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Accounting
IFRS prohibits the use of the completed-contract method in accounting for long-term contracts. If revenues and costs are difficult to estimate, how must companies account for long-term contracts?
At December 31, 2012, Fell Corporation had a deferred tax liability of $680,000, resulting from future taxable amounts of $2,000,000 and an enacted tax rate of 34%. In May 2013, a new income tax act
How are deferred tax assets and deferred tax liabilities reported on the statement of financial position under IFRS?
Use the information for Rode Inc. given in IFRS19-7. Assume that it is probable that the entire net operating loss carry forward will not be realized in future years. Prepare the journal entry (ies)
Youngman Corporation has temporary differences at December 31, 2012, that result in the following deferred taxes. Deferred tax asset .... $24,000Deferred tax liability .. $69,000Indicate how these
At December 31, 2012, Cascade Company had a net deferred tax liability of $450,000. An explanation of the items that compose this balance is as follows.In analyzing the temporary differences, you
Describe the immediate recognition approach for unrecognized actuarial gains and losses.
Bill Haley is learning about pension accounting. He is convinced that, regardless of the method used to recognize actuarial gains and losses, total comprehensive income will always be the same. Is
Tanaka Company has land that cost $15,000,000. Its fair value on December 31, 2012, is $20,000,000. Tanaka chooses the revaluation model to report its land. Explain how the land and its related
In 2012, Ghostbusters Corp. spent $420,000 for “goodwill” visits by sales personnel to key customers. The purpose of these visits was to build a solid, friendly relationship for the future and to
In 2011, Austin Powers Corporation developed a new product that will be marketed in 2012. In connection with the development of this product, the following costs were incurred in 2011: research and
Where can authoritative IFRS guidance related to intangible assets are found?
Last year Zeno Company recorded impairment on an intangible asset held for use. Recent appraisals indicate that the asset has increased in value. Should Zeno record this recovery in value?
Kalin Corporation had 2012 net income of $1,000,000. During 2012, Kalin paid a dividend of $2 per share on 100,000 shares of preferred stock. During 2012, Kalin had outstanding 250,000 shares of
Hiram Co. uses the equity method to account for investments in common stock. What accounting should be made for dividends received from these investments subsequent to the date of investment?
Describe the two criteria for determining the valuation of financial assets.
Lady Gaga Co. recently made an investment in the bonds issued by Chili Peppers Inc. Lady Gaga’s business model for this investment is to profit from trading in response to changes in market
Consider the bond investment by Lady Gaga in IFRS17-5. Discuss the accounting for this investment if Lady Gaga’s business model is to hold the investment to collect interest while outstanding and
What types of reports are generated from the accounting system?
What are the main similarities and differences between a manual and an automated accounting system?
Distinguish between the recording and reporting phases of the accounting process.
List and describe the steps in the accounting process. Why are these steps necessary? Are any steps optional?
Under double-entry accounting, what are the debit/credit relationships of accounts?
Distinguish between (a) Real and nominal accounts, (b) General journal and special journals, and (c) General ledger and subsidiary ledgers.
Explain the nature and the purpose of(a) Adjusting entries and (b) Closing entries.
As Beechnut Mining Company’s independent certified public accountant, you find that the company accountant posts adjusting and closing entries directly to the ledger without formal entries in the
Give three common examples of contra accounts. Explain why contra accounts are used.
Payment of insurance in advance may be recorded in either(a) an expense account or(b) an asset account. Which method would you recommend? What periodic entries are required under each method?
Describe the nature and purpose of a work sheet.
What effect, if any, does the use of a work sheet have on the sequence of the reporting phase of the accounting process?
From the following list of accounts, determine which ones should be closed and whether each would normally be closed by a debit or by a credit entry.Cash LandRent Expense Interest
Distinguish between accrual and cash-basis accounting.
Is greater accuracy achieved in financial statements prepared from double-entry accrual data as compared with cash data? Explain.
What are the major advantages of computers as compared with manual processing of accounting data?
One of your clients overheard a computer manufacturer sales representative saying that the computer will make the accountant obsolete. How would you respond to this comment?
Make the journal entry (or entries) necessary to record the following transaction: Sold merchandise costing $8,000 for $14,000. Of the $14,000, $4,000 was received in cash and the remainder was on
Make the journal entry (or entries) necessary to record the following transaction: Purchased equipment with a fair market value of $100,000. Paid $10,000 cash as a down payment and signed two notes
Make the journal entry (or entries) necessary to record the following transaction: Sold land that had an original cost of $50,000. Received $40,000 cash. Also received a piece of equipment with a
Make the journal entry (or entries) necessary to record the following transaction: Declared and paid a $12,000 cash dividend to shareholders.
Make the journal entry (or entries) necessary to record the following transaction: Gave land to an employee. The land originally cost $52,000, and it had that same value on the date it was given to
The beginning balance in the cash account was $10,000. During the month, the following four journal entries (involving cash) wererecorded:
The beginning balance in the accounts payable account was $8,000. During the month, the following four journal entries (involving accounts payable) were recorded:Create an Accounts Payable T-account
Use the following account balance information to construct a trial balance:Cost of Goods Sold ........... $ 9,000Accounts Payable ........... 1,100Paid-In Capital ............ 2,000Cash
Use the following account balance information to construct a trial balance:Salary Expense ........... $24,000Unearned Service Revenue ....... 1,600Paid-In Capital ........... 3,000Cash
Prepare two income statements, one using the information in Practice 2–8 and the other using the information in Practice 2–9.
Prepare two balance sheets, one using the information in Practice 2–8 and the other using the information in Practice 2–9.
Make the adjusting journal entry necessary at the end of the period in the following situation: Equipment depreciation for the year was computed to be $5,500.
Make the adjusting journal entry necessary at the end of the period in the following situation: Bad debts created by selling on credit during the year are estimated to be $1,200. So far, none of
Make the adjusting journal entry necessary at the end of the period in the following situation: On August 1, the company borrowed $10,000 under a 1-year loan agreement. The annual interest rate is
Make the adjusting journal entry necessary at the end of the period in the following situation: On August 1, the company paid $3,600 in advance for 12 months of rent, with the rental period beginning
Make the adjusting journal entry necessary at the end of the period in the following situation: On February 1, the company received $4,800 in advance for 12 months of service to be provided, with the
Make the closing entry (or entries) necessary to close the following accounts:Cost of Goods Sold ........ $ 7,000Accounts Payable .......... 900Paid-In Capital ........... 1,500Cash
Make the closing entry (or entries) necessary to close the following accounts:Salary Expense ............ $18,000Unearned Service Revenue ........ 4,700Paid-In Capital ............ 2,000Cash
Georgia Supply Corporation, a merchandising firm, prepared the following trial balance as of October 1:Georgia Supply engaged in the following transactions during October 2011. The company records
In analyzing the accounts of Sydney Corporation, the adjusting data listed below are determined on December 31, the end of an annual fiscal period.(a) The prepaid insurance account shows a debit of
Upon inspecting the books and records for Wernli Company for the year ended December 31, 2011, you find the following data:(a) A receivable of $640 from Hatch Realty is determined to be
For each situation, reconstruct the adjusting entry that was made to arrive at the ending balance. Assume statements and adjusting entries are prepared only once each year.1. Prepaid
Accounts of Pioneer Heating Corporation at the end of the first year of operations showed the following balances. In addition, prepaid operating expenses are $4,000, and accrued sales commissions
Below is the trial balance for Boudreaux Company as of December 31.Consider the following additional information:(a) Boudreaux uses a perpetual inventory system.(b) The prepaid expenses were paid on
For each of the following journal entries, write a description of the underlyingevent.
The following accounts were taken from the trial balance of Cole Company as of December 31, 2011:Sales .................... $70,000Interest Revenue ................. 3,000Equipment
The following data were obtained from an analysis of the accounts of Noble Distributor Company as of March 31, 2011, in preparation of the annual report. Noble records current transactions in nominal
Guidecom Consulting Company initially records prepaid items as assets and unearned items as liabilities. Selected account balances at the end of the current and prior year follow. Accrued expenses
An accountant for Jolley, Inc., a merchandising enterprise, has just finished posting all year-end adjusting entries to the ledger accounts and now wishes to close the appropriate account balances in
Dylan’s Taxidermy Corporation reports revenues and expenses of $142,300 and $91,500, respectively, for the period. Give the remaining entries to close the books assuming the ledger reports
An analysis of Goulding, Inc., disclosed changes in account balances for 2011 and the following supplementary data. From these data, calculate the net income or loss for 2011.Goulding sold 4,000
Spilker Aviation, Inc., failed to make year-end adjustments to record accrued salaries and recognize interest receivable on investments over the last three years as follows:What impact would the
Selfish Gene Company is a merchandising firm. The following events occurred during the month of May. May 1 Received $40,000 cash as new stockholder investment.3 Purchased inventory costing $8,000 on
Using the format provided, identify for each account:1. Whether the account will appear on a balance sheet (B/S), income statement (I/S), or neither (N)2. Whether the account is an asset (A),
On December 31, Trinkets Supply Company noted the following transactions that occurred during 2011, some or all of which might require adjustment to the books.(a) Payment of $4,300 to suppliers was
The accountant for Save More Company made the following adjusting entries on December 31, 2011.Further information is provided as follows:(a) Annual rent is paid in advance every October 1.(b)
The bookkeeper for Joe’s Hardware Co. records all revenue and expense items in nominal accounts during the period. The following balances, among others, are listed on the trial balance at the end
Gee Enterprises records all transactions on the cash basis. Greg Gee, company accountant, prepared the following income statement at the end of the company's first year of operations:You have been
Account balances taken from the ledger of Builders’ Supply Corporation on December 31, 2011, before adjustment, follow information relating to adjustments on December 31, 2011:(a) Allowance for Bad
Data for adjustments at December 31, 2011, are as follows:(a) Taipei International uses a perpetual inventory system.(b) An analysis of Accounts Receivable reveals that the appropriate year-end
Account balances taken from the ledger of High Flying Logistics Co. on December 31, 2011,follow:Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
The following account balances are taken from the general ledger of Whitni Corporation on December 31, 2011, the end of its fiscal year. The corporation was organized January 2, 2005.Cash . . . . . .
Consider the following account of a veterinarian attempting to hire his first bookkeeper: Miss Harbottle, the prospective bookkeeper, paused at the desk, heaped high with incoming and outgoing bills
Explain why each of the following hypothetical events would not be recorded in a journal entry.1. A famous and much-beloved movie star is secretly filmed by an investigative news team using your
Jim Price and Elaine Bijard are taking an accounting systems course at their local university. They are intrigued with the rapid advances in technology and communication that are occurring in the
Alice Guth operates a low-impact aerobics studio. Alice has been in business for three years and has always had her financial statements prepared on a cash basis. This year, Alice’s accountant has
Computers have drastically altered the way accounting records are maintained. Almost all businesses now keep at least some of their accounting records on computers. However, the most visible output
Julie is successful in her position as a consultant for Worldwide Enterprises. She has selectively invested her money in stocks of several companies. She receives the annual reports and faithfully
Locate the 2006 financial statements for Lockheed Martin Corporation on the Internet. Reconstruct the company’s adjusted trial balance as of December 31, 2006.
Some accounting students feel that the mechanics of accounting (journal entries and T-accounts) are for bookkeepers. Because these students are training to be accountants, they see no need to spend a
To help you become familiar with the accounting standards, this case is designed to take you to the FASB’s Web site and have you access various publications. Access the FASB’s Web site at
Refer back to the section of the chapter entitled “Preparing Adjusting Entries.” Who determines how long buildings and furniture and equipment are to last? Who determines the dollar amount of
You recently graduated from college with your accounting degree. Your father’s best friend is the director of the accounting department of a small manufacturing firm in the area, and you accepted a
To help you become familiar with the accounting standards, this case is designed to take you to the FASB’s Web site and have you access various publications. Access the FASB’s Web site at
Explain how each of the following factors affects the classification of a receivable:(a) The form of a receivable,(b) The source of a receivable, and(c) The expected time to maturity or collection.
(a) Describe the methods for establishing and maintaining an allowance for bad debts account.(b) How would the percentages used in estimating uncollectible accounts be determined under each of the
In accounting for uncollectible accounts receivable, why does GAAP require the allowance method rather than the direct write-off method?
An analysis of the accounts receivable balance of $8,702 on the records of Jorgenson, Inc., on December 31 reveals the following: Accounts from sales of last three months(appear to be fully
Why should a company normally account for product warranties on an accrual basis?
(a) How is accounts receivable turnover computed?(b) How is average collection period computed?(c) What do these two measurements show?
Why is cash on hand necessary yet potentially unproductive?
The following items were included as cash on the balance sheet for Lawson Co. How should each of the items have been reported? (a) Demand deposits with bank(b) Restricted cash deposits in foreign
Melvin Company shows in its accounts a cash balance of $66,500 with Bank A and an overdraft of $1,500 with Bank B on December 31. Bank B regards the overdraft as, in effect, a loan to Melvin Company
Mills Manufacturing is required to maintain a compensating balance of $15,000 with its bank to maintain a line of open credit. The compensating balance is legally restricted as to its use. How should
(a) Give at least four common sources of differences between depositor and bank balances.(b) Which of the differences in (a) require an adjusting entry on the books of the depositor?
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