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Questions and Answers of
Accounting
Several months ago, Reiltz Industries, Inc. experienced a hazardous materials spill at one of its plants. As a result, the Environmental Protection Agency (EPA) fined the company $570,000. The
CCB Co. had the following current assets and liabilities for two comparative years:a. Determine the quick ratio for December 31, 2012 and 2011.b. Interpret the change in the quick ratio between the
The current assets and current liabilities for Apple Computer, Inc., and Dell Inc. are shown as follows at the end of a recent fiscal period:a. Determine the quick ratio for both companies.b.
The following items were selected from among the transactions completed by Isis Co. during the current year:Feb 15. Purchased merchandise on account from Viper Co., $260,000, terms n/30.Mar. 17.
The following information about the payroll for the week ended December 30 was obtained from the records of Arnsparger Equipment Co.:Tax rates assumed:Social security, 6%Medicare, 1.5%State
Courtside Concepts Co. began business on January 2, 2011. Salaries were paid to employees on the last day of each month, and social security tax, Medicare tax, and federal income tax were withheld in
The payroll register for Knapp Co. for the week ended September 14, 2012, is presented in the working papers.Instructions1. Journalize the entry to record the payroll for the week.2. Journalize the
The following data for Throwback Industries, Inc. relate to the payroll for the week ended December 7, 2012:Employees Marino and Starr are office staff, and all of the other employees are sales
The following accounts, with the balances indicated, appear in the ledger of Quinn Co. on December 1 of the current year:The following transactions relating to payroll, payroll deductions, and
The following items were selected from among the transactions completed by Javelin, Inc. during the current year:Mar. 1. Borrowed $80,000 from Nova Company, issuing a 30-day, 9% note for that
The following information about the payroll for the week ended December 30 was obtained from the records of Dart Co.:Tax rates assumed:Social security, 6%Medicare, 1.5%State unemployment (employer
Diamond Industries, Inc., began business on January 2, 2011. Salaries were paid to employees on the last day of each month, and social security tax, Medicare tax, and federal income tax were withheld
The payroll register for Ritchie Manufacturing Co. for the week ended September 14, 2012, is presented in the working papers.Instructions1. Journalize the entry to record the payroll for the week.2.
The following data for Gridiron Industries, Inc., relate to the payroll for the week ended December 7, 2012:Employees Csonka and Motley are office staff, and all of the other employees are sales
The following accounts, with the balances indicated, appear in the ledger of Codigo Co. on December 1 of the current year:The following transactions relating to payroll, payroll deductions, and
Lisa Deuel is a certified public accountant (CPA) and staff accountant for Bratz and Bratz, a local CPA firm. It had been the policy of the firm to provide a holiday bonus equal to two weeks’
The annual examination of Wave Company’s financial statements by its external public accounting firm (auditors) is nearing completion. The following conversation took place between the controller
Gloria Seuss was discussing summer employment with Ella Kitt, president of Hotel California Construction Service:Ella: I’m glad that you’re thinking about joining us for the summer. We could
Selected transactions completed by Gampfer Company during its first fiscal year ending December 31 were as follows:Jan. 2. Issued a check to establish a petty cash fund of $3,200.Mar. 14. Replenished
Brittany Adams contributed a patent, accounts receivable, and $61,000 cash to a partnership. The patent had a book value of $56,000. However, the technology covered by the patent appeared to have
Kevin LaRoche contributed land, inventory, and $28,000 cash to a partnership. The land had a book value of $65,000 and a market value of $135,000. The inventory had a book value of $60,000 and a
Cody Paulson and Hannah O’Brien formed a partnership, dividing income as follows:1. Annual salary allowance to Paulson of $26,000.2. Interest of 5% on each partner’s capital balance on January
Alex Conyers and Shaunika Stevens formed a partnership, dividing income as follows:1. Annual salary allowance to Stevens of $45,000.2. Interest of 8% on each partner’s capital balance on January
Antoine Dodd purchased one-half of Kyle Bryan’s interest in the Rich and Bryan partnership for $24,000. Prior to the investment, land was revalued to a market value of $110,000 from a book value of
Naseef Asad invested $75,000 in the Lionel and Morehouse partnership for ownership equity of $75,000. Prior to the investment, equipment was revalued to a market value of $57,000 from a book value of
Sharpe has a capital balance of $300,000 after adjusting assets to fair market value. Rojas contributes $250,000 to receive a 60% interest in a new partnership with Sharpe.Determine the amount and
Joshi has a capital balance of $80,000 after adjusting assets to fair market value. Costas contributes $40,000 to receive a 40% interest in a new partnership with Joshi.Determine the amount and
Prior to liquidating their partnership, Fowler and Ericson had capital accounts of $26,000 and $40,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was
Prior to liquidating their partnership, Quinn and Kestor had capital accounts of $200,000 and $120,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was
Prior to liquidating their partnership, Jolly and Haines had capital accounts of $80,000 and $45,000, respectively. The partnership assets were sold for $30,000. The partnership had no liabilities.
Prior to liquidating their partnership, Chow and Fuentes had capital accounts of $85,000 and $165,000, respectively. The partnership assets were sold for $45,000. The partnership had no liabilities.
Aaron and Rogers, CPAs earned $12,600,000 during 2012 using 90 employees. During 2013, the firm grew revenues to $14,400,000 and expanded the staff to 96 employees.a. Determine the revenue per
TechSystems, Architects earned $3,600,000 during 2012 using 20 employees. During 2013, the firm reduced revenues to $3,200,000 and reduced the staff to 16 employees.a. Determine the revenue per
Amber Moss and Latoya Pell decide to form a partnership by combining the assets of their separate businesses. Moss contributes the following assets to the partnership: cash, $15,000; accounts
Jessica Kimble and Carlos Segura form a partnership by combining assets of their former businesses. The following balance sheet information is provided by Kimble, sole proprietorship:Kimble obtained
Jennifer Wyatt and Megan Truett formed a partnership, investing $330,000 and $110,000, respectively. Determine their participation in the year’s net income of $420,000 under each of the following
Determine the income participation of Wyatt and Truett, according to each of the five assumptions as to income division listed in Exercise 12-3 if the year’s net income is $160,000.
Ashley Adams and Michael Rovell formed a partnership in which the partnership agreement provided for salary allowances of $45,000 and $35,000, respectively. Determine the division of a $30,000 net
Sixty-year-old Mary Filmore retired from her computer consulting business in Boston and moved to Florida. There she met 27-year-old Emily Wright, who had just graduated from Eldon Community College
Joshua Richards and Taylor Clark formed a limited liability company with an operating agreement that provided a salary allowance of $60,000 and $50,000 to each member, respectively. In addition, the
Macro Media, LLC, has three members: WLKT Partners, Amanda Nelson, and Daily Sentinel Newspaper, LLC. On January 1, 2012, the three members had equity of $250,000, $50,000, and $140,000,
The notes to the annual report for KPMG LLP (U.K.) indicated the following policies regarding the partners’ capital:The allocation of profits to those who were partners during the financial year
Lily Yuan and Kayla Dunn are partners who share in the income equally and have capital balances of $180,000 and $62,500, respectively. Yuan, with the consent of Dunn, sells one-third of her interest
The capital accounts of Jonathan Faber and Faheem Ahmad have balances of $150,000 and $110,000, respectively. Lauren Wells and Rachel Lee are to be admitted to the partnership. Wells buys one-fifth
After the tangible assets have been adjusted to current market prices, the capital accounts of Brandon Newman and Latrell Osbourne have balances of $75,000 and $125,000, respectively. Juan Rivas is
Andrew Hall and Brian Li formed a partnership to provide landscaping services. Hall and Li shared profits and losses equally. After all the tangible assets have been adjusted to current market
HealthSource, LLC, consists of two doctors, Drew and Moore, who share in all income and losses according to a 2:3 income-sharing ratio. Dr. Mann has been asked to join the LLC. Prior to admitting
J. Witt and K. Torres are partners in Whole Earth Consultants. Witt and Torres share income equally. L. Jenkins will be admitted to the partnership. Prior to the admission, equipment was revalued
The partnership of Angel Investor Associates began operations on January 1, 2012, with contributions from two partners as follows:Scott Wilson ... $120,000Michael Goforth .. 80,000The following
David Winner is to retire from the partnership of Winner and Associates as of March 31, the end of the current fiscal year. After closing the accounts, the capital balances of the partners are as
The statement of members' equity for Bonanza, LLC, is shown below.a. What was the income-sharing ratio in 2012?b. What was the income-sharing ratio in 2013?c. How much cash did Justin Thomas
Lyle and Fisher are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $15,000 and $7,000, respectively. After
Daniel Mason and Srini Kumar, with capital balances of $34,000 and $36,000, respectively, decide to liquidate their partnership. After selling the noncash assets and paying the liabilities, there is
Gifford, Lawrence, and Ma share equally in net income and net losses. After the partnership sells all assets for cash, divides the losses on realization, and pays the liabilities, the balances in the
Deacon, Raines, and Francis arranged to import and sell orchid corsages for a university dance. They agreed to share equally the net income or net loss of the venture. Deacon and Raines advanced $300
Arnold, Peters, and Suzuki are partners sharing income 3:2:1. After the firm’s loss from liquidation is distributed, the capital account balances were: Arnold, $18,000 Dr.; Peters, $75,000 Cr.; and
After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Jessup, King, and Oliver are $70,000, $43,000, and $22,000, respectively. Cash, noncash
Hall, Lang, and Das are members of Evergreen Sales, LLC, sharing income and losses in the ratio of 2:2:1, respectively. The members decide to liquidate the limited liability company. The members’
The capital accounts of Gary Menendez and Melissa Breeden have balances of $75,000 and $55,000, respectively, on January 1, 2012, the beginning of the current fiscal year. On April 10, Menendez
The accounting firm of Deloitte & Touche is the largest international accounting firm in the world as ranked by total revenues. For the last two years, Deloitte & Touche reported the following for
Commerical Cleaning Services, LLC, provides cleaning services for office buildings. The firm has 10 members in the LLC, which did not change between 2012 and 2013. During 2013, the business
On August 1, 2012, Wardell Cole and Marva Landers form a partnership. Cole agrees to invest $15,600 in cash and merchandise inventory valued at $62,400. Landers invests certain business assets at
Dyer and Salinas have decided to form a partnership. They have agreed that Dyer is to invest $120,000 and that Salinas is to invest $40,000. Dyer is to devote one-half time to the business and
The ledger of Aiden Durant and Jasmine Adkins, attorneys-at-law, contains the following accounts and balances after adjustments have been recorded on December 31, 2012:The balance in Adkins' capital
Tosio Kato and Angela Gordon have operated a successful firm for many years, sharing net income and net losses equally. Tricia McCay is to be admitted to the partnership on May 1 of the current year,
After the accounts are closed on July 3, 2012, prior to liquidating the partnership, the capital accounts of Rebecca Adams, Austin Cooper, and Ricardo Ruiz are $22,400, $5,300, and $31,900,
On October 1, 2012, the firm of Sams, Price, and Ladd decided to liquidate their partnership. The partners have capital balances of $54,000, $77,000, and $12,000, respectively. The cash balance is
On June 1, 2011, Anne Harber and Heather Lamb form a partnership. Harber agrees to invest $16,000 cash and merchandise inventory valued at $42,000. Lamb invests certain business assets at valuations
Tim Snyder and Jay Wise have decided to form a partnership. They have agreed that Snyder is to invest $30,000 and that Wise is to invest $40,000. Snyder is to devote full time to the business, and
The ledger of Jin Ding and Paul Hoffman, attorneys-at-law, contains the following accounts and balances after adjustments have been recorded on December 31, 2012:The balance in Hoffman's capital
Anthony Simpson and Shawna Ryder have operated a successful firm for many years, sharing net income and net losses equally. Blaine Evans is to be admitted to the partnership on June 1 of the current
After the accounts are closed on September 10, 2012, prior to liquidating the partnership, the capital accounts of Randy Campbell, Ken Thayer, and Linda Tipton are $38,000, $6,400, and $28,500,
On June 3, 2012, the firm of Lyon, Malone, and Chen decided to liquidate their partnership.The partners have capital balances of $12,000, $76,000, and $104,000, respectively. The cash balance is
Colin Maples, M.D., and Daniel Graham, M.D., are sole owners of two medical practices that operate in the same medical building. The two doctors agree to combine assets and liabilities of the two
Jerry Graves and Bonnie Moss decide to form a partnership. Graves will contribute $300,000 to the partnership, while Moss will contribute only $30,000. However, Moss will be responsible for running
The following table shows key operating statistics for the four largest public accounting firms:a. Determine the revenue per partner and revenue per professional staff for each firm. Round to the
Karen Pratt has agreed to invest $200,000 into an LLC with Jennifer Stahl and Don Keene. Stahl and Keene will not invest any money, but will provide effort and expertise to the LLC. Stahl and Keene
Of two corporations organized at approximately the same time and engaged in competing businesses, one issued $150 par common stock, and the other issued $1.00 par common stock. Do the par
A corporation with both preferred stock and common stock outstanding has a substantial credit balance in its retained earnings account at the beginning of the current fiscal year. Although net income
An owner of 1,000 shares of Simmons Company common stock receives a stock dividend of 6 shares.a. What is the effect of the stock dividend on the stockholder’s proportionate interest (equity) in
A corporation reacquires 25,000 shares of its own $10 par common stock for $1,000,000, recording it at cost.a. What effect does this transaction have on revenue or expense of the period?b. What
The treasury stock in Discussion Question 6 is resold for $1,200,000.a. What is the effect on the corporation’s revenue of the period?b. What is the effect on stockholders’ equity?
Hays-Smith Company has 18,000 shares of 4% cumulative preferred stock of $125 par and 50,000 shares of $40 par common stock. The following amounts were distributed as dividends:Year 1 ......$
Lasers4U Company has 10,000 shares of 2% cumulative preferred stock of $50 par and 25,000 shares of $100 par common stock. The following amounts were distributed as dividends:Year 1 ......$18,000Year
On February 23, Muir Corporation issued for cash 75,000 shares of no-par common stock (with a stated value of $80) at $125. On October 6, Muir issued 20,000 shares of 1%, $50 preferred stock at par
On August 7, Asian Artifacts Corporation issued for cash 300,000 shares of no-par common stock at $1.75. On September 1, Asian Artifacts issued 25,000 shares of 2%, $40 preferred stock at par for
The declaration, record, and payment dates in connection with a cash dividend of $115,000 on a corporation’s common stock are October 15, November 14, and December 14. Journalize the entries
The declaration, record, and payment dates in connection with a cash dividend of $275,000 on a corporation’s common stock are March 3, April 2, and May 2. Journalize the entries required on each
Arroyo Corporation has 100,000 shares of $60 par common stock outstanding. On February 8, Arroyo Corporation declared a 6% stock dividend to be issued April 11 to stockholders of record on March 10.
U-Store Corporation has 250,000 shares of $15 par common stock outstanding. On July 20, U-Store Corporation declared a 3% stock dividend to be issued September 18 to stockholders of record on August
On March 8, Golf Resorts Inc. reacquired 13,000 shares of its common stock at $42 per share. On May 16, Golf Resorts sold 9,500 of the reacquired shares at $50 per share. On August 30, Golf Resorts
On September 9, Palin Clothing Inc. reacquired 9,000 shares of its common stock at $24 per share. On October 7, Palin Clothing sold 4,800 of the reacquired shares at $29 per share. On December 20,
Using the following accounts and balances, prepare the Stockholders’ Equity section of the balance sheet. Fifty thousand shares of common stock are authorized, and 2,500 shares have been
Using the following accounts and balances, prepare the Stockholders’ Equity section of the balance sheet. Two-hundred thousand shares of common stock are authorized, and 24,000 shares have been
Emmy Leaders Inc. reported the following results for the year ending August 31, 2012:Retained earnings, September 1, 2011 ....$740,000Net income ...............145,000Cash dividends declared
Auckland Cruises Inc. reported the following results for the year ending April 30, 2012:Retained earnings, May 1, 2011 .......$3,180,000Net income .................515,000Cash dividends declared
Gino’s Restaurant Corporation wholesales ovens and ranges to restaurants throughout the Midwest. Gino’s Restaurant Corporation, which had 100,000 shares of common stock outstanding, declared a
Selected transactions completed by Gene’s Boating Corporation during the current fiscal year are as follows:Feb. 10. Split the common stock 3 for 1 and reduced the par from $60 to $20 per share.
Malen Arts, Inc., had earnings of $133,750 for 2012. The company had 25,000 shares of common stock outstanding during the year. In addition, the company issued 10,000 shares of $100 par value
Procter & Gamble (P&G) is one of the largest consumer products companies in the world, famous for such brands as Crest® and Tide®. Financial information for the company for three recent years
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