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accounting

Questions and Answers of Accounting

Analyzing Opportunity Cost Using Credit. Think about the last three major you made. (Reminder: The (3) major purchases were flat screen TV, stove, and living room set)a. Did you pay cash? If so,
Comparing Reason for Using Credit. Prepare a list of similarities and differences in the reason the following individual might have for using credit.a. A teenagerb. A young adultc. A growing
Calculating the Cash Advance Fee and the Dollar Amount of Interest. Sidney took a $200 advance by using checks linked to her credit card account. The bank charged a 2 percent cash advance fee on the
Weisberg Corporation has 11,340 shares of $100 par value, 6% preferred stock Weisberg Corporation has 11,340 shares of $100 par value, 6% preferred stock and 54,500 shares of $9 par value common
Partners Maness and Joiner have decided to liquidate their business. The ledger shows the following account balances:Maness and Joiner share profits and losses in an 8:2 ratio. During the first month
Jennifer Job is considering opening her own business, Jenny's Jungle Gyms. She has gathered information on the assembly and installation of jungle gyms for nursery schools, elementary schools, parks
The purchasing department has found an excellent global positioning system circuit card in Germany that can provide your firm with a competitive advantage in the marketplace. Delivery of the circuit
Primetime Systems, Inc. now has total worldwide revenues of over $820 million forecast for this coming year. You have operations in the United States of $450 million with a 12% ROS (return on sales),
Kamal is starting a new business in 2006, which will operate as an S corporation. This means that income earned by the corporation will be reported by shareholders even if they do not receive
The trail balance of Wanda Landowska Company review of your ledger reveals the following:(a) Each account had a normal balance.(b) The debit footings in prepaid insurance, Account payable, and
The Landis Corporation had 2008 sales of $100 million. The balance sheet items that vary directly with sales and the profit margin are as
Nancy Tai has recently opened a revolving charge account with MasterCard. Her credit limit is $1000, but she has not charged that much since opening the account. Nancy hasn't had the time to review
1. Calculate the net profit margin for each year.2. Calculate the average annual growth rates for revenue and net income using the GEOMEAN function.3. Calculate the average annual growth rate of
1. If sales were $3,200,000 in 2007 rather than $2,900,000. The 2007 net income would be $433,900 and the retained earnings would be $969,000 Changing the tax rate to 40%, would cause the 2007 net
The County Historical Society and Museum is considering holding a picnic as a fundraiser. They plan to charge $15 per ticket. They can rent a facility at a state park for $300. The food would be
July 1 Wong Ah Meng started business with $100,000 in Bank.3 Bought office fixtures by cheque $8,000.4 Bought goods by cheque $35,000.5 Withdrew $8,000 from bank for use in shop.6
Calculate operating income using the following information:Gross profit margin .......................................45%Cost of goods sold .......................................$450Interest income
The following financial statement information is from five separate companiesRequirement 1:Answer the following questions about Company A (Omit the "$" sign in your response):a. What is the amount of
On January 1, 2005, Wintz Corporation acquired machinery at a cost of $600,000. Wintz adopted the straight-line method of depreciation for this machine and had been recording depreciation over an
Ventura Corporation purchased machinery on January 1, 2009 for $630,000. The company used the sum-of-the-years'-digits method and no salvage value to depreciate the asset for the first two years of
On a typical day, Park Place Clinic writes $1,000 in checks. It generally takes four days for those checks to clear. Each day the clinic typically receives $1,000 in checks that take three days to
a. What is the purpose of financial statements?b. What are some of the limitations of financial statements?c. What are common-size statements?d. What is ratio analysis - why do financial managers use
1. What amount would retained earnings have to be to ensure that our Accounting Equation is in balance?Revenue and Expenses for the fiscal year were as follows:Revenues
The following information is as of December 31, 2010 for Home Health, IncCash .......................................................$20,000Accounts Receivable
Congratulations â€“ you just became Executive Director of the Assisted Living Corporation. During your interview process, you were very impressed with the Board of Directors and their belief in
Equipment costing $90,000 with a useful life of 10 years and a residual value of $6,000 has been depreciated for 6 years by the straight-line method. Assume a fiscal year ending December 31.(a) What
A. Machinery is purchased on July 1 of the current fiscal year for $180,000. It is expected to have a useful life of 4 years, or 20,000 operating hours, and a residual value of $20,000. Compute the
Journalize the following selected transactions completed during the current fiscal year:Jan 3 The board of directors reduced the par of common shares from $100 to $20. This action increased the
The comparative accounts payable and long-term debit balances of a company are provided below.Based on this information, what I is the amount and percentage of increase or decrease that would be
What four financial statements are contained in most Annual Reports?
A company estimates the following free cash flows (FCFs) during the next 3 years, after which FCF is expected to grow at a constant 6% rate. The company's cost of capital is 12% the company has $3
A company has a target capital structure that consists of 40 percent debt and 60 percent equity. The company's capital budget for next year is $10 million. Axel expects net income of $8 million.The
Exchange rates for several currencies are shown below.a. Is the U. S. dollar appreciating or depreciating against the yen? Explain.b. Is the U.S. dollar appreciating or depreciating against the peso?
Pierre Imports recently issued two types of bonds. The first issue consisted of 10-year straight debt with a 10 percent annual coupon. The second issue consisted of 10-year bonds with a 9 percent
Compute the depreciation expense for this equipment at December 31, 2012. IFRS11-8 Tan Chin Company purchases a building for $11,300,000 on January 2, 2012. An engineer’s report shows that of the
Chen, Inc’s treasure stock is resold for $15,000. What effect does this transaction have on (a) Net income.(b) Total assets,(c) Total paid-in capital,(d) Total stockholders’ equity.
A special power tool for plastic products costs $400,000 has a 4 year useful life, no salvage value, and a 2-year before tax payback period. Assume uniform annual end of year benefits. Compute the
Find the net income of Turbo Start (prob. 17-17) given the following data from the balance sheet and income statement. Turbo Start Data ($1000s)Accounts payable
The following data for the year ended June 30, 2010, were extracted from the accounting records of Roof Co.:Cost of merchandise sold ...........................$300,000Operating expenses
Using the following information, prepare a bank reconciliation for Salem Co. for May 31, 2010(a) The bank statement balance is $2,597.(b) The cash account balance is $2,680.(c) Outstanding checks
Determine the due date and amount of interest due at maturity on the followingnotes
The following units are available for sale during the yearDetermine ending inventory cost by(a) FIFO,(b) LIFO(c) Averagecost.
A company purchased a photocopy machine for $16,000. It has a useful life of 4 years and a residual value of $1,000. Compute depreciation for the first and second years under each of the following
Pace Corporation had a taxable income of $300,000 in 2010. They had a taxable income of $1,200,000 in 2011. What is their federal income tax liability for the company for each year?
The income statement of Faster Computers, Inc. showed the following information on December 31, 2014Income before income tax .......................................$1,472,000Income tax expense
Financial information for Princeton Company at December 31, 2014, and for the year then ended, are presented below:Income StatementSales revenue $ .......................................$80,000Cost
On October 15, 2013, Rural Sales has a bond with balances as shown below.Rural Sales retires the bonds for $82,000. Please provide the journal entry to retire thebonds.
The income statement and a partial balance sheet for Jefferson Company is presented below. Prepare the operating activities section of the statement of cash flows using the directmethod
On July 31, 2013, the Archer Company reported the following information in the equity section of their balance sheet:Stockholders' equityCommon stock, $1.00 par, 500,000 shares authorized, 20,000
The following items were shown on the balance sheet of Martin Corporation on December 31, 2012:Stockholders' Equity Paid-In Capital Stock Common stock, $5 par value, .............500,000Shares
Equipment was acquired on January 1, 2009, at a cost of $190,000. The equipment was originally estimated to have a salvage value of $10,000 and an estimated life of 10 years. Depreciation has been
These financial statement items are for Snyder Corporation at year-end, July 31, 2012.Salaries and wages payable ......................................................$2,580Salaries and wages expense
Allison Co. has the following postretirement benefit plan balances on January 1, 2012.Accumulated Postretirement benefit obligation ..................$2,535,000Fair value of plan assets
You are the Senior Accountant for the Patty Corporation, which has several divisions. They each keep their own accounting books and have chosen the appropriate method of revenue recognition based on
Pickle Construction DivisionThe Pickle construction division was working on one project for the 2012 fiscal year. They use the percentage of completion revenue recognition method.Contract for new
Peace Book Distribution DivisionOur book distribution division sells to national bookstores. Our division allows for up to 25% of sales in returns. For the past 4 years, returns have averaged 20%. We
Company provided the following financial information for its installment-sales for the current year.Financial Data:Installment sales for current year
Cook, Newton, and Associates provides legal services for its local community. In addition to its regular attorneys, the firm hires some part-time attorneys to handle small cases. Two secretaries
Several private and public sector organizations are associated with the profession. Listed below are activities pertaining to these organizations.1. License individuals to practice as CPAs.2.
(Assertions) In planning the audit of a client’s financial statements, an auditor identified the following issues that need audit attention1. The allowance for doubtful accounts is fairly presented
(Audit evidence) During the course of an audit, the auditor examines a wide variety of documentation. Listed below are some forms of documentary evidence and the sources from which they are
You have just been assigned as in-charge accountant on HipStar, Inc. a new audit client in the recording industry. HipStar is an emerging growth company that finds new recording artists, records
(Components of internal control) Internal controls can be categorized using the following framework.1. Control environment2. Risk assessment3. Information and communication4. Control activities4.1.
Briefly describe three strategies for testing internal controls when information technology is used for significant accounting processing.
What are the advantages and disadvantages of the computer-assisted audit technique known as parallel simulation?
Steve's Drug Store has four employees who are paid on an hourly basis plus time-and a half for all hours worked in excess of 40 a week. Payroll data for the week ended February 15, 2012, are shown
At December 31, 2012, Jimenez Company reported the following as plant assets.During 2013, the following selected cash transactions occurred.April 1 purchased land for $2,230,000.May 1 Sold equipment
Corporate Stocks transactions Horner Corporation is authorized to issue 1,000,000 shares of $5 par value common stock. During 2010, its first year of operation, the company has the following stock
The following items were shown on the balance sheet of Herman Corporation on December 31, 2010:Stockholders’ EquityPaid-In CapitalCapital StockCommon stock, $5 par value, 360,000 sharesauthorized;
On January 1, 2010, the stockholders’ equity section of Lopez Corporation shows: Common stock ($5 par value) $1,500,000; paid-in capital in excess of par value $1,000,000; and retained earnings
Howell Corporation purchased $350,000 of its bonds on June 30, 2010, at 102 and immediately retired them. The carrying value of the bonds on the retirement date was $339,500. The bonds pay semiannual
Justice, Inc. purchased $400,000 of its bonds at 97 on June 30, 2010, and immediately retired them. The carrying value of the bonds on the retirement date was $393,000. The bonds pay semiannual
Riser Company has $80,000, 10%, 12-year convertible bonds outstanding. These bonds were sold at face value and pay semiannual interest on June 30 and December 31 of each year. The bonds are
Taylor Corporation issued $2 million, 10-year, 6% bonds on January 1, 2010.InstructionsPrepare the entry to record the sale of these bonds, assuming they were issued at(a) 98(b) 103.3
Otel Corporation entered into an agreement with its investment banker to sell 15 million shares of the company's stock with Otel netting $270 million dollars from the offering. The out-of-pocket
Campbell Company's balance sheet and income statement are shown below (in millions of dollars). The company and its creditors have agreed upon a voluntary reorganization plan. In this plan, each
Sean Matthews is a waiter at the Duluxe Lounge. In his first weekly pay in March, he earned $150.00 for the 40 hours he worked. In addition, he reports his tips for February to his employer
Heather owns a two-story building. The building is used 60% for business use and 40% for personal use. During 2011, a fire caused major damage to the building and its contents. Heather purchased the
The Accent Corporation shows the following information.  On January 1, 2012, Accent purchased a donut machine for $600,000.A) Pretax financial income is $3,200,000 in 2012 and $3,500,000 in 2013.B)
Arlene's estate includes the following assets.Accrued rents on the apartment building are as follows: $70,000 (date of death) and $60,000 (six months later). To pay expenses, the executor of Arlene's
Total 2008 gift of life insurance policy is 72,000. Annual exclusions are 24,000 (2 donees at 12,000). Current taxable gifts equal 48,000. Prior taxable gifts are 1,500,000. Cumulative gifts equal
Computing Taxable Income. Thomas Franklin arrived at the following tax information:Gross salary .....................................$46,910Interest earnings
Determining a Refund or Taxes Owed. Based on the following data, would Ann and Carl Wilton receive a refund or owe additional taxes?Adjusted gross income
Jager Inc. holds 30% of the outstanding voting shares of Kinson Co. and appropriately applies the equity method of accounting. Amortization associated with this investment equals $11,000 per year.
During 2006, Gary earned $57,000 as an executive. Gary, who is single, supported his half sister, who lives in a nursing home. Gary received the following interest: $400 on City of Los Angeles bonds,
Able Corporation is a manufacturer of electrical lighting fixtures. Able is currently negotiating with Ralph Johnson, the owner of an unincorporated business, to acquire his retail electrical
Russ has never recognized any Sec. 1231 gains or losses. In December 2006, Russ is considering the sale of two Sec. 1231 assets. The sale of one asset will result in a $20,000 Sec. 1231 Gain while
On January 1, 2012, Harrington Company has the following defined benefit pension plan balances.Projected benefit obligation .......................$5,600,000Fair value of plan assets
Find the future value one year from now of a $7,000 investment at a 3 percent annual compound interest rate. Also calculate the future value if the investment is made for two years.
Find the future value of $10,000 invested now after five years if the annual interest rate is 8 percent.A. What would be the future value if the interest rate is a simple interest rate?B. What
Find the present value of $7,000 to be received one year from now assuming a 3 percent annual discount interest rate. Also calculate the present value if the $7,000 is received after two years.
Determine the present value now of an investment of $3,000 made one year from now and an additional $3,000 made two years from now if the annual discount rate is 4 percent.
Use a financial calculator or computer software program to answer the following questions.a. What is the present value of $359,000 that is to be received at the end of twenty-three years, the
Suppose your firm is planning to invest in a project that will generate the following income stream: a negative flow $300,000 per year for 5 years, a positive flow of $450,000 in the sixth year, and
A friend who owns a perpetuity that promises to pay $1,000 at the end of each year, forever, comes to you and offers to sell you all of the payments to be received after the 25th year for a price of
Rob and Laura wish to buy a new home. The price is $300,000 and they plan to put 25% down. New Rochelle Savings and Loan will lend them the remainder at 8% per annum, compounded semi-annually for a
Compute the annual interest payments and principal amount for a Treasury Inflation-Protected Security with a par value of $1,000 and a 3 percent interest rate if inflation is 4 percent in year one,
If you borrow $20,000 at the interest rate of 12%, what are the end-of-year payments if the loan is for five years? If the interest rate is 12.5% would the monthly payment be higher/lower?
Find the future value of an ordinary annuity of $200 each year for 5 years, earning 5%.
The Bradford 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 holding

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