Financial Accounting

15. Jackson Company\'s operating results for last year are given below: Sales Se

15. Jackson Company's operating results for last year are given below: Sales Selling price Variable expense Fixed expenses. 2,400 units $40 per unit $14 per unit $19,500 e company…

15. Jason\'s Jellybean shop sold Jellybeans with a retail price of S40 and a sal

15. Jason's Jellybean shop sold Jellybeans with a retail price of S40 and a sales tax of 10% The joumal eary for the Jellybeans would include a a. Debit to Sales Tax Payable of $4…

15. Journalize the following transactions using the direct write-off method of a

15. Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables: Feb 20 Received $1,000 from Andrew Warren and wrote off th…

15. Kando Company incurs a $9 00 per unit cost for Product A, which it currently

15. Kando Company incurs a $9 00 per unit cost for Product A, which it currently manufactures and sells for $13 50 per unit $6 00 per unit and sell it for $10 30 per unit. If it d…

15. LO.1, LO.2, & LO.5 (True/False) Mark cach of the following statements as tru

15. LO.1, LO.2, & LO.5 (True/False) Mark cach of the following statements as true or false and explain why the false statements are incorrect. a. Appraisal cost is used to mon…

15. MC. 13-088 Sneed Corporation issues 10,000 sh transaction will consist of a

15. MC. 13-088 Sneed Corporation issues 10,000 sh transaction will consist of a debit to Cash for $750,000 and a credit or credits to ares of $s0 par preferred stock for cash at $…

15. MC.13-088 Breed Cerperaticn issues 10,000 shares of s50 par preterred s for

15. MC.13-088 Breed Cerperaticn issues 10,000 shares of s50 par preterred s for cash an s5 ser share The entry sa recore tse trammaction wll consist of a debt to Casy for 750,00 a…

15. Midland Company follows GAAP for its external financial reporting whereas Ba

15. Midland Company follows GAAP for its external financial reporting whereas Bailey Company follows IFRS for its external financial reporting. The amount contributed by Midland f…

15. Mr. Postman was attacked by a stray dog while delivering letters on his mail

15. Mr. Postman was attacked by a stray dog while delivering letters on his mail route. He is single and has insurance Plan 1 with the benefits shown in the chart below. Mr. Postm…

15. Newport Corp. is considering the purchase of a new piece of equipment. The c

15. Newport Corp. is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in cash flow of $205,000. The equ…

15. Nordstrand Company’s net income last year was $36,000. Changes in selected b

15. Nordstrand Company’s net income last year was $36,000. Changes in selected balance sheet accounts for the year appear below: Increases Debit balances: (Decreases) Accounts rec…

15. OS2 0.52 points C10-1 Calculating Interest and Depreciation Expenses and Eff

15. OS2 0.52 points C10-1 Calculating Interest and Depreciation Expenses and Effects on Loan Covenant Ratios (Chapters 9 and 10) [LO 9-3, LO 9-7, LO 10-2, LO 10-5 Zoom Car Corpora…

15. On January 1, 2018, Pensy Co has the following balances: Projected benefit o

15. On January 1, 2018, Pensy Co has the following balances: Projected benefit obligation $4,200,000 Fair value of plan assets 3,750,000 Other data related to the pension plan for…

15. On September 1, 2017, a comp any issued a $50,000 6 month, 9% note payable t

15. On September 1, 2017, a comp any issued a $50,000 6 month, 9% note payable to purchase a piece of equipment. The company pays the note with interest at the maturity date, Marc…

15. Part A42 is used by Elgin Corporation to make one of its products. A total o

15. Part A42 is used by Elgin Corporation to make one of its products. A total of 16,000 units of this part are produced and used every year. The company's Accounting Department r…

15. Part I A broadcasting company failed to make a year-end accrual of $400,000

15. Part I A broadcasting company failed to make a year-end accrual of $400,000 for fines due to a violation of FCC rules. Its tax rate is 30%. As a result of this error, net inco…

15. Prepare journal entries to record the following transactions and events for

15. Prepare journal entries to record the following transactions and events for April using a job order cost accounting system. (a) Purchased raw materials on credit, $69,000. (b)…

15. Restructuring costs are not: a. More commonly recorded now than in the 1960s

15. Restructuring costs are not: a. More commonly recorded now than in the 1960s. b. Often related to corporate downsizing. c. Extraordinary items. d. Included in income from cont…

15. Sand Dolars Corporation is the eading rcaster and retailer cf spccialty coff

15. Sand Dolars Corporation is the eading rcaster and retailer cf spccialty coffee, with nearly 17,000 company-cperated and licensed stores worldwide. Assume that Sand Dollars pla…

15. Suppose, on the other hand, that the status of the Factory Overhead account

15. Suppose, on the other hand, that the status of the Factory Overhead account is as follows at the end of the year Factory Overhead Actual Applied 105,000 106,000 16. Was the fa…

15. Sylvia\'s Designs Co. had the following inventory activity during April: Uni

15. Sylvia's Designs Co. had the following inventory activity during April: Units Unit Cost Beginning inventory 100 $10 Purchase (April 3) 50 12 Sale (April 10) 80 Purchase (April…

15. T,F. When a product cost is composed of both fixed and variable costs, the t

15. T,F. When a product cost is composed of both fixed and variable costs, the total unvit cost wi decrease when t goes down. PART II. PROBLEMS (60 POINTS) 1. The following data a…

15. The ABC Company produces and sells widgets. On January 1, 2017, ABC plans to

15. The ABC Company produces and sells widgets. On January 1, 2017, ABC plans to have 1,000 widgets in inventory. During 2017, they plan to sell 20,000 widgets and on December 31,…

15. The December 31, balance sheet of DBW, LLP, a service- providing partnership

15. The December 31, balance sheet of DBW, LLP, a service- providing partnership is as follows. Adju Basis FM $180,000180,000 ash Receivables Capital assets90000 120,00 -0 Total a…

15. The December 31, balance sheet of DBW, LLP, a service-providing partnership

15. The December 31, balance sheet of DBW, LLP, a service-providing partnership is as follows. Adjusted Cash Receivables Capital assets Total Basis FMV $180,000 $180,000 -0- 60,00…

15. The accounting records of Kendle’s Premier Services include the following un

15. The accounting records of Kendle’s Premier Services include the following unadjusted balances on June 30: Accounts Receivable, $4,100; Office Supplies, $1,500; Prepaid Rent, $…

15. The assumption which assumes that the entity will not be liquidated in the n

15. The assumption which assumes that the entity will not be liquidated in the near future is the: a. Accounting entity b. Going concen c. Economic substance d. Accounting period …

15. The cash account shows a balance of $90,000 before reconciliation. The bank

15. The cash account shows a balance of $90,000 before reconciliation. The bank statenvek does not include a deposit of $4,600 made on the last day of the month. The bank se a col…

15. The company has completed everything in production, so there is no ending wo

15. The company has completed everything in production, so there is no ending work in process. Computer company, a manufacturer of computer systems, started production in November…

15. The financial statements of Garver, Inc., provide the following information

15. The financial statements of Garver, Inc., provide the following information for the current year: Dec.31 Jan.1 Accounts receivable $ 70,000 $ 80,000 Inventory $ 110,000 $ 102,…

15. The financial statements of Garver, Inc., provide the following information

15. The financial statements of Garver, Inc., provide the following information for the current year: Dec.31 Jan.1 Accounts receivable $ 70,000 $ 80,000 Inventory $ 110,000 $ 102,…

15. The following amounts are from Silverton Co.\'s 2014 income statement: Sales

15. The following amounts are from Silverton Co.'s 2014 income statement: Sales ................................................. $340,000 Sales returns and allowances ...........…

15. The following data have been taken from the budget reports of Christopher Co

15. The following data have been taken from the budget reports of Christopher Company, a merchandising company. Purchases Sales January.. February. March. $160,000 $100,000 ry.$16…

15. The following partial information is taken from the comparative balance shee

15. The following partial information is taken from the comparative balance sheet of Levi Corporation:    (80 million)   (58 million) $768 million    $587 million    What was the …

15. The full disclosure principle the A. Prescribes that when a change in invent

15. The full disclosure principle the A. Prescribes that when a change in inventory valuation method is made, notes to the statements report the type of changs net income , its ju…

15. The management of Wengel Corporation is considering dropping product B90D. D

15. The management of Wengel Corporation is considering dropping product B90D. Data from the company's accounting system appear below: All fixed expenses of the company are fully …

15. There were no share issues or stock repurchases during the year. How much di

15. There were no share issues or stock repurchases during the year. How much did the firm pay in dividends? A. 4 B. 8 C. 10 D. 12 It also reported $400 16. A firm reported $130 m…

15. Thomasson Air uses two measures of activity, flights and passengers, in the

15. Thomasson Air uses two measures of activity, flights and passengers, in the cost formulas in its budgets and performance reports. The cost formula for plane operating costs is…

15. Under the lower-of-cost-or-market basis for valuing inventory if the market

15. Under the lower-of-cost-or-market basis for valuing inventory if the market value of an item in inventory has declined during a given accounting period, A) pretax income and t…

15. Use the following performance report for a cost center of the Dry December 3

15. Use the following performance report for a cost center of the Dry December 31 to answer the question below. Cat Food Division for the month ended Actual Results Flexible Maste…

15. Wash Sales. (Obj. 2) An individual taxpayer, not a dealer or trader in secur

15. Wash Sales. (Obj. 2) An individual taxpayer, not a dealer or trader in securities, completed the transactions shown below for Micro Products Company common stock. September 15…

15. When a corporation tells an employee that that are covered by a \"defined be

15. When a corporation tells an employee that that are covered by a "defined benefit pension plan", this indicate a. accounting for annual pension expense is simple. b. the employ…

15. Which is not a correct statement about limited partnership and LLP? A limite

15. Which is not a correct statement about limited partnership and LLP? A limited partnership includes at least one general partner and at least one limited partner LLP allows all…

15. Which of the following accurately describes financing feedbacks? a. Funds th

15. Which of the following accurately describes financing feedbacks? a. Funds that a firm must raise externally through new borrowing or by selling nevw stock b. A method of forec…

15. Which of the following entries would be used to record the billing of fees e

15. Which of the following entries would be used to record the billing of fees earned? a. Debit Accounts Receivable and credit Rental Fees b. Credit Cash and credit Rental Fees c.…

15. Which of the following in an example of a negative covenant? a. The borrower

15. Which of the following in an example of a negative covenant? a. The borrower will at all times maintain a ratio of current assets to current liabilities that is greater than 2…

15. Which of the following is correct regarding self-employment taxes? I. For pu

15. Which of the following is correct regarding self-employment taxes? I. For purposes of the portion of self-employment tax that is equivalent to Social Security tax, taxable sel…

15. Which of the following is not a benefit of following a well-designed budgeti

15. Which of the following is not a benefit of following a well-designed budgeting process? A. Improved decision-making processes. B. Improved performance evaluations. C. Improved…

15. Which of the following perspectives of the balanced scorecard focuses on the

15. Which of the following perspectives of the balanced scorecard focuses on the increase of company profits through increasing revenue growth and productivity? A) financial B) cu…

15. Which of the following statements is CORRECT? A If the returns on two stocks

15. Which of the following statements is CORRECT? A If the returns on two stocks are perfectly positively correlated (i.e., the correlation coefficient is +1.0) and these stocks h…