Financial Accounting

1. John Jones has adjusted gross income of $35,000. During 2015, John contribute

1. John Jones has adjusted gross income of $35,000. During 2015, John contributed $4,000 in cash to his church and stock with a fair market value of $22,000 to the Girl Scouts. Th…

1. John buys shares of stock in Acme Corp. on January 1, 2018 for $50. He gifts

1.            John buys shares of stock in Acme Corp. on January 1, 2018 for $50. He gifts the stock to Mary on July 1, 2018 when the stock has a fair market value (fmv) of $60. M…

1. John is divorced and provides a home for his son Jim. Jim lived with John 203

1. John is divorced and provides a home for his son Jim. Jim lived with John 203 nights and with his mother 162. His mother claims him as her dependent? True or False? 2. Mary’s r…

1. John is planning to sell his bammy for $300.00 per unit. He purchases units f

1. John is planning to sell his bammy for $300.00 per unit.   He purchases units from a friend for $120.00 each. He can return any unsold units for a full refund. Fixed costs for …

1. John, Inc. is a retail chain with 125 stores organized into 5 regions. The mo

1. John, Inc. is a retail chain with 125 stores organized into 5 regions. The most recent annual income statement for the Snert, ND store is given below (in $000). It is typical o…

1. Johnson Corporation (a television company) uses a predetermined overhead rate

1. Johnson Corporation (a television company) uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. The Corporation has provided …

1. Johnson Inc. and C&K Company entered into an exchange of real property. Here

1. Johnson Inc. and C&K Company entered into an exchange of real property. Here is the information for the properties to be exchanged.    Pursuant to the exchange, C&K pai…

1. Johnson Inc. is a job-order manufacturing company that uses a predetermined o

1. Johnson Inc. is a job-order manufacturing company that uses a predetermined overhead rate based on direct labor hours to apply overhead to individual jobs. For the current year…

1. Jones Co. manufactures a product called Zens in a three-process series. All m

1. Jones Co. manufactures a product called Zens in a three-process series. All materials are introduced at the beginning of the first process. Jones uses the first-in, first-out m…

1. Jones Companyhad checks outstanding totaling $5,400 on its June bankreconcili

1.         Jones Companyhad checks outstanding totaling $5,400 on its June bankreconciliation. In July, Jones Company issued checks totaling$38,900. The July bank statement shows …

1. Jones Inc. has provided the following production and average cost data for tw

1. Jones Inc. has provided the following production and average cost data for two levels of monthly production volume. The company produces a single product. Production Volume----…

1. Journal entries: Record accounts receivable written off during the year 2018.

1. Journal entries: Record accounts receivable written off during the year 2018. Record entry to reinstate an account receivable previously written off. Record collection of an ac…

1. Journalize each transaction. You do not have to include a brief explanation.

1. Journalize each transaction. You do not have to include a brief explanation. Prepare an adjusted trial balance as of December 31, 20XX. Date Transaction or Event Dec 1 LeBron i…

1. Journalize the April transactions using a periodic inventory system. (If no e

1. Journalize the April transactions using a periodic inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit acco…

1. Journalize the adjusting entries using the following additional accounts. Sal

1. Journalize the adjusting entries using the following additional accounts. Salaries and wages payable, rent revenue, insurance expense, depreciation expense, building depreciati…

1. Journalize the following transactions in the accounts of Simmons Company: Mar

1. Journalize the following transactions in the accounts of Simmons Company: Mar. I Rccc ived a S60,000, 60-day, 6% note dated March 1 from Bynum Co. on account. 18 Received a $25…

1. Journalize the following transactions using the perpetual inventory method 6

1. Journalize the following transactions using the perpetual inventory method 6 Aug Purchased $830 of inventory on account from Johnston with terms of 2/10, n/30 8 Aug Purchased $…

1. Journalize the following transactions using the perpetual inventory system. M

1. Journalize the following transactions using the perpetual inventory system. Mr. Jack Kita started his grocery business on January 2. 2p17. The following are the transactions fo…

1. Journalize the following? transactions: a. Issuance of half of the bonds on M

1. Journalize the following? transactions: a. Issuance of half of the bonds on May? 31, 20162016 b. Payment of interest on November? 30, 20162016 c. Accrual of interest on Decembe…

1. Journalize the selected transactions. If no entry is required, select \"No en

1. Journalize the selected transactions. If no entry is required, select "No entry required" from the dropdown and leave the amount boxes blank. For a compound transaction, if an …

1. Journalize the transactions for the company, 2. T-accounts for the general le

1. Journalize the transactions for the company, 2. T-accounts for the general ledger, the Raw Materials Inventory subsidiary Account Title Cash Accounts Receivable Inventories Deb…

1. Journalizing Partner\'s Original Investment Austin Fisher contributed land, i

1. Journalizing Partner's Original Investment Austin Fisher contributed land, inventory, and $19,000 cash to a partnership. The land had a book value of $72,000 and a market value…

1. Juanita is covered under her employer\'s group long-term disability income pl

1. Juanita is covered under her employer's group long-term disability income plan. Juanita pays 40 percent of the premium cost, and her employer pays 60 percent. Which of the foll…

1. Julia currently is considering the purchase of some land to be held as an inv

1. Julia currently is considering the purchase of some land to be held as an investment. She and the seller have agreed on a contract under which Julia would pay $1,000 per month …

1. July 1.......Beginning Inventory..........20 units @ $20 = $400 July 7.......

1. July 1.......Beginning Inventory..........20 units @ $20 = $400 July 7.......Purchases..........................70 units @ $21 = $1,470 July 22.....Purchases...................…

1. June 1: Byte of Accounting, Inc. acquired $52,800 in cash from Lauryn and iss

1. June 1: Byte of Accounting, Inc. acquired $52,800 in cash from Lauryn and issued 2,200 shares of its common stock. 2. June 1: Byte of Accounting, Inc. issued 2,590 shares of it…

1. K. Canopy is the sole stockholder of Canopy Services, Inc. The company paid $

1. K. Canopy is the sole stockholder of Canopy Services, Inc. The company paid $6,400 cash in dividends to Canopy. The entry to close the dividends account at the end of the year …

1. K. Canopy, the proprietor of Canopy Services, withdrew $5,100 from the busine

1. K. Canopy, the proprietor of Canopy Services, withdrew $5,100 from the business during the current year. The entry to close the withdrawals account at the end of the year is: 2…

1. K. Herrmann has decided to set up a scholarship fund for students. She is wil

1. K. Herrmann has decided to set up a scholarship fund for students. She is willing to deposit $5,000 in a trust fund at the end of each year for 10 years.                    She…

1. KAY CLINIC uses patient-visits as its measure of activity. During April, the

1. KAY CLINIC uses patient-visits as its measure of activity. During April, the clinic budgeted for 3,800 patient-visits, but its actual level of activity was 3,400 patient-visits…

1. Kaiser\'s Kraft Korner sells a single product. 7,000 units were sold resultin

1. Kaiser's Kraft Korner sells a single product. 7,000 units were sold resulting in $70,000 of sales revenue, $28,000 of variable costs, and $12,000 of fixed costs. solve: A. Cont…

1. Kamie Corp prepared a master budget that included $14,245 for direct material

1. Kamie Corp prepared a master budget that included $14,245 for direct materials, $28,500 for direct labor, $12,210 for variable overhead, and $39,300 for fixed overhead. Wadjase…

1. Kane Industries disclosed the following minimum rental commitments under non-

1.      Kane Industries disclosed the following minimum rental commitments under non-cancelable operating leases in its 2014 annual report: Minimum operating lease payments Amount…

1. Katie mows her own yard to save money. Her neighbor Jonah, however, hires a l

1. Katie mows her own yard to save money. Her neighbor Jonah, however, hires a lawn service to mow his yard. One day, as Katie is looking out of the window, Jonah's lawn service d…

1. Kaye Company acquired 100% of Fiore Company on January 1, 2018. Kaye paid $1,

1. Kaye Company acquired 100% of Fiore Company on January 1, 2018. Kaye paid $1,000 excess consideration over book value, which is being amortized at $20 per year. There was no go…

1. Keaubie Corporation sells three different sets of sportswear. Sleek sells for

1. Keaubie Corporation sells three different sets of sportswear. Sleek sells for $30 and has variable costs of $18: Smooth sells for $50 and has variable costs of $30; Potent sell…

1. Kelly Manufacturing Company is considering the following investment proposal:

1.      Kelly Manufacturing Company is considering the following investment proposal: Original Investment                                         $15,000         Operations (per y…

1. Kentucky Distributors has two divisions – Northern and Southern. The division

1. Kentucky Distributors has two divisions – Northern and Southern. The divisions have provided the following financial information: Kentucky’s executives are considering the elim…

1. Kevin’s Supply has a reputation with its competitors and customers as the fir

1. Kevin’s Supply has a reputation with its competitors and customers as the firm with the toughest credit standards in the industry. Kevin’s high credit standards have resulted i…

1. Kilihea Corporation produces a single product. The company\'s absorption cost

1. Kilihea Corporation produces a single product. The company's absorption costing income statement for July follows: Kilihea Corporation Income Statement For the month ended July…

1. Kirby will recognize gain. 2. Helen will not recognize any gain or income. 3.

1. Kirby will recognize gain. 2. Helen will not recognize any gain or income. 3. Red Corporation will have a basis of $280,000 in the property it acquired from Helen. 4. Red will …

1. Kirtland Corporation is considering various inventory systems. At the end of

1. Kirtland Corporation is considering various inventory systems. At the end of the annual accounting period, December 31, 2015, the accounting records for the most popular item i…

1. Known liabilities of estimated amounts are: a. Ignored b. reported on the bal

1. Known liabilities of estimated amounts are: a. Ignored b. reported on the balance sheet. C.contingent liabilities. d. reported only in the notes to the financial statements. 2.…

1. Korg, Inc makes two products - platinum-based tacks and hinges. Data regardin

1. Korg, Inc makes two products - platinum-based tacks and hinges. Data regarding the two products follow: Annual Production Direct Labor Hours Per Unit Hinges.... Additional info…

1. L esinski Snow Removal\'s cost formula for its vehicle operating cost is $1,7

1.    Lesinski Snow Removal's cost formula for its vehicle operating cost is $1,770 per month plus $483 per snow-day. For the month of February, the company planned for activity o…

1. LMN Ltd has the following datarelating to its assembly plant for the year to

1.      LMN Ltd has the following datarelating to its assembly plant for the year to 31 March Year 7: £ Material costs 1,000,000 Direct labour costs 500,000 Assembly plant indirec…

1. LP is a limited partner in a newly formed partnership which is engaged in the

1. LP is a limited partner in a newly formed partnership which is engaged in the following activities: (i) A research and development activity to which LP contributed $10,000 cash…

1. Lakeside Inc. manufactures four lines of remote control boats and uses activi

1. Lakeside Inc. manufactures four lines of remote control boats and uses activity-based costing to calculate product cost. Estimated Total Cost $329,000 12,800 machine hours Esti…

1. Landmark Corp. buys $320,000 of Schroeter Company\'s 9%, 5-year bonds payable

1. Landmark Corp. buys $320,000 of Schroeter Company's 9%, 5-year bonds payable at par value on September 1. Interest payments are made semiannually. Landmark plans to hold the bo…

1. Last month 75,000 pounds of direct material were purchased and 71,000 pounds

1. Last month 75,000 pounds of direct material were purchased and 71,000 pounds were used. If the actual purchase price per pound was $0.50 more than the standard purchase price p…