Financial Accounting

3. Jones Company sold merchandise on account for $90,000. This merchandise cost

3. Jones Company sold merchandise on account for $90,000. This merchandise cost $52,000. The company uses the perpetual method of accounting for inventory. What would be the corre…

3. Julia Co, uses the perpetual system of inventory and has the following select

3. Julia Co, uses the perpetual system of inventory and has the following selected data relating to the month of January Units Unit Cost Total Cost 100$ 200 Date 1/1 Beginning Inv…

3. Kermit is considering purchasing a new computer system. The purchase price is

3. Kermit is considering purchasing a new computer system. The purchase price is $106,430. Kermit will borrow one-fourth of the purchase price from a bank at 10 percent per year c…

3. Kornfeld Corporation produces metal telephone poles. In the most recent month

3. Kornfeld Corporation produces metal telephone poles. In the most recent month, the company budgeted production of 2,800 poles. Actual production was 3,200 poles. According to s…

3. LANZONES Company\'s product sells for Php16 and has a variable cost per unit

3. LANZONES Company's product sells for Php16 and has a variable cost per unit of Php12. Fixed costs are Php 120,000 a. Compute the break-even point in units and pesos b. Lanzones…

3. LO.2 On July 1, 2013, Rex purchases a new automobile for $40,000. He uses the

3. LO.2 On July 1, 2013, Rex purchases a new automobile for $40,000. He uses the car 80% for business and drives the car as follows: 8,000 miles in 2013, 19,000 miles in 2014, 20,…

3. Lagerfield Company reported the following results from the sale of 4,220 hamm

3. Lagerfield Company reported the following results from the sale of 4,220 hammers in May: sales $198,340, variable costs $88,620, fixed costs $64,000, and net income $24,000. As…

3. Lessee leases asset from Lessor. Fair market value of the asset currently is

3. Lessee leases asset from Lessor. Fair market value of the asset currently is $500,000. Asset as a remaining economic life of 10 years. Lease term is for 7 years. Implict rate o…

3. Lewis and Laurie are married and jointly own a home valued at $342,500. They

3. Lewis and Laurie are married and jointly own a home valued at $342,500. They recently paid off the mortgage on their home. In need of cash for personal purposes unrelated to th…

3. Linda\'s Luxury Travel (LLT) is considering the purchase of two Hummer limous

3. Linda's Luxury Travel (LLT) is considering the purchase of two Hummer limousines. Various information about the proposed investment follows: $1,260,000 Initial investment (2 li…

3. Liquidity You are provided with data for YetAnotherCompany ltd for the fiscal

3. Liquidity You are provided with data for YetAnotherCompany ltd for the fiscal years 2014 and 2015. You are interested in assessing the short and long-term liquidity of the comp…

3. Listed below are eight accounting terms introduced or emphasized in this chap

3. Listed below are eight accounting terms introduced or emphasized in this chapter (4.2 pts): Balanced score card Stock options Capital turnover Residual income on nvestment Retu…

3. Logan, a 50 percent shareholder in Military Gear Inc., is comparing the tax c

3. Logan, a 50 percent shareholder in Military Gear Inc., is comparing the tax consequences of losses from C corporations with losses from S corporations. Assume Military Gear Inc…

3. Logan, a 50 percent shareholder in Military Gear Inc., is comparing the tax c

3. Logan, a 50 percent shareholder in Military Gear Inc., is comparing the tax consequences of losses from C corporations with losses from S corporations. Assume Military Gear Inc…

3. Logan, a 50 percent shareholder in Military Gear Inc., is comparing the tax c

3. Logan, a 50 percent shareholder in Military Gear Inc., is comparing the tax consequences of losses from C corporations with losses from S corporations. Assume Military Gear Inc…

3. Logistics Solutions provides order fulfillment services for dot.com merchants

3. Logistics Solutions provides order fulfillment services for dot.com merchants. The company maintains warehouses that stock items carried by its dot.com clients. When a client r…

3. Lon Timur is an accounting major at a midwestem state university located appr

3. Lon Timur is an accounting major at a midwestem state university located approximately 60 miles from a major city. Many of the students attending the university are from the me…

3. MMMM Corporation produced waste removal equipment at a cost of $380,000 for t

3. MMMM Corporation produced waste removal equipment at a cost of $380,000 for the Camden, New Jersey plant of GLF Petrochemicals. Upon delivery of the equipment on November 1, 20…

3. MNO has a job costing system. The following are the manufacturing costs durin

3. MNO has a job costing system. The following are the manufacturing costs during the month of February: Materials placed into production ? Direct labor (2,000 hours) $ 80,000 Pla…

3. MNO has a job costing system. The following are the manufacturing costs durin

3. MNO has a job costing system. The following are the manufacturing costs during the month of February: Materials placed into production ? Direct labor (2,000 hours) $ 80,000 Pla…

3. Make or Buy Omark Corporation currently manufactures a sub-assembly for its m

3. Make or Buy Omark Corporation currently manufactures a sub-assembly for its main product. The manufacturing costs for the sub-assembly PER UNIT are as follows: Direct materials…

3. Marino Company is considering adding a new product. The following estimates a

3. Marino Company is considering adding a new product. The following estimates are the additional costs that would be incurred if Marino decided to produce this new product: Marin…

3. Market Concentration Assume four firms in one industry have market shares of

3. Market Concentration Assume four firms in one industry have market shares of 20, 25, 40, and 15 percent respectively. Calculate the Herfindahl-Hirschman Index for the industry.…

3. Marple Company\'s budgeted production in units and budgeted raw materials pur

3. Marple Company's budgeted production in units and budgeted raw materials purchases over the next three months are given below: January February March Budgeted production (in un…

3. Marple Company\'s budgeted production in units and budgeted raw materials pur

3. Marple Company's budgeted production in units and budgeted raw materials purchases over the next three months are given below: January February March Budgeted production (in un…

3. Mary owns an apartment building that has an adjusted basis of $1,080,000 but

3. Mary owns an apartment building that has an adjusted basis of $1,080,000 but subject to a mortgage of $320,000. Mary transfers the apartment building to Gary, and receives from…

3. Mason Company has prepared consolidated financial statements for the current

3. Mason Company has prepared consolidated financial statements for the current year and is now gathering information in connection with the following five operating segments it h…

3. Match the following definitions (or partial definitions) to the appropriate t

3. Match the following definitions (or partial definitions) to the appropriate term. Each term may be used once or not at all. Write A - E and the appropriate number beside each l…

3. McCaskey Corporation uses an activity-based costing system with the following

3. McCaskey Corporation uses an activity-based costing system with the following three activity cost pools: Activity Cost Pool Fabrication..40,000 machine-hours Order processing..…

3. McGraw Company uses5,000 units of part X each year as a component in the asse

       3. McGraw Company uses5,000 units of part X each year as a component in the assembly ofone of its products. The company is presently producing part Xinternally at a total c…

3. Monopolistic competition is a condition typical of most rctailing d. service

3. Monopolistic competition is a condition typical of most rctailing d. service businesses 84. Profit maximization is: a volume pricing objective. b not a pricing objective , dete…

3. Month Total Maintenance Cost Production Volume (units) January $1,880 1,750 u

3. Month                  Total Maintenance Cost                                Production Volume (units) January                                $1,880                            …

3. Moore Realty just completed the purchase of an apartment complex on August 1

3. Moore Realty just completed the purchase of an apartment complex on August 1 for $100,000 down and an 11%, 20-year, $400,000 mortgage note. The note requires monthly principal …

3. Moretown, Inc. had the following transactions in 2017, its first year of oper

3. Moretown, Inc. had the following transactions in 2017, its first year of operations 1. Issued 38,000 shares of common stock. Stock has par value of $1.00 per 2. Earned net inco…

3. Muddy Waters Industries has projected sales of its product for the next 6 mon

3. Muddy Waters Industries has projected sales of its product for the next 6 months: 300 units 700 units 2s,ooo 1, 100 60 February March April Ma June 1,000 units 900 units 400 un…

3. Nina Incorporated is a large grocery wholesaler. The following misstatements

3. Nina Incorporated is a large grocery wholesaler. The following misstatements have misstatement, identify a missing internal control that would have prevented or detected the pr…

3. No good Company has two types of stock outstanding: (10 points) Preferred sto

3. No good Company has two types of stock outstanding: (10 points) Preferred stock, 6%, $100 par, authorized 10,000 shares, issued 2,000 shares. Common stock, S.01 par, authorized…

3. Notes payable . Red Bank Enterprises was involved in the following transactio

3. Notes payable. Red Bank Enterprises was involved in the following transactions during the fiscal year ending October 31:<?xml:namespace prefix = o ns = "urn:schemas-microsof…

3. Notes payable . Red Bank Enterprises was involved in the following transactio

3. Notes payable. Red Bank Enterprises was involved in the following transactions during the fiscal year ending October 31: 8/2: Borrowed $75,000 from the Bank of Kingsville by si…

3. Notes payable. Red Bank Enterprises was involved in the following transaction

3. Notes payable. Red Bank Enterprises was involved in the following transactions during the fiscal year ending October 31: 2-Aug: Borrowed $55,000 from the Bank of Kingsville by …

3. Of the following, which are incorrect? (i) Sold van for cash (ii) Bought stat

3. Of the following, which are incorrect? (i) Sold van for cash (ii) Bought stationery by cheque (iii) Received refund of insurance by cheque Insurance Debit Cash Stationery Credi…

3. On 1 March 2011 Holme s Ltd enters into a binding agreement with a New Zealan

3. On 1 March 2011 Holme s Ltd enters into a binding agreement with a New Zealand company, which d. The cost of uires the New Zealand Company to construct an item of machinery for…

3. On 1/01/2013, an investor purchases a $100,000 bond that pays $4,000 of inter

3. On 1/01/2013, an investor purchases a $100,000 bond that pays $4,000 of interest annually on 12/31 and matures on 12/31/2017.  What amount should the investor be willing to pay…

3. On August 15, Crenshaw Inc borrowed $50,000 cash from wells Fargo by signing

3. On August 15, Crenshaw Inc borrowed $50,000 cash from wells Fargo by signing a 500, 120-day note payable. (5 points) a. Prepare Crenshaw's journal entry to record the issuance …

3. On January 1, 2016, Solo Inc. issued 1,500 of its 6%, $1,000 bonds at 98. Int

3. On January 1, 2016, Solo Inc. issued 1,500 of its 6%, $1,000 bonds at 98. Interest is payable semiannually on January 1 and July 1. The bonds mature on January 1, 2026. Solo pa…

3. On January 1, 2017, Sunland incurred organization costs of $295,000. What amo

3. On January 1, 2017, Sunland incurred organization costs of $295,000. What amount of organization expense should be reported in 2017? 4. Sunland purchased the license for distri…

3. On January 1, 20X1, Popular Creek Corporation organized RoadTime Company as a

3. On January 1, 20X1, Popular Creek Corporation organized RoadTime Company as a subsidiary in Switzerland with an initial investment cost of Swiss francs (SFr) 74,000. RoadTime’s…

3. On January 2, 2013, Miller Properties paid $19 million for 1 million shares o

3. On January 2, 2013, Miller Properties paid $19 million for 1 million shares of Marlon Company’s 6 million outstanding common shares. Miller’s CEO became a member of Marlon’s bo…

3. On June 30, 2018, Rosetta Granite purchased a machine for $140,000. The estim

3. On June 30, 2018, Rosetta Granite purchased a machine for $140,000. The estimated useful life of the machine is eight years and no residual value is anticipated. An important c…

3. On March 31, 2016, M. Belotti purchased the right to remove gravel from an ol

3. On March 31, 2016, M. Belotti purchased the right to remove gravel from an old rock quarry. The gravel is to be sold as roadbed for highway construction. The cost of the quarry…