Financial Accounting

12. North Company has two products: X and Y. The company uses activity-based cos

12. North Company has two products: X and Y. The company uses activity-based costing and has prepared the following analysis showing the estimated total cost and expected activity…

12. North Company has two products: X and Y. The company uses activity-based cos

12. North Company has two products: X and Y. The company uses activity-based costing and has prepared the following analysis showing the estimated total cost and expected activity…

12. Office supplies were sold by Janers Cleaning Service at cost to another repa

12. Office supplies were sold by Janers Cleaning Service at cost to another repair shop, with cah hich of the following entries for Janers Cleaning Service records this transactio…

12. On 31 March 20X5 DD Limited purchased a building which it intended to hold f

12. On 31 March 20X5 DD Limited purchased a building which it intended to hold for capital appreciation for $1 million. On the purchase date it was unclear what the fair value of …

12. On December 3 1 , 2013 . Case Solutions had 600,000 shares of common stock a

12. On December 3 1 , 2013 . Case Solutions had 600,000 shares of common stock and 200,000 shares of 500. noncumulative, nonconvertible S5 par preferred stock issued and outstandi…

12. On December 31,2015, Rebel Corporation\'s balance sheet reported the followi

12. On December 31,2015, Rebel Corporation's balance sheet reported the following Common stock, $1 par Paid-in capital excess of par Retained eamings Treasury stock (14,000 shares…

12. On January 1, 2008, Alison, Inc., paid $60,000 for a 40 percent interest in

12. On January 1, 2008, Alison, Inc., paid $60,000 for a 40 percent interest in Holister Corporation. This investee had assets with a book value of $200,000 and liabilities of $75…

12. On January 1, 2010, Big Co. acquired an 80% interest in Small Corp. for $1,0

12. On January 1, 2010, Big Co.   acquired an 80% interest in Small Corp. for $1,000,000. There is no active   trading market for Small's stock. The fair value of Small's net asse…

12. On January 1, a company issues bonds dated January 1 with a par value of $74

12. On January 1, a company issues bonds dated January 1 with a par value of $740,000. The bonds mature in 3 years. The contract rate is 10%, and interest is paid semiannually on …

12. On January 1,2011 Level Company purchases a machine for $440,000 with an est

12. On January 1,2011 Level Company purchases a machine for $440,000 with an estimated useful life of 10 years and a salvage value of $30,000. What amount of depreciation expense …

12. On November 1, 2012, Bob\'s Skateboards Store signed a $12,000, 3-month, 5%

12. On November 1, 2012, Bob's Skateboards Store signed a $12,000, 3-month, 5% note payable to cover a past due account payable. This company uses a calendar ycar to report financ…

12. Paige Company is contemplating the acquisition of a machine that costs $54,0

12.   Paige Company is contemplating the acquisition of a machine that costs $54,000 and promises to reduce annual cash operating costs by $10,000 over each of the next 6 years. W…

12. Parrett Corp. acquired one hundred percent of Jones Inc. on January 1, 2009,

12. Parrett Corp. acquired one hundred percent of Jones Inc. on January 1, 2009, at a price in excess of the subsidiary's fair value. On that date, Parrett's equipment (ten-year l…

12. Parrett Corp. acquired one hundred percent of Jones Inc. on January 1, 2009,

12. Parrett Corp. acquired one hundred percent of Jones Inc. on January 1, 2009, at a price in excess of the subsidiary's fair value. On that date, Parrett's equipment (ten-year l…

12. Patton Corp. reported net income of $420,000 for 2017. Changes occurred in s

12. Patton Corp. reported net income of $420,000 for 2017. Changes occurred in several balance sheet as follows: Equipment Accumulated depreciation Note $35,000 increase 56,000 in…

12. Present value of annuities Aa Aa You have a partnership stake in a business

12. Present value of annuities Aa Aa You have a partnership stake in a business that pays you equal payments of $1,000 at the end of each year for the next seven years. If the ann…

12. Price/earnings ratio Botox Facial Care had earnings after taxes of $280,000

12. Price/earnings ratio Botox Facial Care had earnings after taxes of $280,000 in 2009 with 200,000 shares of stock outstanding. The stock price was $30.80. In 2010, earnings aft…

12. Prior Industries acquired an 80 percent interest in Sanderson Company by pur

12. Prior Industries acquired an 80 percent interest in Sanderson Company by purchasing 24,000 of its 30,000 outstanding shares of common stock at book value of $105,000 on Januar…

12. Right Medical introduced a new implant that carries a five-year warranty aga

12. Right Medical introduced a new implant that carries a five-year warranty against manufacture's defects. Based on industry experience with similar product introductions, warran…

12. Right Medical introduced a new implant that carries a five-year warranty aga

12. Right Medical introduced a new implant that carries a five-year warranty against manufacturer's defects. Based on industry experience with similar product introductions, warra…

12. Right Medical introduced a new implant that carries a five-year warranty aga

12. Right Medical introduced a new implant that carries a five-year warranty against manufacturer's defects. Based on industry experience with similar product introductions, warra…

12. Sanders gave Clary a check but left the amount incomplete. The check was giv

12. Sanders gave Clary a check but left the amount incomplete. The check was given as advance pay- ment on the purchase of 100 LT speakers. The amount was left blank because Clary…

12. Suppose two college friends, Larry Page, and Sergey Brin, created a Limited

12. Suppose two college friends, Larry Page, and Sergey Brin, created a Limited Liability Company (LLC). They were equal (50%) members for S30.000 of a capital contribution each. …

12. The FASB addressed simultaneous financing and investing activities by requir

12. The FASB addressed simultaneous financing and investing activities by requiring that they be: a) ignored. b) reported on the retained earnings statement. c) reported separatel…

12. The Institute of Management Accountants has adopted a set of standards for e

12. The Institute of Management Accountants has adopted a set of standards for ethical conduct which includes ________. A) competence, integrity, confidentiality and objectivity B…

12. The accounts that may be reconciled are A. income and expenses B. cost of go

12. The accounts that may be reconciled are A. income and expenses B. cost of goods sold C. all balance sheet accounts D. both A and B above 13. To print a reconciliation report t…

12. The amount reported for discontinued operations is reported by: a. A restate

12. The amount reported for discontinued operations is reported by: a. A restatement of retained earnings and other effected accounts in the year of the disposal. b. A restatement…

12. The bond interest expense reflected on the income statement muust reflect an

12. The bond interest expense reflected on the income statement muust reflect an a mount based on Effective interest rate Stated interest rate a. Nominal interest rate. d Contract…

12. The conditions and forces that affect the cost and availability of goods, se

12. The conditions and forces that affect the cost and availability of goods, services and labor and shape the behavior of buyers and sellers are BEST described as the environment…

12. The declaration of a cash dividend by the directors results inc A a decrease

12. The declaration of a cash dividend by the directors results inc A a decrease in cash and a decrease in retained earnings. B. a decrease in retained earnings and an increase in…

12. The description of the relation between a company\'s assets, liabilities and

12. The description of the relation between a company's assets, liabilities and equity, which is expressed as Assets-Liabilities + Equity are known as the: A. Income statement equ…

12. The following data are for Guava Company\'s retiree health care plan for the

12. The following data are for Guava Company's retiree health care plan for the current calendar year. What is the service cost to be included in the current year's postretirement…

12. The following information was taken from Hurlbert Company cash budget for th

12. The following information was taken from Hurlbert Company cash budget for the month June Beginning cash balance Cash receipts Cash disbursements If the company has a policy of…

12. The following information was taken from Hurlbert Company cash budget for th

12. The following information was taken from Hurlbert Company cash budget for the month June Beginning cash balance Cash receipts Cash disbursements If the company has a policy of…

12. The following maternals standards have been estabished for a particular prod

12. The following maternals standards have been estabished for a particular product Standard quantity per unit of output Standard price 7.2 Pounds $14.10 per pound The following d…

12. The sales budget for Modesto Corp. shows that 21,900 units of Product A and

12. The sales budget for Modesto Corp. shows that 21,900 units of Product A and 23,900 units of Product B are going to be sold for prices of $11.90 and $13.90, respectively. The d…

12. The simple moving average forecast is: a. generated by averaging the most re

12. The simple moving average forecast is: a. generated by averaging the most recent p values in a time series;, while p-period. b. generated by averaging all p values in a time s…

12. This is the year-end trial balance for Griffin Sporting Goods Store: Griffin

12. This is the year-end trial balance for Griffin Sporting Goods Store: Griffin Sporting Goods Store Trial Balance January 31, 19x4 Cash Accounts Receivable Merchandise Inventory…

12. Uncertain Tax Positions RTZ Corporation is a nancial sponsor of a hospital t

12. Uncertain Tax Positions RTZ Corporation is a nancial sponsor of a hospital that occupies the adjacent property lot. RTZ donates $500,000 per year to the hospital. It ordinaril…

12. Use the following information to answer this question. Callaham Corporation

12. Use the following information to answer this question. Callaham Corporation is a wholesaler that sells a single product. Management has provided the following cost data for tw…

12. Using the cost of production report for decision making Aa Aa Premium Peanut

12. Using the cost of production report for decision making Aa Aa Premium Peanut Butter Company has two departments: Mixing and Packaging. In the Mixing Department, all ingredient…

12. West Highland Clothiers reported the following items at August 31, 2012 (amo

12. West Highland Clothiers reported the following items at August 31, 2012 (amounts in thousands, with last year’s—2011—amounts also given as needed): Requirement R1. Compute Wes…

12. What amounts of advertising, sales salaries and commissions, and shipping ex

12. What amounts of advertising, sales salaries and commissions, and shipping expenses would be included in the company's flexible budget for March? Preble Company Flexible Budget…

12. What variable manufacturing overhead cost would be included in the company’s

12. What variable manufacturing overhead cost would be included in the company’s planning budget for March? 12b What variable manufacturing overhead cost would be included in the …

12. Which of the following comparisons can best assess managers\' cost control a

12. Which of the following comparisons can best assess managers' cost control and operating efficiency? a. flexible budget and actual results b. static planning budget and actual …

12. Which of the following statements is CORRECT? (Assume that the risk-free rat

12. Which of the following statements is CORRECT? (Assume that the risk-free rate is a constant.) A If the market risk premium increases by 1%, then the required return will incre…

12. Which of the following statements is correct? A. Stock options may be an eff

12. Which of the following statements is correct? A. Stock options may be an effective way to compensate and retain employees; however, they have a negative impact on a company's …

12. Which of the following statements is true regarding process costing? A) All

12. Which of the following statements is true regarding process costing? A) All costs must be assigned to individual jobs or production runs. B) All products must follow the same …

12. Which of the following would cause a firm to hold more cash today? a. The fi

12. Which of the following would cause a firm to hold more cash today? a.            The firm must make a known future payment, such as paying interest on a bond next month b.    …

12. Your company sells $49,000 of one-year, 10% bonds for an issue price of $43,

12. Your company sells $49,000 of one-year, 10% bonds for an issue price of $43,500. The journal entry to record this transaction will include a credit to Bonds Payable in the amo…