Financial Accounting

1. Select the correct statement from the following An extremely favorable varian

1. Select the correct statement from the following An extremely favorable variance is not necessarily a good variance. There is a movement in practice toward reporting variances l…

1. Selected balances for Tyner Company are as follows: 2017; 2016 Equipment 100,

1. Selected balances for Tyner Company are as follows: 2017; 2016 Equipment 100,000; 40,000 Accumulated Depreciation (30,000); (10,000) A. Tyner sold equipment that originally cos…

1. Selected current year company information follows: Net income ...............

1. Selected current year company information follows: Net income ...................................$ 15,953 Net Sales.........................................712,855 Total liabil…

1. Selected financial information presented below was obtained from the financia

1. Selected financial information presented below was obtained from the financial statements of the Napa Valley Brewery:   Current Assets $             49,000 Property and Equipme…

1. Selected recent balance sheet and income statement information for American E

1.      Selected recent balance sheet and income statement information for American Eagle Outfitters and The Gap, Inc. follows: American Eagle Outfitters The Gap, Inc. (in thousan…

1. Self-balancing is a system of (a) keeping ledgers ; (b) preparing trial balan

1. Self-balancing is a system of (a) keeping ledgers ; (b) preparing trial balance ; (c) preparing final accounts; (d) recording journl entries. 2. The monthly total of purchases …

1. Serfass Corporation\'s contribution format income statement for July appears

1. Serfass Corporation's contribution format income statement for July appears below: The degree of operating leverage is closest to: Multiple Choice 0.28 0.55 2.00 1.82 2. Majid …

1. Several months ago during the marketing staff meeting, the international sale

1. Several months ago during the marketing staff meeting, the international sales manager of a mid- sized manufacturer of automotive parts reported that beginning next year, and a…

1. Shamrock Company recently signed a lease for a new office building, for a lea

1. Shamrock Company recently signed a lease for a new office building, for a lease period of 11 years. Under the lease agreement, a security deposit of $12,290 is made, with the d…

1. Sharon wants to retire in 30 years time, and so decides to start a new retire

1. Sharon wants to retire in 30 years time, and so decides to start a new retirement savings account. She wants to accumulate 1000000 dollars by the time she retires. Initially, S…

1. Short Answer What are business cycles and why are they relevant in economics?

1. Short Answer What are business cycles and why are they relevant in economics? What are General Equilibrium Models? Do we need them in eco- nomics? Explain. What is the cause of…

1. Short essay question: In what way is foreign currency translation tied to for

1. Short essay question: In what way is foreign currency translation tied to foreign inflation? (International Accounting&Auditing) 2. Calculation question: (please detailed i…

1. Should preferred stock be recognized as a liability as a liabiity, or should

1. Should preferred stock be recognized as a liability as a liabiity, or should it be considered equity? Defend your position. 2. Consider that under International Financial Repor…

1. Should tax payer\'s money be spent to rehabilitate drug users? 2. Why do you

1. Should tax payer's money be spent to rehabilitate drug users? 2. Why do you think the government prohibits insider trading? 3. If stockholders cannot "beat the market" why do p…

1. Sierra Company incurs the following costs to produce and sell a single produc

1. Sierra Company incurs the following costs to produce and sell a single product. Variable costs per unit: Direct materials $9 Direct labor $10 Variable manufacturing overhead $5…

1. Sierra Computer Services received a 6-month, 12% note from Wells Fargo for $6

1.      Sierra Computer Services received a 6-month, 12% note from Wells Fargo for $63,200 on September 1, 2016. The note will be due on February 28, 2017. Assuming that the compa…

1. Silver Company makes a product that is very popular as a Mother’s Day gift. T

1. Silver Company makes a product that is very popular as a Mother’s Day gift. Thus, peak sales occur in May of each year, as shown in the company’s sales budget for the second qu…

1. Silver Company sells Products S and T and has made the following estimates fo

1.     Silver Company sells Products S and T and has made the following estimates for the coming year: Product Unit Selling Price Unit Variable Cost Sale Mix S $30 $24 60% T $70 $…

1. Similar to an investment firm\'s creates an a n another firm\'s shares, the a

1. Similar to an investment firm's creates an a n another firm's shares, the acquisition of a company's 2. The SEC permits gains ens and losses on treasury stock transactions to b…

1. Simplex Corporation, manufactures and sells a single product. It is in the pr

1. Simplex Corporation, manufactures and sells a single product. It is in the process of developing a master budget for the first quarter of 2018. Expectations are that variable e…

1. Since the Coffee Collective is a service organization, what it provides tends

1. Since the Coffee Collective is a service organization, what it provides tends to be more of a performance than a product. Because of this, Martha must demonstrate to customers …

1. Slacks.com received a bank statement from Cobb Bank indicating a bank balance

1. Slacks.com received a bank statement from Cobb Bank indicating a bank balance of $8,400. Based on Slacks.com's check stubs, the ending checkbook balance was $8.932. Your task i…

1. Slim Technology Inc. records the following amounts before reconciling the ove

1. Slim Technology Inc. records the following amounts before reconciling the overhead variance. Calculate the cost of goods sold for Slim Technology Inc. after adjusting for any o…

1. Smitty Corp, whose required rate of return is 10%, is considering the purchas

1. Smitty Corp, whose required rate of return is 10%, is considering the purchase of a new piece of equipment. The internal rate of return of the project, which has a life of 8 ye…

1. Snapz, LP was formed in 2012 and adopted a calendar tax year. Here is a sched

1. Snapz, LP was formed in 2012 and adopted a calendar tax year. Here is a schedule of Snapz's net Section 1231 gains and (losses) reported on its tax returns through 2017. In 201…

1. Social norms often evolve to cope with external costs, without bargaining or

1. Social norms often evolve to cope with external costs, without bargaining or law making. This is bad for society because it inevitably creates market inefficiences. TRUE FALSE …

1. Sock makers like Stance typically use several different processes, including

1. Sock makers like Stance typically use several different processes, including knitting, design imprinting, washing and drying, inspection, packaging/shipping. What are some bene…

1. Solly Corporation produces a product for national distribution. Standards for

1. Solly Corporation produces a product for national distribution. Standards for the product are: Materials: 12 ounces per unit at 60¢ per ounce. Labor: 2 hours per unit at $8 per…

1. Solutions to moral hazard include: Select one: a. allowing property owners to

1. Solutions to moral hazard include: Select one: a. allowing property owners to over insure their buildings. b. offering salespeople in stores a straight salary rather than a com…

1. Solve the following problem using 6.2%, up to $113,700, for social security t

1. Solve the following problem using 6.2%, up to $113,700, for social security tax and 1.45%, no wage limit, for Medicare tax. As payroll manager for Freeport Enterprises, it is y…

1. Some people have asserted that the concept of compensating wage differentials

1. Some people have asserted that the concept of compensating wage differentials for unfavorable job characteristics cannot exist in industries in which union contracts force sala…

1. Specific identification method . Boston Galleries uses the specific identific

1. Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows.      …

1. Speedo Company’s revenues are $300 on invested capital of $240. Expenses are

1. Speedo Company’s revenues are $300 on invested capital of $240. Expenses are currently 70% of sales. If Angelo Company can reduce its invested capital by 20%, return on investm…

1. Speedy Runner makes running shoes and they are anticipating the incurrence of

1. Speedy Runner makes running shoes and they are anticipating the incurrence of the following manufacturing overhead costs during the upcoming year: Cost Indirect materials $4,00…

1. Springer began business at the start of the current year. The company planned

1. Springer began business at the start of the current year. The company planned to produce 40,000 units, and actual production conformed to expectations. Sales totaled 39,000 uni…

1. Springfield Company offers a bonus plan to its employees and the amount of th

1. Springfield Company offers a bonus plan to its employees and the amount of the employee bonuses for the current year is estimated to be $967,000 to be paid during January of th…

1. St. Joe’s Inc. reported a $15,000 net loss for 2008. Below are the increases

1. St. Joe’s Inc. reported a $15,000 net loss for 2008. Below are the increases and decreases in selected accounts for 2006: Accounts Receivable $10,000 increase Inventory     2,0…

1. Standard costs should generally be based on the actual costs of prior periods

1. Standard costs should generally be based on the actual costs of prior periods. A) True B) False 1. Standard costs should generally be based on the actual costs of prior periods…

1. Standards and Variance Analysis. Retro Wear manufactures dresses in a small f

1.       Standards and Variance Analysis. Retro Wear manufactures dresses in a small facility in Canton, New York. Information about the production week is as follows: Standard wa…

1. Stanislaus Company Statement of Cash Flows For the year ended December 31,201

1. Stanislaus Company Statement of Cash Flows For the year ended December 31,2016 Credit S240,200 Debit Net Income Cash flow from operating activities Depreciation expense Account…

1. Star Corporation had net income of $320,000 and paid dividends to common stoc

1. Star Corporation had net income of $320,000 and paid dividends to common stockholders of $80,000 in 2012. The weighted average number of shares outstanding in 2012 was 50,000 s…

1. Starlight Corporation issued a 8% $1,000,000 bond on January 1, 2014. The bon

1. Starlight Corporation issued a 8% $1,000,000 bond on January 1, 2014. The bond matures on January 1, 2019. Interest on the bond is payable semi-annually on July 1 and January 1…

1. Steve and Tony each own 50% of Avenge, This, Inc., a calendar year corporatio

1. Steve and Tony each own 50% of Avenge, This, Inc., a calendar year corporation. At the end of June, Steve sell his shares to Hank Pym for $110,000. On January 1, the corporatio…

1. Stewart Inc. uses a process cost system and the weighted-average cost flow as

1. Stewart Inc. uses a process cost system and the weighted-average cost flow assumption. Production begins in the Fabricating Department where materials are added at the beginnin…

1. Stock prices and intrinsic values Aa Aa Benjamin Graham, the father of value

1. Stock prices and intrinsic values Aa Aa Benjamin Graham, the father of value investing, once said, "In the short run, the market is a voting machine, but in the long run, the m…

1. Stock purchase plans can be compensatory or non-compensatory. Which of the fo

1. Stock purchase plans can be compensatory or non-compensatory. Which of the following is not a characteristic of a non-compensatory stock purchase plan? It is open to almost all…

1. Stonehenge Corporation has300,000 shares of $40 par common stock outstanding.

1.      Stonehenge Corporation has300,000 shares of $40 par common stock outstanding. OnFebruary 13, Stonehenge Corporation declared a 3% stock dividend tobe issued April 30 to st…

1. Summarize the accounting treatment for Walmart’s VIE’s, if any. 2. Summarize

1. Summarize the accounting treatment for Walmart’s VIE’s, if any. 2. Summarize the Walmart’s hedging strategies, if any. There could be several strategies. 3. Find an interim fin…

1. Sunland Company received proceeds of $533000 on 10-year, 8% bonds issued on J

1. Sunland Company received proceeds of $533000 on 10-year, 8% bonds issued on January 1, 2016. The bonds had a face value of $500000, pay interest annually on December 31st, and …

1. Sunland purchased a patent from Vania Co. for $1,170,000 on January 1, 2015.

1. Sunland purchased a patent from Vania Co. for $1,170,000 on January 1, 2015. The patent is being amortized over its remaining legal life of 10 years, expiring on January 1, 202…