Financial Accounting

1. Big Company acquired the following assets and liabilities of Little Company (

1. Big Company acquired the following assets and liabilities of Little Company (fair values listed below) for $470,000 cash. Assuming these items are all recorded at their acquisi…

1. Big-Mouth Frog Corporation had revenues of $300,000, expenses of $180,000, an

1. Big-Mouth Frog Corporation had revenues of $300,000, expenses of $180,000, and dividends of $45,000. When Income Summary is closed to Retained Earnings, the amount of the debit…

1. Big-Mouth Frog Corporation had revenues of $300,000, expenses of $180,000, an

1. Big-Mouth Frog Corporation had revenues of $300,000, expenses of $180,000, and dividends of $45,000. When Income Summary is closed to Retained Earnings, the amount of the debit…

1. Bill Beck, Bruce Beck, and Barb Beck formed the BBB Partnership by making cap

1. Bill Beck, Bruce Beck, and Barb Beck formed the BBB Partnership by making capital contributions of $77,400, $301,000, and $481,600, respectively. They predict annual partnershi…

1. Billings to departments for communications network services during 20X4 were

1. Billings to departments for communications network services during 20X4 were as follows: General Fund departments . . . . . . . . . . . . . . . . . . . . . . $57,070 Water and …

1. Biogen, Inc. has a cost of capital of 9%, and it has a project with the follo

1. Biogen, Inc. has a cost of capital of 9%, and it has a project with the following cash flows. What is the NPV of this project? Year Net Cash Flow 0 -100,000 1 -20,000 2 20,000 …

1. Blackner Corporation produces and sells a single product. Data concerning tha

1. Blackner Corporation produces and sells a single product. Data concerning that product appear below: The break-even in monthly dollar sales is closest to: Multiple Choice $918,…

1. Blaine Corp. makes floats for Mardi Gras in New Orleans. The company\'s fisca

1. Blaine Corp. makes floats for Mardi Gras in New Orleans. The company's fiscal year ends on March 31. On January 1, 2010, the company's WIP Inventory account appeared as follows…

1. Bob and Sue, who are both attorneys, agreed to share office space and other o

1. Bob and Sue, who are both attorneys, agreed to share office space and other overhead expenses to save money. They did not agree to form a partnership. They do not share profits…

1. Bob owned a duplex used as rental property. The duplex had an adjusted basis

1. Bob owned a duplex used as rental property. The duplex had an adjusted basis to Bob of $86,000 and a fair market value of $300,000. Bob transferred the duplex to his brother, C…

1. Boehm Rest Company has 30,000 shares of its $1 par value common stock outstan

1.            Boehm Rest Company has 30,000 shares of its $1 par value common stock outstanding. Record in journal form the following transactions as they relate to the company%u2…

1. Boehm Rest Company has 30,000 shares of its $1 par value common stock outstan

1.            Boehm Rest Company has 30,000 shares of its $1 par value common stock outstanding. Record in journal form the following transactions as they relate to the company%u2…

1. Bogus Co. exchanged Building 42 which has an appraised value of $4,800,000, a

1. Bogus Co. exchanged Building 42 which has an appraised value of $4,800,000, a cost of $7,590,000, and accumulated depreciation of $3,600,000 for Building X belonging to Good Co…

1. Bogus Co. exchanged Building 42 which has an appraised value of $4,800,000, a

1. Bogus Co. exchanged Building 42 which has an appraised value of $4,800,000, a cost of $7,590,000, and accumulated depreciation of $3,600,000 for Building X belonging to Good Co…

1. Bogus Co. exchanged Building 42 which has an appraised value of $4,800,000, a

1. Bogus Co. exchanged Building 42 which has an appraised value of $4,800,000, a cost of $7,590,000, and accumulated depreciation of $3,600,000 for Building X belonging to Good Co…

1. Bond Question (20 points) Uhernik, Inc, specializes in the production of tele

1. Bond Question (20 points) Uhernik, Inc, specializes in the production of telecommunication satellites. The company prepares financial statements every 6 months on December 31 a…

1. Bonds payable issued in exchange for building and equipment would be reported

1. Bonds payable issued in exchange for building and equipment would be reported in the statement of cash flows in:        the cash flows from financing activities section        …

1. Bonds with a face value of $200,000 were issued at 103. The entry to record t

1. Bonds with a face value of $200,000 were issued at 103. The entry to record the issuance will include a credit to the Bonds Payable account for: A. $206,000 B. $200,000 C. $103…

1. Both bonds payable and notes payable are obligations that usually arise from

1. Both bonds payable and notes payable are obligations that usually arise from borrowing money. This statement is A. True B. False 2. Which of the following entities recevies cas…

1. Bowman, Inc., has only variable costs and fixed costs. A review of the compan

1. Bowman, Inc., has only variable costs and fixed costs. A review of the company's records disclosed that when 300,000 units were produced, fixed manufacturing costs amounted to …

1. Boxer Company purchased store equipment for $12,000 on December 3. The store

1. Boxer Company purchased store equipment for $12,000 on December 3. The store equipment depreciated $500 in December. The book value of the store equipment on December 31 is A. …

1. Boyce Corporation offers a one-year product Warranty and estimates that 3% of

1.              Boyce Corporation offers a one-year product Warranty and estimates that 3% of all products sold will require Warranty services and on average each Warranty service…

1. Boyd files a suit against Cathy after Cathy\'s dog bit Boyd causing $10,000 i

1. Boyd files a suit against Cathy after Cathy's dog bit Boyd causing $10,000 in medical bills and missed work In a civil suit, Boyd's burden of proof is called a. a preponderance…

1. Bozt Inc. is expected to grow by 5% next year. If we expect to pay a dividend

1. Bozt Inc. is expected to grow by 5% next year. If we expect to pay a dividend of $50 per share next year, and our expected return on investments are ten percent, calculate the …

1. Brady Corp. is considering the purchase of a piece of equipment that costs $2

    1. Brady Corp. is considering the purchase of a piece of equipment that costs $23,000. Projected net annual cash flows over the project%u2019s life are: Year          Net Annu…

1. Brandon Corporation issues 2,000 shares of $40 per common stock for $43 per s

1. Brandon Corporation issues 2,000 shares of $40 per common stock for $43 per share. The amount credited to paid-in capital in excess of Paris: 2. The date of declaration creates…

1. Brandy graduated from Vanderbilt with her bachelor\'s degree recently. She wo

1. Brandy graduated from Vanderbilt with her bachelor's degree recently. She works for Walton & Company CPAs. The firm pays her tuition ($7,500 per year) for her so that she c…

1. Breach of contract action by P against D. P claims D failed to deliver the go

1. Breach of contract action by P against D. P claims D failed to deliver the goods called for in the contract. D asserts the doctrine of impossibility, based on the claim that se…

1. Brian bought a house 15 years ago for $120,000 as his principal residence. He

1. Brian bought a house 15 years ago for $120,000 as his principal residence. He paid 10% down payment. What was the amount of equity on his home at that time? 2. Brian’s home is …

1. Bridgeport Company purchased a heavy-duty truck on July 1, 2014, for $28,920.

1. Bridgeport Company purchased a heavy-duty truck on July 1, 2014, for $28,920. It was estimated that it would have a useful life of 10 years and then would have a trade-in value…

1. Briefly (in about a paragraph) explain the difference in recording inventory

1. Briefly (in about a paragraph) explain the difference in recording inventory items, which a cost entity purchased, between the accrual basis of accounting and the modified basi…

1. Bright Sports has three product lines: football, basketball, and soccer. Comm

1. Bright Sports has three product lines: football, basketball, and soccer. Common costs are allocated based on relative sales. A product line income statement for the year ended …

1. Brittany Furniture manufactures two products: Futons and Recliners. The follo

1. Brittany Furniture manufactures two products: Futons and Recliners. The following data are available: The company can manufacture two futons per machine hour and one recliner p…

1. Brooklyn sells a single product to wholesalers. The company\'s budget for the

1. Brooklyn sells a single product to wholesalers. The company's budget for the upcoming year revealed anticipated unit sales of 35,100, a selling price of $24, variable cost per …

1. Brummitt Corporation has two divisions: the BAJ Division and the CBB Division

1. Brummitt Corporation has two divisions: the BAJ Division and the CBB Division. The corporation's net operating income is $12,300. The BAJ Division's divisional segment margin i…

1. Bryans Corporation has provided the following data for its two most recent ye

1. Bryans Corporation has provided the following data for its two most recent years of operation: 63,000 The unit product cost under variable costing in Year 1 is closest to: Mult…

1. Budgeted Sales by month for the Cheap Book Company are as follows: January $4

1. Budgeted Sales by month for the Cheap Book Company are as follows: January $450,000 February $600,000 March $700,000 April $200,000 May $180,000 June $300,000 July $400,000 Aug…

1. Budgeted fixed indirect costs remain constant at $150000 per month. During hi

1. Budgeted fixed indirect costs remain constant at $150000 per month. During high output months variable indirect costs are budgeted at $120 000. During low output months budgete…

1. Budgeted overhead for Haft, Inc. at normal capacity of 30,000 direct labor ho

1. Budgeted overhead for Haft, Inc. at normal capacity of 30,000 direct labor hours is $3 per hour variable and $2 per hour fixed. In May, $155,000 of overhead was incurred in wor…

1. Burr Publishers purchased a building on March 20, 20X1, for $160,000. Other a

1. Burr Publishers purchased a building on March 20, 20X1, for $160,000. Other amounts related to this purchase are as follows: Price listed by seller on Jan. 1, 20X1, $180,000 Bu…

1. By installing some elaborate inspection equipment on its assembly line, the R

1. By installing some elaborate inspection equipment on its assembly line, the Robot Corp. can avoid hiring an extra worker who would have earned $26,000 a year in wages and an ad…

1. By installing some elaborate inspection equipment on its assembly line, the R

1. By installing some elaborate inspection equipment on its assembly line, the Robot Corp. can avoid hiring an extra worker who would have earned $26,000 a year in wages and an ad…

1. CAM Company manufactures two products, Product A and Product B. The company e

1.      CAM Company manufactures two products, Product A and Product B. The company expects to produce and sell 1,000 units of Product A and 2,000 units of Product B during the cu…

1. CASE STUDY Australian Motor Execs (AME) is set up as a proprietary company an

1. CASE STUDY Australian Motor Execs (AME) is set up as a proprietary company and is considering whether to enter the discount rental car market in Tasmania. This project would in…

1. CP11-5 Computing and Interpreting Return on Equity (ROE) and Price/Earnings (

1. CP11-5 Computing and Interpreting Return on Equity (ROE) and Price/Earnings (P/E) Ratios [LO5] Aaron%u2019s, Inc., and Rent-A-Center, Inc., are two publicly traded rental compa…

1. CREATE JOURNAL ENTRIES FOR THE APRIL 2016 TRANSACTIONS BELOW FOR SUNFLOWER DE

1. CREATE JOURNAL ENTRIES FOR THE APRIL 2016 TRANSACTIONS BELOW FOR SUNFLOWER DESIGNS: On April 1st, a laptop was purchased on credit totaling $1,200. The estimated useful life of…

1. Cabela’s Corp. disclosed the following lease information in its 2013 10-K (in

1.      Cabela’s Corp. disclosed the following lease information in its 2013 10-K (in millions). What lease liability does Cabela’s report on its balance sheet? Capital Leases Ope…

1. Calculate Cash Flows Out of Eden, Inc., is planning to invest in new manufact

1. Calculate Cash Flows Out of Eden, Inc., is planning to invest in new manufacturing equipment to make a new garden tool. The new garden tool is expected to generate additional a…

1. Calculate Return on Investment (ROI) for each of the hotels based on operatin

1. Calculate Return on Investment (ROI) for each of the hotels based on operating income and using total assets as the measure of investment. The manager of St. Francisco Hotel is…

1. Calculate equivalent units of transferred-in costs, direct materials, and con

1. Calculate equivalent units of transferred-in costs, direct materials, and conversion costs. 2. Summarize the total costs to account for, and calculate the cost per equivalent u…