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April 1, 10,000 shares of $5 par common stock were issued at $22, and on April 7, 5,000 shares of $50 par preferred stock were issued at $104. Journalize the entries for April 1 and 7.
Over the last five years a bank has issued 250 loans on cars. Of those, 85 were for cars worth less than $10,000 and 42 of those borrowers defaulted;
(a) Prepare the journal entry at the date of the bond issuance. (b) Prepare a schedule of interest expense and bond amortization for 2010-2012. (c) Prepare the journal entry to record the interest p
Hugh Snore Bedding, Inc., has assets of $400000 and turns over its assets 1.5 times per year. Return on assets is 12 percent. What is its profit margin?
In Year 2, Steve sustained losses in his business; therefore, no depreciation was taken on the home office. Had he been allowed to deduct depreciation expense, his depreciation expense would have be
Indicate the appropiate action the auditor should take for each of the following independent responses to the letter of audit inquiry:
Prepare an analysis to determine which plan will result in the highest earning per share of common stock and recommend one plan to the board of directors and reason.
Amy works as an auditor for a large major CPA firm. During the months of September thru and November of each year, she is permanently assigned to the team auditing Garnet Corporation. As a result, e
Escape Co. estimates bad debt expense at 1% of sales (all sales are on account). The company reported accounts receivable and allowance for uncollectible accounts of $450,000 and $2,000 respectively
Westmeier Corporation's accounts showed a $33,000 credit balance in Manufacturing Overhead Control. In addition, the company had the following account balances:
If the land is, instead, subject to liability of $700,000, what are the tax consequences to Oriole on the distribution?
(Predetermined OH rate) Cairo Products applies overhead using a combined rate for fixed and variable overhead. The rate is 125 percent of direct labor cost. During the first three months of the curr
Prepare journal entries to record the application of overhead to Work in Progress Inventory and the incurrence of $128,550 of actual overhead in January 2008, when $12,780 direct labor hours were wo
Quinones county borrowed $1,000,000 by issuing 6-month tax anticipation notes bearing interest at 6%. The notes are to be repaid from property tax collection during the fiscal year.
If a company would like to increase its degree of operating leverage it should:
in 2008, ABC Company had sales of $2,800,000; Cost of goods sold of $1,800,000 and operating expenses of $300,000. The operating expenses including depreciation expense of $200,000. ABC company pays
Sipho Corporation manufactures a variety of products. Last year, the company's variable costing net operating income was $90,900. Fixed manufacturing overhead costs released from inventory under abs
For each of the following items, indicate whether it would be classified and reported under the operating activities (OA), investing activities (IA), or financing activities (FA) section of a statemen
Osawa Inc. manufactured 200,000 units of its only product in its first year of operations. Variable manufacturing costs were $30 per unit. Fixed manufacturing costs were $600,000 and selling and ad
Abdi Company, which has only one product, has provided the following data concerning its most recent month of operations:
Next year, Mudd Face Cosmetics, a single product company, expects to sell 9,000 jars of miracle glaze. Mudd Face is budgeting the following operating results for next year:
Assume that direct labor is variable and all units are produced and sold in the same month. What was the total contribution margin in March for Cranbrook Company?
.Monsivais Corporation, a manufacturing company, has provided the following financial data for February:
Department. There were 18,000 units in the ending work in process inventory of the Assembly Department that were 20% complete with respect to conversion costs. What were the equivalent units f
the inventory consisted of 2,000 units that were 60% complete with respect to conversion costs. If 10,000 units were transferred to the next processing center during the period, what the equivalent