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Accounting Questions and Answers January 31, 2016

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At December 31, 2021, Blossom Company reported this information on its balance sheet. During 2022, the company had the following transactions related to receivables. (a) Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable. (Credit account titles
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Bucation.com/ext/mapfindex.html?_con-con&external_browser=0&launchurl=https%253A%252F%252Fblackboard.nicu.edux252Fwebapps%252Fblackboar... - Spring 2021 Saved Help Save & Exit (Bank Robbery] Safe Bank was robbed of a significant sum of cash by a robber later identified as Victor Victory. Safe Bank offered a reward of $10,000 to anyone who captured
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Kurtulus Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory 1,700 Materials costs $ 8,100 Conversion costs $ 3,400 Percent complete with respect to

The stockholders' equity section on the December 31 balance sheet of Chemfast Corporation reported the following amounts: Assume that no shares of treasury stock have been sold in the past. Complete the following statements. (Decreases should be indicated by a minus sign. Round per share to 2 decimal places.)
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Ceramics Etc. is a manufacturer of large flower pots for urban settings. The company has these standards: (Click the icon to vlew the standards.) (Click the lcon to vlew the actual results.) Read the reouirements amounts to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U). Abbreviations used: DL = Direct labor)
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Flanders Manufacturing is considering purchasing a new machine that will reduce variable costs per part produced by $0.15. The machine will increase fixed costs by $16,750 per year. The information they will use to consider these changes is shown here. A. What will the impact be on the break-even point if Flanders purchases the new machinery?
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10).Sales is $100 per unit; direct material is $22 per unit; direct labor is $18 per unit; overhead is $8 per unit and $1,800 per month; selling and administrative expenses are $5 per unit and $1,400 per month. Selling and administrative expenses are: a).mixed b).variable c).fixed d).None of these 11).Sales is $100 per unit; direct material is $22

Gertrude has prepared the following list of statements about depreciation. Identify each statement as true or false. If false, indicate how to correct the statement. 1.Depreciation is a process of asset valuation, not cost allocation. 2.Depreciation provides for the proper matching of expenses with revenues. 3.The book value of a plant asset

help combines at of the charges into a single bill for $1,160. serry estimates that if charged separately. the costs would be as follows' (a ) b. 36430 cising 451.770
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Saved Help Save & Exit Submit Check my work MCO Leather Goods manufactures leather purses. Each purse requires 3 pounds of direct materials at a cost of $4 per pound and O.7 direct labor hours at a rate of $17 per hour. Variable manufacturing overhead is charged at a rate of $3 per direct labor hour. Fixed manufacturing overhead is $19,000 per
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You've started working (either public accounting as an auditor or in corporate accounting position). It's year-end for your client (or the company you work for, I'll just use "client"). One of the senior level accounting people, Pat, is looking over things that affect net income. Pat pulls out a copy of the company's tax return which the tax

HG, Inc., a calendar year corporation, reported the following operating income (loss) before income tax and the enacted tax rates for the last three years of operations: Income Tax rate Year 2 $100,000 40% Year 3 $(300,000) 30% Year 4 $400,000 30% There are no permanent or temporary differences between operating income (loss) for financial and

4. Which of the following is the correct journal entry for billing a customer on account for services provided of $1,000? A. Debit Cash and credit Service Revenue 1,000 B. Debit Accounts Receivable and credit Cash 1,000 C. Debit Accounts Receivable and credit Service Revenue 1,000 D. Debit Accounts Receivable and credit Unearned Service Revenue

The following amounts represent totals from Imagination Inc.'s first three years of operations. Net income (loss) Net cash flows Dividends Issuance of stock 2018 $1,200 $600 $800 $3,000 2019 ($700) $200 $0 $0 2020 $2,600 $9,800 $1,400 $5,000 What balance should Imagination report for Retained earnings at the end of 2020
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TechMaster is an information technology (IT) consulting company offering services to small firm:s TechMaster bills clients for its various services based on the hours its professionals spend. In August, IT professionals billed 875 hours to clients and worked a total of 920 hours (the difference includes time for training, preparing bids, and so
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Andrews Company is a manufacturing firm that uses job-order costing. The company's Work in Process inventory balances were as follows at the beginning and end of the year: Beginning Balance Ending Balance Work in process $27,000 $9,000 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning

Consider the following annual returns of Molson Coors and International Paper: Molson Coors International Paper Year 1 18.8 % 5.0 % Year 2 -8.9 -18.0 Year 3 39.0 -0.7 Year 4 -7.9 27.1 Year 5 16.7 -11.6 Compute each stocks average return, standard deviation, and coefficient of variation. (Round your answers to 2 decimal places.) Molson Coors

just need answers please Roth Incorporated experienced the following transactions for year 1 , its first year of operations: 1. Issued common stock for $50,000 cash. 2. Purchased $140,000 of merchandise on account 3. Sold merchandise that cost $110,000 for $250,000 on account. 4. Collected $236,000 cash from accounts receivable. 5. Paid $118,000
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The year-end balance sheet of Ft. Smith Products includes the following stockholders equity section (with certain details omitted). Stockholders' equity: 7 1/2% cumulative preferred stock, $100 par value, 100,000 shares authorized $ 2,300,000 Common stock, $2 par value, 900,000 shares authorized 900,000 Additional paid-in capital: common stock

2 pts Question 25 Technique is to Dance as the Alphabet is to: O Language Letters O Movement Poetry Question 26 2 pts The three concepts inherent in dance technique as discussed in lecture are ... flexibility, turnout, and jump height O facility, performance, and good looks O facility, craftsmanship, and performance O flexibility, foot strength,
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ACCOUNTING 106- MANAGERIAL ACCOUNTING TEST ON CHAPTERS FIVE AND SIX NAME: 1. The contribution margin equals total fixed costs at the breakeven point. T OR F 2. The weighted-average contribution margin is computed by multiplying each product's unit contribution margin by its sales mix percentage. T OR F 3. Within the relevant range, fixed and
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? 6. Currently, Major Industries of Ohio has sales of $3.4 million, net profit of $268 thousand, and 400 thousand shares of stock outstanding. The sales and net profit are each expected to grow by 7.5 percent annually. The historical P/S ratio is 8.5. What is the expected price of this stock one year from now
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Reduction given to company customers for early payment is a: O A. purchase discount. OB. sales discount O C. customer discount. OD. sales returns and allowance. Recording to the accounts receivable subsidiary ledger is done: O A. weekly. O B. monthly O c. daily. OD. annually. Every controlling account must have its own: O A. general journal. OB.
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Required information Problem 7-5B Determine depreciation under three methods (LO7-4) [The following information applies to the questions displayed below.] Cheetah Copy purchased a new copy machine. The new machine cost $134,000 including installation. The company estimates the equipment will have a residual value of $33,500. Cheetah Copy also

Please help Place your last names in this box (alphabetical order) The Data Table and Aggregate Demand Forecast below provide information related to one of the major product lines of refrigerators for Dayton Manufacturing Co. - On Tab A develop a Level production plan. Include monthly and total costs - On Tab B develop a Chase production plan.
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Which balance sheet line item has the highest percentage increase from the prior year to the current year? Cash Inventory Prepaid insurance Accounts receivable
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Answer and explanation? LO 5.3How many units must have been completed and transferred if beginning inventory was 75,000 units, ending inventory was 72,000 units, and 290,000 units were started? BRA SEE Airin
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Current Attempt in Progress Given the following information, determine the adjusted cash balance per books
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Inventory Costing Methods Merritt Company uses the periodic inventory system. The following May data are for an item in Merritt's inventory: 1-May Beginning inventory 150 units @ 575 per unit. 12 Purchased 100 units @ 588 per unit. 16 Sold 180 units 24 Purchased 150 units @ 590 per unit. Calculate the cost of goods sold for May and ending
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For a 3 year project, the following, estimates are provided: Purchase price = $800M Resale = $550M Income/yr - $550M Expenses = $300M/yr CCA = 20%, Half-yr. Rule applicable (Declining Balance) Loan = $550M, to be repaid in 3 yrs (@10%) Tax Rate = 40% MARR (after tax) = 10% a. Draw the after tax cash flow diagram b. Find the net present worth
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It is an International Business Environment excercise. Original answer please. Instructions Write 500 words (+ 50 words) using APA style format to answer the following question. Unit Exercise 5 How do companies research potential new markets? Choose a global company who has a record of successful new market entry and explain why it has had this
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James is planning to issue $540.000 of 7%, ten-year bonds payable to borrow for a major expansion. The owner. Anthony James, asks your advice on some related matters. Read the requirements. Answer the following questions. a. At what type of bond price will James have total interest expense equal to the cash interest payments? Answer the following
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Please answer only if you are 100%sure. show to calculation properly. Dont post the same answer already posted by someone esle. Thank you 3. Signal Corp uses the US dollar as its functional currency. At December 31, 2019 Signal has the following foreign currency balances: Accounts Receivable (due in 3 months) FC 10,000 Inventory (at cost) FC
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Exercise 07-4 Manufacturing: Direct materials budget LO P1 Zira Co. reports the following production budget for the next four months. April May June July Production (units) 536 590 568 548 Each finished unit requires six pounds of raw materials and the company wants to end each month with raw materials inventory equal to 40% of next month's
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Pharoah Inc. manufactures cycling equipment. Recently, the vice president of operations of the company has reguested construction of a new plant to meet the increasing demand for the company's bikes. After a careful evaluation of the request, the board of directors has decided to raise funds for the new plant by issuing $3,155,200 of 10% term
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entury Co. purchased a machine on July 1, 2012, for $740,000. The machine was estimated to have a useful life of 10 years with an estimated residual value of $42,000. Freight charges amounted to $8,000 and installation costs amounted to $2,000 on July 1, 2012. During 2015, it became apparent that the machine would become uneconomical after

Recording a Change in Estimate, an Error Correction, and a Change in Accounting Principle On December 31, 2020, Alexa Company is preparing adjusting entries for its annual year-end. The following situations confront the company. Equipment #101 with a cost of $23,100 was purchased on January 1, 2018. It is being depreciated on a straight-line basis

Q1. Villeda Corporation uses the following activity rates from its activity-based costing to assign overhead costs to products. Activity Cost Pools Activity Rate Setting up batches $ 63.92 per batch Processing customer orders $ 20.98 per customer order Assembling products $ 9.41 per assembly hour Data concerning two products appear below: Product

The Paulson Company's year-end balance sheet is shown below. Its cost of common equity is 17%, its before-tax cost of debt is 10%, and its marginal tax rate is 25% Assume that the firm's long-term debt sells at par value. The firm's total debt, which is the sum of the company's shert-term debt and long-term debt, equals $1.199. The firm has 576
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Continuous Flow vs. Departmental Manufacturing During the week of August 21, Parley Manufacturing produced and shipped 4,000 units of its machine tools: 1,500 units of Tool SK1 and 2,500 units of Tool SK3. The cycle time for SK1 is 0.73 hour, and the cycle time for SK3 is 0.56 hour. The following costs were incurred: Parley Manufacturing
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Thermal Rising, Incorporated, makes paragliders for sale through specialty sporting goods stores. The company has a standard paraglider model, but also makes custom - designed paragliders. Management designed an activity - based costing system with the following activity cost pools and activity rates: Management wants to calculate the
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On April 11, Edwards Construction Company purchased inventory for $30,000 on terms of 2/10, n/30. It pays the account balance on April 21. Edwards uses a periodic inventory system. 3. Assume that the invoice was misfiled and, as a result, the company did not pay until April 30. Prepare the journal entries to record the purchase and payment under

Consider how Cherry Valley, a popular ski resort, could use capital budgeting to decide whether the $8.5 million River Park Lodge expansion would be a good investment. (Click the icon to view the expansion estimates.) (Click the icon to view the present value annuity factor table.) (Click the icon to view the present value factor table.) (Click
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American Food Services, Inc. leased a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1, 2021. The lease agreement for the $4.5 million (fair value and present value of the lease payments) machine specified four equal payments at the end of each year. The useful life of the
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Chapter 3 Exercise 15 (revised) Herbert, Inc. acquired all of Rambis Companys outstanding stock on January 1, 2014 for $ 574,000 in cash. Annual excess amortization of $ 12,000 results from this transaction. On the date of the takeover, Herbert reported retained earnings of $ 400,000, and Rambis reported a $ 200,000 balance. Herbert reported

Salud Company reports the following information. Selected Annual Income Statement Data Selected Year-End Balance Sheet Data Net income $ 450,000 Accounts receivable increase $ 49,200 Depreciation expense 96,000 Prepaid expenses decrease 14,700 Gain on sale of machinery 20,900 Accounts payable increase 8,600 Wages payable decrease 2,500 Use the

Question 6 Signify the item that most accurately and completely describes an asset. Stockholders' claim on the business An operating activity The difference between revenues and expenses An economic resource that brought a past benefit to the business An economic resource that is expected to bring a future benefit to the business
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On October 1, 2020, Mertag Company (a U.S.-based company) receives an order from a customer in Poland to deliver goods on January 31, 2021, for a price of 1,040,000 Polish zloty (PLN). Mertag enters into a forward contract on October 1, 2020, to sell PLN 1,040,000 in four months (on January 31, 2021). U.S. dollar-Polish zloty exchange rates are as
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Required information The following information applies to the questions displayed below Bridge City Consulting bought a building and the land on which it is located for $185,000 cash. The land is estimated to represent 60 percent of the purchase price. The company paid $15,000 for building renovations before it was ready for use. Compute
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Data for the next 8 questions: Dana Manufacturing Company uses a standard cost system for its single product, called Zoom. The following data are available for current year: Standards per unit of product for planned production of 20,000 units: Budgeted machine hours 30,000 hours Raw materials 4 pounds at $12 per yard Direct labor 2 hours at $10.80
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On each December 31, you plan to transfer $3,600 from your checking account into an investment account. The investment account will earn 4 percent annual interest, which will be added to the account balance at each year-end. The first deposit will be made December 31, 2018 (at the end of the period). (Future Value of $1, Present Value of $1,

Saludable Company produces two types of get-well cards: scented and regular. Drivers for the four activities are as follow The following activity data has been collected: Required: 1. Calculate the consumption ratios for the four drivers. Round your answers to two decimal places. Tis inacouracy cas adyersely aflect mayy dechibns. indeding pricine,
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The partnership of Frick, Wilson, and Clarke has elected to cease all operations and liquidate its business property. A balance sheet drawn up at this time shows the following account balances: Cash 65,000 Liabilities 42,000 Noncash 237,000 Frick, Capital (60%) 141,000 Wilson, Capital (20%) 38,000 Clarke, Capital (20%) 81,000

Required information (The following information applies to the questions displayed below.) Craft Pro Machining produces machine tools for the construction industry. The following details about overhead costs were taken from its company records. Indirect Labor $400,000 Indirect Materials Other Overhead Production Activity Grinding Polishing Product
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Hushovd Iron Works has collected the following data for its. Thunderbolt line of Products. What is the direct material price vanance? A $8,000 favorable B. $5,000 unfavorable C $8,000 unfavorable D $5,000 favorable
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Sunland Enterprises purchased a new piece of equipment for its factory under a new government incentive program in exchange for cash. The equipment cost $152,000 and had an estimated useful life of ten years. The program was intended to encourage companies to invest in new, innovative technologies. The new piece of equipment purchased by Sunland
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A product sells for $30 per unit and has variable costs of $18.00 per unit. The fixed costs are $960,000. If the variable costs per unit were to decrease to $16,50 per unit, fixed costs increase to $1,080,000, and the selling price does not change, break-even point in units would: Multiple Choice Increase by 4,000 Equal 6,000 Not change Increase
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Disc Golt, Inc. identified the following selected transactions that occurred during the year ended December 31, 2024 Click the icon to view the transactions) Identify any non-cash transactions that occurred during the year, and show how they would be reported in the non-cash investing and financing activities section of the statement of cash
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________ Statements are prepared and sent to customers from contained in the accounts receivable data store. _____ A vendor sends a sales invoice to the accounts payable process. ____ The cash receipt process updates the cash receipts data store
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Marigold Corp. made a $25600 sale on account with the following terms: 3/10, n/30. If the company uses the net method to record sales made on credit, what is/are the debit(s) in the journal entry to record the sale? Debit Accounts Receivable for $24832. Debit Accounts Receivable for $24832 and Sales Discounts for $768. Debit Accounts Receivable

NEED HELP WITH F-G pls! Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses job order costing. The following data summarize the operations related to production for April, the first month of operations: a. Materials purchased on account, $3,200. b. Materials requisitioned and factory labor used: c. Factory overhead
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[The following information applies to the questions displayed below.] Suresh Company reports the following segment (department) income results for the year. Exercise 23-9 (Algo) Part 2 b. Compute the total increase in income if the departments with sales less than avoidable costs, as identifled in part a, are eliminated
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Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the companys operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Results Flexible Budget Planning Budget Flights ( q ) 59 59 57 Revenue ($345.00 q ) $ 16,100
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The following information is for Polo Limited for 2017: Net income for the year $2,300,000 8% convertible bonds issued at par ($1,000 per bond), with each bond convertible into 30 common shares . 2,000,000 6% convertible, cumulative preferred shares, $100 par value, with each share convertible into 3 common shares 4,000,000 Common shares (600,000

8. Suppose your company has accounts receivable of $96,000 as of March 31st. An analysis of the accounts shows the following: Balance as of March 31st $65,000 $17,000 $8,000 $6,000 96,000 Estimated Uncollectible % Month of Sale March February January Prior to January Totals 4% .. 2600 4500- 2100 g2 50 Credit terms are 2/10, n/30. At March 31st,
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Required information [ The following information applies to the questions displayed below. ] Rustafson Corporation is a diversified manufacturer of consumer goods. The company's activity - based costing system has the following seven activity cost pools: \ table [ [ Activity Cost Pool, \ table [ [ Estimated ] , [ Overhead Cost ] ] , Expected
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Presented below is information related to copyrights owned by Crane Company at December 31, 2017. Cost $8,540,000 Carrying amount 4,360,000 Expected future net cash flows 4,040,000 Fair value 3,400,000 Assume that Crane Company will continue to use this copyright in the future. As of December 31, 2017, the copyright is estimated to have a

Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128.400 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee, the company's FUTA taxes are 0.6% and SUTA taxes are 5.4%. The company is preparing its payroll calculations for the week ended August 25.
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INTERPRETING GRAPHICS A woman calls the police and says she heard gunshots fired in the apartment next door. When the police arrive, they discover two deceased men, two handguns, and blood stains. Man 1 was shot through the forehead and probably died immediately. Man 2 was shot in the abdomen and later died. The neighbor was the only witness. Can
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For 2019 Bagco has gross income of $100,000 and deductions of $160,000 for regular tax purposes. a. What are the tax consequences to Bagco in the current year CY? b. Would the result have any impact on Bagco's tax liability in the prior year (PY) if it had taxable income in that year of $50,000. c. Suppose that for the following year (CY+1) Bagco

QUESTION 20 Norfolk Sporting Goods purchases merchandise with a catalog list price of $40,000. The retailer receives a 30% trade discount and credit terms of 2/10, n/30. What amount should Norfolk debit to the inventory account? a. $30,000 b. $27,440 c. $29,400 d. $20,580 Norfolk Sporting Goods purchases merchandise with a catalog list price of
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(Multiple Choice) Hutton Corporation issued $100,000 of 7%, 15-year bonds on June 1. 20X6 (dated April 1 20X6) at 101 plus accrued interest, which is paid on April 1 and October 1. The proper entry to record issuance of the bonds includes a debit to Cash for: A. $100,000. B. $101,000. C. $101,167. D. $102,167. E. None of these
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Question 2 11 Faxx Company incurs $340000 overhead costs each year in its three main departments, setup ($40000), machining ($215000), and packing ($85000). The setup depertment performs 40 setups per year, the machining department works 5000 hours per year, and the packing department packs 500 orders per year. Information about Foxr's two
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The following is the adjusted trial balance for ACME Corporation: \begin{tabular}{|l|r|r|} \hline Accumulated depreciation, building & & $36,385 \\ \hline Equipment & 350,831 & \\ \hline Accumulated depreciation, equipment & & 84,274 \\ \hline Accounts payable & & 49,747 \\ \hline Deferred revenue & & 11,880 \\ \hline Salaries payable & & 9,652 \\
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Per in Hengine hand how December Inventory Purchases Sales 4200 De 10 DE 12 De 10 D1 794 Growinter www.Led in the We of Cost of FITOH Pred Chines Costo Couto Purch Purch Pure Gold Good Good Sold try try they Quantity Coul Total Constantly Cat Total Quantity Cat Total Co Dec 10 18 130 12 Dec 12 126 20 De 14 X 31 Del 2 1 1 DIT Per in Hengine hand
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Carla Vista Company had the following two transactions related to its delivery truck. 1. Paid $55 for an oil change. 2. Paid $459 to install special shelving units, which increase the operating efficiency of the truck. Prepare Carla Vista's journal entries to record these two transactions. (List debit entry before credit entry. Credit occount
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Yvonne and Simon form Ion Corporation. Yvonne transfers equipment (basis of $110,000 and fair market value of $165,000). Simon invests $130,000 of cash. They each receive 100 shares in Ion Corporation, worth $130,000, but Yvonne also receives $35,000 of cash from Ion. Calculate Ion Corporations basis in the equipment. In addition, determine Yvonne

S10-1 Finding Financial Information (LO 10-5) Refer to the financial statements of The Home Depot in Appendix A. at the end of this book. (Note: Fiscal 2016 for The Home Depot runs from February 1, 2016, to January 29, 2017. As with many retail companies, The Home Depot labels the period "Fiscal 2016" even though it ends in the 2017 calendar year.
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the following selected transactions were taken from the records of shipway company for the first year of its operated ending December 31 apr 14 wrote off account of dean Sheppard , 8450 NUWV2 Online teachin x + Assignment/takeAssignment Main.do?invoker=&takeAssignmentSessionLocator-&inprogressfalse Nature of Uncollectible Accounts The XYZ
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White Diamond Flour Company manufactures flour by a series of three processes, beginning with wheat grain being introduced in the Milling Department. From the Milling Department, the materials pass through the Sifting and Packaging departments, emerging as packaged refined flour. The balance in the account Work in Process-Sifting Department was as

Net income was $465,000. Issued common stock for $71,000 cash. Paid cash dividend of $11,000. Paid $100,000 cash to settle a note payable at its $100,000 maturity value. Paid $122,000 cash to acquire its treasury stock. Purchased equipment for $94,000 cash. Use the above information to determine this company's cash flows from financing activities.
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On January 25th, 250,000 shares of no par common stock were issued at $40, and on January 27th, 75,000 shares of $60 par preferred stock were issued at $70. Journalize the entries for January 25th and January 27th. (Enter all numbers as whole numbers, with or without commas, but no decimals or dollar signs! Use the Chart of Accounts I sent via
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Exercise 07-7 Manufacturing: Direct labor and factory overhead budgets LO P1 Addison Co. budgets production of 2,400 units during the second quarter. Other information is as follows: Direct labor Variable overhead Fixed overhead Each finished unit requires 4 direct labor hours, at a cost of $9 per hour Applied at the rate of $11 per direct labor
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"I know headquarters wants us to add that new product line," said Dell Havasi, manager of Billings Company's Office Products Division "But I want to see the numbers before I make any move. Our division's return on investment (ROI) has led the company for three years, and I don't want any letdown." Billings Company is a decentralized wholesale with
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Courses on Lisa Chiu is a 17-year-old student working part-time in British Columbia. Her wages for the current biweekly pay period are $450.00 and the employer pays $22.00 per month for life insurance premiums. Personal tax exemption claimed is basic, claim code 1, for federal and provincial purposes. Pensionable income is: Select one: a. 0 b.
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Accumulated Other Comprehensive (Loss) Income ("AOCI") Net Actuarial Loss on Total Net Fair Gain on Currency Accumulated Value Defined Translation Other Share Contributed Loss on Benefit of Foreign Comprehensive Retained Total (In millions of dollars) Capital Surplus Investments Plans Operations Other Income Earnings Equity Balance-December 31,
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Following are the merchandising transactions for Dollar Store. Nov. 1 Dollar Store purchases merchandise for $2,500 on terms of 2/5, n/30, TOB shipping point, invoice dated November 1. 5 Dollar Store pays cash for the November 1 purchase. 7 Dollar Store discovers and returns $200 of defective merchandise purchased on November 1, and paid for on
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q5t Calculate the activity-based overhead rates for each pool. (Round answers to 2 decimal places, es. 15.25.) Calculate the activity-based overhead rates for each pool. (Round answers to 2 decimal ploces, es. 15.25) Determine the overhead assigned to Job Z3275, which has 184 pieces and requires 190km of driving and 0.80 hours of logistics. (Round
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Consider a project to supply Detroit with 27,000 tons of machine screws annually for automobile production. You will need an initial $5,600,000 investment in threading equipment to get the project started; the project will last for 6 years. The accounting department estimates that annual fixed costs will be $1,350,000 and that variable costs

Accepted $16, 000 on April 1, 2016, as a retainer for services to be performed evenly over the next 12 months. Performed legal services for cash of $70, 000. Purchased S1, 150 of office supplies on account. Paid $1.035 of the amount due on accounts payable. Paid a cash dividend to the stockholders of $4, 400. Paid cash for operating expenses of
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Ranking Investment Proposals:Payback Period, Accounting Rate of Return, and Net Present Value Presented is information pertaining to the cash flows of three mutually exclusive investment proposals: Select the best investment proposal using the payback period, the accounting rate of return on initial investment, and net present value criteria.
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Bostonian Company provided the following information related to its defined benefit pension plan for 201 : Required: 1. What amount of pension expense should Bostonian report for 201 ? 2. What is the fair value of plan assets at December 31, 20X1? 3. What amount was recognized in OCl in 201 ? Be sure to indicate whether OCl amount represented a
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Branded Shoe Company manufactures only one type of shoe and has two divisions, the Stitching Division and the Polishing Division. The Stitching Division manufactures shoes for the Polishing Division, which completes the shoe and sells it to retailers. The Stitching Division "sells"shoes to the Polishing Division. The market price for the Polishing

Your friend, Diana Wood, recently completed the second year of her business and just received annual financial statements from her accountant. Wood finds the income statement and balance sheet informative but does not understand the statement of cash flows. She says the first section is especially confusing because it contains a lot of additions

Sapsora Company uses ROI to measure the performance of its operating divisions and to reward division managers. A summary of the annual reports from two divisions is shown below. The companys weighted-average cost of capital is 12 percent. Division A Division B Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Amelia Consulting Services collected $12,000 cash for services to be provided in the future. Which of the following shows how recognizing the cash receipt will affect the company's ledger accounts? Assets = Liabilities + Stockholders' Equity Cash Prepaid Rent Unearned Revenue Common Stock Retained Earnings A. 12,000 (12,000) B. 12,000 12,000 C.

Sabas Company has 40,000 shares of 1% preferred stock of $100 par and 100.000 shares of $50 par common stock. The following amounts were distributed as dividends: Determine the dividends per share for preferred and common stock for each year
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Which of the following taxpayers is required to use the accrual method of accounting? a . An attorney with average annual gross receipts of $ 2 million. b . An insurance agency with average annual gross receipts of $ 5 million. c . A retail business with average annual gross receipts of $ 8 , 0 0 0 , 0 0 0 . d . None of these choices are required
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suppose you are going to buy a home worth 110000 making a down payment of 50000. the balance will be borrowed from the capital savings and loan bank. How can I solve this using Excel. 3.76 Suppose you are going to buy a home worth $110,000, making a down pay- ment in the amount of $50.000. The balance will be borrowed from the Capital Savings and
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Refrences AaBbCcDd AaBbCcDdE AaBbCeDdl Heading 7 Strong Normal Using your accounting knowledge, fill in the blanks in the following separate income statements a through e. Identify any negative amount by putting it in parentheses. 62.000 43500 46000 Cost of goods sol Merchandise inventory (beginning) 8,000 17,0507500 8,000 4560 2,000 6600
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