Financial Accounting

1)Mars Corporation uses the percentage-of-completion method. At the end of the f

1)Mars Corporation uses the percentage-of-completion method. At the end of the first year of a $9,000,000 contract, the following information is available: In the first year, Mars…

1)Mccubbin Corporation is considering two alternatives: A and B. Costs associate

1)Mccubbin Corporation is considering two alternatives: A and B. Costs associated with the alternatives are listed below: What is the differential cost of Alternative B over Alter…

1)Mecha Oil Company is considering investing in a new oil well. It is expected t

1)Mecha Oil Company is considering investing in a new oil well. It is expected that the oil well will increase annual revenues by $131,500 and will increase annual expenses by $87…

1)Omega Company is considering three capital expenditure projects. Relevant data

1)Omega Company is considering three capital expenditure projects. Relevant data for the projects are as follows. Project Investment Annual Income Life of invest. 22A $240,000 $13…

1)On February 15, Seacroft buys 8,000 shares of Kebo common at $28.63 per share

1)On February 15, Seacroft buys 8,000 shares of Kebo common at $28.63 per share plus a brokerage fee of $445. The stock is classified as available-for-sale securities. On March 15…

1)On January 1, 2013, Crystal Corporation is planning to issue $10,000 of 5%, 5-

1)On January 1, 2013, Crystal Corporation is planning to issue $10,000 of 5%, 5-year bonds. Interest will be paid at the end of each year. Assuming that the current market rate of…

1)On January 1, 2015, Frontier World issues $39.9 million of 7% bonds, due in 10

1)On January 1, 2015, Frontier World issues $39.9 million of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. The proceeds will …

1)On January 1, 2016, P Corporation sold equipment with a 3-year remaining life

1)On January 1, 2016, P Corporation sold equipment with a 3-year remaining life and a book value of $40,000 to its 70% owned subsidiary for a price of $46,000. In the consolidated…

1)On March 1, 2014, Catalin Corporation issued $40 million in bonds that mature

1)On March 1, 2014, Catalin Corporation issued $40 million in bonds that mature in 10 years. The bonds have a stated interest rate of 5.8 percent and pay interest on March 1 and S…

1)On May 5, 2015, MacDougal Corp. exchanged 4,000 shares of its $25 par value tr

1)On May 5, 2015, MacDougal Corp. exchanged 4,000 shares of its $25 par value treasury common stock for a patent owned by Masset Co. The treasury shares were acquired in 2014 for …

1)One of the fastest growing segments of Dime Community Bank’s portfolio is home

1)One of the fastest growing segments of Dime Community Bank’s portfolio is home equity and home improvement loans. True or False? 2)Dime Community Bank only funds single family h…

1)Operating profits and losses for the 4 industry segments of Brittle Company ar

1)Operating profits and losses for the 4 industry segments of Brittle Company are as follows: Candy ($590,000) Stix $ 20,000 Chips $ 85,000 Gum $   9,000 Brittle Company uses iGAA…

1)P Corporation acquired an 80% interest in S Corporation two years ago at an im

1)P Corporation acquired an 80% interest in S Corporation two years ago at an implied value equal to the book value of S. On January 2, 2017, S sold equipment with a five-year rem…

1)Palm Beach Hotel recognizes room rental revenue on the date that a reservation

1)Palm Beach Hotel recognizes room rental revenue on the date that a reservation is received. For the winter season, many guests make reservations as much as a year in advance. Fo…

1)Petunia Company acquired an 80% interest in Shaman Company in 2016. In 2017 an

1)Petunia Company acquired an 80% interest in Shaman Company in 2016. In 2017 and 2018, Shaman reported net income of $400,000 and $480,000, respectively. During 2017, Shaman sold…

1)Petunia Company owns 100% of Sage Corporation. On January 1, 2017 Petunia sold

1)Petunia Company owns 100% of Sage Corporation. On January 1, 2017 Petunia sold equipment to Sage at a gain. Petunia had owned the equipment for four years and used a ten-year st…

1)Pont Corporation has provided the following information concerning a capital b

1)Pont Corporation has provided the following information concerning a capital budgeting project: Investment required in equip is $160,000 expected project life 4 equip salvage va…

1)Power Inc. owns 80% of Station Co. and applies the equity method. During the c

1)Power Inc. owns 80% of Station Co. and applies the equity method. During the current year, Power bought inventory costing $60,000 and then sold it to Station for $100,000. At ye…

1)Prepare journal entries for each transaction 2)Prepare Trial Balance 3)Prepare

1)Prepare journal entries for each transaction 2)Prepare Trial Balance 3)Prepare Balance Sheet 4)Record closing entry for dividends. Thanks for the help! American Laser, Inc., rep…

1)Presents Inc. acquired all of the outstanding common stock of Santa Co. on Jan

1)Presents Inc. acquired all of the outstanding common stock of Santa Co. on January 1, 2017, for $257,000. Annual amortization of $19,000 resulted from this acquisition. Presents…

1)Presents Inc. acquired all of the outstanding common stock of Santa Co. on Jan

1)Presents Inc. acquired all of the outstanding common stock of Santa Co. on January 1, 2017, for $257,000. Annual amortization of $19,000 resulted from this acquisition. Presents…

1)Provide at least 10 good questions to ask about assertions in the Auditing pro

1)Provide at least 10 good questions to ask about assertions in the Auditing process. 2)Provide at least 10 good questions to ask about materiality in the Auditing process. 3)Prov…

1)Pruitt Company owns 80% of Stoney Company’s common stock. During 2017 , Stoney

1)Pruitt Company owns 80% of Stoney Company’s common stock. During 2017, Stoney sold $400,000 of merchandise to Pruitt. At December 31, 2017, one-fourth of the merchandise remaine…

1)Record the beginning of the lease for Nath-Langstrom Services.Jan,1,2018 2)Rec

1)Record the beginning of the lease for Nath-Langstrom Services.Jan,1,2018 2)Record the lease payment and interest expense for Nath-Langstrom Services. June,30,2018 3)Record the a…

1)Required information [The following information applies to the questions displ

1)Required information [The following information applies to the questions displayed below.] Demarco and Janine Jackson have been married for 20 years and have four children who q…

1)Sarbanes-Oxley limits personal loans from a company to its executives to one l

1)Sarbanes-Oxley limits personal loans from a company to its executives to one loan of no more than $10,000, amortized over five years, at a time. true or false 2) Under the 1933 …

1)Suppose the Baseball Hall of Fame in Cooperstown, New York, has approached Spo

1)Suppose the Baseball Hall of Fame in Cooperstown, New York, has approached Sports- Cardz with a special order. The Hall of Fame wishes to purchase 51,000 baseball card packs for…

1)TV’s R Yours is advertising a deal, in which you buy a flat screen TV for $4,7

1)TV’s R Yours is advertising a deal, in which you buy a flat screen TV for $4,769 (including tax) with one year before you need to pay (no interest is incurred if you pay by the …

1)The Blankenship company paid a cash dividend of $0.44 per share during the cur

1)The Blankenship company paid a cash dividend of $0.44 per share during the current year and reported 18,000 shares of common stock issued and 2,000 common shares in treasury sto…

1)The _______________ is an example of financial budgets. Budgeted balance sheet

1)The _______________ is an example of financial budgets. Budgeted balance sheet Sales budget Direct material budget Budgeted income statement 2) Which of the following is not an …

1)The accrual basis of accounting means_______________________. 1)sales are reco

1)The accrual basis of accounting means_______________________.  1)sales are recorded as cash is received 2)to accumulate over time, based on a natural observable increase 3)gathe…

1)The allowance for doubtful accounts is reported as a contra-asset on the balan

1)The allowance for doubtful accounts is reported as a contra-asset on the balance sheet Select one: True False 2)When goods are shipped FOB destination, the revenue from the sale…

1)The beginning cash balance is $50,000. January cash collected from sales is $7

1)The beginning cash balance is $50,000. January cash collected from sales is $745,000 and January cash payments for all items (excluding interest) are $705,000. The company also …

1)The cost-volume-profit analysis approach provides a method to assess how many

1)The cost-volume-profit analysis approach provides a method to assess how many units and or sales dollars we need to achieve to make a desired profit True or False 2)If a managem…

1)The following costs were incurred in April: Direct materials $39,400 Direct la

1)The following costs were incurred in April: Direct materials $39,400 Direct labor $34,000 Manufacturing overhead $21,600 Selling expenses $19,700 Administrative expenses $38,600…

1)The following information is available regarding John Smith\'s capital account

1)The following information is available regarding John Smith's capital account in Technology Consulting Group, a general partnership, for a recent year: Beginning of the year bal…

1)The manager of Able Car Inspection reviewed his monthly operating costs for th

1)The manager of Able Car Inspection reviewed his monthly operating costs for the past year. His costs range from $4,100 for 1,100 inspections to $3,700 for 700 inspections. 1. Ca…

1)The opportunity cost of making a component part in a factory with no excess ca

1)The opportunity cost of making a component part in a factory with no excess capacity is the: net benefit foregone from the best alternative use of the capacity required. total m…

1)The terms controllable costs and noncontrollable costs are synonymous with var

1)The terms controllable costs and noncontrollable costs are synonymous with variable costs and fixed costs, respectively. True or False 2)An advantage of standard costs is that t…

1)The transaction approach to determining income is a concept in which: a. incom

1)The transaction approach to determining income is a concept in which: a. income is measured as the amount that an entity could consume during a period and be as well off at the …

1)There are several fundamental purposes decision makers consider when they use

1)There are several fundamental purposes decision makers consider when they use financial data. Which of the following statements is not one of those fundamental purposes? a)Predi…

1)These expenditures were incurred by Dunston Company in purchasing land: cash p

1)These expenditures were incurred by Dunston Company in purchasing land: cash price $61,810; accrued taxes $4,860; attorney’s fees $3,050; real estate broker’s commission $3,690;…

1)Treadlight produces two types of exercise treadmills: regular and deluxe. The

1)Treadlight produces two types of exercise treadmills: regular and deluxe. The exercise craze is such that TreadLight could use all its available machine hours to produce either …

1)Under the accrual basis of accounting: a. cash must be received before revenue

1)Under the accrual basis of accounting: a. cash must be received before revenue is recognized. b. net income is calculated by matching cash outflows against cash inflows. c. even…

1)Using Excel spreadsheet create your own personal budget by month following the

1)Using Excel spreadsheet create your own personal budget by month following the ACCRUAL basis of accounting 2) Once you complete the ACCRUAL basis budget you will create a CASH b…

1)Valerie has an AGI of $75,000 without considering the sale of a nondepreciable

1)Valerie has an AGI of $75,000 without considering the sale of a nondepreciableasset for $15,000. The asset was acquired six years ago and has an adjusted basis of$28,000. She ha…

1)Weisinger Corporation has provided the following data for the month of January

1)Weisinger Corporation has provided the following data for the month of January: Inventories: Beginning Ending Raw Materials-------------------- $28,000 $29,000 Work in process--…

1)What are the five ways to acquire real property? a)Gift, Purchase, Inheritance

1)What are the five ways to acquire real property? a)Gift, Purchase, Inheritance, Adverse Possession and Quiet Title b)Will, Succession, Occupancy, Quiet Title and Purchase c)Gift…

1)What is the present worth of the following series of income & disbursements if

1)What is the present worth of the following series of income & disbursements if the interest rate is 6% per year? YearIncomeExpense 0. 1-3 4-8 12,000-7000 900 600 A) 6863 B) …

1)When the market rate of interest was 11% waverly corporation issued $1,000,000

1)When the market rate of interest was 11% waverly corporation issued $1,000,000, 12% at 8-year bonds that pay interest semiannually . The selling price of this bond issue was a) …