All Matches

Solution Library

Expert Answer

Textbooks

Search Textbook questions, tutors and Books

Oops, something went wrong!

Change your search query and then try again

Result Not Found

Books FREE
Tutors
Study Help
Hire a Tutor
AI Study Help New

Search
Sign In
Register

study help
business
accounting

Questions and Answers of Accounting

New tire retreading equipment, acquired at a cost of $240,000 at the beginning of a fiscal year, has an estimated useful life of four years and an estimated residual value of $18,000.The manager
The following transactions, adjusting entries, and closing entries were completed by Crown Furniture Co. during a three-year period. All are related to the use of delivery equipment.The
Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows:a. Goodwill in the amount of $15,000,000 was purchased on January 11.b.
Leah Corbin, CPA, is an assistant to the controller of Beartooth Consulting Co. In her spare time, Leah also prepares tax returns and performs general accounting services for clients.Frequently, Leah
The following is an excerpt from a conversation between two employees of Resource Technologies, Haley Eubanks and Clay Hamon. Haley is the accounts payable clerk, and Clay is the cashier.Haley:
Cowboy Construction Co. specializes in building replicas of historic houses. Tom Askew, president of Cowboy Construction, is considering the purchase of various items of equipment on July 1, 2006,
General Motors Corporation reported $8.8 billion of product warranties in the Current Liabilities section of a recent balance sheet. How would costs of repairing a defective product be recorded?
On September 1, Klondike Co. issued a 90-day note with a face amount of $120,000 to Arctic Apparel Co. for merchandise inventory.a. Determine the proceeds of the note, assuming the note carries an
On February 1, Electronic Warehouse Co. issued a 30-day note with a face amount of $50,000 to Yamura Products Co. for cash.a. Determine the proceeds of the note, assuming the note carries an interest
Don Truett's weekly gross earnings for the present week were $1,680. Truett has three exemptions. Using the wage bracket withholding table in Exhibit 3 with a $63 standard withholding allowance for
Leah Wilson's weekly gross earnings for the present week were $600. Wilson has one exemption. Using the wage bracket withholding table in Exhibit 3 with a $63 standard withholding allowance for each
Don Truett's weekly gross earnings for the week ending December 18 were $1,680, and his federal income tax withholding was $298.51. Prior to this week, Truett had earned $99,000 for the year.
Leah Wilson's weekly gross earnings for the week ending September 5 were $600, and her federal income tax withholding was $65.85. Prior to this week, Wilson had earned $21,500 for the year. Assuming
The payroll register of Lowry Landscaping Co. indicates $1,260 of social security withheld and $315 of Medicare tax withheld on total salaries of $21,000 for the period. Federal withholding for the
The payroll register of Tri-State Construction Co. indicates $25,650 of social security withheld and $6,750 of Medicare tax withheld on total salaries of $450,000 for the period. Retirement savings
The payroll register of Lowry Landscaping Co. indicates $1,260 of social security withheld and $315 of Medicare tax withheld on total salaries of $21,000 for the period. Assume earnings subject to
The payroll register of Tri-State Construction Co. indicates $25,650 of social security withheld and $6,750 of Medicare tax withheld on total salaries of $450,000 for the period. Assume earnings
Kirby Company provides its employees with vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $17,500 for the period. The pension plan requires a contribution
Lyon Capital Company provides its employees vacation benefits and a defined benefit pension plan. Employees earned vacation pay of $52,300 for the period. The pension formula calculated a pension
EZ Equipment Co. sold $870,000 of equipment during March under a one-year warranty. The cost to repair defects under the warranty is estimated at 4.5% of the sales price. On October 4, a customer
Tower Electronics sold $480,000 of consumer electronics during June under a nine-month warranty. The cost to repair defects under the warranty is estimated at 5% of the sales price.On August 16, a
Rock On Magazine Co. sold 11,400 annual subscriptions of Rock On for $35 during December 2008. These new subscribers will receive monthly issues, beginning in January 2009. In addition, the business
Home Center Warehouse issues a 90-day note for $250,000 to Gem Lighting Co. for merchandise inventory. Gem Lighting Co. discounts the note at 5%.a. Journalize Home Center Warehouse's entries to
A borrower has two alternatives for a loan: (1) Issue a $120,000, 90-day, 6% note or (2) Issue a $120,000, 90-day note that the creditor discounts at 6%.a. Calculate the amount of the interest
A business issued a 60-day, 7% note for $15,000 to a creditor on account. Journalize the entries to record (a) The issuance of the note and (b) The payment of the note at maturity, including interest.
A business issued a 90-day note for $80,000 to a creditor on account. The note was discounted at 8%. Journalize the entries to record (a) The issuance of the note and (b) The payment of the note at
On June 30, Mystic Mountain Game Company purchased land for $250,000 and a building for $690,000, paying $240,000 cash and issuing an 8% note for the balance, secured by a mortgage on the property.
WD-40 Company, the manufacturer and marketer of WD-40® lubricant, reported the following information about its long-term debt in the notes to a recent financial statement:a. How much of the notes
An employee earns $22 per hour and 11/2 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 50 hours during the week, and that the gross pay prior to the
Strategem Business Consultants has three employees€”a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee:For the
In the following summary of data for a payroll period, some amounts have been intentionally omitted:Earnings:1. At regular rate ............ ?2. At overtime rate .............$ 39,4803. Total
According to a summary of the payroll of Glitz Publishing Co., $350,000 was subject to the 6.0% social security tax and $420,000 was subject to the 1.5% Medicare tax. Also, $14,000 was subject to
The payroll register for Hillsdale Company for the week ended December 14 indicated the following:Salaries ................ $690,000Social security tax withheld ........ 32,700Medicare tax
Dowling Company had gross wages of $356,000 during the week ended December 6. The amount of wages subject to social security tax was $285,000, while the amount of wages subject to federal and state
Nashville Sounds is a retail store specializing in the sale of country music. The store employs 3 full-time and 10 part-time workers. The store's weekly payroll averages $2,500 for all 13
Handyman's Helper is a small manufacturer of home workshop power tools. The company employs 30 production workers and 10 administrative persons. The following procedures are used to process the
The fiscal year for Super Sale Stores Co. ends on June 30. In addition, the company computes and reports payroll taxes on a fiscal-year basis. Thus, it applies social security and FUTA maximum
A business provides its employees with varying amounts of vacation per year, depending on the length of employment. The estimated amount of the current year's vacation pay is $54,960. Journalize the
Precious Images Co. operates a chain of photography stores. The company maintains a defined contribution pension plan for its employees. The plan requires quarterly installments to be paid to the
In a recent year's financial statements, Procter & Gamble showed an unfunded pension liability of $2,096 million and a periodic pension cost of $268 million.Explain the meaning of the $2,096 million
Audio-Wave Company warrants its products for one year. The estimated product warranty is 2% of sales. Assume that sales were $85,000 for January. In February, a customer received warranty repairs
Ford Motor Company disclosed estimated product warranty payable for comparative years as follows.Ford's sales were $147,128 million in 2004 and increased to $153,503 million in 2005. Assume that the
Several months ago, Rainbow Paint Company experienced a hazardous materials spill at one of its plants. As a result, the Environmental Protection Agency (EPA) fined the company $560,000. The company
Urban-Wear Clothes Co. had the following current assets and liabilities for two comparative years:a. Determine the quick ratio for December 31, 2008 and 2007.b. Interpret the change in the quick
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 Sounds and Sight Stores during the current year:Apr. 7. Borrowed $36,000 from First Financial Company, issuing a 60-day, 8%
The following information about the payroll for the week ended December 30 was obtained from the records of Greenfield Co.:Tax rates assumed:Social security, 6% on first $100,000 of employee annual
Bristol Distribution Company began business on January 2, 2007. Salaries were paid to employees on the last day of each month, and social security tax, Medicare tax, and federal income tax were
The payroll register for Govi Guitar Co. for the week ended December 12, 2008, is presented in the working papers.Instructions1. Journalize the entry to record the payroll for the week.2. Journalize
The following data for Iris Publishing Co. relate to the payroll for the week ended December7, 2008:Employees F and H are office staff and all of the other employees are sales personnel. All sales
The following accounts, with the balances indicated, appear in the ledger of Yosemite Outdoor Equipment Company on December 1 of the current year:The following transactions relating to payroll,
The following items were selected from among the transactions completed by Silver Mountain Stores Co. during the current year:Feb. 15. Purchased merchandise on account from Ranier Co., $120,000,
The following information about the payroll for the week ended December 30 was obtained from the records of Plumb Line Supply Co.:Tax rates assumed:Social security, 6% on first $100,000 of employee
Daisy Dairy Co. began business on January 2, 2007. 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
The payroll register for Irish Heritage Stores Co. for the week ended December 12, 2008, is presented in the working papers.Instructions1. Journalize the entry to record the payroll for the week.2.
The following data for Center Pointe Co. relate to the payroll for the week ended December 7, 2008:Employees N and R are office staff and all of the other employees are sales personnel. All sales
The following accounts, with the balances indicated, appear in the ledger of Bonnie's Gifts Co. on December 1 of the current year:The following transactions relating to payroll, payroll deductions,
Selected transactions completed by Hirata Company during its first fiscal year ending December 31 were as follows:Jan. 2. Issued a check to establish a petty cash fund of $1,400.Mar. 1. Replenished
Dan Lanier is a certified public accountant (CPA) and staff accountant for Baker and Lin, a local CPA firm. It had been the policy of the firm to provide a holiday bonus equal to two weeks' salary to
The annual examination of Eclipse Company's financial statements by its external public accounting firm (auditors) is nearing completion. The following conversation took place between the controller
Troy Rogers, the owner of Rogers Trucking Company, initiated an executive bonus plan for his chief executive officer (CEO). The new plan provides a bonus to the CEO equal to 3% of the income before
Connor Lang was discussing summer employment with Jarrod McIntyre, president of Azalea Landscaping Service:Jarrod: I'm glad that you're thinking about joining us for the summer. We could certainly
Altria Group, Inc., has over eight pages dedicated to describing contingent liabilities in the notes to recent financial statements. These pages include extensive descriptions of multiple contingent
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
A corporation reacquires 8,000 shares of its own $10 par common stock for $120,000, recording it at cost. (a) What effect does this transaction have on revenue or expense of the period? (b) What
Golf-Easy Company has 10,000 shares of 3% preferred stock of $50 par and 25,000 shares of $100 par common stock. The following amounts were distributed as dividends:Year 1 ....... $ 40,000Year 2
Marsala Company has 5,000 shares of 2% preferred stock of $75 par and 10,000 shares of $150 par common stock. The following amounts were distributed as dividends:Year 1 .......$20,000Year 2 .......
On August 3, Waterways Corporation issued for cash 45,000 shares of no-par common stock (with a stated value of $100) at $128. On September 22, Waterways issued at par 2,000 shares of 1%, $75 par
On July 6, Istanbul Artifacts Corporation issued for cash 800,000 shares of no-par common stock at $1.20. On August 30, Istanbul Artifacts issued at par 10,000 shares of 2%, $50 par preferred stock
The important dates in connection with a cash dividend of $48,000 on a corporation's common stock are July 16, August 15, and September 30. Journalize the entries required on each date.
The important dates in connection with a cash dividend of $90,000 on a corporation's common stock are October 1, November 1, and December 24. Journalize the entries required on each date.
Stonehenge Corporation has 300,000 shares of $40 par common stock outstanding. On February 13, Stonehenge Corporation declared a 3% stock dividend to be issued April 30 to stockholders of record on
Big Ben Corporation has 250,000 shares of $50 par common stock outstanding. On May 10, Big Ben Corporation declared a 2% stock dividend to be issued August 1 to stockholders of record on June 9. The
On January 24, Thunderstorm Inc. reacquired 6,000 shares of its common stock at $18 per share. On March 15, Thunderstorm sold 4,500 of the reacquired shares at $21 per share. On June 2, Thunderstorm
On October 2, Baja Clothing Inc. reacquired 12,000 shares of its common stock at $6 per share. On November 15, Baja Clothing sold 8,400 of the reacquired shares at $9 per share.On December 22, Baja
Using the following accounts and balances, prepare the Stockholders’ Equity section of the balance sheet. Thirty thousand shares of common stock are authorized, and 2,000 shares have been
Using the following accounts and balances, prepare the Stockholders’ Equity section of the balance sheet. Fifty thousand shares of common stock are authorized, and 5,000 shares have been
Dynamic Leaders Inc. reported the following results for the year ending July 31, 2008:Retained earnings, August 1, 2007 ........ $988,500Net income ................ 325,000Cash dividends declared
Maxima Retractors Inc. reported the following results for the year ending October 31, 2008:Retained earnings, November 1, 2007 ........ $2,906,000Net income .................. 553,000Cash
Electro-Rad Inc., a developer of radiology equipment, has stock outstanding as follows: 50,000 shares of 2%, preferred stock of $50 par, and 100,000 shares of $25 par common. During its first four
CompuLead Inc., a software development firm, has stock outstanding as follows: 40,000 shares of 1%, preferred stock of $25 par, and 50,000 shares of $75 par common. During its first four years of
On February 4, Cinderella Rocks Inc., a marble contractor, issued for cash 30,000 shares of $20 par common stock at $64, and on March 31, it issued for cash 18,000 shares of $75 par preferred stock
On July 17, America Carpet Inc., a carpet wholesaler, issued for cash 150,000 shares of no-par common stock (with a stated value of $5) at $36, and on September 20, it issued for cash 10,000 shares
On November 10, Craddock's Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 15,000 shares of $8 par common stock with a current market price of $32.Journalize the entry to
Country Sounds Corp., an electric guitar retailer, was organized by Julie Arnold, Joe Harris, and Scott Pickens. The charter authorized 500,000 shares of common stock with a par of $12. The following
Angel Creek Nursey, with an authorization of 40,000 shares of preferred stock and 150,000 shares of common stock, completed several transactions involving its stock on August 15, the first day of
Heritage Products Inc., a wholesaler of office products, was organized on February 19 of the current year, with an authorization of 60,000 shares of 3% preferred stock, $40 par and 300,000 shares of
The dates of importance in connection with a cash dividend of $275,000 on a corporation's common stock are July 2, August 1, and September 1. Journalize the entries required on each date.
Earthworks Health Co. is an HMO for 12 businesses in the St. Louis area. The following account balances appear on the balance sheet of Earthworks Health Co.: Common stock (400,000 shares
Mountain Springs Inc. bottles and distributes spring water. On May 2 of the current year, Mountain Springs reacquired 3,000 shares of its common stock at $72 per share. On August 14, Mountain Springs
Azalea Gardens Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On September 9 of the current year, Azalea Gardens Inc. reacquired 12,000 shares of its common
Tacoma Inc. bottles and distributes spring water. On June 12 of the current year, Tacoma Inc. reacquired 15,000 shares of its common stock at $48 per share. On August 10, Tacoma Inc. sold 9,000 of
The following accounts and their balances were selected from the unadjusted trial balance of Sailors Inc., a freight forwarder, at August 31, the end of the current fiscal year:Preferred 3% Stock,
The following accounts and their balances appear in the ledger of Heart and Saul Inc. onApril 30 of the current year:Common Stock, $50 par ...........$ 900,000Paid-In Capital in Excess of Par
Sports Car Inc. retails racing products for BMWs, Porsches, and Ferraris. The following accounts and their balances appear in the ledger of Sports Car Inc. on November 30, the end of the current
Stillwater Corporation, a manufacturer of industrial pumps, reports the following results for the year ending August 31, 2008:Retained earnings, September 1, 2007 ....... $1,752,000Net income
List the errors in the following Stockholders' Equity section of the balance sheet prepared as of the end of the currentyear.
The stockholders' equity T accounts of Family Greeting Cards Inc. for the current fiscal year ended December 31, 2008, are as follows. Prepare a statement of stockholders' equity for the fiscal year
Rolling Pin Corporation wholesales ovens and ranges to restaurants throughout the Midwest.Rolling Pin Corporation, which had 50,000 shares of common stock outstanding, declared a 3-for-1 stock split
Selected transactions completed by NuCraft Boating Supply Corporation during the current fiscal year are as follows:Mar. 5. Split the common stock 4 for 1 and reduced the par from $100 to $25 per

Showing 25900 - 26000 of 107832

First
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
Last

Services

Sitemap
Fun
Definitions
Become Tutor
Study Help Categories
Recent Questions
Expert Questions

Company Info

Security
Copyrights
Privacy Policy
Terms & Conditions
SolutionInn Fee
Scholarship

Get In Touch

About Us
Contact Us
Career
Jobs
FAQ
Campus Ambassador

Secure Payment

Download Our App

© 2024 SolutionInn. All Rights Reserved