• Q : Income statement of a proprietorship....
    Accounting Basics :

    An income statement of a proprietorship for the month of december indicates a net income of $75000. During the same period the owner withdrew 100000in cash from the business for personal use. Would

  • Q : Compute conversion costs....
    Accounting Basics :

    Compute conversion costs given the following data: Direct Materials, $352,700; Direct Labor, $196,300; Factory Overhead, $177,600.

  • Q : Who lost this $300,000....
    Accounting Basics :

    Company accountants currently are computing the noncontrolling interest's share of consolidated net income to be reported for the current year. They are unsure about the impact of this $300,000 loss

  • Q : Record on marino'' books the entry on june 30....
    Accounting Basics :

    On Feb 1, marino marine equipment sold several pieces of inventory to soderberg sails for 7000, by soberberg signing a five month (12% annual interest rate) note, accrued monthly but all payable on

  • Q : Inventory cost method to lifo from fifo....
    Accounting Basics :

    John Company changed its inventory cost method to Lifo from Fifo at the beginning of 2009 for both financial statement and income tax purposes.

  • Q : How many units were transferred out during june....
    Accounting Basics :

    Zargus Company began the month of June with 650 units in beginning work in process, 11,400 units started into production, and 1000 units in ending work in process that are 30% completed. How many un

  • Q : What is fair market price for the stock today....
    Accounting Basics :

    A particular common stock has an annual cash dividend of $2 per share and is predicted to have a market value of $30 per share 5 years from now. Assuming a discount rate of 10%, what is fair market

  • Q : Prepare the necessary journal entries....
    Accounting Basics :

    The common stock of Alexander Hamilton Inc. is currently selling at $120 per share. The directors wish to reduce the share price and increase share volume prior to a new issue. The per share par val

  • Q : Exchange has commercial substance....
    Accounting Basics :

    Mehta Company traded a used welding machine (cost $9,000, accumulated depreciation $3,000) for office equipment with an estimated fair value of $5,000. Mehta also paid $3,000 cash in the transaction

  • Q : What is the firm''s times interest earned ratio....
    Accounting Basics :

    In the past year, TVG had revenues of $3 million, cost of goods sold of $2.5 million, and depreciation expense of $200,000. The firm has a single issue of debt outstanding with face value of $1 mill

  • Q : Prepare an amortization schedule for the three-year period....
    Accounting Basics :

    On Jan. 1, 2008, Homes Co. borrowed cash from First city Bank by issuing an $80,000 face vlaue, three-year term note that had a 7 percent annual interest rate. the note is to be repaid by making ann

  • Q : Statement of cash flows-indirect method....
    Accounting Basics :

    A stock dividend was declared and distributed which increased common stock $225,000 and paid-in capital $125,000. A cash dividend was declared and paid. The stock dividend should be reported on the

  • Q : What is the ethical and professional conduct....
    Accounting Basics :

    which must then be approved by the employee's immediate supervisor. Gretchen maccauley, an assistant cost account, charges the employee an amount based on Earnhardt's net purchase cost. what is the

  • Q : What amount of cash disbursements for insurance....
    Accounting Basics :

    Vance Co.'s prepaid insurance was $30,000 at December 31, 2004 and $15,000 at December 31, 2003. Insurance expense was $12,000 for 2004 and $9,000 for 2003. What amount of cash disbursements for ins

  • Q : Journalize transactions for two processes....
    Accounting Basics :

    Greivell Manufacturing Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $4,200, Work in Process-Cutting $2,900, Work in Process-Assembly $10,600, an

  • Q : Statement of cash flows basics....
    Accounting Basics :

    Equipment which cost $138,000 and had accumulated depreciation of $74,000 was sold for $72,000. This transaction should be shown on the statement of cash flows (indirect method) as a(n):

  • Q : What is the net advantage of replacing the old equipment....
    Accounting Basics :

    Chung Inc. is considering the replacement of a piece of equipment with a newer model. The following data has been collected:

  • Q : Cash dividends paid on common stock....
    Accounting Basics :

    For 2004, depreciation on plant assets was $60,000, amortization of patents was $10,000, and cash dividends paid on common stock was $72,000. Based only on the information given above, Moon's net in

  • Q : Determining the amount of depreciation....
    Accounting Basics :

    When determining the amount of depreciation to be used in the operations section, it is better the use the information from which area:

  • Q : Consolidated financial statement workpaper....
    Accounting Basics :

    Prepare in general journal form all consolidated financial statement workpaper entries necessary at the end of the year to eliminated the effects of the 2011 intercompany sales.

  • Q : What is the perpetual lifo ending inventory balance....
    Accounting Basics :

    The following information is available for Lyle corporation for the month of June, Given this information, what is the perpetual LIFO ending inventory balance ?

  • Q : Journal entries necessary to record exchange....
    Accounting Basics :

    Prepare the journal entry(ies) necessary to record this exchange, assuming that the melters exchanged are (a) has commercial substance, and (b) lacks commercial substance. Montgomery's fiscal year e

  • Q : What was the selling price of this bond issue....
    Accounting Basics :

    When the market rate of interest was 13%, Munson Corporation issued $100,000, 12% 5-year bonds that pay interest semiannually. what was the selling price of this bond issue .

  • Q : Prepare the journal entries to report the nrv of accounts....
    Accounting Basics :

    outstanding accounts receivable at the end of the year total 900000, after aging these accounts, the company estimates that their net realizable value is 860000.prior to making any adjustment to rec

  • Q : Compute the book value per ordinary share....
    Accounting Basics :

    The ordinary shares have a stated value of $10 per share. One million ordinary shares are authorized and 40,000 shares are held in the treasury.

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