• Q : What amount of loss may jed deduct....
    Accounting Basics :

    Jed took Alison to Small Claims Court for the unpaid amount and was awarded a $2,000 judgement. Jed was never able to collect the judgement nor the remainder of the bill from Alison. What amount of

  • Q : Income statement using equity method....
    Accounting Basics :

    On July 1, 2011, Monroe sells 2000 shares of this investment for $46 per share, thus reducing its interest from 30 to 28 percent. However, the company retains the ability to significantly influence

  • Q : Money available for a cash dividend....
    Accounting Basics :

    Marketing manager suggests that a company purchases a large number of shares of treasury stock so that investors might notice activity.and the plan is to use up most of the company's cash so that th

  • Q : Engagement quality control partner description....
    Accounting Basics :

    Do you agree that it is important for the engagement quality control partner not be a member of the engagement team, and why?

  • Q : What are different criteria for recognizing revenue....
    Accounting Basics :

    What are different criteria for recognizing revenue? why are there so many revenue recognition methods? Why aer the methods subjective and what are the implications on income statement quality?

  • Q : What is the margin of safety in terms of number of people....
    Accounting Basics :

    Rainbow Tour's owner believes that 175 people a month will sign up for the walking tour. What is the margin of safety in terms of the number of people signing up for the tour?

  • Q : Finding the equity at the end of the year....
    Accounting Basics :

    At the beginning of the year, Addison Company's assets are $284,000 and its equity is $213,000. During the year, assets increase $80,000 and liabilities increase $42,000. What is the equity at the e

  • Q : What was the cash balance before liquidation....
    Accounting Basics :

    A and B are partners sharing profit in the ratio of 1:2 respectively. At liquidation point the liabilities and owners' equity are as follows: Other assets, $80,000; Accounts Payable, $60,000; John,

  • Q : Income statement to verify the calculations....
    Accounting Basics :

    What is the firm's break-even point in sales dollars, If sales should increase by 40% by what percentage would EBT and net income increase, prepare another income statement to verify the calculation

  • Q : Calculate the break-even points....
    Accounting Basics :

    A. Calculate the break-even point(s) B. If Sam can sell all the meals he can serve, should he operate at one,two, or three lanes? Support your answer.

  • Q : Journal entry for corporation to record the transaction....
    Accounting Basics :

    The stock trades on a daily basis and the market price of the stock on the day the debt was settled is $1.80 per share. Given this information, the best journal entry for E. Corp. to record for this

  • Q : Journalize u-build warehouse entries....
    Accounting Basics :

    U-Build It Warehouse issues a 45-day note for $800,000 to Thomson Home Furnishings Co. for merchandise inventory. Thomson Home Furnishings Co. discounts the note at 7%. a. Journalize U-Build It Ware

  • Q : Corporation having sufficient retained earnings....
    Accounting Basics :

    Why must a corporation have sufficient retained earnings before it may declare cash dividends? Would you prefer a stock dividend or a cash dividend? Explain why.

  • Q : Ledger accounts of sampras corporation....
    Accounting Basics :

    The following information has been taken from the ledger accounts of Sampras Corporation.

  • Q : Compute the corporations tax liability....
    Accounting Basics :

    The stock sold first had been owned for 4 years; the stock sold second had been purchased 3 months before the sale. Compute the corporation's tax liability.

  • Q : Restate the financial statements using eproperty tax value....
    Accounting Basics :

    Mallord asks the Controller Minnie Rodant to restate the financial statements using the property tax value of the land of $120,000,000. Should Minnie do this?

  • Q : Hospitalized the company purchase....
    Accounting Basics :

    Jake Granville, the president and CEO of Earth Systems, Inc., a waste management firm, was recently hospitalized the company purchase a large number of shared of treasury stock in that way investors

  • Q : How much inventory must the company purchase....
    Accounting Basics :

    The purchasing manager for East Coast Hoggs is attempting to determine how much inventory to purchase for the upcoming month. The following information has been collected:

  • Q : How much cash is required to replenish the fund....
    Accounting Basics :

    An imprest petty cash fund of $400 was established for minor disbursements. At the end of the month, the fund included petty cash tickets for the purchase of $185 in supplies, $41 for postage, $86 f

  • Q : Partner has a capital deficiency....
    Accounting Basics :

    If a partner has a capital deficiency and does not have the personal resources to eliminate it,

  • Q : What is the adjusted bank balance....
    Accounting Basics :

    The bank statement balance is $6,450 and shows a service charge of $30, interest earned of $25, and a NSF check for $475. Deposits in transit total $1,850; outstanding checks are $1,125. What is the

  • Q : What is the new debt ratio....
    Accounting Basics :

    Rosewood Company had Current Assets of $582, Current Liabilities of $433, Total Assets of $732, and only Current Liabilities are Total Liabilities. If Rosewood executes a note for $500 for six month

  • Q : What the book value of the computers will be....
    Accounting Basics :

    Arizona Teak Company paid $54,000 for computers. These computers have an estimated service life of 3 years and a salvage value of $3,000. After one year of use, what the book value of the computers

  • Q : What is the amount of the adjusting entry on december 31....
    Accounting Basics :

    On November 1 of the current year, Prepaid Rent was debited $5,400 for three months of rent, in advance. what is the amount of the adjusting entry on December 31 ?

  • Q : How one can mitigate the risk....
    Accounting Basics :

    How one can mitigate the risk. One of the tools, is Statistics. When managing risk, remember that you are trying to hedge and use the good to offset the bad as much as you can so your overall positi

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