Financial Accounting

8. Crown Co. can produce types lamp models are as follows: two types of lamps, t

8. Crown Co. can produce types lamp models are as follows: two types of lamps, the Enlightner and Foglighter. The data on the two Foglighter Sales volume in units Unit sales price…

8. Crystal Products allows customers to use bank credit cards to charge purchase

8. Crystal Products allows customers to use bank credit cards to charge purchases. The bank used by Crystal Products processes all bank credit cards in exchange for a 3% processin…

8. D mine the missing data for each letter in the three income statements below

8. D mine the missing data for each letter in the three income statements below for Lopata Office Supplies Company Un thousands) 19x5 s p 38 10 19x4 19x3 Gross Sales Sales Returns…

8. Dangerfield Enterprises produces three kinds of golf clubs: Fancy, Light, and

8. Dangerfield Enterprises produces three kinds of golf clubs: Fancy, Light, and Disco. These unique clubs incur overhead costs during production. The manager at Dangerfield Enter…

8. Details of amounts owed to individual suppliers are found in the a. Accounts

8. Details of amounts owed to individual suppliers are found in the a. Accounts payable subsidiary ledger b. Accounts payable control account c. Accounts receivable subsidiary led…

8. Ellie Company is considering purchasing a new vehicle at a cost of $89,700 wh

8. Ellie Company is considering purchasing a new vehicle at a cost of $89,700 which will result in an increase in net income of $7,000 per year. Depreciation on the vehicle will b…

8. Elston’s equipment on December 31, 2014 is 9. Elston’s retained earnings on D

8. Elston’s equipment on December 31, 2014 is 9. Elston’s retained earnings on December 31, 2014 should be. 10. Elston’s stockholders’ equity on December 31, 2014 should be Please…

8. Fences and parking lots are reported on the balance sheet as a. current asset

8. Fences and parking lots are reported on the balance sheet as a. current assets. b. land improvements. c. land D. property and equipment. 9. A company pays $100,000 for the righ…

8. Following is a list of advantages and disadvantages of the corporate form of

8. Following is a list of advantages and disadvantages of the corporate form of business. Identify each characteristic as either an advantage (A) or a disadvantage (D). orporate C…

8. For a manufacturing organization, which of the following is a period rather t

8.     For a manufacturing organization, which of the following is a period rather than a product cost? a.      Direct materials b.     Direct labor c.      Overhead d.     Wages …

8. For decision making, a listing of the relevant costs a. will help the decisio

8. For decision making, a listing of the relevant costs a. will help the decision maker concentrate on the pertinent data. b. will only include future costs. c. will only include …

8. For the current year, David has salary income of $90,000 and the following pr

8. For the current year, David has salary income of $90,000 and the following property Stock investment sales- Long-term capital gain Short-term capital loss $ 9,000 (18,000) 3,00…

8. Gandrud Kennel uses tenant-days as its measure of activity; an animal housed

8. Gandrud Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During June, the kennel budgeted for 2,700 …

8. Given the following adjusted on the following page. trial balance, prepare cl

8. Given the following adjusted on the following page. trial balance, prepare closing entries at October 31, 2018 Adjusted Trial Balance For the Year Ended October 31, 2018 Accoun…

8. Given the following data, calculate product cost per unit under variable cost

8. Given the following data, calculate product cost per unit under variable costing. Direct labor $7 per unit Direct materials $1 per unit Overhead Total variable overhead $20,000…

8. Given the following data, calculate product cost per unit under variable cost

8. Given the following data, calculate product cost per unit under variable costing. Direct labor $7 per unit Direct materials $1 per unit Overhead Total variable overhead $20,000…

8. Hanker Company had the following department data on physical units: Work in p

8. Hanker Company had the following department data on physical units: Work in process, beginning Completed and transferred out Work in process, ending 3000 18000 2400 during the …

8. Icy Treats, Inc., is a seasonal business that sells frozen desserts. At the p

8. Icy Treats, Inc., is a seasonal business that sells frozen desserts. At the peak of its summer selling season the firm has $36,400 in cash, $130,000 in inventory, $72,800 in ac…

8. If a business had sales of $4,494,000 and a margin of safety of 20%, the brea

8. If a business had sales of $4,494,000 and a margin of safety of 20%, the break-even point was : a.$5,392,800, b.$898,800, c.$8,089,200, d.$3,595,200 Reynold's Grocery has fixed…

8. If a company completes the year end with a debit balance in the Allowance for

8. If a company completes the year end with a debit balance in the Allowance for Doubtful Accounts it means: a. is the normal balance for that account b. indicates that actual bad…

8. If the equipment’s salvage value was $700,000 instead of $500,000, what would

8. If the equipment’s salvage value was $700,000 instead of $500,000, what would be the project’s simple rate of return? 9. Assume a postaudit showed that all estimates (including…

8. In each of the following independent situations, determine Winston’s filing s

8. In each of the following independent situations, determine Winston’s filing status for 2018. Winston is not married. a) Winston lives alone, but he maintains a household in whi…

8. In the first month of operations for Pocket Industries, the total of the debi

    8.     In the first month of operations for Pocket Industries, the total of the debit entries to the cash account amounted to $9,000 ($5,000 investment by the owner and revenu…

8. Information for Riley Manufacturing Company is presented below. Compute both

8. Information for Riley Manufacturing Company is presented below. Compute both the cost of goods manufactured and the cost of goods sold for the company. Hint: You will need to c…

8. Intraperiod tax allocation a. is used to allocate a company\'s total income t

8. Intraperiod tax allocation a. is used to allocate a company's total income tax expense to the components of net income and retained earnings b. involves temporary (timing) diff…

8. JWPS uses the Double Decining Balanee method of depreciation. fiscal year end

8. JWPS uses the Double Decining Balanee method of depreciation. fiscal year end is Dec 31.. 2009 duiy 1, Purchased a cmputer from C $1500 in cash. bec.31Recorded 9009 dep od esti…

8. Jason, an architect, is the sole shareholder of Purple Corporation, a persona

8. Jason, an architect, is the sole shareholder of Purple Corporation, a personal service corporation. The corporation paid Jason a salary of $120,000 during its fiscal year endin…

8. Jim\'s basis in his partnership is $200,000. His share of the current year pa

8. Jim's basis in his partnership is $200,000. His share of the current year partnership income is $60,000. The partnership paid him $75,000 distribution in the current year. What…

8. Journalize the following transactions (Assume a 360-day year when calculating

8.     Journalize the following transactions (Assume a 360-day year when calculating interest.): Mar. 1 Received a 90-day, 10% note for $24,000, dated March 1, from Batson Co. on …

8. Journalize the following transactions for Malone Custom Furniture Manufacturi

8. Journalize the following transactions for Malone Custom Furniture Manufacturing (omit explanations) a. Incurred and paid advertising expenses, $3,500. b Incurred manufacturing …

8. Kidd loc uses the straight-line method of depreciating its plant assets. They

8. Kidd loc uses the straight-line method of depreciating its plant assets. They had purchased an asset with arn estimated salvage value of S30,000, however; when the bookkeeper c…

8. Magno Cereal Corporation standard for each batch of cereal uses a standard co

8. Magno Cereal Corporation standard for each batch of cereal uses a standard cost system for its "crunchy pickle" cereal. The materials produced is 1.4 pounds of pickles at a sta…

8. Mahler, Inc., applies manufacturing overhead at the rate of $40 per machine h

8. Mahler, Inc., applies manufacturing overhead at the rate of $40 per machine hour. Budgeted machine hours for the current period were anticipated to be 120,000; however, a lengt…

8. Mattix Corporation\'s balance sheet and income statement appear below: Compar

8. Mattix Corporation's balance sheet and income statement appear below: Comparative Balance Sheet Ending Balance Beginning Balance Assets Cash and cash equivalents $22 $23 39 43 …

8. Maxfield Company has fixed costs of $300,000 and variable costs are 60% of sa

8. Maxfield Company has fixed costs of $300,000 and variable costs are 60% of sales. How much will Maxfield Company report as sales when its net income equals $30,000? A) $825,000…

8. Meals and Entertainment. (Obj. 2) Courtney is employed as a sales person. Dur

8. Meals and Entertainment. (Obj. 2) Courtney is employed as a sales person. During the year, Courtney pays $250 for tickets to a concert that she gives to a client. Courtney does…

8. Mortar Corporation acquired 80 percent of Granite Corporation\'s voting commo

8. Mortar Corporation acquired 80 percent of Granite Corporation's voting common stock on January 1, 20X7. On January 1, 20X8, Mortar received $350,000 from Granite for equipment …

8. Municipal water supplies are often managed by a government agency. Typically,

8. Municipal water supplies are often managed by a government agency. Typically, government agencies are not allowed to ‘make a profit.’ a. Assuming supply and demand behave ‘norm…

8. Net Present Value Method The following data are accumulated by Geddes Company

8. Net Present Value Method The following data are accumulated by Geddes Company in evaluating the purchase of $110,100 of equipment, having a four-year useful life: a. Assuming t…

8. October 1, 2017, Alpha Company started a new production operation using the w

8. October 1, 2017, Alpha Company started a new production operation using the weighted average method of process costing. During October, 9,000 units were started and 7,000 were …

8. On August 1, Kim Company accepted a 90-day note receivable as payment for ser

8. On August 1, Kim Company accepted a 90-day note receivable as payment for services provided to Hsu Company. The terms of the note were $10,000 face value and 6% interest. On Oc…

8. On December 31, 20x8, Pintz Corporation reported total assets of $900,000 and

8. On December 31, 20x8, Pintz Corporation reported total assets of $900,000 and Still Company reported total assets of $470,000, common stock of $250,000 and retained earnings of…

8. On January 1, 2017, Alpha Company purchased a significant influence shares in

8. On January 1, 2017, Alpha Company purchased a significant influence shares investment in the Bravo-Zulu Company for $250,000. This investment balance represents 40% of the equi…

8. On January 1, Wismer Corporation declared a $1.50 per share cash dividend on

8. On January 1, Wismer Corporation declared a $1.50 per share cash dividend on its common stock (18,000 shares) for stockholders on record as of January 15. Wismer paid the divid…

8. On January 1, Year One, Gulka Corporation offers to issue a $100,000 bond com

8. On January 1, Year One, Gulka Corporation offers to issue a $100,000 bond coming due in exactly ten years. This bond pays a stated cash interest rate of 6 percent per year on D…

8. On July 1, 2006, the ABC Co. sold equipment it no longer needed for $100,000.

8. On July 1, 2006, the ABC Co. sold equipment it no longer needed for $100,000. On 12/31/05, the balance in the Equipment Account was $130,000 and the balance in the Accumulated …

8. Our Haig-Simons idea of income is in the background of the design of today\'s

8. Our Haig-Simons idea of income is in the background of the design of today's tax code. However, we are not always able to adhere to its pure definition for various a. Explain h…

8. Perla Kennel uses tenant-days as its measure of activity; an animal housed in

8. Perla Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During March, the kennel budgeted for 2,330 t…

8. Photometer Company paid off $30,000 of its accounts payable in cash. What is

8. Photometer Company paid off $30,000 of its accounts payable in cash. What is the journal entry that will be recorded? A. Debit Accounts Payable $30,000, Credit Accounts Receiva…

8. Place an X in the appropriate columns for each of the following situations. o

8. Place an X in the appropriate columns for each of the following situations. on Cash Flows Classification Effect on cash Operating Investing Financing Cash Trans- Transaction Ac…