Financial Accounting

(TCO A) Tim Construction Co. began operations in 2016. Construction activity for

(TCO A) Tim Construction Co. began operations in 2016. Construction activity for 2016 is shown below. Tim uses the percentage of completion method. What amount of Gross Profit sho…

(TCO A) Tim Construction Co. began operations in 2016. Construction activity for

(TCO A) Tim Construction Co. began operations in 2016. Construction activity for 2016 is shown below. Tim uses the percentage of completion method. Which of the following should b…

(TCO A) Wages paid to an assembly line worker in a factory are a (Points : 6) Pr

(TCO A) Wages paid to an assembly line worker in a factory are a (Points : 6) Prime Cost YES.....Conversion Cost YES. Prime Cost YES.....Conversion Cost NO. Prime Cost NO....Conve…

(TCO B) A cement manufacturer has supplied the following data: Tons of cement pr

(TCO B) A cement manufacturer has supplied the following data: Tons of cement produced and sold 220,000 Sales revenue $924,000 Variable manufacturing expense $297,000 Fixed manufa…

(TCO B) Adjusting entries: Seymor Stars is the new owner of Night Computer Servi

(TCO B) Adjusting entries: Seymor Stars is the new owner of Night Computer Services. At the end of August 201X, his first month of ownership, Seymor is trying to prepare monthly f…

(TCO B) An audior most lkcly would express an unmodifiod opinion other-matler pa

(TCO B) An audior most lkcly would express an unmodifiod opinion other-matler paragraphs to the report if the audbor and would not add emphasis of matte wishics to emphasize that …

(TCO B) At the beginning of 2012, Annie, Inc. has a deferred tax asset of $7,500

(TCO B) At the beginning of 2012, Annie, Inc. has a deferred tax asset of $7,500 and deferred tax liability of $10,500. In 2012, pretax financial income was $826,000 and the tax r…

(TCO B) On May 1, 2010, Kirmer Corp. purchased $450,000 of 12% bonds—with intere

(TCO B) On May 1, 2010, Kirmer Corp. purchased $450,000 of 12% bonds—with interest payable on January 1 and July 1—for $422,800 plus accrued interest. The bonds mature on January …

(TCO B) The following is a portion of a qualified audit report issued for a priv

(TCO B) The following is a portion of a qualified audit report issued for a private company. To the shareholders of Tamarak Corporation, We have audited the accompanying balance s…

(TCO B) Wahr Corporation bases its predetermined overhead rate on the estimated

(TCO B) Wahr Corporation bases its predetermined overhead rate on the estimated labor hours for the upcoming year. At the beginning of the most recently completed year, the compan…

(TCO B, E) Mr. Green and Mr. Brown form a corporation to carry on a new business

(TCO B, E) Mr. Green and Mr. Brown form a corporation to carry on a new business. In exchange for $175,000 worth of the new corporation's stock, Green transferred to the corporati…

(TCO C) Brandt CPAs has obtained Big-Bucks, a new publicly held client. Big-Buck

(TCO C) Brandt CPAs has obtained Big-Bucks, a new publicly held client. Big-Bucks has various accounting- related needs that Brandt CPAs would like to fulfill. Partner-in-charge D…

(TCO C) Dolly Company reported the following information for 201X. Sales revenue

(TCO C) Dolly Company reported the following information for 201X. Sales revenue $510,000 Cost of goods sold $400,000 Operating expenses $50,000 Unrealized holding gain on availab…

(TCO C) For each item listed below, indicate which section (category) of the Sta

(TCO C) For each item listed below, indicate which section (category) of the Statement of Cash Flows should contain that item, AND also state whether the item would result in an i…

(TCO C) General Products Company bought Special Products Division in 2010 and ap

(TCO C) General Products Company bought Special Products Division in 2010 and appropriately recorded $500,000 of goodwill related to the purchase. On December 31, 2011, the fair v…

(TCO C) Presented below is information related to Blue Skies Company. Retained e

(TCO C) Presented below is information related to Blue Skies Company. Retained earnings, December 31, 20X2 $650,000 Sales 1,400,000 Selling and administrative expenses 240,000 Hur…

(TCO C) Recently, a group of university students decided to incorporate for the

(TCO C) Recently, a group of university students decided to incorporate for the purposes of selling a process to recycle the waste product from manufacturing cheese. Some of the i…

(TCO C) The following situation involves a possible violation of the AICPA\'s co

(TCO C) The following situation involves a possible violation of the AICPA's code of professional conduct. For this situation, (1) determine the applicable rule number from the co…

(TCO C) The following situation involves a possible violation of the AICPA\'s co

(TCO C) The following situation involves a possible violation of the AICPA's code of professional conduct. For this situation, (1) determine the applicable rule number from the co…

(TCO D) Felton Co. sells major household appliance service contracts for cash. T

(TCO D) Felton Co. sells major household appliance service contracts for cash. The service contracts are for a 1-year, 2-year, or 3-year period. Cash receipts from contracts are c…

(TCO D) Lindon Company uses 4,500 units of Part X each year as a component in th

(TCO D) Lindon Company uses 4,500 units of Part X each year as a component in the assembly of one of its products. The company is presently producing Part X internally at a total …

(TCO D) Maya is a senior auditor with Childs, Maxwell and Weaver, LLP. Maya spec

(TCO D) Maya is a senior auditor with Childs, Maxwell and Weaver, LLP. Maya specializes in auditing loan loss reserve for financial institution clients. This current year, she has…

(TCO D) McMullen Co. manufactures automatic door openers. The company uses 15,00

(TCO D) McMullen Co. manufactures automatic door openers. The company uses 15,000 electronic hinges per year as a component in the assembly of the openers. You have been engaged b…

(TCO D) On August 31, Jenks Co. partially refunded $180,000 of its outstanding 1

(TCO D) On August 31, Jenks Co. partially refunded $180,000 of its outstanding 10% note payable, made one year ago to Arma State Bank by paying $180,000 plus $18,000 interest, hav…

(TCO D) On January 1, 2010, Ellison Co. issued 8-year bonds with a face value of

(TCO D) On January 1, 2010, Ellison Co. issued 8-year bonds with a face value of $1,000,000 and a stated interest rate of 6%, payable semiannually on June 30 and December 31. The …

(TCO D) Part F77 is used in one of Wilcutt Corporation\'s products. The company\

(TCO D) Part F77 is used in one of Wilcutt Corporation's products. The company's Accounting Department reports the following costs of producing the 7,000 units of the part that ar…

(TCO D) Prepare entries in general journal form to record the following transact

(TCO D) Prepare entries in general journal form to record the following transactions in General Fund general ledger accounts for the fiscal year 2012. Please use the modified accr…

(TCO D) Prepare journal entries to record the following retirement. (Show comput

(TCO D) Prepare journal entries to record the following retirement. (Show computations and round to the nearest dollar). The December 31, 2010 balance sheet of Wolfe Co. included …

(TCO D) The following balance sheet was prepared by the bookkeeper for Stripes C

(TCO D) The following balance sheet was prepared by the bookkeeper for Stripes Company as of December 31, 201X Stripes Company Balance Sheet as of December 31, 201X is as follows.…

(TCO D) The following balance sheet was prepared by the bookkeeper for Stripes C

(TCO D) The following balance sheet was prepared by the bookkeeper for Stripes Company as of December 31, 201X Stripes Company Balance Sheet as of December 31, 201X is as follows.…

(TCO D) Tjelmeland Corporation is considering dropping product S85U. Data from t

(TCO D) Tjelmeland Corporation is considering dropping product S85U. Data from the company's accounting system appear below. Sales $360,000 Variable Expenses $158,000 Fixed Manufa…

(TCO D) Vargas Company has 35 employees who work 8-hour days and are paid hourly

(TCO D) Vargas Company has 35 employees who work 8-hour days and are paid hourly. On January 1, 2009, the company began a program of granting its employees 10 days of paid vacatio…

(TCO E) Asphalt Inc. lays asphalt in parking lots and roadways. This year they w

(TCO E) Asphalt Inc. lays asphalt in parking lots and roadways. This year they were awarded the state roadway contract and decided to purchase new equipment. Asphalt purchased a n…

(TCO E) Rebel Company manufactures a single product and has the following cost s

(TCO E) Rebel Company manufactures a single product and has the following cost structure: Variable costs per unit: Production................................................. $5 S…

(TCO E) The following absorption costing income statement and additional data ar

(TCO E) The following absorption costing income statement and additional data are available from the accounting records of Bernon Co. for the month ended May 31, XXXX. During the …

(TCO E) Topple Company produces a single product. Operating data for the company

(TCO E) Topple Company produces a single product. Operating data for the company and its absorption costing income statement for the last year are presented below: Units in beginn…

(TCO E) Topple Company produces a single product. Operating data for the company

(TCO E) Topple Company produces a single product. Operating data for the company and its absorption costing income statement for the last year is presented below: Units in beginni…

(TCO E) Which of the following is not treated as a change in accounting principl

(TCO E) Which of the following is not treated as a change in accounting principle? (Points : 5)       A change from completed-contract to percentage-of-completion       A change f…

(TCO F) Alake Company is a manufacturing firm that uses job-order costing. At th

(TCO F) Alake Company is a manufacturing firm that uses job-order costing. At the beginning of the year, the company's inventory balances were as follows: raw materials $ 19000 wo…

(TCO F) Bingham Corporation uses the weighted-average method in its process cost

(TCO F) Bingham Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed be…

(TCO F) Burkhammer Inc. has provided the following data for the month of August.

(TCO F) Burkhammer Inc. has provided the following data for the month of August. There were no beginning inventories; consequently, the direct materials, direct labor, and manufac…

(TCO F) Carter Corporation uses the weighted-average method in its process costi

(TCO F) Carter Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed bel…

(TCO F) David deposits all receipts and makes all payments by check The followin

(TCO F) David deposits all receipts and makes all payments by check The following intormation is available from the cash records MARCH 31 BANK RECONCILIATION Balance per bank $26,…

(TCO F) Miller Company manufactures a product for which materials are added at t

(TCO F) Miller Company manufactures a product for which materials are added at the beginning of the manufacturing process. A review of the company's inventory and cost records for…

(TCO F) Northville Paper and Paint deposits all receipts and makes all payments

(TCO F) Northville Paper and Paint deposits all receipts and makes all payments by check. The following information is available from the cash records. April 30 BANK RECONCILIATIO…

(TCO F) Payment Inc. is preparing its cash budget for February. The budgeted beg

(TCO F) Payment Inc. is preparing its cash budget for February. The budgeted beginning cash balance is $27,000. Budgeted cash receipts total $136,000 and budgeted cash disbursemen…

(TCO F) Willow Creek Corporation bases its predetermined overhead rate on the es

(TCO F) Willow Creek Corporation bases its predetermined overhead rate on the estimated labor hours for the upcoming year. At the beginning of the most recently completed year, th…

(TCO G) (Ignore income taxes in this problem.) Five years ago, the City of Paran

(TCO G) (Ignore income taxes in this problem.) Five years ago, the City of Paranoya spent $30,000 to purchase a computerized radar system called W.A.S.T.E. (Watching Aliens Sent T…

(TCO G) - (Ignore income taxes in this problem.) Axillar Beauty Products Corpora

(TCO G) - (Ignore income taxes in this problem.) Axillar Beauty Products Corporation is considering the production of a new conditioning shampoo that will require the purchase of …

(TCO G) - (Ignore income taxes in this problem.) Axillar Beauty Products Corpora

(TCO G) - (Ignore income taxes in this problem.) Axillar Beauty Products Corporation is considering the production of a new conditioning shampoo that will require the purchase of …