Financial Accounting

1. Pay linic uses patient-visits as its measure of activity. The following repor

1. Pay linic uses patient-visits as its measure of activity. The following report compares the planning budget to the actual operating results for the month of January: Paye Clini…

1. Payroll accounting. Assume that the following tax rates and payroll informati

1. Payroll accounting. Assume that the following tax rates and payroll information pertain to Brookhaven Publishing: •   Social Security taxes: 4% on the first $55,000 earned per …

1. Payton Industries has fixed costs of $490,000, the unit selling price is $35,

1. Payton Industries has fixed costs of $490,000, the unit selling price is $35, and the unit variable costs are $20. What is the break-even sales (units) if fixed costs are reduc…

1. Paz Inc. manufactures a product which contains a small motor. The company has

1. Paz Inc. manufactures a product which contains a small motor. The company has always purchased this motor from a supplier for $55 each. Paz recently upgraded its own manufactur…

1. Peking Corp.’s cost accountant is planning the year-end review of production

1. Peking Corp.’s cost accountant is planning the year-end review of production costs. One of the areas for review is the analysis of plant capacity and application of overhead. P…

1. PepsiCo, near the top of table 2-5 in the chapter, is a company that provides

1. PepsiCo, near the top of table 2-5 in the chapter, is a company that provides comprehensive finicial statements. Go to finance.yahoo.com. In the box next to "Get Quotes" type i…

1. Perry Corporation acquired land, buildings, and equipment from a bankrupt com

1. Perry Corporation acquired land, buildings, and equipment from a bankrupt company at a lump-sum price of $825,000. At the time of acquisition Perry paid $30,000 to have the ass…

1. Pet Energy Therapy Association (PETA) treats peoples’ pets, and has the follo

1. Pet Energy Therapy Association (PETA) treats peoples’ pets, and has the following cost structure: Charge per therapy session $100 Variable cost per therapy session $ 20 Fixed c…

1. Petrini Corporation makes one product and it provided the following informati

1. Petrini Corporation makes one product and it provided the following information to help prepare the master budget for the next four months of operations: The budgeted selling p…

1. Petrini Corporation makes one product and it provided the following informati

1. Petrini Corporation makes one product and it provided the following information to help prepare the master budget for the next four months of operations: The budgeted selling p…

1. Pharma, Inc. has identified a list of expenditures it believes to be intangib

1.         Pharma, Inc. has identified a list of expenditures it believes to be intangible assets. Which items would be recognized as an asset using US GAAP? Which items would be …

1. Phone Company is deciding whether or not to accept a contract to provide Serv

1. Phone Company is deciding whether or not to accept a contract to provide Service Company with 8,000 cell phones per month in addition to Phone Co.’s existing business. The cont…

1. Physical controls to safeguard assets do not include a. cashier department su

1. Physical controls to safeguard assets do not include a. cashier department supervisors b. vaults c. safety deposit boxes. d. locked warehouses. 2lf employees are bonded a, it m…

1. Pine Company acquires land for $97,000 cash. Additional costs are as follows:

1. Pine Company acquires land for $97,000 cash. Additional costs are as follows: Removal of shed $ 400 Filling and grading 1,700 Salvage value of lumber of shed 100 Broker commiss…

1. Pine Company expects to sell 1,100 wreaths in December 2016 but wants to plan

1. Pine Company expects to sell 1,100 wreaths in December 2016 but wants to plan for 100 more and 150 less than expected. The wreaths sell for $15.00 each and have variable costs …

1. Piper Company records an adjusting entry for $10,000,000 of previously unreco

1. Piper Company records an adjusting entry for $10,000,000 of previously unrecorded cash sales (costing $5,000,000) and its sales taxes at a rate of 4%. 2. The company earned $50…

1. Plant assets are defined as: A) Current assets. B) Tangible assets that have

1. Plant assets are defined as: A) Current assets. B) Tangible assets that have a useful life of more than one accounting period and are used in the operation of a business. C) In…

1. Plant assets are depreciated because a. the accrual basis of accounting requi

1. Plant assets are depreciated because a. the accrual basis of accounting requires matching of costs to revenues b. some plant assets last longer than other c. useful lived canno…

1. Please check my answers for the trail balance worksheet. (See Image 1) Below

1. Please check my answers for the trail balance worksheet. (See Image 1) Below are instructions I followed. Instructions to Complete Working Trial Balance: A. Using the proper ro…

1. Please check my answers for the trail balance worksheet. Below are instructio

1. Please check my answers for the trail balance worksheet. Below are instructions I followed. Instructions to Complete Working Trial Balance: A. Using the proper rows and columns…

1. Please do the calculations, prepare a projected multiple step income statemen

1. Please do the calculations, prepare a projected multiple step income statement for the year ended dec, 31,2017 is in its third year of operations The following is the single st…

1. Please help Electric Energy, Inc. prepare journal entries based on below info

1. Please help Electric Energy, Inc. prepare journal entries based on below information. Purchased new equipment on January 1, 2018 for $30,000 cash and also paid $2,000 in cash f…

1. Please journalize and post each entry to T accounts. (50 points) JD Specialti

1.Please journalize and post each entry to T accounts. (50 points) JD Specialties performed the completed the following transactions: Jan 2 Purchased $350 of supplies on account. …

1. Please prepare a budgeted income statement for May 2.Prepare a budgeted balan

1. Please prepare a budgeted income statement for May 2.Prepare a budgeted balance sheet as of May 31 PROBLEM 8-17 Cash Budget; Income Statement; Balance Sheet Minden Company is a…

1. Please prepare all general fund journal entries, including all closing entrie

1. Please prepare all general fund journal entries, including all closing entries, for the below transactions for the year ended December 31, 2006. 2. Please prepare the general f…

1. Please provide a vertical and horizontal analysis Verhcal Income Statement 20

1. Please provide a vertical and horizontal analysis Verhcal Income Statement 2002 2001 Net Sales Less: Cost of Goods Sold 9,893 6,005 9,489 5,785 Gross Profit Less: Operating Exp…

1. Points represent: A. 2% of the amount of the loan B. Monthly payments C. An a

1. Points represent: A. 2% of the amount of the loan B. Monthly payments C. An additional cost of receiving the mortgage D. 3% up-front payment E. None of these 2. Ben Brown bough…

1. Potomac Corporation wants to sell a piece of machinery that is has used in it

1. Potomac Corporation wants to sell a piece of machinery that is has used in its business for 10 years. The facts are as follows: Cash Received from the buyer 40,000 Buyer assume…

1. Powder Corporation declared, but had not yet paid, dividends on the 10,000 sh

1. Powder Corporation declared, but had not yet paid, dividends on the 10,000 shares of 6%, $10 par value cumulative preferred stock it had outstanding for the year. The weighted …

1. Power Corporation owns 75 percent of Swift Company’s stock. Swift provides he

1. Power Corporation owns 75 percent of Swift Company’s stock. Swift provides health care services to its employees and those of Power. During 20X2, Power recorded $44,000 as heal…

1. Powerful, Inc. has provided the following data pertaining to its last year of

1. Powerful, Inc. has provided the following data pertaining to its last year of operations: • Raw materials inventory on January 1 was $100,000. • Raw materials inventory on Dece…

1. Preparation of financial statements Using the Adjusted Trial Balance shown be

1. Preparation of financial statements Using the Adjusted Trial Balance shown below, prepare the company’s: (a)   Income Statement (b)   Statement of Retained Earnings (c)    Bala…

1. Prepare A trial balance with the accounts arranged in financial statement ord

1. Prepare A trial balance with the accounts arranged in financial statement order (assets, liabilities, equity, revenue, expenses) and fill in the missing amount for Cash. 2. Pre…

1. Prepare General Journal 2. Prepare Unadjusted Income Statement 3. Prepare Una

1. Prepare General Journal 2. Prepare Unadjusted Income Statement 3. Prepare Unadjusted Balance Sheet 4. Calculate Inventory Turnover Ratio/Days to sell in 2014. Assume that inven…

1. Prepare Rockys July 15 journal entry to record revenue for tours given from J

1. Prepare Rockys July 15 journal entry to record revenue for tours given from July 1-July 15. 2. Prepare Rockys July 31 journal entry to record revenue for tours given from July …

1. Prepare a balance sheet as of September 1. 2. Prepare an Income Statement, St

1. Prepare a balance sheet as of September 1. 2. Prepare an Income Statement, Statement of Retained Earnings, and Balance Sheet for the month ending September 30. Was Campus Calen…

1. Prepare a balance sheet for National Shops as of December 31, 2009. 2. Nation

1. Prepare a balance sheet for National Shops as of December 31, 2009. 2.   National Shops wishes to purchase merchandise from your company on account. The amount of the purchases…

1. Prepare a common sizing analysis of balance sheet for 2010 2. Find the profit

1. Prepare a common sizing analysis of balance sheet for 2010 2. Find the profitability ratios, effectivness ratios, liquidity ratios, and solvency ratios. 2006 FINANCIAL RESULTS:…

1. Prepare a job cost sheet for a single family home under construction. List ab

1. Prepare a job cost sheet for a single family home under construction. List about five items that can be classified as direct materials and direct labor. Make a list of overhead…

1. Prepare a ledger using T-accounts. Enter the trial balance amounts and post t

1. Prepare a ledger using T-accounts. Enter the trial balance amounts and post the adjusting entries. 2. Prepare an income statement for the month of May. 3. Prepare a retained ea…

1. Prepare a performance report showing both month and year-to-date data for Pos

1. Prepare a performance report showing both month and year-to-date data for Post Manufacturing’s Machining Department for February, 2011 using the following data: January Februar…

1. Prepare a revenue budget for Saunders Home Health Agency. Blue Cross members

1. Prepare a revenue budget for Saunders Home Health Agency. Blue Cross members can only be charged $60 for a nurse visit by the agency, even though the agency normally charges $7…

1. Prepare a sales budget for January The budget director of Hi Performance Athl

1. Prepare a sales budget for January The budget director of Hi Performance Athletic C0., with the assistance of the controller. treasure, production manager, and sales manager, h…

1. Prepare a sales budget for January through May. The selling price per unit is

1. Prepare a sales budget for January through May. The selling price per unit is $40.00. The budgeted sales for December is $50,000. January is $40,000. February is 50,000. March …

1. Prepare a sales budget for January through May. The selling price per unit is

1. Prepare a sales budget for January through May. The selling price per unit is $40.00. The budgeted sales for December is $50,000. January is $40,000. February is 50,000. March …

1. Prepare a schedule of cost of goods manufactured for the quarter in good form

1. Prepare a schedule of cost of goods manufactured for the quarter in good form. 2. Prepare a corrected income statement for the quarter in good form. (Should show in detail how …

1. Prepare a schedule of cost of goods manufactured. Assume all raw materials us

1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that th…

1. Prepare a separate income statement through pretax income that details cost o

1. Prepare a separate income statement through pretax income that details cost of goods sold for (a) Case A: FIFO and (b) Case B: LIFO Answer is not complete. BROADHEAD COMPANY In…

1. Prepare a statement of cash flows for the current year using the indirect met

1. Prepare a statement of cash flows for the current year using the indirect method. 2. Using horizontal analysis, prepare an income statement 3. Calculate the ratios set out belo…

1. Prepare a statement of partnership liquidation, indicating (a) the sale of as

1. Prepare a statement of partnership liquidation, indicating (a) the sale of assets and division of loss, (b) the payment of liabilities, (c) the receipt of the deficiency (from …