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
financial accounting tools for business

Questions and Answers of Financial Accounting Tools For Business

Depreciation information for Apex Chemicals Company is given in BE9-3. Asdepreciation.suming the declining-balance depreciation rate is double the straight-line rate, compute(SO 9) annual
Pack in Taxi Service uses the units-of-activity method in computing depreciaunits-of-activity method. tion on its taxicabs. Each cab is expected to be driven 150,000 miles. Taxi 10 cost $24,500(SO 9)
The following expenditures relating to plant assets were made by Bel Air Company acquisitions. during the first 2 months of 2007.(SO 1) 1. Paid $7,000 of accrued taxes at the time the plant site was
On March 1, 2007, Geoffrey Company acquired real estate, on which it planned to construct a small office building, by paying $90,000 in cash. An old warehouse on the property was demolished at a cost
Hillary Company purchased a new machine on September 1, 2007, at a cost of$96,000. The company estimated that the machine has a salvage value of $6,000. The machine is expected to be used for 70,000
Will Smith, the new controller of Fresh Prince Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2007. Here are his
Phill Co. has delivery equipment that cost $54,000 and has been depreciated $20,000.Instructions Record entries for the disposal under the following assumptions.(a) It was scrapped as having no
Here are selected 2007 transactions of Beck Corporation.Jan. 1 Retired a piece of machinery that was purchased on January 1, 1997. The machine cost $62,000 and had a useful life of 10 years with no
The following situations are independent of one another: 1. An accounting student can’t understand why the company is only depreciating its buildings and equipment, but not its land. The student
During 2004 Federal Express reported the following information (in millions): net sales of $24,710 and net income of $838. Its balance sheet also showed total assets at the beginning of the year of
Optix International is considering a significant expansion to its product line. The sales force is excited about the opportunities that the new products will bring. The new products are a significant
Empire Company reports the following information (in millions) during a recent year: net sales, $9,926.5; net earnings, $195.9; total assets, ending, $4,312.6; and total assets, beginning,
These are selected 2007 transactions for Neuman Corporation:Jan. 1 Purchased a copyright for $140,000. The copyright has a useful life of 8 years and a remaining legal life of 30 years.May 1
Keshan Company, organized in 2007, has these transactions related to intangible assets in that year:Jan. 2 Purchased a patent (5-year life) $330,000.Apr. 1 Goodwill purchased (indefinite life)
Alliance Atlantis Communications Inc. changed its accounting policy to amortize broadcast rights over the contracted exhibition period, which is based on the estimated useful life of the program.
The questions listed below are independent of one another.Instructions Provide a brief answer to each question.(a) Why should a company depreciate its buildings?(b) How can a company have a building
Blue Highway Bus Lines uses the units-of-activity method in depreciating its buses.One bus was purchased on January 1, 2007, at a cost of $120,000. Over its 4-year useful life, the bus is expected to
Basic information relating to a new machine purchased by Hillary Company is presented in E9-3.Instructions Using the facts presented in E9-3, compute depreciation using the following methods in the
Basler Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order.Problems: Set A 459 Prepare adjusting
At December 31, 2007, Ruiz Corporation reported the following plant assets.transactions related to purchase, sale, retirement, and depreciation. Land $ 3,000,000(SO 5, 8) Buildings $26,500,000—_—
Presented here are selected transactions for Riley Company for 2007.(SO 5) Jan. 1 Retired a piece of machinery that was purchased on January 1, 1997. The machine cost $71,000 on that date and had a
The intangible assets section of El-Gazzar Corporation’s balance sheet at December 31, 2007, is presented here.Patents ($60,000 cost less $6,000 amortization) $54,000 Copyrights ($36,000 cost less
Due to rapid employee turnover in the accounting department, the following transactions involving intangible assets were improperly recorded by Dische Corporation in 2007. 1. Dische developed a new
Roger Corporation and Sean Corporation, two companies of roughly the same size, are both involved in the manufacture of shoe-tracing devices. Each company depreciates its plant assets using the
In recent years Ping Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation
Tabesh Corporation purchased machinery on January 1, 2007, at a cost of$210,000. The estimated useful life of the machinery is 4 years, with an estimated residual value at the end of that period of
At December 31, 2007, Harrington Corporation reported these plant assets.Land $ 4,000,000 Buildings $28,500,000 Less: Accumulated depreciation—buildings 12,100,000 16,400,000 Equipment 48,000,000
Here are selected transactions for Andre Corporation for 2007.Jan. 1. Retired a piece of machinery that was purchased on January 1, 1997.The machine cost $52,000 and had a useful life of 10 years
The intangible assets section of the balance sheet for Cuso Company at December 34; 2007, is presented here.Patents ($70,000 cost less $7,000 amortization) $63,000 Copyrights ($48,000 cost less
Due to rapid employee turnover in the accounting department, the following transactions involving intangible assets were improperly recorded by the Mooney Company in 2007. 1. Mooney developed a new
Montreal Corporation and Quebec Corporation, two corporations of roughly the same size, are both involved in the manufacture of umbrellas. Each company depreciates Comprehensive Problem 465 its plant
In recent years Brian Transportation purchased three used buses. Because of fre- Compute depreciation under quent employee turnover in the accounting department, a different accountant selected
Shumway Corporation purchased machinery on January 1, 2007, at a cost of Compute depreciation under$290,000. The estimated useful life of the machinery is 5 years, with an estimated sal- different
Refer to the financial statements and the Notes to Consolidated Financial Statements of Tootsie Roll Industries in Appendix A.(b) Totals $1,196,810(c) Net income $72,440(d) Total assets $259,060
The financial statements of Hershey Foods are presented in Appendix B, following the financial statements for Tootsie Roll Industries in Appendix A.Instructions(a) Based on the information in these
The May 16, 2005, issue of the Wall Street Journal includes an article by Pui-Wing Tam titled “Will H-P’s Hurd Wipe the Slate Clean?”Instructions Read the article and answer the following
Bob Evans Farms, Inc. operates 568 restaurants in 22 states and produces fresh and fully cooked sausage products, fresh salads, and related products distributed to grocery stores in the Midwest,
The accounting for goodwill differs in countries around the world. The discussion of a change in goodwill accounting practices shown below was taken from the notes to the financial statements of J
Purpose: Use an annual report to identify a company’s plant assets and the depreciation method used.Address: www.reportgallery.com (or go to www.wiley.com/college/kimmel)470 CHAPTER 9_ Reporting
Kreugers Furniture Corp. is nationally recognized for making high-quality products. Management is concerned that it is not fully exploiting its brand power.Kreugers’ production managers are also
The chapter presented some concerns regarding the current accounting standards for research and development expenditures.Instructions Assume that you are either (a) the president of a company that is
Green Line Anti-Pollution Company is suffering declining sales of its principal product, nonbiodegradable plastic cartons. The president, Peter Wall, instructs his controller, Chuck Meitz, to
Identify the principles of internal control.AppendixLO1
Explain the applications of internal control to cash receipts.AppendixLO1
Explain the applications of internal control to cash disbursements.AppendixLO1
Prepare a bank reconciliation.AppendixLO1
Explain the reporting of cash.AppendixLO1
Discuss the basic principles of cash management.AppendixLO1
Identify the primary elements of a cash budget.AppendixLO1
Internal control is used in a business to enhance the accuracy and reliability of its accounting records and to: (a) safeguard its assets. (b) prevent fraud. (c) produce correct financial statements.
The principles of internal control do (a) establishment of responsibility. (b) documentation procedures. (c) financial performance measures. (d) independent internal verification.AppendixLO1
Physical controls do not include: (a) safes and vaults to store cash. (b) independent bank reconciliations. (c) locked warehouses for inventories. (d) bank safety deposit boxes for important
Permitting only designated personnel such as cashiers to handle cash receipts is an applica- tion of the principle of: (a) documentation procedures. (b) establishment of responsibility. (c)
The use of prenumbered checks in disbursing cash is an application of the principle of: (a) establishment of responsibility. (b) segregation of duties. (c) physical, mechanical, and electronic
Which statement correctly describes the reporting of cash? (a) Cash cannot be combined with cash equiv- alents. (b) Restricted cash funds may be combined with Cash. (c) Cash is listed first in the
A check is written to replenish a $100 petty cash fund when the fund contains receipts of $94 and $3 in cash. In recording the check: (a) Cash Over and Short should be debited for $3. (b) Petty Cash
"Internal control is concerned only with enhancing the accuracy of the accounting records." Do you agree? Explain.AppendixLO1
Discuss how the Sarbanes-Oxley Act has increased the importance of internal control to all employees in a company.AppendixLO1
What principles of internal control apply to most business enterprises?AppendixLO1
In the corner grocery store, all sales clerks make change out of one cash register drawer. Is this a vio- lation of internal control? Why?AppendixLO1
Melody Wilson is reviewing the principle of segrega- tion of duties. What are the two common applica- tions of this principle?AppendixLO1
How do documentation procedures contribute to good internal control?AppendixLO1
What internal control objectives are met by physical, mechanical, and electronic controls?AppendixLO1
(a) Explain the control principle of independent in- ternal verification. (b) What practices are important in applying this principle?AppendixLO1
As the company accountant, explain the fol- lowing ideas to the management of Jason Company. (a) The concept of reasonable assurance in internal control. (b) The importance of the human factor in
Discuss the human resources department's involvement in internal controls.AppendixLO1
Fitzgerald Inc. owns the following assets at the bal- ance sheet date. Cash in bank-savings account Cash on hand $ 5,000 1,100 Cash refund due from the IRS 1,000 12,000 500 Checking account balance
What principle(s) of internal control is (are) involved in making daily cash counts of over-the-counter receipts?AppendixLO1
Assume that Kohl's Department Stores installed new electronic cash registers in its stores. How do cash registers improve internal control over cash receipts?AppendixLO1
At Wells Wholesale Company two mail clerks open all mail receipts. How does this strengthen internal control?AppendixLO1
"To have maximum effective internal control over cash disbursements, all payments should be made by check." Is this true? Explain.AppendixLO1
Swendson Company's internal controls over cash dis- bursements provide for the treasurer to sign checks imprinted by a checkwriter after comparing the check with the approved invoice. Identify the
How do these principles apply to cash disbursements: (a) Physical, mechanical, and electronic controls? (b) Other controls?AppendixLO1
What is the essential feature of an electronic funds transfer (EFT) procedure?AppendixLO1
"The use of a bank contributes significantly to good internal control over cash." Is this true? Why?AppendixLO1
Raymond Bright is confused about the lack of agree- ment between the cash balance per books and the balance per bank. Explain the causes for the lack of agreement to Raymond, and give an example of
Kelly Mills asks your help concerning an NSF check. Explain to Kelly (a) what an NSF check is, (b) how it is treated in a bank reconciliation, and (c) whether it will require an adjusting entry on
(a) "Cash equivalents are the same as cash." Do you agree? Explain. (b) How should restricted cash funds be reported on the balance sheet?AppendixLO1
(a) Identify the three activities that pertain to a petty cash fund, and indicate an internal control prin- ciple that is applicable to each activity. (b) When are journal entries required in the
Jo Duma is the new owner of JoJo Co. She has heard about internal control but is not clear about its importance for her business. Explain to Jo the two purposes of internal control, and give her one
Allen Company has the following internal control procedures over cash receipts.Identify the internal control principle that is applicable to each procedure.(a) All over-the-counter receipts are
Colton Amon is uncertain about the control features of a bank account. Explain the control benefits of (a) a check and (b) a bank statement.
The following reconciling items are applicable to the bank reconciliation for Pileggi Co. Indicate how each item should be shown on a bank reconciliation.(a) Outstanding checks.(b) Bank debit
At July 31 Ballah Company has this bank information: cash balance per bank$7,800; outstanding checks $762; deposits in transit $1,350; and a bank service charge$40. Determine the adjusted cash
In the month of November, Drajna Company Inc. wrote checks in the amount of $9,250. In December, checks in the amount of $11,880 were written. In November,$8,800 of these checks were presented to the
Elizondo Company has these cash balances: cash in bank $12,742; payroll bank account $6,000; and plant expansion fund cash $25,000. Explain how each balance should be reported on the balance sheet.
The following information is available for Gurek Company for the month of January: expected cash receipts $60,000; expected cash disbursements $67,000; cash balance on January 1, $12,000.
On March 20 Slater’s petty cash fund of $100 is replenished when the fund contains$21 in cash and receipts for postage $40, supplies $26, and travel expense $13. Prepare the journal entry to record
The following control procedures are used in Elke Company for over-the-counter cash receipts. 1. Cashiers are experienced; thus, they are not bonded. 2. All over-the-counter receipts are registered
The following control procedures are used in Albina’s Boutique Shoppe for cash disbursements. 1. Each week Albina leaves 100 company checks in an unmarked envelope on a shelf behind the cash
Leng Xiong is unable to reconcile the bank balance at January 31. Leng’s reconciliation is shown here.Cash balance per bank $3,660.20 Add: NSF check 370.00 Less: Bank service charge 25.00 Adjusted
At April 30 the bank reconciliation of Engstrom Company shows three outstanding checks: No. 254 $650, No. 255 $800, and No. 257 $410. The May bank statement and the May cash payments journal are
The following information pertains to DeVries Company. 1. Cash balance per bank, July 31, $7,328.. July bank service charge not recorded by the depositor $40.. Cash balance per books, July 31,
This information relates to the Cash account in the ledger of Espejel Company.Balance September 1—$16,400; Cash deposited—$64,000 Balance September 30—$17,600; Checks written— $62,800 The
The cash records of Dana Company show the following.For July: 1. The June 30 bank reconciliation indicated that deposits in transit total $750. During July the general ledger account Cash shows
Mayo Inc.’s bank statement from Western Bank at August 31, 2007, gives the following information.Balance, August 1 $16,400 Bank debit memorandum:August deposits 73,000 Safety deposit box fee $ 25
A new accountant at La Maison Inc. is trying to identify which of the following amounts should be reported as the current asset “Cash and cash equivalents” in the yearend balance sheet, as of
Adams, Hadzic, and Tene, three law students who have joined together to open a law practice, are struggling to manage their cash flow. They haven't yet built up sufficient clientele and revenues to
Schaefer Company expects to have a cash balance of $46,000 on January 1, 2007. Prepare a cash budget for These are the relevant monthly budget data for the first two months of 2007. two months. 1.
During October, Guiding Light Company experiences the following transactions Prepare journal entries for a in establishing a petty cash fund. petty cash fund.Oct. 1 A petty cash fund is established

Showing 1000 - 1100 of 2112

First
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
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