Financial Accounting

1) Net cash provided by operating activities takes into account that a company m

1) Net cash provided by operating activities takes into account that a company must invest in capital expenditures just to maintain its current level of operations. True or False …

1) Net present worth analysis requires equal analysis periods for different alte

1) Net present worth analysis requires equal analysis periods for different alternatives? a. True b. False 2) For a project with initial cost of $10,000 and yearly revenue of $200…

1) Nomad Company sells camera bags. The company purchases the bags from its supp

1) Nomad Company sells camera bags. The company purchases the bags from its supplier for $12 a bag and sells them to electronics stores for $25 a bag. Nomad’s fixed costs are $39,…

1) Obtain a copy of a recent annual report (and 10k report) of a publicly held c

1) Obtain a copy of a recent annual report (and 10k report) of a publicly held company with stock actively traded on the New York, NASDAQ or other over-the-counter exchanges. Requ…

1) On 1 July 2018 Pumba Ltd acquired 85% of the shares in Timon Ltd by issuing 5

1) On 1 July 2018 Pumba Ltd acquired 85% of the shares in Timon Ltd by issuing 520,000 shares. At the date of acquisition the share price of Pumba Ltd was $3.20 per share and the …

1) On February 15, Jewel Company buys 7,300 shares of Marcelo Corp. common stock

1) On February 15, Jewel Company buys 7,300 shares of Marcelo Corp. common stock at $28.56 per share plus a brokerage fee of $400. The stock is classified as available-for-sale se…

1) On January 1 of the current year, Bob\'s Lawn Care Service reported owner\'s

1) On January 1 of the current year, Bob's Lawn Care Service reported owner's capital totaling $123,700. During the current year, total revenues were $97,200 while total expenses …

1) On January 1, 2016,Jah-Seed Corporation acquired a truck for $100.000 Residua

1) On January 1, 2016,Jah-Seed Corporation acquired a truck for $100.000 Residual The truck can be driven for 50,000 miles over the next three years. Actual usage of the truck was…

1) On January 4, Year 1, Barber Company purchased 7,500 shares of Convell Compan

1) On January 4, Year 1, Barber Company purchased 7,500 shares of Convell Company for $84,500 plus a broker's fee of $1,500. Convell Company has a total of 37,500 shares of common…

1) On July 1 of the current year, the assets and liabilities of Wong Industries,

1) On July 1 of the current year, the assets and liabilities of Wong Industries, are as follows: Cash, $15,000; Accounts Receivable, $12,300; Supplies, $3,100; Land, $35,000; Acco…

1) On March 1 of the previous year, a parent sold stock with a cost of $9,000 to

1) On March 1 of the previous year, a parent sold stock with a cost of $9,000 to her child, for $6,000, its fair market value. On September 30 of the current year, the child sold …

1) On March 5, 2015, Steven purchased a new Ford Focus for use of his job. The c

1) On March 5, 2015, Steven purchased a new Ford Focus for use of his job. The car cost $24,000 (including sales tax), with no trade-in involved. The car was driven 14,000 miles i…

1) On November 1, Carter Company signed a 120-day, 10% note payable, with a face

1) On November 1, Carter Company signed a 120-day, 10% note payable, with a face value of $9,000. What is the maturity value of the note on March 1? Possible Answers A. $9,000 B. …

1) On September 30, the Cash account of Value Company had a normal balance of $6

1) On September 30, the Cash account of Value Company had a normal balance of $6,700. During September, the account was debited for a total of $13,900 and credited for a total of …

1) On a classified balance sheet, inventory is classified as a long-term investm

1) On a classified balance sheet, inventory is classified as a long-term investment. b current asset. c property, plant, and equipment. d an intangible asset. 2) An aging of a com…

1) On the basis of the details of the following fixed asset account, indicate th

1) On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows: 2) On the basis of the following stockholder…

1) One of the six steps involved in performing analytical procedures includes th

1) One of the six steps involved in performing analytical procedures includes the following: A) Analyze data and identify significant differences. B) Understand the relationship b…

1) P Company owns an 80% int erest in S Company. During 2017 , S sells merchandi

1) P Company owns an 80% interest in S Company. During 2017, S sells merchandise to P for $200,000 at a profit of $40,000. On December 31, 2017, 50% of this merchandise is include…

1) Pacific Auto manufactures batteries for cars. The company has the capacity to

1) Pacific Auto manufactures batteries for cars. The company has the capacity to produce 35,000 batteries per year, and is currently producing and selling 25,000 batteries per yea…

1) Palek Company has adopted the following standards: Input Total Direct materia

1) Palek Company has adopted the following standards: Input Total Direct materials 3 lbs. @ $3.60 per lb. $10.80 Direct labor 5 hrs. @ $12.00 per hr. 60.00 Factory overhead:    Va…

1) Parker Corp., which operates on a calendar year, expects to sell 4,000 units

1) Parker Corp., which operates on a calendar year, expects to sell 4,000 units in October, and expects sales to increase 25% each month thereafter. Sales price is expected to sta…

1) Patrick Corporation is authorized to issue 1,000,000 shares of $1 par value c

1) Patrick Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2010, the company has the following stock transactions. Jan. 15 Issued 500,000 …

1) Paul, a business consultant, regularly takes clients and potential clients ou

1) Paul, a business consultant, regularly takes clients and potential clients out to dinner. In order to deduct these expenses, Paul must maintain records substantiating all of th…

1) Peach corporation experienced the following events during 2015: * The busines

1) Peach corporation experienced the following events during 2015: * The business acquired $20,000 cash by issuing common stock to investors * The business purchased land for $12,…

1) Pendley Company is considering purchasing equipment. The equipment will produ

1)  Pendley Company is considering purchasing equipment. The equipment will produce the following cash flows: Year 1, $35,900; Year 2, $38,300; and Year 3, $49,900. Pendley requir…

1) Percy Corporation was formed on January 1. The corporate charter authorized 1

1) Percy Corporation was formed on January 1. The corporate charter authorized 100,000 shares of $10 par value common stock. During the first month of operation, the corporation i…

1) Pinacle Corp. budgeted $300,000 of overhead cost for 2012. Actual overhead co

1) Pinacle Corp. budgeted $300,000 of overhead cost for 2012. Actual overhead costs for the year were $290,000. Pinacle's plantwide allocation base, machine hours, was budgeted at…

1) Please explain what this problem is asking for? 2) How would you go about sol

1) Please explain what this problem is asking for? 2) How would you go about solving, what formulas or setups do you need to use? 3) Solve the problem in an excel sheet 4) What do…

1) Please explain what this problem is asking for? 2) How would you go about sol

1) Please explain what this problem is asking for? 2) How would you go about solving, what formulas or setups do you need to use? 3) Solve the problem in an excel sheet 4) What do…

1) Please refer to the chart above. At which point on the curve would we end up

1) Please refer to the chart above. At which point on the curve would we end up on when Californians prefer less of pizza? A) Point F B) Point I C) Point G D) Point H 2) Please re…

1) Please refer to the chart above. At which point on the demand curve would we

1) Please refer to the chart above. At which point on the demand curve would we end up on when there is a price increase in pizza? A) Point B B) Point F C) Point D D) Point H 2) P…

1) Please refer to the chart above. At which point on the demand curve would we

1) Please refer to the chart above. At which point on the demand curve would we end up on when there is a price increase in pizza? A) Point B B) Point F C) Point D D) Point H 2) P…

1) Post answers here regarding two of the following statements: Chapter 15 This

1) Post answers here regarding  two of the following statements: Chapter 15 This module focuses on how to classify, account for, and report investments in both debt and equity sec…

1) Pratte Boat Wash\'s cost formula for its cleaning equipment and supplies is $

1) Pratte Boat Wash's cost formula for its cleaning equipment and supplies is $2,580 per month plus $49 per boat. For the month of April, the company planned for activity of 54 bo…

1) Prepare a Cost of Goods Manufactured Statement and determine Cost of Goods So

1) Prepare a Cost of Goods Manufactured Statement and determine Cost of Goods Sold using the following information: IF YOU DO NOT LABEL YOUR ANSWERS, YOU WILL NOT RECEIVE CREDIT B…

1) Prepare bond amortization schedule. 2)Record Journal entries Jan 1, 2015- Rec

1) Prepare bond amortization schedule. 2)Record Journal entries Jan 1, 2015- Record issuance of 630 bonds at a face value $1000 each for $612519 Dec 31, 2015- Record interest paym…

1) Prepare journal entries for the transactions noted above. 2) Post the above e

1) Prepare journal entries for the transactions noted above. 2) Post the above entries to the Notes Payable, Interest Payable, and Interest Expense accounts. 3) Show the Balance S…

1) Prepare journal entries for the transactions, adjustments and closing entries

1) Prepare journal entries for the transactions, adjustments and closing entries necessary to complete the statements. 2) Prepare the financial statements (Income statement and Ba…

1) Prepare journal entries to record the following merchandising transactions of

1) Prepare journal entries to record the following merchandising transactions of Margin Company, which applies the perpetual inventory system and the gross method of recording inv…

1) Prepare the entry PSU made to record the acquisition on January 1, 2013. 2) P

1) Prepare the entry PSU made to record the acquisition on January 1, 2013. 2) Prepare a schedule calculating the original goodwill for this acquisition. Use the following informa…

1) Prepare the stockholders\' equity section of Mountainview\'s balance sheet 2)

1) Prepare the stockholders' equity section of Mountainview's balance sheet 2) What was the average selling price of each common share? cost of goods sold                     $60,…

1) Presented below are selected ledger accounts of Bridgeport Corporation as of

1) Presented below are selected ledger accounts of Bridgeport Corporation as of December 31, 2017. Effective tax rate 30% 1) Compute Net Income for 2017 Net income= $________ 2)Pr…

1) Presented below is information related to Mariey inc. pension data for 2011 S

1) Presented below is information related to Mariey inc. pension data for 2011 Service cost Amortization of unrecognized net loss Amortization of unrecognized prior service cost A…

1) Process costing system-journal entries Milton Manufacturing uses a process co

1) Process costing system-journal entries Milton Manufacturing uses a process costing system. Products are processed successively by Department x and Department Y and are then tra…

1) Quindo Table Company manufactures tables for schools. The 2017 operating budg

1) Quindo Table Company manufactures tables for schools. The 2017 operating budget is based on sales of 44,000 units at $110 per table. Budgeted variable costs are $70 per unit, w…

1) Rain Makers Corporation is negotiating a five-year contract with its new CEO,

1) Rain Makers Corporation is negotiating a five-year contract with its new CEO, Earl Honeywood. The corporation has proposed two contract options for the CEO, outlined as follows…

1) Rain Makers Corporation is negotiating a five-year contract with its new CEO,

1) Rain Makers Corporation is negotiating a five-year contract with its new CEO, Earl Honeywood. The corporation has proposed two contract options for the CEO, outlined as follows…

1) Ramona Stolton and Jerry Bright are partnerships in a business they started t

1) Ramona Stolton and Jerry Bright are partnerships in a business they started two years ago. The partnership agreement states that Stolton should receive a salary allowance of 30…

1) Ramsey Corp. issued a $2,000,000 of 4% bond to yield 6% (market rate). The bo

1) Ramsey Corp. issued a $2,000,000 of 4% bond to yield 6% (market rate). The bond was issued on 1/1/2000 to provide semi-annual payments and expected to mature in 10 years. The s…

1) Ramsey Corp. issued a $2,000,000 of 4% bond to yield 6% (market rate). The bo

1) Ramsey Corp. issued a $2,000,000 of 4% bond to yield 6% (market rate). The bond was issued on 1/1/2000 to provide semi-annual payments and expected to mature in 10 years. The s…