Financial Accounting

28. Last month a manufacturing company had the following financial data: Gross M

28. Last month a manufacturing company had the following financial data: Gross Margin Ending finished goods inventory Beginning finished goods inventory Sales S63,000 $71,000 $84,…

28. On June 1, Weary Co. assigned $800,000 of accounts receivable to Kwik Financ

28. On June 1, Weary Co. assigned $800,000 of accounts receivable to Kwik Finance Co, as security for a loan of $670,000, Kwik charged an up-front 2% commission on the amount of t…

28. Otto is considering forms of business organization for Pro Tree Service, his

28. Otto is considering forms of business organization for Pro Tree Service, his landscaping firm. Like most states, Otto's state requires that to form a limited liabil ity compan…

28. Pepper Department store allocates its service department expenses to its var

28. Pepper Department store allocates its service department expenses to its various operating (sales) departments. The following data is available for its service departments: Th…

28. Taxpayers choosing the election to expense: (Points : 1 ) May depreciate the

28. Taxpayers choosing the election to expense: (Points : 1) May depreciate the amount of the asset cost that exceeds the amount allowed under the election to expense. Will have t…

28. The ABCD partnership has four partners. Each partner’s adjusted basis in the

28.        The ABCD partnership has four partners. Each partner’s adjusted basis in the partnership interest owned by that partner was $100,000 on the first day of last year. The …

28. The Budgeting and Cash Managershould invest the idle cash (excess funds) in

28.      The Budgeting and Cash Managershould invest the idle cash (excess funds) in the followingsecurities in order to earn a return: (a)               Treasury bond security. (…

28. The books of Saune Corporation provided the following information: Beginning

28. The books of Saune Corporation provided the following information: Beginning balances: Accounts receivable Allowances for doubtful accounts (a credit) S 50 000 3 000 Transacti…

28. The following data pertains to activity and utility costs for two recent yea

28. The following data pertains to activity and utility costs for two recent years: Year 1 Year 2 10,000 6,000 Activity level in units.. Utilities cost observed.... $12,000 $9,000…

28. The following information is available from Able, Inc. for the year 2011. Sa

28. The following information is available from Able, Inc. for the year 2011. Sales (all on account) Cost of goods sold Accounts receivable Jan. 1 Accounts receivable Dec. 31 Inve…

28. The form of the balance sheet that lists assets on the left-hand side of the

28. The form of the balance sheet that lists assets on the left-hand side of the statement with the liabilities and owners' equity on the right-hand side is referred to as the a. …

28. Triad Children\'s Center, a non-profit organization, uses relevant cost anal

28. Triad Children's Center, a non-profit organization, uses relevant cost analysis to determine whether or not new services are desirable. TCC is looking at adding a new educatio…

28. What amount of current assetswould appear on the balance sheet? A) $72,000 B

28.       What amount of current assetswould appear on the balance sheet?            A)      $72,000            B)      $74,000            C)      $83,000            D)      $97,0…

28. When the allowance method is used to account for uncollectible accounts, Bad

28. When the allowance method is used to account for uncollectible accounts, Bad Debts Expense is debited when 29. Addison, Inc. uses a perpetual inventory system. The following i…

28. Which of the following is true about the bonus method of accounting for admi

28. Which of the following is true about the bonus method of accounting for admission of a partner? The total capital of the new partnership is equal to the book value of the old …

28. Which of the following statements best describes a contingent lability? O A

28. Which of the following statements best describes a contingent lability? O A contingent liability is a potential liablity that will be incurred if a natural The amount of a con…

28. [Extra Credit] A firm\'s Inventory Turnover has the following trend: Year1 Y

28. [Extra Credit] A firm's Inventory Turnover has the following trend: Year1 Year2 Year3   2.4      4.9     10.7 Based on the information given, which of the following could be t…

28.rersip ofi Alex and Ned has the fol The partnership of Robbi, Alex, and Ned h

28.rersip ofi Alex and Ned has the fol The partnership of Robbi, Alex, and Ned has the following trial balance on September 30, 20X9: Debit Credit Cash Accounts Receivable (net) I…

2800 uly 30 Aybar Company 3920 1683 11781 (112) 401) (505X120) (Credit account t

2800 uly 30 Aybar Company 3920 1683 11781 (112) 401) (505X120) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal ent…

28] Markson Company had the following results of operations for the past year: A

28] Markson Company had the following results of operations for the past year: A foreign company whose sales will not affect Markson's market offers to buy 2,000 units at $15.20 p…

29 Aitken Corp currenty makes 20,000 subcomponents a year in one of its factorie

29 Aitken Corp currenty makes 20,000 subcomponents a year in one of its factories. The un costs to produce are: a year in one of its factories. The unit Direct materials Direct la…

29 Instructions : Choose the best multiple choice answer and explain why you cho

29 Instructions : Choose the best multiple choice answer and explain why you chose the answer. MUST provide 2-3 sentence brief explanation and show all work. All sources must be n…

29 Jervis sells $3,500 of its accounts receivable to Northern Bank in order to o

29 Jervis sells $3,500 of its accounts receivable to Northern Bank in order to obtain necessary cash. Northern Bank charges a 4% factoring fee. What entry should Jervis make on to…

29 Poloki Corp sold parcel of land valued at $300,000. Its basis in the land was

29 Poloki Corp sold parcel of land valued at $300,000. Its basis in the land was $250,000. For the land. Peloki received $150, 000 in cash in the current year and a note providing…

29 Required information Part 5 of The following information applies to the quest

29 Required information Part 5 of The following information applies to the questions displayed below Fred currently eams $10,400 per month Fred has been offered the chance to tran…

29 of 30 (o complete) GC8elco Manufacturing produces and sells oil filters for 3

29 of 30 (o complete) GC8elco Manufacturing produces and sells oil filters for 320 each. A retale has offered to purchase 2 000 oa f ters f S1 32 pe f ter Of the l id anda ng cost…

29) Compute the present value of an ordinary annuity that pays S11,000 per year

29) Compute the present value of an ordinary annuity that pays S11,000 per year for 15 years at 7% Present value of annuity of $1 13 8.358 7.904 103 6.424 159.1088.559 3676.628 8.…

29) Edgar, Inc. has a materials price standard of $2.00 per pound. Six thousand

29) Edgar, Inc. has a materials price standard of $2.00 per pound. Six thousand pounds of materials were purchased at $2.20 a pound. The actual quantity of materials used was 6,00…

29) M. Sands, CPA, collected fees of $650 not previously billed or recorded. The

29) M. Sands, CPA, collected fees of $650 not previously billed or recorded. The journal entry to record the collection would be: A) Accounting Fees 650 Cash 650 B) Accounts Recei…

29) M. Sands, CPA, collected fees of $650 not previously billed or recorded. The

29) M. Sands, CPA, collected fees of $650 not previously billed or recorded. The journal entry to record the collection would be: A) Accounting Fees 650 Cash 650 B) Accounts Recei…

29) Picture Co manufacturing costs per unit total $50. Ordering costs for the pr

29) Picture Co manufacturing costs per unit total $50. Ordering costs for the product total $60 per purchase Currently, the carrying costs per unit are 25% of manufacturing costs.…

29) The management accountant at Morrison, Inc. provided the following estimated

29) The management accountant at Morrison, Inc. provided the following estimated costs for producing 2,500 units of a specialty product manufactured by the firm: Direct Materials …

29) Which account shows the amount of accounts receivable that the business does

29) Which account shows the amount of accounts receivable that the business does Nar expect to collect. A) Uncollectible Accounts Expense B) Sales Returns and Allowances C) Allowa…

29, HW11 #29: COMMON STOCK DIVIDEND AND STOCK SPLIT: On y\'s balance October 31

29, HW11 #29: COMMON STOCK DIVIDEND AND STOCK SPLIT: On y's balance October 31 the stockholders' equity section of Eaton Compan sheet consists of common stock $600,000 and retaine…

29. $862,500 30. $2,325 31. $3,625 Use the following information to answer quest

29. $862,500 30. $2,325 31. $3,625 Use the following information to answer questions 29 through 31. Gyro-Scooter manufactures scooters used for convenient urban transportation. It…

29. 4.00 points In the balance sheet at the end of its first year of operations,

29. 4.00 points In the balance sheet at the end of its first year of operations, Dinty Inc. reported an allowance for uncollectible accounts of $82,500, During the year, Dinty wro…

29. A company has two departments, Y and Z that incur delivery expenses. An anal

29. A company has two departments, Y and Z that incur delivery expenses. An analysis of the total delivery expense of $9,000 indicates that Dept. Y had a direct expense of $1,000 …

29. A product\'s usage is normally distributed with a weekly average demand of 2

29. A product's usage is normally distributed with a weekly average demand of 200 units and a weekly standard deviation of 125.The product's lead time is 4 week Currently, the reo…

29. Abdul Jabbar, CPA audited XYZ\'s 12/31/08 financial statements. The audit fi

29. Abdul Jabbar, CPA audited XYZ's 12/31/08 financial statements. The audit field work, which included an adequate analysis of events subsequent to the balance sheet date, was co…

29. All About Animals has two product lines: Cat food and Dog food. Contribution

29. All About Animals has two product lines: Cat food and Dog food. Contribution margin income statement data for the most recent year follow: Total Sales revenue Variable expense…

29. An auditor concludes that there is substantial doubt about a client\'s abili

29. An auditor concludes that there is substantial doubt about a client's ability to continue as a going concern. If the client's financial statements adequately disclose its fina…

29. An auditor concludes that there is substantial doubt about a client\'s abili

29. An auditor concludes that there is substantial doubt about a client's ability to continue as a going concern. If the client's financial statements adequately disclose its fina…

29. Assuming allocation of joint cost by the Sales at Split-Off Method, how much

29. Assuming allocation of joint cost by the Sales at Split-Off Method, how much cost would be allocated for Product B above in Item 2 Assume Selling Price is Sale Price at Split …

29. Assuming the Foothall Helmet line is dropped, ioual fised costs remain uncha

29. Assuming the Foothall Helmet line is dropped, ioual fised costs remain unchanged, and he space formerly used to peoduce the Foodball Helmet line is usod to incrcase the sales …

29. Before making year-end adjustments for uncollectible accounts, Rock Inc. rep

29. Before making year-end adjustments for uncollectible accounts, Rock Inc. reported an Allowance for Uncollectible Accounts totaling $50,000 and accounts receivables of s500,000…

29. Blue Corporation had $150,000 operating income and $50,000 operating expense

29. Blue Corporation had $150,000 operating income and $50,000 operating expenses during the year. In addition, Blue had a $90,000 short-term capital gain and a $45,000 short-term…

29. Comprehensive Job Costing LO, Kabinets cabinetry for Kurtis produces custom

29. Comprehensive Job Costing LO, Kabinets cabinetry for Kurtis produces custom homes, which is sold nationwide. The , 3, 45 Company overhead costs to cabinetry projects at the ra…

29. Darth Company is considering the purchase of new heavy construction equipmen

29. Darth Company is considering the purchase of new heavy construction equipment that will cost $2,000,000 and have a life of 8 years with no expected salvage value. The expected…

29. During 2011, Nick, a sole shareholder of a calendar year S Corporation, rece

29. During 2011, Nick, a sole shareholder of a calendar year S Corporation, received a distrioution of $a5,000. On December 31, 2010, his stock basis was $17,000. The corporation …

29. During 2011, Nick, a sole shareholder of a calendar year S Corporation, rece

29. During 2011, Nick, a sole shareholder of a calendar year S Corporation, received a distrioution of $45,000. On December 31, 2010, his stock basis was $17,000. The corporation …