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

Suppose Diamond, Inc., reported net receivables of $2,586 million and $2,268 million at January 31, 2011, and 2010, after subtracting allowances of $70 million and $64 million at these respective
Multiple Choice Questions1. United First Bank, the nationwide banking company, owns many types of investments.Assume that United First Bank paid $700,000 for trading securities on December 3. Two
Multiple Choice QuestionsQuestions 1 through 5 use the following data:On August 1, 2010, Botores, Inc., sold equipment and accepted a six-month, 12%, $50,000 note receivable. Botores year-end is
During the fourth quarter of 2010, Cable, Inc., generated excess cash, which the company invested in trading securities as follows:2010Nov 18 Purchased 900 common shares as an investment in trading
Laptop Delivery, Inc., makes all sales on account. Sarah Carter, accountant for the company, receives and opens incoming mail. Company procedure requires Carter to separate customer checks from the
This problem takes you through the accounting for sales, receivables, and uncollectibles for Mail Time Corp., the overnight shipper. By selling on credit, the company cannot expect to collect 100% of
The September 30, 2011, records of Perfecto Communications include these accounts:Accounts Receivable.................................... $250,000Allowance for Doubtful
Assume Smith & Jones, the accounting firm, advises Ocean Mist Seafood that its financial statements must be changed to conform to GAAP. At December 31, 2010, Ocean Mists accounts include the
Healthy Meal completed the following selected transactions.2010Oct 31 Sold goods to Buy Low Foods, receiving a $34,000, three-month, 5.25% note.Dec 31 Made an adjusting entry to accrue interest on
The comparative financial statements of Highland Pools, Inc., for 2011, 2010, and 2009 included the following select data:Requirements1. Compute these ratios for 2011 and 2010:a. Current ratiob.
During the fourth quarter of 2010, Main St., Inc., generated excess cash, which the company invested in trading securities, as follows:2010Nov 13 Purchased 1,200 common shares as an investment in
Lakeview Software Solutions makes all sales on account, so virtually all cash receipts arrive in the mail.Larry Higgins, the company president, has just returned from a trade association meeting with
This problem takes you through the accounting for sales, receivables, and uncollectibles for Dependable Delivery Corp, the overnight shipper. By selling on credit, the company cannot expect to
The September 30, 2011, records of Image Communications include these accounts:Accounts Receivable.................................... $260,000Allowance for Doubtful Accounts...............
Assume Smith & Jones, the accounting firm, advises Catch of the Day Seafood that its financial statement must be changed to conform to GAAP. At December 31, 2010, Catch of the Days accounts include
Quick Meals completed the following selected transactions:2010Nov 30 Sold goods to Bragg Market, receiving a $32,000, three-month, 4.00% note.Dec 31 Made an adjusting entry to accrue interest on the
The comparative financial statements of Gold Pools, Inc., for 2011, 2010, and 2009 included the following select data:Requirements1. Compute these ratios for 2011 and 2010:a. Current ratiob.
A fire during 2010 destroyed most of the accounting records of Clearview Cablevision, Inc. The only accounting data for 2010 that Clearview can come up with are the following balances at December 31,
Suppose you work in the loan department of Superior Bank. Dean Young, owner of DeanYoung Beauty Aids, has come to you seeking a loan for $500,000 to expand operations. Young proposes to use accounts
Sunnyvale Loan Company is in the consumer loan business. Sunnyvale borrows from banks and loans out the money at higher interest rates. Sunnyvales bank requires Sunnyvale to submit quarterly
This case is based on the Foot Locker, Inc. s consolidated balance sheets, consolidated statements of cash flows, and Footnote 6 of its financial statements in Appendix B at the end of this book.1.
Refer to Amazon.com, Inc.‘s Consolidated Balance Sheets as well as Note 1 Description of Business and Accounting Policies, in Appendix A at the end of this book.1. The fourth account listed on
Ship Your Way completed these long-term available-for-sale investment transactions during 2010:2010Apr 10 Purchased 400 shares of Naradon stock, paying $22 per share. Ship Your Way intends to hold
Use the data given in Short Exercise. On May 21, 2011, Ship Your Way sold its investment in Naradon stock for $27 per share.Apr 10 Purchased 400 shares of Naradon stock, paying $22 per share. Ship
Suppose on February 1, 2010, Fall Motors paid $420 million for a 40% investment in Yuza Motors. Assume Yuza earned net income of $50 million and paid cash dividends of $25 million during 2010.1. What
Use the data given in Short Exercise. Assume that in November 2011, Fall Motors sold half its investment in Yuza Motors. The sale price was $155 million. Compute Fall Motors gain or loss on the sale.
Answer these questions about consolidation accounting:1. Define parent company. Define subsidiary company.2. How do consolidated financial statements differ from the financial statements of a
Two accounts that arise from consolidation accounting are goodwill and noncontrolling interest.1. What is goodwill, and how does it arise? Which company reports goodwill, the parent or the
Hopter Khan (HK) owns vast amounts of corporate bonds. Suppose HK buys $1,100,000 of Tyconix bonds at a price of 104. The Tyconix bonds pay cash interest at the annual rate of 6% and mature at the
Return to Short Exercise, the Hopter Khan (HK) investment in Tyconix bonds. Journalize on HKs books:a. Purchase of the bond investment on June 30, 2010. HK expects to hold the investment to
Suppose Pepson sells soft drink syrup to a Russian company on September 12. Pepson agrees to accept 500,000 Russian rubles. On the date of sale, the ruble is quoted at $0.36. Pepson collects half the
Ocean Belting sells goods for 1,100,000 Mexican pesos. The foreign-exchange rate for a peso is $0.086 on the date of sale. Ocean Belting then collects cash on April 24, when the exchange rate for a
Companies divide their cash flows into three categories for reporting on the cash flows statement.1. List the three categories of cash flows in the order they appear on the cash flows statement.Which
Excerpts from The ABC Company statement of cash flows, as adapted, appear as follows:As the chief executive officer of The ABC Company, your duty is to write the management letter to your
Journalize the following long-term available-for-sale investment transactions of Cullen Brothers Department Stores:a. Purchased 470 shares of Potter Foods common stock at $31 per share, with the
Osborn Co. bought 3,400 shares of Stockholm common stock at $35; 660 shares of London stock at $46.50; and 1,200 shares of Glasgow stock at $74 all as available-for-sale investments. At December 31,
Nelson Corporation owns equity-method investments in several companies. Suppose Nelson paid $1,500,000 to acquire a 25% investment in Payton Software Company. Payton Software reported net income of
Without making journal entries, record the transactions of Exercise directly in the Nelson account, Long-Term Investment in Payton Software. Nelson Corporation owns equity-method investments in
Ashcroft Financial paid $590,000 for a 30% investment in the common stock of Sonic, Inc. For the first year, Sonic reported net income of $200,000 and at year-end declared and paid cash dividends of
XYZ, Inc., owns Cressida Corp. The two companiesâ€™ individual balance sheets follow:Requirements1. Prepare a consolidated balance sheet of XYZ, Inc. It is sufficient to complete the
Assume that on September 30, 2010, Newtex, Inc., paid 98 for 8% bonds of Teague Corporation as a long-term held-to-maturity investment. The maturity value of the bonds will be $30,000 on September
Assume that Computer City Stores completed the following foreign currency transactions:Sep 9 Purchased DVD players as inventory on account from Sona, a Japanese company. The price was 800,000 yen,
Translate into dollars the balance sheet of Utah Leather Goods Spanish subsidiary. When Utah Leather Goods acquired the foreign subsidiary a euro was worth $1.01. The current exchange rate is
During fiscal year 2010, Sugar Land Doughnuts reported net loss of $129.6 million. Sugar Land received $1.7 million from the sale of other businesses. Sugar Land made capital expenditures of $10.0
At the end of the year, Crown King Property’s statement of cash flows reported the following for investment activities:Crown King PropertiesConsolidated Statement of Cash Flows (Partial)Cash flows
Journalize the following long-term available-for-sale investment transactions of Johnson Brothers Department Stores:a. Purchased 460 shares of Jefferson Foods common stock at $30 per share, with the
Leary Co. bought 3,800 shares of Canada common stock at $38; 640 shares of Chile stock at $47.25; and 1,500 shares of Milan stock at $77 all as available-for-sale investments. At December 31, Hoovers
Watson Corporation owns equity-method investments in several companies. Suppose Watson paid $1,200,000 to acquire a 35% investment in Smith Software Company. Smith Software reported net income of
Without making journal entries, record the transactions of Exercise directly in the Watson account, Long-Term Investment in Smith Software. Assume that after all the noted transactions took place,
Ever Financial paid $560,000 for a 20% investment in the common stock of Laker, Inc. For the first year, Laker reported net income of $220,000 and at year-end declared and paid cash dividends of
Gamma, Inc., owns Hamlet Corp. These two companiesâ€™ individual balance sheets follow:Requirements1. Prepare a consolidated balance sheet of Gamma, Inc. It is sufficient to complete the
Assume that on September 30, 2010, Baytex, Inc., paid 96 for 7.5% bonds of Collins Corporation as a long-term held-to-maturity investment. The maturity value of the bonds will be $40,000 on September
Assume that Tech Know Stores completed the following foreign-currency transactions:Jul 17 Purchased DVD players as inventory on account from Toshikar, a Japanese company. The price was 700,000 yen,
Translate into dollars the balance sheet of Wyoming Leather Goods Spanish subsidiary. When Wyoming Leather Goods acquired the foreign subsidiary, a euro was worth $1.07. The current exchange rate
During fiscal year 2010, Frosted Doughnuts reported net loss of $131.1 million. Frosted received $1.8 million from the sale of other businesses. Frosted made capital expenditures of $10.9 million and
At the end of the year, Elite Properties statement of cash flows reported the following for investment activities:Elite PropertiesConsolidated Statement of Cash Flows (Partial)Cash flows from
Suppose ChatNow owns the following investments at December 31, 2010:a. 100% of the common stock of ChatNow United Kingdom, which holds assets of £1,400,000 and owes a total of 1,200,000. At December
In-the-Box Retail Corporation reported stockholders equity on its balance sheet at December 31, as follows:In-the-Box RetailBalance Sheet (Partial)Shareholder s Equity:Common stock, $1.00 par
Multiple Choice QuestionsQuestions 1-3 use the following data:Assume that Clear Networks owns the following long-term available-for-sale investments:1. Clears balance sheet should reporta.
Multiple Choice Questions1. On January 1, 2010, Microspace, Inc., purchased $80,000 face value of the 5% bonds of Mail Frontier, Inc., at 107. The bonds mature on January 1, 2015. For the year ended
Oregon Exchange Company completed the following long-term investment transactions during 2010:2010May 12 Purchased 17,500 shares, which make up 30% of the common stock of Woburn Corporation at total
The beginning balance sheet of Noram Corporation included the following:Long-Term Investment in Rockaway Software (equity-method investment).......... $612,000Noram completed the following
This problem demonstrates the dramatic effect that consolidation accounting can have on a company€™s ratios. Fixed Motor Company (Fixed) owns 100% of Fixed Motor Credit Corporation (FMCC),
Assume Rose, Inc., paid $453,000 to acquire all the common stock of Mountain Corporation, and Mountain owes Rose $175,000 on a note payable. Immediately after the purchase on September 30, 2010, the
Insurance companies and pension plans hold large quantities of bond investments. Sea Insurance Corp. purchased $2,400,000 of 4.0% bonds of Sheehan, Inc., for 110 on January 1, 2010. These bonds pay
Suppose Turquoise Corporation completed the following international transactions:May 1 Sold inventory on account to Fiat, the Italian automaker, for €65,000. The exchange rate of the euro was
Assume that Folgate has a subsidiary company based in Japan.Requirements1. Translate into dollars the foreign-currency balance sheet of the Japanese subsidiary of Folgate.
Colorado Exchange Company completed the following long-term investment transactions during 2010:2010May 12 Purchased 18,200 shares, which make up 40% of the common stock of Brentwood Corporation at
The beginning balance sheet of Segui Corporation included the following:Long-Term Investment in NEW Software (equity-method investment).............. $616,000Segui completed the following investment
This problem demonstrates the dramatic effect that consolidation accounting can have on a company€™s ratios. Space Motor Company (Space) owns 100% of Space Motor Credit Corporation (SMCC),
Assume Ronny, Inc., paid $346,000 to acquire all the common stock of Dinette Corporation, and Dinette owes Ronny $192,000 on a note payable. Immediately after the purchase on September 30, 2010, the
Insurance companies and pension plans hold large quantities of bond investments.Safe Insurance Corp. purchased $2,700,000 of 8.0% bonds of Sherman, Inc., for 118 on January 1, 2010. These bonds pay
Suppose Lavender Corporation completed the following international transactions:May 1 Sold inventory on account to Palermo, the Italian automaker, for €60,000. The exchange rate of the euro was
Assume that Mason has a subsidiary company based in Japan.Requirements1. Translate into dollars the foreign-currency balance sheet of the Japanese subsidiary of Mason.
Infografix Corporations consolidated sales for 2010 were $26.6 billion, and expenses totaled $24.8 billion. Infografix operates worldwide and conducts 37% of its business outside the United States.
Cathy Talbert is the general manager of Barham Company, which provides data-management services for physicians in the Columbus, Ohio, area. Barham Company is having a rough year. Net income trails
Media One owns 18% of the voting stock of Web Talk, Inc. The remainder of the Web Talk stock is held by numerous investors with small holdings. Austin Cohen, president of Media One and a member of
This case is based on the consolidated financial statements of Foot Locker, Inc., given in Appendix B at the end of this book. Refer specifically to Note 1, Summary of Significant Accounting
The consolidated financial statements of Amazon.com, Inc., are given in Appendix A at the end of this book.1. Refer to Note 1 Description of Business and Accounting Policies, under
Examine Round Rocks assets.1. What is Round Rocks largest category of assets? List all 2011 assets in the largest category and their amounts as reported by Round Rock.2. What was Round Rocks cost of
This chapter lists the costs included for the acquisition of land on pages. First is the purchase price of the land, which is obviously included in the cost of the land. The reasons for including the
Foley Distribution Service pays $140,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $75,000, the building s current
Assume Nation Airlines repaired a Boeing 777 aircraft at a cost of $1.5 million, which Nation paid in cash. Further, assume the Nation accountant erroneously capitalized this expense as part of the
Assume that at the beginning of 2010, Northeast USA, a FedEx competitor, purchased a used Boeing 737 aircraft at a cost of $53,000,000. Northeast USA expects the plane to remain useful for five years
Use the Northeast USA data in Short Exercise 7-5 to compute Northeast USAs third-year depreciation on the plane using the following methods:a. Straight-lineb. Units-of-productionc. Double-declining
This exercise uses the assumed Northeast USA data from Short Exercise. Assume Northeast USA is trying to decide which depreciation method to use for income tax purposes. The company can choose from
Assume that on September 30, 2010, LoganAir, the national airline of Switzerland, purchased an Airbus aircraft at a cost of €45,000,000 (€ is the symbol for the euro).LoganAir expects the plane
Ten Flags over Georgia paid $100,000 for a concession stand. Ten Flags started out depreciating the building straight-line over 20 years with zero residual value. After using the concession stand for
On January 1, 2010, ABC Airline Service purchased an airplane for $37,700,000.ABC Airline Service expects the plane to remain useful for six years and to have a residual value of $2,900,000. ABC
North Coast Petroleum, the giant oil company, holds reserves of oil and gas assets. At the end of 2010, assume the cost of North Coast Petroleum’s mineral assets totaled $120 billion, representing
Vector, Inc., dominates the snack-food industry with its Tangy-Chip brand. Assume that Vector, Inc., purchased Concord Snacks, Inc., for $8.8 million cash. The market value of Concord Snacks assets
This exercise summarizes the accounting for patents, which like copyrights, trademarks, and franchises, provide the owner with a special right or privilege. It also covers research and development
During 2010, Northern Satellite Systems, Inc., purchased two other companies for $16 million. Also during 2010, Northern made capital expenditures of $7 million to expand its market share. During the
Ayer Self Storage purchased land, paying $175,000 cash as a down payment and signing a $190,000 note payable for the balance. Ayer also had to pay delinquent property tax of $3,500, title insurance
Deadwood Manufacturing bought three used machines in a $167,000 lump-sum purchase. An independent appraiser valued the machines as shown in the table.Machine No. Appraised Value1
Assume Candy Corner, Inc., purchased conveyor-belt machinery. Classify each of the following expenditures as a capital expenditure or an immediate expense related to machinery:a. Sales tax paid on
During 2010, Chun Book Store paid $487,000 for land and built a store in Akron. Prior to construction, the city of Akron charged Chun $1,400 for a building permit, which Chun paid. Chun also paid
West Sides Pizza bought a used Nissan delivery van on January 2, 2010, for $19,000. The van was expected to remain in service for four years (36,000 miles). At the end of its useful life, West Sides
Assume that in January 2010, an Oatmeal House restaurant purchased a building, paying $56,000 cash and signing a $107,000 note payable. The restaurant paid another $61,000 to remodel the building.
On June 30, 2010, Rockwell Corp. paid $220,000 for equipment that is expected to have an eight-year life. In this industry, the residual value of equipment is approximately 10% of the asset s cost.

Showing 30600 - 30700 of 107832

First
300
301
302
303
304
305
306
307
308
309
310
311
312
313
314
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