Financial Accounting

1. Mountaineers sells its rock-climbing shoes worldwide. Mountaineers expects to

1. Mountaineers sells its rock-climbing shoes worldwide. Mountaineers expects to sell 4,000 pairs of shoes for $165 each in January, and 2,000 pairs of shoes for $220 each in Febr…

1. Mr B can claim his son as dependant is his annual return as his son is under

1. Mr B can claim his son as dependant is his annual return as his son is under 24 years age and student, his earned income is less than $6200 and unearned income is less than $10…

1. Mr. B gets a six month extension to file his 2016 return. The extension allow

1. Mr. B gets a six month extension to file his 2016 return. The extension allows Mr. B to file his 2016 return on or before October 15, 2017. Mr. B mails his return on October 10…

1. Mr. B’s 19-year-old son receives a $6,000 scholarship to X University. In the

1. Mr. B’s 19-year-old son receives a $6,000 scholarship to X University. In the same year, Mr. B provides $4,500 to his son as the only other support. The other dependency tests …

1. Mr. B’s 19-year-old son receives a $6,000 scholarship to X University. In the

1. Mr. B’s 19-year-old son receives a $6,000 scholarship to X University. In the same year, Mr. B provides $4,500 to his son as the only other support. The other dependency tests …

1. Muddy Meadows Earthmoving can purchase a bulldozer for $8,000. After 7 years

1. Muddy Meadows Earthmoving can purchase a bulldozer for $8,000. After 7 years of use, the bulldozer should have a salvage value of $1,500. What depreciation is allowed for this …

1. Multi-step Income Statement for the Year ended 12/31/2014. 2. Comparative, Cl

1. Multi-step Income Statement for the Year ended 12/31/2014. 2. Comparative, Classified Balance Sheets as of 12/31/2013 and 12/31/2014. 2013 Transactions: 1. 7/1/13: Dumbo issues…

1. My Confederate Candle Co. budgeted production of 64,300 candles in 2015. Wax

1. My Confederate Candle Co. budgeted production of 64,300 candles in 2015. Wax is required to produce a candle. Assume eight ounces (one-half pound) of wax is required for each c…

1. My homework assignment requires me to compare the ratios between Dunkin\' Don

1. My homework assignment requires me to compare the ratios between Dunkin' Donuts and Starbucks for fiscal 2014. Their 'inventory turnover' and 'days in inventory' apparently is …

1. NZ IFRS 10 requires entity P to consolidate entity S if P controls S and prov

1. NZ IFRS 10 requires entity P to consolidate entity S if P controls S and provides guidelines for control which are not based on majority ownership by the investor. Using the Co…

1. Name a characteristic (from an accounting standpoint) that distinguishes prod

1. Name a characteristic (from an accounting standpoint) that distinguishes product costs from period costs. 2. Name three specific Product costs and which of the three classifica…

1. Name and briefly describe each of the four financial statements. 2. Briefly d

1. Name and briefly describe each of the four financial statements. 2. Briefly distinguish between financial accounting and managerial accounting. 3. Describe the difference betwe…

1. Name and briefly describe three overhead rate methods. (1 point) 2. Robinson,

1. Name and briefly describe three overhead rate methods. (1 point) 2. Robinson, Inc estimates that overhead costs for the next year will be $3,600,000 for indirect labor, $200,00…

1. Name three examples of property, plant and equipment. 2. Give an example of a

1. Name three examples of property, plant and equipment. 2. Give an example of an intangible asset with an identifiable useful life. Why is land classified separately from other t…

1. Natalie received a report from the production and purchasing departments with

1. Natalie received a report from the production and purchasing departments with the following values for October: Actual materials quantity: 18,000 pounds Total actual cost: $8,7…

1. Nate is investing in a partnership with David. Nate contributes as part of hi

1. Nate is investing in a partnership with David. Nate contributes as part of his initial investment, Accounts Receivable of $60,000; an Allowance for Doubtful Accounts of $9,000;…

1. Nathan Co. uses FIFO for internal reporting purposes and LIFO for financial a

1. Nathan Co. uses FIFO for internal reporting purposes and LIFO for financial and tax reporting. The inventory was $600,000 under FIFO and $300,000 under LIFO at December 21, 201…

1. Nations Shipping determined the PDOR rate to apply overhead based on direct l

1. Nations Shipping determined the PDOR rate to apply overhead based on direct labor hours would be $8.40 of MOH per direct    labor hour. The PDOR based on machine hours would be…

1. Naylor Corporation produces multiple products. Financial information for Prod

1. Naylor Corporation produces multiple products. Financial information for Product A is included below. Product A Revenue $        190,000 Variable expenses              45,000 C…

1. Neal Company would like to initiate a management development program for its

1. Neal Company would like to initiate a management development program for its executives. The program would cost $140,000 per year to operate. What would be the after-tax cost o…

1. Neelon Corporation has two divisions: Southern Division and Northern Division

1. Neelon Corporation has two divisions: Southern Division and Northern Division. The following data are for the most recent operating period: sales The common fixed expenses have…

1. Neon Lighting is comparing actual and applied overhead amounts at the end of

1. Neon Lighting is comparing actual and applied overhead amounts at the end of the year and finds the factory overhead account has a credit balance. What does this mean a.Actual …

1. Net assets is an element of the financial statements of nongovernmental NFP e

1. Net assets is an element of the financial statements of nongovernmental NFP entities. It a. is the residual interest in th assets of an NFP after subtracting its liabilites. b.…

1. Net income for Malamud Greeting Card Company was $79,500, depreciation expens

1.            Net income for Malamud Greeting Card Company was $79,500, depreciation expense was $21,430, and there was a loss on the sale of investments of $5,800. Relevant accou…

1. New England Co. had net cash provided by operating activities of $351,000; ne

1. New England Co. had net cash provided by operating activities of $351,000; net cash used by investing activities of $420,000; and cash provided by financing activities of $250,…

1. Newark Company has provided the following information: • Cash sales, $450,000

1. Newark Company has provided the following information: • Cash sales, $450,000 • Credit sales, $1,350,000 • Selling and administrative expenses, $330,000 • Sales returns and all…

1. Newell Corporation has provided you with the following financial data: Variab

1. Newell Corporation has provided you with the following financial data: Variable costs per unit Selling price per unit Total fixed costs Tax rate Non cash expenses $ 450 $ 600 $…

1. Newington Chemicals has planned capital expenditures of $1,600,000 for the co

1. Newington Chemicals has planned capital expenditures of $1,600,000 for the coming fiscal year. The $1,600,000 is to be financed in the following way Debt Preferred Stock Common…

1. Nexus Star Inc. produces various kinds of oils. One of its product, Product X

1.     Nexus Star Inc. produces various kinds of oils. One of its product, Product X, is made from castor oil, beeswax, aloe vera, and a base compound. For the next 12 months, the…

1. NoGrowth Corporation currently pays a dividend of $2.56 per year, and it will

1. NoGrowth Corporation currently pays a dividend of $2.56 per year, and it will continue to pay this dividend forever. What is the price per share if its equity cost of capital i…

1. Northcutt\'s production data for a new deluxe product were taken from the mos

1. Northcutt's production data for a new deluxe product were taken from the most recent quarterly production budget: In addition, Northcutt produces 5,200 units a month of its sta…

1. Northwest Clothing Supply has the following transactions during the year rela

1. Northwest Clothing Supply has the following transactions during the year related to stockholders' equity January 1 Issues 3,000 shares of no-par common stock for $20 per share.…

1. Note Receivable: On Jan 1 st , 2014, Xena Inc. provi ded services in exchange

1. Note Receivable: On Jan 1 st , 2014, Xena Inc. provi ded services in exchange for a 2 -year $100,000, 8% note receivable that pays interest quarterly on March 31 st , June 30 t…

1. OBT Corporation has owned stock of CCC Corp. since 2014. At December 31, 2017

1.      OBT Corporation has owned stock of CCC Corp. since 2014. At December 31, 2017, OBT’s balances related to this investment were: Equity Investments                          …

1. Of the? following, which is NOT reported on the Balance? Sheet? A. Depreciati

1. Of the? following, which is NOT reported on the Balance? Sheet? A. Depreciation Expense B. equipment C. cash D. account payable 2.Express Barber gave 410 haircuts this past mon…

1. Office Stuff produced 15,000 file cabinets at a cost of $80,000. Production f

1. Office Stuff produced 15,000 file cabinets at a cost of $80,000. Production for the period was estimated at 14,000 file cabinets at a cost of $75,000. On which of the following…

1. Oligopoly Which of the following statements is not correct about the kinked d

1. Oligopoly Which of the following statements is not correct about the kinked demand curve model? A. The kinked demand curve model is used to explain noncooperative behavior of o…

1. Omega Contractors manufactures each house to customer specifications. It most

1. Omega Contractors manufactures each house to customer specifications. It most likely would use: A. Process costing. B. A periodic inventory system C. Unique costing D. Job orde…

1. Omega Contractors manufactures each house to customer specifications. It most

1. Omega Contractors manufactures each house to customer specifications. It most likely would use: A. Process costing. B. A periodic inventory system C. Unique costing D. Job orde…

1. On 8/1, Coruscant, Inc, a US Based Corporation, forecasts the purchase of 10,

1. On 8/1, Coruscant, Inc, a US Based Corporation, forecasts the purchase of 10,000 units of inventory from a foreign vendor. The forecasted cost is estimated to be 150,000 FC. It…

1. On April 30, 2009, Tilton Products purchased machinery for $88,000. The usefu

1. On April 30, 2009, Tilton Products purchased machinery for $88,000. The useful life of this machinery is estimated at 8 years, with an $8,000 residual value. Refer to the infor…

1. On April 30, 2009, Tilton Products purchased machinery for $88,000. The usefu

1. On April 30, 2009, Tilton Products purchased machinery for $88,000. The useful life of this machinery is estimated at 8 years, with an $8,000 residual value. Refer to the infor…

1. On April 30, 2009, Tilton Products purchased machinery for $88,000. The usefu

1. On April 30, 2009, Tilton Products purchased machinery for $88,000. The useful life of this machinery is estimated at 8 years, with an $8,000 residual value. Refer to the infor…

1. On April 5, purchased merchandise from Sunland Company for $27,200, terms 2/1

1. On April 5, purchased merchandise from Sunland Company for $27,200, terms 2/10, n/30. 2. On April 6, paid freight costs of $ 3,200 on merchandise purchased from Sunland Company…

1. On August 1, Academy Supply had an inventory of 50 computer desks at a cost o

1.         On August 1, Academy Supply had an inventory of 50 computer desks at a cost of             $125 each. The company uses a perpetual inventory system. During August, the …

1. On December 1, Quality Electronics has three DVD players left in stock. All a

1. On December 1, Quality Electronics has three DVD players left in stock. All are identical, all are priced to sell at $77. One of the three DVD players left in stock, with seria…

1. On December 14 Bench Company received $3,700 cash for consulting services tha

1. On December 14 Bench Company received $3,700 cash for consulting services that will be performed in January. Bench records all such prepayments in a liability account. Prepare …

1. On December 31, 2016, Ashton Corporation performed forensic psychic consultat

1. On December 31, 2016, Ashton Corporation performed forensic psychic consultation services for the Edamame Private Detective Agency. Ashton was short of cash, and Ashton agreed …

1. On December 31, 2016, Ashton Corporation performed forensic psychic consultat

1. On December 31, 2016, Ashton Corporation performed forensic psychic consultation services for the Edamame Private Detective Agency. Ashton was short of cash, and Ashton agreed …

1. On December 31, prior to adjustment, Allowance for Doubtful Accounts has a cr

1. On December 31, prior to adjustment, Allowance for Doubtful Accounts has a credit balance of $200. An age analysis of the accounts receivable produces an estimate of $1,000 of …