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
public accounting

Questions and Answers of Public Accounting

=+11. A business had revenues of $687,500 and operating expenses of $492,400. Did the business (a) incur a net loss or (b) realize net income?
=+10. A business had revenues of $600,000 and operating expenses of $715,000. Did the business (a) incur a net loss or (b) realize net income?
=+9. Describe the difference between an account receivable and an account payable.
=+b. Assuming that the land acquired in (a) was sold for $900,000, how would the various elements of the accounting equation be affected?
=+value of $500,000 and the business receives an offer of $900,000 for it. Should the monetary amount assigned to the land in the business records now be increased?
=+8.a. Land with an assessed value of $300,000 for property tax purposes is acquired by a business for $475,000. Ten years later, the plot of land has an assessed
=+7. On April 2, Gremlin Repair Service extended an offer of $100,000 for land that had been priced for sale at $125,000. On May 10, Gremlin Repair Service accepted the seller’s counteroffer of
=+6. Barry Bergan is the owner of Elephant Delivery Service. Recently, Barry paid interest of $3,000 on a personal loan of $40,000 that he used to begin the business.Should Elephant Delivery Service
=+5. Why are most large companies like Microsoft, PepsiCo, Caterpillar, and AutoZone organized as corporations?
=+4. What is the role of accounting in business?
=+3. Name some users of accounting information.
=+Is a restaurant a manufacturing business, a service business, or both?
=+2. What is the difference between a manufacturing business and a service business?
=+1. What is the objective of most businesses?
=+5. If revenue was $45,000, expenses were $37,500, and the owner’s withdrawals were $10,000, the amount of net income or net loss would be:A. $45,000 net income. C. $37,500 net loss.B. $7,500 net
=+4. If total assets increased $20,000 during a period and total liabilities increased $12,000 during the same period, the amount and direction (increase or decrease) of the change in owner’s
=+3. A listing of a business entity’s assets, liabilities, and owner’s equity as of a specific date is a(n):A. balance sheet.B. income statement.C. statement of owner’s equity.D. statement of
=+2. The resources owned by a business are called:A. assets. C. the accounting equation.B. liabilities. D. owner’s equity.
=+1. A profit-making business operating as a separate legal entity and in which ownership is divided into shares of stock is known as a:A. proprietorship. C. partnership.B. service business. D.
=+4. (Optional). Prepare a statement of cash flows for July.
=+3. Prepare an income statement for July, a statement of owner’s equity for July, and a balance sheet as of July 31, 2009.
=+2. State the assets, liabilities, and owner’s equity as of July 1 in equation form similar to that shown in this chapter. In tabular form below the equation, indicate the increases and decreases
=+1. Determine the amount of owner’s equity (Cecil Jameson’s capital) as of July 1, 2009.
=+Cecil Jameson, Attorney-at-Law, is a proprietorship owned and operated by Cecil Jameson. On July 1, 2009, Cecil Jameson, Attorney-at-Law, has the following assets and liabilities: cash, $1,000;
=+4. Make a decision that is ethical and fair to those affected by it.
=+3. Consider your obligations and responsibilities to those that will be affected by your decision.
=+2. Identify the consequences of the decision and its effect on others.
=+1. Identify an ethical decision by using your personal ethical standards of honesty and fairness.
=+b. Based on your understanding of this company, why would Altria Group require 11 pages of contingency disclosure?
=+a. What are the major business units of Altria Group?
=+SA 11-5 Payroll forms Internet Project Group Project Altria Group, Inc., has over 24 pages dedicated to describing contingent liabilities in the notes to recent financial statements. These pages
=+Briefly describe the purpose of each of the three forms.
=+SA 11-4 Ethics and professional conduct in business Payroll accounting involves the use of government-supplied forms to account for payroll taxes. Three common forms are the W-2, Form 940, and
=+b. How should Fio respond to Sara’s suggestion?
=+a. Why does Sara Rida want to conduct business transactions using cash (not check or credit card)?
=+SA 11-3 Executive bonuses and accounting methods Fio Barellis was discussing summer employment with Sara Rida, president of Xanadu Construction Service:Sara: I’m glad that you’re thinking about
=+Why did the CEO ask for these changes? How would you respond to the CEO’s request?
=+b. Add 50% to the useful lives of all trucks.
=+a. Change from the double-declining-balance method to the straight-line method of depreciation.
=+SA 11-2 Recognizing pension expense 530 Chapter 11 Current Liabilities and Payroll Paul Sheile, the owner of Sheile Trucking Company, initiated an executive bonus plan for his chief executive
=+Evaluate Cara’s position. Is she right or is Jose correct?
=+to determine what the expense is for the current year? The amount of the final retirement depends on many uncertainties: salary levels, employee longevity, mortality rates, and interest earned on
=+SA 11-1 Ethics and professional conduct in business The annual examination of Tidal Company’s financial statements by its external public accounting firm (auditors) is nearing completion. The
=+Is Suzanne behaving in an ethical manner?Special Activities
=+Discuss whether the firm is acting in an ethical manner by changing the bonus.
=+Suzanne’s supervisor was surprised to see overtime being reported, since there is generally very little additional or unusual client service demands at the end of the calendar year. However, the
=+Suzanne Thompson is a certified public accountant (CPA) and staff accountant for Deuel and Soldner, a local CPA firm. It had been the policy of the firm to provide a holiday bonus equal to two
=+1,622,700 1,622,700 _________ _________ 6. On February 7 of the following year, the merchandise inventory was destroyed by fire. Based on the following data obtained from the accounting records,
=+The unfunded pension liability is a long-term liability.Notes payable:Current liability $25,000 Long-term liability 75,000 Blackwell Company Post-Closing Trial Balance December 31, 2010 Debit
=+5. Based on the following information and the post-closing trial balance shown below, prepare a balance sheet in report form at December 31 of the current year.The merchandise inventory is stated
=+j. Interest was accrued on the note receivable received on October 2.
=+i. A product warranty was granted beginning December 1 and covering a oneyear period. The estimated cost is 2.5% of sales, which totaled $840,000 in December.
=+h. Vacation pay expense for December, $4,800.
=+g. The cost of mineral rights was $220,000. Of the estimated deposit of 400,000 tons of ore, 24,000 tons were mined and sold during the year.528 Chapter 11 Current Liabilities and Payroll
=+f. A patent costing $22,500 when acquired on January 2 has a remaining legal life of 10 years and is expected to have value for five years.
=+Residual Acquisition Useful Life Method Asset Cost Value Date in Years Used Buildings $400,000 $ 0 January 2 40 Straight-line Office Equip. 110,000 10,000 July 1 4 Straight-line Store Equip. 50,000
=+d. Office supplies used during the year, $1,760.e. Depreciation is computed as follows:Depreciation
=+b. The physical inventory on December 31 indicated an inventory shrinkage of$1,480.c. Prepaid insurance expired during the year, $10,200.
=+a. Estimated uncollectible accounts at December 31, $7,200, based on an aging of accounts receivable. The balance of Allowance for Doubtful Accounts at December 31 was $750 (debit).
=+4. Based on the following selected data, journalize the adjusting entries as of December 31 of the current year:
=+3. Based on the bank reconciliation prepared in (2), journalize the entry or entries to be made by Blackwell Company.
=+e. Bank debit memo for service charges, $350.f. A check for $530 in payment of an invoice was incorrectly recorded in the accounts as $230.
=+c. Checks outstanding at December 31, $30,600.d. Deposit in transit, not recorded by bank, $13,200.
=+2. Based on the following data, prepare a bank reconciliation for December of the current year:a. Balance according to the bank statement at December 31, $126,400.b. Balance according to the ledger
=+30. The pension cost for the year was $85,000, of which $62,400 was paid to the pension plan trustee.Instructions 1. Journalize the selected transactions.
=+30. Journalized the employer’s payroll taxes on the payroll.Dec. 1. Journalized the payment of the September 2 note at maturity.
=+Sales salaries $60,400 Income tax withheld $17,082 Office salaries 34,500 Social security tax withheld 5,450 _______$94,900 Medicare tax withheld 1,424 _______ _______ Unemployment tax rates:State
=+Aug. 25. Reinstated the Jacobs account written off on August 8 and received $600 cash in full payment.Sept. 2. Purchased land by issuing a $300,000, 90-day note to Ace Development Co., which
=+June 2. Received a 60-day, 9% note for $80,000 on the Stevens account.Aug. 1. Received amount owed on June 2 note, plus interest at the maturity date.8. Received $3,400 on the Jacobs account and
=+$256; miscellaneous administrative expense, $378.Apr. 5. Purchased $14,000 of merchandise on account, terms 1/10, n/30. The perpetual inventory system is used to account for inventory.May 7. Paid
=+a. Salaries accrued: sales salaries, $2,540; officers salaries, $1,240; office salaries, $480.The payroll taxes are immaterial and are not accrued.b. Vacation pay, $10,600.Selected transactions
=+31. Paid $44,000 to the employee pension plan. The annual pension cost is$52,000. (Record both the payment and the unfunded pension liability.)Instructions 1. Journalize the transactions.
=+30. Issued Check No. 552 to Johnson Bank for $1,800 to purchase U.S. savings bonds for employees.
=+30. Issued Check No. 551 for $10,827 to Johnson Bank, in payment of employees’state income tax due on December 31.
=+28. Journalized the entry to record payroll taxes on employees’ earnings of December 28: social security tax, $2,300; Medicare tax, $639; state unemployment tax, $120; federal unemployment tax,
=+17. Issued Check No. 528 to Johnson Bank for $13,229, in payment for $4,576 of social security tax, $1,248 of Medicare tax, and $7,405 of employees’ federal income tax due.28. Journalized the
=+14. Journalized the entry to record payroll taxes on employees’ earnings of December 14: social security tax, $2,288; Medicare tax, $624; state unemployment tax, $250; federal unemployment tax,
=+PR 11-6B Payroll accounts and year-end entries objs. 2, 3, 4✔ 1. Total net amount payable,$8,610.31 526 Chapter 11 Current Liabilities and Payroll Dec. 14. Issued Check No. 520 in payment of the
=+14. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows:Salary distribution:Sales $25,000 Officers 12,100 Office 4,500 $41,600 _______ Deductions:Social
=+3. Issued Check No. 512 for $1,800 to Johnson Bank to purchase U.S. savings bonds for employees.
=+2. Issued Check No. 511 to Johnson Bank for $13,656, in payment for $4,880 of social security tax, $1,236 of Medicare tax, and $7,540 of employees’ federal income tax due.
=+The following transactions relating to payroll, payroll deductions, and payroll taxes occurred during December:Dec. 1. Issued Check No. 510 to Tidy Insurance Company for $2,000, in payment of the
=+PR 11-5B Payroll register objs. 2, 3 The following accounts, with the balances indicated, appear in the ledger of Yukon Kayak Co. on December 1 of the current year:211 Salaries Payable — 218 Bond
=+/2 times the regular rate for all hours in excess of 40 hours per week. The social security tax rate is 6.0% on the first $100,000 of each employee’s annual earnings, and Medicare tax is 1.5% of
=+Employees Barnes and Crean are office staff, and all of the other employees are sales personnel. All sales personnel are paid 11
=+PR 11-4B Payroll register objs. 2, 3✔ 3. Dr. Payroll Tax Expense, $788.40 Chapter 11 Current Liabilities and Payroll 525 The following data for Burtard Industries, Inc., relate to the payroll for
=+each employee’s earnings; (d) federal unemployment compensation at 0.8% on the first $10,000 of each employee’s earnings; (e) total.
=+CTU Industries, Inc., began business on January 2, 2009. Salaries were paid to employees on the last day of each month, and social security tax, Medicare tax, and federal income tax were withheld
=+b. January 4, to record the employer’s payroll taxes on the payroll to be paid on January 4.
=+2. Assuming that the payroll for the last week of the year is to be paid on January 4 of the following fiscal year, journalize the following entries:
=+b. December 30, to record the employer’s payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $30,000 is subject to unemployment
=+Tax rates assumed:Social security, 6% on first $100,000 of employee annual earnings Medicare, 1.5%State unemployment (employer only), 3.8%Federal unemployment (employer only), 0.8%
=+PR 11-1B Liability transactions objs. 1, 5 The following information about the payroll for the week ended December 30 was obtained from the records of Vienna Co.:Salaries: Deductions:Sales salaries
=+a. Product warranty cost, $10,400.b. Interest on the six remaining notes owed to Biden Technology Co.
=+16. Settled a personal injury lawsuit with a customer for $42,500, to be paid in January. Paulson, Inc. accrued the loss in a litigation claims payable account.Instructions 1. Journalize the
=+Dec. 10. Paid the amount due Biden Technology Co. on the first note in the series issued on November 10.
=+Oct. 3. Issued a 30-day, 9% note for $42,000 to Oatley Co., on account.23. Paid Houston Manufacturing Co. the amount due on the note of April 26.Nov. 2. Paid Oatley Co. the amount owed on the note
=+26. Purchased equipment by issuing a $160,000, 180-day note to Houston Manufacturing Co., which discounted the note at the rate of 8%.
=+Apr. 1. Borrowed $60,000 from McCaw Company, issuing a 45-day, 6% note for that amount.
=+The following items were selected from among the transactions completed by Paulson, Inc. during the current year:

Showing 200 - 300 of 7259

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
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