Financial Accounting

1. Inventory errors and income measurement. The income statements of Keagle Comp

1. Inventory errors and income measurement. The income statements of Keagle Company for 20X3 and 20X4 follow. 20X3 20X4 Sales $100,000 $109,000 Cost of goods sold $62,000 $74,000 …

1. Inventory investment can be: A. negative. B. zero. C. positive. D. negative,

1. Inventory investment can be: A. negative. B. zero. C. positive. D. negative, zero, or positive. 2. Planned investment spending is: A. positively related to existing productive …

1. Inventory.Inventory valuation methods: Basic computations.The January beginni

1. Inventory.Inventory valuation methods: Basic computations.The January beginning inventory of the White Company consisted of 300 units costing $40 each. During the first quarter…

1. Inventory.Inventory valuation methods: Basic computations.The January beginni

1. Inventory.Inventory valuation methods: Basic computations.The January beginning inventory of the White Company consisted of 300 units costing $40 each. During the first quarter…

1. Investing activities involve... A. Long-term investments. B. Short-term inves

1. Investing activities involve... A. Long-term investments. B. Short-term investments. C. Long-term assets. D. All of these choices. 2. Cash equivalents do not include... A. mark…

1. Investment in Red Corporation stock 2/5/16 You purchase 3,600 shares of Red C

1. Investment in Red Corporation stock 2/5/16 You purchase 3,600 shares of Red Corporation stock for $4.20 per share. (Red Corporation has 194,000 shares outstanding.) You pay a b…

1. Iris Company decided to change from LIFO to FIFO inventory costing, effective

1. Iris Company decided to change from LIFO to FIFO inventory costing, effective January 1, 2012. The following data were available: Excess of FIFO Ending Inventory Pretax Operati…

1. Irwin, Inc., constructed a machine at a total cost of $58 million. Constructi

1. Irwin, Inc., constructed a machine at a total cost of $58 million. Construction was completed at the end of 2012 and the machine was placed in service at the beginning of 2013.…

1. Is Will able to claim R.J. as a qualifying child for the earned income credit

1. Is Will able to claim R.J. as a qualifying child for the earned income credit (EIC)? A. Yes, because his income is below the threshold for claiming EIC B. Yes, because R.J. has…

1. Is the overhead under applied or overapplied? by how much? Chapter 19 Job Ord

1. Is the overhead under applied or overapplied? by how much? Chapter 19 Job Order Costing In December 2014. Shire Computer's management establishes the 2015 predetermined overbe …

1. Is this new report misleading? Explain. What additional information is needed

1. Is this new report misleading? Explain. What additional information is needed to make the report useful? 2. What selling price did Midwest plan for October? 3. Write the profit…

1. Isomer Industrial Training Corporation is considering the purchase of new pre

1. Isomer Industrial Training Corporation is considering the purchase of new presentation equipment at a cost of $150,000. The equipment has an estimated useful life of 10 years w…

1. Issued 30,000 shares of common stock In exchange for $300,000 In cash. 2 Purc

1. Issued 30,000 shares of common stock In exchange for $300,000 In cash. 2 Purchased equipment at a cost of $40,000. $10,000 cash was pald and a note payable was slgned for the b…

1. Issued an additional 10,000 shares of common stock on January 2. The stock wa

1. Issued an additional 10,000 shares of common stock on January 2. The stock was sold for $80,000, which equals the par value of the stock 2. Purchased store equipment for $10,00…

1. It has been proposed to Ruby that she invest $300 at the end of each month (s

1. It has been proposed to Ruby that she invest $300 at the end of each month (starting at the end of the upcoming month) for 40 years in a high risk fund (no initial deposit) tha…

1. It is January 2nd. Senior management of Digby meets to determine their invest

1. It is January 2nd. Senior management of Digby meets to determine their investment plan for the year. They decide to fully fund a plant and equipment purchase by issuing 50,000 …

1. It is necessary for a company to use the same depreciation method for all of

1. It is necessary for a company to use the same depreciation method for all of its depreciable assets. 2. Receiving payment prior to delivering goods or services causes a current…

1. It is necessary for a company to use the same depreciation method for all of

1. It is necessary for a company to use the same depreciation method for all of its depreciable assets. 2. Receiving payment prior to delivering goods or services causes a current…

1. It is possible for a trust managed by a trustee to be treated as a corporatio

1. It is possible for a trust managed by a trustee to be treated as a corporation for income tax purposes. ________ 2. If the taxpayer creates a legal corporation under state law,…

1. It is the legal obligation of the Federal Reserve to conduct monetary policy

1.    It is the legal obligation of the Federal Reserve to conduct monetary policy to achieve its macroeconomic objectives of maximum employment and stable prices. True False 1.  …

1. It takes $25,000 every year to put on the Octagon Arts Festival here in Ames

1. It takes $25,000 every year to put on the Octagon Arts Festival here in Ames each September. At the beginning of September this year, an anonymous donor contributed $100,000 to…

1. Items (a) through (c) represent transactions between Pero and Sean during 201

1. Items (a) through (c) represent transactions between Pero and Sean during 2016. Determine the dollar amount effect of the consolidating adjustment on 2016 consolidated net inco…

1. Ivan claimed a Federal deduction of $1,000 for carrybacks of a certain capita

1. Ivan claimed a Federal deduction of $1,000 for carrybacks of a certain capital loss. What amount can he claim for the capital loss carrybacks on his California return? a) $0 b)…

1. Ivanhoe Company commonly issues long-term notes payable to its various lender

1. Ivanhoe Company commonly issues long-term notes payable to its various lenders. Ivanhoe has had a pretty good credit rating such that its effective borrowing rate is quite low …

1. Izzy Inc. purchased a patent for $350,000 which has an estimated useful life

1. Izzy Inc. purchased a patent for $350,000 which has an estimated useful life of 10 years. Its pattern of use or consumption cannot be reliably determined. Prepare the entry to …

1. J.C.Penny had net sales of $28,496 million, its cost of goods sold was $19,09

1. J.C.Penny had net sales of $28,496 million, its cost of goods sold was $19,092million, and its net income was $997 million. Its gross margin ratioequals: A. 3.5%. B. 5.2%. C. 3…

1. Jackson County Senior Services is a nonprofit organization devoted to providi

1. Jackson County Senior Services is a nonprofit organization devoted to providing essential services to seniors who live in their own homes within the Jackson County area. Three …

1. James operates a sole proprietorship, maintaining the business records under

1. James operates a sole proprietorship, maintaining the business records under the cash-basis method of accounting. James performs services for a client and sends the client a bi…

1. Jan Cain deposited $19,500 in the bank on 1/1/1995, at an investment rate of

1. Jan Cain deposited $19,500 in the bank on 1/1/1995, at an investment rate of 12% compounded annually. How much has accumulated in the account by 1/1/2012. 2. Mark Schultz depos…

1. Jan and Dean decided to form a charitable organization, I Love Rock N Rollers

1. Jan and Dean decided to form a charitable organization, I Love Rock N Rollers, to provide funding to assist former rock and roll group members who have become homeless. They ar…

1. Janet Chin purchased a Mercedes Benz for $75,000 with a residual value of $15

1. Janet Chin purchased a Mercedes Benz for $75,000 with a residual value of $15,000. The vehicle is used 75% for business and 25% for personal use. Using the straight-line deprec…

1. Janis Company signed a lease for a rental unit for 15 years. Under the lease

1. Janis Company signed a lease for a rental unit for 15 years. Under the lease agreement, a deposit of $6,000 is made. The deposit will be returned at the expiration of the lease…

1. Jasper Inc. has a December 31 year-end. a. Current assets are $30 million. b.

1. Jasper Inc. has a December 31 year-end. a. Current assets are $30 million. b. Current accrued liabilities are $9 million. c. Short-term debt at December 31 is $4 million. The t…

1. Jasper Inc. has a December 31 year-end. a. Current assets are $30 million. b.

1. Jasper Inc. has a December 31 year-end. a. Current assets are $30 million. b. Current accrued liabilities are $9 million. c. Short-term debt at December 31 is $4 million. The t…

1. Jeannie and Gene were married and lived in New York. They owned undeveloped l

1. Jeannie and Gene were married and lived in New York. They owned undeveloped land as joint tenants with right of survivorship which they purchased in 1999, and the property had …

1. Jefferson County’s Board of Representatives is considering the purchase of a

1. Jefferson County’s Board of Representatives is considering the purchase of a site for a new sanitary landfill. The purchase price for the site is $300,000 and preparatory work …

1. Jefferson uses the percent of sales method of estimating uncollectible expens

1. Jefferson uses the percent of sales method of estimating uncollectible expenses. Based on past history, 2% of credit sales are expected to be uncollectible. Sales for the curre…

1. Jenna’s Jeans produces 40,000 pairs of jeans each month for a total cost of $

1. Jenna’s Jeans produces 40,000 pairs of jeans each month for a total cost of $500,000. The costs are described below. Direct materials $200,000 Direct labor 180,000 Manufacturin…

1. Jenny\'s New year\'s resolution is to start a retirement fund . She has opene

1. Jenny's New year's resolution is to start a retirement fund . She has opened an account with a local broker by depositing $1000 in an investment fund. In the future she plans t…

1. Jerry Seinfeld is signed to perform a New Year’s eve performance at the Paris

1. Jerry Seinfeld is signed to perform a New Year’s eve performance at the Paris Hotel in Las Vegas. One month before the show, Seinfeld’s wife files for divorce. Seinfeld is depr…

1. Jet Company\'s break-even point is 6,000 units. The company\'s fixed costs ar

1. Jet Company's break-even point is 6,000 units. The company's fixed costs are $230,000, and its total variable costs are $64,000. The unit sales price is: 2. The Haskins Company…

1. Jim Harvey, your client, owns a life insurance policy on his own life. He has

1. Jim Harvey, your client, owns a life insurance policy on his own life. He has paid $6,500 in premiums, and the cash surrender value of the policy is $25,000. Jim Harvey borrowe…

1. Jim, a US individual who qualifies as a real estate professional, purchases a

1. Jim, a US individual who qualifies as a real estate professional, purchases a certain rental real estate property in 2014 and leases it out producing a taxable loss each year f…

1. Job 910 was recently completed. The following data have been recorded on its

1. Job 910 was recently completed. The following data have been recorded on its job cost sheet: Direct materials $ 2,428 Direct labor-hours 75 labor-hours Direct labor wage rate $…

1. Job Order Cost Sheet Remnant Carpet Company sells and installs commercial car

1. Job Order Cost Sheet Remnant Carpet Company sells and installs commercial carpeting for office buildings. Remnant Carpet Company uses a job order cost system. When a prospectiv…

1. Job order manufacturing and process manufacturing are two major costing syste

1. Job order manufacturing and process manufacturing are two major costing systems used in manufacturing. Answer the following questions regarding these two systems: a. Compare an…

1. Job-order costing would be more appropriate in which of the following situati

1. Job-order costing would be more appropriate in which of the following situations? An Elmer's glue factory A textbook publisher such as McGraw-Hill A shop that customizes vans. …

1. Jocasta owns an apartment complex that she purchased 6 years ago for $750,000

1.  Jocasta owns an apartment complex that she purchased 6 years ago for $750,000. Jocasta has made $40,000 of capital improvements on the complex, and her depreciation claimed on…

1. John Anderson uses gas to heat his home. He has accumulated the following inf

1. John Anderson uses gas to heat his home. He has accumulated the following information regarding his monthly gas bill and monthly heating degree-days. The heating degree-days va…

1. John Holland established the following standard price and cost data. Sales Pr

1. John Holland established the following standard price and cost data. Sales Price Raw Materials Labor Overhead Variable Selling and Adm. Exp $0.80 per unit Fixed Manufacturing C…