Financial Accounting

(Stock splits) The debt and equity section of the Robson Corporation balance she

(Stock splits) The debt and equity section of the Robson Corporation balance sheet is shown here:. The current market price of the common shares is $24. Reconstruct the financial …

(Substantive tests of accounts receivable) The following situations were not dis

(Substantive tests of accounts receivable) The following situations were not discovered by an inexperienced staff auditor in the audit of the Parson Company. 1.Several accounts we…

(Supplement 14B) Recording the Effects of a Premium Bond Issue and First Interes

(Supplement 14B) Recording the Effects of a Premium Bond Issue and First Interest Payment (Effective-interest Amortization) Grocery Corporation received S312.341 for $260,000, 11.…

(T/F) If a corporation sells treasury stock for more than it paid to acquire the

(T/F) If a corporation sells treasury stock for more than it paid to acquire the stock, it will record a gain that will be shown in the nonoperating section of the income statemen…

(TC Os A and E) Your friend, James, has hired you to evaluate the following inte

(TC Os A and E) Your friend, James, has hired you to evaluate the following internal control procedures Explain to your friend whether each of the numbered items below is an inter…

(TCO 1) As a pharmacist in your community, you are concerned with the level of s

(TCO 1) As a pharmacist in your community, you are concerned with the level of service provided to those in need at odd hours and after hours and in the neighborhoods where such e…

(TCO 1) When creating a report, you should consider all of the following EXCEPT

(TCO 1) When creating a report, you should consider all of the following EXCEPT (Points : 4)                                           who will use the report                     …

(TCO 1) Which of the following is not a difference between financial accounting

(TCO 1) Which of the following is not a difference between financial accounting and managerial accounting? (Points : 4) Financial accounting is primarily concerned with reporting …

(TCO 1) Which of the following is not a difference between financial accounting

(TCO 1) Which of the following is not a difference between financial accounting and managerial accounting? (Points : 4) Financial accounting is primarily concerned with reporting …

(TCO 11) For supply item MT, Bluesky Company has been ordering 150 units based o

(TCO 11) For supply item MT, Bluesky Company has been ordering 150 units based on the recommendation of the salesperson who calls on the company monthly. The company has hireda ne…

(TCO 2) An entity has changed its depreciation method for production equipment f

(TCO 2) An entity has changed its depreciation method for production equipment from a straight line method to units of production method based on hours of utilization. The entity’…

(TCO 2) Bieber Company has excess capacity on two machines, 24 hours on Machine

(TCO 2) Bieber Company has excess capacity on two machines, 24 hours on Machine 105 and 16 hours on Machine 107. To use this excess capacity, the company has two products, known a…

(TCO 2) Katie Enterprises reports the year-end information from 20X8 as follows:

(TCO 2) Katie Enterprises reports the year-end information from 20X8 as follows: Sales (70,000 units) $560,000; Cost of goods sold 210,000; Gross margin 350,000; Operating expense…

(TCO 2) Match each of the following six terms with the phrase that most closely

(TCO 2) Match each of the following six terms with the phrase that most closely describes it. Each answer below may be used only onc(E) ______ 1. process costing system ______ 2. …

(TCO 2) Rossi Company has the following projected account balances for June, 20X

(TCO 2) Rossi Company has the following projected account balances for June, 20X9 Accounts payable $60,000 Sales $800,0 00 Accounts receivable $120,000 Capital Stock $420,000 Depr…

(TCO 2) Royal Company uses budgeted overhead rates to apply overhead to individu

(TCO 2) Royal Company uses budgeted overhead rates to apply overhead to individual jobs. It uses a system based on machine hours. Last year, the company made the following estimat…

(TCO 2) Which of the following reporting options is least likely with regard to

(TCO 2) Which of the following reporting options is least likely with regard to supplementary information that is required by GAAP? a. The auditor's report on the financial statem…

(TCO 3) All of the following apply to the relationships image found below EXCEPT

(TCO 3) All of the following apply to the relationships image found below EXCEPT a Relationships Suppliers SupplietD Products CompanyName ContactName Contadtitie Address City Regi…

(TCO 3) Iris, a widow, elected to receive the proceeds of a $100,000 face value

(TCO 3) Iris, a widow, elected to receive the proceeds of a $100,000 face value life insurance policy on the life of her deceased husband in annual installments of $12,500 over th…

(TCO 3) James Company uses process costing to track its costs in two sequential

(TCO 3) James Company uses process costing to track its costs in two sequential production departments: Forming and Finishing. The following information is provided regarding the …

(TCO 3) The Marinade Department began the period with 125,000 units. During the

(TCO 3) The Marinade Department began the period with 125,000 units. During the period the department received another 180,000 units from the prior department and at the end of th…

(TCO 3) The Marinade Department began the period with 125,000 units. During the

(TCO 3) The Marinade Department began the period with 125,000 units. During the period the department received another 180,000 units from the prior department and at the end of th…

(TCO 3) The controller of Joy Co has requested a quick estimate of the manufactu

(TCO 3) The controller of Joy Co has requested a quick estimate of the manufacturing supplies needed for the Morton Plant for the month of July, when production is expected to be …

(TCO 4) Legal Beagals Inc. is a legal services firm that files incorporation pap

(TCO 4) Legal Beagals Inc. is a legal services firm that files incorporation papers for small businesses. They charge $1,000 per application. This year's income statement shows th…

(TCO 4) Legal Docs Inc is a legal services firm that files incorporation papers

(TCO 4) Legal Docs Inc is a legal services firm that files incorporation papers for small businesses. They charge $1,000 per application. This year's income statement shows the fo…

(TCO 4) Linda’s Lampshades started business on Jan. 1, 2001. They had the follow

(TCO 4) Linda’s Lampshades started business on Jan. 1, 2001. They had the following inventory transactions: Journals - Jan. 2001 Purchases Supplier         Date Received         Q…

(TCO 4) Pick the scenario below where the EPPA has been violated: (Points : 5) W

(TCO 4) Pick the scenario below where the EPPA has been violated: (Points : 5) Wal-Mart requires all pharmacist applicants to take a lie detector test prior to hiring. Home Depot …

(TCO 5) Jane\'s Medical Equipment Company manufactures hospital beds. Its most p

(TCO 5) Jane's Medical Equipment Company manufactures hospital beds. Its most popular model, Deluxe, sells for $5,000. It has variable costs totaling $2,800 and fixed costs of $1,…

(TCO 5) The following information relates to Vice Versa Ventures for calendar ye

(TCO 5) The following information relates to Vice Versa Ventures for calendar year 20XX, the company’s first year of operations: Units produced 20,000 Units sold 17,000 Selling pr…

(TCO 6) BagODonuts Company bought a used delivery truck on January 1, 2010, for

                 (TCO 6) BagODonuts Company bought a used delivery truck on January 1, 2010, for $19,200. The van was expected to remain in service 4 years (30,000 miles). BagODon…

(TCO 6) During September 20XX, Stutz Company incurred the following costs on Job

(TCO 6) During September 20XX, Stutz Company incurred the following costs on Job 924 for the manufacture of 600 scoreboard clocks. Original cost accumulation: $2,250 Direct materi…

(TCO 6) Hyde Inc. is comparing several alternative capital budgeting projects as

(TCO 6) Hyde Inc. is comparing several alternative capital budgeting projects as shown below. Projects A B C Initial Investment $110,000 $90,000 $50,000 Present value of cash infl…

(TCO 6) MedicalTechnical, Inc. manufactures surgical instruments to the exacting

(TCO 6) MedicalTechnical, Inc. manufactures surgical instruments to the exacting specifications of various customers. During April 2005, Job 911 for the production of 4,500 instru…

(TCO 6) Pacific Airlines has three service departments; ticketing, baggage handl

(TCO 6) Pacific Airlines has three service departments; ticketing, baggage handling, and aircraft maintenance. Costs of these departments are allocated to two revenue producing de…

(TCO 6) Pacific Airlines has three service departments; ticketing, baggage handl

(TCO 6) Pacific Airlines has three service departments; ticketing, baggage handling, and aircraft maintenance. Costs of these departments are allocated to two revenue producing de…

(TCO 6) Savanna Company is considering two capital investment proposals. Relevan

(TCO 6) Savanna Company is considering two capital investment proposals. Relevant data on each project are as follows. Project Red Project Blue Capital investment $400,000 $560,00…

(TCO 6) Walbreck Company had the following production for the month of August. U

(TCO 6) Walbreck Company had the following production for the month of August. Units Work in process, August 1 6,000 Started during August 24,000 Completed and transferred to fini…

(TCO 7) Each month, Haddon Company has $275,000 total manufacturing costs (20% f

(TCO 7) Each month, Haddon Company has $275,000 total manufacturing costs (20% fixed) and $125,000 distribution and marketing costs (36% fixed). Haddon's monthly sales are $500,00…

(TCO 7) Karen, an accrual basis taxpayer, sold goods in October 2011 for $10,000

(TCO 7) Karen, an accrual basis taxpayer, sold goods in October 2011 for $10,000. The customer was unable to pay cash, so the customer gave Karen a note for $10,000 that was payab…

(TCO 7) Products Gamma and Delta are joint products. The joint production cost o

(TCO 7) Products Gamma and Delta are joint products. The joint production cost of the products is $800. Gamma has a market value of $500 at the split-off point. If Gamma is furthe…

(TCO 8) Bozo Brothers purchased a machine that will be depreciated on the straig

(TCO 8) Bozo Brothers purchased a machine that will be depreciated on the straight-line basis over an estimated useful life of 7 years with no salvage value. The machine is expect…

(TCO 8) The San Jose Manufacturing Company has two divisions in Kansas—the Holto

(TCO 8) The San Jose Manufacturing Company has two divisions in Kansas—the Holton Division and the Derby Division. Currently, Derby buys a part (10,000 units) from Holton for $16 …

(TCO 8) When an industry has excess capacity, market prices may drop well below

(TCO 8) When an industry has excess capacity, market prices may drop well below their historical average. If this drop is temporary, it is called (Points : 3) distress prices. dro…

(TCO 9) Thurman Munster, the owner of Adams Family RVs, is considering the addit

(TCO 9) Thurman Munster, the owner of Adams Family RVs, is considering the addition of a service center his lot. The building and equipment are estimated to cost $1,100,000 and bo…

(TCO 9) Thurman Munster, the owner of Adams Family RVs, is considering the addit

(TCO 9) Thurman Munster, the owner of Adams Family RVs, is considering the addition of a service center his lot. The building and equipment are estimated to cost $1,100,000 and bo…

(TCO 9) Which one of the following stages of the management decision-making proc

(TCO 9) Which one of the following stages of the management decision-making process is properly sequenced? (Points : 4) Evaluate possible courses of action, make decision Review t…

(TCO 9) You have been provided with an Access database that contains sales data

(TCO 9) You have been provided with an Access database that contains sales data from a small bakery. The data has information about the client, bread type, cost to produce the bre…

(TCO A) Listed below are several information, characteristics, and accounting pr

(TCO A) Listed below are several information, characteristics, and accounting principles and assumptions. Match the term with the appropriate phrase that states its application. (…

(TCO A) The following data (in thousands of dollars) have been taken from the ac

(TCO A) The following data (in thousands of dollars) have been taken from the accounting records of the Maroon Corporation for the just-completed year. Sales 1,200 Raw materials i…

(TCO A) Tim Construction Co. began operations in 2014. Construction activity for

(TCO A) Tim Construction Co. began operations in 2014. Construction activity for 2014 is shown below. Tim uses the completed contract method. Contract Contract Price Billings Thro…