilson Company

A) A summary of Donovan's December 31, 2009, accounts receivable aging schedule is presented below along with the estimated percent uncollectible for each age group: Age Group Amount % 0-60 Days $50,000 .5 61-90 Days 12,000 1.0 91-120 Days 3,000 10.0 Over 120 d