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accounting

Questions and Answers of Accounting

Donna Leeds and Ann Reeves have capital accounts of $420,000 and $480,000, respectively. Jeff Evans and Pete Patton are to join the partnership. Evans invests $425,000 in the partnership for which he
Jim Welch and Sam Thayer share partnership income on a 3:2 basis. They have capital balances of $560,000 and $280,000, respectively, when Bill Ryan is admitted to the
The Dobler and Menke Partnership has partner capital account balances as follows:Dobler, Capital $550,000Menke, Capital 200,000The partners share income and losses in the ratio of 60% to Dobler and
The HK Partnership is liquidated when the ledger shows:Cash ........... $60,000Noncash Assets ...... 90,000Liabilities ........ 44,000Howell, Capital ...... 100,000Kenton, Capital ...... 6,000Howell
The ABC Partnership is to be liquidated and you have been hired to prepare a Schedule of Cash Payments for the partnership. Partners Andie, Becka, and Candice share income and losses in the ratio of
Prepare a partners' capital statement for Zimmermann Company based on the following information.Net income was $45,000, and the partners share income 60% to Zimmer and 40% toMann
The Mago Company at December 31 has cash $50,000, noncash assets $250,000, liabilities $138,000, and the following capital balances: Gonzalez $112,000 and Maldonado $50,000. The firm is liquidated,
The Frick & Frack Co. reports net income of $24,000. Interest allowances are Frick $3,000 and Frack $5,000; partner salary allowances are Frick $18,000 and Frack $10,000 and the remainder is shared
Northern Co. had beginning capital balances on January 1, 2012, as follows: Andy Golic $30,000 and Jim Carney $25,000. During the year, drawings were Golic $15,000 and Carney $8,000. Net income was
Joe Mann and Sam Trane operate separate auto repair shops. On January 1, 2012, they decide to combine their separate businesses which were operated as proprietorships to form M & T Auto Repair, a
M. Flaherty, P. Denny, and G. Newman are forming a partnership. Flaherty is transferring $75,000 of personal cash to the partnership. Denny owns land worth $25,000 and a small building worth
Decker and Mader have a partnership agreement which includes the following provisions regarding sharing net income or net loss:1. A salary allowance of $48,000 to Decker and $36,000 to Mader.2. An
The adjusted trial balance of the Melton and Yount Partnership for the year ended December 31, 2012, appears below:The partnership agreement stipulates that a division of partnership net income or
Jan Penny and Barb Gant have formed the PG Partnership, and have capital balances of $130,000 and $100,000, respectively, on January 1, 2012. On June 1, 2012, Gant invested an additional $30,000.
Dodd Delivery Company and Hess Delivery Company exchanged delivery trucks on January 1, 2011. Dodd's truck cost $84,000, had accumulated depreciation of $69,000, and has a fair market value of
Colaw Company exchanges equipment with Eaton Company and Mantle Company exchanges equipment with Fiero Company. The following information pertains to the exchanges:InstructionsPrepare the journal
Presented below is information related to plant assets, natural resources, and intangibles at year end on December 31, 2011, for Rangel Company:Buildings ......... $ 1,080,000Goodwill .........
Miley Enterprises sold equipment on January 1, 2011 for $5,000. The equipment had cost $24,000. The balance in Accumulated Depreciation at January 1 is $20,000. What entry would Robot make to record
For each entry below make a correcting entry if necessary. If the entry given is correct, then state "No entry required."(a) The $60 cost of repairing a printer was charged to Computer
Conroy Company purchased a machine at a cost of $90,000. The machine is expected to have a $5,000 salvage value at the end of its 5-year useful life.InstructionsCompute annual depreciation for the
Guardado Company purchased a new machine for $400,000. It is estimated that the machine will have a $40,000 salvage value at the end of its 5-year useful service life. The double-declining-balance
The Nichols Clinic purchased a new surgical laser for $96,000. The estimated salvage value is $6,000. The laser has a useful life of five years and the clinic expects to use it 10,000 hours. It was
Northeast Airlines purchased an aircraft on January 1, 2010, at a cost of $45,000,000. The estimated useful life of the aircraft is 20 years, with an estimated salvage value of $5,000,000. On January
Equipment was acquired on January 1, 2008, at a cost of $160,000. The equipment was originally estimated to have a salvage value of $10,000 and an estimated life of 10 years. Depreciation has been
Steve White the new controller of Weinberg Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2010. His findings are as follows.All
Eckan Word Processing Service uses the straight-line method of depreciation. The company's fiscal year end is December 31. The following transactions and events occurred during the first three
(a) Payne Company purchased equipment in 2004 for $90,000 and estimated a $6,000 salvage value at the end of the equipment's 10-year useful life. At December 31, 2009, there was $58,800 in the
Presented below are selected transactions for Corbin Company for 2011.Jan. 1 Received $9,000 scrap value on retirement of machinery that was purchased on January 1, 2000. The machine cost $90,000
Lowe Mining Company purchased a mine for $70 million which is estimated to have 250,000 tons of ore and a salvage value of $10 million.(a) In the first year, 50,000 tons of ore are extracted and
Dayton Mining Company purchased land containing an estimated 15 million tons of ore at a cost of $6,000,000. The land without the ore is estimated to be worth $900,000. The company expects to operate
Presented below are two independent situations:(a) Waner Company exchanged an old machine (cost $100,000 less $60,000 accumulated depreciation) plus $7,000 cash for a new machine. The old machine had
One of the major advantages of funding the company with debt financing is the tax effects realized because the interest charges are a tax deduction.
Sythesis Corp. expects to receive $11,000 per year for 10 years and $3,500 per year for the next 10 years. How much is this worth today? Use a 11% discount rate.
Dr. J. wants to buy an IBM personal computer which will cost $1,788 two years from today. He would like to set aside an equal amount at the end of each quarter in order to accumulate the amount
The first national bank pays a 4% interest rate compound continuously. The effective annual rate paid by the bank is __________.a. 4.16%b. 4.20%c. 4.08%d. 4.12%
Today, Mark invested $5,000 into an account that guarantees 7.50% p.a., compounded monthly and Madonna invested $5,000 into account guaranteeing 8.125% p.a., compounded quarterly. How long will it
You have your choice of two investments accounts. Investment A is a 15 year annuity that features end of month $1,150 payments and has an interest rate of 6% compound monthly. Investment B is a 7%
Determine the sensitivity of the investment to the changes in the initial outlay.
Would you prefer to receive 5 annual payments of $ 200 or 6 annual payment of $ 180 if the interest rate is 10% per year?
The Pay Back Method is preferred by many companies because it is relatively easy to use and incorporates Time Value of Money concepts.
To what amount will the following investment accumulate? $5,000 invested for 10 years at 10 percent compounded annually
What is the present value of the following future amounts?A- $800 to be received 10 years from now discounted back to the present at 10 percentB- $300 to be received 5 years from now discounted back
Joie is planning to attend college when she graduates from high school in 7 years from now. She anticipates that she will need $10,000 at the beginning of each college year to pay for tuition and
Marcia will receive $6,350 this year, $7,280 next year, and $8,470 the following year. The cash flows occur at the end of each year. What is the future value of these cash flows at the end of year 3
Natalie Portman will invest $30,000 today. She needs $222,000 in 21 years. What annual interest rate must she earn?
Suppose you have $400,000 in cash, and decide to borrow another $100,000 at a 5% interest rate to invest in the stock market. You invest the entire $500,000 in a portfolio J with a 24% expected
Jason has two retirement objectives. He wants to retire in 30 years. After retirement, he wants monthly retirement income of $20,000 per month for 20 years and leaves an inheritance of $1,000,000 for
Describe one of the methods of incremental analysis discussed in the text. What other outside factors should a manager consider when performing the incremental analysis you have chosen?
A new tennis racquet costs $120 in the United States. How much should the exact same tennis racquet cost if bought in France with euros?
An investor wishes to buy euros spot (at $0.9080) and sell euros forward for 180 days (at $0.9146).a. What is the swap rate on euros?b. What is the forward premium or discount on 180-day euros?
Suppose the euro is quoted at 0.7064–80 in London and the pound sterling is quoted at 1.6244–59 in Frankfurt. (a) Is there a profitable arbitrage situation? Describe it. (b) Compute the
With each topic, describe what you know to be the important components of each. Explain the important points, and then give an example.You explain the important points.a) Accounting
Causeway Ltd was formed in yr 2000 and its principal activities are that of producing and selling cricket bats. The company sells the bats to wholesalers and retailers and has an annual turnover of $
Explain the basic procedures in scenario analysis?
Explain the difference between diversifiable risk and market risk. marks)
Corporate culture has been said to be the toughest component of a business to change. Do you agree or disagree with this statement and why?Define the five types of power according to French and
What is sustainable leadership? Explain the significance and benefits of creating sustainable leadership within corporation.
Write a 1,400- to 1,750-word paper that demonstrates an example of poor intercultural communication that significantly affected international commerce or foreign policy. Illustrate the lack of
What are the benefits and drawbacks of the U.S. capital markets – as compared to other international markets? How could trading in the U.S. be improved from an investor’s viewpoint?
What are the advantages and disadvantages for both employers and employees of resolving disputes through ADR? Why would a company have an employee sign a commitment to resolve disputes through
A small Canadian company in pharmaceuticals has developed a new drug and is considering selling it to the European Union market. The company is considering the following options:(a) Manufacture the
Acme is also considering the acquisition of a firm in the Czech Republic and would like your opinion on this. It plans to operate the firm for 3 years and then reevaluate the holding.Free Cash flows
Computer upgrades have a nominal time of 80 minutes. Samples of five observations each have been taken, and the results are as listed. Using factors from table, determine upper and lower control
A Treasury bond futures contract settles at 105-8.a. What is the present value of the futures contract?b. If the contract settles at 105-8, are current market interest rates higher or lower than the
The adjusted trial balance for Colella a furniture company on September 30, the end of its first month of operations, is as follows:The general ledger reveals the following additional data:There were
The following information is for employee Robert Ellis for the week ended March 15.Total hours worked: 48Rate: $15 per hour, with double time for all hours in excess of 40Federal income tax withheld:
A U.S. firm wants to raise $15 million by selling 1 million shares at a net price of $15. We know that some say that firms “leave money on the table” because of the phenomenon of under pricing.a.
State the assumptions that underlie the sustainable growth rate and interpret what the sustainable growth rate means.
Suppose a firm calculates its EFN and finds that it is negative. What are the firm’s options in this case?
Suppose that sales and profits of Oly Enterprises are growing at a rate of 30% per year. At the end of 4 years (t4) the growth rate will drop to a steady 5%. Oly recently paid a dividend of $1 per
a. Does a rights offer cause a share price decrease? Why or why not?b. How are existing shareholders affected by a rights offer? Illustrate your answer with an example
The Eastern Spruce equity accounts for the last year are as follows:Common stocks, $2 par value....................................?500 shares outstanding
Consider the following financial statement information for the Building Icers Corporation:Calculate the operating and cash cycles. How do you interpret your answer?
John Spencer has just negotiated a 10-year loan for his Elite restaurant. He borrowed $5.000.000 with a stated semiannual rate of 3% with payments due every six months. The loan allows him to
John Browning was successful in getting a 10 year commercial loan for $12.000.000 for the purchase of the Clearwater Inn. The terms of the loan are quarterly interest of 2% per quarter with payments
The following items are taken from the financial statements of Alfredo Inc. for 2008Accounts Payable ........................................................................$15,000Accounts
The Joe Elvis Company is currently holding 700,000 in cash. It projects that over the next year its cash outflows will exceed cash inflows by $360,000 per month. How much of the current cash holdings
Consider the following financial statement information for the Icers CorporationCalculate the operating and cash cycles. How do you interpret your answer?
LoDo, Inc. has sales of $642,000 and average accounts payable of $36,400. The cost of goods sold is equivalent to 65% of sales. How long does it take LoDo to pay its suppliers?A. 11.46
Need a balance sheet and a financial statement.Assets are buildings worth $1,414,129 with accumulated depreciation of $71,060 at 12/31/08 and land worth 150,000. Plus new building bought 6/22/09
The checkbook balance of roger co. is $681.54. The bank statement reveals a balance of $2,111.28. The bank statement showed interest earned of $61, and a service charge of $59.64. There is a deposit
Given the following year-end balances, prepare a multiple step income statement (on an excel sheet), statement of retained earnings (on an excel sheet), and a classified balance sheet on an excel
Can you please give me a quote on the following assignment. I only need you to advise only the owner’s equity on the following. This is a simple project, but I would like for you to double check my
Central Air Inc has the following transactions in August 2012. Prepare journal entries for each of the transactions:1. Issued 3,000 shares common stock to investors for cash at $10 per share.2.
Several transactions are given below that were completed during 2011 by Story Company. Prepare the adjusting entries as of December 31, 2011, assuming no adjusting entries have been made during the
Frostburg Retail shop has the following adjusted trial balance at December 31, 2012Required:Prepare good forms of Income Statement, Statement Of Stockholders' Equity, and Balance Sheet for December
On 1/1/2012, Company ABC acquires 20,000 shares of company XYZ at cash price of $10 per share. Company XYZ has 300,000 shares issued and outstanding. On 6/15/12, Company XYZ declares dividends of $2
XYZ Ltd. is considering replacement of its two-year old computer. Original purchase price was $4,000 with expected operating costs of $500 for the third year. A new computer costs $5,000, and will
Use the following information for questions 28 and 29.On January 1, 2011, Parks Co. has the following balances:Projected benefit obligation ...............................$4,200,000Fair value of plan
The 30 units that were paid for in advance and recorded in January are delivered to the customer....How would i make a two-part journal entry for that?
Kelly Company paid current month's rent, $2,000. Create a double entry accounting system: finding out the two accounts affected, what kind of accounts are they, do the account balances increase or
The following information was available for the General Fund of the City of Thomasville for the Year Ended December 31, 2012:(a) Revenues for the year included property taxes in the amount of
On March 1, 2012, Avengers Construction Company contracted to construct a factory building for Marvel Manufacturing Inc. for a total contract price of $6,500,000. The building was completed by
JumpinJehosaPhats is a small business owned by JJ Phats as the sole proprietor. JJphats is incorporating the business. On January 1, 2012, JumpinJehosaPhats Inc. has been authorized to issue
Darling Paper Container, Inc. purchased several machines at a total cost of $300,000. The installation cost for this equipment was $25,000. The firm plans to depreciate the equipment using the MACRS
1. Halen Company’s unadjusted trial balance at December 31, 2010, included the following accounts.Debit CreditAllowance for doubtful accounts ..................$4,000Net Sales
BIB Corporation's capital structure consists of 250,000 shares of common stock. At December 31, 2011, an analysis of the accounts and discussions with company officials revealed the following
Jeff, a 52% owner of an S corporation has a stock basis of zero at the beginning of the year. Jeff's basis in a $10,000 loan made to the corporation and evidenced by a corporate note has been reduced
(Classification of Acquisition Costs) Selected accounts included in the property, plant, and equipment section of Lobo Corporation’s balance sheet at December 31, 2011, had the following
Schumann Shoe Manufacturer is considering whether or not to refund a $70 million, 10% coupon, 30-year bond issue that was sold 8 years ago. It is amortizing $4.5 million of flotation costs on the 10%

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