Financial Accounting

A company deposits $1000 every year for ten years in a bank. The company makes n

A company deposits $1000 every year for ten years in a bank. The company makes no deposits during the subsequent five years. If the bank pays 8% interest, the amount in the accoun…

A company desires to replace its current plant equipment with new equipment that

A company desires to replace its current plant equipment with new equipment that costs $10,000,000. One possibility would be for the company to issue $10,000,000 of bonds and use …

A company discovered in 2012 that it had overstated the inventory balance for De

A company discovered in 2012 that it had overstated the inventory balance for Dec 31, 2010 by $10,000. The company had (incorrectly) reported Net Income to be $300,000 for 2010, a…

A company distributes a single product. The company’s sales and expenses for las

A company distributes a single product. The company’s sales and expenses for last month follows: Per Unit Total Sales $540,000 $30 Variable Expenses 324,000 18 Contribution Margin…

A company earned net income of dollar100,000 during the year ended December 31.

A company earned net income of dollar100,000 during the year ended December 31. 2014. On December 15. the company declared the regular dividend on its 1% preferred stock (12,500 s…

A company employs three accounts payable dlerks and one treasurer. Their respons

A company employs three accounts payable dlerks and one treasurer. Their responsibilities are as follows: Employee Clerk 1 Clerk 2 ponsibility Reviews vendor invoices for proper s…

A company employs three clerks and one purchasing manager. Their responsibilitie

A company employs three clerks and one purchasing manager. Their responsibilities are as follows: Employee Responsibility Purchasing Manager Approves purchase requests before they…

A company entered into the following transactions. For each transaction, indicat

A company entered into the following transactions. For each transaction, indicate the appropriate journal in which it should be recorded. a. Sales Journal b. Purchases Journal c. …

A company entered into the following transactions. Match each transaction with t

A company entered into the following transactions. Match each transaction with the appropriate journal in which it should be recorded. a. Sales journal b. Purchases journal c. Cas…

A company established a petty cash fund in April of the current year and experie

A company established a petty cash fund in April of the current year and experienced the following transactions affecting the fund during April. Prepare journal entries to establi…

A company established a petty cash fund in April of the current year and experie

A company established a petty cash fund in April of the current year and experienced the following transactions affecting the fund during April. Prepare journal entries to establi…

A company established a petty cash fund in May of the current year and experienc

A company established a petty cash fund in May of the current year and experienced the following transactions affecting the fund during May: MaY 1 Establish petty cash account in …

A company established a petty cash fund of $100 on September 1. On September 10,

A company established a petty cash fund of $100 on September 1. On September 10, the petty cash fund was replenished when there was $16 remaining and there were petty cash receipt…

A company estimates that overhead costs for the next year will be $9,858,000 for

A company estimates that overhead costs for the next year will be $9,858,000 for indirect labor and $328,000 for factory utilities. The company uses machine hours as its overhead …

A company estimates that the total amount of uncollectible accounts based upon e

A company estimates that the total amount of uncollectible accounts based upon existing accounts receivable should be $2,300. Assuming the company had an existing debit balance of…

A company expects its September sales to be 15% higher than its August sales of

A company expects its September sales to be 15% higher than its August sales of $140,000. Purchases were $75,000 in August and are expected to be $85,000 in September. All sales a…

A company expects its three departments to yield the following income for next y

A company expects its three departments to yield the following income for next year: Dept A: Sales $6,000; Avoidable expenses $2,000; Unavoidable expenses $1,500; Total expenses $…

A company expects to begin the coming year with 6,000 ceramic pots in finished g

A company expects to begin the coming year with 6,000 ceramic pots in finished goods inventory. It expects to sell 85,000 ceramic pots and end the year with 8,000 pots in the fini…

A company expects to have net cash inflows of $100,000 per year from a capital p

A company expects to have net cash inflows of $100,000 per year from a capital project over the next five years. If the company's cost of capital is 12%. compounded annually, and …

A company expects to sell 500 tables in April, 700 in May, and 650 in June. The

A company expects to sell 500 tables in April, 700 in May, and 650 in June. The company sells these tables for $120 per unit. 30% of its sales are cash sales and 70% of its sales …

A company fulfills one large contract at a time, and fulfillment on a contract t

A company fulfills one large contract at a time, and fulfillment on a contract takes 15 months. The company completed a contract on December 1, 20Y1, accepted a new contract on Fe…

A company gives each of its 50 employees (assume they were all employed continuo

A company gives each of its 50 employees (assume they were all employed continuously through 2010 and 2011) 12 days of vacation a year if they are employed at the end of the year.…

A company had $700,000 of net sales in 2017, all on credit. Their AR balance as

A company had $700,000 of net sales in 2017, all on credit. Their AR balance as of 12/31/17 was $225,000. During the year, the company wrote off $7,100 of AR. The Balance in allow…

A company had 2,000,000 shares of $10 par value common stock outstanding. The am

A company had 2,000,000 shares of $10 par value common stock outstanding. The amount of additional paid-in capital is $10,000,000, and Retained Earnings is $3,000,000. The company…

A company had 900,000 shares of $10 par value common stock outstanding. The amou

A company had 900,000 shares of $10 par value common stock outstanding. The amount of additional paid-in capital is $4,500,000, and Retained Earnings is $1,350,000. The company is…

A company had a net income of 50,000 last year. Depreciation was 30,000, they pa

A company had a net income of 50,000 last year. Depreciation was 30,000, they paid 5,000 in dividends, bought 100,000 machine for cash and got 20,000 loan form the bank. Payables,…

A company had a tractor destroyed by fire. The tractor originally cost $136,000

A company had a tractor destroyed by fire. The tractor originally cost $136,000 with accumulated depreciation of $69,900. The proceeds from the insurance company were $95,500. The…

A company had a tractor destroyed by fire. The tractor originally cost $140,000

A company had a tractor destroyed by fire. The tractor originally cost $140,000 with accumulated depreciation of $73,500. The proceeds from the insurance company were $97,500. The…

A company had average total assets of $982,450 and net income of $190,700, and r

A company had average total assets of $982,450 and net income of $190,700, and reports various segment information. Segment A had average total assets of $437,800 and segment oper…

A company had calculated net income to be $77,600 based on the unadjusted trial

A company had calculated net income to be $77,600 based on the unadjusted trial balance. The following adjusting entries were then made for: Salaries and wages owed but not yet pa…

A company had calculated net income to be $78,100 based on the unadjusted trial

A company had calculated net income to be $78,100 based on the unadjusted trial balance. The following adjusting entries were then made for: Salaries and wages owed but not yet pa…

A company had credit sales of $5.0 million for the year andestimates their bad d

A company had credit sales of $5.0 million for the year andestimates their bad debts to be 1% of net credit sales. Theaccountant for the company is thinking about switching to the…

A company had inventory on June 1 of 12 units at a cost of $35 each. On June 5,

A company had inventory on June 1 of 12 units at a cost of $35 each. On June 5, the company purchased 23 units at a cost of $30 each. On June 8 the company purchased 15 more units…

A company had inventory on November 1 of 4 units at a cost of $16 each. On Novem

A company had inventory on November 1 of 4 units at a cost of $16 each. On November 2, they purchased 7 units at $27 each. On November 6 they purchased 5 units at $25 each. On Nov…

A company had inventory on November 1 of 5 units at a cost of $14 each. On Novem

A company had inventory on November 1 of 5 units at a cost of $14 each. On November 2, they purchased 15 units at $16 each. On November 6 they purchased 11 units at $19 each. On N…

A company had inventory on November 1 of 7 units at a cost of $11 each. On Novem

A company had inventory on November 1 of 7 units at a cost of $11 each. On November 2, they purchased 12 units at $12 each. On November 6, they purchased 8 units at $14 each. On N…

A company had net income of $210200. Depreciation expense is $27500. During the

A company had net income of $210200. Depreciation expense is $27500. During the year, Accounts Receivable and Inventory increased $17300 and $41600, respectively. Prepaid Expenses…

A company had net income of $230,000. Depreciation expense is $26,000. During th

A company had net income of $230,000. Depreciation expense is $26,000. During the year, Accounts Receivable and Inventory increased $15,000 and $40,000, respectively. Prepaid Expe…

A company had net income of $420,000. Depreciation expense is $52,000.during the

A company had net income of $420,000. Depreciation expense is $52,000.during the year accounts receivable and inventory increased $30,000 and $80,000 respectively. prepaid expense…

A company had revenue of $660,000, rent expense of $111,000, utility expense of

A company had revenue of $660,000, rent expense of $111,000, utility expense of $11,100, salary expense of $136,500, depreciation expense of $40,100, advertising expense of $41,30…

A company had revenue of $690,000, rent expense of $114,000, utility expense of

A company had revenue of $690,000, rent expense of $114,000, utility expense of $11,400, salary expense of $139,500, depreciation expense of $40,400, advertising expense of $41,60…

A company had revenues of $58,500 and expenses of $45,500 for the accounting per

A company had revenues of $58,500 and expenses of $45,500 for the accounting period. The owner withdrew $6,450 in cash during the same period. Which of the following entries could…

A company had stock outstanding as follows during each of its first three years

A company had stock outstanding as follows during each of its first three years of operations: 4,000 shares of 9%, $100 par, cumulative preferred stock and 58,000 shares of $10 pa…

A company had stock outstanding as follows during each of its first three years

A company had stock outstanding as follows during each of its first three years of operations: 4,000 shares of 9%, $100 par, cumulative preferred stock and 31,000 shares of $10 pa…

A company had stock outstanding as follows during each of its first three years

A company had stock outstanding as follows during each of its first three years of operations: 1,000 shares of 7%, $100 par, cumulative preferred stock and 51,000 shares of $10 pa…

A company had stock outstanding as follows during each of its first three years

A company had stock outstanding as follows during each of its first three years of operations: 2,000 shares of 8%, $100 par, cumulative preferred stock and 50,000 shares of $10 pa…

A company had the following inventory transactions during Apri: Purchases: 4/1 B

A company had the following inventory transactions during Apri: Purchases: 4/1 Beginning inventory: 2000 unitsS1.00 per unit 4/5 Purchased 3,000 units at $1.10 per unit 4/15 Purch…

A company had the following purchases and sales during its first year of operati

A company had the following purchases and sales during its first year of operations: Purchases Sales January: 10 units at $130 8 units February: 20 units at $135 5 units May: 15 u…

A company had the following purchases and sales during its first year of operati

A company had the following purchases and sales during its first year of operations 12 Purchases Sales Januarys 21 units at $195 15 units February: 31 units at $200 18 units 26 un…

A company had the following purchases and sales during its first year of operati

A company had the following purchases and sales during its first year of operations 12 Purchases Sales January 21 units at $195 15 units February: 31 units at $200 18 units May Se…