Financial Accounting

9) On January 1, Kirk Corporation had total assets of $853,000. During the month

9) On January 1, Kirk Corporation had total assets of $853,000. During the month, the following activities occurred: -. Kirk Corporation acquired equipment costing $6,300, promisi…

9) The following financial information is for Alpha Corporation are for the fisc

9) The following financial information is for Alpha Corporation are for the fiscal years ending 2017 & 2016 (all balances are normal): Item/Account 2017 2016 Cash $26,000 $16,…

9) The periodic expense created by allocating the cost of plant and equipment to

9) The periodic expense created by allocating the cost of plant and equipment to the periods 9 in which they are used, representing the expense of using the assets, is called B) A…

9) Total asset cost plus depreciation expense equals book value. 9) Choose the o

9) Total asset cost plus depreciation expense equals book value. 9) Choose the one alternative that best completes the statement or MULTIPLE CHOICE. answers the question. 10 An em…

9) Video Images is a distributor of DVDs. Quick-Disk Mart is a local retail outl

9) Video Images is a distributor of DVDs. Quick-Disk Mart is a local retail outlet which sells blank and recorded DVDs. Quick-Disk Mart purchases tapes from Video Images at $3.00 …

9) Villanova, Inc., has done a cost analysis for its production of rubber stamps

9) Villanova, Inc., has done a cost analysis for its production of rubber stamps. The following activities and cost drivers have been developed: Activity Cost Formula Design $5,00…

9) Which of the following departments is most likely to be a A) sales department

9) Which of the following departments is most likely to be a A) sales department of a company selling industrial tools 8) call center of a company that serves customers and cross-…

9) Year of filing is 2017 1. Cindy, a real estate broker, had the following inco

9) Year of filing is 2017 1. Cindy, a real estate broker, had the following income and expenses in her business: Commissions income $180,000 And she also incurred the following ex…

9) Youns Inc. reported the following results from last year\'s operations: Sales

9) Youns Inc. reported the following results from last year's operations: Sales $ 10,500,000 Variable expenses 6,610,000 Contribution margin 3,890,000 Fixed expenses 3,260,000 Net…

9). Truong Company\'s Assembly Department has materials cost at-$3 per unit and

9). Truong Company's Assembly Department has materials cost at-$3 per unit and conversion cost at-$6 per unit. There are 15,000-units in ending inventory, all of which are 70% com…

9)Presents Inc. acquired all of the outstanding common stock of Santa Co. on Jan

9)Presents Inc. acquired all of the outstanding common stock of Santa Co. on January 1, 2017. On that date, Presents had equipment with a book value of $500,000 and a fair value o…

9, Pez owns 30% of Rollo. In 2012, Pez sells inventory costing $100,000 to Rollo

9, Pez owns 30% of Rollo. In 2012, Pez sells inventory costing $100,000 to Rollo for $150,000. At December 31, 2012 $60,000 of this inventory was still held by Rollo and is sold i…

9-1 THROUGH 9-5 USE THE FOLLOWING DATA: The standard operating cacity of Corona

9-1 THROUGH 9-5 USE THE FOLLOWING DATA: The standard operating cacity of Corona Manufacturing Co. is 1000 units. A detailed study of the manufacturing data relating to the standar…

9-1 THROUGH 9-5 USE THE FOLLOWING DATA: The standard operating cacity of Corona

9-1 THROUGH 9-5 USE THE FOLLOWING DATA: The standard operating cacity of Corona Manufacturing Co. is 1000 units. A detailed study of the manufacturing data relating to the standar…

9-1 The following expenditures were incurred by Rosenberg Company in purchasing

9-1 The following expenditures were incurred by Rosenberg Company in purchasing land: cash price $64,000, accrued taxes $3,000, attorneys’ fees $2,500, real estate broker’s commis…

9-10. During 2014, Choco Corporation had 600,000 shares of common stock and 40,0

9-10. During 2014, Choco Corporation had 600,000 shares of common stock and 40,000 shares of 2% preferred stock outstanding. The preferred stock does not have cumulative or conver…

9-13. Managerial Accounting Decisions. In the following vignettes, make a recomm

9-13. Managerial Accounting Decisions. In the following vignettes, make a recommen dation to your boss-the person described in each situation. And, suggest any other issues your b…

9-14 Budgeted Production Arpo Products, Inc. has developed the following sales f

9-14 Budgeted Production Arpo Products, Inc. has developed the following sales forecast for its most popular product, Product X, covering the months of April through July Sales Fo…

9-15 Solving for Unknowns L02, L03, L04 Levram Company uses a standard costing s

9-15 Solving for Unknowns L02, L03, L04 Levram Company uses a standard costing system. During the past quarter, the following variances were computed: Variable overhead efficiency…

9-15 Solving for Unknowns L02, L03, Levram Company uses a standard costing syste

9-15 Solving for Unknowns L02, L03, Levram Company uses a standard costing system. During the past quarter, the following 04 variances were computed: Variable overhead efficiency …

9-15 You are called by inventory be taken Tim Duncan of Spurs Co, on July 16 and

9-15 You are called by inventory be taken Tim Duncan of Spurs Co, on July 16 and asked to prepare a cdaim for insurance as a result of a theft that took place the night before. Yo…

9-16 Variable and absorption costing: explaining operating-income differences. T

9-16 Variable and absorption costing: explaining operating-income differences. TC Motors assembles and sells motor vehicles, and uses standard costing. Actual data relating to Apr…

9-16. Nascar Motors assembles and sells motor vehicles and uses standard costing

9-16. Nascar Motors assembles and sells motor vehicles and uses standard costing. Actual data relating to April and May 2014 are as follows: 3000 The selling price per vehicle is …

9-18-18 Carey Company sells many products. Whamo is one of its popular items. Be

9-18-18 Carey Company sells many products. Whamo is one of its popular items. Below is an analysis of the inventory purchases and sales of Whamo for the month of March.. Selling P…

9-19. (Applying bond valuation relationships) Arizona Public Utilities issued a

9-19. (Applying bond valuation relationships) Arizona Public Utilities issued a bond that pays $80 in interest, with a $1,000 par value. It matures in 20 years. The market's re- q…

9-2 Whispering Winds Vita produces a wide range of herbal supplements sold natio

9-2 Whispering Winds Vita produces a wide range of herbal supplements sold nationwide through in the is considering the purchase of a new packaging machine to replace the seven-ye…

9-2 wiley plus Presented below are two independent situations. (Credit account t

9-2 wiley plus Presented below are two independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal ent…

9-20. Dropping a Product. Dick Price, an old prospector, runs a side business. H

9-20. Dropping a Product. Dick Price, an old prospector, runs a side business. He buys rattlesnakes from "snake hunters" in west Texas, paying an average of $10 per snake Each sna…

9-24 Critiquing a Report; Preparing a Performance Budget [LO9-1, Lo9-2, LO9-3, L

9-24 Critiquing a Report; Preparing a Performance Budget [LO9-1, Lo9-2, LO9-3, LO9-4, LO9-6) Exchange Corp. is a company that acts as a facilitator in tax-favored real estate swap…

9-24. Shanna Engel started up a new nonprofit organization in 2017 named Concern

9-24. Shanna Engel started up a new nonprofit organization in 2017 named Concern for Animal Shelter and Habitats (CASH). The organization places homeless animals in permanent home…

9-26) Mondial Corporation’s financial accounting records show it had gross reven

9-26) Mondial Corporation’s financial accounting records show it had gross revenue of $980,000, cost of goods sold of $420,000, operating expenses of $380,000, and $4,000 of divid…

9-27 Sales and Production Budgets The Scarborough Corporation manufactures and s

9-27 Sales and Production Budgets The Scarborough Corporation manufactures and sells two products: Thingone and Thingtwo. In July 20X7, Scarborough's budget department gathered th…

9-28 Net present value, internal rate of return, payback period (LO 3. Jewel Pix

9-28 Net present value, internal rate of return, payback period (LO 3. Jewel Pix currently uses a six-year-old molding machine to manufacture silver picture tra The company paid $…

9-2A At December 31, 2017, rnold Corporation reported the following plant assets

9-2A At December 31, 2017, rnold Corporation reported the following plant assets. Journalize equipment transactions related to purchase, sale, retirement, and depreciation. (LO 2,…

9-3 Gill Company, organized in 2017, has the following transactions related to i

9-3 Gill Company, organized in 2017, has the following transactions related to intan- gible assets. Purchased patent (7-year life) Goodwill purchased (indefinite life) 10-year fra…

9-33 (Objective 9-6 ) Bohrer, CPA, is considering the following factors in asses

9-33 (Objective 9-6 ) Bohrer, CPA, is considering the following factors in assessing audit risk at the financial statement level in planning the audit of Waste Remediation Service…

9-35 (oBJECTIVE 9-5) Below are ten independent risk factors: 1. The degree to wh

9-35 (oBJECTIVE 9-5) Below are ten independent risk factors: 1. The degree to which external users rely on the statements 2. The client fails to detect employee theft of inventory…

9-37 (LO 9-4, 5, 6) Maglie Company manufactures two video game consoles: handhel

9-37 (LO 9-4, 5, 6) Maglie Company manufactures two video game consoles: handheld and home. The handheld consoles are smaller and less expensive than the home consoles. The compan…

9-37 Equipment replacement decisions and performance evalua tion. Sean Fitzpatri

9-37 Equipment replacement decisions and performance evalua tion. Sean Fitzpatrick manages the Chicago plant of Shamrock Manufacturing. A representative of Darien Engineering appr…

9-39 Baseball umpiring crews are currently in four cities where three-games seri

9-39 Baseball umpiring crews are currently in four cities where three-games series are beginning. When these are finished, the crews are needed to work games in four different cit…

9-3:Potter Replica produces a specialty statue for sale to collectors. In 2017,

9-3:Potter Replica produces a specialty statue for sale to collectors. In 2017, Potter’s expected and actual output was 12,000 statues. Potter sold 10,000 statues at an average se…

9-54 Liabilities on the Balance Sheet-IFRS OBJECTIVES 1, 2ArcelorMittal, headqua

9-54 Liabilities on the Balance Sheet-IFRS OBJECTIVES 1, 2ArcelorMittal, headquartered in Luxembourg, is the largest steel producer in the world. It reports using IFRS. Following …

9-54 Liabilities on the Balance Sheet-IFRS OBJECTIVES 1, 2ArcelorMittal, headqua

9-54 Liabilities on the Balance Sheet-IFRS OBJECTIVES 1, 2ArcelorMittal, headquartered in Luxembourg, is the largest steel producer in the world. It reports using IFRS. Following …

9-54 unreimbursed employment-related travel and entertainment expenses. These ex

9-54 unreimbursed employment-related travel and entertainment expenses. These expenses include the following: Airfare $1,500 Taxi fare 100 Meals eaten alone while away from home o…

9-6 weans contany uses the leveer orco t or market methoc, on an ndvidual item,

9-6 weans contany uses the leveer orco t or market methoc, on an ndvidual item, tasas ", prking ts "we tory ten s. The r vert ory at Decem nr 31 201 3 Relevant per-unit data for p…

9-63 Bonds Issued at a Premium (Alternate is 9-64.) On January 1, 20X0, Global T

9-63 Bonds Issued at a Premium (Alternate is 9-64.) On January 1, 20X0, Global Travel issued $6 million of 5-year, 10% debentures. The market interest rate at issuance was 8%. Int…

9-65. Activity-Based Costing: The Grape Cola Caper Howard Rockness was worried.

9-65. Activity-Based Costing: The Grape Cola Caper Howard Rockness was worried. His company, Rockness Bottling, showed declining profts over the past several years despite an incr…

9-6: Additional Funds Needed (AFN) Equation Method Problem 9-2 AFN equation Brou

9-6: Additional Funds Needed (AFN) Equation Method Problem 9-2 AFN equation Broussard Skateboard's sales are expected to increase by 25% from $8.0 million in 2015 to $10.00 millio…

9-6A Due to rapid employee turnover in the accounting department, the following

9-6A Due to rapid employee turnover in the accounting department, the following trans- actions involving intangible assets were improperly recorded by Inland Corporation. 1. Inlan…

9-7 Sandhill Company follows the practice of pricing its inventory at the lower-

9-7 Sandhill Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. 1320 From the information above, determine the amou…