Financial Accounting

26) a) On July 1, 2009, Prism, Inc., borrowed $30,000 from FirstBank on a one ye

26) a) On July 1, 2009, Prism, Inc., borrowed $30,000 from FirstBank on a one year, 10% note payable. Interest is payable onJune 30, 2010, the due date of the note. Their accounti…

26, which of the following advantages is least likely to be experienced by ? com

26, which of the following advantages is least likely to be experienced by ? company an enterprise resource planning IERP) System? A. Reduced cost 8. Improved efficiency C. Broade…

26-4. Suppose GDP is $8 trillion, taxes are $1.5 trillion, private saving is S0.

26-4. Suppose GDP is $8 trillion, taxes are $1.5 trillion, private saving is S0.5 trillion, and public saving is $0.2 trillion. Assuming this economy is closed, calculate consumpt…

26. 2.50 points Sketches Inc. purchased a machine on January 1, 2016. The cost o

26. 2.50 points Sketches Inc. purchased a machine on January 1, 2016. The cost of the machine was $42,500. Its estimated residual value was $13,500 at the end of an estimated 5-ye…

26. Activity-based management seeks to eliminate waste by allocating costs to pr

26. Activity-based management seeks to eliminate waste by allocating costs to products that waste resources. True False 27. In activity-based costing, nonmanufacturing costs are n…

26. Antuan Company set the following standard costs for one unit of its product.

26. Antuan Company set the following standard costs for one unit of its product. The predetermined overhead rate ($18.50 per direct labor hour) is based on an expected volume of 7…

26. At the time of his death in January 2013, Dick owned land with his mother, L

26.  At the time of his death in January 2013, Dick owned land with his mother, Lisa, as tenants in common. Dick  and Lisa purchased the property in 2010 with each paying $150,000…

26. Below is budgeted production and sales information for Fleming Company for t

26. Below is budgeted production and sales information for Fleming Company for the month of December: (4 pts) Product XXX 710,000 units Estimated Beginning Inventory Desired Endin…

26. Cave Hardware\'s forecasted sales for April, May, June, and July are $240,00

26. Cave Hardware's forecasted sales for April, May, June, and July are $240,000, $290,000, $100,000, and $230,000, respectively. Sales are 70% cash and 30% credit with all accoun…

26. Company X paid Company Y $3.25 million for a new plant. During the same acco

26. Company X paid Company Y $3.25 million for a new plant. During the same accounting period, Company X experienced the following changes in its balance sheet: Cash decreased by …

26. Eads Incorporated acquired a new computer on January 1, 2008. The total capi

26. Eads Incorporated acquired a new computer on January 1, 2008. The total capitalized cost of the computer equipment was $315,000. Eads estimated that the equipment would be use…

26. Fagan Company uses a lexible budget for manufacturing overhead based on mach

26. Fagan Company uses a lexible budget for manufacturing overhead based on machine hours. Variable manufacturing overhead costs per machine hour are as folDows: Indirect labor In…

26. Franklin Inc makes all purchases subject to the following payment pattern: 3

26. Franklin Inc makes all purchases subject to the following payment pattern: 30% of purchases are paid in the month of purchase, 60% are paid in the first month following purcha…

26. Green corporation hires six individuals on January 4, 2011, all of whom qual

26. Green corporation hires six individuals on January 4, 2011, all of whom qualify for the work opportunity credit. Three of these individuals recieve wages of $8500 during 2011,…

26. Hi-Tech Inc. has several outdated computers that cost a total of $8,900 and

26. Hi-Tech Inc. has several outdated computers that cost a total of $8,900 and could be sold as scrap for $2,300. They could be updated for an additional $1,200 and sold. If Hi-T…

26. If the adjustment for Supplies used during the period was not made: a. expen

26. If the adjustment for Supplies used during the period was not made: a. expenses would be too low b. assets would be too low c. expenses would be too high d. revenue would be t…

26. Indcate which af the foliowing is not listed personal property A. tamp B. Ar

26. Indcate which af the foliowing is not listed personal property A. tamp B. Arare manuscript C. An anique chair D. Apiece of jewelry. 27. The two variables used to alocate incom…

26. Indicate which of the tollowing is not listed personal property A A stamp. B

26. Indicate which of the tollowing is not listed personal property A A stamp. B. Arare manuscrip C An antique chair D A plece of yewelry 27. The two vanables used to allocate inc…

26. Lo.A Compute the taxable Social Security benefits in each of the following a

26. Lo.A Compute the taxable Social Security benefits in each of the following a. Erwin and Eleanor are married and file a joint tax return. They have adjusted situations: gross i…

26. MC Qu. 135 Consider a market for fish whose market demand and... $80. $40. 2

26. MC Qu. 135 Consider a market for fish whose market demand and... $80. $40. 27. MC Qu. 136 Consider a market for fish whose market demand and... $140. $110. $80. $40. 27. value…

26. Maggie’s Market recorded the following events involving a recent purchase of

  26.     Maggie’s Market recorded the following events involving a recent purchase of merchandise: Received goods for $50,000, terms 2/10, n/30. Returned $1,500 of the shipment f…

26. Meat Puppets Company purchased equipment for $7,200 on December 1. It is est

26. Meat Puppets Company purchased equipment for $7,200 on December 1. It is estimated that annual depreciation on the equipment will be $1,800. If financial statements are to be …

26. Morgan Company\'s 201 is as follows: 17 income statement reported cost of go

26. Morgan Company's 201 is as follows: 17 income statement reported cost of goods sold as $135,000. Additional information December 31, 2017 $30, 000 13,000 Inventory Accounta Pa…

26. On August 1, 2016, Denver& Co. borrowed money from the bank by issuing a one

26. On August 1, 2016, Denver& Co. borrowed money from the bank by issuing a one year, $24,000 face value discount note. The note carried a 6% discount rate. a) Prepare the jo…

26. On May 1, the City of Dusti payable on a reimbursement bas grant. As of May

26. On May 1, the City of Dusti payable on a reimbursement bas grant. As of May 1, no expenditures had been made for gran record approval of this grant will include: A) A credit t…

26. On October 1, 20X1 Marco signs aone-year,8% note payable for $10,000 with pr

26. On October 1, 20X1 Marco signs aone-year,8% note payable for $10,000 with principle and interest due on October 1, 20X2. It is MarCo's only note outstanding. On October 1, 20X…

26. Pederson Company has two service departments (Cafeteria and Human Resources)

26.    Pederson Company has two service departments (Cafeteria and Human Resources) and two production departments (Machining and Assembly). The number of employees in each depart…

26. Python Company leased equipment from Hope Leasing on January 1, 2013. Hope p

26. Python Company leased equipment from Hope Leasing on January 1, 2013. Hope purchased the equipment at a cost of $222,664. Other information: lease term : 3years Annual payment…

26. Ready Company has two operating (production) departments: Assembly and Paint

26. Ready Company has two operating (production) departments: Assembly and Painting. Assembly has 366 employees and occupies 62,000 square feet; Painting has 280 employees and occ…

26. Sales level in units that Ender must reach to earn a profit of $182,400. The

26. Sales level in units that Ender must reach to earn a profit of $182,400. The budget director of Natalia’s Florist has prepared the following sales budget. The company had $380…

26. Snow Slope Ski Shop plans to sell the following quantity of snow skis during

26. Snow Slope Ski Shop plans to sell the following quantity of snow skis during the first four months of 2016: Snow Slope pays $28 for each pair of skis (a pair equals one unit).…

26. Successful budget implementation depends on clear communication of T.F. perf

26. Successful budget implementation depends on clear communication of T.F. performance expectations and budget targets, and on the support of top management. LF. Participative bu…

26. Sue invested $7,500 in the ABC Limited Partnership and received a 10 percent

26. Sue invested $7,500 in the ABC Limited Partnership and received a 10 percent interest in the partnership. The partnership had $25,000 of qualified nonrecourse debt and $25,000…

26. Sullivan Co.\'s accounts receivable show the following balances by age: Age

26. Sullivan Co.'s accounts receivable show the following balances by age: Age of Receivable Balance 0-30 days $600,000 31-60 days 175,000 61-120 days 70,000 more than 120 days 10…

26. The ABCD partnership has four partners. Each partner’s adjusted basis in the

26.        The ABCD partnership has four partners. Each partner’s adjusted basis in the partnership interest owned by that partner was $100,000 on the first day of last year. The …

26. The Eric Manufacturing Company received its bank statement for the month end

26. The Eric Manufacturing Company received its bank statement for the month ending Dec. 31. The bank statement indicates a balance of $32,400. The cash general ledger account as …

26. The Laurel Company reported the following data for last year: Decrease in th

26. The Laurel Company reported the following data for last year: Decrease in the Cash account........................$25,000 Net cash provided by operating activities............…

26. The appropriate section in the statement of cash flows for reporting the pur

26. The appropriate section in the statement of cash flows for reporting the purchase of land in exchange for common stock is: a. operating activities b. financial activities c. i…

26. The company in this question uses the double diminishing-balance method. The

26. The company in this question uses the double diminishing-balance method. The asset has an estimated life of 8 years and a residual value of $5,000. Compute the depreciation ex…

26. The following information is available for Nan Co. for the month ending June

26. The following information is available for Nan Co. for the month ending June 30, 2018. • Balance as per the bank statement is $11,240. • Balance on the books for Cash is $10,2…

26. The multiplier concept is important because it shows: O why fiscal policy is

26. The multiplier concept is important because it shows: O why fiscal policy is always effective. O how small changes in government spending may have large impacts on overall out…

26. The susceptibility of an assertion to a material misstatement, assuming that

26. The susceptibility of an assertion to a material misstatement, assuming that there are no controls, is: a. audit risk. b. control risk. c. analytical procedures risk. d. inher…

26. Under variable costing, producing more units than the number of units sold i

26. Under variable costing, producing more units than the number of units sold in a period will: A. cause net operating income for the period to decrease B. cause net operating in…

26. V ery Thin Paper Company purchases timber as raw materials inventory in its

26. V ery Thin Paper Company purchases timber as raw materials inventory in its paper manufacturing business. Very Thin signed a contract in early 2017 for timber cutting rights v…

26. Which of the following is not one of the principal CPA firm\'s options when

26. Which of the following is not one of the principal CPA firm's options when issuing a report for which another CPA firm performed part of the audit? a. An unqualified opinion i…

26. Which of the following statements is true of the budgeting process? (Points

26. Which of the following statements is true of the budgeting process? (Points : 2) 0 If a company carefully plans for its future, there will be no need to make modifications dur…

26. White Company has two service departments and two operating (production) dep

26. White Company has two service departments and two operating (production) departments. The Payroll department services all three of the other departments in proportion to the n…

26. White Company has two service departments and two operating (production) dep

26. White Company has two service departments and two operating (production) departments. The Payroll department services all three of the other departments in proportion to the n…

26. With regard to sales and sales returns incorrect? eut-off procedures, which

26. With regard to sales and sales returns incorrect? eut-off procedures, which of the following statements is Erors related to sales cut-off can be unintentional due to delays in…

26. osvier Corporation has an actovity-based costing system with three activity

26. osvier Corporation has an actovity-based costing system with three activity cost pools-Processing Supervising, and Other In the first stoge allocations, costs In and indirect …