• Q : Maturity date of loan....
    Accounting Basics :

    Loan A has the same original principal, interest rate, and payment amount as Loan B. However, Loan A is structured as an annuity due, while Loan B is structured as an ordinary annuity. The maturity

  • Q : What is the accountant responsibility....
    Accounting Basics :

    What internal control principle is the owner violating? What legal and ethical concerns of which the business owner should be made aware? What is the accountant's responsibility in this situation?

  • Q : What should be the carrying value of montana inventory....
    Accounting Basics :

    What should be the carrying value of Montana's inventory?

  • Q : Costs associated with issuing the stock....
    Accounting Basics :

    Moonwalker Corporation issued 2,000 shares of its $10 par value common stock for $60,000. Moonwalker also incurred $1,500 of costs associated with issuing the stock. Prepare Moonwalker's journal ent

  • Q : Dividend represents a distribution of earnings....
    Accounting Basics :

    Prepare the journal entry for each of the dates above assuming the dividend represents a distribution of earnings.

  • Q : Prepare the journal entry-distribution of earnings....
    Accounting Basics :

    Prepare the journal entry for each of the dates above assuming the dividend represents a distribution of earnings.

  • Q : Change in the rate of inventory turnover....
    Accounting Basics :

    Compute inventory turnover for 2005 and 2004. The inventory balance at December 31, 2003, was $294 million. Do the trend of net income from 2004 to 2005 and the change in the rate of inventory turno

  • Q : Adjusting entries relative to the depreciation....
    Accounting Basics :

    Prepare any necessary adjusting entries relative to depreciation (use straight line) and amortization (use effective interest method) on Dec. 31, 2011.

  • Q : Cash balance at the starting of the month....
    Accounting Basics :

    During the month a co. received $319,750 in cash and paid out $269,900 in cash. If the balance of the cash account is $72,350 at the end of the month, what was the cash balance at the beginning of t

  • Q : Investment income and related expenses amount....
    Accounting Basics :

    Investment income and related expenses amount to $7,000 and $500, respectively. What is Mike and Sally's interest education for the 2010 tax year?

  • Q : Determine the amount of charitable contributions....
    Accounting Basics :

    In each of the following independent cases determine the amount of charitable contributions allowed the individual before consideration of any percentage limitations.

  • Q : Determining the price of bonds....
    Accounting Basics :

    Renfro Rentals has issued bonds that have a 10% coupon rate, payable semiannually. The bonds mature in 8 years, have a face value of $1,000, and a yield to maturity of 8.5%. What is the price of bon

  • Q : Par value and the coupon interest rate....
    Accounting Basics :

    Wilson Wonders's bonds have 12 years remaining to maturity. Interest is paid annually, the bonds have a $1,000 par value, and the coupon interest rate is 10%. The bonds sell at a price of $850. What

  • Q : Current market price of the bonds....
    Accounting Basics :

    Jackson Corporation's bonds have 12 years remaining to maturity. Interest is paid annually, the bonds have a $1,000 par value, and the coupon interest rate is 8%. The bonds have a yield to maturity

  • Q : Diversity among the various products....
    Accounting Basics :

    Manufacturing companies that benefit the most from activity-based costing are those where overhead costs are a _________ percentage of total product cost and where there is ___________ diversity amo

  • Q : What would be the adjusting entry....
    Accounting Basics :

    On October 1, 2011, Microchip lent $90,000 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2012. What would be the adjusting entry?

  • Q : Amount of bond liability removed from the accounts....
    Accounting Basics :

    A ten-year bond was issued in 2010 at a discount with a call provision to retire the bonds. When the bond issuer exercised the call provision on an interest date in 2012, the carrying value of the b

  • Q : What equity in investee income must hager report....
    Accounting Basics :

    During this year, Jenkins acquired inventory for $50000, which it then sold to Hager for $80000. At end of 2010, Hager continued to hold merchandise with a transfer price of $40000. a) What Equity

  • Q : Pricing issue of chemicals....
    Accounting Basics :

    Calculate the stock rate that you would suggest for pricing issue of chemicals assuming a provision of 4 % towards further deterioration and also show the quantity (kgs) of chemicals available for i

  • Q : Declaring cash dividends....
    Accounting Basics :

    What are the different types of dividends that corporations may issue? When should a corporation pay dividends? Why must a corporation have sufficient retained earnings before it may declare cash di

  • Q : How must mary beth treat tax return....
    Accounting Basics :

    She has a property management firm make all management decision for her. During 2010 she incurred a loss, for tax purposes, of 30,000 on the office building. How must Mary Beth treat this on her 201

  • Q : What is mike-sally interest deduction....
    Accounting Basics :

    Investment income and related expenses amount to 7,000 and 500 respectively. What is Mike and Sally's interest deduction for the 2010 tax year?

  • Q : Underground electric cable across property....
    Accounting Basics :

    The Blue Utilities Company paid Sue $1,500 for the right to lay an underground electric cable across her property anytime in the future.

  • Q : Bank reconciliation and entries....
    Accounting Basics :

    The data required to reconcile the bank statement as of June 30 have been taken from various documents and records and are reproduced as follows. The sources of the data are printed in capital lette

  • Q : Determine the current balance of retained earnings....
    Accounting Basics :

    The following information has been taken from the ledger accounts of Sampras Corporation. Determine the current balance of retained earnings.

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