Financial Accounting

1.) Charlie Company uses a perpetual inventory system. During May, the following

1.) Charlie Company uses a perpetual inventory system. During May, the following transactions and events occurred. Sold 8 motors at a cost of $45 each to Scruffy Brothers Supply C…

1.) Chihooli Inc., manufactures radiation-shielding glass panels. Suppose Chihoo

1.) Chihooli Inc., manufactures radiation-shielding glass panels. Suppose Chihooli is considering spending the following amounts on a new total quality management (TQM) program: _…

1.) Chihooli Inc., manufactures radiation-shielding glass panels. Suppose Chihoo

1.) Chihooli Inc., manufactures radiation-shielding glass panels. Suppose Chihooli is considering spending the following amounts on a new total quality management (TQM) program: _…

1.) Clean paint has identified three overhead activity cost pools and cost drive

1.) Clean paint has identified three overhead activity cost pools and cost drivers for their manufacturing facility as follows: Activity Cost Pool Cost Driver Volume $50,000 1,000…

1.) Company has two products: A and B. The annual production and sales of Produc

1.) Company has two products: A and B. The annual production and sales of Product A is 1,950 units and of Product B is 1,350 units. The company has traditionally used direct labor…

1.) Determine the amound that would be reported in ending merchandise on May 29

1.) Determine the amound that would be reported in ending merchandise on May 29 using the FIFO inventory closing method. 2.) Determine the amount that would be reported in ending …

1.) Eichelberger Trucking won a settlement in a lawsuit and was offered four dif

1.) Eichelberger Trucking won a settlement in a lawsuit and was offered four different payment alternatives by the defendant’s insurance company. The interest rate is 8%. Ignoring…

1.) Farr Co. elects to use the percentage-of-sales basis in 2017 to record bad d

1.) Farr Co. elects to use the percentage-of-sales basis in 2017 to record bad debt expense. It estimates that 4% of net credit sales will become uncollectible. Sales revenues are…

1.) Find current and quick ratio. Show work 2.) Find both operating and total ma

1.) Find current and quick ratio. Show work 2.) Find both operating and total margin. Show work. 3.) Find debt ratio, equity ratio, and debt-to-equity ratio. Show work. MedStar He…

1.) For several years Erben, Inc., has followed a policy of paying a cash divide

1.) For several years Erben, Inc., has followed a policy of paying a cash dividend of $0.59 per share and having a 7% stock dividend. In the 2011 annual report, Erben reported res…

1.) For the current year, Maple Corporation, a C corporation, reports taxable in

1.) For the current year, Maple Corporation, a C corporation, reports taxable income of $245,000 before paying salary to its sole shareholder, Diane. Diane’s marginal tax rate on …

1.) Generally in the United States today, goods inflation a. under 5% is conside

1.) Generally in the United States today, goods inflation a. under 5% is considered acceptable. b. under 2.5% is considered acceptable. c. at zero is considered acceptable. d. tha…

1.) Georgia Products Inc. completed and transferred 187,000 particle board units

1.)   Georgia Products Inc. completed and transferred 187,000 particle board units of production from the Pressing Department. There was no beginning inventory in process in the d…

1.) INCOME STATEMENT Little Books Inc. recently reported $5.5 million of net inc

1.) INCOME STATEMENT Little Books Inc. recently reported $5.5 million of net income. Its EBIT was $12 million, and its tax rate was 40%. What was its interest expense? [Hint: Writ…

1.) If the donor dies in the year in which a gift is made, the gift tax return:

1.) If the donor dies in the year in which a gift is made, the gift tax return: A) Is required to be filed six months after the estate tax return (extensions for the estate tax re…

1.) Invest a manufacturing company and products A.) State mission (add any strat

1.) Invest a manufacturing company and products A.) State mission (add any strategic, tactical, and operational goals that are necessary 2.) Determine the international operations…

1.) Jane & Joan form a partnership by combining the assets of theirseparate busi

1.) Jane & Joan form a partnership by combining the assets of theirseparate businesses. Jane contributes accounts receivablewith a face amount of $50,000 & equipment with …

1.) Japan has a higher ratio of stock market capitalization relative to GDP than

1.) Japan has a higher ratio of stock market capitalization relative to GDP than the US. What would explain this? 2.) The Gold Standard and the Money Supply. Under the gold standa…

1.) Jarvis Corporation makes an investment in 100 shares of Saxton Company\'s co

1.) Jarvis Corporation makes an investment in 100 shares of Saxton Company's common stock. The stock is purchased for $45 a share plus brokerage fees of $280. The entry for the pu…

1.) Karen died on May 5 of the current year. Her executor elects date-of-death v

1.) Karen died on May 5 of the current year. Her executor elects date-of-death valuation. Karen's gross estate possibly includes the following items: •       Joint checking accoun…

1.) Maurice Corporation has two major business segments; Philippe and Chip. In A

1.) Maurice Corporation has two major business segments; Philippe and Chip. In April, the Philippe business segment had sales revenues of $500,000, variable expenses of $280,000, …

1.) Megna Company\'s net income last year was $188,000. Changes in the company\'

1.) Megna Company's net income last year was $188,000. Changes in the company's balance sheet accounts for the year appear below:     (PLEASE SHOW WORK FOR RATING) A. $180,500 B. …

1.) Net Pro fit Ratio X 100 Revenues 2.) Gross Profit Percentage X 100 Net Sales

1.) Net Pro fit Ratio X 100 Revenues 2.) Gross Profit Percentage X 100 Net Sales Revenue 3.) Fixed Asset Tumover Average Net Fixed Assets 4.)Retum on Equity (ROE X 100 Average Com…

1.) Neymar Taco Company receives a $79,000, 9-year note bearing interest of 7% (

1.) Neymar Taco Company receives a $79,000, 9-year note bearing interest of 7% (paid annually) from a customer at a time when the discount rate is 9%. What is the present value of…

1.) Neymar Taco Company receives a $79,000, 9-year note bearing interest of 7% (

1.) Neymar Taco Company receives a $79,000, 9-year note bearing interest of 7% (paid annually) from a customer at a time when the discount rate is 9%. What is the present value of…

1.) Nina includes the following expenses in her miscellaneous itemized deduction

1.) Nina includes the following expenses in her miscellaneous itemized deductions before application of the 2% of AGI floor: Annual investment management fee $3,700 Subscription t…

1.) On January 1, 2013, the Holloran Corporation purchased a machine at a cost o

1.) On January 1, 2013, the Holloran Corporation purchased a machine at a cost of $55,000.  The machine was expected to have a service life of 10 years and a $5,000 residual value…

1.) On May 2, Stevens agrees to sell Edwards $100,000 of his partnership interes

1.) On May 2, Stevens agrees to sell Edwards $100,000 of his partnership interest for $200,000 cash. A. Steven's Capital account will be credited for $100,000 B. Steven's capital …

1.) Prepare an Income Statement, Statement of Owner’s Equity, and a Balance Shee

1.) Prepare an Income Statement, Statement of Owner’s Equity, and a Balance Sheet as of July 31, 2014,   Journalize and post the closing entries,   Prepare a Post-Closing Trial Ba…

1.) Prepare the adjusting entries on October 31, 2018 2.) Prepare the adjusted t

1.) Prepare the adjusting entries on October 31, 2018 2.) Prepare the adjusted trial balance Accounting 372 First class assignment The unadjusted trial balance for Sierra Corp. is…

1.) Prithi acquired and placed in service $190,000 of equipment on August 1, 201

1.) Prithi acquired and placed in service $190,000 of equipment on August 1, 2015 for use in her sole propriertorship. The equipment is 5-year recovery property. No other acquisti…

1.) Products Alpha and Beta are joint products. The joint production cost of the

1.) Products Alpha and Beta are joint products. The joint production cost of the products is $800. Alpha has a market value of $400 at the split-off point. If Alpha is further pro…

1.) Products S5 and CP8 are each assigned $50.00 in indirect costs by a traditio

1.) Products S5 and CP8 are each assigned $50.00 in indirect costs by a traditional costing system. An activity analysis revealed that although production requirements are identic…

1.) Record February and March transactions in the General Journal and post to th

1.) Record February and March transactions in the General Journal and post to the General Ledger. 2.) Record adjusting entries for February and March in the General Journal and po…

1.) State University Business School (SUBS) offers several degrees, including Ba

1.) State University Business School (SUBS) offers several degrees, including Bachelor of Business Administration (BBA). The new dean believes in using cost accounting information…

1.) Steve Madison needs $325,800 in 10 years. How much must he invest at the end

1.) Steve Madison needs $325,800 in 10 years. How much must he invest at the end of each year, at 11% interest, to meet his needs? 2.) John Fillmore’s lifelong dream is to own his…

1.) Suppose you know that a company\'s stock currently sells for $65 per share a

1.) Suppose you know that a company's stock currently sells for $65 per share and the required return on the stock is 15%. You also know that the total return on the stock is even…

1.) The Hamblen Company has budgeted production for the next five quarters as fo

1.) The Hamblen Company has budgeted production for the next five quarters as follows:                                          2004       2004       2004      2004       2005    …

1.) The Social Security system was founded Question 33 options: during the last

1.) The Social Security system was founded Question 33 options: during the last years of the nineteenth century, as people who had once depended on having a family farm found them…

1.) The amount of interest on a 10,500 , 90 day, 9 % note payable is? $________

1.) The amount of interest on a 10,500 , 90 day, 9 % note payable is? $________ 2.) The maturity value of a $12,000, 45-day,8% note receivable is? $_______ 3.) When one borrows fr…

1.) The income summary account of Myles Garrett industries had debits totaling $

1.) The income summary account of Myles Garrett industries had debits totaling $125,00 and credits totaling $138,000 on December 31st, 2018. Myles Garett industies is on a calande…

1.) The per-unit standards for direct labor are 2 direct labor hours at $15 per

1.)The per-unit standards for direct labor are 2 direct labor hours at $15 per hour. If in producing 1,800 units, the actual direct labor cost was $48,000 for 3,000 direct labor h…

1.) Trim Force Corp. had the following information in their accounting records:

1.) Trim Force Corp. had the following information in their accounting records: Work in process inventory, beginning balance $50,000 Cost of direct materials used $350,000 Direct …

1.) Wayne Company is considering a long-term investment project called ZIP. ZIP

1.) Wayne Company is considering a long-term investment project called ZIP. ZIP will require an investment of $131,000. It will have a useful life of 4 years and no salvage value.…

1.) What is the ABC unit product cost for the Deluxe model? 2.) What is the ABC

1.) What is the ABC unit product cost for the Deluxe model? 2.) What is the ABC unit product cost for the Tourist model? Deluxe Tourist Annual sales in units 1,000 9,000 Direct ma…

1.) What is the purpose of the closing process? 2.) What is an accrued liability

1.) What is the purpose of the closing process? 2.) What is an accrued liability? 3.) What is the difference between permanent accounts and temporary accounts, and why does an acc…

1.) What is the total property tax bill for your house in Ohio with a market val

1.) What is the total property tax bill for your house in Ohio with a market value of $125,000? Note the following and show your calculations in the space below: You are eligible …

1.) What is the total property tax bill for your house in Ohio with a market val

1.) What is the total property tax bill for your house in Ohio with a market value of $125,000? Note the following and show your calculations in the space below: You are eligible …

1.) What is the total property tax bill for your house in Ohio with a market val

1.) What is the total property tax bill for your house in Ohio with a market value of $125,000? Note the following and show your calculations in the space below: You are eligible …

1.) Which of the following is not a transaction to be recorded in the accounting

1.) Which of the following is not a transaction to be recorded in the accounting records of an entity? a. Investment of cash by the owners. b. Sale of product to customers. c. Rec…