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Questions and Answers of Accounting

What kind of a dividend policy should a company follow?
In October, 2012, seasonally adjusted estimated civilian employment was 143,384,000, while unemployment was 12,258,000 and those out of the labor force numbered 88,341,000. The following month, in
How do I perform closing entries on quick books. What are the steps to do it and in what format.
A company reported the following stockholders' equity on January 1 of the current year:Prepare journal entries for the following selected transactions related to this company's stock during the
You purchased 1,000 shares of the New Fund at a price of $20 per share at the beginning of the year. You paid a front-end load of 4%. The securities in which the fund invests increase in value by 12%
The stock of Business Adventures sells for $40 a share. Its likely dividend payout and end-of-year price depend on the state of the economy by the end of the year as follows:Calculate the expected
1. FASB statement 116 requires contributions to be recorded as revenue when the contribution is promised.2. After the issuing of Statement 117, not-for-profit financial statements are relatively
You are a CPA and a new client who is starting a small retail business with four other investors. The new client is convinced that an S corporation is the best choice because a friend who is not a
Calibri Company produces three products: F, G, and H. The selling price, variable costs, and contribution margin for the one unit of each product below:One of two major machines used to produce these
How does opportunity cost enter into the make or buy decision? What would be an example of a decision that you might make in your personal life that would involve an opportunity cost? What decision
Some taxpayers benefit from what is called a "marriage bonus." What is it? Who are these taxpayers that benefit?
Pearson Company owns 90% of the outstanding common stock of Spring Company. On January 1, 2011, Spring Company sold equipment to Pearson Company for $200,000. Spring Company had purchased the
On January 1, 2010, Price Company acquired an 80% interest in the common stock of Smith Company on the open market for $750,000, the book value at that date.On January 1, 2011, Price Company
Plan Company acquired an 80% interest in Sloane Company when the retained earnings of Sloane Company were $300,000. On January 1, 2011, Sloane Company recorded a $250,000 gain on the sale to Platt
Padilla Company acquired 90% of the outstanding common stock of Sanchez Company on June 30. 2011. for $426.000. On that date. Sanchez Company had retained earnings in the amount of $60,000 and the
Fill in the blanks () with the correct entries.Calculations:(3.)(5.)(6.)(7.)(8.)
1. Estimate future annual dividends, cash flows to shareholders in the next five years using the estimated firm’s five-year growth rate, or industry five-year growth, or the combination. After five
Secs. 1231, 1245 and 1250. Glen, whose tax rate is 33%, sells each of the following assets for $200,000. Each case is an independent case.Building purchased in 1995 for $220,000 with adjusted basis
Anderson acquires 10 percent of the outstanding voting shares of Barringer on January 1, 2011, for $96,620 and categorizes the investment as an available-for-sale security. An additional 20 percent
At the start of the current year, Indigo Corporation (a calendar year taxpayer) has accumulated E & P of $240,000. Indigo’s current E & P is $160,000, and at the end of the year, it distributes
Summarize the rules for computing corporate Alternative Minimum Tax (AMT).
Summarize the rules required to take the Production Activities Deduction (PAD).
What the term consolidated financial statements means.
Within the consolidation process, discuss the purpose of a worksheet.
Peter Company obtains all of the common stock of Sam Inc. by issuing 50,000 shares of its own stock. Under these circumstances, why might the determination of an acquisition price be difficult?
Part 1: Complete the partial income statement for Pinnacle, a merchandising business.Part 2: Complete the partial income statement for Slope, a manufacturing business.Part 3: Explain the difference
Assume Victory uses the average-cost method to account for its process costing system.VICTORY COMPANYFor the month of November:Number of units transferred to finished goods....... 700,000Number of
Use the "CCC10" Excel template to complete the accounting requirements for Cookie Creations in chapter 10 of the textbook. Work with your team to determine the correct answers. One person should
What are corporate distributions?
Axel Corporation acquires 100% of the stock of Wheal Company on December 31, Year 4. The following information pertains to Wheal Company on the date of acquisition:Axel Corporation issues $110,000
Discuss the rationale for GASB requiring raw sets of financial statements, each with a different measurement focus and basis for accounting for government activities. Do you agree with this rationale
A market researcher selects a simple random sample of n = 100 customers from its population of two million customers. After analyzing the sample, she states that she has 90% confidence that the mean
Management AssertionsYour first step in learning to audit is to understand and be able to identify management assertions for events and transactions. You will need to be able to relate these to
Explore the topics of B2B Marketing, e-commerce, and ethics in marketing. Consider the challenges and opportunities that present themselves in these important areas of business and reflected upon how
Discuss the rationale for GASB requiring raw sets of financial statements, each with a different measurement focus and basis for accounting for government activities. Do you agree with this rationale
Differentiate between accounting for restricted funds in nonprofits and governments. Examine some of the possible reasons GASB issued statement 54 clarifying the reporting and classification of funds
Jane, Jon, and Clyde incorporate their respective businesses and form Starling Corporation. On March 1 of the current year, Jane exchanges her property (basis of $50,000 and value of $150,000) for
Marvin is the executor and sole heir of his aunt's estate. The estate includes her furnished home, which Marvin is considering converting to rental property to generate additional cash flow. What are
Shepherd Industries had the following cash flows by major categories during the current year:Cash provided by:Receipts from customers ..........$ 560,000Sale of bonds ................400,000Sale of
Coley, Inc. has a cash cycle of 42.5 days, an operating cycle of 61 days, and an inventory period of 26 days. The company reported cost of goods sold in the amount of $340,000, and credit sales were
You’ve just joined the investment banking firm of Dewey, Cheatum, and Howe. They’ve offered you two different salary arrangements. You can have $6,800 per month for the next two years, or you can
Companies have the option of reporting some financial instruments at fair value and fair value reporting is required for some other financial instruments. IFRS 9 will retain mixed reporting. Discuss
On January 1, 2010, NWK, Inc.'s assets were $300,000 and its stockholders' equity was $140,000. During the year, assets increased $15,000 and liabilities decreased $10,000. What was the stockholders'
Enormo Corporation is a large multinational audit client of your CPA firm. One of Enormo’s subsidiaries, Ultro, Ltd., is a successful electronics assembly company that operates in a small Caribbean
Cooper Grant is the president of Acme Brush of Brazil the wholly owned Brazilian subsidiary of U.S.-based Acme Brush Inc. Cooper Grant’s compensation package consists of a combination of salary and
Max Firm is evaluating an extra dividend versus a share repurchase. In either case, $16,320 would be spent. Current earnings are $3.10 per share, and the stock currently sells for $85 per share.
Assume you purchase 100 shares of stock at $44 per share and wish to hedge your position by writing a 100-share call option on your holdings. The option has a 40 strike price and a premium of 8.50.
Select one of the following forum topics to research and write about.Week 2 Forum Topics - Chapter 2: Financial Statements, Cash Flow, and Taxes; Chapter 3: Analysis of Financial Statements1. The
Companies are often faced with the aspect of having to test the value of an asset on their books to see if it has been impaired.The company uses one of two values in the testing that is compared to
In each of the following independent situations, determine the dividends received deduction. Assume that none of the corporate shareholders owns 20% or more of the stock in the corporations paying
1. A foundation pledges to donate $1 million to an art institute one year in the future. When, and in what amount, should the institute recognize revenue? The institute applies a discount rate of
A not-for-profit organization receives a restricted gift. When, and in which type of fund, should it recognize the revenue? When, and in which type of fund, should it recognize the related expense?
Part 1 Now that she is selling mixers and her customers can use credit cards to pay for them, Natalie is thinking of upgrading her website to include the online sale of mixers and payment by credit
1. What is the revenue recognition principle? 2. What is the current environment regarding revenue recognition? 3. Research a current company's financial statement that the SEC has present or past
Hughes Technology has had net income of $450,000 in the current fiscal year. There are 100,000 shares of common stock outstanding along with convertible bonds, which have a total face value of $1.2
During the year the Senbet Discount Tire Company had gross sales of $870 000. The firm's cost of goods sold and selling expenses were 5280.000 and S155 000 respectively. Senbet also had notes payable
The capital accounts of Harrison and Marti have balances of $180,000 and $130,000, respectively, on January 1, 2010, the beginning of the current fiscal year. On April 10, Harrison invested an
Meyers Business Systems has 2 million shares of stock outstanding. Earnings with warrants after taxes are $4 million. Meyers also has warrants outstanding, which allow the holder to buy 100,000
Benson and Orton are partners who share income in the ratio of 1:3 and have capital balances of $70,000 and $30,000 respectively. Ramsey is admitted to the partnership and is given a 40% interest
Franco and Elisa share income equally. During the current year the partnership net income was $40,000. Franco made withdrawals of $12,000 and Elisa made withdrawals of $17,000. At the beginning
Suppose that a person won the Florida lottery and was offered a choice of two prizes: (1) $500,000 or (2) a coin-toss gamble in which he or she would get $1 million if a head were flipped and zero
Compare and contrast:1. Residual dividend model2. Clientele effect
1. Examine the site of salesforce.com and discuss how the internet provider can assist sales managers in their sales force management activities.2. Is incentive compensation more important for
The Charlotte Company produces a single product. The company had the following results for its first two years of operation:Additional information about the company is as follows:In Year 1, the
Assume that you own 1000 shares of Microsoft stock. If Microsoft performs a 3 for 1 stock split, how will this affect your number of shares in the company and your wealth in the company?
At the end of the current year, Accounts Receivable has a balance of $700,000; Allowance for Doubtful Accounts has a credit balance of $5,500; and net sales for the year total $3,500,000. Bad debt
For this 4-5 page project, you will create the Financial Highlights, Presidents Letter to the Stockholders and Management Discussion and Analysis reports that would be contained in a company’s
For each of the following scenarios, indicate the Bad Debt Expense to be recorded in 2011, the balance in the Allowance for Doubtful Accounts account at December 31, 2011, and the net realizable
The payroll register of Seaside Architecture Company indicates $870 of Social Security and $217 of Medicare tax withheld on total salaries of $14,500 for the period. Assume earnings subject to state
Choosing a partnership form of organizing is always more favorably from a tax position than incorporating. Defend your position.
Consider the following statement: “In order to maximize value, all firms should maintain a 30/70 debt to equity ratio”. Do you believe this statement is correct? Explain your rationale.
Summarize Machiavelli's "prudent Archer" analogy and describe why it is an important lesson for leaders.
Use the following codes to indicate how the cash flow effect, if any, of each transaction would be reported on a statement of cash flows if the operating activities section is prepared using the
Listed below are accounts to use for transactions (a) through (j), each identified by a number. Following this list are the transactions. You are to indicate for each transaction the accounts that
CelebNav, Inc. had sales last year of $600,000 and the analysts are predicting a good year for the start up, with sales growing 22 percent a year for the next 3 years. After that, the sales should
Custom Computers is a company started by two engineering students to assemble and market personal computers to faculty and students. The company operates out of the garage of one of the students'
Natalie decides that she cannot afford to hire John to do her accounting. One way that she can ensure that her cash account does not have any errors and is accurate and up-to-date is to prepare a
The company with the common equity accounts shown here has declared a four-for-one stock split when the market value of its stock is $43 per share. The firm’s 75-cent per share cash dividend on the
Distinguish between financial statements that combine funds with one that consolidates them
What is the rationale of the GASB for requiring two sets of financial statements, each with a different measurement focus and basis of accounting for governmental activities?
What are major funds? In what key ways are major funds reported differently than Non major funds?
Assume a bank has $5 million in deposits and $1 million in vault cash. If the bank holds $1 million in excess reserves and the required reserves ratio is 8 percent, what level of deposits are being
Marriott International, Inc., and Hilton Hotels Corporation are two major owners and managers of lodging and resort properties in the United States.Abstracted income statement information from the
Last year the company realized $14,876,543 in operating income (EBIT). Its annual interest expense is $3,600,000. What was the company's net income for the year?Dower Industries faces the following
Sales for the year totaled $600,000. The company president believes the company carries excess inventory. She would like the inventory turnover ratio to be 8´ and would use the freed up cash to
Last year sales for Syvester’s Electrical Inc., was $3 million and were supported by $2 million investment in assets. The sales produced a net income of $460,000.The company had fixed assets of
A company forecasts free cash flow in one year to be -$10 million and free cash flow in two years to be $20 million. After the second year, free cash flow will grow at a constant rate of 4
Two professors from the University of Michigan offered a paper entitled “Dying to Save Taxes: Evidence from Estate Tax Returns on the Death Elasticity,” published by the National Bureau of
During 2012 Daveco constructed a new building on land it already owned. In order to finance the construction, on January 1, Daveco took out a $100,000 8% loan, and it already had two other
On July 1 2012 Daveco purchases a new power hammer for $25,000. It is expected that the hammer will be used for $12,000 hours over the next ten years before sold off for $1,000 in salvage. The hammer
The following figures were taken from the 2011 and 2012 Balance Sheet2011 2012Cash 30A/RInventorySuppliesPP&EAccumulated Depreciation Total assetsYou can make up numbers hereAP 2012
Delta Company has 100,000 shares outstanding and plans to pay $1.00 per share in dividends each quarter next year. Delta has a capital budget of $700,000 for next year and plans to maintain its
Cover’s, Inc (CI) sells its stainless steel products on terms of “2/10, net 40”. CI is considering granting credit to retailers with total assets as low as $500,000. Currently the lowest asset
PMIS and cost accountingAn Earned Value system can be a very effective way to monitor projects. However, Earned Value Analysis requires a Project Cost Accounting System (PCAS).(a) What are some of
Carl had the following transactions for 2012:Salary: $55,000Damage award (compensatory) for city bus accident: $20,000Loss on sale of stock investment: $4,500Loan from father to purchase auto:
On May 18, 2012, Sara purchased 30 shares of ABC stock for $210, and on October 29, 2012, she purchased 90 additional shares for $900. On November 28, 2012, she sold 48 shares, which could not be
Barker, Inc. receives subscription payments for annual (one year) subscriptions to its magazine. Payments are recorded as revenue when received. Amounts received but unearned at the end of each of
Price Mart reduces the price of a 42 inch TV Plasma from $1,200 to $1,000. As a result sales of TV Plasmas increased from 30 units a month to 42 units a month. Calculate the price elasticity of
The January 1 inventory of supplies in an Internal Service Fund is $9,000. The fund purchases $23,000 of supplies during the year. The December 31 inventory of supplies is $6,000. If the pricing
Although the net method is theoretically more sound, most companies use the gross method of accounting for cash discounts related to sales on account. Explain this statement.

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