Financial Accounting

1. On October 1, 2009, Marcus Corporation purchased $20,000 of 6% bonds of Rober

1. On October 1, 2009, Marcus Corporation purchased $20,000 of 6% bonds of Roberts Corporation, due in 8 1/4 years. The bonds were purchased at a price of $17,561 plus interest of…

1. On October 1, 2013, Wesley Company establishes an imprest petty cash fund by

1. On October 1, 2013, Wesley Company establishes an imprest petty cash fund by issuing a check for $200 to Mary Mann, the custodian of the petty cash fund. On October 31, 2013, M…

1. On a classified balance sheet, companies usuality ist ourrent assets a. in al

1. On a classified balance sheet, companies usuality ist ourrent assets a. in alphabetical order b with the largest dollar amounts first c. in the order in which they are expected…

1. On feb 15, seacroft buys 8,000 shares of Kebo common stock at $28.63 per shar

1. On feb 15, seacroft buys 8,000 shares of Kebo common stock at $28.63 per share plus a brokeage fee of $400. The stock is classified as available-for-sale securities. On march 1…

1. On its December 31, 2014 balance sheet, Emig Corp. reported bonds payable of

1. On its December 31, 2014 balance sheet, Emig Corp. reported bonds payable of $3,000,000 and related unamortized bond issue costs of $160,000. The bonds had been issued at par. …

1. On the basis of the following data for Grant Co. for 2010 and the preceding y

1. On the basis of the following data for Grant Co. for 2010 and the preceding year ended December 31, 2009, prepare a statement of cash flows. Use the indirect method of reportin…

1. On the “AJE” worksheet, prepare the adjusting journal entries in good form fo

1. On the “AJE” worksheet, prepare the adjusting journal entries in good form for the following items. Identify each entry by letter in Column B. Round all answers to the nearest …

1. One of the five drivers of the FRC\'s Audit Quality Framework is audit firm c

1. One of the five drivers of the FRC's Audit Quality Framework is audit firm culture. Which of the following is not one of the other four elements? 2. The objective of external a…

1. One of the more popular input measures used to determine the progress toward

1. One of the more popular input measures used to determine the progress toward completion in the percentage-of-completion method is a. revenue-percentage basis. b. cost-percentag…

1. One of the most important disadvantages of the A) ease of transferring owners

1. One of the most important disadvantages of the A) ease of transferring ownership B) double taxation C) unlimited owner liability D) limited owner liability corporate form of bu…

1. One of the reasons Wal-Mart is such an efficient firm is because they utilize

1. One of the reasons Wal-Mart is such an efficient firm is because they utilize cross-docking and thus decrease their inventory carrying cost. (Points: 2)        True        Fals…

1. One of your Intermediate Financial Goals is to have $12,000 in our savings ac

1. One of your Intermediate Financial Goals is to have $12,000 in our savings account upon graduation four years from now. You have a relative that will give you a lump-sum amount…

1. One subunit of Racer Sports Company had the following financial results last

1. One subunit of Racer Sports Company had the following financial results last month (Click the icon to view the financial results.) Read the requirements Requirement 1. Complete…

1. One way of accessing financial information about a company is to look it up a

1. One way of accessing financial information about a company is to look it up at the company's website. Access the most recent annual report of a company of your choice from the …

1. One year ago, an American investor bought 5000 shares of LBR in London at a p

1. One year ago, an American investor bought 5000 shares of LBR in London at a price of £24 (or 24 UK pounds) per share when the exchange rate was $1.2/1£ (or $1.20 dollars = 1 po…

1. Open the following T accounts: Cash; repair supplies; repair equipment; accou

1. Open the following T accounts: Cash; repair supplies; repair equipment; accounts payable; H. Toni, capital; withdrawals; repair fees earned; salaries expense; and rent expense.…

1. Operating Asset Management Analysis A. Current Ratio Current Assets / Current

1. Operating Asset Management Analysis A. Current Ratio Current Assets / Current Liabilities Heckle Co. 1,520,400 / 544,200 = 2.794 Jackle Co. 2,629,800 / 1,046,000 = 2.514 B. Qui…

1. Option A has revenue of $300 and costs of S250. Option B has revenue of $250

1. Option A has revenue of $300 and costs of S250. Option B has revenue of $250 and costs of $300 Option C has revenue of $200 and costs of $100. Compute the opportunity cost of o…

1. Oran Refiners, Inc., processes sugar cane that it purchases from farmers. Sug

1. Oran Refiners, Inc., processes sugar cane that it purchases from farmers. Sugar cane is processed in batches. A batch of sugar cane costs $76 to buy from farmers and $18 to cru…

1. Oregon Wood Supply purchased a drilling machine for S50,000. In addition to t

1. Oregon Wood Supply purchased a drilling machine for S50,000. In addition to the purchase price, Oregon Wood Supply made the following expenditures: freight, $3,000, installatio…

1. Ortman Corporation makes a product with the following standard costs: The com

1. Ortman Corporation makes a product with the following standard costs: The company reported the following results concerning this product in May: The company applies variable ov…

1. Other comprehensive income is a category of comprehensive income made up of s

1. Other comprehensive income is a category of comprehensive income made up of specific gains and losses that are reported separately after net earnings under IFRS. These concepts…

1. Over time, overall responsibility for formulating monetary policy has become

1. Over time, overall responsibility for formulating monetary policy has become increasingly concentrated in the A) Federal Reserve Bank of New York. B) Council of Economic Adviso…

1. P Co. purchased 60% of the S Co. for $720,000 on 1/11/16. S Co. had $400,000

1. P Co. purchased 60% of the S Co. for $720,000 on 1/11/16. S Co. had $400,000 of common stock and $200,000 of retained earning on that date. The following values were determinde…

1. P co owns 60% of the S Co for 720,000 on 1/11/16. S co had 400,000 of common

1. P co owns 60% of the S Co for 720,000 on 1/11/16. S co had 400,000 of common stock and 200,000 of retained earnings on that date. 1. P co owns 60% of the S Co for 720,000 on 1/…

1. P26-A1 Basic flexible budgeting (L.O. 2) Centron, Inc., has the following bud

1. P26-A1 Basic flexible budgeting (L.O. 2) Centron, Inc., has the following budgeted production costs: Direct materials $0.40 per unit Direct labor 1.80 per unit Variable factory…

1. P26-A1 Basic flexible budgeting (L.O. 2) Centron, Inc., has the following bud

1. P26-A1 Basic flexible budgeting (L.O. 2) Centron, Inc., has the following budgeted production costs: Direct materials $0.40 per unit Direct labor 1.80 per unit Variable factory…

1. P26-A1 Basic flexible budgeting (L.O. 2) Centron, Inc., has the following bud

1. P26-A1 Basic flexible budgeting (L.O. 2) Centron, Inc., has the following budgeted production costs: Direct materials $0.40 per unit Direct labor 1.80 per unit Variable factory…

1. PE.21-01.ALGO (Algorithmic) High-Low Method The manufacturing costs of Ackerm

1. PE.21-01.ALGO (Algorithmic) High-Low Method The manufacturing costs of Ackerman Industries for the first three months of the year follow: Total Costs Units Produced February 20…

1. PH Toy is unsure of whether to sell its product assembled or unassembled. The

1. PH Toy is unsure of whether to sell its product assembled or unassembled. The unit cost of the unassembled product is $36 and PH Toy would sell it for $78. The cost to assemble…

1. PR.02-04A ALGO (Algorishmic) Analyzing Manufacturing Cost Accounts Fire Rock

1. PR.02-04A ALGO (Algorishmic) Analyzing Manufacturing Cost Accounts Fire Rock Company manufactures designer bo incomplete ledger accounts refer to transactions that are summa pa…

1. Panjim\'s 2005 cash flow from operations is: A net outflow of $90,000 A net i

1. Panjim's 2005 cash flow from operations is: A net outflow of $90,000 A net inflow of $90,000 A net inflow of $85,000 A net outflow of $85,000 2. Panjim's 2005 cash flow from in…

1. Paradise Company had the following costs: (Click on the icon to view the data

1. Paradise Company had the following costs: (Click on the icon to view the data.) Calculate the unit product cost using absorption costing and variable costing. (If a box is not …

1. Pardee Company plans to sell 12,000 units during the month of August. If the

1. Pardee Company plans to sell 12,000 units during the month of August. If the company has 2,500 units on hand at the start of the month, and plans to have 2,000 units on hand at…

1. Pare Long-Haul, Inc. is considering the purchase of a tractor-trailer that wo

1. Pare Long-Haul, Inc. is considering the purchase of a tractor-trailer that would cost $104,520, would have a useful life of 6 years, and would have no salvage value. The tracto…

1. Parent Company purchased 100% of Son Inc. on January 1, 20X2 for $420,000. So

1.      Parent Company purchased 100% of Son Inc. on January 1, 20X2 for $420,000. Son reported earnings of $82,000 and declared dividends of $4,000 during 20X2.                RE…

1. Paris Corporation holds a $100,000 unrealized net capital gain and a capital

1.     Paris Corporation holds a $100,000 unrealized net capital gain and a capital loss carryforward that will expire in the current year. Should Paris accelerate the recognition…

1. Paris Inc. uses the weighted-average method in its process costing system. Th

1. Paris Inc. uses the weighted-average method in its process costing system. The company's work in process inventory on March 31 consisted of 20,000 units. The units in the endin…

1. Park Corporation issued a ten-year $10,000,000 bond with an 8 percent face in

1. Park Corporation issued a ten-year $10,000,000 bond with an 8 percent face interest rate that is paid semi-annually. If the market interest rate is 6 percent, how much money wi…

1. Park Corporation issued a ten-year $10,000,000 bond with an 8 percent face in

1. Park Corporation issued a ten-year $10,000,000 bond with an 8 percent face interest rate that is paid semi-annually. If the market interest rate is 6 percent, how much money wi…

1. Part E43 is used in one of Ran Corporation\'s products. The company\'s Accoun

1. Part E43 is used in one of Ran Corporation's products. The company's Accounting Department reports the following costs of producing the 12,000 units of the part that are needed…

1. Part J88 is used in one of Quinney Corporation\'s products. The company makes

1. Part J88 is used in one of Quinney Corporation's products. The company makes 3,000 units of this part each year. The company's Accounting Department reports the following costs…

1. Part J88 is used in one of Quinney Corporation\'s products. The company makes

1. Part J88 is used in one of Quinney Corporation's products. The company makes 3,000 units of this part each year. The company's Accounting Department reports the following costs…

1. Partial Cash Flow Statement (10 points) Use the transactions provided below t

1. Partial Cash Flow Statement (10 points) Use the transactions provided below to complete the partial cash flow statement. Item Transaction Amount S350,000 $250,000 $20,000 $25,0…

1. Partner A of the equal general ABCD partnership contributes property (FMV = $

1. Partner A of the equal general ABCD partnership contributes property (FMV = $200,000, basis = $20,000, associated liability = $120,000), to the partnership. A’s basis in her pa…

1. Partners A and B report average capital balances of $320,000 and $200,000 for

1. Partners A and B report average capital balances of $320,000 and $200,000 for the year. The partnership agreement provides for interest at the rate of 10% on the average capita…

1. Past Performance: not correcting for weaknesses in past performance is a majo

1. Past Performance: not correcting for weaknesses in past performance is a major trap. Specifically, what weaknesses should one look at, and try to correct in a new estimate? 2. …

1. Pax Corp. uses the direct method to prepare its statement of cash flows. Pax\

1. Pax Corp. uses the direct method to prepare its statement of cash flows. Pax's trial balances at December 31, 2015 and 2014 are as follows: Pax purchased $4,000 in equipment du…

1. Pax Corp. uses the direct method to prepare its statement of cash flows. Pax\

1. Pax Corp. uses the direct method to prepare its statement of cash flows. Pax's trial balances at December 31, 2015 and 2014 are as follows:                                     …

1. Pax Corp. uses the direct method to prepare its statement of cash flows. Pax\

1. Pax Corp. uses the direct method to prepare its statement of cash flows. Pax's trial balances at December 31, 2015 and 2014 are as follows:                                     …